BKAL 3063 INTEGRATED CASE STUDY

(GROUP D)

CASE 3: GEZ PETROL STATION: USING COST-VOLUME-PROFIT

ANALYSIS FOR PLANNING

PREPARED BY:
NO NAME MATRIC NUMBER
1. AISYAH ARIANNA BINTI ABDUL AZIZ 248345
2. MUHAMMAD ADHZIM BIN ZULKEFLE 248392
3. SHAMSUL ARIF BIN ZULKIFLEE 248454
4. SHAHMIRA NAJWA BINTI NORDIN 248455
5. DURSHANTHINI A/P MANIVAIL 251111

PREPARED FOR:
DR. NORAZA BT MAT UDIN

SUBMISSION DATE:
14 OCTOBER 2019
 TABLE OF CONTENTS

1.0 EXECUTIVE SUMMARY ............................................................................................... 2

2.0 STATEMENT OF THE PROBLEM ............................................................................... 3
2.1 GEZ PETROL STATION’S DIFFICULTY IN SUSTAINABILITY THE
BUSINESS .................................................................................................................. 3
2.2 LOW PROFIT MARGIN IN THE FUEL BUSINESS ........................................... 4
3.0 CAUSES OF THE PROBLEM ........................................................................................ 5
3.1 LACK OF KNOWLEDGE IN FINANCE AND COSTING .................................. 5
3.2 PRODUCT LOSS DUE TO EVAPORATION OF FUEL DURING FILLING ... 7
3.3 INCREASE IN COST OF CREDIT CARD FEES PAID TO BANK .................... 7
4.0 FINANCIAL STATEMENT AND COST-VOLUME-PROFIT ANALYSIS .............. 8
4.1 FINANCIAL STATEMENT...................................................................................... 8
4.2 COST-VOLUME-PROFIT ANALYSIS................................................................... 8
4.3 COST-VOLUME-PROFIT ANALYSIS (GRAPH) ................................................ 9
5.0 DECISION CRITERIA AND ALTERNATIVE SOLUTIONS .................................. 10
5.1 ISSUES ON FINANCIAL KNOWLEDGE ............................................................ 10
5.2 ISSUES ON LOW PROFIT MARGIN ................................................................... 12
6.0 RECOMMENDED SOLUTION, IMPLEMENTATION AND JUSTIFICATION .. 14
REFERENCES ....................................................................................................................... 19

1
1.0 EXECUTIVE SUMMARY
GEZ Bhd is a Malaysia's largest oil company that has run two major businesses

which are the fuel business and convenience store business. As part of the fuel business, the

petrol stations sold Petrol Ron 95 (R95), Petrol Ron 97 (R97) and Diesel with sales of 200

million liters of petrol and 150 million liters of diesel every month. Meanwhile, the

convenience stores, the Selesa Mart, sold food, snacks, beverages, cigarettes and

confectionery. Mr. Aiman is in charge and responsible for managing the sales activities of

over twenty petrol stations in the northern region of Malaysia as an Area Manager.

Referring to the case of GEZ Petrol Station, it is clearly shown that problems has

started to arise when they are having a difficulty to sustain in the business even though they are

in the stable business segment and consistent in the long run. Mr. Aiman claimed that the

knowledge of cost accounting should be accessible to dealers and their related workers because

the lack of financial and costing expertise contributed to business failures.

To overcome these issues, GEZ Bhd should send the employees to attend training for

finance and costing to enhance their knowledge and expertise. Besides, GEZ Bhd should

reduce the credit card usage and they also need to consult with specialist oil and gas regarding

the product loss.

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2.0 STATEMENT OF THE PROBLEM
2.1 GEZ PETROL STATION’S DIFFICULTY IN SUSTAINABILITY
THE BUSINESS

GEZ Bhd, a major oil company in Malaysia, in 2010, Mr Aiman was responsible for

directing the sales activities of more than twenty petrol stations in the northern

region of Malaysia (Ku Ismail & Wan Hussin, 2015). While being a stable business

with a steady increase in vehicles petrol station operators still encountered the

difficulty of maintaining the business leading to the end of the dealership license.

This issue will give negative impact toward GEZ Bhd to sustain in business. GEZ

Bhd needs to solve this issue to avoid difficulty sustainability in business.

