Half-yearly Report
Fidelity Asian Values PLC
Preliminary announcement of unaudited half yearly results for the six months
ended 31 January 2008
Contents
Investment Objective
Summary of Results
Half Yearly Report
Responsibility Statement
Twenty Largest Investments
Financial Statements
Investor Information
Directory
The Investment Objective
The investment objective of the Company is to achieve long term capital growth
through investment principally in the stock markets of the Asian Region
(excluding Japan).
Performance - total return (includes reinvested income)
Six months to 31 January From launch 13 June 1996
2008 to 31 January 2008
Net asset value ("NAV") -5.5% +55.7%
Share price -2.2% +44.4%
MSCI All Countries -4.4% +17.3%
(Combined) Far East Free
ex Japan Index (£)
Standardised performance on a total return basis
Year to 31 Year to 31 Year to 31 Year to 31 Year to 31
/01/04 /01/05 /01/06 /01/07 /01/08
NAV per share +39.3% +9.2% +43.5% +8.7% +19.4%
Share Price +41.4% +15.1% +44.5% +6.7% +20.8%
Sources: Fidelity and Datastream
(Past performance is not a guide to future returns. The value of your
investment can go down as well as up.)
Summary of Results
31 January 31 July 2007 % change
2008
Assets
Total assets employed £161.3m £179.6m -10.2
Shareholders' funds £152.2m £170.7m -10.8
Borrowings as a %of 5.9% 5.2%
shareholders' funds
Borrowings less cash as % 1.6% 2.4%
of shareholders' funds
Net asset value per share 147.55p 156.13p -5.5
(`NAV')
Stockmarket Data (1)
MSCI All Countries 245.76 259.12p -5.2
(Combined) Far East Free
ex Japan (2)
Share Price
period end 133.75p 136.75p -2.2
high 171.50p 143.75p
low 106.50p 94.00p
Discount to undiluted NAV
period end 9.4% 12.4%
high 13.7% 14.5%
low 5.4% 8.2%
Returns for the six months 2008 2007
to 31 January
Capital (loss)/return per (8.90p) 21.35p
ordinary share
Capital + revenue (loss)/ (8.46p) 21.50p
return per ordinary share
Total Return for the six 2008 2007
months to 31 January
NAV -5.5% +16.6%
Share Price -2.2% +13.9%
MSCI All Countries -4.4% +15.0%
(Combined) Far East Free
ex Japan Index (3)
1. for six month period to 31 January 2008 and year to 31 July 2007
2 price index, sterling adjusted
3 with net dividends (after tax) reinvested, expressed in sterling.
Fidelity Asian Values
Half Yearly Report
As of January 31, 2008
PERFORMANCE
For the six months to 31 January 2008 Fidelity Asian Values net asset value
declined 5.5%, compared with a decline of 4.4% for the benchmark, the MSCI All
Countries (Combined) Far East ex Japan Index. (All figures in sterling terms
and on a total return basis). The discount at which the ordinary shares traded
to the net asset value of the Company narrowed to 9.4% at the period end from
12.4% six months ago.
MARKETS
Over the period under review equities in the Far East region posted negative
returns and underperformed the world markets. Although share prices rose in
September and October, investor sentiment remained subdued over the last three
months. There were concerns about a slowdown in demand from the US,
inflationary pressures due to the rise in oil and commodity prices and fallout
from the global credit market crisis on the Asian financial sector. Continued
monetary tightening in China, the region's key trade partner, further hurt
market performance. However, investors found some encouragement in the robust
domestic consumption growth and resilience in exports.
Stock indices in Korea, Taiwan and Singapore lagged behind their regional
counterparts due to weaker than expected economic data. In Korea there was
evidence that domestic consumption growth could have slowed sharply in the
fourth quarter. Investors were also nervous ahead of the presidential elections
held in December. Foreign funds remained net sellers over most of the period,
although this was partly compensated by inflows from domestic investors.
In Taiwan investors were also concerned about the political background ahead of
the presidential elections in March 2008. As expected, some of the ruling
party's campaign themes annoyed China. The Chinese Nationalist party's (KMT)
victory in the legislative elections on 12 January increased the likelihood of
winning the presidential elections in late March. As a result this has improved
investor sentiment given the KMT's more favourable stance towards China.
In Singapore shares fell sharply in January. According to the country's advance
estimates, GDP growth during the fourth quarter of 2007 slowed to 6% year on
year, compared with 9% in the preceding three month period. Its exports and
manufacturing production also slowed over the period.
