Half-yearly Report
FIDELITY JAPANESE VALUES PLC
Half-Yearly Report For the 6 months ended 30 June 2011
Further to the disclosure of the Company's Half-Yearly report for the six
months ended 30 June 2011 by way of an announcement dated 2 August 2011, in
accordance with the Disclosure and Transparency Rules ("the Rules") 4.2.2 and
6.3.5 this announcement contains the text of the announcement dated 2 August
2011 together with detail on the availability of the printed form of the report
in compliance with the Rules.
The Company's half-yearly report for the six months ended 30 June 2011 has been
filed with the UK Listing Authority and will shortly be available for
inspection at the National Storage Mechanism(NSM):
www.hemscott.com/nsm.do
(Documents will usually be available for inspection within two business days of
this notice being given)
The half-yearly report will shortly be available on the Company's website at
https://www.fidelity.co.uk/static/pdf/common/investment-trusts/european/
european_half_yearly_report_2011.pdf
Ben McMechan, FIL Investments International, Company Secretary - 01737 836 883
12 August 2011
Contents
Investment Objective & Performance Summary
Summary of Results
Half-Yearly Report
Directors' Responsibility Statement
Twenty Largest Investments
Financial Statements
Investor Information
Directory
Investment Objective & Performance Summary
The investment objective of the Company is to achieve long term
capital growth from an actively managed portfolio of securities primarily of
small and medium sized Japanese
companies listed or traded on Japanese stockmarkets.
Performance (on a total return basis)
30 June Six months to 30 June
2011 2011
Net asset value ("NAV") per share - undiluted 70.06p +2.4%
NAV per share - diluted 67.79p +2.4%
Ordinary share price 58.00p +1.3%
Russell Nomura Mid/Small Cap Index (in 1.9125 -5.1%
sterling terms)
Standardisedperformance (on a total return basis) (%)
01/07/06 01/07/07 01/07/08 01/07/09 01/07/10
to 30/06/ to 30/06/ to 30/06/ to 30/06/ to 30/06/
07 08 09 10 11
NAV per share - -23.0 -17.4 -16.4 +16.0 +16.9
undiluted
Share price -23.9 -19.0 -16.6 +11.6 +14.9
Sources: Fidelity and Datastream
Past performance is not a guide to future returns
ÂÂSummary of Results
30 June 31 December %
2011 2010 change
Assets
Total assets employed (1) £68.21m £65.49m +4.2
Shareholders' funds £68.21m £65.49m +4.2
Contracts for Difference ("CFDs") exposure £20.36m £16.63m
NAV per ordinary share - undiluted 70.06p 68.44p +2.4
NAV per ordinary share - diluted (2) 67.79p 66.21p +2.4
StockmarketData
Russell Nomura Mid/Small Cap Index (in 1.9125 2.0158 -5.1
sterling terms)
Yen/£ exchange rate 129.656 126.982 -2.1
Ordinary share price (3) period end 58.00p 57.25p +1.3
high 63.25p 57.25p
low 47.75p 47.25p
Discount - undiluted (3) period end 17.2% 16.4%
high 19.5% 20.2%
low 3.4% 12.7%
Discount - diluted period end 14.4% 13.5%
Subscription share price (3) period end 10.03p 11.75p
high 14.75p 13.50p
low 6.75p 5.25p
Returns for the six months to 30 June 2011 2010
Revenue return/(loss) per ordinary share - 0.04p (0.12p)
undiluted
Capital return per ordinary share - undiluted 1.82p 4.49p
Total return per ordinary share - undiluted 1.86p 4.37p
1. Total assets less current liabilities
2. The diluted NAV per ordinary share is included in this report since the NAV
per ordinary share is greater than the exercise price of the subscription
shares.
Hence, if the subscription shares had converted at the period end date, the NAV
per ordinary share in issue would have been diluted
3. The high and low figures relate to the six months ended 30 June 2011 and the
year ended 31 December 2010
Sources: Fidelity and Datastream
Past performance is not a guide to future returns
Half-Yearly Report
Performance
The Japanese market began on a strong note in 2011, with the major indices
continuing to rebound from their November 2010 lows. Improving global economic
fundamentals, underpinned by signs of a pickup in the US, translated into a
reacceleration in Japanese exports. The Great East Japan Earthquake on 11
March, however, drastically altered this landscape. Initial concerns about the
direct effects of the earthquake on the economy and production gave way to
fears about radiation leaks from the stricken Fukushima nuclear power plant.
