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Hanseatic & Baltic (HBPO)

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Wednesday 03 September, 2008

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

						                                                                                                                                                                                        

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