Haya Real Estate loses 43 million after the ERE and the refinancing of its debt

Haya Real Estate and its subsidiary companies (Haya Group) recorded losses of 42.9 million euros in the first six months of the year, compared to ‘red numbers’ of 3 million euros of the same period of the previous year. In its income statement, the company explains that this increase in losses is mainly due to an impact of 32.3 million euros linked to the ERE that it announced in April and the refinancing and recapitalization process that concluded last June.

However, thanks to this latest process, the debt and real estate asset management company reduced your debt by 55.5 million euros through the amortization of an old debt issue and with the issue of new bonds for a total amount of €368.5 million. Haya Real Estate also includes in these results the loss of its contracts with Unicaja and Sareb, which triggered the announcement of the ERE for 185 of its employees, which was equivalent to 22% of its workers in Spain.

In any case, the company has highlighted in a statement that in this first half of the year it recorded transaction volumes of 1,373 million euros, a 10% more than a year ago, with revenues for Haya of 94.1 million and an adjusted gross operating profit (Ebitda) of 27.4 million. It also registered a cash generation of 19.8 million euros at the end of the semester (61.3 million euros accumulated in the last 12 months), reaching a liquidity position of 39.4 million euros.

“During the first part of the year, Haya has registered a good evolution of the business, despite the termination of the contracts with Unicaja and Sareb. This evolution is the result of a solid situation in the Spanish real estate market and the improvement in the NPL market (doubtful loans),” the company defended. “The results for this period reflect the improvement in the Spanish real estate market. Without a doubt, the completion of our refinancing and recapitalization process has been an important milestone that will allow us to successfully continue developing our business in the long term,” added its CEO, Enrique Dancausa.


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