World Fuel Services 2014 Annual Report Download - page 6

1
PART I
Item 1. Business
Overview
World Fuel Services Corporation (the “Company”) was incorporated in Florida in July 1984 and along with its consolidated
subsidiaries is referred to collectively in this Annual Report on Form 10-K (“2014 10-K Report”) as “World Fuel,” “we,” “our”
and “us.”
We are a global fuel logistics, transaction management and payment processing company, principally engaged in the
distribution of fuel and related products and services in the aviation, marine and land transportation industries. 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 quality control and fuel procurement outsourcing.
We have three reportable operating business segments: aviation, marine, and land. We primarily contract with third parties
for the delivery and storage of fuel products, however, in some cases we own storage and transportation assets for strategic
purposes. In our aviation segment, we offer fuel and related products and services to major commercial airlines, second
and third-tier airlines, cargo carriers, regional and low cost carriers, airports, fixed based operators, corporate fleets,
fractional operators, private aircraft, military fleets and to the United States (“U.S.”) and foreign governments. In our marine
segment, we offer fuel, lubricants and related products and services to a broad base of marine customers, including
international container and tanker fleets, commercial cruise lines, yachts and time-charter operators, the U.S. and foreign
governments, as well as other fuel suppliers. In our land segment, we offer fuel, lubricants and related products and services
to petroleum distributors operating in the land transportation market, retail petroleum operators, and industrial, commercial,
residential and government customers, as well as engage in crude oil marketing activities. In addition, we offer transaction
management services which consist of card payment solutions and merchant processing services to customers in the
aviation, marine and land transportation industries.
We have offices throughout the United States and in various foreign jurisdictions, including: the United Kingdom, Denmark,
Norway, Sweden, 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. See “Item 2 – Properties” for a list of principal offices by business segment and “Exhibit 21.1 –
Subsidiaries of the Registrant” included in this 2014 10-K Report for a list of our subsidiaries.
Financial information with respect to our business segments and the geographic areas of our business is provided in Note 11
to the accompanying consolidated financial statements included in this 2014 10-K Report.
Our principal executive office is located at 9800 Northwest 41
st
Street, Suite 400, Miami, Florida 33178 and our telephone
number at this address is 305-428-8000. Our internet address is http://www.wfscorp.com and the investor relations section
of our website is located at http://ir.wfscorp.com. We make available free of charge, on or through the investor relations
section of our website, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K,
Proxy Statements and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) with the Securities and Exchange Commission (“SEC”) as soon
as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. Also posted on our website
are our Code of Corporate Conduct and Ethics (“Code of Conduct”), Board of Directors’ committee charters and Corporate
Governance Principles. Our internet website and information contained on our internet website are not part of this 2014
10-K Report and are not incorporated by reference in this 2014 10-K Report.
Aviation Segment
We market fuel and related products and services to major commercial airlines, second and third-tier airlines, cargo carriers,
regional and low-cost carriers, airports, fixed based operators, corporate fleets, fractional operators, private aircraft, military
fleets and to the U.S. and foreign governments. Our aviation-related services include fuel management, price risk
management, arranging ground handling, providing 24/7 global dispatch services, arranging air charter and arranging and
providing international trip planning, including flight plans, weather reports and overflight permits. In addition, we offer card
payment solutions and related processing services. Because fuel is a major component of an aircraft’s operating costs, our
customers require cost effective and professional fuel services. We have developed an extensive network of third- party
suppliers and service providers that enables us to provide aviation fuel and related services throughout the world. We
believe the breadth of our service offering combined with our global supplier network is a strategic differentiator that allows
customers to secure fuel and high-quality services in any location worldwide on short notice.