Thereafter, the Japanese market continued to decline. In addition, mounting
concerns about the US economy, tightening monetary policy in emerging nations
and fiscal problems in Europe depressed investor sentiment further. However,
towards the end of the review period, the Japanese equity market staged a
strong rebound, as better than expected domestic macroeconomic data underscored
the resilience of Japanese companies in overcoming supply chain disruptions and
restoring production. Nevertheless, despite the recent rebound, the Japanese
equity market underperformed major indices in Europe and the US over the review
period.
After the earthquake, we saw a widening of the differential in returns between
individual sectors and stocks. This reflected the steep declines suffered by
power utilities and other companies directly impacted by the disaster, and the
gains in those companies perceived to be beneficiaries of reconstruction
demand. Tokyo Electric Power (TEPCO), operator of the stricken Fukushima
nuclear plant, hit all-time lows. Against a backdrop of mounting political
uncertainty, TEPCO's crisis threatened to impair the entire industry's ability
to procure funding.
On the other hand, defensive segments, notably consumer staples, held up well,
as did retailers successfully implementing restructuring or overseas expansion
strategies. In the consumer discretionary sector, mid-cap automobile and parts
companies also outperformed.
Over the review period, your Company's net asset value increased by 1.62p per
share (2.4%) to 70.06p per share, as can be seen in the Attribution Analysis
table below, and the discount to NAV remained stable. The Manager's stock
selection made significant contributions to your Company's net asset value. The
emphasis on internet-related businesses was particularly rewarding. Last year's
leading contributor M3, continued to perform strongly, as robust growth in its
US operations lifted investors' confidence. A holding in CyberAgent, which had
been a relative laggard among internet-related stocks, also paid off. Its blog
service called Ameba has proved to be highly profitable and penetration of
smartphones in Japan is expected to accelerate its top line growth. In
addition, a holding in Bit-Isle, an operator of internet data centres, added
value. Bit-Isle's strong quarterly earnings growth and an increase in dividends
drove its share price higher. An operator of a price comparison website,
Kakaku.com, continued to hit fresh highs as rising demand for price comparisons
and restaurant search services highlighted its growth potential.
Attribution Analysis (pence)
NAV (undiluted) at 31 December 2010 68.44
Impact of the Index (in yen terms) -2.14
Impact of Index Income (in yen terms) 0.75
Impact of Stock Selection 4.66
Impact of Gearing 0.80
Impact of the Exchange Rate -1.38
Impact of Charges -0.69
Cash/Residual -0.38
NAV (undiluted) at 30 June 2011 70.06
A titanium smelter, Osaka Titanium Technologies, added value. Its share price
performance reflected rising titanium prices. Another major contributor was
Maruwa, manufacturer of electronic ceramic components used for smartphones,
automobiles, digital cameras, etc. It posted strong earnings growth for fiscal
2010 and is expected to maintain robust growth momentum into fiscal 2011 due to
improving product mix.
Conversely, stocks selected in the electrical machinery sector struggled.
Electronic component producers including Mitsumi Electric, MegaChips and Meiko
Electronics, fared poorly due to weakening end demand for PCs and disappointing
sales of Nintendo's 3DS.
The Manager sold out of positions in Mitsumi Electric and Meiko Electronics,
but he maintained overweight positions in MegaChips, which is expected to
benefit from Nintendo's new game console "Wii U".
In the real estate sector, Sumitomo Real Estate Sales detracted from relative
performance. The Manager sold out the position in April as its earnings outlook
was overshadowed by weak retail brokerage business amid poor consumer sentiment
after the earthquake.
The Market & Outlook
In Japan, companies have moved quickly to resolve supply chain disruptions and,
as a result, production is recovering at a faster than expected pace. Whilst
corporate earnings are set to contract sharply in the first half of fiscal 2011
(April to September), consensus forecasts point towards a strong rebound in the
second half and robust growth in fiscal 2012. As concerns about a US economic
slowdown, the Greek debt crisis and inflation risks in emerging nations have
come to dominate the investment agenda, Japanese stocks are yet to reflect the
anticipated recovery in earnings and although the market may be range-bound for
the time being, the mid term outlook for Japanese stocks remains positive.
