25 Investments in associates

In CHF million
Balance at 1 January   182   153
Additions   50   3
Disposals     (108)
Additions from business combinations. See Note 5.     59
Gain on successive company acquisitions     82
Dividends   (22)   (30)
Share of net results   23   26
Foreign currency translation adjustments   (10)   (3)
Balance at 31 December   223   182

The participations which are reflected in the consolidated financial statements of Swisscom using the equity method of accounting are set out in Note 40. Dividend income of CHF 22 million (prior year: CHF 30 million) is attributable mainly to the dividends distributed by LTV Yellow Pages and Belgacom International Carrier Services.

Additions in 2015 include investments by Swisscom in finnova Bankware Ltd (banking software), Siroop Ltd (online marketplace), Ringier Publishing Ltd (advertisement marketing) and Managed Mobility Ltd (fleet management and fleet optimisation).

In September 2014, Swisscom acquired PubliGroupe SA in a public takeover which, at the time of the transaction, owned 51% of the share capital of LTV Yellow Pages Ltd. The remaining 49% of LTV Yellow Pages Ltd were held by Swisscom. As a result of the takeover, Swisscom assumed full control over LTV Yellow Pages Ltd which previously was reflected in Swisscom’s consolidated financial statements as an associate. At the time of the takeover, the carrying amount of the 49% shareholding in LTV Yellow Pages Ltd in Swisscom’s consolidated financial statements amounted to CHF 26 million. The difference of CHF 82 million between the carrying amount and the fair value of the 49% shareholding was recognised as other financial income in the fourth quarter of 2014. The fair value of the 49% shareholding amounted to CHF 108 million and is recognised as a part of the acquisition costs of the PubliGroupe takeover. See Notes 5 and 14 for further information. In addition, a 47.5% shareholding in ZaNOx Ltd (ZaNOx) was acquired as part of the takeover of PubliGroupe which is accounted for in accordance with the equity method in the consolidated financial statements of Swisscom. ZaNOx is the European market leader in performance advertising.

The following table provides selected summarised key financial data of the associates:

In CHF million   2015   2014
Income statement        
Net revenue   2,575   2,347
Operating expense   (2,418)   (2,223)
Operating income   157   124
Net income   104   122
Balance sheet at 31 December        
Current assets   1,073   1,131
Non-current assets   933   935
Current liabilities   (964)   (1,087)
Non-current liabilities   (429)   (316)
Equity   613   663