1. 2003 ANNUAL REPORT

2. CORPORATE OVERVIEW
W
orld Fuel Services Corporation is a global leader in the
downstream marketing and financing of aviation and
marine fuel products and related services. The major oil
companies’ marketer of choice in the aviation and shipping industries,
World Fuel Services provides fuel to commercial and corporate aircraft
and ships at more than 2,200 airports and seaports worldwide. The
Company’s market share is estimated at 2% of the global aviation market
and 12% of the global marine market.
FINANCIAL HIGHLIGHTS
O
ur mission is to sustain long-term, profitable growth for share-
holders and maintain a global leadership position in the
downstream marketing and financing of aviation and marine
fuel products and related services. We will accomplish this by providing
exceptional service and value to customers and suppliers and maintain-
ing a corporate environment that provides employees with opportunities
for personal and professional advancement.

3. W O R L D F U E L S E RV I C E S C O R P O R A T I O N
FINANCIAL HIGHLIGHTS
As of, and for the
As of, and for the Year Nine Months As of, and for the Year
Ended December 31, Ended December 31, Ended March 31,
2003 2002 Change 2002 2001 2002 2001
(In thousands, except diluted earnings per share data and financial ratios)
Income Statement Data
Revenue $2,661,790 $1,898,181 40.2% $1,546,897 $1,013,781 $1,365,065 $1,529,242
Income from operations 26,990 20,169* 33.8% 13,786 14,906 21,289 14,152
Net income 21,874 14,345** 52.5% 9,872 12,762 17,235 10,634
Diluted earnings per share $1.96 $1.32** 48.5% $0.91 $1.20 $1.62 $1.00
Diluted weighted average shares 11,169 10,895 2.5% 10,900 10,652 10,646 10,663
Balance Sheet Data
Total assets $ 357,678 $ 312,287 $ 312,287 $ 209,693 $ 257,923 $ 222,165
Stockholders’ equity 148,379 127,730 127,730 113,792 116,439 103,860
Financial Ratios
Current ratio 1.5 1.5 1.5 1.9 1.6 1.7
Debt/equity ratio 2.4% 4.6% 4.6% 5.3% 8.6% 5.3%
Return on assets 6.8% 5.3%** 4.6% 7.7% 7.6% 4.8%
Return on equity 15.9% 12.1%** 11.0% 15.7% 15.7% 10.5%
REVENUE NET INCOME TOTAL ASSETS STOCKHOLDERS’
EQUITY
(in millions) (in millions) (in millions)
(in millions)
$2,661.8
$357.7
$148.4
$21.9
$312.3
$127.7
$14.3
$1,898.2
’02** ’03 ’02 ’03 ’02 ’03
’02 ’03
* Includes non-recurring executive severance charges of $4.5 million.
** Reflects two non-recurring, after-tax charges totaling $3.7 million, or $0.34 per diluted share, relating to executive severance and debt settlement.
1

4. PROVIDING
MARINE AND
TO OUR SHAREHOLDERS:
A
global team animated by a keen sense of shared mission can achieve extraordinary things.
Never has this been more clearly demonstrated than it was this last year at World Fuel. The
Company reported record levels of revenue, volume and earnings for 2003 and it is with
great pride that we applaud each and every one of our people for their contribution to this collec-
tive success. Of course, true success is measured in many ways. Certainly, it is about financial per-
formance, good corporate governance and transparency. But, as important are the more intangible
metrics of success: passion, hard work, integrity, determination, commitment to excellence and a
universal appreciation that (as Andy Grove, of Intel Corporation once said) “No one of us is as
smart as all of us.” Success is about having a deep-rooted belief that we have something of genuine
value to offer our customers, suppliers and partners around the world. Success is projecting confi-
dence. Success is building a culture of responsiveness and communication. Success is about solid
consistent execution. Success is about the open exchange of ideas and challenging the status quo.
Ultimately, success is about character. And it is the character of the people who make up the World
Fuel team we most value and appreciate. It is character which informs our sense of corporate citi-
zenship and defines our relationship with the market. It is character which will drive this Company’s
continued transformation and serve as an essential ingredient in future growth and expansion.
FOR YEAR 2003:
THE
For calendar 2003, total revenue for the Company was $2.7 billion, an increase of $764 million, or
40%, versus calendar 2002. The revenue increase was a result of both growth in volume and increased
prices. Diluted earnings per share
increased by 49% from $1.32 to $1.96.
Included in the results for 2002 were
the effects of the non-recurring, after-
tax charges of the executive severance
and a debt settlement. Excluding
these non-recurring after-tax charges,
diluted earnings per share would have
been $1.66 for the calendar year 2002.
Our day sales outstanding improved to
25 days, reflecting the continued suc-
cess of the Company’s effort to
improve the overall quality of its
Paul H. Stebbins Michael J. Kasbar
accounts receivables.
Chairman and President and
Chief Executive Officer Chief Operating Officer
2

