Table of Contents

• About LECG
• Executive Summary 
• Introduction 
• 1 - Objectives and Limitations
• 2 - Definitions
  • 2.1 Efficiencies 
  • 2.2 EBITDA
  • 2.3 Ancillary Services
  • 2.4 Independents
• 3. Literature Review
• 4. The Data
• 5. Economic Analysis
  • 5.1 Differences between Outlets A and B (independent retailers)
  • 5.2 Differences between Outlets C and  D (vertically-integrated firms)
  • 5.3 Implications
  • 5.4 Time Series Analysis
  • 5.5 Econometric Analysis
• 6. Profitability Analysis
  • 6.1 Caveats
    • 6.1.1 Information Used
    • 6.1.2 Caution on Incomplete Information & Impact of Cost of Petroleum Purchases on Margins
    • 6.1.3 Organization of Operations
  • 6.2 Sample Outlets
    • 6.2.1 Outlet A (independent retailer)
    • 6.2.2 Outlet B (independent retailer)
    • 6.2.3 Outlet C (vertically-integrated firm)
    • 6.2.4 Outlet E (vertically-integrated firm)
  • 6.3 Analysis
    • 6.3.1 Organization of Profitability Analysis
    • 6.3.2 Profitability Calculated from Outlet Specific Revenues and Costs
    • 6.3.3 Profitability by Omitting Coupons and Discounts
    • 6.3.4 Profitability by Omitting Coupons and Discounts and Labour Expenses
    • 6.3.5 Petroleum Sales Volume and Grade Mix
    • 6.3.6 Petroleum Sales Revenue and Revenue Grade Mix
    • 6.3.7 Revenues by Sales Type
    • 6.3.8 Gross Margin by Sales Type
    • 6.3.9 Summary of Costs Attributable to Petroleum Revenue
• 7. Conclusions
• 8. References
• 9. Appendices
  • Appendix A. Information Request Sent to Participating Retailers
  • Appendix B. Curriculum Vitae of Authors