EANS-Adhoc: ECO Business-Immobilien AG with fivefold increase in Group EBIT to EUR 25.0 million for the first three quarters of 2010

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23.11.2010

ECO Business-Immobilien AG with fivefold increase in Group EBIT to EUR 25.0
million for the first three quarters of 2010

Vienna, 23 November 2010. ECO Business-Immobilien AG (Vienna Stock Exchange /
Prime Market: ECO) continued its stable positive development during the first
three quarters of 2010. Earnings improved significantly over the comparable
prior year period, which was influenced by impairment charges. Profit after tax
rose to EUR 9.1 million (1-9/2009: EUR -8.2 million) and Group EBIT increased
380% to EUR 25.0 million. ECO´s liquidity and equity base remained solid, with
the equity ratio equaling 45% as of 30 September 2010.

ECO generated revenues of EUR 41.1 million during the first nine months of this
year. These results were slightly lower than the comparable prior year period
(EUR 46.8 million) due to the sale of several properties. Income from the
disposal of non-current assets increased substantially to EUR 4.3 million (1-
9/2009: EUR 0.3 million), above all due to the sale of the Opernringhof in
Vienna. The positive trend in property valuation continued during the reporting
period, with the valuation of the property portfolio by independent experts
producing a net gain of EUR 3.0 million in fair value adjustments. In contrast,
the first nine months of 2009 brought a valuation loss of EUR 18.6 million.
Earnings before interest and taxes (EBIT) amounted to EUR 25.0 million for the
reporting period (1-9/2009: EUR 5.3 million).

A decline in the volume of financing and lower interest rates had a positive
effect on financial results, but the positive interest effect was offset in
part by exceptional legal and consulting expenses of EUR 1.9 million in the
third quarter of 2010. In spite of this development, financial results improved
notably from EUR -16.0 million to EUR -14.2 million. Profit before tax rose
significantly to EUR 10.7 million for the reporting period (1-9/2009: EUR -10.7
million). Moreover, profit after tax turned positive to equal EUR 9.3 million
(1-9/2009: EUR -8.3 million). Funds from operations (FFO) before interest and
taxes totalled EUR 31.2 million for the first three quarters of 2010 (1-9/2009:
EUR 0.6 million). FFO after interest and taxes was also positive at EUR 15.9
million, compared with EUR -15.4 million in the first three quarters of the
previous year.

The sale of properties during the first three quarters of 2010 reduced the
balance sheet total to EUR 784.9 million as of 30 September 2010 (31 December
2009: EUR 858.6 million). A decline in liabilities increased the equity ratio
to 45.0% as of 30 September 2010 (31 December 2009: 41.6%). Net debt fell to
EUR 384.3 million (31 December 2009: EUR 470.1 million). The loan-to-value
ratio (LTV) equalled 53.5% at the end of September 2010. ECO has no further
financing requirements for 2010. Cash and cash equivalents totalled EUR 30.5
million at the end of the third quarter of 2010, which represents a significant
improvement over the EUR 16.0 million reported as of 31 December 2009. Net
asset value (NAV) per share amounted to EUR 10.34 as of 30 September 2010,
compared with EUR 10.45 at year-end 2009.

The ECO property portfolio comprised 58 objects with 521,700 m² of rentable
space as of 30 September 2010. Occupancy levels as well as average rents
remained largely constant throughout the reporting period. The business
activities for the first three quarters of 2010 focused on redevelopment
projects, on profitable sales and on the completion of the development project
in Ukraine.

The extended acceptance period for the takeover offer made by conwert
Immobilien Invest SE to the free float shareholders of ECO Business-Immobilien
AG for the purchase of their ECO shares (offer price: EUR 7.15 per share) ended
on 3 November 2010. After the expiration of this extension and the purchase of
229,014 shares owned by parties acting in concert (Johann Kowar and Kowar KG),
conwert held 32,653,279 shares in ECO Business-Immobilien AG. This represents
approx. 95.76% of the share capital of ECO Business-Immobilien AG.