5. W O R L D F U E L S E RV I C E S C O R P O R A T I O N
AVIATION
FUEL WORLDWIDE
FINANCIAL STRENGTHS:
World Fuel Services is anchored by a solid balance sheet. At December 31, 2003, our cash balance
was $76 million, with working capital of $106 million and shareholders’ equity of $148 million.
Total assets at World Fuel exceeded $357 million.
On December 19, 2003, the Company announced a new $100 million revolving credit facility
with LaSalle Bank, HSBC, Merrill Lynch, Commercebank and IDB. Arranging this facility pro-
vided an opportunity for a number of banks to conduct an in-depth review of our financials and
our business model and we are pleased that the offering was over-subscribed. We could not be hap-
pier with the final list of participating banks and feel confident that they will not only support our
current plans for business growth, but will be able to continue to grow with us in the years ahead.
AVIATION DIVISION:
In the aviation segment, 2003 was a year of significant
developments across the spectrum. Our corporate flight divi- AVIATION
sion, Baseops, had a very good year with continued growth
INCOME FROM
REVENUE
in the sale of fuel and flight services to a diversified portfo-
OPERATIONS
(in millions)
lio of corporate and commercial customers. Our partnership (in millions)
with Jeppesen continues to grow, has added hundreds of new
$1,024.8
fuel customers and led to a broader global collaboration with
$21.8
Baseops in international flight services. Closer to home, our
$18.9
partnership with Signature Flight Support has expanded as
we increased our volume of supply to their network of FBO’s
and worked on joint marketing initiatives with their ASIG
$615.1
division. On the fuel management front, we continued to
expand our service offering with the announcement of an
out-sourcing agreement with America West and a processing
agreement with United Airlines and Morgan Stanley. Both
initiatives represent significant strategic developments
which will create economies of scale and have enhanced and
complimented our core business in the cargo, charter and
passenger markets. Looking forward we will continue to
grow volume, improve our service offering, focus on helping
’02 ’03 ’02 ’03
our customers with price risk management and refine our
expertise in processing.
3

6. W O R L D F U E L S E RV I C E S C O R P O R A T I O N
FINANCIALLY AND
CULTURALLY
STRONG
MARINE DIVISION: MARINE
In our marine segment, our global team demonstrated their ability to
INCOME FROM
REVENUE
respond quickly to the changing economic climate. As the shipping indus- OPERATIONS
(in millions)
try recovered throughout 2003, so did our overall results. Traded volume, (in millions)
sales, gross profit and operating income were all up this year as a direct
$1,637.0
result of the shift in industry fortunes and the highly focused initiatives of
$18.3
our sales force. And while we continue to grow organically, we also contin-
$1,283.1
ued to pursue our strategy for growth through acquisition. On April 2,
$13.6
2004, we were very pleased to announce the acquisition of the Tramp
Oil group of companies based in the U.K., one of the largest marine fuel
services groups in the market. The acquisition of Tramp, largest in the
Company’s history, brings a tremendous team of seasoned professionals,
expands our global footprint, increases our market share, adds a complimen-
tary portfolio of business and will be accretive to earnings. We are excited
about the acquisition and will dedicate the remainder of the year to the
challenges of careful integration. Looking forward we will continue to
emphasize deeper penetration of global accounts with a focus on our pur-
chasing out-source model, supply specialization and custom tailored
product offerings in the area of price risk management. ’02 ’03 ’02 ’03
FUTURE OUTLOOK:
It is a very exciting time at World Fuel Services Corporation. We are extremely proud of our global
team and the outstanding performance delivered by our aviation and marine segments. We have
successfully expanded our business model and laid a strong foundation for future growth. With our
unique global position, robust service offerings and strong balance sheet, we know that the future holds
great promise for World Fuel. And as we grow, we remain committed to transparency, good governance
and value creation for our shareholders, customers, suppliers and business partners around the world.
We also remain committed to creating opportunity and prosperity for our employees while contributing
to the global community we serve.
Sincerely,
Paul H. Stebbins Michael J. Kasbar
Chairman and Chief Executive Officer President and Chief Operating Officer
4

