Hapimag: Positive annual result and more overnight stays ...

Baar, Switzerland (March 22, 2013) ? Despite the difficult economic environment, Hapimag, the leading company in the European market for rights of residence, again achieved a positive annual result of EUR 0.2 million in 2012 (previous year EUR 1.2 million). The operating income remained unchanged at EUR 186.4 million. The already high occupancy rate in the Hapimag resorts and residences continued to rise.

Even in tense economic conditions, Hapimag recorded a good result. The Group result was again positive, at EUR 0.2 million (previous year EUR 1.2 million). The EBIT totalled EUR 2.4 million (previous year EUR 4.7 million) and the operating income remained stable at EUR 186.4 million. The 57 resorts and residences contributed to the positive result with an increase in turnover of more than 5 per cent to EUR 78.4 million (previous year 74.4 million), whereby the 12 city residences were in particular demand. Turnover in the four Swiss resorts in Ascona, Flims, Interlaken and Andeer increased by 4.3 per cent to EUR 7.2 million.

The development of the occupancy rate in the 57 resorts and residences is particularly pleasing. It rose by 3.6 per cent to 71.2 per cent (previous year 68.7 per cent), thus achieving the highest occupancy rate since 2006. The option of booking also by the day in the low season met with an enthusiastic response on the part of members. For 2012, Hapimag recorded a total of 2.8 million overnight stays (3 per cent more than the previous year). The occupancy rate in the Swiss resorts was above average, also increasing to 73.8 per cent (previous year 73.3 per cent).

In 2012, six of the nine planned Service Points opened in Germany, Italy, Austria, the Netherlands and Switzerland. In these Service Points, around 40 members of staff support the members and take charge of the sale of additional products, a task that was previously performed by Sales.

High investments in the resort portfolio
Last year, Hapimag invested a total of EUR 41.4 million (previous year EUR 29.8 million). The new city residence in Salzburg welcomed its first guests in December 2012, and major renovations took place in the resorts in Marbella and Merano in South Tyrol. Work also started on the complete renovation of the resort in Zell am See in Austria. In addition, Hapimag purchased a property in Steinhausen in the canton of Zug for a new office building.

At the year end the book value of Hapimag properties was EUR 597.4 million. The properties are financed 86% with shareholders? equity, which highlights the solid position of the company. On account of the large investment volume and the buy-back of 8972 shares (previous year 6235 shares), the free cash flow decreased last year from EUR 19.6 million to EUR -8.7 million.

New city residences under construction
The building licence for the new city residence in Lisbon should be issued in spring 2013; the opening is planned for 2014. Hapimag has purchased a property for a new city residence in the centre of Hamburg at Steinstrasse 12-14. Conversion work on the building is scheduled to start next year.

Hapimag celebrates
50 years ago, Dr. Guido M. Renggli and Alexander Nette founded the company Hapimag with the concept of purchasing holiday properties for the flexible use by shareholders. An idea that is today trendier than ever. The discussion relating to the Swiss referendum on second homes shows clearly that in future ?cold beds? should be avoided as far as possible. Thanks to the Hapimag business model, the four Swiss resorts achieve an average occupancy rate of over 74 per cent ? at Hapimag the beds are warm!

In the anniversary year, many activities are taking place under the motto ?sharing & caring?. More information is available at www.hapimag.com/50

The Hapimag company
Hapimag is a services company in the individual leisure and lifestyle sector and was founded in 1963. As
the leading European company offering rights of residence, Hapimag provides over 141 000 members
with access to 57 addresses at top locations in 16 countries. Members, as co-owners, have at their
disposal around 5300 apartments rent-free for individual use, complemented with location-specific
gastronomy, wellness, cultural, service and infrastructural offers. The company employs over 1400
people (full-time) and in 2012 generated an operating income of EUR 186 million. Hapimag is a jointstock company according to Swiss law and is based in Baar/ZG (CH). www.hapimag.com

Source: http://www.insidethegate.com/2013/03/hapimag-positive-annual-result-and-more-overnight-stays/

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