Annual Financial Report
FIDELITY EUROPEAN VALUES PLC
ANNUAL FINANCIAL REPORT, PROXY FORM AND ADDITIONAL DISCLOSURES
TO THE PRELIMINARY RESULTS FOR THE YEAR TO 31 DECEMBER 2009
Further to the voluntary disclosure of the Company's annual results for the
year ended 31 December 2009 by way of a preliminary announcement dated 5 March
2010, in accordance with the Disclosure and Transparency Rules ("the Rules")
4.1.3 and 6.3.5(2) this announcement contains the text of the preliminary
announcement dated 5 March 2010 together with the additional text in compliance
with the Rules.
The Company's annual report and financial statements for the year ended 31
December 2009 together with the accompanying proxy form have been filed with
the UK Listing Authority Document Disclosure team and will shortly be available
for inspection at the UK Listing Authority's Document Viewing Facility which is
situated at:
Financial Services Authority
25 The North Colonnade
CanaryWharf
London
E14 5HS
Tel: 020 7676 1000
(Documents will usually be available for inspection within six normal business
hours of this notice being given).
The annual report and financial statements will shortly be available on the
Company's website at www.fidelity.co.uk/its
Rebecca Burtonwood, FIL Investments International, Company Secretary - 01737
836 869
25 March 2010
CHAIRMAN'S STATEMENT
I have pleasure in presenting the annual report of Fidelity European Values PLC
for the year ended 31 December 2009.
Performance
At the start of 2009, markets were still very weak following the bankruptcy of
Lehmans. Bank shares were particularly weak and there was some uncertainty
whether government action worldwide would be sufficient to improve sentiment
and permit banks and money markets to operate in a more normal fashion. In the
event, good US bank results were announced in March and, with equity being
oversold, markets began a rally which continued almost to year end.
Against this background, the net asset value per share of Fidelity European
Values PLC increased by 11.3% on a total return basis. This was less than its
benchmark, the FTSE World Europe (ex UK) Index, which rose by 19.1%. The share
price rose by 21.3% on a total return basis resulting in a narrowing of the
discount. The major factor behind this weak relative performance was the
portfolio's commitment to stocks with strong balance sheets and resilient
profits. The best performing stocks were, however, more volatile companies
with rather weaker fundamentals.
Nevertheless, absolute returns were helped by the euro's appreciation against
sterling. Throughout the trust's existence it has been our strategy never to
hedge any of the trust's currency exposure. This remains the Board's policy
and the Board would inform shareholders before any change was made.
Another factor in 2009 was our approach to gearing. While the Board was right
to remove all gearing on a net basis back in September 2007, it would (with the
benefit of hindsight) have been more profitable to have reinstated the gearing
last March.
Discount management
The Board remains active in issuing shares at a premium and buying back shares
at a discount; a continuation of practice since launch. The purpose of this is
to reduce share price volatility and it also results in an enhancement to the
net asset value per share. Over the last year, share buybacks have been made,
further details of which may be found in the Directors' Report in the annual
report.
Dividends
As I do every year, I wish to reiterate that the Board will not influence the
Manager in any way to determine the level of income of your Company's
portfolio; it will remain the Board's policy to pay out earnings in full.
This year the Board decided to pay an interim rather than a final dividend.
This involved our estimating the level of earnings for the year. In the event
our actual earnings were slightly less than this figure as a result of which we
have had to make a small transfer from reserves. The interim dividend of 22.50
pence per share for the year ended 31 December 2009 compares with the previous
year's final dividend of 23.26 pence per share and special dividend of 13.24
pence per share. This dividend will be paid on 31 March 2010 to shareholders
on the register at close of business on 5 March 2010 (ex dividend date 3 March
2010).
Directorate
As detailed in my statement in last year's report, Mr Simpson retired from the
Board after the Annual General Meeting and Mr van der Klugt assumed the role of
Chairman of the Audit Committee and Senior Independent Director.
I will retire as Director and Chairman after the 2010 Annual General Meeting.
Mr van der Klugt will be appointed Chairman with effect from that date and Mr
Robinson will be appointed Chairman of the Audit Committee and Senior
Independent Director.
