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"decimals": 0, "dimensions": { "concept": "tigo:NumberOfTreasurySharesWithheld", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-614": { "value": "1470875", "decimals": 0, "dimensions": { "concept": "tigo:NumberOfTreasurySharesWithheld", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-615": { "value": "0.55", "decimals": 2, "dimensions": { "concept": "ifrs-full:ProportionOfOwnershipInterestInSubsidiary", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:JointVenturesAxis": "tigo:GuatemalaJointVenturesMember" } }, "f-616": { "value": "0.45", "decimals": 2, "dimensions": { "concept": "ifrs-full:PercentageOfVotingEquityInterestsAcquired", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2021-11-13T00:00:00", "ifrs-full:JointVenturesAxis": "tigo:GuatemalaJointVenturesMember" } }, "f-617": { "value": "5000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:JointVenturesAxis": "tigo:GuatemalaJointVenturesMember", "unit": "iso4217:USD" } }, "f-618": { "value": "
Introduction
Corporate Information
Millicom International Cellular S.A. (the \u201cCompany\u201d or \u201cMIC S.A.\u201d), a Luxembourg Soci\u00e9t\u00e9 Anonyme, and its subsidiaries, joint
ventures and associates (the \u201cGroup\u201d or \u201cMillicom\u201d) is a provider of cable and mobile services dedicated to emerging markets in Latin
America. Millicom provides high speed broadband and innovation around The Digital Lifestyle\u00ae services through its principal brand
Tigo.
The Company\u2019s shares are traded as Swedish Depositary Receipts on the Stockholm stock exchange under the symbol TIGO SDB
(formerly MIC SDB) and, since January 9, 2019, on the Nasdaq Stock Market in the U.S. under the ticker symbol TIGO. The Company
has its registered office at 2, Rue du Fort Bourbon, L-1249 Luxembourg, Grand Duchy of Luxembourg and is registered with the
Luxembourg Register of Commerce under the number RCS B 40 630.
On March\u00a07, 2024, the Board of Directors authorized these consolidated financial statements for issuance.
Business activities
Millicom operates its mobile businesses in Latin America (Bolivia, Colombia, El Salvador, Guatemala, Honduras, Nicaragua, Panama
and Paraguay). Millicom operates various cable and fixed line businesses in Latin America (Bolivia, Colombia, Costa Rica, El Salvador,
Guatemala, Honduras, Nicaragua, Panama and Paraguay). Millicom also provides direct to home satellite service in most of its
markets. Millicom also provides Mobile Financial Services (MFS) and tower infrastructure and services.
During the latter half of 2023, Millicom implemented significant organizational changes to focus on driving profitable growth with a
lean corporate structure. The Group also adopted a decentralized approach to streamline decision-making processes and enhance
agility to improve profitability and shareholder value.
Due to these organizational changes, and considering the information now being reviewed by the Chief Operating Decision Maker
(the \"CODM\") to assess performance and allocate resources, Millicom's operating segments were redefined to align with its countries
of operation. The Honduras joint venture - and Guatemala's joint venture up to November 12, 2021 when the acquisition of the
remaining 45% equity interest completed - performance is reviewed by the CODM in a similar manner as for the Group\u2019s fully owned
operations and is therefore also shown as a separate operating segment at 100%. However, these amounts are subsequently
eliminated in order to reconcile with the Group consolidated numbers, as shown in the reconciliations included in note B.3.
Segmental information).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-619": { "value": "Millicom International Cellular S.A.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-620": { "value": "Millicom International Cellular S.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-621": { "value": "Millicom International Cellular S.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-622": { "value": "S.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-623": { "value": "provider of cable and mobile services dedicated to emerging markets", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-624": { "value": "Latin America", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-625": { "value": "2, Rue du Fort Bourbon, L-1249 Luxembourg", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-626": { "value": "Grand Duchy of Luxembourg", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-627": { "value": "Grand Duchy of Luxembourg", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-628": { "value": "On March\u00a07, 2024, the Board of Directors authorized these consolidated financial statements for issuance.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-629": { "value": "
IFRS Consolidated Financial Statements
Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards (\"IFRS\") as issued by
the International Accounting Standard Board (\"IASB\") and in accordance with IFRS as adopted by the European Union. These
financial statements have been prepared on a historical cost basis, except for certain items including derivative financial instruments
(measured at fair value) and financial instruments that contain obligations to purchase own equity instruments (measured at the
present value of the redemption price).
This section contains the Group\u2019s material accounting policies that relate to the financial statements as a whole. Material accounting
policies specific to one note are included within that note.
Consolidation
The consolidated financial statements of the Group comprise the financial statements of the Company and its subsidiaries as of
December 31 of each year. The financial statements of the subsidiaries are prepared for the same reporting year as the Company,
using consistent accounting policies. All intra-group balances, transactions, income and expenses, and profits and losses resulting
from intra-group transactions are eliminated.
Foreign currency
Financial information in these financial statements are shown in the US dollar presentation currency of the Group and rounded to
the nearest million (US$ million) except where otherwise indicated. The financial statements of each of the Group\u2019s entities are
measured using the currency of the primary economic environment in which each entity operates (the functional currency). The
functional currency of each subsidiary, joint venture and associate reflects the economic substance of the underlying events and
circumstances of these entities. Except for El Salvador where the functional currency is US dollar, the functional currency in other
countries is the local currency.
The results and financial position of all Group entities (none of which operate in an economy with a hyperinflationary environment)
with functional currency other than the US dollar presentation currency are translated into the presentation currency as follows:
(i)Assets and liabilities are translated at the closing rate on the date of the statement of financial position;
(ii)Income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the
dates of the transactions); and
(iii)All resulting exchange differences are recognized as a separate component of equity (currency translation reserve), in the
caption \u201cOther reserves\u201d.
On consolidation, exchange differences arising from the translation of net investments in foreign operations, and of borrowings and
other currency instruments designated as hedges of such investments, are recorded in equity. When the Group disposes of or loses
control or significant influence over a foreign operation, exchange differences that were recorded in equity are recognized in the
consolidated statement of income as part of gain or loss on sale or loss of control and/or significant influence.
Goodwill and fair value adjustments arising on acquisition of a foreign operation are treated as assets and liabilities of the foreign
operation and translated at the closing rate.