Chinese stocks fell sharply in January as extreme weather conditions led to
disruption in power generation and transport services and forced manufacturing
plants to shut down. A series of monetary tightening measures aimed at
controlling credit growth and capital investments also affected share prices.
The People's Bank of China raised interest rates four times and increased the
reserve requirement ratio for banks six times during the period. The Chinese
currency was also allowed to appreciate faster to curb inflationary pressures.
Nonetheless, the country continued to drive economic growth in the region.
Hong Kong's benchmark index fared better owing to a sharp rise in September and
October when the region received strong capital inflows from China. Its
monetary authority reduced interest rates, while the government cut tax rates
and announced large infrastructure development projects.
Indonesian and Malaysian equities also generated superior returns. In Malaysia
investors focused on largely positive domestic factors such as corporate
activity, ample liquidity and reforms including increased privatisation related
to government linked companies. Shares in Indonesia tracked the rise in
commodity prices.
PORTFOLIO REVIEW
The Company's Taiwan holdings, particularly in the technology sector, proved
detrimental to relative returns given the uncertainty regarding a pick-up in
global demand. An overweight position in semiconductor manufacturer Media Tek
also detracted from performance in the light of short term demand weakness. The
portfolio manager nevertheless continues to hold the stock, anticipating
benefits from market share gains in the multimedia handsets and digital TV
markets. Holdings in Shin Kong Financial Holdings also hurt performance after
the Taiwanese insurance firm reported losses from its exposure to the US
sub-prime housing market.
A lack of investments in the better performing Indonesian market detracted
further. Here coal producers and energy utility companies gained owing to
strong demand and supply constraints that led to a rise in prices.
Key holdings in Chinese and Hong Kong listed paper producers, such as Lee & Man
Paper Manufacturing and Nine Dragon, underperformed. Investors were concerned
about a slowdown in demand from the US and a fall in their operating margins
due to higher raw material and labour costs.
By contrast prudent stock selection in Korea, particularly in the consumer
discretionary sector, aided performance. For instance, an active position in LG
Household & Healthcare proved beneficial as investors were encouraged by strong
domestic sales and a deal to sell a stake in its cola bottling company to Coca
Cola. Holdings in online media company NHN Corporation also boosted returns.
The firm's dominant position as a Korean internet search portal helped it
increase its advertising income.
In Malaysia an overweight position in the construction and property firm,
Gamuda, enhanced returns, as the company continued to benefit from strong
growth in infrastructure development contracts and real estate development
business. Meanwhile, a stake in the energy equipment manufacturer KNM yielded
positive returns, owing to synergies from the acquisition of its subsidiary and
a strong order pipeline.
The manager maintains a significant overweight exposure to Singapore, given the
robust corporate governance environment and the general high quality of its
listed companies. He is also biased towards stocks in Malaysia in view of the
robust growth outlook for the country.
Over the period the manager realigned the Company's exposure to financial
stocks to favour those companies that directly benefit from stronger stock
markets in the region. For instance, he initiated positions in Singapore
Exchange and Bursa Malaysia, while liquidating holdings in Taiwan based Shin
Kong Financial after it reported losses.
Exposure to Hong Kong's real estate sector was also increased over the period
in line with the strong appreciation in property prices in the region. The
chosen companies are benefiting from strong demand for apartments, while supply
in the market remains constrained.
Meanwhile, exposure to Taiwan's technology hardware sector was reduced.
Positions in capital goods were consolidated. The manager took profits from a
number of mid-sized companies in Malaysia, Korea and Singapore.
OUTLOOK FOR THE REGION
The Asia Pacific region has not been immune from the slowdown in the advanced
economies of the world despite the region's increasing reliance on internal
sources of growth. Against an unusually cloudy global background GDP growth
forecasts for 2008 have been revised. Economies in Asia are nevertheless
expected to outpace their counterparts elsewhere, with resilient domestic
demand and large fixed asset investments the key factors.
China and India should continue to drive regional growth in 2008. In China,
domestic demand and fixed asset investments are expected to rise despite the
government's efforts to cool down economic activity. In India, strong
consumption should further boost corporate earnings.
VAT ON MANAGEMENT FEES
The Board noted the final judgement from the European Court of Justice in
favour of the claim by JPMorgan Claverhouse plc that Her Majesty's Revenue and
Customs had been wrong in requiring investment trusts domiciled in the UK to
pay VAT on their management fees. However, no account has been taken of any
repayment of VAT in the accompanying financial statements.
