Half-yearly Report
FIDELITY ASIAN VALUES PLC
Preliminary announcement of unaudited Half-Yearly results for the six months
ended 31 January 2011
Contents
Investment Objective & Performance Summary
Summary of Results
Half-Yearly Report
Directors' Responsibility Statement
Twenty Largest Investments
Financial Statements
Investor Information
Directory
Warning to Shareholders - "Boiler Room" Scams
Investment Objective & Performance Summary
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 (on a total return basis)
Six months to
31 January
2011
Net asset value ("NAV") per share - undiluted +19.6%
NAV per share - diluted +16.5%
Ordinary share price +17.5%
MSCI All Countries (Combined)
Far East Free ex Japan Index - sterling adjusted +15.4%
Standardised performance (on a total return basis %)
Year Year Year Year Year
to to to to to
31/01/07 31/01/08 31/01/09 31/01/10 31/01/11
NAV per share - +8.7 +19.4 -31.6 +72.7 +33.5
undiluted
NAV per share - diluted +11.3 +19.4 -31.6 +72.7 +29.9
Share price +6.7 +20.8 -28.5 +68.3 +30.3
Sources: Fidelity and Data stream
Past performance is not a guide to future returns
Summary of Results
31 January 31 July % change
2011 2010
Assets
Total assets employed1 £150.5m £122.9m +22.5
Shareholders' funds £141.2m £117.2m +20.5
NAV per share - undiluted 229.77p 192.19p +19.6
NAV per share - diluted2 223.58p 191.99p +16.5
Borrowings as % of shareholders' funds 6.6% 4.9%
Borrowings less cash as % of shareholders' 4.6% 3.8%
funds
Stock market data
MSCI All Countries (Combined) Far East Free 329.33 287.48 +15.4%
ex Japan Index3
Ordinary share price period end 206.50p 175.75p +17.5%
high 213.00p 189.00p
low 174.00p 136.75p
Discount to NAV - undiluted period end 10.1% 8.6%
high 11.3% 13.7%
low 7.5% 2.8%
Discount to NAV - diluted period end 7.6% 8.5%
Subscription share price period end 32.50p 19.00p
high 38.80p 31.50p
low 16.30p 19.00p
Returns for the six months to 31 January 2011 2010
Capital return per ordinary share - 38.03p 21.72p
undiluted
Revenue (loss)/return per ordinary share - (0.24p) 0.16p
undiluted
Total returns4 for the six months to 31 2011 2010
January
NAV per share - undiluted +19.6% +14.5%
Ordinary share price +17.5% +12.1%
MSCI All Countries (Combined) Far East Free +15.4% +8.2%
ex Japan Index2
1 total assets less current liabilities, excluding loan liability
2 the diluted NAV is reported since the NAV of each of the Company's ordinary
shares exceeds the subscription share exercise price. Hence if the subscription
shares had converted into ordinary shares at the period end date, the NAV per
ordinary share would have been diluted
3 total return index, sterling adjusted
4 includes reinvested income
Half-Yearly Report as at 31 January 2011
PERFORMANCE
For the six months to 31 January 2011, the Company's net asset value registered
double-digit returns and significantly outperformed its benchmark. The Company
returned 19.6%, compared with 15.4% for the benchmark MSCI All Countries
(Combined) Far East ex Japan Index. (All figures in sterling terms and on a
total return basis).
MARKETS
Far East Pacific ex Japan equities advanced strongly over the six-month review
period. Strong foreign inflows characterised the period, indicating demand for
growth-oriented securities in the region. Investor sentiment was boosted by the
announcement of a second round of quantitative easing in the US and renewed
strength in global recovery. There were positive earnings from Asian companies
which drove share prices higher. Meanwhile, investors also kept a watch on the
escalating sovereign debt crisis in the Eurozone and geopolitical tensions in
the Korean peninsula. While investors were concerned about rising inflation
they chose to focus on broader monetary policy, which remained largely
accommodative. All sectors advanced with energy and industrials in the
forefront of gains, while telecommunications and utilities lagged.
