Haya Real Estate reports transaction volumes of €1,785 million in the first nine months of 2021
- Revenues increased 11% YoY, reaching €141.1 million and driving an Adjusted EBITDA of €44.2 million (+23% YoY)
- The company maintains a strong free cash flow generation of €73.4 million in the period ending with €109 million of cash position as of September 2021
- Assets under Management (AuMs) of €30.5 billion as of September 2021
November 30th, 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 nine months of 2021, reporting transaction volumes of €1,785.2 million (€2,570.2 million on an LTM basis). The company manages €30.5billion in Assets under Management (AuMs) as of September 30th, 2021.
Haya reports revenues of €141.1 million in the period (€191.6 million on an LTM basis), which have driven operating results (adjusted EBITDA) to €44.2 million (€60.4 million on an LTM basis), maintaining an EBITDA margin of 31%.
Haya has generated a free cash flow of €73.4 million during 9M 2021 (€85.7 million on an LTM basis) hitting an exceptional cash conversion of 166%, as a result of strong focus on collections. Cash position has reached €109 million as of September 30th, 2021.
Haya ́s business update
The third quarter of 2021 has seen a strong real estate market momentum in Spain, due to the robust pickup in economic activity after reaching vaccination rates of approximately 90% of the population. The company expects to recover progressively pre-pandemic levels of volumes if the macroeconomic situation evolves positively and real estate market maintains its strength.
Haya continues capturing new portfolios, increasing its client base and mandates in debt servicing business and will continue to closely monitor and pursue further opportunities as activity returns to market. In this sense, Cerberus has confirmed Haya, as servicer of it’s a recently acquired REO portfolio of c.€500 million face value from Cajamar, transaction which is expected to be closed in December.
Finally, Haya is proactively and diligently exploring refinancing alternatives ahead of the maturity if its Notes in November 2022 to enhance capital structure and provide long term stability to support its ambition to consolidate as the key leading player in the Spanish servicing market.
Enrique Dancausa, CEO of Haya, said: “Third quarter results show the recovery of our business activity, while we have been able to keep cost control, maintaining solid EBITDA margins and generating a strong free cash flow. We will continue working to ensure maximum service quality for our clients and building competitive advantages in a market environment that continues to be challenging.”
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 €30.5 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 ~186,000 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.
Haya’s main clients include financial institutions such as BBVA, Caixabank, Grupo Cajamar, ING, Sareb, Unicaja and international investment funds such as Cerberus Capital Management. The company employs ~850 professionals, featuring an extensive sales network that covers the entire Spanish geography. Haya has invested in cutting- edge technology, data analysis and IT tools focused on industrialization, process efficiency and performance delivery which are key to deal with current market environment.
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 9:30 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: 78573807#
The conference call can also be accessed via webcast at:
https://onlinexperiences.com/Launch/QReg/ShowUUID=9CB6BEDA-6ACD-48EA-A824-C5161F5AA1FC
Contact details:
Investor Relations:
+34 917 929 777
ir@haya.es
Media Relations:
Kreab.
+34 91 702 71 70
hre@kreab.com