The Great East Japan Earthquake dealt a significant one-time blow to production
activities across various sectors. In contrast to the global financial crisis,
however, supply-side factors triggered the current adjustment and latent demand
remains firm. As a result, aggregate production is expected to return to
pre-quake levels around the third quarter. Importantly, output in the key
automobile industry, which was hardest hit by supply chain disruptions, is
normalising quickly.
This should have positive knock-on effects for other sectors such as upstream
materials and intermediate goods. Furthermore, the Bank of Japan's latest
Tankan survey indicated that companies are not making substantial cuts to
either employment or capital investment.
Whilst domestic risk factors (the nuclear crisis, power constraints and
political uncertainty) pose a risk to Japan's recovery, external developments
arguably represent a greater hurdle to investor sentiment. In particular, the
extent of the soft patch in the US economy, tightening monetary policy in
emerging nations and the debt crisis in Europe represent major headwinds for
share prices.
Although markets may see some retrenchment over the near term, valuations offer
downside support. The price-to-book ratio for the Japanese market currently
stands at around par, with more than 60% of the benchmark universe trading
below book value. Furthermore, a forward price-to-earnings ratio of 13 times
offers attractive future upside.
GEARING
The Company gears through the use of CFDs. Total exposure was £86.33m as at 30
June 2011, equating to gearing of 26.6%.
THE BOARD AND ITS COMMITTEES
David Robins was appointed to the Board and Audit Committee on 1 February
2011. Sir Laurie Magnus was appointed as Chairman of the Audit Committee at
the conclusion of the Annual General Meeting on 12 May 2011.
SUBSCRIPTION SHARES
The rights attaching to a total of 1,670,697 subscription shares were exercised
during the period from 1 January 2011 to 30 June 2011, at which point the total
number of subscription shares remaining in issue was 17,337,617.
PRINCIPAL RISKS AND UNCERTAINTIES
The Board, with the assistance of the Manager, has developed a risk matrix
which, as part of the internal controls process, identifies the key risks that
the Company faces. The key risks identified within this matrix continue to be
market, share price, currency, investment management, governance/regulatory,
financial and operational administration. Information on each of these is given
in the Business Review section of the Annual Report for the year ended 31
December 2010.
By order of the Board
FIL Investments International
29 July 2011
Directors' 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';
b) the Half-Yearly report narrative on pages 3, 4 and 5 (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; and
c) in accordance with Disclosure and Transparency Rule 4.2.8R there have been
no related parties transactions during the six months to 30 June 2011 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 Independent Auditor.
The Half-Yearly financial report was approved by the Board on 1 August 2011 and
the above responsibility statement was signed on its behalf by William Thomson,
Chairman.
Twenty Largest Investments (including derivatives) as at 30 June 2011
Total
Exposure Fair Value Exposure %
£'000 (1) £'000 (2)
Sekisui Chemical (CFD)
Engaged in housing construction and materials,
high performance plastic segments and flat panel
displays 2,905 681 3.4
Takata(CFD)
Develops and manufactures safety products for
automobiles 2,698 334 3.1
Kakaku.com (CFD)
Provides price comparison services and product
information 2,245 530 2.6
FP (CFD)
Manufactures polystyrene and synthetic resins 2,208 324 2.6
M3 (CFD)
Medical related internet service provider 2,014 944 2.3
CyberAgent
Internet media company 1,959 1,959 2.3
Bit-Isle
Information technology company 1,809 1,809 2.1
GMO Payment Gateway
Engaged in the provision of payment processing
services 1,744 1,744 2.0
Maruwa
