Final Results

Hansa Trust PLC
13 June 2003



                                 HANSA TRUST PLC


                      Preliminary Announcement of Results
                        for the year ended 31 March 2003



Hansa Trust PLC announces its Preliminary Results for the year ended 31 March
2003.

Financial Highlights                               Year ended       Year ended
                                                31 March 2003    31 March 2002
                                                  (unaudited)        (audited)

Capital deficit per equity share                       (101.1p)          (42.4p)
Revenue return per equity share                           4.0p             4.9p
Net asset value per equity share                        270.4p           371.5p
Total dividend per equity share for the year              4.0p             5.0p

Total income (£000's)                                   2,366            2,584
Revenue before taxation (£000's)                          963            1,144



• Final dividend 2.2p per share

• NAV per share fell by 27.2% compared with a fall of 32.1% in the FTSE 
  All-Share Index

• Proposed change in performance benchmark



The following are attached:


• Chairman's Statement

• Consolidated Statement of Total Return

• Balance Sheet for the Group and Company

• Consolidated Cash Flow Statement

• Reconciliation of Operating Results to Net Cash Flow from operating Activities

• Reconciliation of Net Cash Flow Movement to Movement in (Debt)/Net Funds

• Notes


For further information please contact:



Peter Gardner               Hansa Capital Limited              020 7647 5750

David Haggie                Haggie Financial Limited           020 7417 8989


                          CHAIRMAN'S STATEMENT



PERFORMANCE


During the year under review the Net Asset Value per Ordinary and 'A' Ordinary
share fell from 371.5p to 270.4p, a drop of 27.2% compared with a fall in the
FTSE All-Share Index of 32.1%. The comparative figures for the medium and
long-term are as follows:


Period to 31 March 2003          Net Asset Value        FTSE All-Share Index

3 Years                              -39.2%                    -44.2%
5 Years                              -12.9%                    -37.6%
10 Years                             +110.0%                   +23.0%


The short-term absolute performance continues to be disappointing. This is
described further in the Adviser's Report, which follows. Whilst the long-term
return on the Company's assets continues to be more satisfactory, the current
performance has meant that the Company's shares continue to trade at a largish
discount. Since 31 March 2002, the discount has widened from 17.2% to 20.5% for
the Ordinary shares, and 17.9% to 19.4% for the 'A' Ordinary shares.


The Directors have powers to buy back 'A' Ordinary shares and will do so if an
appropriate opportunity presents itself. Meanwhile they are considering what
opportunities will be presented by the proposal to allow the purchase of shares
for Treasury. The power to buy back 'A' Ordinary shares lapses at the AGM and so
a renewal of the authority will be proposed at the meeting



REVENUE AND DIVIDENDS


Total income in the year fell from last year's level of £2.58m to £2.37m, and
this generated a revenue return on ordinary activities before taxation of £0.96m
a fall of some £0.18m from the previous year's return of £1.14m. Regrettably the
Company's trading subsidiary Consolidated Investment Funds produced a loss of
£73,000, which although an improvement over the prior year's loss of £373,000,
when combined with the drop in the level of revenue returns, has restricted the
Company's ability to maintain dividends at the prior year level. An interim
dividend of 1.8p per share (2002: 1.8p) was paid to shareholders in December
2002. The Directors have decided to reduce the total level of dividend payable
for the year to 4p (2002: 5p) and are therefore recommending a final dividend of
2.2p per Ordinary and 'A' Ordinary share. This final dividend will be payable on
7 August 2003, subject to shareholders approval at the AGM, to shareholders on
the register at 27 June 2003. It is probably worth repeating that the Company's
focus is on total return and the balance between income and capital will vary
depending on market conditions; therefore there can be no guarantee that the
level of dividend will remain constant from year to year, although over the long
term we would expect it to grow.