Macroeconomic data for the quarter ending December was positive. China's
industrial production, retail sales, and fixed asset investment remained robust
and surpassed consensus expectations. Growth in industrial output supported
expansion in Singapore and South Korea. Inflation in China, Indonesia, Korea,
Malaysia, Taiwan, and Thailand escalated during the fourth quarter; central
banks in China, Taiwan, and Korea raised interest rates in response. With the
exception of Singapore, export growth in Asia ex Japan countries accelerated in
November. The combined exports of China, Korea, Singapore, Taiwan, and Thailand
(accounting for three quarters of the region's total) rose by 7.3%
month-on-month on a seasonally adjusted basis, versus 3.3% in October and a
0.6% decline in September.
PORTFOLIO REVIEW
The portfolio's overweight in consumer discretionary was beneficial. The
position in SJM Holdings, a Macau-based casino operator, and retail supply
chain manager Li & Fung were among the top contributors to relative returns.
While the former benefited from an increase in earnings, the latter's
acquisitions were endorsed by investors. Meanwhile, overall security selections
within financials were positive. Not holding a stake in China Life Insurance
enhanced value against the backdrop of dwindling market share, slow premium
growth and an uncertain outlook for the equity markets which contribute to its
earnings. Selected high conviction positions also contributed to relative
performance. Notably, a holding in Thailand-based Krung Thai Bank bolstered
performance on account of better-than-expected profits and expectations that
strong economic growth could help boost lending at higher margins. The
overweight in information technology, in particular electronic equipment
manufacturers such as Samsung Electronics, and non-exposure to
telecommunications names were also positive for performance. Conversely, the
overweight stance in China Merchants Bank eroded value given the tough
operating environment. Additionally, share prices in car and battery producer
BYD Company declined because of a fall in vehicle sales. Elsewhere,
non-exposure to smartphone manufacturer HTC hurt relative performance as share
prices surged in response to a sharp rise in earnings.
The portfolio continues to focus on research driven bottom-up stock picking.
Companies throughout the region face a diverse set of challenges and
opportunities with rapidly rising inflation and restrictive monetary and
regulatory policy environment on the one hand, and increased focus on
infrastructure and capacity building on the other. Moreover, with consumption
growth likely to remain strong, the Manager has increased exposure to consumer
discretionary and industrials. Conversely, the exposure to shares in financials
and energy was decreased to reflect slow growth expectations.
As companies and regional government embark on infrastructure and capacity
expansion, the Manager increased the holdings in machinery and construction and
civil engineering firms. The Manager introduced a holding in South Korean ship
builder Hyundai Heavy Industries given the strong outlook for demand from
offshore oil exploration industry and robust growth in non-shipping divisions.
The Manager also bought new positions in Malaysia-based industrial groups in
anticipation of benefits from the Economic Transformation Plan announced by the
government. The holding in Ekovest Berhad reflects this conviction as the firm
has extensive experience working with government bodies. Within consumer
discretionary, the Manager bought casino and resorts operator Genting
(Singapore) which benefits from rising consumer spending in the region. He also
bought a stake in Brilliance China Automotive Holdings which is a luxury car
distributor and is not likely to be impacted by the ongoing banking
restrictions. Meanwhile, the Manager sold a position in Singapore-based bank
DBS Group Holdings in absence of any growth catalysts and increased
competition. Furthermore, he also offloaded the stake in China Overseas Land
and Investment given a lack of demand amid rising regulatory restrictions on
the property sector.
OUTLOOK FOR THE REGION
Loose monetary policies and increasing money supply in the west are making
their way into South East Asia, attracted by higher relative growth, which is
resulting in rising asset prices and inflationary pressures. This, in turn,
could lead to short-term corrections in equity valuations. Nevertheless,
healthy financial systems, robust domestic demand, low debt levels and high
savings rates are all likely to support a multi-year growth cycle in Asia.
