Hanseatic & Baltic Properties plc
LSE : HBPO

September 27, 2011 11:20 ET

Interim results to 30 June 2011

H. B. PROPERTIES PLC (the "Company")
(Formerly Hanseatic & Baltic Properties Plc)

Interim results for the six months ended 30 June 2011
                                                     
                                                     
Chairman's Statement
                                                     
OVERVIEW

The company changed its name to its current style on 2 August 2011.

The  company continued to hold a 6.7% holding in Total Holdings Limited, registered in the Cayman  Islands,
as  an  investment.  It acquired, during the period an, investment in 45% of the issued  share  capital  of
Haeng Bok (Happy) DNC Plc, a company incorporated in South Korea, which will also be held as an investment.

We  are  maintaining  a  tight control of the company's resources, which we consider  adequate  to  support
current  levels of expenditure, as we have a commitment to additional funds totalling GBP150,000 under  the
second convertible loan note issued on 29 January 2010 (see below).

FINANCIAL RESULTS

The  unaudited  financial results for the six months to 30 June 2011 show an operating loss  of  GBP15,000;
earnings per share are negative, being 0.03p 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 GBP150,000 is available to the Company (see above).  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 additional acquisitions, to enhance shareholder value.

L.E.V. Knifton
Chairman


27 September 2011

The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Leo Knifton
H. B. Properties PLC
Finsgate
5-7 Cranwood Street
London
EC1V 9EE

Tel: +44 (0) 20 7309 2280
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 2011

                                                            Unaudited             Audited        Unaudited
                                                             6 Months          Year ended         6 Months
                                                                ended         31 December            ended
                                                         30 June 2011                2010     30 June 2010
 
                                            Note              GBP'000             GBP'000          GBP'000
                                                                                           
 Turnover                                                           -                   -                -
                                                                                           
 Operating expenses                                               (15)                (58)             (30)
 Provision against investment                                      (9)               (676)               -
                                                              -------             -------          -------       
 Loss  on  ordinary  activities  before                                                    
 taxation                                                         (24)               (734)             (30)
                                                                                           
 Taxation                                                           -                   -                -
                                                              -------             -------          -------      
 Loss on ordinary activities                                                               
 after taxation - retained                                     GBP(24)            GBP(734)          GBP(30)
                                                              =======             =======          =======     

 Loss per share:  basic                     2                 (0.03p)              (0.8p)           (0.03p)
                                                                                           
 There were no recognised gains or losses other than those recognised in the profit and loss account.

                                                     
Balance Sheet
As at 30 June 2011
                                                               Unaudited         Audited          Unaudited
                                                                   As at           As at              As at
                                                                 30 June     31 December            30 June
                                                                    2011            2010               2010
 
                                                                 GBP'000         GBP'000            GBP'000
 FIXED ASSETS                                                                              
 Investments                                                       1,233           1,232              1,908
                                                                 -------         -------            -------    
                                                                   1,233           1,232              1,908
                                                                 -------         -------            -------     
 CURRENT ASSETS                                                                            
 Debtors                                                               3               1                  3
 Cash at bank and in hand                                              -              10                 20
                                                                 -------         -------            -------              
                                                                       3              11                 23
  Creditors: amounts falling due within                                                     
  one year                                                           (61)            (54)               (38)
                                                                 -------         -------            -------     
 NET CURRENT ASSETS                                                  (58)            (43)               (15)
                                                                 -------         -------            -------     
 TOTAL ASSETS LESS CURRENT 
 LIABILITIES                                                       1,175           1,189              1,893
                                                                                           
 Creditors:  amounts falling due after                                                     
 more than one year                                                                        
                                                                                           
 Convertible and other loans                                        (85)             (85)               (85)
                                                                -------          -------            -------    
 NET ASSETS                                                    GBP1,090         GBP1,104           GBP1,808
                                                                =======          =======            =======     
                                                                                           
 CAPITAL AND RESERVES                                                                      
                                                                                           
 Called up share capital                                             65               65                 65
 Share premium                                                    1,917            1,907              1,907
 Profit and loss account                                           (892)            (868)              (164)
                                                                -------          -------            -------     
 Equity shareholders' funds                                    GBP1,090         GBP1,104           GBP1,808
                                                                =======          =======            =======     
                                                     
                                                   
Consolidated Cash Flow Statement
for the six months ended 30 June 2011
                                                               Unaudited          Audited         Unaudited
                                                                6 Months       Year ended          6 months
                                                                   ended      31 December             ended
                                                            30 June 2011             2010      30 June 2010
 
                                                 Note            GBP'000          GBP'000           GBP'000
                                                                                           
 Cash outflow from operating activities            3                 (10)             (40)              (30)
                                                                                           
 Financing:                                                                                
                                                                                           
 Long term loan received                                               -               50                50
                                                                 -------          -------           -------       
 Cash (decrease)/increase in the period                           GBP(10)           GBP10             GBP20
                                                                 =======          =======           =======     


 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 2011             2010       30 June 2010
 
                                                                GBP'000          GBP'000            GBP'000
                                                                                           
 Increase/(Decrease) in cash in the period                          (10)              10                 20
                                                                                           
 Long term loans received                                             -              (50)               (50)
                                                                -------          -------            -------     
                                                                    (10)             (40)               (30)
                                                                                           
 Net debt at start of period                                        (75)             (35)               (35)
                                                                -------          -------            -------     
 Net debt at end of period                                       GBP(85)          GBP(75)            GBP(65)
                                                                =======          =======            =======      

                                                      
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 2010.

    The interim report for the six months to 30 June 2011 was approved by the Board on 27 September 2011.


2.  Loss per Share
                                                                 Six             Year                 Six
                                                              Months            Ended              Months
                                                               Ended      31 December               Ended
                                                        30 June 2011             2010        30 June 2010
 
                                                               Pence            Pence               Pence
                                                                                                         
    Earnings per share: basic                                (0.03p)           (0.8p)             (0.03p)
                                                                                        

    Loss  per  ordinary  share is based on the Company's loss for the financial period of GBP24,000. 
    (December 2010 - loss GBP734,000; June 2010 - loss GBP30,000).

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

                                                           Number              Number              Number
                                                                                        
    Earnings per share: basic                          93,351,471          92,368,046           92,368,046
                                                                                        


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 2011                 2010        30 June 2010
 
                                                          GBP'000              GBP'000             GBP'000
                                                                                        
                                                                                        
     Operating loss                                           (15)                 (58)                (30)
                                                                                        
     Net increase in working capital                            5                   18                   -
                                                          -------              -------             -------  
     Net outflow from operating activities                 GBP(10)              GBP(40)             GBP(30)
                                                          =======              =======             =======   
                                                                                        
 
4.   The  information for the year ended 31 December 2010 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  2010  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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