                   CHAIRMAN'S STATEMENT (continued)



INVESTMENTS


Strategic

Following the decision by the board of Adam and Harvey Group PLC to return
shareholders' funds, the Company received the first and major cash distribution
during the year, with a small amount expected to be received before the year
end. Ocean Wilsons Holdings Limited, the Brazilian investment and shipping
group, in which we have a significant stake, maintained its turnover and
substantially increased its operating profits. Regrettably the results were once
again affected by the exchange losses on its foreign currency borrowings.
Although its after tax profit fell from the previous year level of £3.6 to
£0.8m, the company has maintained its dividend.



Portfolio

The portfolio of investments with a breakdown of the investments by size and
market is detailed on pages 9 and 10. The charts on page 8 show the industry
sector weightings and market sector weightings for both 2002 and 2003. From the
industry sector charts you will be able to see that during the year the exposure
to the financial sector has increased by 13%, the majority of which has been the
increase in the insurance sector, with reductions in both the investment trust
and cyclical services sectors of 11% and 15% respectively. Further details on
the portfolio and its performance are covered in the Adviser's Report.



BENCHMARK


As reported in the Interim Report, the Board has been considering the Company's
benchmark and has concluded that a benchmark which reflects real returns is more
in alignment with shareholders' interests than the present FTSE All-Share Index.
The Board has therefore decided to recommend to shareholders at the forthcoming
AGM the adoption of a new benchmark. The proposed benchmark is the three-year
average rolling rate of return for five-year government bonds, plus two percent.
By way of illustration the chart below plots both the current benchmark and the
proposed benchmark over the last five years.



Owing to problems in converting the chart to transmittable data compatible with
the RNS reporting system the chart has been omitted from this statement.


However a copy of the Chairman's Statement including the chart will be available
from Monday 16 June 2003 on www.closefinsbury.com



If shareholders approve the change in the benchmark at the forthcoming AGM, the
Board together with the Investment Manager will review the Company's investment
policy. The Board believes that focusing on individual stock selection and on
investing in special situations is the best policy for exceeding the new
benchmark and for providing shareholders with a real return on their capital. In
the new circumstances the Board will then consider how best to give effect to
the revised investment policy.


Hansa Trust, as a special situation investment trust, has never been a slave to
its benchmark and whilst it has diverged from it markedly over many years,
normally positively, we do not expect the change in the benchmark will
significantly alter our approach to investing.



                     CHAIRMAN'S STATEMENT (continued)


FSA PROPOSED CHANGES TO THE LISTING RULES


As no doubt you have read in the newspapers following the collapse of a number
of the Split Trusts, the Financial Services Authority has decided to introduce
additional listing rules in respect of investment trusts and published a
consultation paper earlier this year. The Board responded to the proposals,
which in the main were acceptable. However we did not agree with the proposals
to set limits to the investment policy of investment trusts, in particular in
relation to investing in other closed end funds. This matter should be left to
the Board to determine together with the Investment Manager, in accordance with
the Articles of the Company and as agreed by the shareholders. Furthermore we do
not believe that a representative of the Investment Manager should be prevented
from sitting on the Board. Such a person should have direct fiduciary
accountability to the shareholders, which will be achieved as a consequence of
participation on the Board. The Board will consider the impact on the Company of
any changes finally proposed by the FSA and propose an appropriate course of
action to protect the Company and its shareholders.


THE BOARD


After 27 years as a member of the Board, Edwin Teideman has decided to retire at
the forthcoming AGM rather than stand for re-election. We have been very
fortunate to have had his wide financial experience and detailed analysis over
many years. Alex Hammond-Chambers, who joined the board in November last year,
will in accordance with normal practice resign and offer himself for re-election
at the AGM.


ANNUAL GENERAL MEETING


The Annual General Meeting of the Company will be held at 11.00am on 31 July
2003 in the Curzon Suite, at the Mayfair Intercontinental Hotel, Stratton
Street, London, WIA 2AN. I do hope that as many shareholders as are able will
attend. This will be an opportunity to meet with your Board of Directors. In
addition William Salomon, who is the Chairman of the Investment Manager,
together with John Dodd the Investment Adviser, will make a presentation and be
available to answer questions.