The termination of the dealership license will make GEZ Bhd difficult to sustain in

business. Termination of dealership license will give negative impact toward GEZ

Bhd in future. The important reasons why GEZ Bhd need to overcome this issue is

to stay sustain in business. GEZ petrol station conducted two main businesses the

fuel business and the convenience store business, known as Selesa Mart. Under the

fuel business, the petrol stations sold Petrol Ron 95 (R95), Petrol Ron 97 (R97), and

Diesel, with sales of 200 million litres of petrol and 150 million litres of diesel

monthly. The stores sold, among others, groceries, snacks, drinks, confectionery,

and cigarettes (Ku Ismail & Wan Hussin, 2015).

GEZ Bhd should have knowledge regarding finance and costing because it is very

important in business management. Definition of financial literacy has evolved from

merely being knowledgeable on financial matters to the ability to make use of such

literacy on day to day financial decisions (Yong, Yew, & Wee, 2018). The

knowledge related to financial can make GEZ Bhd able to make use of such literacy

3
 on day to day financial decisions. After GEZ Bhd understand the knowledge to

manage finance, GEZ Bhd able to use knowledge to manage company financial.

2.2 LOW PROFIT MARGIN IN THE FUEL BUSINESS

GEZ Bhd had a very low profit margin in the fuel business. It was important that

operators managed their cash collection very well. In 2010, the cost of fuel was

about 94% of the sale price (Ku Ismail & Wan Hussin, 2015). The causes of low

profit margin are product loss due to evaporation of fuel during filling and the

increasing cost of credit card fees paid to banks. Gross profit is what is left after the

cost of goods sold have been subtracted from net sales. Cost of goods sold, also

called “cost of sales,” is the price paid by your company for the products it sold

during the period you are considering. It is the price of the goods, including

inventory or raw materials and labour used in production, but it does not include

selling or administrative expenses. The margin of operating profit is an indication of

the earning power of your company from its current operations. If the operating

income of your business is not enough to produce the money you need to continue to

operate, you need to find other sources of revenue. Profit margin is important in

business to know the future profit that company will receive (Chen & Segal, 2019).

Profit margin is one of the profitability measures that is widely used to calculate the

degree to which a corporation or organization makes money. This reflects the

percentage of sales that has become earnings. Simply put, the percentage figure

shows how many cents of gain for each dollar of revenue the company has made.

4
3.0 CAUSES OF THE PROBLEM
3.1 LACK OF KNOWLEDGE IN FINANCE AND COSTING

GEZ Bhd faces difficulty in sustaining the business due to the lack of knowledge in

finance and costing (ISMAIL). It is important for every business to understand the

term financial knowledge or literacy. Financial literacy is defined as the ability to

use knowledge and skills to manage one's financial resources effectively for lifetime

financial security. A lack of financial literacy is problematic if it renders individuals

unable to optimize business welfare, especially when the stakes are high or to exert

the type of competitive pressure necessary for market efficiency. Above all, cost

accounting is one of the domain things that internal management should understand

in every business. According to Mr.Aiman, the dealers and staffs do not have

knowledge in cost accounting where at least should be able to differentiate between

variable and fixed expenses and prepare a financial statement.

Cost accounting is a form of managerial accounting that aims to capture a company's

total cost of production by assessing the variable costs of each step of production as

well as fixed costs, such as a lease expense (TUOVILA, 2019). It is used internally

by management in order to make fully informed business decisions. Unlike financial

accounting, which provides information to external financial statement users, cost

accounting is not required to adhere to set standards and can be flexible to meet the

needs of management. Cost accounting considers all input costs associated with

production, including both variable and fixed costs.

To GEZ Bhd’s knowledge, there are many types of costs involved in cost accounting

but the relevant cost to the business is fixed cost and variable cost. Fixed costs are

5
costs that do not vary depending on the level of production. An increase or decrease

in production levels would cause no change in these costs. For example, the fixed

cost involved in GEZ Bhd is petrol station rental, equipment fee and salary of staffs.

Variable costs are costs tied to a company's level of production. For example,

expenses on water, electricity and telephone.

