Interim Results

Fidelity Asian Values PLC
7 March 2001

FIDELITY ASIAN VALUES PLC

Announcement of Interim Results

for the six months ended 31 January 2001

Comment from the Chairman

Following the retirement of John Morrell as Chairman of the Company in
November of last year this is my first report to you as Chairman. I would like
to thank him for his valuable contribution and wise counsel since the launch
of the Company.

Performance - Major regional economies continued to show positive growth over
the period due to strong exports. However, stockmarkets remained volatile.

The global correction in the technology, media and telecommunications sector
hurt investor sentiment, especially in the technology biased markets of Taiwan
and Korea. Towards the end of the period expectations of lower interest rates
aided performance of interest rate sensitive sectors, notably banks and
property in Hong Kong and Singapore. Among domestic issues, political
uncertainty depressed investor activity in some of the regional markets. These
and other factors made for a difficult investment climate.

Over the six months to 31 January 2001, the net asset value per share fell by
16.3%. By comparison, the MSCI All Countries (Combined) Far East Free ex Japan
Index fell by 11.3%. The share price declined by 19.1% over the same period -
an underperformance largely attributable to the gearing, which the Board has
seen fit to maintain because of the perceived excellent long-term growth
prospects.

Outlook for the region - The general expectation of a slowdown in the US
economy seems to have clouded the outlook for the region's economies in the
near term. However, it seems clear that the US Federal Reserve is ready to cut
interest rates in order to ensure that the US economy avoids recession. Lower
interest rates and a return to growth in the US should be beneficial to Asian
economies. They should also help to underpin profits growth forecasts and
highlight the attractive share valuations in the region. As noted in the
Investment Manager's Report, over the coming year, we believe stock picking
will be the key to achieving attractive performance relative to the Index. We
are confident that the Manager has the experience and resources to identify
those stocks that can deliver such performance.

Repurchase of shares - Following the renewal of the Company's authority to
purchase its own shares at the Company's last annual general meeting the
Company has purchased a further 100,000 shares which has resulted in a small
enhancement to net asset value. As mentioned previously, purchases are made
with the aim of maximising the benefit to continuing shareholders.

Sir Victor Garland

Chairman

7 March 2001

Enquiries

Barbara Powley

Fidelity Investments International

01737 836883


FIDELITY ASIAN VALUES PLC

Statement of Total Return (incorporating the revenue account) - unaudited
for the six months ended 31 January


                                     2001                        2000          
                       revenue    capital     total  revenue  capital    total
                                                       
                 notes   £'000      £'000     £'000    £'000    £'000    £'000 
                                                                              
  (Losses)/gains             -   (15,215)  (15,215)        -   21,444   21,444
  on                                                                        
  investments                                                                 
  Income            2      682          -       682      652        -      652
  Investment             (500)          -     (500)    (599)        -    (599)
  management                                                                  
  fee                                                                         
  Other                  (229)          -     (229)    (234)        -    (234)
  expenses                                                                    
  Exchange                   -       (42)      (42)        -     (13)     (13)
  losses                                                                      
  Net return              (47)   (15,257)  (15,304)    (181)   21,431  21,250 
  before                                                                      
  finance                                                                     
  costs and                                                                   
  taxation                                                                    
  Interest               (812)          -     (812)    (232)        -    (232)
  payable                                                                     
  Exchange                   -      (513)     (513)        -      291      291
  (losses)/gains                                                               
  on loan                                                                   
  Return on              (859)  (15,770)   (16,629)   (413)    21,722  21,309 
  ordinary                                                                    
  activities                                                                  
  before tax                                                                  
  Tax on                  (66)          -      (66)       97        -       97
  ordinary                                                                    
  activities                                                                  
  Return on                                                                   
  ordinary                                                                    
  activities                                                                  
  after tax                                                                   
  for the            3   (925)   (15,770)  (16,695)    (316)   21,722  21,406 
  period,                                                                     
  transferred                                                                 
  to reserves                                                                 
  Return per        4                                                         
  ordinary                                                                    
  share                                                                       
  Basic                 (0.92p   (15.71p)  (16.63p)  (0.31p)   21.56p  21.25p 


 

These accounts have been prepared in accordance with the AITC Statement of
Recommended Practice (SORP) issued in December 1995.



FIDELITY ASIAN VALUES PLC

Balance Sheet

as at 31 January
                                                     31.01.01 31.07.00  31.01.00
                                                    unaudited audited unaudited
                                              notes     £'000   £'000     £'000
Fixed assets
Investments                                           104,399 122,723   134,344
Current assets
Debtors                                                   343     386       828
Cash at bank                                            3,241     967       795
                                                        3,584   1,353     1,623
Creditors - amounts falling due within one        5
year
Fixed term unsecured loans                           (21,869)       -         -
Other creditors                                         (606)   (458)   (1,319)
                                                     (22,475)   (458)   (1,319)
Net current (liabilities)/assets                     (18,891)     895       304
Total assets less current liabilities                  85,508 123,618   134,648
Creditors - amounts falling due after more        5
than one year
Fixed term unsecured loans                                  - (21,357)  (19,706)
Total net assets                                       85,508 102,261   114,942
Capital and reserves
Called up share capital                                25,082  25,105    25,105
Capital redemption reserve                                625     600       600
Share premium account                                       8       3         -
Other reserves
Other reserve                                          63,131  63,194    63,197
Warrant reserve                                         7,369   7,371     7,372
Capital reserve - realised                           (15,119) (13,995)  (12,228)
Capital reserve - unrealised                            4,863  19,509    29,510
Revenue reserve                                         (451)     474     1,386
Total equity shareholders' funds                       85,508 102,261   114,942
Net asset value per ordinary share                6
Basic                                                  85.23p 101.83p   114.46p
Fully-diluted                                               - 101.52p   112.01p



The balance sheet as at 31 July 2000 has been extracted from the accounts for
the year ended 31 July 2000 which have been delivered to the Registrar of
Companies and on which the auditors gave an unqualified report.



