Annual report 2010 - Hapimag

CONSOLIDATED FINANCIAL STATEMENTS OF THE HAPIMAG GrouP AS AT 31.12.2010
3. Business Divisions
SALES PROPERTY TOURISM
in euR 1000 Notes
2010 2009 2010 2009 2010 2009
Sale of right of residence products 21 14 940 15 975 0 0 0 0
Annual subscription charges 22 0 0 32 141 29 584 18 836 19 736
Resort sales 23 0 0 0 0 70 469 68 351
Travel Service /Tandem Tours sales 24 0 0 0 0 13 050 13 024
Other sales 25 98 520 0 0 3 072 2 831
Sales deductions 26 –1 768 –913 –337 –388 –1 214 –1 377
Total sales 13 270 15 582 31 804 29 196 104 213 102 565
Income from exercised rights of residence 12 0 0 5 027 5 980 0 0
Other operating income 27 17 5 657 859 2 237 2 496
Total operating income 13 287 15 587 37 488 36 035 106 450 105 061
Cost of sales 28 0 0 0 0 –27 280 –27 374
Maintenance and operating expenses 29 –31 –13 –314 –234 –22 840 –21 949
Personnel expenses 30 –2 389 –2 464 –1 161 –896 –41 062 –38 444
Marketing and selling expenses 31 –10 738 –12 119 0 0 –1 315 –1 991
Administrative expenses 32 –1 679 –1 536 –1 322 –1 092 –6 013 –5 972
Depreciation and amortisation 1/2 –125 –118 –31 189 –30 490 –175 –293
Other operating expenses 33 –197 –283 –3 765 –3 571 –5 727 –5 737
Earnings before interest and taxes (EBIT) –1 872 –946 –263 –248 2 038 3 301
Financial income 34
Financial expense 34
Result before tax
Income tax 35
Consolidated result
– Consolidated result attributable to minority shareholders
– Consolidated result attributable to Hapimag shareholders
SALES
The Sales division generates revenue from the sale of right of residence
products after the deduction of on-balance-sheet amounts.
The division’s expenses primarily include personnel expenses, administrative
costs and marketing and distribution expenses for sales
and communication.
PROPERTY
The Property division covers activities relating to the planning and
construction of new resorts and residences, major renovations and
all real estate transactions. The operating income comprises proportionate
credits from the annual subscription charges, income
from used rights of residence (Holiday World Visas, Holiday Passes,
Hapimag Residenz, Feridence, Hapimag Explorer) and gains from
the sale of property, plant & equipment. The division’s expenditure
consists mainly of depreciation on the property, plant & equipment
of resorts and residences, the expenses of the Central Building Department,
building insurance, property taxes and losses from the
sale or renovation of property, plant & equipment.
TOURISM
The Tourism division includes the important areas of Resorts & Residences,
Member Services and the Travel Business.
RESORTS & RESIDENCES
The Resorts & Residences subdivision includes the operational activities
involved in running and managing the resorts and residences.
Sales in this subdivision comes from the annual subscription charges
and the income from local charges and additional services at the
resorts and residences. The most important items of expenditure
are: Cost of goods and services, maintenance and operating expenses,
personnel expenses, administrative costs and other operating
expenses (primarily value-added tax that cannot be reclaimed).
MEMBER SERVICES
The Member Services subdivision includes the call centre, which
handles members’ enquiries, and accommodation management.
Sales in this subdivision comes from the annual subscription charges
and from income from points insurance and cancellation fees.
40 Hapimag Annual Report 2010