CHF 15.00

APEN Share Price
monthly change:
-8.8%

CHF 42.10

NAV per Share
monthly change:
+1.0%

Commentary
  
 As of December  31, 2009 the unaudited net asset value (NAV) of APEN Ltd. (the “Company”) was CHF 42.10 per share, representing an increase of CHF 0.40 (1.0%) from the unaudited NAV of CHF 41.70 reported for November 30, 2009. Investment performance continued to be encouraging. Currencies showed a mixed performance in December as the US dollar strengthened (+2.7%) and the Euro weakened (-1.6%) against the Swiss franc.
The December NAV includes all September 30, 2009, quarterly reports. The reports that were processed in December continued to show encouraging results. Valuations have stabilized or even increased as the operating performance of portfolio companies are showing signs of recovery. Additionally, valuation multiples have increased as a result of the good performance of equity markets. We expect year end valuations from portfolio funds and direct investments to be available in March/April and anticipate valuations to show further signs of improvement.
Currencies had a mixed impact in December. The strong US dollar outweighed the weak Euro against the Swiss franc resulting in an overall positive impact on investment values expressed in Swiss francs. On the other hand, the sum of the debt and preference shares, both denominated in US dollar, is higher than the US dollar denominated investments. The strengthening of the US dollar against the Swiss franc therefore has also a negative impact on the NAV of the Company as long as this situation prevails.
As in prior years the Company will publish detailed annual accounts and commentary with the publication of the annual report 2009. However, the Company has elected not to publish the abbreviated (no financial information) quarterly report as it has done in the past as it beliefs the cost does not justify the benefit. The Company will continue to issue its monthly NAV flyers that will provide investors and interested persons information in a timely manner about the performance and the current activities around the Company.