The following table presents functional currency translation rates for the Group\u2019s locations to the US dollar on December 31, 2023
and 2022 and the average rates for the years ended\u00a0 December 31, 2023, 2022 and 2021.
Exchange Rates to the
US Dollar
Functional Currency
2023 Year-
end Rate
2022 Year-
end Rate
Change %
2023
Average
Rate
2022
Average
Rate
Change %
2021
Average
Rate
Bolivia ........................
Boliviano (BOB)
6.91
6.91
\u2014%
6.91
6.91
\u2014%
6.91
Colombia ...................
Peso (COP)
3,822
4,810
25.9%
4,313
4,254
(1.4)%
3,756
Costa Rica ...................
Costa Rican Colon (CRC)
527
602
14.3%
550
650
18.2%
625
El Salvador .................
US dollar
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Guatemala .................
Quetzal (GTQ)
7.83
7.85
0.3%
7.84
7.75
(1.1)%
7.74
Honduras ...................
Lempira (HNL)
24.71
24.66
(0.2)%
24.66
24.56
(0.4)%
24.12
Luxembourg ..............
Euro (EUR)
0.91
0.93
3.1%
0.93
0.95
2.2%
0.85
Nicaragua ...................
Cordoba (NIO)
36.62
36.23
(1.1)%
36.44
35.87
(1.6)%
35.17
Panama ......................
Balboa (B/.) (i)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Paraguay ....................
Guarani (PYG)
7,278
7,346
0.9%
7,299
7,008
(4.0)%
6,790
Sweden ......................
Krona (SEK)
10.07
10.43
3.5%
10.60
10.07
(5.0)%
8.59
United Kingdom ........
Pound (GBP)
0.79
0.83
5.4%
0.80
0.81
0.5%
0.73
(i) the balboa is tied to the United States dollar at an exchange rate of 1:1.
New and amended IFRS accounting standards
The following changes to standards have been adopted by the Group and did not have any significant impact on the Group\u2019s
accounting policies or disclosures and did not require retrospective adjustments:
\u25e6 Amendments to IAS 1, 'Disclosure of Accounting Policies' that are intended to help preparers in deciding which accounting
policies to disclose in their financial statements.
\u25e6 IAS 8, 'Accounting Policies, Changes in Accounting Estimates and Errors' - Definition of accounting estimates.
\u25e6 Amendments to IAS 12, 'Income Taxes: Deferred tax related to Assets and liabilities arising from a Single Transaction' - These
amendments clarify that the initial recognition exception does not apply to the initial recognition of leases and
decommissioning obligations. These amendments apply prospectively to transactions that occur on or after the beginning of
the earliest comparative period presented. In addition, an entity should apply the amendments for the first time by recognizing
deferred tax for all temporary differences related to leases and decommissioning obligations at the beginning of the earliest
comparative period presented. The Group was already recognizing the deferred tax on leases and therefore, the adoption of
these amendments did not have an impact for the Group.
\u25e6 Amendments to IAS 12, 'Income taxes: International Tax Reform \u2013 Pillar Two Model Rules': These amendments give companies
temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and
Development\u2019s (OECD) international tax reform. The amendments also introduce targeted disclosure requirements for affected
companies. The potential impact of Pillar Two Model rules and the adoption of these amendments is further detailed below.
Amendments effective for annual periods starting on or after January 1, 2024 that are not expected to have a significant impact on
the Group consolidated financial statements are:
\u25e6 Amendments to IFRS 16 'Leases: Lease Liability in a Sale and Leaseback': The amendment specifies the requirements that a
seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not
recognize any amount of the gain or loss that relates to the right of use it retains.
\u25e6 Amendments to IAS 1, 'Presentation of Financial Statements': These amendments aim to improve the information an entity
provides when its right to defer settlement of a liability is subject to compliance with covenants within twelve months after the
reporting period.
\u25e6 Amendments to IAS 7, 'Statement of Cash Flows' and IFRS 7, 'Financial Instruments: Disclosures: Supplier Finance
Arrangements' (not yet endorsed by the EU): These amendments require disclosures to enhance the transparency of supplier
finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk. The disclosure
requirements are the IASB\u2019s response to investors\u2019 concerns that some companies\u2019 supplier finance arrangements are not
sufficiently visible, hindering investors\u2019 analysis.
The following changes to standards are effective for annual periods starting on January 1, 2025 and their potential impact on the
Group consolidated financial statements is currently being assessed by management:
\u25e6 Amendments to IAS 21, 'The Effects of Changes in Foreign Exchange Rates': Lack of Exchangeability (not yet endorsed by the
EU): These amendments help entities to determine whether a currency is exchangeable into another currency, and the spot
exchange rate to use when it is not.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-630": { "value": "
These financial statements have been prepared in accordance with International Financial Reporting Standards (\"IFRS\") as issued by
the International Accounting Standard Board (\"IASB\") and in accordance with IFRS as adopted by the European Union.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-631": { "value": "
Consolidation
The consolidated financial statements of the Group comprise the financial statements of the Company and its subsidiaries as of
December 31 of each year. The financial statements of the subsidiaries are prepared for the same reporting year as the Company,
using consistent accounting policies. All intra-group balances, transactions, income and expenses, and profits and losses resulting
from intra-group transactions are eliminated.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-632": { "value": "
Foreign currency
Financial information in these financial statements are shown in the US dollar presentation currency of the Group and rounded to
the nearest million (US$ million) except where otherwise indicated. The financial statements of each of the Group\u2019s entities are
measured using the currency of the primary economic environment in which each entity operates (the functional currency). The
functional currency of each subsidiary, joint venture and associate reflects the economic substance of the underlying events and
circumstances of these entities. Except for El Salvador where the functional currency is US dollar, the functional currency in other
countries is the local currency.
The results and financial position of all Group entities (none of which operate in an economy with a hyperinflationary environment)
with functional currency other than the US dollar presentation currency are translated into the presentation currency as follows:
(i)Assets and liabilities are translated at the closing rate on the date of the statement of financial position;
(ii)Income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the
dates of the transactions); and
(iii)All resulting exchange differences are recognized as a separate component of equity (currency translation reserve), in the
caption \u201cOther reserves\u201d.
On consolidation, exchange differences arising from the translation of net investments in foreign operations, and of borrowings and
other currency instruments designated as hedges of such investments, are recorded in equity. When the Group disposes of or loses
control or significant influence over a foreign operation, exchange differences that were recorded in equity are recognized in the
consolidated statement of income as part of gain or loss on sale or loss of control and/or significant influence.
