Haya Real Estate revenues increased by 20% in H1 2018
- Haya Real Estate recorded a strong performance in all of its contracts and products increasing its transaction volumes by 58% up to €2,373.9 million in the first half of the year.
- Total revenues increased by 20% (€130.2 million) and adjusted EBITDA by 16% (€64.9 million).
July 31, 2018, Madrid. Haya Real Estate (“Haya”), the Spanish market leader in the management of real estate debt and property assets, announced today its financial results for the first half of 2018, reporting transaction volumes of € 2,373.9 million, increased by 58% versus the first half of 2017
Total revenues amounted to €130.2 million, which represents a year-over-year growth of 20% due to the increase in volume fees, management fees and other revenues. Operating results (adjusted EBITDA) amounted to €64.9 million, 16% up compared to the same period of last year, with a strong EBITDA margin of around 50%.
During the first half of 2018, Haya generated a strong Free Cash Flow of €40.9 million, an increase of more than 21% versus June 2017, representing a cash conversion above 60% in the period. The corporate net debt was €463.0 million with a net leverage ratio of 3.0x at June 30, 2018.
In this period, Haya has managed €38.8 billion in AuMs and its transaction volumes - up by 58% - increased across its three product lines (REDs, REO Conversion and REOs) due to a continued overall strong performance in all of its contracts. In particular, RED volumes increased by 36% up to €876.7 million, REO Conversion volumes increased more than 91% reaching €656.4 million and REO volumes reached €840.8 million, 64% more than H1 ́17.
Carlos Abad, CEO of Haya, said: “I am pleased to share our strong performance achieving record transaction volumes in H1 ́18 of €2,373.9 million, allowing to increase our revenues and adjusted EBITDA in 20% and 16%, respectively. We will continue to focus on positioning Haya as the reference servicer in the market.”
Financial results presentation conference details
Carlos Abad, CEO of Haya and Bárbara Zubiria, CFO, will host a conference call today to present the results, which will be simultaneously broadcast over the internet, at 10:00 AM (Central European Time).
To participate in the conference, please dial in:
- Spain: +34 914142021
- UK: +44 2030432440
- US: +1 6467224907
- Pin Code: 99472676#
The conference call can also be accessed via webcast at:
About Haya Real Estate
Haya is the leading company in the management of Non-Performing Loans and Real Estate Owned assets (NPLs and REOs, respectively) in Spain. The company manages assets as well as financial and real estate vehicles for a wide variety of clients, from financial institutions to international investors. In total, Haya is responsible for €31.8 billion of AuMs (Assets under Management).
Haya offers products and services covering the entire value chain of NPLs and REOs. Its NPL services focus on the management of corporate or individuals’ debt, with a high degree of specialization in the valuation, management and recovery of loans and the conversion of non-performing loans into real estate owned assets. Real estate services are delivered to a portfolio of ~189,000 assets under management, and they range from asset boarding, property management, maintenance and valuation to its commercialization. Haya's services are fully integrated into the lifecycle of each NPL / REO, and also involve portfolio advisory, underwriting capabilities, land management, completion of works in progress and securitization.
Haya’s main clients include financial institutions such as BBVA, Caixabank (former Bankia), Cajamar, Liberbank, Sareb and international investment funds such as Cerberus Capital Management. The company employs ~863 professionals, featuring an extensive sales network that covers the entire Spanish geography. Haya has invested ~€63 million euros in cutting-edge technology, data analysis and IT tools focused in process efficiency and performance delivery.
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