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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fastenal Co | TG:FAS | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.14 | -0.22% | 62.58 | 62.42 | 62.74 | 63.28 | 62.55 | 62.80 | 1,394 | 22:50:16 |
FIDELITY ASIAN VALUES PLC Preliminary Announcement of Unaudited Results for the year ended 31 July 2003 CHAIRMAN'S STATEMENT Performance and Markets Although the second half showed some recovery, the past year has again been a difficult one for the Company. Economic news from the United States and other major developed countries was mixed at best. The global investment environment remained volatile. For much of the period, confidence and markets were weakened by concerns over the international security situation, notably in Iraq, but also over Palestine, North Korea and the continuing threat of terrorism. In the Far East and South East Asian region, the outbreak of the SARS epidemic in the Spring of 2003 had a disproportionate impact, causing some short-term disruption to domestic consumption and the tourism industry and preventing the regional markets from taking full advantage of the rebound in the US and European markets triggered by the military victory in Iraq in April. Fortunately, the spread of the SARS virus was checked and regional markets began to recover from late May onwards as international investors took on a more aggressive risk appetite. The net asset value of the Company fell by 3.0% in the year to 31 July 2003. The MSCI All Countries (Combined) Far East Free ex Japan Index (expressed in sterling and on a total return basis) gained 3.2% over the same period. This underperformance was largely due to the Korean stocks held in the portfolio. In the year to 31 July 2003 the share price fell by 4.6% and the discount to net asset value widened to 9.55%. Since the year end the net asset value has increased by 6.8% compared with an increase of 4.4% in the benchmark index. Continuation Vote The average discount for the 12 months to 23 September 2003 was 14.1%. It follows that there will not be a vote on the continuation of the Company at the Annual General Meeting this year. Gearing The Board continue to believe in gearing as a means of enhancing performance in the medium to long term. We regularly review the level of the Company's gearing in the light of short term trends. As at 31 July 2003, gross gearing amounted to 33.7% of shareholders' funds and net gearing (i.e. after deducting cash held, including the Company's investment in the Fidelity Institutional Cash Fund) amounted to 20.4%. At the time of writing gross gearing is 30.8% and net gearing is 18.6%. Despite the fall in the Company's net asset value in the period the impact of the gearing was only marginally negative due to the fall in the value of the loan resulting from the change in the US$ exchange rate. Outlook Signs of improvement in the major industrial economies have provided a favourable backdrop for the economies in the Asia Pacific region. Exports have picked up and domestic consumption has also shown signs of recovery. However, serious geopolitical risks continue to overshadow the investment environment. The worsening security situation in Iraq; the failure so far of the Bush administration's "roadmap" to make discernable progress in the Middle East peace process; and the erratic behaviour of the North Korean regime may result in continuing market volatility. The recent SARS news from Singapore and a suspected case in Hong Kong appear to be isolated incidents and seem to have had limited impact on the regional stock markets judging by investors' muted reaction to these events. China is probably the most important growth engine for the region. While it remains a major exporter, the country now consumes a high proportion of the commodities and semi-finished goods produced in the region. In the past year China has attracted more inward investment than any other country, industrialised or developing. Intra-regional trade should continue to benefit and this should stimulate domestic consumption in other regional economies. Stronger economic growth provides a good foundation for an increase in corporate profits, and in recent months many regional companies have announced better than expected profit results. Share prices continue to be attractively valued, if not cheap, and should continue to attract international investors. With improving corporate and economic fundamentals, the Asia Pacific ex Japan markets offer a wide spectrum of