Half-yearly Report
FIDELITY JAPANESE VALUES PLC
Preliminary Announcement of Unaudited Half-Year Results
for the six months ended 30 June 2008
Contents
Investment Objective & Performance Summary
Summary of Results
Half-Yearly Report
Directors' Responsibility Statement
Top 20 Holdings
Financial Statements
Investor Information
Directory
Investment Objective
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
30 June 2008 6 months to 30 June 2008
Net asset value per share 61.80p -7.3%
Share price 54.25p -7.3%
Russell/Nomura Mid-Small Cap Index (1) 1.600 -7.9%
(1) Sterlingadjusted
Standardised performance on a total return basis
30/06/03to 30/06/04to 30/06/05to 30/06/06to 30/06/07to
30/06/04 30/06/05 30/06/06 30/06/07 30/06/08
Net asset value +81.1% +0.6% +18.3% -23.0% -17.4%
per share
Share price +99.3% -1.3% +20.1% -23.9% -19.0%
Sources: Fidelity and Datastream
Past performance is not a guide to future returns. The value of your investment
can go down as well as up, and may be affected by exchange rate fluctuations
Summary of Results
30 June 31 December %
2007
2008 change
Assets
Total assets employed (1) £74.11m £79.03m -6.2
Shareholders' funds £59.06m £64.69m -8.7
Borrowings less cash as % of shareholders' 24.8% 20.7%
funds
Net asset value per share per share 61.80p 66.67p -7.3
Stockmarket Data
Russell/Nomura Mid-Small Cap Index 1.600 1.738 -7.9
Yen/£ exchange rate 211.33 221.69 4.7
Share price period end 54.25p 58.50p -7.3
high 62.00p 83.00p
low 44.50p 55.50p
(Discount)/premium period end (12.2)% (12.3)%
low (19.0)% (17.5)%
high (7.1)% 1.4%
Returns for the six months to 30 June 2008 2007
Capital loss per ordinary share (5.08p) (4.68p)
Capital + revenue loss per ordinary share (5.15p) (4.87p)
(1) Total assets less current liabilities, excluding fixed term loan
liabilities
Sources: Fidelity and Datastream
Past performance is not a guide to future returns. The value of your
investment can go down as well as up, and may be affected by exchange rate
fluctuations
Half-yearly report
Performance
Japanese equities suffered a series of sharp declines during the first half of
the review period, falling to their lowest level since mid 2005. Investor
confidence was undermined by a combination of weak economic indicators both
overseas and in Japan, turmoil in financial sectors precipitated by the
sub-prime crisis and tightening credit markets, record high oil prices and
dollar weakness. After bottoming in mid March, Japanese equities enjoyed a
brief respite, but this was insufficient to erase the losses generated earlier
in the year. In relative terms, however, Japan continued to outperform most
other developed markets. This may be attributed to the fact that Japan's banks
appeared to have emerged relatively unscathed from the sub-prime crisis. It is
noteworthy that over both five and ten year periods the Topix index in USD
terms has now outperformed the S&P500 index in the United States by a clear
margin.
During the review period, large-cap stocks continued to outperform their medium
and small cap counterparts. This pattern is often observed in a deteriorating
economic environment as smaller companies tend to be more cyclically exposed
and suffer more as liquidity is withdrawn from the market. Indeed, small
companies' earnings for fiscal 2007 fell by 0.3%, a significant downgrade from
their initial target of double-digit growth. Commodity related stocks in the
fishery, agriculture & forestry, mining and wholesale sectors achieved the most
significant gains, helped by rising food, energy and metal prices. In
contrast, apparel, precision instrument and real estate companies were among
the worst performers. This apparent contrast between global shortages in key
commodities and hence rising prices and the deflationary effects of a slowdown
in housing activity and the broader economy was apparent in the Japanese market
as it was in many other global economies.
During the last six months, your Company's net asset value declined by 7.3%,
but it marginally outperformed its benchmark the Russell/Nomura Smaller
Companies Index, which fell by 7.9%. We are pleased to inform you that your
Company was the best performing investment trust within its peer group over the
review period.