72. CORPORATE INFORMATION
BOARD OF DIRECTORS EXECUTIVE OFFICERS STOCK LISTING
Paul H. Stebbins Paul H. Stebbins Common Stock is traded on the
Chairman and Chief Executive Officer Chairman and Chief Executive Officer New York Stock Exchange (NYSE)
World Fuel Services Corporation World Fuel Services Corporation
under the symbol: INT
Michael J. Kasbar Michael J. Kasbar
President and Chief Operating Officer President and Chief Operating Officer
TRANSFER AGENT AND REGISTRAR
World Fuel Services Corporation World Fuel Services Corporation
Ken Bakshi Francis X. Shea For change of address, lost stock certifi-
Member of the Compensation Committee Executive Vice President and cates and other stock certificate-related
President and Chief Executive Officer Chief Financial Officer inquiries, please contact:
Row 2 Technologies
Michael S. Clementi
(Software Development) American Stock Transfer &
President and Chief Operating Officer
Trust Company
John R. Benbow Aviation Fuel Services
59 Maiden Lane
Chairman of the Compensation Committee
Robert S. Tocci New York, New York 10038
and Member of the Audit Committee
President and Chief Operating Officer
President, Benbow & Associates, Inc. Telephone: (800) 937-5449
Marine Fuel Services
(Construction Management) Telephone: (718) 921-8124
Fax: (718) 236-2641
Richard A. Kassar
Website: www.amstock.com
Member of the Audit Committee MARINE FUEL SERVICES
Senior Vice President and Chief Financial
Robert S. Tocci
Officer, The Meow Mix Company
President and Chief Operating Officer STOCKHOLDER INQUIRIES
(Consumer Products)
Steven A. Scoppetuolo For copies of the Company’s recent news
Myles Klein
Chief Financial Officer
Chairman of the Audit Committee and releases and Securities and Exchange
Member of the Compensation Committee Commission (SEC) filings, including
Francis Lee
Partner, Klein & Barreto, P.A. Forms 10-K and 10-Q, free of charge,
Asia Regional Manager
(Certified Public Accountants)
please contact:
Wade DeClaris
J. Thomas Presby
North Pacific Rim Regional Manager Investor Relations
Member of the Audit Committee
Alexander Garcia
Retired Partner, Deloitte & Touche Tohmatsu William Mergenthaler
Senior Vice President of Finance
(Certified Public Accountants) U.S. East Coast Regional Manager
World Fuel Services Corporation
Jerome Sidel Karel Peters Telephone: (305) 428-8064
Member of the Compensation Committee Europe Regional Manager Fax: (305) 392-5621
President, New York Store Leasing, Inc.
e-mail: algarcia@wfscorp.com
(Services)
investors@wfscorp.com
AVIATION FUEL SERVICES
Luis R. Tinoco
Partner, Lara, Lopez, Matamoros, Public Relations
Michael Clementi
Rodriquez and Tinoco Allen & Caron Inc.
President and Chief Operating Officer
(Law Firm, Costa Rica) 156 Fifth Avenue, Suite 934
Carlos M. Velazquez New York, New York 10010
Chief Financial Officer
Telephone: (212) 691-8087
CORPORATE HEADQUARTERS
Fax: (212) 691-8116
World Fuel Services Corporation e-mail: michaelm@allencaron.com
LEGAL COUNSEL
9800 Northwest 41st Street, Suite 400
Miami, Florida 33178 For copies of materials filed by the
R. Alexander Lake, Jr.
Telephone: (305) 428-8000 General Counsel and Corporate Secretary Company with the SEC, please contact:
Fax: (305) 392-5600 World Fuel Services Corporation
SEC’s Public Reference Room
Website: www.worldfuel.com
Shutts & Bowen LLP 450 Fifth Street, N.W.
Miami, Florida
Washington, D.C. 20549
ANNUAL MEETING Telephone: (800) SEC-0330
INDEPENDENT
The Annual Meeting is to be held The SEC also maintains a website of
PUBLIC ACCOUNTANTS
May 27, 2004 at 10:00 a.m. at the materials electronically filed by the
Company’s corporate headquarters. PricewaterhouseCoopers LLP Company, such as reports, proxy and
Miami, Florida information statements, and other
information, at www.sec.gov.