Cost Volume Profit Analysis (CVP Analysis) is an accounting technique which

helps in identifying the effect of sales volume and product cost on the operating

profit of a business. Cost Volume Profit analysis is also known as Break Even

Analysis. The aim of GEZ Bhd is to earn profit and profit depends upon a large

number of factors, most notable among them are the volume of fuel sales. The

volume of fuel sales is dependent upon production volume which in turn is related to

costs which are affected by volume of production and internal efficiency of the

business. CVP analysis helps management in finding out the relationship between

cost and revenue to generate profit. CVP analysis also helps in determining the level

at which all relevant cost is recovered and there is no profit or loss which is also

called the breakeven point. The application of this analysis did not learned by the

relevant staffs in GEZ Bhd.

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3.2 PRODUCT LOSS DUE TO EVAPORATION OF FUEL DURING
FILLING
The fuel business had a very low profit margin mainly due to the product loss from

the evaporation of fuel during filling. The tolerable product loss was 0.3% for diesel

and 0.5% for petrol for GEZ Bhd. Profit margin is one of the commonly

used profitability ratios to gauge the degree to which a company or a business

activity makes money. It represents what percentage of sales has turned into profits.

When there is product loss, the sales volume will decrease therefore it will reflect in

low profit margin.

3.3 INCREASE IN COST OF CREDIT CARD FEES PAID TO BANK

Credit cards can be valuable financial tools when used the right way. Business

cardholders who carry balances month to month on their accounts will be charged

interest. A business’s profit margin provides an indication of the overall health and

potential of the company. Non-operating expenses are those incurred as a result of

activities not related to the core operations of a business. Taxes and interest are the

most common types of such expenses. In this case, GEZ Bhd faces increase in cost

of credit card fees paid to banks. These expenses are deducted from operating profit

to yield net profit or net income. Non-operating expenses directly reduce whatever

profit is left after deducting operating expenses. Due to increase in cost of credit

card, automatically GEZ Bhd will face low profit margin.

7
4.0 FINANCIAL STATEMENT AND COST-VOLUME-PROFIT
ANALYSIS

4.1 FINANCIAL STATEMENT

Baron Service Station
Statement of Profit and Loss for year ended 2010
Fuel Business Convenience
Total (RM)
R95 (RM) R97 (RM) Diesel (RM) Total (RM) Store (RM)
Proportionate of
79% 2% 19% 100%
Fuel Sales
Sales 15,227,287 357,881 3,666,730 19,251,898 1,430,292 20,682,190
(-): Variable Cost
Cost 14,259,509 337,909 3,542,061 18,139,479 1,144,234 19,283,712
Credit card fees 60,909 1,432 14,667 77,008 5,721 82,729
Product loss 71,656 1,698 10,658 84,012 - 84,012
Royalty 71,515 71,515
Total Variable
14,392,073 341,039 3,567,386 18,300,498 1,221,470 19,521,968
Costs
CONTRIBUTION
835,214 16,842 99,344 951,399 208,822 1,160,222
MARGIN
(-): Fixed Cost
Salary expense 135,261 3,424 32,531 171,216 54,288 225,504
Utilities 35,550 900 8,550 45,000 30,000 75,000
Rental Payment 7,380 7,380
Insurance Premium 1,920

Stationeries 2,400
Total Fixed Costs 170,811 4,324 41,081 216,216 91,668 312,204
OPERATING
664,403 12,518 58,263 735,183 117,154 848,018
PROFIT

4.2 COST-VOLUME-PROFIT ANALYSIS

Baron Service Station
Cost Volume Profit (CVP Analysis)
Fuel Business Convenience
Total (RM)
R95 (RM) R97 (RM) Diesel (RM) Total (RM) Store (RM)
Sales Unit (Litres) 8,459,604 174,576 2,037,072 10,671,252
Sales Price (RM) 1.80 2.05 1.80
Total Revenue 15,227,287 357,881 3,666,730 19,251,898 1,430,292 20,682,190
Total Fixed Costs 170,811 4,324 41,081 216,216 91,668 312,204
Total Variable
14,392,073 341,039 3,567,386 18,300,498 1,221,470 19,521,968
Costs
Contribution
835,214 16,842 99,344 951,399 208,822 1,160,222
Margin
Contribution
0.0548 0.0471 0.0271 0.0494 0.1460 0.0561
Margin Ratio
Breakeven Point
1,730,084 44,824 842,376
in Litre
Breakeven Point
3,114,151 91,889 1,516,278 18,516,714 1,313,138 19,829,852
in RM

