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World Fuel Services Corporation 2013 Annual Report

Table of contents

  • Page 1
    World Fuel Services Corporation 2013 Annual Report

  • Page 2
    ..., World Fuel Services can now support these and related transitions with tailored energy management solutions. Heading into 2014, I am impressed by the engagement of our talented global team as we continue to diversify our product offering and remain the counterparty of choice with suppliers. While...

  • Page 3
    ...FILE NUMBER 1-9533 23FEB201212065002 WORLD FUEL SERVICES CORPORATION (Exact name of registrant as specified in its charter) Florida (State or other jurisdiction of incorporation or organization) 9800 Northwest 41st Street, Suite 400 Miami, Florida (Address of principal executive offices) 59-2459427...

  • Page 4

  • Page 5
    ... Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information 17 20 21 33 35 35 35 36 Directors, Executive Officers and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters Certain...

  • Page 6

  • Page 7
    ..., including: the United Kingdom, Denmark, Norway, the Netherlands, Germany, Greece, the United Arab Emirates, Russia, Taiwan, South Korea, Singapore, Japan, Hong Kong, Costa Rica, Brazil, Chile, Argentina, Mexico, Colombia, Puerto Rico, Canada, South Africa, Gibraltar, India and Australia...

  • Page 8
    ...in the accompanying consolidated statements of income and comprehensive income, none of our marine customers accounted for more than 10% of total consolidated revenue. Land Segment In our land segment, we offer fuel, lubricants and related products and services to petroleum distributors operating in...

  • Page 9
    ... Statements Certain statements made in this report and the information incorporated by reference in it, or made by us in other reports, filings with the SEC, press releases, teleconferences, industry conferences or otherwise, are ''forward-looking statements'' within the meaning of the Private...

  • Page 10
    ... or post letters of credit with other suppliers of fuel and other services. While no single customer represents more than 10% of our total consolidated revenue, diversification of credit risk is limited because we sell primarily within the aviation, marine and land transportation industries. 4

  • Page 11
    ... a customer in New Brunswick, Canada. CPR subcontracted a portion of that route to Montreal, Maine and Atlantic Railway (''MMA''). On July 6, ´ 2013, the freight train operated by MMA with tank cars carrying approximately 50,000 barrels of crude oil derailed in Lac-Megantic, Quebec. The derailment...

  • Page 12
    ... a negative and material impact on our business, prospects, results of operations and financial condition. While we and our joint ventures, DPM and DPTS, maintain insurance to mitigate the costs of environmental releases as well as other results of unexpected events, including loss of life, property...

  • Page 13
    ...which could have an adverse effect on our results of operations. We enter into financial derivative contracts in order to mitigate the risk of market price fluctuations in aviation, marine and land fuel, to offer our customers fuel pricing alternatives to meet their needs and to mitigate the risk of...

  • Page 14
    ...it on commercially reasonable terms or at all, such as in the event there is a substantial tightening of the global credit markets or a significant reduction in supplier trade credit, could have a negative impact on our business, financial condition, and cash flows, as well as our future development...

  • Page 15
    ... is focused on the marketing of fuel and other related products and services to the aviation, marine and land transportation industries, which are generally affected by economic cycles. Therefore, weak economic conditions can have a negative impact on the business of our customers which may, in turn...

  • Page 16
    ...comprehensive OFAC-administered sanctions, specifically Cuba, Iran, Syria and Sudan. These business dealings, which represent an insignificant amount of our consolidated revenues and income, generally consist of the purchase of overflight permits and the provision of flight support and fuel services...

  • Page 17
    ... harm our business. We use third parties to provide various services to our customers, including into-plane fueling at airports, fueling of vessels in port and at sea and delivering land-based fuel. The failure of these third parties to perform these services in accordance with contractual terms for...

  • Page 18
    ...related services to our customers. Our business would be adversely affected to the extent that political instability, natural disasters, terrorist activity, military action or other conditions disrupt the availability or supply of fuel. In addition, we rely on a single or limited number of suppliers...

  • Page 19
    ... investigation, litigation and possible settlement, judgment, penalty or fine. Although we generally maintain insurance to mitigate certain costs, there can be no assurance that costs associated with lawsuits or other legal proceedings will not exceed the limits of insurance policies. Our business...