73. MARINE FUEL DIRECTORY OFFICES
OF
United States China Germany Cyprus
9800 N.W. 41st Street, Suite 400 No. 1 Pudong Avenue Bremer Str. 2 P.O. Box 56384
Miami, Florida 33178 Marine Tower, Room 1206 D-28816 Stuhr CY-3306
Telephone: (305) 428-8001 Shanghai 200120, China Brinkum, Germany Limassol, Cyprus
Fax: (305) 392-5620 Telephone: 86 21 6886 0671 Telephone: 49 421 165 6100 Telephone: 357 25873 524
Fax: 86 21 6886 1547 Fax: 49 421 165 6161 Fax: 357 25311 505
Raritan Plaza III
101 Fieldcrest Avenue, Suite 2B
Hong Kong Norway South Africa
Edison, New Jersey 08837
18/F, Yam Tze Commercial Bldg. Niels Juels Fate 11B The Foundry, 4th Floor, Unit 1
Telephone: (732) 623-2400
23 Thomson Road 0272 Oslo, Norway Cardiff Road, Green Point
Fax: (732) 623-2401
Wanchai, Hong Kong Telephone: 47 2308 6780 Cape Town, South Africa 8001
2 Greenwich Office Park Telephone: 852 2520 0157 Fax: 47 2308 6799 Telephone: 27 21 425 4443
Greenwich, Connecticut 06830 Fax: 852 2865 1700 Fax: 27 21 425 4052
Telephone: (203) 863-0001 Netherlands
Fax: (203) 863-0055 Japan Vasteland 6 Costa Rica
4th Floor, Tozan Building, 4-4-2 3011 BK Rotterdam, Netherlands Oficentro Ejecutivo La Sabana Sur
1101 Fifth Avenue, Suite 280
Nihonbashi Hon-cho, Chuo-Ku Telephone: 31 10 4000 888 Edificio 5, Primer Piso
San Rafael, California 94901
Tokyo 103-0023 Fax: 31 10 4117 593 San Jose, Costa Rica
Telephone: (415) 925-1995
Telephone: 81 3 3245 0379 Telephone: 506 220 0716
Fax: (415) 925-1998
Fax: 81 3 3245 2789 Greece Fax: 506 290 0893
Poseidonos 60 Avenue, Third Floor
Singapore
United Kingdom GlyFada 166-75 Chile
101 Thomson Road #13-03/04
Westminster Tower Athens, Greece Avenida Libertad 798 – Suite 301
United Square, Singapore 307591
3 Albert Embankment Telephone: 30 210 898 5920 Vina del Mar, Chile
Telephone: 65 6223 6977
London, England SE1 7SP Fax: 30 210 898 3680 Telephone: 56 32 460 155
Fax: 65 6223 0977
Telephone: 44 207 828 3299 Fax: 56 32 460 105
70 Shenton Way Fax: 44 207 834 4951 United Arab Emirates
#17-01A Marina House Al Moosa Tower II Brazil
Wells House
Singapore 079118 Office No. 904 Av Rio Branco 181/3004
15-17 Elmfield Road
Telephone: 65 6221 1255 Shk Zayed Road Rio de Janeiro, 20040 007 RJ,
Bromley, Kent
Fax: 65 6227 0420 P.O. Box 24676 Brazil
England BR1 1LT
Dubai, United Arab Emirates Telephone: 55 21 3231 2080
Telephone: 44 2083 157777
South Korea Telephone: 971 4 3310400 Fax: 55 21 3231 2070
Fax: 44 20 8315 7788
Rm 403, Anglican Church Bldg. Fax: 971 4 3310078
3-7, Chung-Dong, Chung-Ku 7 Priory Tec Park Argentina
Seoul 100-120, South Korea Saxon Way, Hessle Turkey Tucuman
