World Fuel Services 2012 Annual Report Download - page 71

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On March 1, 2011, we completed the acquisition of all of the outstanding stock of Nordic Camp Supply
ApS and certain affiliates (‘‘NCS’’) based in Aalborg, Denmark. NCS is a full-service supplier of aviation
fuel and related logistics solutions supporting NATO, U.S. and other European armed forces operations
in Iraq and Afghanistan.
In addition to the above acquisitions, we acquired certain assets of three companies in our aviation
segment, one company in our marine segment and two companies in our land segment, which are not
material individually and in the aggregate.
The financial position, results of operations and cash flows of the 2011 acquisitions have been included
in our consolidated financial statements since their respective acquisition dates.
The following reconciles the aggregate purchase price for the 2011 acquisitions to the cash paid for the
acquisitions, net of cash acquired (in thousands):
Purchase price $161,736
Less: Cash acquired 2,638
Purchase price, net of cash acquired 159,098
Less: Promissory notes issued 9,028
Less: Common stock issued 27,491
Cash paid for acquisition of businesses $122,579
The fair value of the common stock issued as part of the consideration paid for our acquisitions was
determined on the basis of the closing market price of the common stock on the acquisition date.
During 2012, we completed the valuation of the assets acquired and liabilities assumed for the 2011
acquisitions. As a result, during 2012, we paid an additional $0.7 million related to purchase price
adjustments and completed the purchase price allocation which primarily resulted in adjustments to
goodwill and identifiable intangible assets (see Note 5).
The purchase price for each of the 2011 acquisitions was allocated to the assets acquired and liabilities
assumed based on their estimated fair value at the acquisition date. On an aggregate basis, the purchase
price allocation for the 2011 acquisitions is as follows (in thousands):
Assets acquired:
Cash and cash equivalents $ 2,638
Accounts receivable 61,741
Inventories 40,246
Property and equipment 23,838
Identifiable intangible assets 23,414
Goodwill 46,282
Other current and long-term assets 15,717
Liabilities assumed:
Accounts payable (38,617)
Accrued expenses and other current liabilities (8,453)
Other long-term liabilities (5,070)
Purchase price $161,736
52