OUTLOOK


It is difficult to comment on the outlook for the UK or overseas stockmarkets.
For three years they have fallen in value and share prices, being so much lower
than they were at the peak of the technology bubble, are clearly in most cases,
much more reasonably valued. But many companies are experiencing pressures on
profits coming from poor sales growth, rising costs and taxes and much tougher
accounting standards for reported profits. If profits generally don't progress
significantly, it is difficult to see markets making much progress either.


However, we believe it would he quite wrong to be bearish about all shares. If
markets move sideways over the next few years, then some shares will rise while
others will fall. There are clearly areas, such as insurance in which we have a
considerable investment, in which companies can do very well. Our proposed new
benchmark has been devised with a view of setting a goal of actually making
money for shareholders. By investing in those companies with good medium-term
prospects, we believe we can make money.


Jamie Borwick
Chairman
12 June 2003



HANSA TRUST PLC
CONSOLIDATED STATEMENT OF TOTAL RETURNS
Incorporating the revenue account for the year ended 31 March

               (unaudited)      (unaudited)      (unaudited)      (audited)      (audited)     (audited)
                   Revenue          Capital            Total        Revenue        Capital         Total
                      2003             2003             2003           2002           2002          2002
                      £000             £000             £000           £000           £000          £000
Losses on
investments              -          (24,256)         (24,256)             -        (10,141)      (10,141)

Exchange
losses on
currency
balances                 -                -                -              -            (29)          (29)

Income               2,366                -            2,366          2,584              -         2,584

Investment
management
fees                  (547)               -             (547)          (641)             -          (641)

Other                 (459)               -             (459)          (484)             -          (484)
expenses          ----------   --------------      -----------     ----------  -------------   -----------

Net return/
(loss) before
finance costs
and
taxation             1,360          (24,256)         (22,896)         1,459        (10,170)       (8,711)
                  ----------   --------------      -----------     ----------  -------------   -----------              
 
Interest
payable and              
similar
charges               (397)               -             (397)          (315)             -          (315)
                  ----------  ---------------      -----------     ----------  -------------   -----------

Return/(loss)
on ordinary
activities
before
taxation               963          (24,256)         (23,293)         1,144        (10,710)       (9,026)
                         
Taxation
charge on                
activities               -                -                -             23              -            23
                ------------  ---------------  ---------------      ---------  -------------  ------------

Return/(loss)
on ordinary
activities
after
taxation               963          (24,256)         (23,293)         1,167        (10,710)       (9,003)
                         
Dividend on
Ordinary and             
'A' Ordinary
shares
(equity)              
                      (960)               -             (960)        (1,165)             -        (1,165)
                    --------  ---------------   --------------     ----------  -------------    ----------
                        
Transfer to/
(from)                  
reserves                 3          (24,256)         (24,253)             2        (10,170)      (10,168)
                ------------     ------------       ----------  -------------   ------------    ----------

Return/
(deficit) per            
Ordinary
share                  4.0p          (101.1p)          (97.1p)          4.9p         (42.4p)       (37.5p)
                ------------   --------------     ------------   ------------  -------------  ------------


The revenue column of this statement is the profit and loss account for the
Group.


All revenue and capital items in the above statement derive from continuing
operations.


HANSA TRUST PLC
BALANCE SHEET OF THE GROUP AND COMPANY
at 31 March

                          (unaudited)    (audited)    (unaudited)    (audited)
                                Group        Group        Company      Company
                                 2003         2002           2003         2002
                                 £000         £000           £000         £000

Fixed assets - investments
Group undertakings                  -            -             50          123
Other investments              72,466       89,345         72,466       89,345
                             ----------     --------     ----------     --------
                               72,466       89,345         72,516       89,468

Current assets
Debtors                            92          231            197          221
Investments                       126           43              -            -
Cash at bank                       51          488             21          417
                             ----------  -----------      ---------  -----------
                                  269          762            218          638

Creditors
Amounts falling due            (7,831)        (950)        (7,830)        (949)
within one year           -------------    ---------  -------------    ---------