As a result of the decline in the value of the gross assets the gearing level
has risen commensurately. In turn the gearing inevitably had a negative impact
on the Company's equity portfolio. The Board's view is that over the longer
term the progress of the portfolio in which we are invested will result in
higher share prices (more of which later) and that therefore to reduce
borrowings at a depressed level of the market is not in the long term interests
of shareholders.
Your Company's outperformance relative to the benchmark index and the peer
group is largely attributable to successful stock selection in the wholesale,
glass & ceramics and information & communication sectors. The Manager continued
to focus on companies whose earnings growth potential is underestimated by the
stockmarket. In the wholesale sector, holdings in conglomerates, particularly
Mitsubishi Corp. and Mitsui & Co., proved rewarding as their metal and energy
businesses benefited from higher commodity prices. In the glass & ceramics
sector, a glass maker, Nippon Electric Glass ("NEG"), which produces glass
substrate for LCD panels, outperformed. We determined that NEG would continue
to benefit from the secular growth trend in the LCD market, as the flat panel
TV market is growing rapidly and the average size of a TV panel is increasing.
In the information & communication sector, Dwango aided performance. The firm
provides internet contents designed for mobile phone access. Expectations for
a turnaround in its loss-making business unit boosted the share price
performance during the first half of the review period. We sold the entire
position and took profit in Dwango, as it achieved our target price. Other
major contributors included Hisaka Works, a niche machinery maker that produces
heat exchangers for LNG and nuclear power plants; Kakaku.Com, an on-line price
comparison shopping engine, and Mitsui OSK Lines, a shipping company.
On the other hand, holdings in the electrical machinery and metal products
detracted from performance relative to the benchmark. In the electrical
machinery sector, the largest detractor was Nippon Dempa Kogyo, which makes
quartz crystals products used for mobile phones. Slower sales growth and
tougher price competition resulted in the weaker than expected earnings for
fiscal 2007. In the metal products sector, the performance of Sumco and Sumco
Techxiv was disappointing. Although the Manager sold off the entire positions
in these semiconductor makers by the end of February, their share price
declines during the first two months of the year partially offset the relative
returns.
The Market & Outlook
Looking ahead, renewed concerns about the credit crisis, slowing global growth
and record resource and energy prices could exert further downward pressure on
global equity markets. It is this deterioration in the relationship between
growth and inflation - commonly referred to as stagflation - that creates a
difficult backdrop for equities. However, it has become increasingly clear this
year that whilst Japan remains a cyclically exposed economy, it has been much
less exposed to some of the excesses that have dominated Western economies and
should therefore be more protected on the downside.
As the first quarter GDP data demonstrated, external demand remains a key
driver for the Japanese economy. The outlook here remains decidedly mixed.
Demand in the US has slowed considerably and a tighter monetary policy in
Europe suggests a tougher environment ahead. Moreover, it seems likely that the
unwinding of the excesses in many overseas asset markets could dampen private
consumption - and hence export demand from Japan - for some time. Whilst GDP
data shows that Japan's reliance on Asia has grown significantly, it should be
remembered that a proportion of this production is for re-export and that many
Asian economies still have underdeveloped private consumption. Thus while Asia
represents a key area of growth in the future, the more developed European and
US economies remain very important.
On the domestic front, the effects of regulatory changes on the housing
industry have run their course and both regular wages and labour's share of GDP
are showing signs of bottoming. However, the prospect of a sustainable recovery
in personal consumption remains uncertain, as weaker employment conditions,
lacklustre bonus payments and cost-push inflation are likely to keep a lid on
real incomes. Meanwhile, corporate surveys conducted by the Ministry of Finance
and the Bank of Japan point towards a softening in fixed investment as slowing
demand and rising costs erode earnings.
While higher inflation could be seen as universally negative for most of the
world's major economies, it may be beneficial for Japan. The economy has shown
signs of emerging from its deflationary past, and the recent bout of cost-push
inflation may be sufficient to start changing consumer behaviour. It is this
potential change of mindset, should Japan emerge from an era of flat or falling
prices, that remains the most intriguing part of the development of the economy
over the next two years. The potential for domestic growth, should this occur,
remains substantial.
