Haya Real Estate revenues increased by 12% in the first quarter of 2018
- In the first quarter of the year, Haya Real Estate has managed approximately €40 billion of AuMs, transaction volumes increased by more than 40% up to €895.2 million, allowing a 12% increase in revenues and a 6% growth in adjusted EBITDA (€24.4 million).
- In April, the company was awarded the new Bankia contract for the management of all its real estate assets, including BMN’s REOs portfolio, with an exclusivity of 10 years.
May 24, 2018, Madrid. Haya Real Estate (“Haya”), the Spanish market leader in the management of real estate debt and property assets, announces today its financial results for the first quarter of 2018, reporting transaction volumes of €895.2 million, up by more than 40% versus the first quarter of 2017.
During this period, total revenues amounted to €55.9 million, which represents a year-over-year increase of 12%, and operating results (adjusted EBITDA) amounted to €24.4 million, with an increase of 6% compared to the same period of last year. In the first quarter of 2018, the Free Cash Flow was €20.2 million, 59% more than in March 2017, representing a cash conversion of 83%, while the corporate net debt was €414 million with a net leverage ratio of 2.8x at 31 March 2018.
During the first quarter of 2018, Haya has managed €39,807 million in AuMs and its transaction volumes increased across its three product lines (REDs, REO Conversion and REOs) due to an overall strong performance in all of its contracts. In particular, REO Conversion volumes increased by 104% reaching €296.8 million, REO volumes reached €326.4 million, 46% more, and RED volumes increased by 2% up to €272 million
In April, Haya was awarded a new contract to manage all Bankia's real estate assets, including those from the recent acquisition of BMN. The ten years contract includes the management and commercialization on an exclusive basis of both Bankia´s REO stock and future flow. As of March 2018, this perimeter amounted to €5.7 billion. This transaction proves Haya’s capacity to renew its existing contracts with its core clients and consolidates the company as the leading real estate servicer in the Spanish market. Additionally, Haya continues to develop its institutional asset management business with two new contracts awarded since the beginning of the year, proving its capacity to service clients beyond financial institutions.
Carlos Abad, CEO of Haya, said: “I am very proud to say that Haya continues to achieve a strong operating performance and to deliver an excellent quality service to our clients. Additionally, we have proved our capacity to renew our existing core contracts with the novation of the Bankia contract. We are focused on positioning Haya as the leading independent servicer to capture new business opportunities 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: 72849824#
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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