Is the Hapimag story of success coming to a halt?

The Luzerner newspaper headline states on April 22, 2017 "Hapimag does not come to a rest" and refers with this statement to the recent developments in the company's history. A partially outdated member structure and new competition from online and low-cost providers would put the Swiss company in front of big tasks. The decline in the number of members from 132.153 to 129.421 in 2016 is to be understood as an indication of the hitherto difficult to realize generation change, states the Luzerner newspaper. Many Hapimag shareholders are simply no longer able to use the holiday offers of Hapimag while for the younger generation the offer seems (still) not tempting enough. The efforts of the management are great – introductory offers, wellness holidays, city breaks - nevertheless, the loss of Hapimag AG (which settles in Swiss francs) in 2016, 17.3 million Swiss francs (30 million Swiss francs in 2015). Although the annual result of € 800.000 is quite positive (€ 3 million in 2015), but as the parent company settles in Swiss francs and conversion differences occurred, the figures remained finally red - said the Luzerner newspaper in April 2017. Furthermore, the newspaper points on equity capital, which had fallen from 321.000 to 300.000 francs and would have amounted to 365.000 francs in 2014 as well as the fact that losses would currently only be served by reserves. For this reason, the Hapimag Holiday Club for Shareholders (HFA), in its questionnaire to the Chairman of the Board of Directors, among other things, calls for more codetermination on strategic issues and a Shareholders' Council. After all, the Chairman of the Board of Directors was able to announce that the total operating capital of the Group would be 86 per cent, and that the decline in equity would, of course, be pursued.