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