The Company is working with Fidelity on VAT that may be recoverable and is no
longer paying VAT on management fees.
PRINCIPAL RISKS AND UNCERTAINTIES
The Board believes that the principal risks and uncertainties faced by the
Company continue to fall into six broad categories:
• Market Risk
• Performance Risk
• Income Risk
• Share Price Risk
• Gearing Risk
• Control Systems Risk
Information on each of these is given in the Business Review section of the
Annual Report for the year ended 31 July 2007.
SUBSTANTIAL SHARE INTERESTS
At the date of this report notification had been received that the shareholders
listed in the table below hold more than 3% of the issued share capital of the
Company. 14.75% of the issued share capital was held in aggregate by investors
in the Fidelity ISA and PEP and the Fidelity Investment Trust Share Plan.
Shareholder Number of ordinary shares %
Carrousel Capital 26,805,404 25.99
Deutsche Bank 4,869,763 4.72
Legal & General
Investment Management 4,578,554 4.44
The share register is regularly discussed by the Board and its advisers.
REPURCHASE OF SHARES
During the six months to 31 January 2008 the Company repurchased 6,190,000
ordinary shares for cancellation, enhancing the NAV for remaining shareholders
by 0.83 pence per share.
By order of the Board
Fidelity Investments International
14 March 2008
RESPONSIBILITY STATEMENT
The Directors confirm to the best of their knowledge that:
a) the condensed set of financial statements contained within the half yearly
financial report has been prepared in accordance with the UK Accounting
Standards Board's Statement `Half-Yearly Financial Reports';
and
b) the half yearly financial report (constituting the interim management
report) includes a fair review of the information required by Rule 4.2.7R of
the FSA's Disclosure and Transparency Rules and their impact on the condensed
set of financial statements and a description of the principal risks and
uncertainties for the remaining six months of the financial year.
c) in accordance with Disclosure and Transparency Rule 4.2.8R there have been
no related parties transactions during the six months to 31 January 2008 and
therefore nothing to report on any material effect by such a transaction on the
financial position or the performance of the Company during that period; and
there have been no changes in this position since the last annual report that
could have a material effect on the financial position or performance of the
Company in the first six months of the current financial year.
The half yearly financial report has not been audited or reviewed by the
Company's auditors.
The half yearly financial report was approved by the Board on 14 March 2008 and
the above responsibility statement was signed on its behalf by Sir Victor
Garland, Chairman.
Top 20 Holdings as at 31 January 2008
Country of Listing Holding Marke value %(1)
£000
CHINA China Mobile 9,585 5.9
Formerly China
Mobile (Hong Kong)
Limited, China
Mobile is an
investment holding
company. It
provides mobile
telecommunications
and related
services in 31
provinces,
autonomous regions
and directly
administered
municipalities in
mainland China and
Hong Kong through
32 subsidiaries.
China Merchants 4,309 2.7
Bank
A commercial bank
that offers
financial services
to both corporate
and individual
clients. The
company is
headquartered in
Shenzhen, Guangdong
Province, the
People's Republic
of China.
China National 3,687 2.3
Offshore Oil
Corporation
CNOOC is 70.6%
owned by the PRC
government and
manages China's
offshore oil and
gas exploration and
production
activities in
partnership with
international oil
and gas firms.
HONG KONG Cheung Kong 5,925 3.7
Holdings
An investment
holding and project
management company.
Its subsidiaries
are engaged in the
field of property
development and
investment, hotel
and serviced suite
operation, property
and project
management, and
investment in
securities. The
company also has
substantial
interests and
operations in life
sciences and other
businesses. The
company operates in
Hong Kong, mainland
China, Asia, Europe
and North America.
Hang Seng Bank 5,424 3.4
The second largest
bank incorporated
in Hong Kong in
which HSBC Group
has a majority
ownership. It has
over 150 branches
in Hong Kong and
also has banking
operations in
mainland China. The
bank serves more
than one third of
Hong Kong's people.
Li & Fung 5,418 3.4
A buying agency for
consumer goods,
managing the supply
chain for retailers
and brands
worldwide. The
company is
headquartered in
Hong Kong, and it
services its
customers globally
through a sourcing
network of over 70
offices in more
than 40 economies.