I am delighted to confirm that Dr Niblett was appointed a Director on 14
January 2010 following a search using an external agency. Dr Niblett is
Director and Chief Executive of Chatham House (the Royal Institute of
International Affairs). Prior to this he worked for the Center for Strategic
and International Studies, becoming Executive Vice President in 2001. Dr
Niblett has already contributed greatly during his short tenure and he will be
standing for election at the Annual General Meeting.
Mr Fraser is subject to annual re-election under the Listing Rules due to his
recent employment relationship with the Manager and his directorship of another
investment trust managed by Fidelity, namely Fidelity Japanese Values PLC. The
Board is convinced that Mr Fraser's experience serves the Company well, and
Directors voted unanimously that he should remain a Director when he left the
employment of Fidelity.
As detailed in the biographies in the annual report the Directors have a wide
range of appropriate skills and experience to make up a balanced Board for your
Company. With the exception of Mr Fraser, all other Directors are totally
independent. The Board has considered the proposal for the election and
re-election of the Directors and recommends to shareholders that they vote in
favour of the proposals.
Continuation vote
In accordance with the Articles of Association of the Company, an ordinary
resolution that the Company continue as an investment trust for a further two
years was passed at the 2009 Annual General Meeting. A further continuation
vote will take place at the 2011 Annual General Meeting.
Annual General Meeting
The Annual General Meeting of the Company is due to take place on 18 May 2010
at midday at Fidelity's offices at 25 Cannon Street. Full details of the
meeting are given in the annual report and I look forward to meeting you then.
Amendments to the Company's Articles of Association to finalise the
implementation of the Companies Act 2006 requirements are the subject of a
special resolution.
Conclusion
I have been a Director of Fidelity European Values PLC since its inception in
1991; clearly I am proud to have been involved with a trust whose net asset
value since launch has increased by 1,344.7% when the corresponding Index has
increased by 446.9%. I believe passionately that investment decisions and fund
managers should be judged on their long term performance. While I am sorry
that a cautious approach by the Manager, supported by the Board, led to a year
of relative underperformance, I believe that this approach and our
concentration on stocks with stronger balance sheets will bear fruit and will
in turn contribute to further outstanding longer term performance.
Fidelity European Values PLC has only had three fund managers since it started
- Anthony Bolton, Tim McCarron and Sudipto Banerji. While each has had a
slightly different approach to investment, they were united in their belief in
the value of detailed high quality research and regular and frequent meetings
with company management. I am sure that this is the underlying reason for the
trust's excellent long term record and I would be the first to pay tribute to
each of our fund managers.
Provided Fidelity remains committed to this discipline (and I am sure that it
will), then I remain absolutely confident that your Company will show the same
sort of performance over the next twenty years that it has shown to date.
You have a strong united Board and I wish Humphrey van der Klugt as Chairman,
the Board and all shareholders every success in the future.
Robert Walther
Chairman
5 March 2010
MANAGER'S REVIEW
Performance review
As shown in the Financial Summary in the annual report, the NAV per share of
Fidelity European Values PLC increased 11.3% in the year to 31 December 2009,
underperforming the FTSE World Europe (ex UK) Index, which rose by 19.1%. (All
performance figures are quoted on a total return basis and in sterling.)
Whilst generating positive absolute returns, the portfolio underperformed the
broader market. During the period, investors started to take on more risk and
more volatile, lower quality stocks with weaker balance sheets performed
strongly. Companies with stronger underlying fundamentals and sound balance
sheets were out of favour. The portfolio is tilted towards the latter and
suffered as a result.
Market background
The beginning of the year saw turmoil in the financial markets as investors
continued to sell banks on both sides of the Atlantic. Risk aversion was high
and ratings agencies' concerns over the exposure of Western European banks to
Eastern European markets, in view of the latter's external financing issues,
exacerbated the negative sentiment for financials.
Unprecedented and co-ordinated global action by Central Banks stemmed the
spiralling crisis in financial markets. The dominant form of support was in
quantitative easing measures that allowed the monetisation of some of the
largest fiscal deficits in post war history. Additionally, in an unprecedented
move, Central Banks took risky assets onto their balance sheets from the worst
affected banks. This provided the backdrop for equities to rally.