Moreover, recent economic data, including industrial production and
consumption, have also created room for local central banks to further tighten
their monetary policy. Given this environment, a bottom-up stock picking
approach is most suitable to identify companies that have the potential to
deliver strong long-term growth.
PRINCIPAL RISKS AND UNCERTAINTIES
The Board believes that the principal risks and uncertainties faced by the
Company continue to fall in the following categories; market risks, performance
risks, income-dividends risks, share price risks, gearing risks and control
systems risks. Information on each of these is given in the Business Review
section of the Annual Report for the year ended 31 July 2010.
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 of accounting in preparing the financial statements as
outlined in the Annual Report for the year ended 31 July 2010.
By order of the Board
FIL Investments International
17 March 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 to 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 31 January 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 17 March 2011 and
the above responsibility statement was signed on its behalf by Hugh Bolland,
Chairman.
Enquiries:
Christopher Pirnie - Company Secretary, FIL Investments International - 01737
837929
Twenty Largest Investments as at 31 January 2011
Fair
Value
Country of Holding £'000 %1
Listing
CHINA Tencent Holdings
The company provides internet, mobile and 5,620 3.7
telecommunications value-added services in
China. It has an instant messaging community in
China. It also provides advertising services.
China Merchants Bank
A commercial bank offering corporate banking, 5,039 3.3
retail banking and treasury businesses. It is
headquartered in Shenzhen.
HONG KONG Hutchison Whampoa
A diversified company that operates through its 5,664 3.8
subsidiaries, in businesses like ports and
related services, telecommunications,
e-commerce, property and hotels, retail and
manufacturing, energy, infrastructure, finance
and investment.
Hong Kong Exchanges & Clearing
The company owns and operates the only stocks 5,412 3.6
and futures exchanges in Hong Kong, and their
related clearing houses.
Li & Fung
An investment holding company engaged in the 5,193 3.4
trading of consumer products.
Bank of China Hong Kong
A leading listed commercial banking group in 3,449 2.3
Hong Kong in terms of assets and customer
deposits. With over 270 branches and 470 ATMs
and other distribution channels in Hong Kong,
the Bank and its subsidiaries offer a
comprehensive range of financial products and
services to retail and corporate customers.
SJM Holdings
The company offers amusement and recreation 2,690 1.8
services. It operates casinos, hotels and other
tourism-related services in Macau.
Cheung Kong Holdings
The company through its subsidiaries develops 2,593 1.7
and invests in real estate. It also provides
real estate agency and management services,
operates hotels and invests in securities.
MALAYSIA Genting Malaysia
An investment holding company, which through its 2,720 1.8
subsidiaries provides leisure and hospitality,
gaming, and entertainment businesses. The
company also operates plantations, develops and
manages property, provides tours and travel
related services, manufactures and trades paper,
explores oil & gas, and provides money lending
services.
SOUTH KOREA Samsung Electronics
The company specialises in the provision of 8,957 6.0
communication products. It operates its
businesses through five business divisions:
communication, semiconductor, digital media,
liquid crystal display (LCD) and home
appliances.
Hyundai Mobis
The company manufactures and markets automotive 3,238 2.2
parts and equipment such as automotive service
components, modules and systems. It also
contracts environmental projects including
sewage treatment plant and industrial waste
water treatment plant construction.
LG Household and Healthcare
The company produces consumer goods such as 2,757 1.8
household cleaning and personal care products.
It also sells beauty care, dental care, laundry
and cleaning products, through its household
division and markets skin care and make-up
products through its cosmetics division.
Hyundai Heavy Industries
The company builds ships for commercial and 2,531 1.7
military purposes. It produces oil tankers,
passenger and cargo vessels, and warships. The
company also produces heavy industrial
machinery, electrical components for engines and
power trains, and industrial vehicles, such as
cranes and bulldozers.