FIDELITY ASIAN VALUES PLC

Cash Flow Statement

for the six months ended 31 January - unaudited
                                                                 2001      2000
                                                     notes      £'000     £'000
Operating activities
Investment income                                                 524       460
Deposit interest                                                   34        33
Investment management fee                                       (458)     (563)
Directors fees                                                   (26)       (2)
Other cash payments                                             (236)     (212)
Net cash outflow from operating activities               7      (162)     (284)
Returns on investments and servicing of finance
Interest paid                                                   (800)       (5)
Net cash outflow from servicing of finance                      (800)       (5)
Financial Investment
Purchase of investments                                      (41,147)  (51,406)
Exchange losses                                                  (45)      (53)
Disposals of investments                                       44,484    32,397
Net cash inflow/(outflow) from financial investment             3,292  (19,062)
Equity dividend paid                                                -     (425)
Net cash inflow/(outflow) before financing                      2,330  (19,776)
Financing
Repurchase of ordinary shares                            8       (66)     (698)
Exercise of warrants                                                6         4
Fixed rate unsecured loan drawn down                                -    19,997
Net cash (outflow)/inflow from financing                         (60)    19,303
Increase/(decrease) in cash                                     2,270     (473)



Notes to the Accounts


    1     Accounting policies - The interim financial statements have been
    prepared on the basis of the accounting policies set out in the Company's
    annual report and accounts dated 31 July 2000.

    2      Income - for the six months ended 31 January

                                                                2001       2000
Overseas dividends                                               603        525
Overseas scrip dividends                                          45         94
Deposit interest                                                  34         33
                                                                 682        652


    3      Return on ordinary activities - Attributable to equity
    shareholders.

    4     Return per ordinary share - Basic returns per ordinary share are
    based on the loss on ordinary activities after taxation of £925,000 (2000:
    loss £316,000) and the capital depreciation in the period of £15,770,000
    (2000: appreciation £21,722,000) and on 100,410,758 ordinary shares (2000:
    100,761,357), being the weighted average number of shares in issue during
    the period. As the basic and fully-diluted returns, calculated according
    to the provisions of FRS14, are identical, the fully-diluted return has
    not been disclosed. Since the effect of the warrants outstanding on the
    first day of the accounting period is not dilutive, they have not been
    included in the calculation of the fully-diluted return.

    5      Loan Facility - On 29 November 1999, the Company drew down for
    value on 1 December 1999 a fixed rate loan facility of the US dollar
    equivalent of £20 million (US$32 million) at an interest rate of 7.03% per
    annum, repayable on 27 September 2001. The market value of the loan as at
    31 January 2001 was £21,869,000 (31.07.00 : £21,357,000, 31.01.00 : £
    19,706,000).

    6      Net asset value per share - The basic net asset value per ordinary
    share is based on net assets of £85,508,000 (31.07.2000 : £102,261,000,
    31.01.2000 : £114,942,000) and on 100,326,653 ordinary shares (31.07.2000
    : 100,420,796, 31.01.2000 : 100,420,796), being the number of ordinary
    shares in issue at the period end. The fully-diluted net asset value per
    share has been calculated on the assumption that the outstanding warrants
    of 20,468,547 at 31 January 2001 (30.07.00 and 30.01.00 : 20,474,404) were
    exercised on that date. Since the effect of the warrants outstanding is
    not dilutive, they have not been included in the calculation of the
    fully-diluted return. This basis of calculation is considered to be more
    appropriate than the basis given in FRS14 as it is consistent with the
    calculation of fully-diluted net asset value which is prepared in
    accordance with the guidelines laid down by the Association of Investment
    Trust Companies and is provided to the London Stock Exchange on an ongoing
    basis. The fully-diluted net asset value per share at 31 January 2001
    exceeds the basic net asset value per ordinary share and has therefore not
    been stated.

    7      Reconciliation of net revenue before finance costs and taxation to
    net cash flow from operating activities - for the six months ended 31
    January.

                                                                  2001     2000
Net loss before finance costs and taxation                        (47)    (181)
Scrip dividends                                                   (45)     (94)
(Decrease)/increase in other creditors                             (9)       63
Decrease in other debtors                                           69       37
Tax on investment income                                         (130)    (109)
                                                                 (162)    (284)




    8      Share repurchases - The Company made the following repurchase of
    ordinary shares for cancellation in the period:

                             number of           price per          discount to
                                shares               share                  NAV
9 January 2001                 100,000               65.5p                17.0%


    As at 31 January 2001, the total number of shares in issue was 100,326,653
    (31.07.00 and 31.01.00 : 100,420,796).


 9. Exercise of warrants - On 30 November 2000, 5,857 ordinary shares of 25p
    per share were issued and allotted, fully paid at a price of 100p,
    following an exercise of warrants. The number of warrants in issue as at
    31 January 2001 was 20,468,547 (31.07.00 and 31.01.00 : 20,474,404).





Copies of the interim report will be posted to shareholders as soon as
practicable. Copies will also be available to the public at the Company's
registered office: Beech Gate, Millfield Lane, Lower Kingswood, Tadworth,
Surrey KT20 6RP