Net current                    (7,562)        (188)        (7,612)        (311)
liabilities               -------------   ----------  -------------    ---------

                                  
Net Assets                     64,904       89,157         64,904       89,157
                            ===========   ==========     ==========    =========

Capital and reserves

Called up share capital         1,200        1,200          1,200        1,200

Capital reserve -              77,725       81,800         77,725       81,800
realised

Capital reserve -             (15,807)       4,374        (15,760)       4,494
unrealised

Revenue reserve                 1,786        1,783          1,739        1,663
                              ---------    ---------      ---------    ---------
Total equity                   64,904       89,157         64,904       89,157
shareholders funds             ========     ========       ========     ========

Net asset value per             270.4p       371.5p         270.4p       371.5p
Ordinary share





HANSA TRUST PLC
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March
                                                      (Unaudited)    (Audited)
                                                             2003         2002
                                                             £000         £000

Net cash inflow from operating activities                   1,347        2,055
                                                          ---------    ---------
Service of finance
Interest paid                                                (395)        (325)
                                                          ---------    ---------
Net cash outflow from servicing finance                      (395)        (325)
                                                          ---------    ---------
Taxation
Taxation recovered                                             23           71
                                                          ---------    ---------

Financial investments
Purchase of investments                                   (42,771)     (72,459)
Sales of investments                                       35,394       76,625
                                                          ---------    ---------
Net cash (outflow)/inflow from financial                   (7,377)       4,166
investment                                                ---------    ---------

Equity dividends paid                                      (1,200)      (1,200)
Unclaimed dividends                                             -           35
                                                          ---------    ---------
                                                           (1,200)      (1,165)
                                                          ---------    ---------

Financing
Drawdown/(repayment) of loans                               7,165       (5,500)
                                                          ---------    ---------
Decrease in cash                                             (437)        (698)
                                                          ---------    ---------




HANSA TRUST PLC

RECONCILIATION OF OPERATING RESULTS TO NET CASH FLOW FROM OPERATING ACTIVITIES


                                                      (unaudited)    (audited)
                                                             2003         2002
                                                             £000         £000

Net revenue return before finance costs and                 1,360        1,459
taxation

Decrease/(increase) in prepayments and accrued                116          (60)
income

(Increase)/decrease in current asset investments              (83)         827

Decrease in other creditors and accruals                      (46)        (171)
                                                          ---------     --------
Net cash inflow from operating activities                   1,347        2,055
                                                          ---------     --------





RECONCILIATION OF NET CASH FLOW MOVEMENT TO MOVEMENT IN NET (DEBT)/FUNDS

                                                     (unaudited)     (audited)
                                                            2003          2002
                                                            £000          £000

Movement in net funds resulting from cashflows            (7,602)        4,802
Exchange losses                                                -           (29)
                                                         ---------     ---------
Movement in net funds in the year                         (7,602)        4,773
Net funds/(debt) at the start of year                        488        (4,285)
                                                         ---------     ---------
Net (debt)/funds at end of year                           (7,114)          488
                                                         ---------     ---------



Represented by:

                        (audited)    (unaudited)    (unaudited)    (unaudited)
                      At 31 March                      Exchange    At 31 March
                             2002      Cashflows      Movements           2003
                             £000           £000           £000           £000

Cash at bank                  488           (437)             -             51
Short-term bank                 -         (7,165)             -         (7,165)
loans                     ---------      ---------      ---------      ---------
Net (debt)/funds              488         (7,602)             -         (7,114)
                          ---------      ---------      ---------      ---------










Notes:


1.       This Preliminary Announcement is not the Company's statutory accounts.
It has been agreed by the auditors and is an abridged version of the Company's
full draft accounts, which have not yet been signed or filed with the Registrar
of Companies.

2.       Statutory accounts for the 12 months ended 31 March 2002 have been
delivered to the Registrar of Companies and received an audit report which was
unqualified and did not contain statements under Section 237 (2) and (3) of the
Companies Act 1985.


Hansa Capital Limited - Company Secretary

12 June 2003






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