8
4.3 COST-VOLUME-PROFIT ANALYSIS (GRAPH)

R95
20,000,000

15,000,000
RM

10,000,000

5,000,000

-
0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000
Unit

Total Revenue Fixed Costs Variable Costs

Total Costs Breakeven point in RM

R97
500,000
400,000
300,000
RM

200,000
100,000
0
0 40,000 80,000 120,000 160,000 200,000
Unit

Fixed Costs Variable Costs Total Costs

Total Revenue Breakeven point in RM

Diesel
5,000,000

4,000,000

3,000,000
RM

2,000,000

1,000,000

0
0 500,000 1,000,000 1,500,000 2,000,000 2,500,000
Litre

Fixed Costs Variable Costs Total Costs

Total Revenue Breakeven point in RM

9
5.0 DECISION CRITERIA AND ALTERNATIVE SOLUTIONS
Decision criteria in a business setting are variables or characteristics that are important to

the organization in the making of decision (Cox, 2015). The decision criteria are a formal

approach in helping to explore decision, by helping decision makers organize and unite

such information in a way which leads to confident about making a decision (Valerie

Belton, 2002). There are several solutions for GEZ Bhd.

5.1 ISSUES ON FINANCIAL KNOWLEDGE

Financial knowledge is important because it will help to achieve company financial

stability. Lacks in financial knowledge may lead to making a poor financial decision

that can have negative consequences to company.

a. Providing an employee training

Unskilled labor may affect company performance, for example, if an employee

has poor accounting practices, she or he might enter the wrong transactions thus

will leave a bad financial performance for the company.

Proving an employee to attend a training session to expand the knowledge will

improve employee performance and a greater understanding of accounting and in

turn, will increase their confidence in making the decision. For example, if they're

unable to differentiate the variable expenses and fixed expenses might slow the

company budgeting process.

Besides that, untrained employees are likely to be less productive because they are

unable to perform the job thus will lead to miss the important deadlines or slow

job completion. For example, the budget company must be prepared before the

fiscal year begins, if the annual budgets are prepared after the fiscal year begins or

during the fiscal year, it difficult to plan for the future project growth.

10
 The advantage of sending employees for attending an accounting course will

increase the efficiencies in processes which will result in financial gain for the

company. The disadvantages are the cost of the process because sending it to a

seminar or training conference is very expensive beside that if the training

conference is in another location, this also will be a substantial cost for the

company.

b. Hire accounting firm

Accounts are the most important for a company to oversee whether the company

is in a profit or loss. Accounting firms are specialized in providing the service to

handle the transactions for day-to-day operations, besides that accounting firm

also will give financial advice for the company because accounting firm is run by

the experienced accountant.

First and foremost, hiring an accounting firm will save a lot of time and reduce the

work burden, since GEZ conducted two main business which is the fuel business

and the convenience store, which involved with a lot of transaction and to prepare

the financial statement might take a lot of things thus this will increase the burden

to employee in order to prepare the annual financial reporting. Besides that, with

lot of transactions GEZ might not aware with the rules and regulation that is

important, an accounting firm will ensure that company activities and transaction

are in a systematic and follow the rules and regulations.

The pros of hiring an accounting firm are they will manage everything for

company accounts, they will keep things on track and maintain the punctuality of

financial reporting. While the cons of hiring an accounting firm will be costly for

11
 the company to pay its services because the accountant rates are vary based on

what is involved.

5.2 ISSUES ON LOW PROFIT MARGIN

Low profit margin means products sell are very close to the price that it costs the

company. However, to generate high profit margin are not ideal for all industries,

some industries might generate low profit margin such as oil and gas, software

publishers, beverage manufacturing and others (Biery, 2017) Sine GEZ operate

petrol station, it’s hard to increase the profit margin. But are several ways that GEZ

can use to maintain their profit.

a. Reduce the credit card usage.