  • Page 20
    ... 2014 in any material respect. WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES PROPERTIES Location 9800 Northwest 41st Street Miami, FL 33178, USA 3340 S. Harlem Avenue Riverside, IL 60546, USA 62 Buckingham Gate London, UK SW1E 6AJ Kingfisher House North Park Gatwick Road Crawley, West Sussex, UK...

  • Page 21
    ... Pacific Airways Limited (''Cathay'') filed a writ in the High Court of the Republic of Singapore against one of our subsidiaries, World Fuel Services (Singapore) Pte Ltd. (''WFSS'') alleging property damage and bodily injuries arising out of the emergency landing of a Cathay aircraft in Hong Kong...

  • Page 22
    ... a material adverse effect on our business or financial condition. However, any adverse resolution of one or more such claims, complaints or proceedings during a particular reporting period could have a material adverse effect on our consolidated financial statements or disclosures for that period...

  • Page 23
    ... fiscal quarter ended March 31, 2010, plus (iii) 100% of the net proceeds of all equity issuances made after October 2013. For additional information regarding our Credit Facility and Term Loans, see Note 6 to the accompanying consolidated financial statements, included herein, and ''Liquidity and...

  • Page 24
    ... year ending December 31. Copyright஽ 2014 S&P, a division of The McGraw-Hill Companies Inc. All rights reserved. Equity Compensation Plans The following table summarizes securities authorized for issuance related to outstanding restricted stock units (''RSUs'') and stocksettled stock appreciation...

  • Page 25
    ...employees to satisfy the required withholding taxes related to share-based payment awards, which are...conditions, share price, securities law and other legal requirements and factors. For information on repurchases of common stock for the first three quarters of 2013, see the corresponding 10-Q Report...

  • Page 26
    ... information presented has been prepared in U.S. dollars and in accordance with accounting principles generally accepted in the United States. WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES SELECTED CONSOLIDATED FINANCIAL DATA (In thousands, except earnings and dividends per share data) Revenue...

  • Page 27
    ... of aviation, marine, and land fuel and related products and services on a worldwide basis. We compete by providing our customers with value-added benefits, including single-supplier convenience, competitive pricing, the availability of trade credit, price risk management, logistical support, fuel...

  • Page 28
    ... may not be effective to mitigate volatile fuel prices and may expose us to counterparty risk. See ''Item 1A - Risk Factors'' of this 2013 10-K Report. Reportable Segments We have three reportable operating segments: aviation, marine and land. Corporate expenses are allocated to each segment based...

  • Page 29
    ... included in a fair value hedge relationship. Derivatives We enter into financial derivative contracts in order to mitigate the risk of market price fluctuations in aviation, marine and land fuel, to offer our customers fuel pricing alternatives to meet their needs and to mitigate the risk of...

  • Page 30
    .... We derecognized vendor liability accruals due to the legal release of our obligations in the amount of $8.5 million, $11.2 million and $8.3 million during 2013, 2012 and 2011, respectively, which is reflected as a reduction of cost of revenue in the accompanying consolidated statements of income...

  • Page 31
    ... of (i) the Multi Service business (aviation, marine, and land segments) commencing on December 31, 2012, (ii) the CarterEnergy business (land segment) commencing on September 1, 2012, (iii) Ascent (aviation segment) commencing on April 1, 2011 and (iv) NCS (aviation and land segments) commencing on...

  • Page 32
    ...2013 as compared to 2012 and additional reserves for specific customers. The $14.4 million increase in general and administrative expenses was due to $26.2 million related to the inclusion of expenses from acquired businesses... 2013 2012 $ Change Aviation segment Marine segment Land segment Corporate ...

  • Page 33
    ... incurred in 2013 relate to the anticipated 2014 acquisition of Watson Petroleum Limited. The 2012 expenses relate to the acquisition of the Multi Service business. The non-GAAP financial measures exclude costs associated with share based compensation, amortization of acquired intangible assets...

  • Page 34
    ... of higher world oil prices in 2012 as compared to 2011. Our land segment revenue for 2012 was $9.5 billion, an increase of $2.3 billion, or 32.1%, as compared to 2011. The increase in land segment revenue was due to $0.7 billion attributable to the inclusion of revenue from acquired businesses...

  • Page 35
    ... Multi Service business in December 2012. Income from Operations. Our income from operations for 2012 was $257.0 million. Income from operations during these periods was attributable to the following segments (in thousands): 2012 2011 $ Change Aviation segment Marine segment Land segment Corporate...