Manufacturer of ceramic electronic components 1,612 1,612 1.9
ToyotaBoshoku
Manufactures automotive components 1,516 1,516 1.8
Mitsui
Manufactures chemical products 1,509 1,509 1.7
Sumitomo Mitsui Financial Group (CFD)
Diversified financial company 1,445 (343) 1.7
Fast Retailing (CFD)
Holding company primarily engaged in the clothing
business 1,390 (113) 1.6
Daikokutenbussan
Engaged in the supermarket and food business 1,378 1,378 1.6
LEC
Manufactures household products 1,332 1,332 1.5
Aisin Seiki
Production and sales of automotive parts 1,323 1,323 1.5
Sony Commercial Network
Digital entertainment provider 1,247 1,247 1.4
Terumo (CFD)
Manufacture and sale of medical products and
equipment 1,183 (55) 1.4
MegaChips
Designs and manufactures large scale integration
systems and products 1,179 1,179 1.4
OsakaTitanium Technologies
Produces titanium and silicone products 1,171 1,171 1.3
Twenty largest investments 33,867 20,081 39.2
Other investments 50,416 46,078 58.4
Cash and other net current assets 2,052 2,052 2.4
86,335 68,211 100.0
1. Fair value represents the carrying value in the Balance Sheet on page 12
2. % based on total exposure which is the fixed asset investments plus the
exposure of the underlying securities within the CFD
Income Statement
for the six months
ended for the year ended for the six months
ended
Notes 30.06.11 unaudited 31.12.10 audited 30.06.10 unaudited
revenue capital total revenue capital total revenue capital total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on
investments
designated
at
fair value
through
profit or
loss - 315 315 - 10,584 10,584 - 4,452 4,452
Net gains/
(losses) on
derivative
instruments
held at
fair value
through
profit or
loss - 1,417 1,417 - 1,562 1,562 - (477) (477)
Income 2 767 - 767 1,088 - 1,088 589 - 589
Investment
management
fee (415) - (415) (760) - (760) (383) - (383)
Other
expenses (241) - (241) (458) - (458) (240) - (240)
Exchange
gains/
(losses) on
other net
assets 5 36 41 (24) 466 442 (6) 322 316
Net return/
(loss)
before
finance
costs and
taxation 116 1,768 1,884 (154) 12,612 12,458 (40) 4,297 4,257
Finance
costs on
long CFDs (39) - (39) (75) - (75) (41) - (41)
Net return/
(loss) on
ordinary
activities
before
taxation 77 1,768 1,845 (229) 12,612 12,383 (81) 4,297 4,216
Taxation on
return/
(loss) on
ordinary
activities3 (41) - (41) (58) - (58) (32) - (32)
Net return/
(loss) on
ordinary
activities
after
taxation
for the
period 36 1,768 1,804 (287) 12,612 12,325 (113) 4,297 4,184
Return/
(loss) per
ordinary
share
Undiluted 4 0.04p 1.82p 1.86p (0.30p) 13.19p 12.89p (0.12p) 4.49p 4.37p
Diluted 4 0.04p 1.81p 1.85p n/a n/a n/a n/a n/a n/a
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 period.
These financial statements have been prepared in accordance with the AIC
Statement of Recommended Practice ("SORP") issued in January 2009.
Reconciliation of Movements in Shareholders' Funds
share capital
share premium redemption other capital revenue total
capital account reserve reserve reserve reserve equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Opening
shareholders'
funds: 1 January
2010 24,850 44 2,437 57,955 (19,033) (13,149) 53,104
Net recognised
capital return on
ordinary
activities
after taxation
for the period - - - - 4,297 - 4,297
Exercise of
rights attached
to subscription
shares
and conversion
into ordinary
shares 22 - - 26 - - 48
Net revenue loss
on ordinary
activities after
taxation for the
period - - - - - (113) (113)
Closing
shareholders'
funds: 30 June
2010 24,872 44 2,437 57,981 (14,736) (13,262) 57,336
Opening
shareholders'
funds: 1 January
2010 24,850 44 2,437 57,955 (19,033) (13,149) 53,104
Net recognised
capital return on
ordinary
activities
after taxation
for the year - - - - 12,612 - 12,612
Exercise of
rights attached
to subscription
shares
and conversion
into ordinary
shares (5) 5 - - - - -
Issue of ordinary
shares on
exercise of
rights
attached to
subscription
shares 27 32 - - - - 59
Net revenue loss
on ordinary
activities after
taxation for the
year - - - - - (287) (287)
Closing
shareholders'
funds: 31