KIA Motors
The company manufactures, sells and exports 2,488 1.7
cars, mini buses, trucks and commercial
vehicles. It also produces various auto parts.
Lock & Lock
The company produces and sells plastic food 2,195 1.5
storage and outdoor airtight containers. It also
produces materials such as ceramic ware, pots,
glass, and other kitchen items.
Seoul Semiconductor
The company manufactures parts of electronics 2,144 1.4
products. Its products include light emitting
diode (LED), custom display, LED dot matrix,
photo and transistors.
TAIWAN Hon Hai Precision
The company is principally engaged in the 4,700 3.1
production and sale of electronic products,
which are applied in computer, communication and
consumer electronics goods.
Advanced Semiconductor Engineering
A provider of semiconductor packaging and 3,392 2.2
testing services. The company's services include
semiconductor packaging, design and production
of interconnect materials, front-end engineering
testing, wafer probing and final testing
services.
Taiwan Semiconductor Manufacturing
The company manufactures and markets integrated 2,240 1.5
circuits and provides the following services:
wafer manufacturing, wafer probing, assembly and
testing, mask production and design services.
Its integrated circuits are used in computers,
communications, consumer electronics, automotive
and industrial equipment services.
Au Optronics
The company designs develops, manufactures, 2,115 1.4
assembles and markets flat planel displays. Its
principal products are thin film
transistor-liquid display (TFT-LCD).
Twenty largest investments 75,137 49.9
Other holdings 73,559 48.9
148,696 98.8
Cash and other net current assets 1,836 1.2
150,532 100.0
1 % of total assets less current liabilities, excluding loan liability
Income Statement
for the six months ended for the year ended for the six months ended
31.01.11 31.07.10 31.01.10
unaudited audited unaudited
revenue capital Total revenue capital total revenue capital total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments - 23,244 23,244 - 25,432 25,432 - 13,310 13,310
designated at fair
value through profit
or loss
Income 2 1,099 - 1,099 2,446 - 2,446 978 - 978
Investment (749) - (749) (1,161) - (1,161) (543) - (543)
management fee
Other expenses (295) - (295) (799) - (799) (211) - (211)
Exchange gains/ 2 (120) (118) 9 181 190 2 233 235
(losses) on other
net assets
Exchange gains/ - 135 135 - (178) (178) - (306) (306)
(losses) on loan
Net return before 57 23,259 23,316 495 25,435 25,930 226 13,237 13,463
finance costs and
taxation
Finance costs (110) - (110) (131) - (131) (65) - (65)
Net (loss)/return on (53) 23,259 23,206 364 25,435 25,799 161 13,237 13,398
ordinary activities
before taxation
Taxation on (loss)/ 3 (96) (10) (106) (200) - (200) (65) - (65)
return on ordinary
activities
Net (loss)/return on (149) 23,249 23,100 164 25,435 25,599 96 13,237 13,333
ordinary activities
after taxation for
the period
(Loss)/return per
ordinary share
Undiluted 4 (0.24p) 38.03p 37.79p 0.27p 41.73p 42.00p 0.16p 21.72p 21.88p
Diluted 4 (0.24p) 37.96p 37.72p 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 this Income 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 2009.
