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ECO Business-Immobilien AG

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Financial Figures/Balance Sheet
ECO Business-Immobilien AG: sound development of core business operations during first half of 2008

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
26.08.2008
ECO Business-Immobilien AG: sound development of core business 
operations during first half of 2008
Vienna, 26 August 2008. ECO Business-Immobilien AG, which is traded 
in the Prime Market segment of the Vienna Stock Exchange, continued 
to record sound operating development in its core business during the
first half of 2008. However, the tense conditions on international 
financial and property investment markets were also reflected in a 
substantial slowdown in the pace of the company´s growth. Against the
backdrop of this difficult market environment, ECO concentrated on 
the efficient management of its existing portfolio during the 
reporting period and was able to generate further organic growth.
Revenues rose to EUR 36.8 million for the first half of 2008, which 
represents an increase of 58% and a new record for the company. In 
accordance with the conservative approach applied in the valuation of
properties, the net gain on fair value adjustments equalled EUR 5.4 
million (1-6/2007: EUR 5.5 mill.). The reserved mood on investment 
markets led to a decline in trading income from the very high level 
recorded in 2007: at EUR 3.3 million, this indicator remained below 
the record EUR 5.9 million registered for the first six months of 
2007. The profit margin (the selling price in relation to the IFRS 
value of the objects sold during the reporting period) equalled 26%.
The growth in revenues and the continuing optimisation of the 
portfolio properties supported an increase in EBIT to EUR 25.8 
million for the first half of 2008 (1-6/2007: EUR 25.7 mill.). 
However, EBIT was negatively influenced by a non-recurring, non-cash 
charge of EUR 5.7 million. Financial results totalled EUR -21.2 
million (1-6/2007: EUR -8.8 mill.) because of higher interest rates 
and a substantial rise in the volume of financing. Accordingly, 
profit before tax (EBT) equalled EUR 4.7 million (1-6/2007: EUR 16.9 
mill.).
Funds from operations (FFO) also reflect the increase in interest 
rates and higher volume of financing compared with the prior year. 
The sound operating development of the company had a positive effect,
and FFO before interest and taxes reached EUR 28.0 million for the 
reporting period (1-6/2007: EUR 20.2 mill.).
Net asset value (NAV) per share increased 6% to equal EUR 12.61 at 
the end of the second quarter (30.06.2007: EUR 11.90 per share). 
Adjusted NAV per share equalled EUR 13.10 as of this same date.
ECO expects a year-on-year increase in revenues during the second 
half of 2008. Activities for the coming six months will also focus on
the further development of the investment portfolio, in keeping with 
the cautious attitude on investment markets. Trading activities will 
be intensified if favourable opportunities are available or if the 
market situation changes. Moreover, ECO will pursue the realisation 
of the development projects currently under construction as well as 
the development of new and attractive projects with well-known 
partners.
This strategy should support further organic growth and strengthen 
the internal financing power of the company. Based on the development
of business during the first half of 2008, the Management Board of 
ECO Business-Immobilien AG expects solid results for the current 
financial year. However, the market environment may further slow the 
pace of growth in revenues and earnings and thereby prevent earnings 
from matching the record 2007 level.
Company Data in accordance with IFRS
01-06/2008      01-06/2007
Revenues (TEUR)                                          36,804          23,356
 Thereof rental income  (TEUR)                           30,663          19,276
Gain on the disposal of non-current assets (TEUR)         3,312           5,927
Net gain from fair value adjustments (TEUR)               5,419           5,492
Operating profit (EBIT)(TEUR)                            25,844          25,685
Profit before tax (EBT)(TEUR)                             4,682          16,853
Profit after tax (after minority interests)(TEUR)         5,757          12,638
Earnings per share (EUR)                                   0.17            0.51
Weighted average number of shares outstanding (nr.)   34,100,000      5,000,000
FFO (funds from operations) before interest and taxes
 incl. impairment charges 1)(TEUR)                       27,970          20,207
FFO (funds from operations) after interest and taxes
 incl. impairment charges 2) (TEUR)                       6,685          10,966
NAV (net asset value) per share (EUR)                     12.61           11.90
1) EBIT + depreciation and amortisation +/- fair value adjustments 2)
EBIT + depreciation and amortisation +/- fair value adjustments - 
financial results - income taxes paid
Property Data
30/06/2008     30/06/2007
Number of objects                                            122            122
 Thereof investment portfolio                                 70             61
 Thereof trading portfolio                                    46             60
 Thereof development projects                                  6              1
Total rentable space in m² *                             651,400        487,800
 Thereof trading portfolio                                42,500         47,400
 Thereof development projects                             46,000          5,600
Garage spaces (number)                                     3,560          2,460
 Thereof trading portfolio                                   280            290
 Thereof development projects                                230              0
Property assets (in TEUR)                              1,083,903        714,097
 Thereof construction in progress                         36,457              0
 Thereof trading portfolio                                57,968         62,965
* Garage spaces were included at 20 m² each
end of announcement                               euro adhoc

Further inquiry note:

ECO Business-Immobilien AG
Friedrich Scheck, Chief Executive Officer
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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