December 2010 24,872 81 2,437 57,955 (6,421) (13,436) 65,488
Net recognised
capital return on
ordinary
activities
after taxation
for the period - - - - 1,768 - 1,768
Exercise of
rights attached
to subscription
shares
and conversion
into ordinary
shares (84) 84 - - - - -
Issue of ordinary
shares on
exercise of
rights
attached to
subscription
shares 418 501 - - - - 919
Net revenue
return on
ordinary
activities after
taxation for the
period - - - - - 36 36
Closing
shareholders'
funds: 30 June
2011 25,206 666 2,437 57,955 (4,653) (13,400) 68,211
Balance Sheet
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
Note £'000 £'000 £'000
Fixed assets
Investments designated at fair value through
profit or loss 63,925 62,564 55,902
Current assets
Derivative assets held at fair value
through profit or loss 2,973 2,339 1,451
Debtors 306 191 294
Cash at bank 3,042 1,237 1,201
6,321 3,767 2,946
Creditors
Derivative liabilities held at fair value
through profit or loss (739) (363) (832)
Other creditors (1,296) (480) (680)
(2,035) (843) (1,512)
Net current assets 4,286 2,924 1,434
Total net assets 68,211 65,488 57,336
Capital and reserves
Share capital 25,206 24,872 24,872
Share premium account 666 81 44
Capital redemption reserve 2,437 2,437 2,437
Other reserve 57,955 57,955 57,981
Capital reserve (4,653) (6,421) (14,736)
Revenue reserve (13,400) (13,436) (13,262)
Total equity shareholders' funds 68,211 65,488 57,336
Net asset value per ordinary share
Undiluted 5 70.06p 68.44p 59.93p
Diluted 5 67.79p 66.21p 59.12p
Cash Flow Statement
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
£'000 £'000 £'000
Operating activities
Overseas dividends received 540 780 412
Dividends on long CFDs received 166 238 26
Investment management fee paid (423) (733) (374)
Directors' fees paid (71) (104) (49)
Other cash payments (106) (405) (172)
Net cash inflow/(outflow) from operating
activities 106 (224) (157)
Servicing of finance
Interest paid on long CFDs (40) (80) (48)
Net cash outflow from servicing of finance (40) (80) (48)
Financial investment
Purchase of investments (35,134) (76,205) (42,012)
Disposal of investments 34,757 74,025 40,399
Net cash outflow from financial investment (377) (2,180) (1,613)
Derivative activities
Proceeds of long CFD positions closed 1,159 1,176 495
Net cash inflow from derivative activities 1,159 1,176 495
Net cash inflow/(outflow) before financing 848 (1,308) (1,323)
Financing
Exercise of rights attached to subscription
shares 916 58 47
Net cash inflow from financing 916 58 47
Increase/(decrease) in cash 1,764 (1,250) (1,276)
Reconciliation of net cash movements to movement in net funds
Net funds at the beginning of the period 1,237 2,403 2,403
Net cash inflow/(outflow) 1,764 (1,250) (1,276)
Exchange movements 41 84 74
Change in net funds 1,805 (1,166) (1,202)
Net funds at the period end 3,042 1,237 1,201
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 for the year ended 31 December 2010.
2 Income
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
£'000 £'000 £'000
Income from investments designated at
fair value through profit or loss
Overseas dividends 579 838 456
Income from derivative instruments held at
fair value through profit or loss
Dividends on long CFDs 188 250 133
________ ________ ________
Total income 767 1,088 589
3 Taxation On Return/(Loss) On Ordinary Activities
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
£'000 £'000 £'000
Overseas taxation 41 58 32
4 Return/(Loss) Per Ordinary Share
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
Undiluted
Revenue 0.04p (0.30p) (0.12p)
Capital 1.82p 13.19p 4.49p
________ ________ ________
Total 1.86p 12.89p 4.37p
Diluted
Revenue 0.04p n/a n/a
Capital 1.81p n/a n/a
________ ________ ________
Total 1.85p n/a n/a
Returns/(losses) per ordinary share are based on the net revenue return/(loss)
on ordinary activities after taxation in the period, the net capital return in
the period and the total net return in the period and the weighted average
number of ordinary shares in issue during the period.