Swire Pacific 4,909 3.0
A trading company
which operates via
five divisions:
property, marine
services, aviation,
beverages, and
industrial. Swire
holds large
developed and
undeveloped
commercial and
residential real
estate in Hong
Kong, China, and
the US, primarily
in Florida.
Hong Kong Exchanges 4,814 3.0
Through its
subsidiaries, it
owns and operates
the stock and
futures exchange in
Hong Kong and their
related clearing
houses.
China Life 3,450 2.1
Insurance
The largest life
insurance company
in China holding
47% of market
share. In addition
to life insurance
the company
provides asset
management and
health and accident
insurance.
Lee & Man Paper 3,037 1.9
Manufacturing
The second largest
containerboard
manufacturer in
China, with around
8% market share.
KOREA Samsung Electronics 7,210 4.5
A Korea based
company that
specialises in the
provision of
communication
products. The
company operates
its business
through five
business divisions:
communication,
semiconductor,
digital media,
liquid crystal
display (LCD) and
home appliances.
NHN Corporation 4,699 2.9
An online media
industry company,
which owns the
biggest internet
search portal in
Korea called Naver.
The company also
operates websites
in Korea.
LG Household and 4,622 2.9
Healthcare
The largest home
and personal care
product company in
Korea with 35%
market share. The
home and personal
care sales accounts
for 70% of sales
while cosmetics
account for 30%.
Kookmin Bank 3,192 2.0
The largest bank in
Korea with over 20%
market share (based
on loans). It
focuses on retail,
small and medium
enterprise market
segments.
Shinsegae 2,998 1.9
Department Stores
The largest
retailing company
in Korea deriving
80% of its revenue
from discount
stores (E-Mart) and
20% from department
stores.
MALAYSIA Gamuda 4,895 3.0
Gamuda is engaged
in investment
holding and civil
engineering
construction. The
Malaysian company
operates in areas
such as engineering
and construction,
property
development, water
concession and
expressway
concessions. Gamuda
operates
principally in
Malaysia, India,
Taiwan, Mauritius
and Qatar.
Parkson Holdings 3,452 2.1
After a recent
restructioning
exercise, this
Malaysian company
has spun off its
steel and other
non-core businesses
and is now purely
involved in the
retail and retail
related businesses.
The company has a
number of stores in
Malaysia, China and
Vietnam.
SINGAPORE Keppel 3,560 2.2
A Singapore based
diversified
congolmerate, with
3 main business
areas; offshore and
marine, property
development and
infrastructure.It
also has several
investment
holdings.
TAIWAN Hon Hai Precision 7,235 4.5
HH Precision is
principally engaged
in the production
and sale of
electronic
products. Based in
Taiwan, the company
provides its
products under
three categories:
electronic
interconnections,
such as connectors
and cable
assemblies for
computers and
peripherals;
modules, including
mechanic modules
and electronic
modules, and
assembled
electronic
products. The
products are
applied in
computer,
communication and
consumer
electronics (3C)
products.
Taiwan 4,898 3.0
Semiconductor
Manufacturing
Company
TSMC is engaged in
the manufacturing,
selling, packaging,
testing and
computer-aided
designing of
integrated circuits
(ICs) and other
semiconductor
devices, and the
manufacturing of
masks. The company
manufactures
semiconductors for
customers based on
their own or third
parties' IC
designs.
Top 20 Holdings 97,319 60.4
(1) % of total assets less liabilities, excluding loan liability
Fidelity Asian Values PLC
Income Statement for the six months ended 31 January 2008
for the six months for the six months for the six months
ended 31.01.08 ended 31.07.07 ended 31.01.07
unaudited audited unaudited
revenue capital total revenue capital total revenue capital total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/ - (9,053) (9,053) - 55,516 55,516 - 20,744 20,744
gains on
investments
Income 2 2,151 - 2,151 3,669 - 3,669 1,687 - 1,687
Investment (938) - (938) (1,528) - (1,528) (767) - (767)
management
fee
Other (258) - (258) (498) - (498) (258) - (258)
expenses
Exchange (2) (103) (105) (5) (238) (243) - (70) (70)
losses
Exchange - (206) (206) - 815 815 - 477 477
(losses)/
gains on
loans
Net return/ 953 (9,362) (8,409) 1,638 56,093 57,731 662 21,151 21,813
(loss)
before
finance
costs and
taxation
Interest (256) - (256) (519) - (519) (272) - (272)
payable
Net return/ 697 (9,362) (8,665) 1,119 56,093 57,212 390 21,151 21,541
(loss) on
ordinary a
ctivities
before
taxation
Taxation on 3 (232) (13) (245) (461) (35) (496) (246) - (246)
return on
ordinary
activities
Return/ 465 (9,375) (8,910) 658 56,058 56,716 144 21,151 21,295
(loss) on
ordinary
activities
after
taxation
for the
period
Return/ 4 0.44p (8.90p) (8.46p) 0.63p 53.37p 54.00p 0.15p 21.35p 21.50p
(loss) per
ordinary s
hare
Basic
Diluted 0.44p (8.90p) (8.46p) 0.62p 53.35p 53.97p 0.15p 21.35p 21.50p
A Statement of Total Recognised Gains and Losses has not been prepared as there
are no gains and losses other than those reported in this Income Statement.