As the year progressed, market sentiment was improved by news that most
Eurozone economies came out of recession in the second and third quarters of
2009, somewhat earlier than expected. This encouraged investors to move into
more cyclical sectors such as materials and industrial stocks and to ignore
more defensive shares such as utilities and healthcare.
Portfolio review
There were two major themes underlying portfolio activity in 2009. Firstly, the
Manager concentrated the portfolio on shares with strong balance sheets and
where there was strong confidence in the quality of underlying profits. This
move was based on a belief that any economic recovery in Europe would be slow
and might even be reversed. The second theme was, as indicated in the chart in
the annual report, to move out of shares in the peripheral markets such as
Greece and Spain and to switch these assets into shares in the core Eurozone
markets such as Germany and France. Both these themes have been retained in the
first quarter of 2010.
Telecommunication companies lagged the more cyclical sectors, so exposure to
stocks such as Belgacom and France Telecom detracted from relative performance.
A significant contributor to relative performance was the overweight position
in materials, particularly holdings in Umicore and Outokumpu. The sector had
sold off heavily in the latter quarters of 2008, but began to outperform in
2009 as market and economic sentiment improved. Consumer stocks also
contributed. Apparel retailer Hennes & Mauritz's performance proved resilient
supported by a robust business model. Luxury retailer PPR contributed as its
first-half profits beat analysts' estimates, helped by strengthening luxury
product sales in Asia.
Outlook
European governments have succeeded generally in stabilising their economies
but at the expense of increasing very considerably the level of public debt.
The capacity of the public sector to continue to increase debt is rapidly
diminishing and markets will soon require clear action by these governments to
start to reduce their deficits. While low interest rates have so far supported
the markets, further positive moves may be challenged by significantly
increasing supplies of government debt.
The recovery in equity markets and particularly of smaller more volatile stocks
has been driven by an expansion in the price to earnings ratio. In 2010,
corporate earnings will need to grow to support these higher valuations. While
the earnings cycle appears to have troughed, any rebound in earnings is likely
to be slower than in previous recoveries. It is against this background that
the portfolio retains its focus on stronger companies whose balance sheets and
business models should prove resilient in the continued uncertain environment.
FIL Investments International
5 March 2010
PRINCIPAL RISKS ANDUNCERTAINTIES
Due to the uncertain economic climate, shareholders will have greater concerns
about the way their investments are managed. The Board confirms that there is
an ongoing process for identifying, evaluating and managing the principal risks
which fall under the general headings of strategic, operational and management.
With the assistance of Fidelity's internal audit team the Board has constructed
a risk matrix which identifies the key risks to the Company under these broad
headings. The Board reviews and agrees policies, which have remained unchanged
since the beginning of the accounting period, for managing risks and summaries
of these are set out below.
The process is regularly reviewed by the Board in accordance with the FRC's
"Internal Control: Revised Guidance for Directors on the Combined Code". Risks
are identified, introduced and graded. This process, together with the policies
and procedures for the mitigation of risks, is updated and reviewed regularly
in the form of internal controls reports considered by the Audit Committee.
1. Market risks
The Company's assets consist mainly of listed securities and the principal
risks are therefore market related such as market recessions, interest rate
movements, deflation/inflation, terrorism and protectionism. The Portfolio
Manager's success or failure to protect and increase the Company's assets
against this background are core to the Company's continued success. Other
factors affected by market forces, such as exchange and bond rates, contribute
to risks which have to be taken as part of the Company's normal business.
Risks to which the Company is exposed and which form part of the market risks
category are included in Note 18 to the financial statements together with
summaries of the policies for managing these risks. These comprise: market
price risk, foreign currency risk, interest rate risk, liquidity risk,
counterparty risk and credit risk.
The Company has fixed term, fixed rate loan facilities in place, the first of
which is due for repayment later in 2010. The extent to which any loan
facilities will be retained or renewed will be kept under the most careful
scrutiny. At the present time, cash is being held against the loans held by the
Company to reduce the level of net gearing. However, should good opportunities
for investment arise, these funds are readily available. In addition a
revolving credit facility (currently nil drawn down) and a day to day overdraft
facility can be used if required. The impact of limited finance from
counterparties including suppliers has not impacted the Company to date,
however there are alternative suppliers available in the market place should
the need arise.