In addition to the fact that inflation may well be positive for the Japanese
economy, Japan remains relatively well insulated from some of the other ills
currently blowing through the international economy. Firstly, financial
institutions' subprime-related losses are relatively small. According to
Bloomberg, Japan's asset write-downs and credit losses amounted to just $14.9
billion or 3.8% of the global total. Secondly, Japan does not face the problem
of dealing with deflating property markets that had supported private
consumption growth.
On an absolute and relative valuation basis, the Japanese stockmarket is
positioned to emerge from this downturn as a more attractive place to invest.
In the past, it has been much more difficult to justify share price valuations,
particularly compared to similar companies listed elsewhere in the world. Now
however, whether the focus is on PBR, PER or EV/EBITDA, Japanese valuations do
not appear to be significantly different from other developed markets. It is
also noticeable that the TSE first section dividend yield continues to exceed
the yield on ten year Japanese Government Bonds, a situation that has acted as
a solid support for the market in the past.
In this environment we remain relatively cautious and expect volatile market
conditions to endure for the time being. Nonetheless, we believe that
valuations are supportive, the economy has avoided many of the asset market
excesses that plague many western economies and any emerging inflation could be
beneficial for the Japanese economy. We will continue to seek opportunities to
build positions in companies that are able to reap the benefit of a recovery
over the medium term.
Net Asset Value @ 31 December 2007 66.67p
Impact of change in the Russell/Nomura Index (in yen terms) -7.85p
Impact of stock selection (in yen terms) +1.49p
Impact of currency +3.18p
Impact of gearing -1.41p
Impact of share repurchases +0.13p
Impact of other costs -0.41p
Net Asset Value @ 30 June 2008 61.80p
PRINCIPAL RISKS AND UNCERTAINTIES
The Board believes that the principal risks and uncertainties faced by the
Company, continue to fall into two broad categories. The first, external risks,
being stockmarket, share price and currency and the second, internal risks,
being 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 2007.
By order of the Board
FIL Investments International
28 July 2008
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 narrative on pages 3, 4 and 5 of the half-yearly report (constituting
the interim management report) includes a fair review of the information
required by Rule 4.2.7R of the FSA's Disclosure and Transparency Rules and
their impact on the condensed set of financial statements and a description of
the principal risks and uncertainties for the remaining six months of the
financial year; 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 2008 and
therefore nothing to report on any material effect by such a transaction on the
financial position or the performance of the Company during that period; and
there have been no changes in this position since the last annual report that
could have a material effect on the financial position or performance of the
Company in the first six months of the current financial year.
The half-yearly financial report has not been audited or reviewed by the
Company's auditors.
The half-yearly financial report was approved by the Board on 28 July 2008 and
the above responsibility statement was signed on its behalf by William Thomson,
Chairman.
Top 20 Holdings as at 30 June 2008
Holding Market %
Value (1)
£'000
Daicel Chemical Industries 2,751 3.7
Chemical manufacturer
Nippon Electric Glass 2,385 3.2
Manufactures and supplies high technology glass products
JSR 2,313 3.1
Manufactures and sells synthetic rubber and resins
Mitsui & Co 2,294 3.1
General trading
Mitsubishi Corporation 2,051 2.8
General trading
Mitsui O.S.K. Lines 1,957 2.6
Supplies marine transportation, warehousing and cargo handling
services
Asahi Glass 1,929 2.6
Glass manufacturer
Kakaku.com 1,760 2.4
Provides price comparison services and product information
Hitachi Chemical 1,718 2.3
Chemical manufacturer
FP 1,548 2.1
Manufactures polystyrene and synthetic resins
Stanley Electric 1,531 2.1
Manufactures lighting equipment
Tamron 1,451 2.0
Manufactures lenses for electrical equipment
Hisaka Works 1,429 1.9
Manufactures industrial equipment
Konica Minolta Holdings 1,320 1.8
Manufactures photo films for medical, office and general use
Mitsubishi Electric 1,255 1.7
Develops, manufactures and markets electronic equipment
Nikon 1,211 1.6
Manufactures and sells cameras, lenses and measuring
instruments
Sumitomo Electric Industries 1,197 1.6
Manufactures electric wires, cables and related equipment
Kappa Create 1,163 1.6
General food retailing
Ajinomoto 1,159 1.6
General trading
Mizuho Financial Group 1,116 1.5
General financing business
Top 20 holdings 33,538 45.3
(1) % total assets less current liabilities excluding loan liabilities
Enquiries:
Mrs Tracey Cousins - FIL Investments International, Company Secretary - 01737
836883
Copies of the half-yearly report will be posted to shareholders as soon as
practicable. Copies will also be available to the public from the Company's
registered office, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth,
Surrey KT20 6RP.