Goodwill and fair value adjustments arising on acquisition of a foreign operation are treated as assets and liabilities of the foreign
operation and translated at the closing rate.
A.1. Subsidiaries
Subsidiaries are all entities which Millicom controls. Millicom controls an entity when it is exposed to, or has rights to variable returns
from its investment in the entity, and has the ability to affect those returns through its power over the subsidiary. Millicom has
power over an entity when it has existing rights that give it the current ability to direct the relevant activities, i.e. the activities that
significantly affect the entity\u2019s returns. Generally, control accompanies a shareholding of more than half of the voting rights
although certain other factors (including contractual arrangements with other shareholders, voting and potential voting rights) are
considered when assessing whether Millicom controls an entity. For example, although Millicom holds less than 50 % of the shares in
its Colombian businesses, it holds more than 50 % of shares with voting rights. The contrary may also be true (e.g. Honduras where
we own 66.7% of the shares but there is a super majority requirement at the board for decisions about the relevant activities of the
operation).
A.1.1. Accounting for subsidiaries and non-controlling interests
Subsidiaries are fully consolidated from the date on which control is transferred to Millicom. If facts and circumstances indicate that
there are changes to one or more of the elements of control, a reassessment is performed to determine if control still exists.
Subsidiaries are de-consolidated from the date that control ceases. Transactions with non-controlling interests are accounted for as
transactions with equity owners of the Group. Gains or losses on disposals of non-controlling interests are recorded in equity. For
purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the
carrying value of net assets of the subsidiary is also recorded in equity.
A.2.1. Accounting for joint ventures
Joint ventures are accounted for using the equity method of accounting and are initially recognized at cost (calculated at fair value if
it was a subsidiary of the Group before becoming a joint venture). The Group\u2019s investments in joint ventures include goodwill (net of
any accumulated impairment loss) on acquisition.
The Group\u2019s share of post-acquisition profits or losses of joint ventures is recognized in the consolidated statement of income and its
share of post-acquisition movements in reserves is recognized in reserves. Cumulative post-acquisition movements are adjusted
against the carrying amount of the investments. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in
the joint venture, including any other unsecured receivables, the Group does not recognize further losses, unless the Group has
incurred obligations or made payments on behalf of the joint ventures.
Gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint
ventures. Losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting
policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
Dilution gains and losses arising in investments in joint ventures are recognized in the statement of income.
After application of the equity method, including recognizing the joint ventures\u2019 losses, the Group applies IAS 36 to determine
whether it is necessary to recognize any additional impairment loss with respect to its net investment in the joint venture.
A.4. Discontinued operations
A.4.1. Classification of discontinued operations
Discontinued operations are those which have identifiable operations and cash flows (for both operating and management
purposes) and represent a major line of business or geographic area which has been disposed of, or are held for sale. Revenue and
expenses associated with discontinued operations are presented retrospectively in a separate line in the consolidated statement of
income.
B.1.1. Accounting for revenue
Revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for
transferring goods or services to a customer.
The determination of whether or not the Group acts as principal or as an agent, when there is one or several performance
obligations and the determination of the standalone selling price for contracts that involve more than one performance obligation
may require significant judgment, such as when the selling price of a good or service is not readily observable. The Group
determines the standalone selling price of each performance obligation in the contract in accordance to the prices that the Group
would apply when selling the same services and/or telephone and equipment included in the obligation to a similar customer on a
standalone basis. When standalone selling price of services and/or telephone and equipment are not directly observable, the Group
maximizes the use of external input and uses the expected cost plus margin approach to estimate the standalone selling price.
The Group applies the following practical expedients foreseen in IFRS 15:
\u2022 No financial component adjustment to the transaction price whenever the period between the transfer of a promised
good or service to a customer and the associated payment is one year or less; when the period is more than one year the
financing component is adjusted, if material.
\u2022 Disclosure of the transaction price allocated to unsatisfied performance obligations only for contracts that have an original
expected duration of more than one year (e.g. unsatisfied performance obligations for contracts that have an original
duration of one year or less are not disclosed).
\u2022 If the consideration from a customer corresponds to the value of the entity\u2019s performance obligation to the customer (i.e, if
billing corresponds to accounting revenue), the price allocated to unsatisfied performance obligations is not disclosed.
\u2022 Recognition of the incremental costs of obtaining a contract as an expense when incurred, if the amortization period of the
asset that otherwise would have been recognized is one year or less.
A summary of the timing for revenue recognition from contracts with customers, is disclosed in Note\u00a0 B.3. and further detailed
below.
Post-paid connection fees are derived from the payment of a non-refundable / one-time fee charged to customer to connect to the
network (e.g. connection / installation fee). Usually,they do not represent a distinct good or service and do not give rise to a separate
performance obligation and therefore revenue is recognized over the minimum contract duration. If the fee is paid by a customer
without having to pay this fee again over his tenure with the Group (e.g. the customer can readily extend his contract without
having to pay the same fee again), it is accounted for as a material right with revenue recognized over the customer retention
period.
Post-paid mobile / cable subscription fees are recognized over the relevant enforceable/subscribed service period (recurring
monthly access fees that do not vary based on usage). The service provision is usually considered as a series of distinct services that
have the same pattern of transfer to the customer. Remaining unrecognized subscription fees, which are not refunded to the
customers, are fully recognized once the customer has been disconnected. Customer premise equipment (CPE), provided to
customers as a prerequisite to receive the subscribed Home services until return at the end of the contract duration, do not provide
benefit to the customer on their own as they do not give rise to separate performance obligations and therefore are accounted for as
part of the service provided to the customers.
Bundled offers are considered arrangements with multiple deliverables or elements, which can lead to the identification of separate
performance obligations. Revenue is recognized in accordance with the transfer of goods or services to customers in an amount that
reflects the relative transaction price of the performance obligation.
Prepaid scratch / SIM cards are services where customers purchase a specified amount of airtime or other credit in advance. Revenue
is recognized as the credit is used. Unused credit is carried in the statement of financial position as a contract liability, upon
expiration of the validity period (when the portion of the contract liability relating to the expiring credit is recognized as revenue as
there is no longer an obligation to provide those services).
