Hapimag

Hapimag AG
legal form	Corporation
ISIN	CH0001858890
founding	September 24, 1963
Seat	Steinhausen ZG , Switzerland
management	Hassan Kadbi ( CEO ) ; Philipp Ries ( Chairman of the Board )
Number of employees	1,428
sales	163.6 million euros
Branch	tourism
Website	www.hapimag.com
	Status: 2019

The Hapimag AG (originally hotel and apartment house Immobilien AG ) is a European provider of timeshare , currently with 58 resorts in 16 countries with headquarters in Steinhausen ZG ( Switzerland ). Hapimag AG is an unlisted stock corporation under Swiss law.

In addition to the registered shares with a nominal value of 200 Swiss francs ( WKN 870182 / ISIN CH0001858890) exist name preference shares with a nominal value of 100 Swiss francs (WKN 855978 / ISIN CH0001858718).

Profits generated are not distributed and remain in the stock corporation.

Business model

The Hapimag business model is based on the following idea: members jointly finance holiday resorts and the associated infrastructure with additional services and then use them individually.

There are currently around 5,400 apartments available to members in 58 resorts in Europe, North Africa and the USA with centrally defined quality standards.

Hapimag sells rights-of-residence products containing shares. At the beginning of membership, the member also becomes a shareholder and can exercise the right to vote in the General Meeting with his registered share. In the meantime, Hapimag had also sold right-of-residence products not containing shares, but this has now been discontinued.

The contractually agreed annual or membership fees are used to finance the costs and expenses incurred for the operation and administration of the holiday complexes and the corporate headquarters as well as the renovations of the resorts. In return, the members receive right-of-residence points that are valid for a limited time (almost six years) and entitle them to freely select the time and place of use of the company's own apartments (so-called timeshare ).

Unneeded right of residence points can be sold to other shareholders or members via an internal points platform. The accumulated right of residence points can also be used by third parties through a member.

For apartments used with their points, members pay pro rata ancillary costs, the so-called local fee , for final cleaning, water, electricity and guest care including children's offers.

The acquisition of shares is possible in different ways:

Acquisition via Hapimag (primary market: capital increase through the issue of new shares by Hapimag at a price set by Hapimag)
Acquisition from third parties (secondary market: pricing based on supply and demand)

Membership can be terminated in various ways:

Transfer of the share to a third party
Buyback of the share by Hapimag
Conversion of the share-containing right of residence products into residence points by Hapimag

Shutdown of the share (Hapimag "Classic" shares, however, "A" shares not available earlier, can be canceled after eight years, i.e. the annual fee and thus the withdrawal of residence points are not applicable.)

Resorts

There are currently around 5,400 apartments available to members in 58 resorts in Europe, North Africa and the USA with centrally defined quality standards.

Apartments have one, two or three rooms. City resorts are mostly in central inner-city locations, beach resorts right on the beach and alpine resorts near the ski slopes.

Selected resorts:

Albufeira / Portugal
Antibes / France
Ascona / Switzerland
Binz / Germany
Bodrum / Turkey
Braunlage / Germany
Cannero / Italy
Cavallino / Italy
Cefalu / Italy
Damnoni / Greece
Flims / Switzerland
Hörnum / Germany
Interlaken / Switzerland
La Madrague / France
Marbella / Spain
Meran / Italy
Paguera / Spain
Pentolina / Italy
Scerne di Pineto / Italy
Mas Nou / Spain
Porto Heli / Greece
St. Michael / Austria
Tonda / Italy
Unterkirnach / Germany
Westerland / Germany
Winterberg / Germany

Key figures

According to the annual report, the number of shareholders was 106,736 in 2018, with 227,653 shares in circulation.

The net asset value , which is the covered by real assets value was in 2018 at 2,052 euros per share in circulation.

In 2018, 414,916 guests visited the Hapimag resorts with over 2.8 million overnight stays.

criticism

Since the shares are not listed on the stock exchange, the actual value of the shares cannot be determined objectively. Shares can usually be bought or sold via online classified ads portals at a price of around EUR 2000, which corresponds to their intrinsic value.

Although no stock corporation is obliged to buy back its own shares, Hapimag is often criticized for buying back only a few shares per year. However, shareholders can sell their shares to third parties or, in the case of Hapimag "Classic" shares, cancel their right of residence after eight years. This means that the annual fee and the annual point credits are no longer required.

Alternatively, shareholders can resell unused right-of-residence points to other shareholders on the internal points platform.

Interest groups of Hapimag members

In 1976, the voluntarily run association under Austrian law Hapimag Holiday Club for Shareholders ( HFA for short ) was founded in Vienna as an interest group by and for Hapimag shareholders. Today the HFA is mainly active in the German-speaking area for all Hapimag shareholders. The association is basically positive about the Hapimag idea, but criticizes the management of Hapimag AG. As a shareholders' association, it mainly advertises the participation of shareholders in the general meeting of Hapimag - in the case of shareholders who cannot or do not want to attend, the transfer of power of attorney to exercise voting rights in the association. In addition, it pools the experiences of the shareholders and gives the opportunity for an exchange of views between the members through regional meetings.

At the 2016 Annual General Meeting , the HFA received a total of 15,722 voting rights from 6,925 shareholders , around 24.3% of all those present or represented. At the 2017 Annual General Meeting, 7,413 shareholders with 17,062 voting rights trusted the HFA, which corresponds to around 34.5% of all shareholder votes.

In Luxembourg there is another association, the Hapimag Amicale Luxembourg ASBL (HAL) , a Luxembourg non-profit association that represents the interests of members vis-à-vis Hapimag AG.

The Hapimag Aandeelhouders Belangenbehartiging Nederland (HABEN) association exists in the Netherlands to represent the interests of Hapimag members.