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
£'000 £'000 £'000
Net return/(loss) on ordinary activities after taxation - undiluted and
diluted
Revenue 36 (287) (113)
Capital 1,768 12,612 4,297
Total 1,804 12,325 4,184
Weighted average number of ordinary shares in issue
Undiluted 97,024,603 95,653,233 95,629,636
Diluted 97,511,524 n/a n/a
There were no diluted returns/(losses) per ordinary share in the periods ended
31.12.10 and 30.06.10 because the average ordinary share price for these
periods was below the exercise price of the rights attaching to the
subscription shares.
5 Net Asset Value Per Ordinary Share
The undiluted net asset value per ordinary share is based on net assets of £
68,211,000 (31.12.10: £65,488,000; 30.06.10: £57,336,000) and on 97,355,217
(31.12.10: 95,684,520; 30.06.10: 95,664,318) ordinary shares, being the number
of ordinary shares in issue at the period end.
The diluted net asset value per ordinary share has been calculated on the
assumption that the rights attaching to the outstanding subscription shares of
17,337,617 at 30 June 2011 (31.12.10: 19,008,314; 30.06.10: 19,028,516) were
exercised at that date. This basis of calculation is in accordance with
guidelines laid down by the Association of Investment Companies and details of
the exercises are provided to the London Stock Exchange.
6 Investment Transaction Costs
Transaction costs are incurred in the acquisition and disposal of investments.
These are included in the gains on investments designated at fair value through
profit or loss in the capital column of the Income Statement and are summarised
below:
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
£'000 £'000 £'000
Purchases 37 79 44
Sales 36 76 40
73 155 84
7 Share Issues
The following ordinary shares were issued on exercise of the conversion rights
attached to the subscription shares:
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
Number of ordinary shares issued 1,670,697 107,067 86,865
Exercise price per share 55p 55p 55p
Total consideration £918,883 £58,887 £47,776
The rights attaching to a total of 1,670,679 subscription shares were exercised
during the period
from 1 January 2011 to 30 June 2011, at which point the total number of
subscription shares in
issue was 17,337,617.
8 Going Concern
The Board receives regular reports from the Manager and the Directors have a
reasonable expectation that the Company has adequate resources to continue in
operational existence for the foreseeable future. Thus they continue to adopt
the going concern basis in preparing the financial statements as outlined in
the Annual Report for the year ended 31 December 2010.
9 Unaudited Financial Statements
The results for the six months to 30 June 2011 and 30 June 2010, which are
unaudited, constitute non-statutory accounts within the meaning of s435 of the
Companies Act 2006. The figures and financial information for the year ended 31
December 2010 are extracted from the latest published financial statements.
These financial statements, on which the Independent Auditor gave an
unqualified report, have been delivered to the Registrar of Companies.
Investor Information
CONTACT INFORMATION
Private investors:
Call free to 0800 41 41 10
9am to 6pm, Monday to Saturday.
Financial advisers:
Call free to 0800 41 41 81
8am to 6pm, Monday to Friday.
www.fidelity.co.uk/its
Existing shareholders who have a specific query regarding their holding or need
to provide updated information, for example a change of address, should contact
the appropriate administrator.
Holders of ordinary shares
Capita Registrars, Registrars to Fidelity Japanese Values PLC, The Registry, 34
Beckenham Road, Beckenham, Kent BR3 4TU.
Telephone: 0871 664 0300 (calls cost 10p per minute plus network extras. Lines
are open 8.30am - 5.30pm Monday to Friday).
Email: ssd@capitaregistrars.com
Details of individual shareholdings and other information can also be obtained
from the Registrars' website: www.capitaregistrars.com
Fidelity Share Plan investors
Fidelity Investment Trust Share Plan, Block C, Western House, Lynchwood
Business Park, Peterborough PE2 6BP.
Telephone: 0845 358 1107 (calls to this number are charged at 4p per minute
from a BT landline. Other telephone service providers' costs may vary).
Fidelity ISA investors
Fidelity, using the freephone number given opposite, or by writing to: UK
Customer Service, Fidelity International, Oakhill House, 130 Tonbridge Road,
Hildenborough, Tonbridge, Kent TN11 9DZ.
www.fidelity.co.uk/its
Fidelity ShareNetwork:
www.fidelity.co.uk/sharenetwork
General enquiries should be made to Fidelity, the Investment Manager and
Secretary, at the Company's registered office: FIL Investments International,
Investment Trusts, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth,
Surrey KT20 6RP.
