Hanseatic & Baltic Properties plc
LSE : HBPO

September 30, 2009 06:38 ET

Interim results to 30 June 2009

                             HANSEATIC & BALTIC PROPERTIES PLC (the "Company")
                                                     
                           Interim results for the six months ended 30 June 2009
                                                     
                                                     
Chairman's Statement
                                                     
OVERVIEW

The  company  remains  a cash shell at present, although continuing actively to seek new  opportunities  to
enhance shareholder value.

We  are  maintaining  a  tight control of the company's resources, which we consider  adequate  to  support
current levels of expenditure.

FINANCIAL RESULTS

The  unaudited  financial results for the six months to 30 June 2009 show an operating  loss  of  GBP3,000;
earnings per share are negative, being 0.005p basic.

CASH FLOW AND FUNDING

As  announced, when the Company's shares were first traded on Plus Markets, a further zero coupon unsecured
loan  note of GBP200,000 is available to the Company.  Thus cash resources remain adequate for the  current
level  of  routine transactions but will be reviewed once opportunities to return to profitability  present
themselves.

OUTLOOK

The  Board  continues to seek ways, by acquisition, to enhance shareholder value. As no suitable investment
has  yet  been  made we will seek shareholder approval at the next Annual General Meeting,  which  will  be
announced with the full year figures, to further the pursuit of our investment strategy.


L Knifton
Chairman


 29 September 2009

The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Leo Knifton
Hanseatic & Baltic Properties PLC
Finsgate
5-7 Cranwood Street
London
EC1V 9EE

Tel:  +44 (0) 20 7309 2223
Fax: +44 (0) 20 7566 0023

Nick Michaels
Alfred Henry Corporate Finance Limited
Tel:  +44 (0) 20 7251 3762

                                                     
Profit & Loss Account
for the six months ended 30 June 2009

                                                         Unaudited          Audited         Unaudited
                                                          6 Months        Year ended         6 Months
                                                           ended          31 December         ended
                                                        30 June 2009         2008          30 June 2008
 
                                              Note        GBP'000           GBP'000          GBP'000
                                                                                          
 Turnover                                                    3                 -                -
                                                                                            
 Operating expenses                                         (6)              (30)             (12)
                                                          -----             -----            -----
 Loss   on  ordinary  activities   before                                                 
 taxation                                                   (3)              (30)             (12)
                                                                                          
 Taxation                                                    -                 -                -
                                                          -----             -----            -----
 Loss on ordinary activities                                                              
 after taxation - retained                               GBP(3)           GBP(30)          GBP(12)
                                                          =====             =====            =====
                                                                                          
 Loss per share:  basic                        2         (0.005p)         (0.05p)          (0.02p)
                                                                                          
                                                                                          

There were no recognised gains or losses other than those recognised in the profit and loss account.
 
                                                    
Balance Sheet as at 30 June 2009


                                                               Unaudited        Audited        Unaudited
                                                                 As at           As at           As at
                                                             30 June 2009     31 December     30 June 2008
                                                                                  2008
 
                                                                GBP'000         GBP'000         GBP'000
                                                                                             
 CURRENT ASSETS                                                                              
 Debtors                                                           4               -               3
 Cash at bank and in hand                                          -               -               1
                                                                 -----          -----           -----
                                                                   4               -               4
                                                                                             
 Creditors: amounts falling due                                                              
 within one year                                                 (32)            (25)            (11)
                                                                 -----          -----           -----        
 NET CURRENT ASSETS                                              (28)            (25)             (7)
                                                                                             
 Creditors:  amounts falling due                                                             
 after more than one year                                                                    
                                                                                             
 Convertible loan                                                (35)            (35)            (35)
                                                                 -----          -----           -----   
 NET ASSETS                                                   GBP(63)         GBP(60)         GBP(42)
                                                                 =====          =====           =====                 
                                                                                             