Issued by FIL Investments International. Authorised and regulated in the UK by
the Financial Services Authority.
FIDELITY JAPANESE VALUES PLC
Income Statement
for the six months for the year ended for the six months ended
ended
30.06.08 31.12.07 30.06.07
unaudited audited unaudited
revenue capital total revenue capital total revenue capital total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Losses on - (4,478) (4,478) - (11,710) (11,710) - (5,279) (5,279)
investments
Income 2 623 - 623 991 - 991 547 - 547
Investment (363) - (363) (850) - (850) (440) - (440)
management
fee
Other (172) - (172) (354) - (354) (160) - (160)
expenses
Exchange (1) 299 298 3 203 206 - (103) (103)
(losses)/
gains
Exchange - (702) (702) - (708) (708) - 790 790
(losses)/
gains on
loans
Net return/ 87 (4,881) (4,794) (210) (12,215) (12,425) (53) (4,592) (4,645)
(loss)
before
finance
costs and
taxation
Interest (112) - (112) (202) - (202) (96) - (96)
payable
Net loss on (25) (4,881) (4,906) (412) (12,215) (12,627) (149) (4,592) (4,741)
ordinary
activities
before
taxation
Taxation on 3 (44) - (44) (69) - (69) (38) - (38)
ordinary
activities
Net loss on (69) (4,881) (4,950) (481) (12,215) (12,696) (187) (4,592) (4,779)
ordinary
activities
after
taxation
for the
period
Loss per 4 (0.07p) (5.08p) (5.15p) (0.49p) (12.52p) (13.01p) (0.19p) (4.68p) (4.87p)
ordinary
share
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.
These financial statements have been prepared in accordance with the AIC
Statement of Recommended Practice ("SORP") issued in January 2003 and revised
in December 2005.
FIDELITY JAPANESE VALUES PLC
Reconciliation of Movements in Shareholders' Funds
called share capital other capital capital revenue total
up premium redemption reserve reserve reserve reserve equity
share account reserve realised unrealised
capital
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Opening 24,551 44 1,780 60,369 17,497 (14,215) (11,860) 78,166
shareholders'
funds: 1
January 2007
Net recognised - - - - (8,038) 3,446 - (4,592)
(losses)/gains
for the period
Repurchase of (257) - 257 - (681) - - (681)
ordinary
shares
Net revenue - - - - - - (187) (187)
loss for the
period
Closing 24,294 44 2,037 60,369 8,778 (10,769) (12,047) 72,706
shareholders'
funds 30 June
2007
Opening 24,551 44 1,780 60,369 17,497 (14,215) (11,860) 78,166
shareholders'
funds: 1
January 2007
Net recognised - - - - (25,637) 13,422 - (12,215)
(losses)/gains
for the year
Repurchase of (295) - 295 (778) - - - (778)
ordinary
shares
Net revenue - - - - - - (481) (481)
loss for the
year
Closing 24,256 44 2,075 59,591 (8,140) (793) (12,341) 64,692
shareholders'
funds: 31
December 2007
Transfer - - - - (2,526) 2,526 - -
between
reserves*
Net recognised - - - - (4,159) (722) - (4,881)
losses for the
year
Repurchase of (362) - 362 (679) - - - (679)
ordinary
shares
Net revenue - - - - - - (69) (69)
after taxation
for the period
Closing 23,894 44 2,437 58,912 (14,825) 1,011 (12,410) 59,063
shareholders'
funds: 30 June
2008
* In accordance with TECH 02/07: Distributable Profits - with effect from 1
January 2008, changes in fair value of investments which are readily
convertible to cash, without accepting adverse terms, at the balance sheet date
are included in realised, rather than unrealised, capital reserves. The
balances on both reserves at 1 January 2008 have been amended by a reserve
transfer to reflect this change.