The Company relies on a number of main counterparties, namely the Manager,
Registrar, Custodian and Auditor. The Manager is the member of a privately
owned group of companies on which a regular report is provided to the Board.
The Manager, Registrar and Custodian are subject to regular audits by
Fidelity's internal controls team and the counterparties' own internal controls
reports are received by the Board and any concerns investigated.
2. Performance risk
The achievement of the Company's performance objective relative to the market
requires the application of risk. Strategy, asset allocation and stock
selection might lead to underperformance of the benchmark Index and target.
Management of the risks set out above is carried out by the Board which, at
each Board meeting, considers the asset allocation of the portfolio and the
risk associated with particular countries and industry sectors within the
parameters of the investment objective. The Portfolio Manager is responsible
for actively monitoring the portfolio selected in accordance with the asset
allocation parameters and seeks to ensure that individual stocks meet an
acceptable risk/reward profile.
3. Investment management and income risks - dividends
In addition to the risk of the mis-management of funds by poor investment
decisions, there is also a risk involved in income. The Company's objective is
capital growth and as explained in the Chairman's Statement, the Portfolio
Manager is not constrained in any way to determine the level of income. The
Board monitors this risk through the receipt of detailed income reports and
forecasts which are considered at each meeting.
4. Share price, NAV and discount volatility risk
The price of the Company's shares relative to the benchmark Index and in
absolute terms, as well as its discount to net asset value, are not factors the
Company is able to control. Some short term influence over the discount may be
exercised by the use of share repurchases at acceptable prices. Details of
repurchases during the year are given in the annual report. The Company's share
price, NAV and discount volatility are monitored daily by the Manager and
considered by the Board at each of its meetings.
5. Gearing risk
The Company has the option to invest up to the total of its loan facilities in
equities. In a rising market the Company will benefit but in a falling market
the impact would be detrimental. In order to manage the level of gearing the
Board regularly considers gearing and gearing risk and sets limits accordingly.
The Portfolio Manager follows these and may hold short term cash deposits to
control the level of net gearing appropriate to the circumstances as viewed at
the time.
6. Control systems, regulation, governance including shareholder relations
risks
The Company is dependent on the Manager's control systems and those of its
Custodian and Registrars, both of which are monitored and managed by the
Manager in the context of the Company's assets and interests on behalf of the
Board. The security of the Company's assets, dealing procedures and the
maintenance of investment trust status under s842 of the Income and Corporation
Taxes Act 1988, among other things, rely on the effective operation of such
systems. These are regularly tested and a programme of internal audits is
carried out by the Manager to maintain standards.
Other risks
Other risks monitored on a regular basis include loan covenants, which are
subject to daily monitoring, together with the Company's cash position, and the
continuation vote (at a time of poor performance).
RELATED PARTIES
Mr Fraser was employed by Fidelity International until the end of December
2008. Mr Fraser is a Director of Barclays PLC and Barclays Bank PLC. The
Company has a current loan relationship with Barclays Bank PLC. Mr Fraser has
no influence over the decisions by Barclays Bank PLC in its lending
relationship with the Company. FIL Limited has an interest of 112,379 shares or
0.22%
in the Company (2008: 112,379 shares or 0.20%).
No Director is under a contract of service with the Company and no contracts
existed during or at the end of the financial period in which any Director was
materially interested and which were significant in relation to the Company's
business, except as disclosed previously in relation to Mr Fraser's interest in
the Management Agreement and his directorship of Barclays Bank PLC. There have
been no other related party transactions requiring disclosure under Financial
Reporting Standard ("FRS") 8.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the annual report and financial
statements in accordance with applicable law and regulations. Company law
requires the Directors to prepare financial statements for each financial
period. Under that law they have elected to prepare the financial statements in
accordance with UK Generally Accepted Accounting Practice.
The financial statements are required by law to give a true and fair view of
the state of affairs of the Company and of the profit or loss for the period.
In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject
to any material departures disclosed and explained in the financial statements;
and
• prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Company will continue in business.
