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ECO Business-Immobilien AG

euro adhoc: ECO Business-Immobilien AG
quarterly or semiannual financial statement
ECO Business-Immobilien AG: successful trend in Q1 2007

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
22.05.2007
ECO Business-Immobilien AG: successful trend in Q1 2007
Vienna, 22 May 2007. ECO Business-Immobilien AG, listed in the Prime 
Market of the Vienna Stock Exchange, continued its successful 
corporate development in the first quarter of 2007. Record figures 
were posted for all sales and earnings ratios. EBIT was increased 
257% to EUR 11.79 million. As of the reporting date, property assets 
totalled EUR 698 million. The current acquisition pipeline of over 
EUR 800 million will allow the Company to continue its growth.
New records for sales and earnings ratios With the expansion of the 
real estate portfolio, new records were achieved for all sales and 
earnings ratios in the reporting quarter. Against the first quarter 
of 2006, rental income increased by 85% to EUR 11.52 million. EBIT 
thus rose to EUR 11.79 million, a year-on-year increase of 257%. In 
addition to higher rental income as a result of increased rentable 
space, disposable gains from real estate sales in the trading 
portfolio of EUR 2.29 million (Q1/2006: EUR 0.0 million) and 
revaluation gains contributed to the strong earnings surge. The 
revaluation gains for IFRS valuation totalled EUR 2.41 million 
(Q1/2006: EUR 0.0 million) or 0.35% of total real estate assets. 
Quarterly earnings per share improved from EUR 0.11 in the 
previous-year period to the current figure of EUR 0.23.
Within a year, real estate assets increased from approximately EUR 
390 million at the end of the first quarter of 2006 to approximately 
EUR 698 million. In the first quarter of 2007, trading activities 
resulted in real estate worth EUR 15.3 million being sold at a 
profit.
Expansion of real estate portfolio planned The market for business 
real estate continues to offer ECO major opportunities, which the 
Company intends to leverage, not just in its core markets of Austria 
and Germany, but also in the CEE countries. ECO currently has an 
acquisition pipeline exceeding EUR 800 million, something which will 
be systematically implemented over the next 12-18 months. A large 
position is to be developed, especially in the CEE area. Here ECO 
will proceed on a very selective basis, only investing in properties 
which either increase overall Company income on a sustained basis or 
which can be sold on at a profit from the trading portfolio.
With an equity ratio of 42%, ECO has a good basis for growth 
activities. To finance all acquisitions, today's Annual General 
Meeting is also to vote to approve a capital increase of up to 20 
million new shares.
Business segments As part of its expansion strategy, ECO has clearly 
detailed the segmentation of its business areas in line with the 
business characteristics of the individual segments and markets and 
thus the risk-return profile into the "Hold Portfolio", "Trading 
Portfolio" and "CEE Portfolio". The Hold Portfolio is the core 
business focusing on collateral and assets, covering the home markets
of Austria and Germany. The trading activities which make a decisive 
contribution to optimising the portfolio and profits are posted to 
the Trading Portfolio business segment. The Eastern European growth 
markets are in the CEE Portfolio where the acquisition pipeline 
already has a total volume exceeding EUR 550 million; here 
investments are made via the ECO Eastern Europe Real Estate AG 
subsidiary.
The development of the Company in the opening months of 2007 combined
with the attractive acquisition pipeline leads the Board of 
Management to anticipate the ongoing positive development of ECO in 
financial 2007.
Company data (EUR thousand)
1-3/2007   1-3/2006    1-12/2006
Revenues                                      11,522     6,236       38,803
Changes in fair value of investment property  2,410      0           6,068
Gain on disposal of non-current assets        2,292      0           9,819
Operating profit (EBIT)                       11,785     3,307       38,280
Profit before tax (EBT)                       7,417      2,235       24,739
Profit for the year                           5,694      1,658       18,191
Profit for the year (after minorities)        5,625      1,541       17,900
Earnings per share (EUR)                      0.23       0.11        0.99
Average number of shares                      25,000,000 13,465,625  17,997,115
Rounding differences could arise as a result of the presentation in EUR
thousand.
Property data
2007-03-31  2006-03-31  2006-12-31
Number of objects 1)                         118         60          126
Total rentable space (sqm) 2)                457,643     314,585     463,431
Garage spaces                                2,334       1,553       2,339
Property portfolio (EUR `000) 3)             697,532     388,656     697,223
1) incl. Trading Portfolio 2) For garage spaces a conversion factor 
of 20 sqm / per space has been used 3) incl. Construction in Progress
You can download this ad hoc disclosure including the abbreviated 
consolidated balance sheet and the consolidated income statement on 
the website www.eco-immo.at
end of announcement                               euro adhoc 22.05.2007 08:10:00

Further inquiry note:

ECO Business-Immobilien AG, Friedrich Scheck, CEO, Tel.: +43(1)535 21 99, Fax:
+43(1)535 21 99-99, mailto:scheck@eco-immo.at, http://www.eco-immo.at

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

Branche: Real Estate
ISIN: AT0000617907
WKN: A0D8RY
Index: Standard Market Auction
Börsen: Wiener Börse AG / Regulated free trade

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