Reconciliation of Movements in Shareholders' Funds
share capital other non-
share premium redemption distributable other capital revenue total
capital account reserve reserve reserve reserve reserve equity
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Opening 15,235 - 1,785 7,367 19,239 47,523 985 92,134
shareholders' funds:
1 August 2009
Net recognised - - - - - 13,237 - 13,237
capital gains for
the period
Net revenue after - - - - - - 96 96
taxation for the
period
Dividend paid to 6 - - - - - - (609) (609)
shareholders
Closing 15,235 - 1,785 7,367 19,239 60,760 472 104,858
shareholders' funds:
31 January 2010
Opening 15,235 - 1,785 7,367 19,239 47,523 985 92,134
shareholders' funds:
1 August 2009
Net recognised - - - - - 25,435 - 25,435
capital gains for
the year
Bonus issue of 609 - - - (609) - - -
subscription shares
Exercise of rights (2) 2 - - - - - -
attached to
subscription shares
and conversion into
ordinary shares
Issue of ordinary 9 60 - - - - - 69
shares on exercise
of rights attached
to subscription
shares
Net revenue after - - - - - - 164 164
taxation for the
year
Dividend paid to 6 - - - - - - (609) (609)
shareholders
Closing 15,851 62 1,785 7,367 18,630 72,958 540 117,193
shareholders' funds:
31 July 2010
Net recognised - - - - - 23,259 - 23,259
capital gains for
the period
Exercise of rights (23) 23 - - - - - -
attached to
subscription shares
and conversion into
ordinary shares
Issue of ordinary 116 771 - - - - - 887
shares on exercise
of rights attached
to subscription
shares
Taxation charged to - - - - - (10) - (10)
capital
Net revenue loss - - - - - - (149) (149)
after taxation for
the period
Closing 15,944 856 1,785 7,367 18,630 96,207 391 141,180
shareholders' funds:
31 January 2011
Balance Sheet
31.01.11 31.07.10 31.01.10
unaudited audited unaudited
Notes £'000 £'000 £'000
Fixed assets
Investments designated at fair value 148,696 121,786 101,640
through profit or loss
Current assets
Debtors 2,060 1,187 262
Cash at bank 2,916 1,272 3,486
4,976 2,459 3,748
Creditors - amounts falling due within
one year
Fixed rate unsecured loan 7 (9,352) (5,729) -
Other creditors (3,140) (1,323) (530)
(12,492) (7,052) (530)
Net current (liabilities)/assets (7,516) (4,593) 3,218
Total net assets 141,180 117,193 104,858
Capital and reserves
Share capital 8 15,944 15,851 15,235
Share premium account 856 62 -
Capital redemption reserve 1,785 1,785 1,785
Other non-distributable reserve 7,367 7,367 7,367
Other reserve 18,630 18,630 19,239
Capital reserve 96,207 72,958 60,760
Revenue reserve 391 540 472
Total equity shareholders' funds 141,180 117,193 104,858
Net asset value per ordinary share
Undiluted 9 229.77p 192.19p 172.06p
Diluted 9 223.58p 191.99p n/a
Cash Flow Statement
31.01.11 31.07.10 31.01.10
unaudited audited unaudited
£'000 £'000 £'000
Operating activities
Investment income received 910 2,257 944
Investment management fee paid (349) (1,145) (261)
Directors' fees paid (21) (93) (43)
Other cash payments (176) (720) (138)
Net cash inflow from operating activities 364 299 502
Servicing of finance
Interest paid (93) (215) (195)
Net cash outflow from servicing of finance (93) (215) (195)
Financial investment
Purchase of investments (76,371) (91,819) (36,787)
Disposal of investments 73,176 94,199 46,979
Net cash (outflow)/inflow from financial (3,195) 2,380 10,192
investment
Dividend paid to shareholders - (609) (609)
Net cash (outflow)/inflow before financing (2,924) 1,855 9,890
Financing
Exercise of rights attached to subscription 887 52 -
shares
2.24% fixed rate unsecured credit facility drawn 3,758 - -
down
2.65% fixed rate unsecured credit facility drawn - 5,857 -
down
5.60% fixed rate unsecured loan repaid - (6,890) (6,890)
Net cash inflow/(outflow) from financing 4,645 (981) (6,890)
Increase in cash 1,721 874 3,000
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 July 2010.
