Haya Real Estate reports transaction volumes of €561.5 million in Q1 2021
- Revenues have reached €44.7 million driving an Adjusted EBITDA of €13.6 million in the quarter
- Assets under Management (AuMs) of €31,766 million as of March 2021
- The company maintains a strong cash position of €61.9 million at the end of the period after generating €13.9 million of free cash flow in the quarter
May 27th, 2021, 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 quarter of 2021, reporting transaction volumes of €561.5 million, which represents an increase of 11.2% year-over-year. The company manages €31,766 billion in Assets under Management (AuMs) as of March 2021.
Revenues have reached €44.7 million and total cost €31.1 million which have driven operating results (adjusted EBITDA) to €13.6 million from €6.2 million in the first quarter of 2020.
Haya has reached a solid Free Cash Flow of €13.9 million at the end of the period with an exceptional cash conversion over 100% consolidating its liquidity position of €61.9 million as of March 2021.
Haya ́s Business Update and 2021 Outlook
After a slow start, the economic activity has experienced a gradual recovery, however, the COVID-19 crisis continues to have a major impact on the sector. Haya has continued working to adapt the company's cost structure to the current market conditions to mitigate this impact, while maintaining the quality of service and delivery to its clients. The efforts made have allowed to maintain the Adjusted EBITDA margin levels obtaining savings in the cost structure which could improve its position to cope market and financial challenges.
2021 continues to be driven by the uncertainty, business performance will depend to a large extent on how the pandemic and macro situation evolve. In this sense, Haya expects a gradual recovery in the second part of the year.
Enrique Dancausa, CEO of Haya, said: “During the first quarter of 2021 we have noticed a slight recovery in our business despite the slow start suffered at the beginning of the period. The Transformation plan carried out last year is helping us to maintain the adjusted EBITDA margin mitigating the impacts of the pandemic; therefore, our continued focus on cost efficiency, our commitment to provide the best service quality to our clients and measures designed to support commercial activity have proven that are key to deal with current market environment. In this regard, if situation evolves favorably, we expect that our business will continue to improve gradually in a context which unfortunately remains uncertain”.
Financial results presentation conference details
Enrique Dancausa, CEO of Haya, and Álvaro Badiola, 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: +34 911 140 101
- United Kingdom: +44 207 194 3759
- United States: +1 646 722 4916
- PIN: 42527166#
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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