This era of technological advancement, a consumer who usually pays using cash

will swiftly move towards a new era of the cashless payment methods. Bank

transfers, debit cards, credit cards, e-wallets are the top payment methods and it is

essential for a business to offer a range of payment methods for their customer. In

order to fulfill customer needs, GEZ also provides other alternative payment

methods to facilitate their customers.

A consumer the using of credit card more convenience and it takes only a few

seconds to slot in the card into the machine without the need to go to the counter

to pay the bills. But in business, the disadvantage of accepting credit card payment

from the customer may be costly because GEZ will have to bear the services

charges imposed by banks amounting to 1% of the sales prices.

GEX can set a minimum purchase requirement, for example, customer should

spend at least RM50 for each fuel fill. By setting a minimum spending

requirement, it will help to boost the company’s sale. For example, for the

12
 customer who usually refuels RM30 using the credit card, will have to fill up the

petrol up to RM50 in order to use the credit card. However, impose the minimum

spending requirements is customers may jump to other competitors who do not

put the minimum spending requirement.

b. Consult with specialist oil and gas regarding to product loss

The main business of GEZ Bhd is fuel business, but all products were loss due to

evaporation of fuel during filing and this may lead to low profit and it also will be

bring wastage and loss to the company. As GEZ Bhd mentioned about the product

loss, they didn’t state how the evaporation exactly happen that causing to the

product loss. By that, GEZ need to conduct thoroughly with the expertise but the

cost to consult with expertise is expensive.

c. Conduct new business

Currently GEZ conducted a two main business which is fuel business and

convenience store business, with the growing number of vehicles and the demand

fuel kept increasing, GEZ can grab this opportunity by conduct a new business

such as car wash. By providing car wash business beside the fuel station, GEZ can

generate more income by providing this service. Besides that, it is very convenient

to the customer to wash their vehicle as it is near with the petrol station.

Conducting this new business eventually will lead to some shortage to the

company such as the business location will be congested by many vehicles as they

want to wash their car and fuel their tank. Other than that, by conducting this

business in need of huge amount of capital to renovate the space and buying the

carwash equipment for the business.

13
6.0 RECOMMENDED SOLUTION, IMPLEMENTATION AND
JUSTIFICATION

In this section, we will recommend the solutions for GEZ Bhd to overcome their

problem. According to the case study, we had identified that several issue in CEZ Bhd.

The first issue is lack of knowledge in finance, accounting and the second issue is related

to the low of profit margin that contributed to business failures. This will cause GEZ fail

to growth the business and facing the problem because accounting knowledge is very

important in the business.

Accounting is a service activity which provides quantitative information of financial to

various internal or external users which is intended to be used in decision making proses.

Business accounting help in making several short term and long-term business decisions

which helps an enterprise to grow as well as penetrate in the (EduPristine, 2018). Refer

to the Gartenstein (2019), accounting help the owner understand what's going on with

your business financially and it will help to more understand your business’s financial

workings, and able to keep operations profitable. Accurate of bookkeeping, can easily

detect the area that spending too much money in an area such as materials or payroll.

Related to the first issue, we suggest that GEZ bhd. providing training for their

employee. GEZ can sent their staff to class or seminar that related to the accounting.

Employee with the strong knowledge in accounting and finance can be an asset for the

company and will help company to growth the business. Besides, the financial statement

of the business will become more accurate and fulfil the qualitative characteristic of

financial statement. According to Steven Bragg (2018), there are several qualitative

characteristics in financial statement such us understandability, relevance, reliability and

comparability.

14
Understandability means the information must be readily understandable to users of the

financial statements. This means that information must be clearly presented, with

additional information supplied in the supporting footnotes as needed to assist in

clarification. Financial statement should be understood to make management team of

GEZ easily to make decision based on financial statement. Relevance is referring to

information must be relevant to the needs of the users, which is the case when the

information influences the economic decisions of users. This may involve reporting

particularly relevant information, or information whose omission or misstatement could

influence the economic decisions of users. Lack of accounting knowledge in preparation

GEZ financial statement will lead to irrelevance financial statement and decision can’t be

make base on that.

