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ECO Business-Immobilien AG

euro adhoc: ECO Business-Immobilien AG
quarterly or semiannual financial statement
ECO Business-Immobilien AG with strong earnings growth for 1-9/2007: EBIT rises by 98%

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16.11.2007
ECO Business-Immobilien AG with strong earnings growth for 1-9/2007: 
EBIT rises by 98%
Vienna, 16 November 2007. ECO Business-Immobilien AG, which is listed
in the Prime Market segment of the Vienna Stock Exchange, 
successfully continued its selective growth course during the third 
quarter of 2007. During the first nine months of this year, organic 
growth combined with the active management of the property portfolio 
and selective acquisitions led to higher rental revenues and an 
increase in the value of properties, while the expansion of trading 
activities generated higher gains on sale. Improvements were 
registered in all earnings indicators: EBIT rose by 98% to EUR 40.8 
million for the first three quarters of 2007, and the property 
portfolio grew to EUR 755.5 million following the acquisition of 
selected properties.
Revenues and earnings improved significantly during the first three 
quarters of 2007. Rental income rose by 36% year-on-year to EUR 35.8 
million. This sound development was based above all on organic 
effects and new rentals in the existing portfolio as well as 
acquisitions in Austria and Germany. The sale of properties as part 
of trading activities generated a gain of EUR 6.0 million (1-9/2006: 
EUR 1.5 mill.). The profit margin equalled roughly 15% based on the 
latest recorded values. The adjustment of the property portfolio to 
reflect fair value in accordance with IFRS contributed EUR 13.5 
million to earnings. These revaluations resulted above all from 
specially designed measures as part of the Group´s asset management 
activities as well as an increase in the market values of objects in 
attractive locations, and totalled roughly 2% of investment property.
This favourable development led to an improvement of 98% in operating
profit (EBT) to EUR 40.8 million. Profit before tax (EBT) increased 
126% to EUR 27.3 million. Profit for the year (after minority 
interest) rose to EUR 20.1 million, for an increase of 120% over the 
comparable prior year period. Funds from operations (FFO) equalled 
EUR 13.4 million, compared with EUR 9.0 million for the first three 
quarters of 2006. Earnings per share for the reporting period rose 
from EUR 0.52 to EUR 0.73.
Net asset value (NAV) increased 5.5% within a single year to EUR 
12.04 per share. Since 2004 NAV per share has risen by an average of 
5.8% per year.
ECO not only expanded its property portfolio throughout the first 
three quarters of 2007, but also improved the attractiveness of the 
individual objects through active management. In the current market 
environment ECO has taken an extremely cautious approach to 
acquisitions, in order to make optimal use of liquidity shortages 
experienced by other market participants as a result of the financial
market crisis.
As of 30 September 2007 the property portfolio comprised 113 objects 
with a total value of EUR 755.5 million, which reflects an increase 
of EUR 57.2 million since the end of 2006. Within one year, the value
of the property portfolio has grown by EUR 103.6 million. The total 
rentable space in the portfolio rose to approx. 481,200 m².
Sales from the trading portfolio also generated sound gains: 20 
properties, one development project and five apartments with a 
combined value of approx. EUR 38.2 million were sold at a profit 
during the first nine months of 2007.
ECO plans further investments in the core markets of Austria and 
Germany as well as the CEE region during the last three months of 
2007. The value of the portfolio including current development 
projects should increase to more than EUR 1 billion within the near 
future in relation to the acquisition projects currently under 
negotiation.
The Management Board of ECO expects a significant improvement in 
revenues and earnings over the previous year as a result of the sound
development of business during the first nine months of 2007 as well 
as attractive investment opportunities and the further potential for 
an increase in the value of the existing portfolio.
Company Data in TEUR (in accordance with IFRS)
01-09/2007         01-09/2006         01-12/2006
Rental revenues                   35,818             26,370             38,803
 Thereof rental income            29,369             22,498             32,129
Gain on the disposal
of non-current assets              5,973              1,492              9,819
Changes in the fair value
of investment property            13,487              2,944              6,067
Operating profit (EBIT)           40,833             20,602             38,280
Profit before tax (EBT            27,303             12,107             24,739
Profit for the year
(after minority interest)         20,149              9,178             17,900
Earnings per share (EUR)            0.73               0.52               0.99
Average number
of shares outstanding         34,100,000         22,500,000         25,000,000
Cash flow from
operating activities               2,271             -1,651              1,533
FFO (funds from operations) *)    13,379              9,048             16,957
NAV per share (EUR)                12.04              11.41              11.79
*) Profit before tax + depreciation and amortisation +/- fair value 
adjustments - income tax payments
Property Data
01-09/2007          01-09/2006        01-12/2006
Number of objects                    113                 146               126
 Thereof investment portfolio         60                  68                54
 Thereof trading portfolio            52                  77                71
 Thereof CEE portfolio                 1                   1                 1
Total rentable space in m² *     481,200             444,700           463,400
 Thereof trading portfolio        46,500              44,200            57,400
Garage spaces (number)             2,432               1,977             2,339
 Thereof trading portfolio           291                 199               289
Property portfolio (in TEUR)     755,412             650,841           697,223
 Thereof properties
 under construction               30,488                   0             3,892
 Thereof trading portfolio        61,803              73,885            94,445
* Garage spaces were included at 20m² each.
ECO has advanced the announcement of key data on the first three 
quarters of 2007 from 23 November to today, 16 November 2007, because
of discussions with investors. The full report on the third quarter 
of 2007 will be published as planned on 23 November 2007 and will 
also be available under www.eco-immo.at as of this same date.
end of announcement                               euro adhoc 16.11.2007 08:17:50

Further inquiry note:

ECO Business-Immobilien AG
Friedrich Scheck, Chairman of the Management Board
Tel +43 1 535 21 99
E scheck@eco-immo.at

Hochegger|Financials
Roland Mayrl
Tel +43 1 504 69 87-31
E r.mayrl@hochegger.com

Branche: Real Estate
ISIN: AT0000617907
WKN: A0D8RY
Index: Prime.market
Börsen: Wiener Börse AG / Regulated free trade

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