World Fuel Services 2012 Annual Report Download - page 7

Download and view the complete annual report

Please find page 7 of the 2012 World Fuel Services annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 115

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115

To Our Shareholders
Over the years, the World Fuel
Services enterprise has celebrated
a strong level of growth and
transformation despite turbulent
global market conditions. In 2012,
more than ever, it became clear that
global market turbulence is the
new norm. The tremendous scale of
multi-faceted challenges around the
world is the very redefinition of our
worldwide marketplace. This reality
demands of us a new mindset.
Rather than seeking growth in spite
of these challenges, we are called
to embrace the contours of change
and evolve our organization in step
with the enormous shifts taking
place around the world.
Fortunately, World Fuel Services
has never been faint of heart. The
DNA of our organizational culture is
one of entrepreneurialism supported
by a strong governance foundation
and disciplined business
management. Our business model
has proven itself resilient for well
over a decade, and today we are a
leading global hub for the supply,
logistics, financing and servicing of
transportation fuels and energy
products. The opportunity set
for World Fuel Services in the energy
and logistics space is broad, and
our value propositions are as
compelling as ever.
We are strongly focused on the
goal of creating long-term value,
through well-considered investments
in the energy, transportation,
logistics and transaction processing
sectors. The breadth and depth of
our service offerings across all our
business segments is a remarkable
accomplishment for a company of
just 2,500 employees. It is a
testament to the talent of our teams
and their new level of collaboration
across business segments,
geographies, and functions.
As we now look ahead to 2013,
I am mindful that the upheaval of
global change brings hardship to
some, and opportunities to others.
With World Fuel Services’ global
presence and established reputation
for discipline, ethics and stability, we
will continue to play an important
role in supporting worldwide
commerce with our global network
of services, technology, fuel, risk
management and logistics. Our
conservative financial practices and
strong balance sheet have enabled
us to be selective among new
opportunities, capitalizing on the
intersection between our growing
capabilities and new demands
arising from global market shifts.
While the world continues to
change and demands that World Fuel
Services change with it, we do not
lose sight of our deep commitment
to provide our many customers and
suppliers with the unwavering
expertise and value that has
differentiated World Fuel Services
from our competitors for years. I
am grateful to you, our shareholders,
for your belief in our vision and your
ongoing support of the growth of
our enterprise.
Michael J. Kasbar
President and Chief Executive Officer
3