Principal-Agent, some arrangements involve two or more unrelated parties that contribute to providing a specified good or service
to a customer. In these instances, the Group determines whether it has promised to provide the specified good or service itself (as a
principal) or to arrange for those specified goods or services to be provided by another party (as an agent). For example,
performance obligations relating to services provided by third-party content providers (i.e., mobile Value Added Services or \u201cVAS\u201d)
or service providers (i.e., wholesale international traffic) where the Group neither controls a right to the provider\u2019s service nor
controls the underlying service itself are presented net because the Group is acting as an agent. The Group generally acts as a
principal for other types of services where the Group is the primary obligor of the arrangement. In cases the Group determines that it
acts as a principal, revenue is recognized in the gross amount, whereas in cases the Group acts as an agent revenue is recognized in
the net amount.
Revenue from provision of Mobile Financial Services (MFS), such as commissions on peer to peer transfers, is generally recognized
once the primary service has been provided to the customer. Revenue from interest earned on loans granted to customers are
recognised over the period of the loan and are based on effective interest rates, with loan origination fees being treated as an
adjustment to the effective interest rate.
Telephone and equipment sales are recognized as revenue once the customer obtains control of the good, that is, when the
customer has the ability to direct the use and obtain substantially all of the remaining benefits from that good.
Revenue from the sale of cables, fiber, wavelength or capacity contracts, when part of the ordinary activities of the operation, is
recognized as recurring revenue. Revenue is recognized when the cable, fiber, wavelength or capacity has been delivered to the
customer, based on the amount expected to be received from the customer.
Revenue from operating lease of tower space is recognized on a straight-line basis over the period of the underlying lease contracts.
Finance leases revenue is apportioned between lease of tower space and interest income.
B.2.1. Accounting for equipment, programming and other direct costs and operating expenses
Equipment, programming and other direct costs
Equipment, programming and other direct costs is recorded on an accrual basis.
Incremental costs of obtaining a contract
Incremental costs of obtaining a contract, including dealer commissions, are capitalized as Contract Costs in the statement of
financial position and amortized in operating expenses over the expected benefit period, which is based on the average duration of
contracts with customer (see practical expedient in note B.1.1.).
B.3. Segmental information
As further detailed in the Introduction note, Millicom operates in a single region (Latin America), and more specifically in the following
countries: Guatemala, Colombia, Panama, Honduras, Bolivia, Paraguay, El Salvador, Nicaragua and Costa Rica.
During the latter half of 2023, Millicom implemented significant organizational changes to focus on driving profitable growth with a
leaner corporate structure. The Group also adopted a decentralized approach to streamline decision-making processes and enhance
agility to improve profitability and shareholder value. To that end, the General Managers of the operations, which primarily reported
to the Group Chief Operating Officer (COO), now directly report to the Group President and COO in the case of Guatemala and
Colombia and to the Group Chief Commercial and Technology Officer in the case of the rest of the operations, who, together with the
Group Chief Executive Officer (CEO) and Group Chief Financial Officer (CFO) form the \u2018Chief Operating Decision Maker\u2019 (\u201cCODM\u201d).
Due to these organizational changes, and considering the information now being reviewed by the CODM to assess performance and
allocate resources, Millicom's operating segments were redefined to align with its countries of operation. The Honduras joint venture
- and Guatemala's joint venture up to November 12, 2021 when the acquisition of the remaining 45% equity interest was completed -
is reviewed by the CODM in a similar manner as for the Group\u2019s controlled operations and is therefore also shown as a separate
operating segment at 100%. However, these amounts are subsequently eliminated in order to reconcile with the Group consolidated
numbers, as shown in the reconciliations below.
Management evaluates performance and makes decisions about allocating resources to the Group's operating segments based on
financial measures, such as revenue, including service revenue, and EBITDA. Capital expenditures are also a significant aspect for
management and in the telecommunication industry as a whole. Management believes that service revenue and EBITDA are essential
financial indicators for the CODM and investors. These measures are particularly valuable for evaluating performance over time.
Management utilizes service revenue and EBITDA when making operational decisions, allocating resources, and conducting internal
comparisons against historical performance and competitor benchmarks. Additionally, these metrics provide deeper insights into the
Group's operating performance. Millicom's Remuneration Committee also employs service revenue and EBITDA when assessing
employees' performance and compensation, including that of the Group's executives. A reconciliation of service revenue to revenue
and EBITDA to profit before taxes is provided below.
Before the organizational changes in the second half of 2023, the Group reported a single segment, the Group Segment. But with the
new structure in place and considering the information now being reviewed by the CODM as described above, it has revised its
segment presentation and information for all periods presented to separately disclose the Group's operating and reportable
segments.
Capital expenditures are reconciled with notes E.1. and E.2..
B.6.3. Deferred tax
Deferred tax is calculated using the liability method on temporary differences at the statement of financial position date between
the tax base of assets and liabilities and their carrying amount for financial reporting purposes.
Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability arises from the
initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither accounting, nor taxable profit or loss.
Deferred tax assets are recognized for all temporary differences including unused tax credits and tax losses, to the extent that it is
probable that taxable profit will be available against which the deductible temporary differences can be utilized, except where the
deferred tax assets relate to deductible temporary differences from initial recognition of an asset or liability in a transaction that is
not a business combination, and, at the time of the transaction, affects neither accounting, nor taxable profit or loss. It is probable
that taxable profit will be available when there are sufficient taxable temporary differences relating to the same tax authority and the
same taxable entity which are expected to reverse in the same period as the expected reversal of the deductible temporary
difference.
The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it
is no longer probable that sufficient taxable profit will be available to utilize them. Unrecognized deferred tax assets are reassessed
at each statement of financial position date and are recognized to the extent it is probable that future taxable profit will enable the
asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rate expected to apply in the year when the assets are realized or liabilities
settled, based on tax rates and tax laws that have been enacted or substantively enacted at the statement of financial position date.
Deferred tax assets and deferred tax liabilities are offset where legally enforceable set off rights exist and the deferred taxes relate to
the same taxable entity and the same taxation authority.
B.7. Earnings per share
Basic earnings (loss) per share are calculated by dividing net profit for the year attributable to equity holders of the Company by the
weighted average number of ordinary shares outstanding during each year.
Diluted earnings (loss) per share are calculated by dividing the net profit for the year attributable to equity holders of the Company
by the weighted average number of ordinary shares outstanding during each year, plus the weighted average number of dilutive
potential shares.
