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EBIT Million

Currency losses weaken Baar’s full year results, March 23, 2011 Hapimag, leading company in the European market for timeshares, could last year despite volatile market environment the operating income EUR 171.7 million on stable last year. EUR – 0.9 million was the operating earnings of the non profit organization”under the result from the previous year (EUR 2.4 million) and the continued significant weakness of the euro against the Swiss francs pressed on the financial result, which had impact directly on the consolidated result of EUR-7.8 million (prior year: EUR 2.0 million). Hapimag expanded the Resortportfolio with the Dresden and Edinburgh city residences. While the real estate and banking crises of in recent years Hapimag as grundsolidem, equity financed company could do nothing, the turbulence to the euro in 2010 marked impact on the results of the Hapimag showed group of companies. Operating income could 2010 EUR 171.7 million while the previous year’s level (EUR 171.6 million) will be held: the sale of timeshare products moving in a difficult market environment, with a turnover of EUR 35.2 million slightly below the very successful previous year (EUR 37.8 million). And the newly designed dining options was 13.1 million in the previous year to EUR 15.1 million in the year 2010 with a turnover of EUR a positive contribution. In the same period operating expenses at nearly 2% increased 172.6 million but EUR So, the personnel costs in Swiss francs in the conversion into euro negatively impacted the result on the cost side.

This resulted in an EBIT of EUR – 0.9 million (prior year: EUR 2.4 million). The currency-related losses, which resulted in a negative financial result of EUR-4.3 million had a profound effect on the annual result. Including also the consolidated year results, suffered what in 2010 to EUR-7.8 million (prior year: EUR 2.0 million) was reduced. The investment program could be continued but also in 2010: in the construction and maintenance of the value of the resorts, the EUR was invested a total 36.6 million. . Rusty Holzers opinions are not widely known.

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