most of their retail supply is sold to Coles Express servos and at wholesale prices.
Coles then adds a margin and pockets the proceeds.
so if Viva puts up the wholesale price, then Coles still has to make it's margin, but Viva ends up selling less fuel , so then Viva ends up supplying less fuel!
also, the average pump price is always dearer than CTX servos and with the new CTX/WOW deal which includes many more sites offering Woolies Rewards, the average punter would be CRAZY not to fill'er up at Caltex.
and because VIVA leases back all of its sites, the EBITDA loss is monumental compared to ownership of the sites.
ps- apart from all that and the fact that the SP has tanked by 9% since IPO launch and is tanking as i write this, i reckon it's a really great investment.
cheers crazypunter
dividend, page-10
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