investment opportunities, ranging from domestic consumption to export trading and global commodities. While good stock selection will remain the key, your Board believe that equities in the region continue to offer long-term growth potential for investors. Annual General Meeting The AGM is due to take place on 27 November 2003 at Fidelity's London Cannon Street office at 11.00 am and all shareholders, ISA, PEP and Share Plan investors are invited to attend. The Investment Manager will be making a presentation on Asia and the prospects for Fidelity Asian Values. Sir Victor Garland Chairman 24 September 2003 Dividend The Company does not declare a dividend for the year ended 31 July 2003. Enquiries: Barbara Powley - Fidelity Investments International 01737 836883 FIDELITY ASIAN VALUES PLC Statement of Total Return (unaudited) (incorporating the revenue account) of the Company for the year ended 31 July 2003 2003 2002 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Losses on investments - (1,946) (1,946) - (975) (975) Income from overseas dividends 1,891 - 1,891 1,537 - 1,537 Income from overseas scrip dividends 4 - 4 3 - 3 Overseas interest 266 - 266 167 - 167 Deposit income 32 - 32 89 - 89 Investment management (705) - (705) (826) - (826) fee Other expenses (344) - (344) (303) - (303) Exchange losses - (95) (95) - (257) (257) Net return before finance costs and taxation 1,144 (2,041) (897) 667 (1,232) (565) Exchange gains on - 567 567 - 2,007 2,007 loan Interest payable (1,262) - (1,262) (1,392) - (1,392) Return on ordinary activities before tax (118) (1,474) (1,592) (725) 775 50 Tax on ordinary (214) - (214) (77) - (77) activities Return on ordinary activities after tax for the year attributable to equity shareholders (332) (1,474) (1,806) (802) 775 (27) Return per ordinary share Basic and diluted (0.36p) (1.57p) (1.93p) (0.85p) 0.82p (0.03p) All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. Balance Sheet (unaudited) as at 31 July 2003 2003 2002 £'000 £'000 Fixed assets Investments 78,736 76,980 Current assets Debtors - amounts falling due within 276 724 one year Cash at bank 343 4,547 619 5,271 Creditors - amounts falling due within (555) (1,078) one year Net current assets 64 4,193 Total assets less current liabilities 78,800 81,173 Creditors - amounts falling due after more than one year Fixed rate unsecured loan (19,870) (20,437) Total net assets 58,930 60,736 Capital and reserves Called up share capital 23,376 23,376 Share premium account 7 7 Capital redemption reserve 2,330 2,330 Other reserves Other reserve 59,282 59,282 Warrant reserve 7,369 7,369 Capital reserve - realised (35,960) (24,016) Capital reserve - unrealised 4,489 (5,981) Revenue reserve (1,963) (1,631) Total equity shareholders' funds 58,930 60,736 Net asset value per ordinary share: Basic and diluted 63.02p 64.95p Cash Flow Statement (unaudited) for the year ended 31 July 2003 2003 2002 £'000 £'000 Operating activities Investment income received 1,802 1,127 Interest received 301 88 Investment management fees paid (713) (628) Directors' fees paid (44) (64) Other cash payments (249) (269) Net cash inflow from operating 1,097 254 activities Returns on investments and servicing of finance Interest paid (1,258) (1,539) Net cash outflow from returns on investments and servicing of finance (1,258) (1,539) Taxation UK income tax recovered - 369 Financial investment Purchase of investments (54,738) (79,853) Realised exchange losses (137) (244) Disposals of investments 50,790 83,572 Net cash (outflow)/inflow from (4,085) 3,475 financial investment Net cash (outflow)/inflow before (4,246) 2,559 financing Financing Repurchase of ordinary shares - (1,398) 6.28% fixed rate unsecured loan drawn - 21,709 down 7.03% fixed rate unsecured loan repaid - (21,709) Net cash inflow/(outflow) from - (1,398) financing (Decrease)/increase in cash (4,246) 1,161 The above statements have been prepared on the basis of the accounting policies as set out in the most recently published set of annual financial statements. The figures for the year ended 31 July 2002 have been extracted from the accounts for the year ended 31 July 2002 which have been delivered to the Registrar of Companies and on which the Auditors gave an unqualified report. The annual report and accounts will be posted to shareholders in October 2003 and copies will also be available from the Secretary, Fidelity Investments International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP. END
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