EANS-Adhoc: BENE AG / Bene announces third quarter 2010/11

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9-month report

15.12.2010

• Slight increase in sales and earnings for the first time in three
quarters • EBIT increased in almost all segments • Expenses for
personnel and non-personnel costs continue to decline

Vienna/Waidhofen an der Ybbs, December 15, 2010. In the third quarter
of 2010/11, for the first time since the beginning of 2010, the Bene
Group reported again a slight increase in sales and earnings. Despite
the continuing weakness in demand in several markets, in the third
quarter, the Bene Group increased sales by 10.2 % in comparison with
the previous year (Q3 2009/10: EUR 39.2 million). In the first nine
months, cumulative sales of EUR 120.3 million were down 10.9 %
compared to the prior year´s reference value (Q1-Q3 2009/10: EUR
135.0 million).

In Austria, in the first nine months of the business year 2010/11,
sales increased by 2.1 % to EUR 40.8 million and thus exceeded the
past year´s reference value by EUR 0.8 million (Q1-Q3 2009/10: EUR
40.0 million). In Germany, sales dropped by 18.5 % to EUR 30.9
million in comparison with the previous period (Q1-Q3 2009/10: EUR
37.9 million). The UK segment continued to develop positively again
during the third quarter. After the first nine months of 2010/11,
cumulative sales increased to EUR 13.8 million (Q1-Q3 2009/10: EUR
13.0 million) and thus were 6.0 % higher compared to the reference
value of the past year. In the Russia segment, sales reached EUR 11.0
million after nine months of the current reporting period. This
corresponds to a decline of 45.4 % compared to the previous year´s
reference value (Q1-Q3 2009/10: EUR 20.1 million). In the "other
markets" segment, sales amounted to EUR 23.8 million and thus almost
reached the previous year´s level (Q1-Q3 2009/10: EUR 24.0 million).

Despite the ongoing difficult market environment, the Bene Group
could stabilise earnings in the third quarter of 2010/11 due to the
slight increase in sales as well as the consistent human resources
flexibilisation and personnel and non-personnel cost cutting
measures. As a result of the still restrictive spending policy, other
expenses decreased by 14.1 % to EUR 23.8 million (Q1-Q3 2009/10: EUR
27.7 million). In total, after the first nine months of the current
reporting period 2010/11, the EBT of EUR -11.0 million remained at
the previous year´s level (Q1-Q3 2009/10: EUR -10.9 million).
Likewise, in the same period, the EBIT of EUR -8.7 million came close
to the past year´s value (Q1-Q3 2009/10: EUR -8.8 million). The
year-to-date financial result deteriorated from EUR -2.1 million in
Q3 2009/10 to EUR -2.3 million due to increased interest charges from
the corporate bond issued in April 2009. At the end of the third
quarter of 2010/11, the equity ratio amounted to 26.5 % (January 31,
2010: 31.7 %); net gearing was 77.2 % (January 31, 2010: 24.6 %).

In the first nine months of the current financial year 2010/11,
additions to property, plant and equipment and to intangible assets
decreased to EUR 4.3 million (Q1-Q3 2009/10: EUR 8.8 million) and
thus remained clearly below the previous year´s level. Investments in
replacements at the site in Waidhofen/Ybbs as well as investments in
the new location in Vienna represented the largest positions.

On the reporting date October 31, 2010, the Bene Group occupied 1,278
employees. Compared to the previous period, the headcount decreased
by 17 persons or 1.3 %.

After a first phase of stabilisation by mid of the third quarter of
2009/10, noticeable signs of recovery are observed in almost all
markets since then. This positive development is reflected in the
Bene project pipeline, which is increasingly filling-up again,
particularly in the Middle East, Asia, Western Europe (also in
Germany) and several countries in Eastern Europe.

This already has an impact on group sales, which rose by 8.6 %
compared to the previous quarter of 2010/11. However, the Germany and
Russia segments still recorded significant declines in sales and
earnings. All segments, with the exception of Germany, improved the
EBIT compared to the reference period.

Despite the clear evidence of a slow recovery of the office furniture
market, due to the time delay between receipt of order and invoicing
of project business, the Management Board maintains its forecast that
the Bene Group will report a clearly negative result for the current
business year.

In the medium-term, however, the Bene Group has a strong organic
growth potential on the basis of the existing capacities and the
extensive distribution network as well as the clear focus on direct
sales. Bene having introduced profitable products to the sales
organisation during the last years and having made essential
investments in the capacity at the site in Waidhofen/Ybbs, the Bene
Group should be able to realise a considerably higher increase in
revenue and earnings compared to the industry in the event of a
market recovery.

Note. Among others, this report contains statements on potential
future developments, which were made on the basis of currently
available information. Such statements, which reflect the current
assessment of future developments by our Management Board, cannot be
construed as guarantees for future performance and bear unforeseeable
risks and uncertainties. There may be a variety of reasons for actual
results and conditions to diverge from the assumption, on which the
statements were based.

About Bene. Bene is convinced that there is a clear connection
between the design of office and work environments, corporate culture
and the success of a company. Bene´s concepts, products and services
put this philosophy into reality. Development, design and production
as well as consulting and sales are covered under one roof. With 83
sites in 33 countries and 1,248 employees worldwide, Bene offers its
customers regional access to all of its services. In the business
year 2009/10, consolidated sales of the Bene Group amounted to EUR
179.3 million. Bene is market leader in Austria and number five in
Europe. The comprehensive quarterly report is available under
www.bene.com.

end of announcement euro adhoc
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ots Originaltext: BENE AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Investor Relations:

Martina Vomela

Schwarzwiesenstraße 3

A-3340 Waidhofen/Ybbs

IR Hotline: +43-7442-500-3100

ir@bene.com

Branche: Furnishings & Furniture
ISIN: AT00000BENE6
WKN:
Index: ATX Prime
Börsen: Wien / official market