  • Page 36
    ... to World Fuel Share-based compensation expense, net of income taxes of $4,442 and $3,480 for 2012 and 2011, respectively Intangible asset amortization expense, net of income taxes of $4,090 and $5,465 for 2012 and 2011, respectively Expenses related to the acquisition of the Multi Service business...

  • Page 37
    ... Term Loans outstanding as of December 31, 2013 and 2012, respectively. Our liquidity consisting of cash and cash equivalents and availability under the Credit Facility fluctuates based on a number of factors, including the timing of receipts from our customers and payments to our suppliers as well...

  • Page 38
    ... in outstanding bonds that were arranged in order to satisfy various security requirements. Recent Accounting Pronouncements Information regarding recent accounting pronouncements is included in Note 1 to the accompanying consolidated financial statements included in this 2013 10-K Report. 32

  • Page 39
    ..., marine and land fuel in the form of swaps or futures as well as certain fixed price purchase and sale contracts and proprietary trading. In addition, non-designated derivatives are also entered into to hedge the risk of currency rate fluctuations. As of December 31, 2013 and 2012, we recorded...

  • Page 40
    ... 10.21 GBP 1.59 (809) Settlement Hedge Strategy Period Derivative Instrument Fair Value Hedge 2014 2014 Commodity contracts for inventory hedging (long) Commodity contracts for inventory hedging (short) Weighted Average Fixed Notional Unit Price 829 BBL $ 97.07 2,408 BBL 120.21 $ 1.536 $ 32,558...

  • Page 41
    ..., processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (''CEO'') and our Chief Financial Officer (''CFO''), as appropriate, to allow...

  • Page 42
    ... appearing herein. Changes in Internal Control over Financial Reporting As of December 31, 2013, we have included the CarterEnergy and Multi Service businesses, which were acquired in 2012, in our assessment of the effectiveness of our internal control over financial reporting. There were no changes...

  • Page 43
    ...our Code of Conduct granted to our principal executive, financial and accounting officers on our website. The remaining information regarding our directors, executive officers and corporate governance is incorporated herein by reference from our Definitive Proxy Statement for the 2014 Annual Meeting...

  • Page 44
    ...1, dated August 26, 2011, to Agreement between World Fuel Services Corporation and Paul H. Stebbins (incorporated by reference herein to Exhibit 10.2 to our Current Report on Form 8-K filed on August 29, 2011). * Agreement between World Fuel Services Corporation and Michael J. Kasbar, dated March 14...

  • Page 45
    ... Agreement, dated as of October 10, 2013, among World Fuel Services Corporation, World Fuel Services Europe, Ltd. and World Fuel Services (Singapore) Pte Ltd, as borrowers, Bank of America, N.A., as administrative agent, and the financial institutions named therein as lenders (incorporated herein...

  • Page 46
    ... Rule 15d-14(a). Statement of Chief Executive Officer and Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350). The following materials from World Fuel Services Corporation's Annual Report on Form 10-K for the year ended December 31, 2013, formatted in...

  • Page 47
    ...sheets and the related consolidated statements of income and comprehensive income, shareholders' equity, and cash flows present fairly, in all material respects, the financial position of World Fuel Services Corporation and its subsidiaries (the ''Company'') as of December 31, 2013 and 2012, and the...

  • Page 48
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) As of December 31, 2013 2012 ...Long-term debt Non-current income tax liabilities, net Other long-term liabilities Total liabilities Commitments and contingencies Equity: World Fuel ...

  • Page 49
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (In thousands, except earnings per share data) For the Year ended December 31, 2013 2012 2011 Revenue Cost of revenue Gross profit Operating expenses: Compensation and employee benefits ...

  • Page 50
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In thousands) Capital in Excess of Shares Amount Par Value Common Stock Balance as of December 31, 2010 Net income Cash dividends declared Initial noncontrolling interest upon consolidation of joint ...

  • Page 51
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year ended December 31, 2013 2012 2011 Cash flows from operating activities: Net income including noncontrolling interest Adjustments to reconcile net income including noncontrolling ...

  • Page 52
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - (CONTINUED) (In thousands) For the Year ended December 31, 2013 2012 2011 Supplemental Disclosures of Cash Flow Information Cash paid during the year for: Interest, net of capitalized interest Income taxes $ 19...