Telephone: 01732 361 144
Fax: 01737 836 892
www.fidelity.co.uk/its
FINANCIAL CALENDAR
30 June 2011 - Half-Yearly period end
2 August 2011 - announcement of Half-Yearly results
Mid August 2011 - publication of Half-Yearly report
31 December 2011 - financial year end
March/April 2012 - publication of Annual Report
May 2012 - Annual General Meeting
Directory
BOARD OF DIRECTORS
William Thomson (Chairman)
Sir Laurie Magnus (Audit Committee Chairman)
Nicholas Barber, CBE (Senior Independent Director)
Simon Fraser
Philip Kay
David Miller, OBE
David Robins
MANAGER, SECRETARY AND REGISTERED OFFICE
FIL Investments International
Beech Gate, Millfield Lane
Lower Kingswood
Tadworth
Surrey
KT20 6RP
FINANCIAL ADVISERS AND STOCKBROKERS
Collins Stewart Europe Limited
88 Wood Street
London
EC2V 7QR
INDEPENDENT AUDITOR
Grant Thornton UK LLP
Chartered Accountants and Registered Auditor
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
EC1Y 8YY
Speechly Bircham LLP
6 New Street Square
London
EC4A 3LX
WARNING TO SHAREHOLDERS - "BOILER ROOM" SCAMS
Many companies are aware that their shareholders have received unsolicited
phone calls or correspondence concerning investment matters. These are
typically from overseas based 'brokers' who target UK shareholders, offering to
sell them what often turn out to be worthless or high risk shares in US or UK
investments. These operations are commonly known as 'boiler rooms'. These
'brokers' can be very persistent and extremely persuasive, and a 2006 survey by
the Financial Services Authority (FSA) has reported that the average amount
lost by investors is around £20,000. It is not just the novice investor that
has been duped in this way; many of the victims had been successfully investing
for several years. Shareholders are advised to be very wary of any unsolicited
advice, offers to buy shares at a discount or offers of free company reports.
If you receive any unsolicited investment advice:
• Make sure you get the correct name of the person and organisation
• Check that they are properly authorised by the FSA before getting
involved by visiting www.fsa.gov.uk/register
• Report the matter to the FSA either by calling 0845 606 1234 or
visiting www.moneymadeclear.fsa.gov.uk
• If the calls persist, hang up.
If you deal with an unauthorised firm, you will not be eligible to receive
payment under the Financial Services Compensation Scheme. The FSA can be
contacted by completing an online form at www.fsa.gov.uk/pages/doing/regulated/
law/alerts/overseas.shtml
Details of any share dealing facilities that the Company endorses will be
included in company mailings.
More detailed information on this or similar activity can be found on the FSA
website www.moneymadeclear.fsa.gov.uk
The Fidelity Individual Savings Account ("ISA") is offered and managed by
Financial Administration Services Limited. The Fidelity Investment Trust Share
Plan is managed by FIL Investments International. Both companies are authorised
and regulated by the Financial Services Authority. The Fidelity Investment
Trust Share Plan is administered by BNP Paribas Securities Services and shares
will be held in the name of Puddle Dock Nominees Limited. The value of 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 FIL Investments International. Fidelity only gives information about its own
products and services and does not provide investment advice based on
individual circumstances. Should you wish to seek advice, please contact a
Financial Adviser.
Please note that the value of investments and the income from them may fall as
well as rise and the investor may not get back the amount originally invested.
Past performance is not a guide to future returns. For funds that invest in
overseas markets, changes in currency exchange rates may affect the value of
your investment. Investing in small and emerging markets can be more volatile
than other more developed markets. Reference in this document to specific
securities should not be construed as a recommendation to buy or sell these
securities, but is included for the purposes of illustration only. Investees
should also note that the views expressed may no longer be current and may have
already been acted upon by Fidelity.
The content of websites referenced in the document does not form part of this
document.
Fidelity, Fidelity International and the Pyramid Logo are trademarks of FIL
Limited.
Issued by Fidelity Japanese Values PLC.
Enquiries:
Chris Davies, FIL Investments International - 01737 837 723
Ben McMechan, FIL Investments International, Company Secretary - 01737 836 883
For Press Enquiries, please contact Anne Read on 020 7961 4409 or 07850 549839
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