Cash Flow Operating

Sales and consolidated result 2009 improved Baar, March 25, 2010 Hapimag, leading company in the European market for timeshares, achieved a positive result in the past year despite the difficult conditions and is therefore stable and crisis-resistant. The Hapimag AG’s operating income could be extended by 3.7% to EUR 171.6 million. With EUR 2009 in turn was 2.4 million a positive operating result recorded, and the consolidated result amounted to EUR 2.0 million With 78.7%, the utilization of the Hapimag resorts and residences claimed at the same time at the good level of the previous year. In 2009, the unit could be used to different renovations completed and opened a new resort in Hornum on Sylt. The volatile markets and the uncertain economic prospects in 2009 have not can slow the development of Hapimag. The company figures continue to follow the positive trend of previous years.

Operating income could be increased 3.7% to EUR 171.6 million. Operating expenses increased 169.2 million during the same period by 4.0% to EUR, what expected the Cost increases corresponds to especially in the personnel area and at the classic hotel activities (water, electricity, cleaning). From operating activities EBIT of EUR 2.4 million resulted in 2009 (2008: EUR 2.7 million), and sales revenue could be increased by 7% to EUR 37.8 million. The solid financial condition was confirmed by the high equity ratio of 58% in 2009. At the end of the year, Hapimag had a book value of the real estate of EUR 579.9 million. The real estate is financed with 90% equity. Free Cash Flow increased by 2009 of EUR 7.5 million to EUR 6.0 million, resorts and residences with around 3 million overnight stays and occupancy of 78.7% (2008: 78.5%) were the Hapimag resorts and residences last year remains well utilised. You could 1.1 million to EUR improve its operating profit by around EUR 3.1 million, and thus increase their contribution to total revenues.

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