CEO Blog 12.01.2021

Despite the coronavirus: what have we achieved in 2020?

The coronavirus has challenged us in the past year. Despite the restrictions, relaxing holidays with Hapimag were still possible. We were also able to make progress on important projects and keep the annual charge stable. A basis on which to move forward together.

A year ago, the coronavirus was still largely unknown. Since then, it has completely turned our lives upside down. The virus dictated the course of the year. It determined what we did in our personal lives, the course of business for Hapimag as well as the development of the entire global economy. 

It is great to see how our Hapimag family sticks together during these times. Decisive solutions are also emerging to contain the pandemic and to allow regular mobility to resume. There is light at the end of the tunnel. It’s our belief that holidays make people happy. I hope that Hapimag will soon be able to make many people happy again.

Here is a summary for you of the key topics from the past year:

  • Impact of the coronavirus pandemic

    Hapimag started 2020 with good occupancy rates. However, the pandemic forced us temporarily to close many resorts. In March and April, almost all resorts were affected, followed by individual countries or regions in phases. As a result, around half of our sales in the resorts were lost. 

    From January to December 2020, we recorded a decline in overnight stays by around 50 % compared to the previous year and were only able to welcome 206,800 guests. In the same period last year, we had 418,000 guests; also a decline of 50 %. 

    The annual result for 2020 will be negative. We will inform you about the definitive annual result in the Hapimag Annual Report, which will be sent to all shareholders, together with an invitation to the AGM, by the end of March and also posted on our website.

  • Measures to reduce the loss

    Thanks to consistent financial measures, costs were reduced significantly and our liquidity was secured. We introduced temporary short-time working in virtually all the markets in which we operate. This enabled us to compensate for part of the loss in sales. Liquidity was also ensured by pausing our major investments, among other things. Thanks to good financial results in previous years, Hapimag entered this crisis with a strong capital base and balance sheet. Together with the cost and liquidity measures, this has helped us to manage the crisis well so far. It was even possible to reduce debt slightly.

    We also had to take cost-cutting measures in staffing and part with some employees. This decision was very difficult for us, but it was necessary for the long-term financial health of the company.

    After each wave of the pandemic, we always opened as many resorts as quickly as possible. We also intensified communication with our shareholders and members. As a result, many shareholders and members supported Hapimag and spent holidays at our resorts whenever possible. Thank you very much for your support!

    We increased flexibility for our shareholders and members so that they could change their holiday plans at short notice, giving them the option to change or cancel their booking free of charge up to 8 days before arrival. This rule still applies for the time being, for bookings with an arrival date up to the end of October 2021. Hapimag also extended the deadline for residence points that would have expired during the Covid pandemic. 

    Our aim remains to offer our shareholders and members as much accommodation as is possible under the given circumstances.

  • Annual charge not increased

    Despite the crisis, we were committed to keeping the annual charge stable for 2021. In euros, it is currently below the level of 2015. We cannot rule out the possibility that the annual charge will have to be increased again in the future. However, it is important for us not to place any additional financial burdens on our shareholders and members, especially during these difficult times.

  • Good and motivating feedback

    We were able to respond quickly to the pandemic at our resorts. Safety and hygiene standards were implemented within a short space of time. We also created individually selectable offers such as room service and deliveries from the restaurants. Safety, privacy and personal assistance for our guests remained our top priority. In addition to this, we have always sought to maintain good personal contact with our shareholders and members and we intensified communication at all levels in order to meet the increased need for information. These efforts have been rewarded with a lot of positive feedback, which makes the entire team very happy and keeps us motivated. In a Covid-19 survey, we scored a very good 88% for “satisfaction”, “information”, “hygiene” and “safety”. We were even able to increase our regularly measured guest satisfaction score by one percentage point compared to last year: from 84.3 to 85.3%.

  • Strategic projects: things are moving forward

    Coronavirus has thrown a spanner in the works as far as the pace of implementing strategic projects is concerned. Despite this, we can be proud that we have still made progress.

    A major milestone will be the forthcoming introduction of the Hapimag Marketplace: a digital meeting point for potential buyers and sellers of Hapimag shares. The marketplace will be launched in Switzerland at the beginning of the year as part of a test phase. Other markets will follow during the course of 2021. 

    With the support of new shareholders, a concept was also developed to make it easier for interested parties to discover and find out more about Hapimag. The implementation of this improved online solution will make entry into the holiday world of Hapimag considerably easier in the future.

    The introduction of the new Hapimag Classic GTC in October 2020 enabled us to establish a simplified and more flexible legal basis for our current and future shareholders. The new Hapimag Classic GTC include a shortened minimum term of 3 years. After that, it is possible to suspend or reactivate the right of residence on an annual basis. 

    We have largely achieved our ambitious goal of eliminating certain single-use plastic articles from our resorts. We will, of course, use up any remaining stocks. Over the next few years, we plan to implement a number of additional measures in the area of sustainability.

Thanks to our team!  
Looking back, it was a very challenging year for us. The coronavirus brought a great deal of uncertainty. Having the foresight to make the right decisions at the right time was enormously difficult. The most important thing was – and still is – that we measured all decisions in terms of their customer friendliness, fairness to all, financial stability, sustainable development, and always made them on the basis of data. 

The coronavirus pandemic has made huge demands on our employees. Working under great pressure, they have given their all to the Hapimag family, especially in the resorts as well as in Steinhausen. I thank them all from the bottom of my heart. I am proud to be able to work with such fantastic people.

On behalf of our team, I wish you, dear shareholders and members, many wonderful holiday moments with Hapimag. All the best for the new year and stay safe! 

For the comment section below, I’d like to focus on the positive again and ask you the following question: what was your personal moment of happiness with Hapimag in 2020? I look forward to reading your comments. 

Hassan Kadbi 
CEO

 How can you support Hapimag? 

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  • We should all spend as many of our holidays as possible in our resorts and encourage others to do the same. This is how we can best support Hapimag. 

  • Recommend Hapimag

  • You can also make sure to pay the next invoice for annual changes on time.

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