  • Page 53
    ...of aviation, marine, and land fuel and related products and services on a worldwide basis. We compete by providing our customers value added benefits, including single supplier convenience, competitive pricing, the availability of trade credit, price risk management, logistical support, fuel quality...

  • Page 54
    ...Overland Park, Kansas specializing in fleet, government, and commercial payment programs to expand our service offering within the transportation industry. The Multi Service product offering includes the Multi Service Fuel Card, accepted at more than 3,500 truck stops in the United States and Canada...

  • Page 55
    ... 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...

  • Page 56
    ... principles generally accepted in the United States requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and...

  • Page 57
    ...adjust credit limits based upon payment history and the customer's current creditworthiness, as determined by our review of our customer's credit information. We extend credit on an unsecured basis to most of our customers. Accounts receivable are deemed past due based on contractual terms agreed to...

  • Page 58
    ...financial derivative contracts in order to mitigate the risk of market price fluctuations in aviation, marine and land fuel, to offer our customers fuel... component of either revenue or cost of revenue (based on the underlying transaction type) in the consolidated statements of income and ...

  • Page 59
    .... We derecognized vendor liability accruals due to the legal release of our obligations in the amount of $8.5 million, $11.2 million and $8.3 million during 2013, 2012 and 2011, respectively, which is reflected as a reduction of cost of revenue in the accompanying consolidated statements of income...

  • Page 60
    ... the vendor agreements. We also receive branding allowances from fuel suppliers to defray the costs of branding and enhancing certain of our customer locations. The branding allowances received are recorded as a reduction of cost of revenue. The amounts recorded as a reduction of revenue related to...

  • Page 61
    Revenues...2013, 2012 and 2011.... Deferred tax liabilities generally represent items for which...are fully supportable, certain positions...World Fuel and available to common shareholders by the sum of the weighted average number of shares of common stock, stock units, restricted stock entitled to dividends...

  • Page 62
    ... reporting date, except for obligations addressed ...financial statements and disclosures. Disclosure Relating to Amounts Reclassified Out of Accumulated Other Comprehensive Income. In February 2013, the FASB issued an ASU amending the information that companies will be required to present relating...

  • Page 63
    ..., marine and land fuel in the form of swaps or futures as well as certain fixed price purchase and sale contracts and proprietary trading. In addition, non-designated derivatives are also entered into to hedge the risk of currency rate fluctuations. As of December 31, 2013 and 2012, we recorded...

  • Page 64
    ... 10.21 GBP 1.59 (809) Settlement Hedge Strategy Period Derivative Instrument Fair Value Hedge 2014 2014 Commodity contracts for inventory hedging (long) Commodity contracts for inventory hedging (short) Weighted Average Fixed Notional Unit Price 829 BBL $ 97.07 2,408 BBL 120.21 $ 1.536 $ 32,558...

  • Page 65
    ... statement location of our derivative instruments and related hedged items in fair value hedging relationships on our consolidated statements of income and comprehensive income (in thousands): Derivative Instruments Realized and Unrealized Gain (Loss) For the year ended December 31, 2013 2012 2011...

  • Page 66
    ... statements of income and comprehensive income (in thousands): Derivatives Location Realized and Unrealized Gain (Loss) For the Year ended December 31, 2012 2011 2013 Commodity contracts Commodity contracts Foreign currency contracts Foreign currency contracts Revenue Cost of revenue Revenue...

  • Page 67
    ... computer software costs are costs incurred in connection with software development in progress of $6.0 million and $3.0 million as of December 31, 2013 and 2012, respectively. For 2013, 2012 and 2011, we recorded amortization expense related to computer software costs of $7.8 million, $7.2 million...

  • Page 68
    ... decrease in other acquired assets and a $0.4 million increase in assumed liabilities. Additionally, we reclassified $6.5 million in goodwill from our land segment to our aviation segment. The adjustment of purchase price allocations for 2011 acquisitions made in 2012 resulted in a reclassification...

  • Page 69
    ... senior term loans (''Term Loans'') outstanding as of December 31, 2013 and 2012, respectively. Borrowings under our Credit Facility and Term Loans related to base...2014 to August 2016 and bear interest at annual rates ranging from 1.2% to 6.0% as of December 31, 2013. The other debt primarily relates...