Reliability means the information must be free of material error and bias, and not

misleading. Thus, the information should faithfully represent transactions and other

events, reflect the underlying substance of events, and prudently represent estimates and

uncertainties through proper disclosure. Lack of accounting knowledge in GEZ

employees will be cause of accounting error. When GEZ facing the complex transaction

it will be high risk to accounting error arise. Financial statement with accounting error

will bring to the inaccurate financial figure and decision had been made will be less

efficiency. Lastly, the information must be comparable to the financial information

presented for other accounting periods, so that users can identify trends in the

performance and financial position of the reporting entity. Compare from the previous

financial year will be the key to measure the performance in GEZ business.

Beside accounting use to monitor the performance of business, accounting also will

determine the sustainable of business. Accountant will save the world (Bakker, 2013).

15
To deliver on this vision, accountants will need a greater awareness of how they can

make a difference, as well as developing the professional skills and competences to

support stronger and more sustainable organizations.. To bring this vision closer to

reality, this briefing clarifies the important role accountants can, and must, play in

embracing sustainability to ensure that the organizations they serve are resilient. It does

this by linking sustainability to a broader business agenda of enabling resilient

organizations and highlighting the key elements of developing a sustainable strategy and

how professional accountants can help address sustainability opportunities and

challenges in their diverse roles. It also provides information on the many resources and

tools available to help accountants develop the knowledge and skillset necessary to meet

the challenge (International Federation of Accountants, 2015). According to Bashatweh

(2018), the adoption of accounting in the public shareholding companies with a high

level of relative importance. As conclusion, accounting is much related with

sustainability of business because the decision should be made by referring to financial

statement to increase the efficiency of the decision.

Related to the second issue, GEZ faces problem with the profit margin. Petrol Pump

businesses are very low margin businesses. The net profit percentages can vary between

0.5% to around 1% depending on how one manages employee salaries, expenses for

current/power consumption, credit to bulk buyers such as truck and bus owners, and

interest on working capital (Sood, 2018).

According to Cost Volume Profit (CVP) Analysis, it shows that the margin profit of GEZ

is very low. GEZ conduct two different business, petrol pump and convenience store. In

2010, revenue for petrol pump and convenience store are RM 19,251,898 and

RM1,430,292 respectively. The total revenue for that year is RM 20,682,190. According

16
to CVP analysis, the break-even point for the business is at RM 19,834,172 and the profit

for the company only RM 848,018 or only 4.1% from total revenue. Refer to the CVP

analysis, contribution margin from pump oil should be RM 1,112,419. The margin had

been reduced to RM 951,399 causes of credit card fee and product loss RM 77,008 and

RM 84,012 respectively.

In order to increase business profit, GEZ should develop the policy related to the credit

card use. CVP analysis shows the amount that been impose on credit card fees to GEZ is

RM 77,008 in 2010. GEZ’s customers that paid using credit card will reduce by charge

the credit card fees on customers. It will make customer more prefer using cash or debit

card. GEZ will reduce the credit card fees and increase their profit.

Other than credit card fees, GEZ management team should consider about product loss

due to evaporation of fuel during filling. According to H Onsa (2009), transportation and

handling of gasoline involves many distinct operations each of which represents potential

source of evaporation loss. The first operation is the transportation of gasoline from

refinery to the main strategic and bulk storage terminal. Then from these terminals to the

end fuel consumers sites or distribution services stations. It is final destination is motor

vehicle gasoline tank. GEZ management need to consult with specialist oil and gas

regarding the product loss and how to reduce that lost. Nowadays, technology will keep

upgrade to deal with the current issue. The specialist in oil and gas will able to provide

solution to deal with the evaporation loss.

GEZ management team can take several actions to monitor emission control. First, check

condition of existing seals and replace vapor mounted primary seal with liquid mounted

seal. Install secondary rim seal and vapor recovery system. A future method for

controlling evaporative losses is to adapt a vapor recovery system (H Onsa, 2009). The

17
cost of this method is quite high because it needs special equipment to convert

hydrocarbon vapor to liquid before liquid fuel is sent back to the storage tank. Product

loss for GEZ business in 2010 amounted RM 84,012 or 0.5% from petrol revenue. This

product loss is very related with the sales, increase in sales also with increase in product

loss. GEZ should invest their money to reduce this product loss and it will be an efficient

investment for the business by increasing profit in future.

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