FIDELITY JAPANESE VALUES PLC
Balance Sheet
30.06.08 31.12.07 30.06.07
unaudited audited unaudited
Notes £'000 £'000 £'000
Fixed assets
Investments at fair value through 73,305 78,122 82,578
profit or loss
Current assets
Debtors 1,512 392 283
Cash at bank 395 937 3,520
1,907 1,329 3,803
Creditors - amounts falling due
within one year
Other creditors (1,106) (419) (833)
Net current assets 801 910 2,970
Total assets less current 74,106 79,032 85,548
liabilities
Creditors - amounts falling due
after more than one year
Fixed rate unsecured loans 6 (15,043) (14,340) (12,842)
Total net assets 59,063 64,692 72,706
Capital and reserves
Called up share capital 23,894 24,256 24,294
Share premium account 44 44 44
Capital redemption reserve 2,437 2,075 2,037
Other reserve 58,912 59,591 60,369
Capital reserve - realised (14,825) (8,140) 8,778
Capital reserve - unrealised 1,011 (793) (10,769)
Revenue reserve (12,410) (12,341) (12,047)
Total equity shareholders' funds 59,063 64,692 72,706
Net asset value per ordinary share 7 61.80p 66.67p 74.82p
FIDELITY JAPANESE VALUES PLC
Cash Flow Statement
30.06.08 31.12.07 30.06.07
unaudited audited unaudited
£'000 £'000 £'000
Operating activities
Investment income 925
received 563 512
Interest received 2 4 2
Investment (339) (920) (505)
management fee paid
Directors' fees paid (39) (60) (40)
Other cash payments (158) (347) (115)
Net cash inflow/ 29 (398) (146)
(outflow) from
operating activities
Returns on
investments and
servicing of finance
Interest paid (111) (200) (97)
Net cash outflow (111) (200) (97)
from servicing of
finance
Financial investment
Purchase of (48,198) (115,268) (30,934)
investments
Disposal of 48,436 117,138 34,826
investments
Net cash inflow from 238 1,870 3,892
financial investment
Net cash inflow 156 1,272 3,649
before financing
Financing
Repurchase of (679) (778) (493)
ordinary shares
Net cash outflow (679) (778) (493)
from financing
(Decrease)/increase (523) 494 3,156
in cash
Notes to the Financial Statements
1. Accounting policies
The half-yearly financial statements have been prepared on the basis of
the accounting policies set out in the Company's annual report and financial
statements dated 31 December 2007.
2. Income
30.06.08 31.12.07 30.06.07
unaudited audited unaudited
£'000 £'000 £'000
Overseas dividends 622 986 545
Deposit interest 1 5 2
623 991 547
The income reported in the six months to 30 June 2008 is not indicative
of the income to be received for the remainder of the year as the majority of
Japanese securities pay their dividends in the first half of the reporting
period.
3. Taxation on return on ordinary activities
30.06.08 31.12.07 30.06.07
unaudited audited unaudited
£'000 £'000 £'000
Overseas taxation suffered 44 69 38
4. Net losses per ordinary share
30.06.08 31.12.07 30.06.07
unaudited audited unaudited
revenue capital total revenue capital total revenue capital total
Basic (0.07p) (5.08p) (5.15p) (0.49p) (12.52p) (13.01p) (0.19p) (4.68p) (4.87p)
Net losses per ordinary share are based on the net revenue loss on
ordinary activities after taxation of £69,000 (31.12.07: £481,000; 30.06.06: £
187,000), the net capital loss in the period of £4,881,000 (31.12.07: £
12,215,000; 30.06.07: £4,592,000) and the total loss of £4,950,000 (31.12.07: £
12,696,000; 30.06.07: £4,779,000) and on 96,183,772 ordinary shares (31.12.07:
97,571,864; 30.06.07: 98,115,796), being the weighted average number of
ordinary shares in issue during the period.
Cost of Investment Transactions
Included in the losses on investments are the following costs of investment
transactions:
30.06.08 31.12.07 30.06.07
unaudited audited unaudited
£'000 £'000 £'000
Purchase expenses 65 120 47
Sales expenses 66 123 53
131 243 100
6. Loan Facilities
The fixed rate unsecured loan from The Royal Bank of Scotland PLC of
yen 1,499,040,000 was drawn down on 13 August 2004 for a period of five years
at a fixed rate of 1.565% per annum. The loan is repayable on 13 August 2009.
