Hanseatic & Baltic
Interim results six months to 30 June 2008
HANSEATIC & BALTIC PROPERTIES PLC (the "Company")
INTERIM RESULTS FOR THE SIC MONTHS ENDED 30 JUNE 2008
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 2008 show an operating loss of GBP12,000;
earnings per share are negative, being 0.02p 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.
On 30 May 2008 the conversion period for the remaining balance of Convertible Loan Notes of GBP35,250,
together with the further GBP200,000 which has been made available but not yet drawn down, was extended to
30 May 2013, converting at the rate of 3,000 ordinary shares of 0.1p per GBP1 of loan notes.
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
2 September 2008
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 2008
Unaudited Audited Unaudited
6 Months Year ended 6 Months
ended 31 December ended
30 June 2008 2007 30 June 2007
Note GBP'000 GBP'000 GBP'000
Operating expenses (12) (27) (14)
----- ----- -----
Loss on ordinary activities before
taxation (12) (27) (14)
Taxation - - -
----- ----- -----
Loss on ordinary activities
after taxation - retained GBP (12) GBP(27) GBP(14)
===== ===== =====
Loss per share: basic 2 (0.02p) (0.04p) (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 2008
Unaudited Audited Unaudited
As at As at As at
30 June 31 December 30 June
2008 2007 2007
GBP'000 GBP'000 GBP'000
CURRENT ASSETS
Debtors 3 1 4
Cash at bank and in hand 1 13 22
----- ----- -----
4 14 26
Creditors: amounts falling due
within one year (11) (44) (43)
----- ----- -----
NET CURRENT ASSETS (7) (30) (17)
Creditors: amounts falling due
after more than one year
Convertible loan (35) - (-)
----- ----- -----
NET ASSETS GBP(42) GBP(30) GBP(17)
===== ===== =====
CAPITAL AND RESERVES
Called up share capital 65 65 65
Profit and loss account (107) (95) (82)
----- ----- -----
Equity shareholders' funds GBP(42) GBP(30) GBP(17)
===== ===== =====
Cash Flow Statement
for the six months ended 30 June 2008
Unaudited Audited Unaudited
6 Months Year ended 6 months
ended 31 December ended
30 June 2008 2007 30 June 2007
Note GBP'000 GBP'000 GBP'000
Cash outflow from operating activities 3 (12) (19) (10)
Financing:
Issue of convertible loan notes (net) - - -
----- ----- -----
Cash decrease in the period GBP(12) GBP(19) GBP(10)
===== ===== =====
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 2008 2007 30 June 2007
GBP'000 GBP'000 GBP'000
Decrease in cash in the period (12) (19) (10)
Issue of convertible loan notes - - -
----- ----- -----
(12) (19) (10)
Net debt at start of period (22) (3) (18)
----- ----- -----
Net debt at end of period GBP(34) GBP(22) GBP(28)
===== ===== =====
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 2007.
The interim report for the six months to 30 June 2008 was approved by the Board on 2 September 2008.
2. Loss per Share
Six Year Six
Months Ended Months
Ended 31 December Ended
30 June 2008 2007 30 June 2007
Pence Pence Pence
Earnings per share: basic (0.02p) (0.04p) (0.02p)
Loss per ordinary share is based on the Company's loss for the financial period of GBP12,000 (December 2007
- loss GBP27,000; June 2007- loss GBP14,000).
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 2008 2007 30 June 2007
GBP'000 GBP'000 GBP'000
Operating loss (12) (27) (14)
Net increase in working capital - 8 4
----- ----- -----
Net outflow from operating activities GBP(12) GBP(19) GBP(10)
===== ===== =====
4. The information for the year ended 31 December 2007 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 2007 accounts and do not
constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.
5. Copies of the interim statement are available from the company at its Registered Office, at Finsgate,
5-7 Cranwood Street, London, EC1V 9EE.
Hanseatic & Baltic Properties plc