  • Page 70
    ...,097) 2011 $ 788 (16,613) $(15,825) 7. Commitments and Contingencies Surety Bonds In the normal course of business, we are required to post bid, performance and garnishment bonds. The majority of the surety bonds posted relate to our aviation and land segments. As of December 31, 2013 and 2012, we...

  • Page 71
    ...agreements with Paul H. Stebbins and Michael J. Kasbar for their continued employment with the Company. In August 2011, each of the agreements was amended to reflect the transition of Mr. Kasbar from President and Chief Operating Officer to President and Chief Executive Officer and Mr. Stebbins from...

  • Page 72
    ...Year Ended December 31, 2014 2015 2016 $ 8,188 6,090 1,365 $15,643 Named Executive Officer Annual Incentive Awards In 2013, Paul H. Stebbins, Michael J. Kasbar, Ira M. Birns and Michael S. Clementi, referred to collectively in this 2013 10-K Report as the Named Executive Officers (or ''NEOs''), were...

  • Page 73
    ...customer in New Brunswick, Canada. CPR subcontracted a portion of that route to Montreal, Maine and Atlantic Railway (''MMA''). On July 6, ´ 2013, the freight train operated by MMA with tank cars carrying approximately 50,000 barrels of the crude oil derailed in Lac-Megantic, Quebec. The derailment...

  • Page 74
    ... Litigation As of April 2012, one of our subsidiaries, World Fuel Services (Singapore) Pte Ltd. (''WFSS'') was involved in litigation with Cathay Pacific Airways Limited (''Cathay'') arising out of the emergency landing of a Cathay aircraft in Hong Kong in 2010, which Cathay alleged was caused by...

  • Page 75
    ... with those of other similar companies; and (iv) further align participants' interests with those of our other shareholders through compensation that is based on the value of our common stock. The goal is to promote the long-term financial interest of World Fuel and its subsidiaries, including the...

  • Page 76
    ....89 $40.07 Weighted Average Remaining Vesting Term (in Years) 0.6 Unvested Restricted Stock As of December 31, 2010 Granted Vested Forfeited As of December 31, 2011 Granted Vested Forfeited As of December 31, 2012 Granted Vested Forfeited As of December 31, 2013 386 353 (284) (9) 446 798 (128) (16...

  • Page 77
    ...: expected term of 4.1 years, volatility of 38.0%, dividend yields of 0.4% and risk-free interest rates of 0.6%. There were no SSAR Awards issued in 2012 and 2011. Unrecognized Compensation Cost As of December 31, 2013, there was $32.7 million of total unrecognized compensation cost related to...

  • Page 78
    ... (in thousands): 2013 United States Foreign $ 31,823 214,842 $246,665 2012 $ 49,021 190,574 $239,595 2011 $ 56,836 181,367 $238,203 The income tax provision (benefit) related to income before income taxes consists of the following components (in thousands): 2013 Current: U.S. federal statutory tax...

  • Page 79
    ... are as follows (in thousands): As of December 31, 2013 2012 Gross Deferred Tax Assets: Bad debt reserve Net operating loss Accrued and other shared-based compensation Accrued expenses Unrealized derivative losses Customer deposits Unrealized foreign exchange Total gross deferred tax assets Less...

  • Page 80
    ...of December 31, 2013, 2012 and 2011, our annual capital in excess of par value pool of windfall income tax benefits related to employee compensation was estimated to be $3.3 million, $3.7 million and $6.0 million, respectively. We operated under a special income tax concession in Singapore which was...

  • Page 81
    ... tax positions: Open Tax Year Jurisdiction United States Singapore United Kingdom Brazil Chile Denmark Examination in progress 2011 None None 2009 None None Examination not yet initiated 2010, 2012-2013 2010-2013 2004-2013 2010-2013 2008-2013 2004-2013 10. Fair Value Measurements The carrying...

  • Page 82
    ...information regarding the balance sheet location of our commodity and foreign currency contracts net assets and liabilities (in thousands): As of December, 2013 2012...expenses and other current liabilities Other long-term liabilities Total net liabilities $ 2,136 $... in the event of counterparty default...

  • Page 83
    ... Segments, Geographic Information, and Major Customers Business Segments Based on the nature of operations and quantitative thresholds pursuant to the accounting guidance on segment reporting, we have three reportable operating business segments: aviation, marine and land. Corporate expenses are...