C.1. Share capital, share premium and reserves
Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
deduction from the proceeds.
Where any Group company purchases the Company\u2019s share capital, the consideration paid, including any directly attributable
incremental costs, is shown under Treasury shares and deducted from equity attributable to the Company\u2019s equity holders until the
shares are canceled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of
any directly attributable incremental costs and the related income tax effects is included in equity attributable to the Company\u2019s
equity holders.
Guarantees
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder
for a loss it incurs because the specified debtor fails to make payment when due in accordance with the terms of a debt instrument.
Financial guarantee contracts are recognized initially as a liability at fair value, adjusted for transaction costs that are directly
attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the best estimate of the
expenditure required to settle the present obligation at the reporting date and the amount recognized, less cumulative
amortization.
Liabilities to which guarantees are related are recorded in the consolidated statement of financial position under Debt and financing,
and liabilities covered by supplier guarantees are recorded under Trade payables or Debt and financing, depending on the
underlying terms and conditions.
C.4. Lease liabilities
As permitted under IFRS 16, Millicom has elected not to recognize a lease liability for short term leases (leases with an expected term
of 12 months or less) or for leases of low value assets. Payments associated with short-term leases of equipment and vehicles and all
leases of low-value assets are rather recognized on a straight-line basis as an expense in the statement of income. Short-term leases
are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. In
addition, certain variable lease payments are not permitted to be recognized as lease liabilities and are expensed as incurred.
The Group's leasing activities and how these are accounted for
The Group leases various lands, sites, towers (including those related to towers sold and leased back), offices, warehouses, retail
stores, equipment and cars. Rental contracts are typically made for fixed periods but may have extension options as described
below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease
agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.
Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by
the Group. Each lease payment is allocated between the reduction of the liability and finance cost. The finance cost is charged to the
statement of income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the
liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a
straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value
of the following lease payments:
\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 variable lease payment that are based on an index or a rate
\u2022 amounts expected to be payable by the lessee under residual value guarantees
\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease. As it is generally impracticable to determine that rate,
the Group uses the lessee\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The incremental
borrowing rate applied can have a significant impact on the net present value of the lease liability recognized under IFRS 16.
The Group determines the incremental borrowing rate by country and by considering the risk-free rate, the country risk, the industry
risk, the credit risk and the currency risk, as well as the lease and payment terms and dates.
The Group is also exposed to potential future increases in variable lease payments based on an index or rate, which are not included
in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease
liability is adjusted against the right-of-use asset by discounting the revised lease payments using either the initial discount rate or a
revised discount rate. The initial discount rate is used if future lease payments are reflecting market or index rates or if they are in
substance fixed. The discount rate is revised, if a change in floating interest rates occurs. The Group reassesses the variable payment
only when there is a change in cash flows resulting from a change in the reference index or rate and not at each reporting date.
According to IFRS 16, lease\u00a0 term\u00a0 is defined as the non-cancellable period for which a lessee has the right to use an underlying asset,
together with both: (a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option;
and (b) periods covered by an option to terminate if the lessee is reasonably certain not to exercise that option. The\u00a0 assessment of
such options is performed at the commencement of a lease. As part of the assessment, Millicom introduced the 'time horizon
concept': the reasonable term under which the company expects to use a leased asset considering economic incentives,
management decisions, business plans and the fast-paced industry Millicom operates in. The assessment must be focused on the
economic incentives for Millicom to exercise (or not) an option to early terminate/extend a contract. The Group has decided to work
on the basis the lessor will generally accept a renewal/not early terminate a contract, as there is an economic incentive to maintain
the contractual relationship.
Millicom considered the specialized nature of most of its assets under lease, the low likelihood the lessor can find a third party to
substitute Millicom as a lessee and past practice to conclude that, the lease term can go beyond the notice period when there is
more than an insignificant penalty for the lessor not to renew the lease. This analysis requires judgment and has a significant impact
on the lease liability recognized under IFRS 16.
Under IFRS 16, the accounting for sale and leaseback transactions has changed as the underlying sale transaction needs to be first
analyzed using the guidance of IFRS 15. The seller/lessee recognizes a right-of-use asset in the amount of the proportional original
carrying amount that relates to the right of use retained. Accordingly, only the proportional amount of gain or loss from the sale
must be recognized.
Finally, the Group has taken the additional following decisions when adopting the standard:
\u2022 Non-lease components are capitalized (IFRS16.15)
\u2022 Intangible assets are out of IFRS 16 scope (IFRS16.4)
ii)Derivative financial instruments and hedging activities
Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
fair value at each subsequent closing date. The method of recognizing the resulting gain or loss depends on whether the derivative
is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as
either:
a)Hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); or
b)Hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow
hedge).
c)Hedges of a net investment in a foreign operation (net investment hedges).
For transactions designated and qualifying for hedge accounting, at the inception of the transaction, the Group documents the
relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for
undertaking various hedging transactions. This is done in reference to the Group Treasury\u00a0 Policy as last updated and approved by
the Audit Committee in late 2020. The Group also documents its assessment, both at hedge inception and on an ongoing basis
(quarterly), of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or
cash flows of hedged items.
The full fair value of a hedging instrument is classified as a non-current asset or liability when the period to maturity of the hedged
item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12
months.
The change in fair value of hedging instruments that are designed and qualify as fair value hedges is recognized in the statement of
income as finance costs or income. The change in fair value of the hedged item attributable to the risk hedged is recorded as part of
the carrying value of the hedged item and is also recognized in the statement of income as finance costs or income.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in
other comprehensive income. Gains or loss relating to any ineffective portion is recognized immediately in the statement of income
within Other non-operating (expenses) income, net. Amounts accumulated in equity are reclassified to the statement of income in
the periods when the hedged item affects profit or loss.
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves
in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within Other non-operating
(expenses) income, net. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is
disposed of or sold.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time is recycled to the statement of income within Other non-operating (expenses) income, net.
When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately
transferred to the statement of income within Other non-operating (expenses) income, net.
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does
not qualify for hedge accounting are recognised immediately in profit or loss and are included in Other non-operating (expenses)
income, net.
C.7.1. Fair value measurement hierarchy
Millicom uses the following fair value measurement hierarchy:
Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is,
as prices) or indirectly (that is, derived from prices).
Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment
grade ratings. Interest rate swaps and foreign exchange forward contracts are valued using valuation techniques, which employ the
use of markets observable data. The most frequently applied valuation techniques include forward pricing and swap models using
present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange
spot and forward rates, yield curves of the respective currencies, interest rate curves and forward curves.
C.7.2. Fair value of financial instruments
The fair value of Millicom\u2019s financial instruments are shown at amounts at which the instruments could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale. The fair value of all financial assets and all financial
liabilities, except debt and financing approximate their carrying value largely due to the short-term maturities of these instruments.
The fair values of all debt and financing have been estimated by the Group, based on discounted future cash flows at market interest
rates.
E.1. Intangible assets
Millicom\u2019s intangible assets mainly consist of goodwill and customer lists arising from acquisitions, licenses and spectrum.
ach cash-generating unit level. Finite useful life trademarks are carried at cost, less accumulated amortization. Amortization is
calculated using the straight-line method to allocate the cost of the trademarks and customer lists over their estimated useful lives.
The estimated useful lives for trademarks and customer lists are based on specific characteristics of the market in which they exist.
Estimated useful lives are:
Years
Estimated useful lives
Trademarks .................................................................................................................................................................................................
1 to 15
Customer lists .............................................................................................................................................................................................
4 to 20
Programming and content rights
Programming and content master rights which are purchased or acquired in business combinations which meet certain criteria are
recorded at cost as intangible assets. The rights must be exclusive, related to specific assets which are sufficiently developed, and
probable to bring future economic benefits and have validity for more than one year. Cost includes consideration paid or payable
and other costs directly related to the acquisition of the rights, and are recognized at the earlier of payment or commencement of
the broadcasting period to which the rights relate.
Programming and content rights capitalized as intangible assets have a finite useful life and are carried at cost, less accumulated
amortization and any accumulated impairment losses. Amortization is calculated using the straight-line method to allocate the cost
of the rights over their estimated useful lives.
Non-exclusive and programming and content rights for periods less than one year are expensed over the period of the rights.
Indefeasible rights of use
There is no universally-accepted definition of an indefeasible rights of use (IRU). These agreements come in many forms. However,
the key characteristics of a typical arrangement include:
\u2022The right to use specified network infrastructure or capacity;
\u2022For a specified term (often the majority of the useful life of the relevant assets);
\u2022Legal title is not transferred;
\u2022A number of associated service agreements including operations and maintenance (O&M) and co-location agreements. These
are typically for the same term as the IRU; and
\u2022Any payments are usually made in advance.
IRUs are accounted for either as a lease, or service contract based on the substance of the underlying agreement.
IRU arrangements will qualify as a lease if, and when:
\u2022The purchaser has an exclusive right for a specified period; and
\u2022The capacity is physically limited and defined; and
\u2022The purchaser bears all costs related to the capacity (directly or not) including costs of operation, administration and
maintenance; and
\u2022The purchaser bears the risk of obsolescence during the contract term.
If all of these criteria are not met, the IRU is treated as a service contract.
An IRU of network infrastructure (cables or fiber) is accounted for as a right of use asset (see E.3.), while capacity IRU (wavelength) is
accounted for as an intangible asset.
The costs of an IRU recognized as service contract is recognized as prepayment and amortized in the statement of income as
incurred over the duration of the contract.
E.1.2. Impairment of non-financial assets
At each reporting date Millicom assesses whether there is an indication that a non-financial asset may be impaired. If any such
indication exists, or when annual impairment testing for a non-financial asset is required, an estimate of the asset\u2019s recoverable
amount is made. The recoverable amount is determined based on the higher of its fair value less cost to sell, and its value in use, for
individual assets, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups
of assets.
Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount. Where no comparable market information is available, the fair value, less cost to sell, is determined based on
the estimated future cash flows discounted to their present value using a discount rate that reflects current market conditions for
the time value of money and risks specific to the asset. The foregoing analysis also evaluates the appropriateness of the expected
useful lives of the assets. Impairment losses related to assets of continuing operations are recognized in the consolidated statement
of income in expense categories consistent with the function of the impaired asset.
At each reporting date an assessment is made as to whether there is any indication that previously recognized impairment losses
may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. Other than for goodwill, a
previously recognized impairment loss is reversed if there has been a change in the estimate used to determine the asset\u2019s
recoverable amount since the last impairment loss was recognized. If so, the carrying amount of the asset is increased and cannot
exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the
asset in prior years. Such reversal is recognized in profit or loss. After such a reversal, the depreciation charge is adjusted in future
periods to allocate the asset\u2019s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.
E.1.6. Impairment testing of goodwill
Goodwill and indefinite useful life trademarks from CGUs are tested for impairment at least once a year and more frequently if events
or changes in circumstances indicate that the carrying value may be impaired. Impairment losses on goodwill are not reversed.
Goodwill arising on business combinations is allocated to each of the Group\u2019s CGUs or groups of CGUs that are expected to benefit
from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or
groups of units. Each unit or group of units to which the goodwill is allocated:
\u2022Represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and
\u2022Is not larger than an operating segment.
Impairment is determined by assessing the value-in-use and, if appropriate, the fair value less costs to sell of the CGU (or group of
CGUs), to which goodwill relates.
Impairment testing at December 31, 2023\u00a0
Goodwill and indefinite useful life trademarks were tested for impairment by assessing the recoverable amount against the carrying
amount of the CGU based on discounted cash flows. The recoverable amounts are based on value-in-use. The value-in-use is
determined based on the method of discounted cash flows. The cash flow projections used (operating profit margins, income tax,
working capital, capex and license renewal cost) are extracted from business plans approved by management, covering a ten-year
planning horizon. The Group uses a ten-year planning horizon to obtain a stable business outlook, in particular due to the long
investment cycles in the industry and the long-term planned and expected investments in licenses and spectrum. Cash flows
beyond this period are extrapolated using a perpetual growth rate. Management validates the reasonableness of the results of the
test by comparing the share price implied by the 'sum of the parts' with the market share price. Any gap is reviewed, analyzed and
documented. When value-in-use results are lower than the carrying values of the CGUs, management determines the recoverable
amount by using the fair value less cost of disposal (FVLCD) of the CGUs. FVLCD is usually determined by using recent offers received
from third parties (Level 1).
For the year ended December 31, 2023, management concluded that no impairment should be recorded in the Group consolidated
financial statements.
Impairment testing at December 31, 2022\u00a0
For the year ended December 31, 2022, management concluded that no impairment should be recorded in the Group consolidated
financial statements.
