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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.48 | -0.77% | 62.10 | 61.94 | 62.25 | 62.72 | 62.10 | 62.32 | 228 | 22:50:16 |
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Announcement Body Information:
FIDELITY ASIAN VALUES PLC
Preliminary Announcement of Unaudited Interim Results
for the six months ended 31 January 2003
INTERIM REPORT
Performance
This has been a disappointing six months for regional markets and for your
Company. During the period, the Company's net asset value per share fell by
19.8%. In comparison, the benchmark MSCI All Countries (Combined) Far East Free
excluding Japan Index dropped by 14.2%. (All figures in sterling terms and on a
total return basis).
The discount at which the ordinary shares traded to the net asset value of the
Company rose to 14.59% at the period end from 8.01% six months ago. These
developments resulted in a decrease of 25.5% in the share price.
Markets
Market volatility continued. The low point for Asian markets was reached in
October, due to concerns about global economic recovery and the threat of war
in the Middle East. A subsequent rebound of the US and European stock markets
helped Asian exchanges to recoup some of their earlier losses, but renewed
fears of war in early 2003 left the region's markets in negative territory at
the end of the period.
Among the larger markets, Taiwan performed relatively well. Investors
speculated that traditional cyclical stocks would benefit from the
establishment of direct communications and other links with mainland China, and
interest in these "China Theme" stocks helped to mitigate losses in the
technology sector. The interest rate-sensitive markets of Hong Kong and
Singapore fell, despite a cut in US interest rates. In Hong Kong, the
government's rescue measures for the property market failed to impress
investors, while Singapore was hit by selling in the property and semiconductor
sectors. Korea's consumer and financial sectors were hurt by government
measures to control credit card delinquency rates and cool the property market,
while weak global demand affected exporters.
Among the region's smaller markets, the Philippines, Indonesia and Malaysia
were affected by concerns over the Middle East situation. Thailand performed
relatively well, supported by robust domestic consumption and an improving
economic outlook.
Portfolio Review
A major factor in the Company's underperformance was the underweight position
in China related stocks in Taiwan. However, the Company's major holdings in
Taiwan were in the financial sector, which performed relatively well, and the
technology sector, which did not.
The Company's overweight position in Korean consumer and financial stocks also
detracted from performance. Consumer stocks were dampened by disappointing
sales, as well as by the provocative behaviour of the North Korean regime.
Financial stocks declined on concerns over the government's credit tightening
measures. On the positive side, good stock selection in Hong Kong, China and
India had a favourable impact on performance.
The Manager raised the Company's exposure to Korean and Taiwanese technology
stocks, as share prices became more attractive. He continued to increase the
Company's weightings in high dividend yield stocks and added selected Indian
stocks that have a good business model, for example, in the software and
pharmaceutical sectors.
Gearing
The Company is geared by way of a fixed rate loan of US$ 32 million giving
gross gearing of 39.8% at the period end. This is offset by the Company's
holding in the Fidelity Institutional Cash Fund plc and cash held, giving an
effective gearing level of 22.4% at the period end. Although the net gearing
has had a negative impact on performance in the period, your Board continues to
believe that gearing will benefit shareholders in the long term. The Board
continues to review the level of gearing on a regular basis.
Outlook for the region
At the time of writing the global outlook is unusually cloudy. The apparent
imminence of war in Iraq; the unpredictable consequences of conflict in Iraq
for the Middle East and more widely; the threat posed by North Korea to
regional stability; and the continuation of terrorist activity, combine with
the poor health of most of the major world economies to make it impossible to
forecast market conditions in the countries in which the Company operates with
any confidence. The strongest Asian companies are however relatively
well-equipped to survive and prosper in this environment, benefiting in
particular from an increase in intra-Asian export activity, and from China's
growing economic importance. The Manager's investment approach in these
difficult conditions is to seek to identify undervalued stocks with strong
finances, good prospects for long term earnings growth, and high quality
management.