2 INCOME
31.01.11 31.07.10 31.01.10
unaudited audited unaudited
£'000 £'000 £'000
Income from investments designated at fair
value through profit or loss
Overseas dividends 992 2,256 854
Overseas scrip dividends 107 190 124
Total Income 1,099 2,446 978
3 TAXATION ON (LOSS)/RETURN ON ORDINARY ACTIVITIES
31.01.11 31.07.10 31.01.10
unaudited audited unaudited
£'000 £'000 £'000
Overseas taxation suffered
Revenue 96 200 65
Capital 10 - -
Total 106 200 65
4 (LOSS)/RETURN PER ORDINARY SHARE
31.01.11 31.07.10 31.01.10
unaudited audited unaudited
Undiluted
Revenue (0.24p) 0.27p 0.16p
Capital 38.03p 41.73p 21.72p
Total 37.79p 42.00p 21.88p
The undiluted returns per ordinary share are based on net (loss)/return on
ordinary activities after taxation in the period and the weighted average
number of ordinary shares in issue. The revenue loss in the period was £149,000
(31.07.10: return £164,000; 31.01.10: return £96,000), the capital return in
the period was £23,249,000 (31.07.10: £25,435,000; 31.01.10: £13,237,000) and
the total return in the period was £23,100,000 (31.07.10: £25,599,000;
31.01.10: £13,333,000). The weighted average number of ordinary shares in issue
during the period was 61,134,742 (31.07.10: 60,945,935; 31.01.10: 60,942,501).
31.01.11 31.07.10 31.01.10
unaudited audited unaudited
Diluted
Revenue (0.24p) n/a n/a
Capital 37.96p n/a n/a
Total 37.72p n/a n/a
The diluted returns per ordinary share represent the net (loss)/return on
ordinary activities after taxation divided by the weighted average number of
ordinary shares in issue during the period, as adjusted for the conversion of
all outstanding subscription shares at the period end, into ordinary shares.
For this purpose, the excess in the number of ordinary shares that would have
been issued had all the outstanding subscription shares been converted, over
the number of ordinary shares that could have been purchased, at the average
market price during the period, with the 191.00 pence per share proceeds of the
conversion, are treated as an issue of ordinary shares for no consideration at
the start of the period. The weighted average number of ordinary shares for the
period on this diluted basis was 61,242,998.
There was no dilution in the period ended 31 January 2010 as there were no
subscription shares in issue, and none in the year ended 31 July 2010 as the
average market price of the ordinary shares was below the exercise price of
191.00 pence.
5 INVESTMENT TRANSACTION COSTS
Included in gains on investments designated at fair value through profit or
loss are the following costs of investment transactions:
31.01.11 31.07.10 31.01.10
unaudited audited unaudited
£'000 £'000 £'000
Purchases expenses 44 187 73
Sales expenses 40 312 163
84 499 236
6 DIVIDENDS
No dividend has been declared in respect of the current period. The dividend
payment of £609,000 shown in the Reconciliation of Movements in Shareholders'
Funds for the year ended 31 July 2010 and for the six months ended 31 January
2010, represents the final dividend of 1.00p declared for the year ended 31
July 2009.
7 LOAN FACILITY
On 3 February 2010 the Company entered into a 364 day revolving credit facility
for an amount up to US$15,000,000 with ING Bank N.V. On 12 April 2010
US$9,000,0000 of this facility was drawn down, at an interest rate of 2.65%,
and on 19 November 2010 the remaining US$6,000,000 was drawn down, at an
interest rate of 2.24%.
Both tranches of the facility were repaid on 3 February 2011 and a new 364 day
revolving credit facility of US$15,000,000 was entered into with ING Bank N.V.
The full amount was drawn down on the same day at an interest rate of 2.0605%
with interest payable on 3 May 2011.