The fixed rate unsecured loan from The Royal Bank of Scotland PLC of
yen 1,680,000,000 was drawn down on 25 November 2004 for a period of five years
at a fixed rate of 1.34% per annum. The loan is repayable on 25 November 2009.
The Company has entered into an arrangement with The Royal Bank of
Scotland PLC whereby, if total borrowings exceed 39% of the Company's assets,
sufficient money is placed in a charged account with the bank to reduce
borrowings to below 39%. The release of the charge is contingent on the
borrowing ratio of the Company being reduced to 37% for a period of five
consecutive days.
At 30 June 2008, there were no cash deposits with the bank subject to a
charge in favour of The Royal Bank of Scotland PLC (31.12.07: nil; 30.06.07:
nil). As at the date of this report there were no cash deposits subject to
this charge.
7. Net asset value per ordinary share
The basic net asset value per ordinary share is based on net assets of
£59,063,000 (31.12.07: £64,692,000; 30.06.07: £72,706,000) and on 95,577,453
(31.12.07: 97,027,453; 30.06.07: 97,177,453), being the number of ordinary
shares in issue at the period end.
8. Share repurchases
The following share repurchases were made in the period:
30.06.08 31.12.07 30.06.07
unaudited audited unaudited
Number of shares repurchased 1,450,000 1,180,000 1,030,000
Average price per share 46.83p 65.93p 66.12p
Total cost including stamp duty and commission £679,000 £778,000 £681,000
9. Unaudited financial statements
The results for the six months to 30 June 2008 and 30 June 2007, which are
unaudited, constitute non-statutory financial statements within the meaning of
s240 of the Companies Act 1985. The figures and financial information for the
year ended 31 December 2007 are extracted from the latest published
statements. These financial statements, on which the auditors gave an
unqualified report, have been delivered to the Registrar of Companies.
Investor Information
CONTACT INFORMATION
Private investors can call free on 0800 41 41 10 9am to 6pm, seven days a week.
Financial advisers can call free on 0800 41 41 81 8am to 6pm, on any business
day.
Existing shareholders who have specific queries regarding their holding, 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)
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, Equiniti Limited, PO Box 4605, Aspect
House, Spencer Road, Lancing, West Sussex, BN99 6QY.
Telephone: 0871 384 2781 (calls to this number are charged at 8p per minute
from a BT landline. Other telephony providers' costs may vary.)
Fidelity ISA/PEPinvestors
Fidelity, using the freephone numbers given above, 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 FIL Investments International, 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 36 11 44
Fax: 01737 83 68 92
www.fidelity.co.uk/its
FINANCIAL CALENDAR
30 June 2008 - half-yearly period end
28 July 2008 - announcement of half-yearly results to 30 June
Mid August 2008 - publication of half-yearly report
31 December 2008 - financial year end
March 2009 - publication of annual report
May 2009 - Annual General Meeting
Directory
BOARD OF DIRECTORS
William Thomson (Chairman)
Nicholas Barber, CBE (Senior Independent Director)
Simon Fraser
Philip Kay
David Miller, OBE
MANAGER, SECRETARY AND REGISTERED OFFICE
FIL Investments International
Beech Gate, Millfield Lane
Lower Kingswood
Tadworth
Surrey KT20 6RP
INDEPENDENT AUDITORS
Grant Thornton UK LLP
Chartered Accountants and Registered Auditors
30 Finsbury Square
London EC2P 2YU
BANKERS AND CUSTODIAN
JPMorgan Chase Bank (London Branch)
125 London Wall
London EC2Y 5AJ
REGISTRARS
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
LAWYERS
Slaughter and May
One Bunhill Row
London EC1Y 8YY
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 Equiniti Limited (formerly Lloyds TSB
Registrars) and shares will be held in the name of Lloyds TSB Registrars
Savings 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. Issued by FIL Investments International, authorised and regulated by
the Financial Services Authority. For the purposes of Sections 21 and 25 of the
Financial Services and Markets Act 2000, the content of this report has been
approved by FIL Investments International. Issued by FIL Investments
International.
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. Fidelity, Fidelity International and the
Pyramid Logo are trademarks of FIL Limited.
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