Key assumptions used in value in use calculations
The process of preparing the cash flow projections considers the current market condition of each CGU, analyzing the
macroeconomic, competitive, regulatory and technological environments, as well as the growth opportunities of the CGUs.
Therefore, a growth target is defined for each CGU, based on the appropriate allocation of operating resources and the capital
investments required to achieve the target. The foregoing forecasts could differ from the results obtained through time; however,
the Group prepares its estimates based on the current situation of each of the CGUs. Relevance of budgets used for the impairment
test is also reviewed annually, with management performing regressive analysis between actual figures and budget/Long Range
Plans (LRPs) used for previous year impairment test.
The cash flow projections for all CGUs is most sensitive to the following key assumptions:
\u2022 EBITDA margin is determined by dividing EBITDA by total revenues.
\u2022 CAPEX intensity is determined by dividing CAPEX by total revenues.
\u2022 Perpetual growth rate does not exceed the countries' GDP.
\u2022 Weighted average cost of capital (\u201cWACC\u201d) is used to discount the projected cash flows.
E.2.1. Accounting for property, plant and equipment
Items of property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment.
Historical cost includes expenditure that is directly attributable to acquisition of items. The carrying amount of replaced parts is
derecognized.
Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset and the remaining
life of the license associated with the assets, unless the renewal of the license is contractually possible.
The assets\u2019 residual value and useful life is reviewed, and adjusted if appropriate, at each statement of financial position date. As
explained in the Introduction note, during 2023, the estimated useful lives of some property, plant and equipment were revised. As a
result, the estimated useful lives of the Group's towers, poles and ducts were changed from 15 to 25 years, while the related civil
works' useful lives were increased from 10 to 15 years. Refer to the Introduction - Estimates note for further details.
Estimated useful lives
Duration
Buildings ....................................................................................................
Up to 40 years
Networks (including civil works) ...............................................................
5 to 25 years
Other ..........................................................................................................
2 to 7 years
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances
indicate that the carrying value may not be recoverable. An asset\u2019s carrying amount is written down immediately to its recoverable
amount if its carrying amount is greater than its estimated recoverable amount.
Construction in progress consists of the cost of assets, labor and other direct costs associated with property, plant and equipment
being constructed by the Group, or purchased assets which have yet to be deployed. When the assets become operational, the
related costs are transferred from construction in progress to the appropriate asset category and depreciation commences.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, when it is probable
that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.
Ongoing routine repairs and maintenance are charged to the statement of income in the financial period in which they are incurred.
Costs of major inspections and overhauls are added to the carrying value of property, plant and equipment and the carrying amount
of previous major inspections and overhauls is derecognised.
Equipment installed on customer premises which is not sold to customers is capitalized and amortized over the customer contract
period.
A liability for the present value of the cost to remove an asset on both owned and leased sites (for example cell towers) and for
assets installed on customer premises (for example set-top boxes), is recognized when a present obligation for the removal exists.
The corresponding cost of the obligation is included in the cost of the asset and depreciated over the useful life of the asset, or lease
period if shorter.
Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset are capitalized as part of the cost
of that asset when it is probable that such costs will contribute to future economic benefits for the Group and the costs can be
measured reliably.
E.3. Right of use assets
Right-of-use assets are measured at cost comprising the following:
\u2022 the amount of the initial measurement of lease liability
\u2022 any lease payments made at or before the commencement date less any lease incentives received
\u2022 any initial direct costs, and
\u2022 restoration costs
Refer to note C.4. for further details on lease accounting policies.
E.4. Assets held for sale
If Millicom decides to sell subsidiaries, investments in joint ventures or associates, or specific non-current assets in its businesses,
these items qualify as assets held for sale if certain conditions are met and necessary regulatory approvals obtained.
E.4.1. Classification
Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of carrying amount and fair value
less costs to sell if their carrying amount is expected to be recovered principally through sale, not through continuing use. Liabilities
of disposal groups are classified as Liabilities directly associated with assets held for sale .
F.1. Trade receivables
Trade receivables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest
method, less provision for expected credit losses. The Group recognizes an allowance for expected credit losses (ECLs) applying a
simplified approach in calculating the ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss
allowance based on lifetime of ECLs at each reporting date. The Group has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The
provision for expected credit losses is recognized in the consolidated statement of income within 'Equipment, programming and
other direct costs'.
F.2. Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Net
realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
F.3. Trade payables
Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest
method where the effect of the passage of time is material.
From time to time, the Group enters into agreements to extend payment terms with various suppliers, and with factoring companies
when such payments are discounted. The corresponding amount pending payment as of December 31, 2023, is recognized in 'Trade
payables' for an amount of $26 million (2022: $17 million).
F.4. Current and non-current provisions and other liabilities
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, if it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain.
The expense relating to any provision is presented in the statement of income net of any reimbursement. If the effect of the time
value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, risks specific to
the liability. Where discounting is used, increases in the provision due to the passage of time are recognized as interest expenses.
G.5. Related party balances and transactions
The Group\u2019s significant related parties are:
\u25aa Xavier Niel, his subsidiaries and joint ventures, as well as his close family members.
\u2022EPM and subsidiaries (EPM), the non-controlling shareholder in our Colombian operations (see notes A.1.4. and C.7.4.);\u00a0
\u2022Miffin Associates Corp and subsidiaries (Miffin), our joint venture partner in Guatemala until November 12, 2021, date on which
Miffin ceased to be a related party, as Millicom signed and closed an agreement to acquire the remaining 45% equity interest in
our joint venture business in Guatemala from Miffin (see note A.1.2.).
\u2022Cable Onda partners and subsidiaries, the non-controlling shareholders in Tigo Panama (see note A.1.2.), until June 29, 2022,
date on which Cable Onda Partners ceased to be a related party as the non-controlling shareholders of Tigo Panama exercised
their put option right to sell their remaining 20% shareholding to Millicom.\u00a0
Xavier Niel
Xavier Niel has significant expertise in the telecoms sector with a 30 year track record of innovation in the sector.\u00a0 He is the owner of
the Iliad group, a leading telecoms provider present in France, Italy and Poland, as well as NJJ Holding, an investor in telecoms assets
including in Switzerland and Ireland.