The Directors are responsible for ensuring that adequate accounting records are
kept which disclose with reasonable accuracy at any time the financial position
of the Company and to enable them to ensure that its financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding
the assets of the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Under applicable law and regulations the Directors are also responsible for
preparing a Directors' Report, including a Business Review, a Directors'
Remuneration Report and a Corporate Governance Statement that comply with that
law and those regulations.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's pages of the
Manager's website www.fidelity.co.uk/its. Visitors to the website need to be
aware that legislation in the United Kingdom governing the preparation and
dissemination of the financial statements may differ from legislation in their
own jurisdictions.
We confirm that to the best of our knowledge the financial statements, prepared
in accordance with the applicable set of accounting standards, give a true and
fair view of the assets, liabilities, financial position and profit or loss of
the Company; and the Directors' Report includes a fair review of the
development and performance of the business and the position of the Company
together with a description of the principal risks and uncertainties it faces.
Approved by the Board on 5 March 2010 and signed on its behalf.
Robert Walther
Chairman
5 March 2010
Enquiries:
Chris Davies, FIL Investments International - 01737 837 723
Rebecca Burtonwood, Company Secretary, FIL Investments International - 01737
836 869
FIDELITY EUROPEAN VALUES PLC
Income Statement
- for the year ended 31 December 2009
2009 2008
revenue capital total revenue capital total
£'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments - 46,288 46,288 - (158,681) (158,681)
designated at fair value through
profit or loss
Income
- Dividends 22,684 - 22,684 23,757 - 23,757
- Interest income - - - 42 - 42
- Deposit interest 165 - 165 1,888 - 1,888
- Interest on VAT recovered on - - - 1,429 - 1,429
investment management fee
- Fidelity Institutional Cash Fund 412 - 412 2,534 - 2,534
plc
Investment management and (4,582) - (4,582) (5,491) (7,458) (12,949)
performance fee
VAT recovered on investment 37 - 37 5,995 - 5,995
management fee
Other expenses (793) - (793) (875) - (875)
Exchange gains/(losses) on other net 161 (8,056) (7,895) (107) 25,141 25,034
assets
Exchange gains/(losses) on loans - 6,867 6,867 - (26,695) (26,695)
Net return/(loss) before finance 18,084 45,099 63,183 29,172 (167,693) (138,521)
costs and taxation
Interest payable (3,768) - (3,768) (4,427) - (4,427)
Net return/(loss) on ordinary 14,316 45,099 59,415 24,745 (167,693) (142,948)
activities before taxation
Taxation on return/(loss) on (3,434) 506 (2,928) (4,128) 1,509 (2,619)
ordinary activities*
Net return/(loss) on ordinary 10,882 45,605 56,487 20,617 (166,184) (145,567)
activities after taxation for the
year
Return/(loss) per ordinary share (1) 20.59p 86.27p 106.86p 36.77p (296.35p) (259.58p)
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 of the Income Statement is the profit and loss account of the
Company. All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued in the year.