13 March 2003
Enquiries : Barbara Powley - Fidelity Investments International 01737 836883
FIDELITY ASIAN VALUES PLC
Statement of Total Return(incorporating the revenue account)
For the six months ended 31 January 2003
for the six months for the year ended for the six months ended
ended
31.01.03 31.07.02 31.01.02
unaudited audited unaudited
revenue capital total revenue capital total revenue capital total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/gains on - (12,291) (12,291) - (975) (975) - 9,688 9,688
investments
Income from overseas 358 - 358 1,537 - 1,537 500 - 500
dividends
Income from overseas 4 - 4 3 - 3 - - -
scrip dividends
Interest on securities 137 - 137 167 - 167 - - -
Income from deposit 24 - 24 89 - 89 96 - 96
interest
Investment management fee (371) - (371) (826) - (826) (393) - (393)
Other expenses (173) - (173) (303) - (303) (208) - (208)
Exchange losses - (82) (82) - (257) (257) - (10) (10)
Net (loss)/return before (21) (12,373) (12,394) 667 (1,232) (565) (5) 9,678 9,673
finance costs and
taxation
Interest payable (639) - (639) (1,392) - (1,392) (735) - (735)
Exchange gains/(losses) - 1,048 1,048 - 2,007 2,007 - (204) (204)
on loan
(Loss)/return on ordinary (660) (11,325) (11,985) (725) 775 50 (740) 9,474 8,734
activities before tax
Tax on ordinary (32) - (32) (77) - (77) 186 - 186
activities
(Loss)/return on ordinary (692) (11,325) (12,017) (802) 775 (27) (554) 9,474 8,920
activities after tax for
the period, transfer
(from)/to reserves
(Loss)/return per
ordinary share
Basic (0.74p) (12.11p) (12.85p) (0.85p) 0.82p (0.03p) (0.59p) 10.04p 9.45p
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 2003
31.01.03 31.07.02 31.01.02
unaudited audited unaudited
£'000 £'000 £'000
Fixed assets
Investments 67,114 76,980 91,813
Current assets
Debtors 198 724 672
Cash at bank 1,117 4,547 820
1,315 5,271 1,492
Creditors- amounts falling due within
one year
Other creditors (321) (1,078) (871)
(321) (1,078) (871)
Net current assets 994 4,193 621
Total assets less current liabilities 68,108 81,173 92,434
Creditors- amounts falling due after
more than one year
Fixed rate unsecured loan (19,389) (20,437) (22,648)
Total net assets 48,719 60,736 69,786
Capital and reserves
Called up share capital 23,376 23,376 23,417
Share premium account 7 7 7
Capital redemption reserve 2,330 2,330 2,289
Other reserves
Other reserve 59,282 59,282 59,385
Warrant reserve 7,369 7,369 7,369
Capital reserve - realised (31,849) (24,016) (24,043)
Capital reserve - unrealised (9,473) (5,981) 2,745
Revenue reserve (2,323) (1,631) (1,383)
Total equity shareholders' funds 48,719 60,736 69,786
Net asset value per ordinary share
Basic 52.10p 64.95p 74.50p
The figures and financial information for the year ended 31 July 2002 have been
extracted from the latest published accounts of the Company and do not
constitute the statutory accounts for that year. Those accounts have been
delivered to the Registrar of Companies and included the report of the auditors
which was unqualified and did not contain a statement under either section 237
(2) or 237(3) of the Companies Act 1985.
FIDELITY ASIAN VALUES PLC
Cash Flow Statement
For the six months ended 31 January 2003
31.01.03 31.07.02 31.01.02
unaudited audited unaudited
£'000 £'000 £'000
Operating activities
Investment income received 659 1,127 490
Deposit interest received 24 88 96
Investment management fee paid (583) (628) (386)
Directors' fees paid (13) (64) (38)
Other cash payments (148) (269) (143)
Net cash (outflow)/inflow from (61) 254 19
operating activities
Returns on investments and servicing
of finance
Interest paid (635) (1,539) (858)
Net cash outflow from servicing of (635) (1,539) (858)
finance
Taxation
UK income tax recovered - 369 445
Corporation tax recovered - - 8
Tax recovered - 369 453
Financial investment
Purchase of investments (28,403) (79,853) (40,907)
Exchange losses (112) (244) (1,754)
Disposal of investments 25,751 83,572 40,019
Net cash (outflow)/inflow from (2,764) 3,475 (2,642)
financial investment
Net cash (outflow)/inflow before (3,460) 2,559 (3,028)
financing
Financing
Repurchase of ordinary shares - (1,398) (1,295)
7.03% fixed rate unsecured loan repaid - (21,709) (21,709)
6.28% fixed rate unsecured loan drawn - 21,709 21,709
down
Net cash outflow from financing - (1,398) (1,295)
(Decrease)/increase in cash (3,460) 1,161 (4,323)
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
END
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