World Fuel Services 2013 Annual Report Download - page 10

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• changes in the political, economic or regulatory conditions generally and in the markets in which we operate;
• our failure to effectively hedge certain financial risks and the use of derivatives;
• non-performance by counterparties or customers to derivative contracts;
• changes in credit terms extended to us from our suppliers;
• non-performance of suppliers on their sale commitments and customers on their purchase commitments;
• loss of, or reduced sales, to a significant government customer;
• non-performance of third-party service providers;
• adverse conditions in the industries in which our customers operate, including a continuation of the global economic instability
and its impact on the airline and shipping industries;
• currency exchange fluctuations;
• failure of fuel and other products we sell to meet specifications;
• our ability to manage growth;
• our ability to effectively integrate and derive benefits from acquired businesses;
• material disruptions in the availability or supply of fuel;
• environmental and other risks associated with the storage, transportation and delivery of petroleum products;
• the impact of the Lac-M ´
egantic derailment and related matters;
• risks associated with operating in high risk locations;
• uninsured losses;
• the impact of natural disasters, such as hurricanes;
• our failure to comply with the requirements, restrictions and covenants in our senior revolving credit facility (‘‘Credit Facility’’)
and our senior term loans (‘‘Term Loans’’);
• the liquidity and solvency of banks within our Credit Facility and Term Loans;
• increases in interest rates;
• declines in the value and liquidity of cash equivalents and investments;
• our ability to retain and attract senior management and other key employees;
• changes in U.S. or foreign tax laws or changes in the mix of taxable income among different tax jurisdictions;
• our ability to comply with U.S. and international laws and regulations including those related to anti-corruption, economic
sanction programs and environmental matters;
• increased levels of competition;
• the outcome of litigation and the costs associated in defending any actions; and
• other risks, including those described in ‘‘Item 1A – Risk Factors’’ and those described from time to time in our other filings with
the SEC.
We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to
predict all of those risks, nor can we assess the impact of all of those risks on our business or the extent to which any factor may cause
actual results to differ materially from those contained in any forward-looking statement. The forward-looking statements in this 2013
10-K Report are based on assumptions management believes are reasonable. However, due to the uncertainties associated with
forward-looking statements, you should not place undue reliance on any forward-looking statements. Further, forward-looking
statements speak only as of the date they are made, and unless required by law, we expressly disclaim any obligation or undertaking to
publicly update any of them in light of new information, future events, or otherwise.
For these statements, we claim the protection of the safe harbor for forward-looking statements contained in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Exchange Act.
Item 1A. Risk Factors
We extend credit to most of our customers in connection with their purchases of fuel and services from us, and our
business, financial condition, results of operations and cash flows will be adversely affected if we are unable to collect
accounts receivable.
We extend credit to certain of our customers in connection with their purchases of fuel and services from us. Our success in attracting
customers has been due, in part, to our willingness to extend credit on an unsecured basis to customers that would otherwise be
required to prepay 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.
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