The total column on this statement is the profit and loss account of the
Company.
These financial statements have been prepared in accordance with the AIC
Statement of Recommended Practice ("SORP") issued in January 2003 and revised
in December 2005.
Reconciliation of Movements in Shareholders' Funds
called share capital Other Other Warrant capital capital revenue total
up premium redemption non-distributable reserve reserve reserve reserve reserve equity
share account reserve reserve realised unrealised
capital
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Opening 23,377 12 2,330 - 59,284 7,367 (9,110) 17,465 (1,648) 99,077
shareholders'
funds: 1
August 2006
Net - - - - - - 5,417 15,734 - 21,151
recognised
gains for the
period
Revenue after - - - - - - - - 144 144
taxation for
the period
Exercise of 5,116 15,347 - - 7,367 (7,367) - - - 20,463
warrants
Closing 28,493 15,359 2,330 - 66,651 - 3,693 33,199 (1,504) 140,835
shareholders'
funds: 31
January 2007
Opening 23,377 12 2,330 - 59,284 7,367 (9,110) 17,465 1,648 99,077
shareholders'
funds: 1
August 2006
Net - - - - - - 19,908 36,150 - 56,058
recognised
gains for the
year
Repurchase of (1,157) - 1,157 - (5,535) - - - - (5,535)
ordinary
shares
Revenue after - - - - - - - - 658 658
taxation for
the year
Exercise of 5,116 15,347 - 7,367 - (7,367) - - - 20,463
warrants
Closing 27,336 15,359 3,487 7,367 53,749 - 10,798 53,615 (990) 170,721
shareholders'
funds: 31
July 2007
Net - - - - - - 13,006 (22,381) - (9,375)
recognised
gains/
(losses) for
the period
Repurchase of (1,547) - 1,547 - (9,606) - - - - (9,606)
ordinary
shares
Revenue after - - - - - - - - 465 465
taxation for
the period
Closing 25,789 15,359 5,034 7,367 44,143 - 23,804 31,234 (525) 152,205
shareholders'
funds: 31
January 2008
Balance Sheet
31.01.08 31.07.07 31.01.07
unaudited audited unaudited
Notes £'000 £'000 £'000
Fixed assets
Investments held at fair value 154,773 175,057 148,424
through profit or loss
Current assets
Debtors 1,808 5,949 441
Cash at bank 6,673 4,696 2,119
8,481 10,645 2,560
Creditors - amounts falling due (2,003) (6,141) (971)
within one year
Other creditors
(2,003) (6,141) (971)
Net current assets 6,478 4,504 1,589
Total assets less current 161,251 179,561 150,013
liabilities
Creditors - amounts falling due 7 (9,046) (8,840) (9,178)
after more than one year
Fixed rate unsecured loan
Total net assets 152,205 170,721 140,835
Capital and reserves
Called up share capital 25,789 27,336 28,493
Share premium account 15,359 15,359 15,359
Capital redemption reserve 5,034 3,487 2,330
Other non-distributable reserve 7,367 7,367 -
Other reserve 44,143 53,749 66,651
Capital reserve - realised 23,804 10,798 (3,693)
Capital reserve - unrealised 31,234 53,615 33,199
Revenue reserve (525) (990) (1,504)
Total equity shareholders' funds 152,205 170,721 140,835
Net asset value per ordinary share 5 147.55p 156.13p 123.57p
Cash Flow Statement
31.01.08 31.07.07 31.01.07
unaudited audited unaudited
£'000 £'000 £'000
Operating activities
Investment income received 1,570 2,713 943
Interest received 69 144 66
Investment management fee (963) (1,447) (632)
paid
Directors' fees paid (41) (71) (36)
Other cash payments (421) (379) (247)
Net cash inflow from 214 960 94
operating activities
Returns on investments and
servicing of finance
Interest paid (252) (403) (150)
Net cash outflow from returns (252) (403) (150)
on investments and servicing
of finance
Financial investment
Purchase of investments (46,830) (123,551) (64,151)
Disposal of investments 58,561 111,301 44,419
Net cash outflow from 11,731 (12,250) (19,732)
financial investment
Net cash inflow/(outflow) 11,693 (11,693) (19,788)
from financing
Financing
Repurchase of ordinary shares (9,606) (5,535) -
Exercise of warrants - 20,463 20,463
5.60% fixed rate unsecured - 9,541 9,541
loan drawn down
6.28% fixed rate unsecured - (9,541) (9,541)
loan repaid
Net cash (outflow)/inflow (9,606) 14,928 20,463
from financing
Increase in cash 2,087 3,235 675
Notes to the Financial Statements
1. ACCOUNTING POLICIES
The half yearly financial statements have been prepared on the basis of the
accounting policies set out in the Company's annual report and financial
statements dated 31 July 2007.
