Friday, 22 September 2023
BusinessHaya Real Estate cuts its red numbers by 60% until June

Haya Real Estate cuts its red numbers by 60% until June

He servicer Haya Real Estate closed the first half of the year with losses of €17.4 million, which means cutting the losses registered in the same period of the previous year by 60%. The improvement responds to the impact of 32.3 million euros that the Employment Regulation File (ERE) announced in that year had in 2022, as well as the effect of the refinancing and recapitalization process that concluded in June 2022, impacts that this year have not been given.

The debt and real estate asset management firm reached transaction volumes of 739.9 million euros in the first six months of the year, closing the month of June with assets under management of 10,116 million euros. Revenues were 63 million euros, placing the operating result (adjusted ebitda) at 14.9 million euros and the margin at 24%, impacted by the commercial activity although partially offset by a reduction in operating expenses.

“The figures show our commitment to maintain sustainable EBITDA margins in 2023, while we continue to develop new services and differential products that are highly innovative and useful for our customers. The company remains focused on offering the best quality of service, at the same time that adapts your structure to new market demands“, has pointed out the CEO of Haya, Enrique Dancausa.

The firm reached a free cash flow of 12.9 million euros at the end of June, resulting in a cash conversion of 87%.

The company recalls that Intrum agreed to acquire 100% of the participating loan and of the share capital of Haya to Haya HoldCo 2, a sale process that is expected to conclude in September, after the approval of the operation by the Spanish competition authorities. On the other hand, the debt ‘lock Up’ agreement has been supported by more than 95% of investors, and is expected to be effective on August 30, 2023.


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