World Fuel Services 2013 Annual Report Download - page 2

A strong, reliable energy supply chain is critical for
the growth of commerce and the well-being of
people throughout the world. With highly complex
and continual evolution in products, logistics,
services, technologies, socio-economics and the
environment, the energy supply chain poses ongoing
challenges that can adversely impact its supply-
and-demand participants. As a global leader in
energy, logistics, risk management and technology,
World Fuel Services continues to bring order,
reliability and stability to this often chaotic space
in the downstream of energy supply.
In 2013, we continued to expand our downstream
presence, capabilities and global network, providing
further value and services as a single-source
provider to the aviation, marine and land sectors.
By strengthening and complementing our core
businesses with a diversified portfolio, we progressed
on our strategic goal of creating long-term value
while also responding to short-term conditions and
opportunities. As always, we maintained our steady
and disciplined approach to finance and risk,
successfully navigating market turmoil on behalf
of our customers and suppliers and confirming the
enduring value of trustworthy partnership.
Several highlights demonstrate how we
are broadening our presence in the downstream
energy supply chain. With the acquisition of the
Multi Service business, we extended our solutions-
based offerings in transportation, logistics, energy
and payment processing. With a greater range of
card-based products and a broader suite of financial
services for merchants and governments,
we continue to extend our capabilities as a single-
source service supplier. With this investment
we solidify our opportunity to grow in the domestic
and international transaction-processing and
technology space, in each of our aviation, land
and marine segments.
We added another new element to our portfolio
by entering the natural gas movement in the
U.S. This new line of business in energy management
Telephone: [phone] • 651 450 4064
St. Paul, MN 55164-0874
Mendota Heights, MN 55120
creates a foundation for both domestic and
international development. We now provide expertise
in procurement, advisory and risk management
services in the rapidly evolving natural gas market-
place. As commercial, industrial and government
fleets continue to convert from diesel to compressed
natural gas (CNG) for both environmental and
financial reasons, 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 market
conditions have constrained recent organic growth,
we will continue to capture significant opportunities
with our increasing portfolio of products and services
in new geographies. Our balance sheet is strong
and we are well capitalized through an expanded and
extended credit facility, enabling us to continue
pursuing a strong pipeline of acquisition opportunities.
Our strength and scale continue to define the
downstream space and provide a solid foundation
of ongoing value to our customers and suppliers.
As we remain focused on driving profitable growth
across our businesses, we thank our shareholders
for sharing our vision with your continued support.
Michael J. Kasbar, President + CEO
Telephone: [phone]
Washington, D.C. 20549
Telephone: [phone]
To Our Shareholders