2. INCOME
31.01.08 31.07.07 31.01.07
unaudited audited unaudited
£'000 £'000 £'000
Income from investments
Overseas dividends 1,859 3,350 1,471
Overseas scrip dividends 227 164 155
Overseas interest - 16 11
Deposit interest 65 139 50
Total income 2,151 3,669 1,687
3. TAXATION ON RETURN ON ORDINARY ACTIVITIES
31.01.08 31.07.07 31.01.07
unaudited audited unaudited
revenue capital total revenue capital total revenue capital total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Overseas
taxation
suffered 245 - 245 496 - 496 246 - 246
Taxation
(credit)
/charge
for the
use of
revenue
expenses (13) 13 - (35) 35 - - - -
Total
Taxation 232 13 245 461 35 496 246 - 246
4. RETURN/(LOSS) PER ORDINARY SHARE
31.01.08 31.07.07 31.01.07
unaudited audited unaudited
revenue capital total revenue capital total revenue capital total
Basic 0.44p (8.90p) (8.46p) 0.63p 53.37p 54.00p 0.15p 21.35p 21.50p
Diluted 0.44p (8.90p) (8.46p) 0.62p 53.35p 53.97p 0.15p 21.35p 21.50p
Basic returns per ordinary share are based on the revenue return on ordinary
activities after taxation of £465,000 (31.07.07: return £658,000; 31.01.07:
return £144,000), the capital loss in the period of £9,375,000 (31.07.07:
return £56,058,000; 31.01.07: return £21,151,000) and the total loss of £
8,910,000 (31.07.07: return £56,716,000; 31.01.07: return £21,295,000) and on
105,355,977 ordinary shares (31.07.07: 105,041,064; 31.01.07: 99,050,696) being
the weighted average number of shares in issue during the period.
5. NET ASSET VALUE PER ORDINARY SHARE
The basic net asset value per ordinary share is based on net assets of £
152,205,000 (31.07.07: £170,721,000; 31.01.07: £140,835,000) and on 103,157,200
ordinary shares (31.07.07: 109,347,200; 31.01.07: 113,974,200), being the
number of ordinary shares in issue at the period end.
6. COST OF INVESTMENT TRANSACTIONS
31.01.08 31.07.07 31.01.07
unaudited audited unaudited
£'000 £'000 £'000
Included in the
gains on
investments are
the following
costs of
investment
transactions:
Purchases 100 286 131
expenses
Sales expenses 179 362 147
279 648 278
7. LOAN FACILITY
A fixed rate unsecured loan from Lloyds TSB Bank PLC of US$18,000,000 was drawn
down on 27 September 2006 for a period of three years at an interest rate of
5.60% per annum. The loan is repayable on 25 September 2009.
8. SHARE REPURCHASES
31.01.08 31.07.07 31.01.07
unaudited audited unaudited
£'000 £'000 £'000
The following share
repurchases were made
in the periods:
Number of shares 6,190,000 4,627,000 -
repurchased
Average price per 155.19p 119.62p -
share
Total cost including
stamp duty
and commission (£) 9,606,000 5,535,000 -
9. WARRANTS
The last remaining warrants were exercised in November and December 2006. An
aggregate of 20,462,735 ordinary shares of 25p per share were issued and
allotted, fully paid at a price of 100p.