  • Page 84
    ... by segment is as follows (in thousands): For the Year ended December 31, 2013 2012 2011 Revenue: Aviation segment Marine segment Land segment $16,087,611 14,790,342 10,683,994 $41,561,947 Gross profit: Aviation segment Marine segment Land segment $ 327,178 177,052 248,528 752,758 150,886 73,770 84...

  • Page 85
    ... of December 31, 2013 2012 Accounts receivable, net: Aviation segment, net of allowance for bad debt of $9,351 and $8,997 as of December 31, 2013 and 2012, respectively Marine segment, net of allowance for bad debt of $9,845 and $7,742 as of December 31, 2013 and 2012, respectively Land segment, net...

  • Page 86
    ..., $20.2 billion and $17.5 billion for 2013, 2012 and 2011, respectively. (2) Includes revenue related to the United Kingdom of $5.0 billion, $5.2 billion and $5.0 billion for 2013, 2012 and 2011, respectively. (3) Includes revenue related to Singapore of $10.1 billion, $8.4 billion and $8.0 billion...

  • Page 87
    ... diesel, heating oil, lubricants and other products and related services. Watson Petroleum is headquartered in Brinkworth, England and is one of the largest fuel distributors in the United Kingdom. The transaction is subject to customary regulatory consents and closing conditions and therefore there...

  • Page 88
    ...to be signed on its behalf by the undersigned, thereunto duly authorized, on the 14th day of February 2014. WORLD FUEL SERVICES CORPORATION /s/ MICHAEL J. KASBAR Michael J. Kasbar President and Chief Executive Officer /s/ IRA M. BIRNS Ira M. Birns Executive Vice President and Chief Financial Officer...

  • Page 89
    ...Florida Gibraltar Delaware Panama Maryland United Kingdom United Kingdom South Africa Netherlands Netherlands Mexico Netherlands Netherlands Netherlands Australia Florida Virginia Denmark Netherlands Norway Netherlands Delaware Puerto Rico Minnesota Costa Rica Mexico Indonesia Florida Mexico Ecuador...

  • Page 90
    ...Services (Costa Rica) Limitada* World Fuel Services (Denmark) ApS World Fuel Services (Japan) Co., Ltd. World Fuel Services (KG) Limited Liability Company World Fuel Services (Panama) LLC* World Fuel Services (Singapore) Pte Ltd World Fuel Services Argentina S.A. World Fuel Services Aviation Limited...

  • Page 91
    ...World Fuel Services Pakistan (Pvt.) Limited World Fuel Services Peru S.R.L. World Fuel Services Private Limited World Fuel Services Trading DMCC World Fuel Services Turky Petrol Urunleri Dagitim Ve Ticaret Limited Sirketi World Fuel Services, Inc. World Fuel Singapore Holding Company I Pte Ltd World...

  • Page 92
    ...and No. 333-68276) of World Fuel Services Corporation of our report dated February 14, 2014 relating to the consolidated financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 10-K. /s/ PricewaterhouseCoopers LLP Miami, Florida February 14...

  • Page 93
    Exhibit 31.1 CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER pursuant to Rule 13a-14(a) or Rule 15d-14(a) I, Michael J. Kasbar, certify that: 1. I have reviewed this Annual Report on Form 10-K of World Fuel Services Corporation; 2. Based on my knowledge, this report does not contain any untrue ...

  • Page 94
    ... OF THE CHIEF FINANCIAL OFFICER pursuant to Rule 13a-14(a) or Rule 15d-14(a) I, Ira M. Birns, certify that: 1. I have reviewed this Annual Report on Form 10-K of World Fuel Services Corporation; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact...

  • Page 95
    ... Michael J. Kasbar, the President and Chief Executive Officer of World Fuel Services Corporation (the ''Company''), and Ira M. Birns, Executive Vice President and Chief Financial Officer of the Company, certify for the purposes of Section 1350 of Chapter 63 of Title 18 of the United States Code that...

  • Page 96
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  • Page 99
    ... 0330 The SEC also maintains a website of materials electronically filed by the Company, such as reports, proxy and information statements, and other information, at www.sec.gov. Corporate Headquarters World Fuel Services Corporation 9800 N.W. 41st Street, Suite 400 Miami, FL 33178 Telephone: 305...

  • Page 100
    © 2014 World Fuel Services Corporation. All Rights Reserved.