Press release

2019 annual result: a record number of guests, the world’s best city resort and a profit of EUR 6.7 million

Steinhausen, 27 March 2020 – The Hapimag Group, headquartered in Steinhausen (in the canton of Zug), posted a consolidated profit of EUR 6.7 million in 2019. With around 418 500 guests, the company again set a new record. And, in addition to numerous other awards, Hapimag Resort Hamburg was named the world’s best city resort by HolidayCheck.

The annual financial statements of Swiss holiday provider Hapimag show a consolidated annual profit of EUR 6.7 million, compared with EUR 16.6 million in the previous year. The decrease is partly due to the discounts for Hapimag shareholders and members already planned over the past year. Accordingly, operating income fell from EUR 186.5 million to EUR 178.6 million, with the operating result decreasing from EUR 19.6 million to EUR 8.6 million.

Philipp Ries, President of the Board of Directors of Hapimag ad interim: "We owe this good result above all to our loyal shareholders and members. Hapimag is financially sustainable and stable thanks to its sharing concept. This will help us in the fight against the corona crisis, which is currently hitting our entire industry very hard". 


Resorts: more sales, more guests
The resorts once again contributed to Hapimag’s good operating performance. In total, sales at the resorts rose by 1.4 % year-on-year to EUR 95.6 million. The most notable increases were seen at the resorts in Switzerland, Bodrum (Turkey), Porto Heli (Greece, reopened) and Cavallino Treporti (Italy, newly opened). Although the London resort was being renovated and was therefore unavailable, the number of guests reached a record high of 418,527 (an increase of 3,611, or 0.9 %, year-on-year). Due to guests staying for shorter lengths of time, the number of overnight stays fell slightly, by 2.5 % year-on-year, to 2 746 295 overnight stays.


Awards
Based on guests’ ratings, Hapimag received 18 awards, including nine Gold Awards, from independent rating portal HolidayCheck. The Hapimag resorts account for only 0.1 % of the total number of hotels listed, but a proud 5 % of the hotels awarded Gold Awards. Hapimag Resort Hamburg also received a very special award, being named the world’s best city resort by HolidayCheck. 

TripAdvisor in turn awarded Hapimag 25 of the coveted Excellence Certificates, with almost every other Hapimag resort having received an award as a result. At 84.3 %, guest satisfaction remained at a high level according to internal monitoring. 

Hassan Kadbi, CEO of Hapimag AG, commented: 
“For us, there is no better form of recognition than satisfied guests. They motivate us to constantly improve the quality of our service in future. If our guests are happy, then we are too. It’s for this reason that we are especially delighted with the awards from TripAdvisor and HolidayCheck.”


Financing of new buildings and renovation projects
Since the new construction projects in Cavallino and Steinhausen have now been completed, capital expenditure returned to a normal level at EUR 19.7 million. Free cash flow is also particularly positive at EUR 7.9 million.


Sound financial position
Hapimag remains on a very solid financial footing. This is reflected in an equity ratio of 46 % (previous year: 46 %) and a proportion of internal operating resources of 73 % (previous year: 72 %).

Annual Report 2019

Figures (in EUR million) 2019 2018* 2017
Operating income 178.6 186.5 176.6
Operating result 8.6 19.6 12.9
Annual profit 6.7 16.6 11.1
Free cash flow 7.9 – 35.1 – 27.8
Capital expenditure 19.7 56.5 62.2
Total assets 638.7 647,0 632,1
Equity in % 46 % 46 % 47 %
Level of equity capitalisation in % 73 % 72 % 73 %
Resort occupancy 69 % 72 % 72 %
Number of overnight stays 2 746 295 2 817 253 2 688 525
Number of guests 418 527 414 916 382 153
Workforce (full-time equivalent) 1428 1387 1304

* Due to changes in accounting policies, the previous year’s figures have been adjusted.

About Hapimag
Hapimag is a Swiss holiday provider with around 58 resorts in 16 countries, mainly in Europe but also in the USA (Florida), North Africa (Morocco) and Turkey. Hapimag offers its approximately 125,000 shareholders and members fully equipped holiday apartments and a cross-generational and sustainable holiday concept. To become a part of the community, you buy shares and gain access to the Hapimag holiday world. Prospective customers can try out Hapimag without obligation via a trial membership.

About HolidayCheck-Awards
The hotels awarded by HolidayCheck are the most popular hotels worldwide – based on around 950,000 holiday ratings from 2019. Only the best 10 hotels in a region receive the HolidayCheck Award.

About the Certificate of Excellence from TripAdvisor
Since 2011, the Certificate of Excellence has been awarded to companies from the hospitality industry around the world that provide “consistently great service”. This award is given to around 10 % of all companies on TripAdvisor. 

If you have any questions, please contact the Hapimag Press Office:
Tel.: +41 (41) 767 82 02
E-mail: [email protected]

You can find pictures here: www.hapimag.com/medienbilder