8 SHARE CAPITAL
31.01.11 31.07.10 31.01.10
unaudited audited unaudited
Issued, allotted and fully paid: shares shares shares
Ordinary shares of 25 pence each
Beginning of the period 60,978,843 60,942,501 60,942,501
Issue of ordinary shares of 25 pence each on 464,534 36,342 -
conversion of subscription shares
End of the period 61,443,377 60,978,843 60,942,501
Subscription shares of 5 pence each
Beginning of the period 12,151,870 - -
Issue of subscription shares of 5 pence each - 12,188,212 -
Exercise of rights attached to subscription (464,534) (36,342) -
shares and conversion into ordinary shares
of 25 pence each
End of the period 11,687,336 12,151,870 -
31.01.11 31.07.10 31.01.10
unaudited audited unaudited
Issued, allotted and fully paid: £'000 £'000 £'000
Ordinary shares of 25 pence each
Beginning of the period 15,244 15,235 15,235
Issue of ordinary shares of 25 pence each on 116 9 -
conversion of subscription shares
End of the period 15,360 15,244 15,235
Subscription shares of 5 pence each
Beginning of the period 607 - -
Issue of subscription shares of 5 pence each - 609 -
Exercise of rights attached to subscription (23) (2) -
shares and conversion into ordinary shares
of 25 pence each
End of the period 584 607 -
Total share capital 15,944 15,851 15,235
9 NET ASSET VALUE PER ORDINARY SHARE
The undiluted net asset value per ordinary share is based on net assets of £
141,180,000 (31.07.10: £117,193,000; 31.01.10: £104,858,000) and on 61,443,377
(31.07.10: 60,978,843; 31.01.10: 60,942,501) 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 basis
that the outstanding subscription shares of 11,687,336 at 31 January 2011
(31.07.10: 12,151,870; 31.01.10: nil) were exercised on that date. This basis
of calculation is in accordance with guidelines laid down by the Association of
Investment Companies and is provided to the London Stock Exchange on an ongoing
basis.
10 UNAUDITED FINANCIAL STATEMENTS
The results for the six months to 31 January 2011 and 31 January 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 July 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 on:
0800 41 41 10 9am to 6pm, Monday to Saturday.
Financial advisers call free on:
0800 41 41 81 Lines are open from 8am to 6pm, Monday to Friday
www.fidelity.co.uk/its
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 to Fidelity Asian Values PLC), The Registry,
34 Beckenham Road, Beckenham,
Kent, BR3 4TU.
Telephone: 0871 664 0300 (calls to this number cost 10p per minute plus network
extras) Lines are open from
8.30am to 5.30pm, Monday to Friday.
If calling from overseas, telephone +44 208 639 3399
Email: ssd@capitaregistrars.com
Share Plan investors:
Fidelity Investment Trust Share Plan
BNP Paribas Securities Services,
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 dependent on the tariff. Other telephone service providers'
costs may vary.)
Fidelity ISA investors:
Fidelity, using the freephone number given, 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:
http://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 361144
Fax: 01737 836892
http://www.fidelity.co.uk/its
FINANCIAL CALENDAR 2010
31 January - Half-Yearly period end
22 March - Announcement of Half-Yearly results to 31 January
1 April - Posting of Half-Yearly report
31 July - Financial year end
October - Publication of Annual Report
November - Annual General Meeting
Directory
BOARD OF DIRECTORS
Hugh Bolland (Chairman)
Kate Bolsover (Audit Committee Chairman)
William Knight (Senior Independent Director)
Kathryn Matthews
Philip Smiley
MANAGER, SECRETARY AND REGISTERED OFFICE
FIL Investments International
Beech Gate, Millfield Lane,
Lower Kingswood, Tadworth,
Surrey, KT20 6RP
FINANCIAL ADVISERS AND STOCKBROKERS
J. P. Morgan Cazenove
20 Moorgate,
London, EC2R 6DA
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
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. Investors should also note that the views
expressed may no longer be current and may already have been acted upon by
Fidelity.
The content of websites referenced in this document does not form part of this
document.
Fidelity, Fidelity International and the Pyramid Logo are trademarks of FIL
Limited.
Issued by Fidelity Asian Values PLC.
WARNING TO SHAREHOLDERS - "BOILER ROOM" SCAMS
Over the year, many companies have become 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")
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.html
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
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