 CAPITAL AND RESERVES                                                                        
                                                                                             
 Called up share capital                                          65              65              65
 Profit and loss account                                        (128)           (125)           (107)
                                                                -----           -----           -----         
 Equity shareholders' funds                                   GBP(63)         GBP(60)         GBP(42)
                                                                =====           =====           =====       
                                                     
                                                     
Consolidated Cash Flow Statement
for the six months ended 30 June 2009
                                                            Unaudited         Audited         Unaudited
                                                             6 Months        Year ended        6 months
                                                              ended         31 December         ended
                                                           30 June 2009         2008         30 June 2008
 
                                                 Note        GBP'000          GBP'000          GBP'000
                                                                                           
 Cash outflow from operating activities            3            -               (13)             (12)
                                                                                           
 Financing:                                                                                
                                                                                           
                                                                                           
 Issue of convertible loan notes (net)                          -                -                -
                                                              -----            -----            -----      
 Cash decrease in the period                                    -            GBP(13)          GBP(12)
                                                              =====            =====            =====    


Reconciliation of Net Cash Flow to Movement in Net Debt
                                                     
                                                     
                                                            Unaudited         Audited         Unaudited
                                                             6 Months        Year ended        6 months
                                                              ended         31 December         ended
                                                           30 June 2009         2008         30 June 2008
 
                                                             GBP'000          GBP'000          GBP'000
                                                                                           
 Decrease in cash in the period                                 -               (13)             (12)
                                                                                           
 Issue of convertible loan notes                                -                 -               -
                                                             -----             -----            -----      
                                                                -               (13)             (12)
                                                                                           
 Net debt at start of period                                  (35)              (22)             (22)
                                                             -----             -----            -----     
 Net debt at end of period                                 GBP(35)           GBP(35)          GBP(34)
                                                             =====             =====            =====    
                                                                                           
NOTES TO THE INTERIM REPORT


1.  Accounting Policies

    The  interim report has been prepared using accounting policies consistent with those set  out  in  the
    Company's Annual Report and Accounts for the year ended 31 December 2008.

    The interim report for the six months to 30 June 2009 was approved by the Board on 29 September 2009.


2.  Loss per Share

                                                       Six               Year                  Six
                                                      Months             Ended               Months
                                                      Ended           31 December             Ended
                                                   30 June 2009          2008             30 June 2008
 
                                                      Pence              Pence                Pence
                                                                                        
 Earnings per share: basic                           (0.005p)           (0.05p)              (0.02p)
                                                                                        

Loss  per ordinary share is based on the Company's loss for the financial period of GBP3,000 (December 2008
- loss GBP30,000; June 2008- loss GBP12,000).

The weighted average number of shares used in the calculation is:

                                                      Number            Number               Number
                                                                                        
 Earnings per share: basic                           64,750,000        64,750,000           64,750,000
                                                                                        


3.  Reconciliation of operating loss to net outflow from operating activities



                                                    Unaudited          Audited           Unaudited
                                                     6 Months        Year ended           6 Months
                                                      ended          31 December           ended
                                                   30 June 2009         2008            30 June 2008
 
                                                     GBP'000           GBP'000            GBP'000
                                                                                     
                                                                                     
 Operating loss                                        (3)             (30)                (12)
                                                                                      
 Net increase in working capital                        3               17                   -
                                                      -----           -----               -----     
 Net  outflow from operating activities                                              
                                                    GBP -           GBP(13)             GBP(12)
                                                      =====           =====               =====     
                                                                                     

4.   The  information for the year ended 31 December 2008 has been extracted from the audited accounts  for
     that  period,  which  have  been delivered to the Registrar of Companies and received  an  unqualified
     audit  opinion.   The  unaudited  results  for the six months  period  have  been  prepared  on  basis
     consistent  with  the  Accounting  Policies disclosed in  the  Company's  2008  accounts  and  do  not
     constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006.

5.   Copies  of the interim statement are available from the company at its Registered Office, at Finsgate,
     5-7 Cranwood Street, London, EC1V 9EE.

Contact Information

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