10. UNAUDITED FINANCIAL STATEMENTS
The results for the six months to 31 January 2008 and 31 January 2007, which
are unaudited, constitute non-statutory accounts within the meaning of s240 of
the Companies Act 1985. The figures and financial information for the year
ended 31 July 2007 are extracted from the latest published financial
statements. These financial statements on which the auditors gave an
unqualified report, have been delivered to the Registrar of Companies.
CONTACT INFORMATION
Private investors: can call free on
0800 414110
9am to 6pm, seven days a week
Financial advisers: can call free on
0800 414181
8am to 6pm, Monday to Friday.
Existing investors who have specific queries regarding their holding or need to
provide update information, for example a change of address, should contact the
appropriate administrator:
Holders of ordinary shares:
Capita Registrars
(Registrars of Fidelity Asian Values PLC)
The Registry
34 Beckenham Road, Beckenham
Kent BR3 4TU
Telephone: 0870 162 3100 (calls to this number cost 10p per minute plus network
extras.)
Share Plan investors:
Fidelity Investment Trust Share Plan
Equiniti Limited*
PO Box 4605
Aspect House
Spencer Road, Lancing
West Sussex BN99 6QY
Telephone: 0871 384 2781 (calls to this number are charged at 8p per minute
from a BT landline. Other telephone providers' costs may vary.)
* Lloyds TSB Registrars was taken over by Advent International on 1 October
2007. The new name of the administrators of the Fidelity Investment Trust Share
plan is Equiniti Limited.
Fidelity ISA/PEP investors:
Fidelity, using the freephone number given above, or by writing to:
UK Customer Service, Fidelity Investments, Oakhill House, 130 Tonbridge Road,
Hildenborough, Tonbridge, Kent, TN11 9DZ
Fidelity Share Network:
http://www.fidelity.co.uk/sharenetwork
General enquiries should be made to Fidelity, the Investment Manager and
Secretary, at the Company's registered office:
Fidelity Investments International Investment Trusts, Beech Gate, Millfield
Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP
Internet site: http://www.fidelity.co.uk/its
FINANCIAL CALENDAR 2008
31 January - half yearly period end
17 March - announcement of half yearly results to 31 January
26 March - publication of half yearly report
31 July - financial year end
October - publication of annual report
December - Annual General Meeting
DIRECTORY
BOARD OF DIRECTORS
The Hon Sir Victor Garland, KBE (Chairman)
Hugh Bolland
(Chairman of Audit Committee)
William Knight
Kathryn Matthews
Sir Robin McLaren, KCMG
(Senior Independent Director)
MANAGER, SECRETARY AND REGISTERED OFFICE
Fidelity Investments International
Beech Gate, Millfield Lane
Lower Kingswood
Tadworth
Surrey
KT20 6RP
FINANCIAL ADVISERS AND STOCKBROKERS
Dresdner Kleinwort
30 Gresham Street
London
EC2P 2XY
INDEPENDENT AUDITORS
Grant Thornton UK LLP
Chartered Accountants and Registered Auditors
30 Finsbury Square
London
EC2P 2YU
BANKERS AND CUSTODIAN
JPMorgan Chase Bank
(London Branch)
125 London Wall
London
EC2Y 5AJ
REGISTRARS
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
LAWYERS
Slaughter and May
One Bunhill Row
London
EC1 8YY
The Fidelity Individual SavingsAccount ("ISA") is offered andmanaged by
FinancialAdministration Services Limited. The Fidelity Investment Trust Share
Plan is managed by Fidelity Investments International, administered by Equiniti
Limited and with shares held in the name of Lloyds TSB Registrars Savings
Nominees Limited. The value of tax savings and eligibility to invest in an ISA
will depend on individual circumstances and all tax rules may change in the
future. Fidelity investment trusts are managed by Fidelity Investments
International. Fidelity only gives information about its own products and
services and does not provide investment advice based on individual
circumstances. For funds that invest in overseas markets, changes in currency
exchange rates may affect the value of your investment. Investments in small
and emerging markets can be more volatile than other more developed markets.
Should you wish to seek advice please contact a Financial Adviser. Issued by
Fidelity Investments International, authorised and regulated in the UK by the
Financial Services Authority.
CB33544/na.
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