Investments in associates
In CHF million | 2013 | 2012 | ||
---|---|---|---|---|
Balance at 1 January | 268 | 233 | ||
Additions | 1 | 49 | ||
Disposals | (105) | – | ||
Dividends | (43) | (38) | ||
Share of net results | 30 | 32 | ||
Share of equity transactions | – | (7) | ||
Foreign currency translation adjustments | 2 | (1) | ||
Balance at 31 December | 153 | 268 |
The most significant participations classified as associates are LTV Yellow Pages, Cinetrade and Belgacom International Carrier Services. Dividends received totalling CHF 43 million (prior year: CHF 38 million) are attributable mainly to the dividends paid by LTV Yellow Pages, Cinetrade and Belgacom International Carrier Services.
In 2013, Swisscom increased its shareholding in Cinetrade from 49% to 75%. As of the acquisition date, there was a difference between the carrying value of Cinetrade and the fair value of the net assets acquired of CHF 2 million, which was recognised as other financial income. On 21 March 2012, Swisscom acquired an 11.1% minority shareholding in the Italian company Metroweb for a purchase price of EUR 37 million (CHF 45 million). Metroweb is the operator of the largest glass fibre network in Milan and Lombardy. Through its representation on the Board of Directors of the company, inter alia, Swisscom can exercise a significant influence over Metroweb. For this reason, Metroweb is reflected in the consolidated financial statements of Swisscom as an associated company.
The following table provides selected summarised key financial data of the associates:
In CHF million | 2013 | 2012 | ||
---|---|---|---|---|
Income statement | ||||
Net revenue | 2,328 | 2,354 | ||
Operating expense | (2,174) | (2,170) | ||
Operating income | 154 | 184 | ||
Net income | 119 | 153 | ||
Balance sheet at 31 December | ||||
Current assets | 972 | 993 | ||
Non-current assets | 988 | 382 | ||
Current liabilities | (876) | (858) | ||
Non-current liabilities | (352) | (48) | ||
Equity | 732 | 469 |