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

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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
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ots Originaltext: ECO Business-Immobilien AG
Im Internet recherchierbar: http://www.presseportal.de

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