Telephone: 82 2 739 0437 Hull, East Yorkshire Yener Sok, Ayaz Apr No. 12 373 piso 3, 1049 CF
Fax: 82 2 739 0599 England HU13 9PB D-3 Erenkoy, Istanbul, Turkey Buenos Aires, Argentina
Telephone: 44 1482 629669 Telephone: 90 216 411 4127 Telephone: 54 11 4312 2600
Rm 1206, 12th Fl., Doryum Bldg.
Fax: 44 1482 629691 Fax: 90 216 411 4160 Fax: 54 11 4312 9496
60 Doryum-Dong
Chongro-Ku, Seoul, Korea
Denmark Russia
Telephone: 82 2 720 1255
Gammelbyvej 2 34 ap. 3 Georgiy Kimitrov Str
Fax: 82 2 737 0420
Karise, Denmark 4653 236000 Kaliningrad, Russia
Telephone: 45 5678 8200 Telephone: 7 011 255 1036
Fax: 45 5678 8222 Fax: 7 011 255 5150
AVIATION FUEL DIRECTORY OFFICES
OF
United States 6011 West Tree Drive United Kingdom Mexico
9800 N.W. 41st Street, Suite 400 Anchorage, Alaska 99507 Kingfisher House, Northwood Park Avenida Fuerza Aerea
Miami, Florida 33178 Telephone: (907) 346-4419 Gatwick Road, Crawley Mexicana 465, Colonia Federal
Telephone: (305) 428-8001 Fax: (907) 346-4421 West Sussex, England RH10 2XN 15700 Mexico, D.F.
Fax: (305) 392-5621 Telephone: 44 1293 400333 (World Fuel) Telephone: 52 55 717 812
325 North Road
Fax: 44 1293 404333 (World Fuel) Fax: 52 55 717 818
333 Cypress Run, Suite 200 Senoia, Georgia 30276
Telephone: 44 1293 400777 (Baseops)
Houston, Texas 77094 Telephone: (770) 599-3162
Telephone: 44 1293 400888 (AirData) Colombia
Telephone: (281) 556-2400 Fax: (770) 599-1370
Fax: 44 1293 400666 (AirData) Calle 93B No. 11A-44, oficina 303
Fax: (281) 556-2500
Bogota, Colombia
Singapore
4995 East Anderson Avenue Costa Rica Telephone: 57 1 618 4858
101 Thomson Road #13-03/04
Fresno, California 93727 Oficentro Ejecutivo La Sabana Sur Fax: 57 1 618 4857
United Square, Singapore 307591
Telephone: (559) 252-7140 Edificio 5, Primer Piso
Telephone: 65 6256 3166
Fax: (559) 252-7180 San Jose, Costa Rica Russia
Fax: 65 6356 3166
Telephone: 506 296 4328 Slavjanskaya Business Ctr, 8th Fl.
201 S. Orange Avenue, Suite 1575
Fax: 506 296 4338 Europe Square 2, Moscow 121059
Orlando, Florida 32801
Russian Federation
Telephone: (407) 206-5300
Telephone: 7 095 941 8640
Fax: (407) 206-5369
Fax: 7 095 941 8639

74. SENIOR MANAGEMENT
Paul H. Stebbins Michael J. Kasbar
Chairman and President and
Chief Executive Officer Chief Operating Officer
Michael S. Clementi Francis X. Shea Robert S. Tocci
President and Executive Vice President President and
Chief Operating Officer and Chief Financial Officer Chief Operating Officer
Aviation Division Marine Division
R. Alexander Lake, Jr.
General Counsel and
Corporate Secretary

75. 9800 N.W. 41st Street • Suite 400 • Miami, Florida 33178
(305) 428-8001 • (305) 392-5621 Fax • www.worldfuel.com • (NYSE: INT)