Activities during the fourth quarter of 2010 will concentrate on the
realisation of redevelopment projects as well as the sale of selected
properties. The project in Ukraine will be completed in the near future, and no
other development projects are planned at the present time. The active
management of the properties in the investment portfolio will form the basis
for continued stable rental income and satisfactory occupancy levels.

The Management Board expects a substantial year-on-year improvement in the
equity ratio for 2010. Operating earnings will exceed the previous year,
supported by a stable rental business and the positive development of valuation
results. Based on the sound development of operations, the continuing low level
of interest rates and a lower volume of financing, the Management Board expects
an improvement in profit over the prior year.

Selected Company Data in accordance with IFRS

|                                            |       |1-9/2010   |1-9/2009  |
|Revenues                                    |(TEUR) |41,071     |46,771    |
| Thereof rental income                      |(TEUR) |32,599     |38,206    |
|Net gain/(loss) from changes in the         
|fair value of investment properties         |(TEUR) |2,958      |-18,554   |
|Operating profit (EBIT)                     |(TEUR) |24,946     |5,253     |
|Profit before tax (EBT)                     |(TEUR) |10,724     |-10,740   |
|Profit after tax                            |(TEUR) |9,116      |-8,226    |
(after non-controlling interests)  

|Earnings per share                          |(EUR)  |0.27       |-0.24     |
|Weighted average number of shares           |(no.)  |34,100,000 |34,100,000|
    
|FFO (funds from operations)                 
|before interest and taxes1)                 |(TEUR) |31,219     |603       |
|Cash earnings (FFO - funds from operations) 
|after interest and taxes 2)                 |(TEUR) |15,917     |-15,429   |
            
|NAV per share as of the balance sheet date  |(EUR)  |10.34      |10.37     |

1) EBIT + depreciation and amortisation +/- fair value adjustments +/-
impairment charges
2) EBIT + depreciation and amortisation +/- fair value adjustments +/-
impairment charges - financial results - income taxes paid

Balance Sheet Data

|Consolidated balance sheet -              |30/09/2010      |31/12/2009      |
|summary in TEUR                                              
|Non-current assets                        |741,559         |834,560         |
| Thereof investment property              |711,489         |782,465         |
| Thereof properties under construction    |17,257          |39,281          |
|Current assets                            |43,307          |23,990          |
|Total assets                              |784,866         |858,550         |
|Equity and reserves                       |353,075         |357,329         |
| Thereof non-controlling interests        |371             |834             |
|Non-current liabilities                   |382,443         |452,400         |
|Current liabilities                       |49,348          |48,822          |
|Total equity and liabilities              |784,866         |858,550         |


Property Data
|                                          |30/09/2010        |30/09/2009    |
|Number of objects                         |58                |61            |
|Investment properties 1)                  |57                |59            |
|Thereof development projects              |1                 |2             |
|Rentable space in m² 2)                   |521,700           |538,800       |
|Garage spaces (number)                    |2,950             |2,840         |
|Property assets (in TEUR)                 |728,746           |816,760       |
|Thereof properties under construction     |17,257            |38,768        |

1) Investment property
2) Garage spaces were included at 20 m² each / parking areas included

This press release includes forward-looking estimates and statements that are
based on the information available to ECO Business-Immobilien AG at the present
time. Forward-looking statements are normally described with terms such as
"expect", "estimate", "plan", "anticipate", "assume", "should", "could", etc.,
and reflect conditions at the time they are made. ECO notes that numerous
factors may cause actual circumstances and, therefore also actual results, to
differ from the expectations described in this press release.

Further inquiry note:
ECO Business-Immobilien AG
Elke Englert, Chief Financial Officer
Tel +43 1 580 88 0
E englert@eco-immo.at

Metrum Communications
Roland Mayrl
Tel +43 1 504 69 87-331
E r.mayrl@metrum.at
end of announcement euro adhoc
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issuer:      ECO Business-Immobilien AG
             Albertgasse  35
             A-1080 Wien
phone:       580 88
FAX:         580 88 - 88
mail:        englert@eco-immo.at
WWW:         www.eco-immo.at
sector:      Real Estate
ISIN:        AT0000617907
indexes:     Prime Market

stockmarkets: Regulated free trade: Wien
language: English

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