Hanseatic & Baltic Properties plc
LSE : HBPO

September 28, 2010 11:43 ET

Interm Results to 30 June 2010

                             HANSEATIC & BALTIC PROPERTIES PLC (the "Company")
                                                     
                           Interim results for the six months ended 30 June 2010
                                                     
                                                     
Chairman's Statement
                                                     
OVERVIEW

The  company acquired a 6.7% holding in Total Holdings Limited, registered in the Cayman Islands, which  it
intends to hold as an investment.

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 2010 show an operating loss  of  GBP30,000,
largely  due  to  project costs in potential acquisitions of GBP21,000;  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.  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 further acquisition, to enhance shareholder value.

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 2010

                                                            Unaudited             Audited        Unaudited
                                                             6 Months          Year ended         6 Months
                                                                ended         31 December            ended
                                                         30 June 2010                2009     30 June 2009
 
                                            Note              GBP'000             GBP'000          GBP'000
                                                                                           
 Turnover                                                          -                   3                3
                                                                                           
 Operating expenses                                              (30)                (12)              (6)
                                                               ------              ------           ------           
 Loss  on  ordinary  activities  before                                                   
 taxation                                                        (30)                 (9)              (3)
                                                                                           
 Taxation                                                         -                    -                -
                                                               ------              ------           ------
 Loss on ordinary activities                                                               
 after taxation - retained                                    GBP(30)              GBP(9)           GBP(3)
                                                              =======              ======           ====== 
     
 Loss per share:  basic                       2               (0.03p)             (0.01p)          (0.005p)
                                                                                           
                                                                                           

There were no recognised gains or losses other than those recognised in the profit and loss account.

                                                     
                                                     
Balance Sheet as at 30 June 2010

                                                               Unaudited         Audited          Unaudited
                                                                   As at           As at              As at
                                                                 30 June     31 December            30 June
                                                                    2010            2009               2009
 
                                                                 GBP'000        GBP'000             GBP'000
 FIXED ASSETS                                                                              
 Investments                                                      1,908          1,908                  -
                                                                  -----          -----               -----
                                                                  1,908          1,908                  -
                                                                  -----          -----               ----- 
 CURRENT ASSETS                                                                            
 Debtors                                                              3              -                   4
 Cash at bank and in hand                                            20              -                   -
                                                                  -----          -----               ----- 
                                                                     23              -                   4
 Creditors: amounts falling due within                                                     
 one year                                                           (38)           (35)                (32)
                                                                  -----          -----               -----

 NET CURRENT ASSETS                                                 (15)           (35)                (28)
                                                                  -----          -----               -----
 TOTAL ASSETS LESS CURRENT LIABILITIES                            1,893          1,873                 (28)
                                                                                           
 Creditors:  amounts falling due after                                                     
 more than one year                                                                        
                                                                                           
 Convertible and other loans                                        (85)           (35)                (35)
                                                                  -----          -----               -----
 NET ASSETS                                                    GBP1,808       GBP1,838              GBP(63)
                                                                  =====          =====               =====
                                                                                           
 CAPITAL AND RESERVES                                                                      
                                                                                           
 Called up share capital                                             65             65                  65
 Share premium                                                    1,907          1,907                  -
 Profit and loss account                                           (164)          (134)               (128)
                                                                  -----          -----               -----
 Equity shareholders' funds                                    GBP1,808       GBP1,838              GBP(63)
                                                                  =====          =====               =====

 Consolidated Cash Flow Statement
 for the six months ended 30 June 2010
                                                                Unaudited          Audited         Unaudited
                                                                6 Months       Year ended          6 months
                                                                   ended      31 December             ended
                                                            30 June 2010             2009      30 June 2009
 
                                                 Note            GBP'000          GBP'000           GBP'000
                                                                                           
 Cash outflow from operating activities            3                (30)             -                 -
                                                                                           
 Financing:                                                                                
                                                                                           
 Long term loan received                                             50              -                 -
                                                                  -----            -----             -----
 Cash increase/(decrease) in the period                           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 2010            2009       30 June 2009
 
                                                                 GBP'000         GBP'000            GBP'000
                                                                                           
 Decrease in cash in the period                                      20              -                 -
                                                                                           
 Long term loans received                                           (50)             -                 -
                                                                  -----           -----              -----
                                                                    (30)             -                 -
                                                                                           
 Net debt at start of period                                        (35)            (35)               (35)
                                                                  -----           -----              -----
 Net debt at end of period                                       GBP(65)         GBP(35)            GBP(35)
                                                                  =====           =====              =====  
                                                                                           
                                                                                           
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 2009.

    The interim report for the six months to 30 June 2010 was approved by the Board on 28 September 2010.

2.  Loss per Share

                                                                 Six             Year                 Six
                                                              Months            Ended              Months
                                                               Ended      31 December               Ended
                                                        30 June 2010             2009        30 June 2009
 
                                                               Pence            Pence               Pence
                                                                                                         
 Earnings per share: basic                                    (0.03p)          (0.01p)            (0.005p)
                                                                                        

Loss  per  ordinary  share is based on the Company's loss for the financial period of GBP30,000.  (December
2009 - loss GBP9,000; June 2009- loss GBP3,000).

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

                                                             Number              Number              Number
                                                                                        
 Earnings per share: basic                               92,368,046          65,809,322          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 2010                 2009        30 June 2009
 
                                                          GBP'000              GBP'000             GBP'000
                                                                                        
                                                                                        
 Operating loss                                              (30)                 (9)                  (3)
                                                                                         
 Net increase in working capital                              -                    9                    3
                                                           -----               -----                ----- 
 Net  outflow from operating activities                   GBP(30)               GBP-                 GBP-
                                                           =====               =====                =====
                                                                                        
4.   The  information for the year ended 31 December 2009 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  2009  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

  • Hanseatic & Baltic Properties plc