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Sareb expects to close 2014 with revenue of €5 billion and an Ebitda of €1 billion
28/01/2015

​The company amortises €3.4 billion of the debt and pays €1.1 billion in interest


​The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) expects to close its 2014 accounts with a total turnover of €5 billion and an ebitda of €1 billion, according to preliminary figures provided by the Executive Chairman, Jaime Echegoyen, during the company's Board Meeting held today.

 

This revenue figure exceeds the same figure achieved in 2013 by almost a third, which shows Sareb's ability to both generate resources via the management and sale of its assets, as well as to assume its commitments to write-off the debt.

 

Hence, in 2014 Sareb will have paid up €3.4 billion of the debt issued in order to acquire the portfolio, which exceeds the initial forecast of €3 billion. It already paid up €2.9 billion over 2014, and the remainder will be completed in February. The company also paid €1.1 billion in interest for that debt. 

 

Once this process has been completed, in two years Sareb will have written-off a total of €5,4 billion of its debt, which is guaranteed by the State. "Sareb is meeting its main objective, which is to manage and sell its portfolio without creating additional cost to the taxpayer", explained Jaime Echegoyen in Sareb's first regular Board meeting held in 2015.

 

Out of the total revenue, almost €1 billion relates to the sale of 13 institutional portfolios, primarily to international investors, which demonstrates the interest and the confidence the funds have in the Spanish market.

 

The ebitda is expected to reach €1 billion. "We are still awaiting information on the accounting framework to be applied for 2014, but we can confirm that the company has achieved its objectives set for this year and continues to scale up its added-value strategy for the portfolio", said Echegoyen. "We have a highly-qualified workforce, which this year, for example, has managed more than 10,700 proposals from developers, as well as the gradual implementation of the newly contracted servicers, which will allow us to be more efficient and provide us with an increased sales drive", he added.                                                                     

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