* This relates to overseas taxation only
FIDELITY EUROPEAN VALUES PLC
Reconciliation of Movements in Shareholders' Funds
- for the year ended 31 December 2009
called up share capital capital revenue total
share premium redemption reserve reserve equity
capital account reserve
£'000 £'000 £'000 £'000 £'000 £'000
Opening 14,737 58,615 1,088 767,645 12,560 854,645
shareholders'
funds: 1 January
2008
Net recognised - - - (160,235) - (160,235)
capital losses for
the year
Repurchase of (1,009) - 1,009 (51,106) - (51,106)
ordinary shares
Performance fee - - - (7,458) - (7,458)
charged to capital
Taxation credited - - - 1,509 - 1,509
to capital
Net revenue after - - - - 20,617 20,617
taxation for the
year
Dividend paid to - - - - (7,991) (7,991)
shareholders
Closing 13,728 58,615 2,097 550,355 25,186 649,981
shareholders'
funds: 31 December
2008
Net recognised - - - 45,099 - 45,099
capital gains for
the year
Repurchase of (949) - 949 (37,913) - (37,913)
ordinary shares
Taxation credited - - - 506 - 506
to capital
Net revenue after - - - - 10,882 10,882
taxation for the
year
Dividend paid to - - - - (19,620) (19,620)
shareholders
Closing 12,779 58,615 3,046 558,047 16,448 648,935
shareholders'
funds:
31 December 2009
FIDELITY EUROPEAN VALUES PLC
Balance Sheet
- as at 31 December 2009
2009 2008
£'000 £'000
Fixed assets
Investments designated at fair value through profit or 658,771 657,544
loss
Current assets
Debtors 7,760 1,890
Fidelity Institutional Cash Fund plc 45,823 48,764
Cash at bank 40,973 50,907
94,556 101,561
Creditors - amounts falling due within one year
Fixed rate unsecured loan (35,471) -
Other creditors (11,280) (9,145)
(46,751) (9,145)
Net current assets 47,805 92,416
Total assets less current liabilities 706,576 749,960
Creditors - amounts falling due after more than one
year
Fixed rate unsecured loans (57,641) (99,979)
Total net assets 648,935 649,981
Capital and reserves
Called up share capital 12,779 13,728
Share premium account 58,615 58,615
Capital redemption reserve 3,046 2,097
Capital reserve 558,047 550,355
Revenue reserve 16,448 25,186
Total equity shareholders' funds 648,935 649,981
Net asset value per ordinary share 1,269.52p 1,183.61p
FIDELITY EUROPEAN VALUES PLC
Cash Flow Statement - for the year ended 31 December 2009
2009 2008
£ £
'000 '000
Operating activities
Investment income received 17,088 18,280
Deposit interest received 657 6,162
Investment management fee paid (4,602) (6,011)
Performance fee paid for prior year (7,458) -
VAT recovered on investment management fee paid 37 6,043
Directors' fees paid (113) (104)
Other cash payments (659) (762)
Net cash inflow from operating activities 4,950 23,608
Returns on investments and servicing of finance
Interest paid (3,794) (4,505)
Net cash outflow from returns on investments and (3,794) (4,505)
servicing of finance
Taxation
Overseas taxation recovered 1,218 740
Taxation recovered 1,218 740
Financial investment
Purchase of investments (834,557) (937,042)
Disposal of investments 882,130 982,820
Net cash inflow from financial investment 47,573 45,778
Dividend paid to shareholders (19,620) (7,991)
Net cash inflow before use of liquid resources and 30,327 57,630
financing
Cash flow from management of liquid resources
Fidelity Institutional Cash Fund plc 2,941 (48,764)
Net cash inflow/(outflow) from management of liquid 2,941 (48,764)
resources
Net cash inflow before financing 33,268 8,866
Financing
Repurchase of ordinary shares (36,004) (51,906)
3.54% fixed rate unsecured loan repaid - (29,736)
Net cash outflow from financing (36,004) (81,642)
Decrease in cash (2,736) (72,776)
1. Returns/(losses) per ordinary share are based on the net revenue return on
ordinary activities after taxation in the year of £10,882,000 (2008: £
20,617,000), the capital return in the year of £45,605,000 (2008: loss £
166,184,000) and the total return in the year of £56,487,000 (2008: loss £
145,567,000) and on 52,862,338 ordinary shares (2008: 56,077,724) being the
weighted average number of ordinary shares in issue during the year.
The above statements have been prepared on the basis of the accounting policies
as set out in the financial statements in the annual report to 31 December
2009. This preliminary statement, which has been agreed with the Auditor, was
approved by the Board on 5 March 2010. It is not the Company's statutory
financial statements. The statutory financial statements for the financial
year ended 31 December 2008have been delivered to the Registrar of Companies.
The statutory financial statements for the financial year ended 31 December
2009 have been approved and audited but have not yet been filed. The statutory
financial statements for the financial years ended 31 December 2008 and 31
December 2009 received unqualified audit reports, did not include a reference
to any matters to which the Auditor drew attention by way of emphasis without
qualifying the report and did not contain statements under section 498(2) and
(3) of the Companies Act 2006.
The annual report and financial statements will be posted to shareholders as
soon as is practicable and in any event no later than 15 April 2010.
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