Xavier Niel has significant influence over Millicom, as holding, directly or indirectly (through NJJ Holding, Atlas Investissement and
Atlas Luxco S.\u00e0.r.l. ultimately controlled by him) approximately 29.1% of Millicom's shareholding and voting rights as of December
31, 2023. Additionally, on the annual AGM held on 31 May, 2023, Xavier Niel obtained representation in Millicom\u2019s Board of Directors
with the appointment of three (out of nine) non-Executive directors.
Empresas P\u00fablicas de Medell\u00edn (EPM)\u00a0
EPM is a state-owned, industrial and commercial enterprise, owned by the municipality of Medellin, and provides electricity, gas,
water, sanitation, and telecommunications. EPM owns 50% of our operations in Colombia. Transactions with EPM represent mainly
purchases in the form of leases.
Miffin Associates Corp (Miffin)
As mentioned above, Miffin ceased to be a related party to the Group from November 12, 2021. Transactions with Miffin represented
recurring commercial operations such as purchase of handsets, and sale of airtime.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-634": { "value": "
Foreign currency
Financial information in these financial statements are shown in the US dollar presentation currency of the Group and rounded to
the nearest million (US$ million) except where otherwise indicated. The financial statements of each of the Group\u2019s entities are
measured using the currency of the primary economic environment in which each entity operates (the functional currency). The
functional currency of each subsidiary, joint venture and associate reflects the economic substance of the underlying events and
circumstances of these entities. Except for El Salvador where the functional currency is US dollar, the functional currency in other
countries is the local currency.
The results and financial position of all Group entities (none of which operate in an economy with a hyperinflationary environment)
with functional currency other than the US dollar presentation currency are translated into the presentation currency as follows:
(i)Assets and liabilities are translated at the closing rate on the date of the statement of financial position;
(ii)Income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the
dates of the transactions); and
(iii)All resulting exchange differences are recognized as a separate component of equity (currency translation reserve), in the
caption \u201cOther reserves\u201d.
On consolidation, exchange differences arising from the translation of net investments in foreign operations, and of borrowings and
other currency instruments designated as hedges of such investments, are recorded in equity. When the Group disposes of or loses
control or significant influence over a foreign operation, exchange differences that were recorded in equity are recognized in the
consolidated statement of income as part of gain or loss on sale or loss of control and/or significant influence.
Goodwill and fair value adjustments arising on acquisition of a foreign operation are treated as assets and liabilities of the foreign
operation and translated at the closing rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-633": { "value": "
Foreign currency
Financial information in these financial statements are shown in the US dollar presentation currency of the Group and rounded to
the nearest million (US$ million) except where otherwise indicated. The financial statements of each of the Group\u2019s entities are
measured using the currency of the primary economic environment in which each entity operates (the functional currency). The
functional currency of each subsidiary, joint venture and associate reflects the economic substance of the underlying events and
circumstances of these entities. Except for El Salvador where the functional currency is US dollar, the functional currency in other
countries is the local currency.
The results and financial position of all Group entities (none of which operate in an economy with a hyperinflationary environment)
with functional currency other than the US dollar presentation currency are translated into the presentation currency as follows:
(i)Assets and liabilities are translated at the closing rate on the date of the statement of financial position;
(ii)Income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the
dates of the transactions); and
(iii)All resulting exchange differences are recognized as a separate component of equity (currency translation reserve), in the
caption \u201cOther reserves\u201d.
On consolidation, exchange differences arising from the translation of net investments in foreign operations, and of borrowings and
other currency instruments designated as hedges of such investments, are recorded in equity. When the Group disposes of or loses
control or significant influence over a foreign operation, exchange differences that were recorded in equity are recognized in the
consolidated statement of income as part of gain or loss on sale or loss of control and/or significant influence.
Goodwill and fair value adjustments arising on acquisition of a foreign operation are treated as assets and liabilities of the foreign
operation and translated at the closing rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-636": { "value": "
New and amended IFRS accounting standards
The following changes to standards have been adopted by the Group and did not have any significant impact on the Group\u2019s
accounting policies or disclosures and did not require retrospective adjustments:
\u25e6 Amendments to IAS 1, 'Disclosure of Accounting Policies' that are intended to help preparers in deciding which accounting
policies to disclose in their financial statements.
\u25e6 IAS 8, 'Accounting Policies, Changes in Accounting Estimates and Errors' - Definition of accounting estimates.
\u25e6 Amendments to IAS 12, 'Income Taxes: Deferred tax related to Assets and liabilities arising from a Single Transaction' - These
amendments clarify that the initial recognition exception does not apply to the initial recognition of leases and
decommissioning obligations. These amendments apply prospectively to transactions that occur on or after the beginning of
the earliest comparative period presented. In addition, an entity should apply the amendments for the first time by recognizing
deferred tax for all temporary differences related to leases and decommissioning obligations at the beginning of the earliest
comparative period presented. The Group was already recognizing the deferred tax on leases and therefore, the adoption of
these amendments did not have an impact for the Group.
\u25e6 Amendments to IAS 12, 'Income taxes: International Tax Reform \u2013 Pillar Two Model Rules': These amendments give companies
temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and
Development\u2019s (OECD) international tax reform. The amendments also introduce targeted disclosure requirements for affected
companies. The potential impact of Pillar Two Model rules and the adoption of these amendments is further detailed below.
Amendments effective for annual periods starting on or after January 1, 2024 that are not expected to have a significant impact on
the Group consolidated financial statements are:
\u25e6 Amendments to IFRS 16 'Leases: Lease Liability in a Sale and Leaseback': The amendment specifies the requirements that a
seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not
recognize any amount of the gain or loss that relates to the right of use it retains.
\u25e6 Amendments to IAS 1, 'Presentation of Financial Statements': These amendments aim to improve the information an entity
provides when its right to defer settlement of a liability is subject to compliance with covenants within twelve months after the
reporting period.
\u25e6 Amendments to IAS 7, 'Statement of Cash Flows' and IFRS 7, 'Financial Instruments: Disclosures: Supplier Finance
Arrangements' (not yet endorsed by the EU): These amendments require disclosures to enhance the transparency of supplier
finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk. The disclosure
requirements are the IASB\u2019s response to investors\u2019 concerns that some companies\u2019 supplier finance arrangements are not
sufficiently visible, hindering investors\u2019 analysis.
The following changes to standards are effective for annual periods starting on January 1, 2025 and their potential impact on the
Group consolidated financial statements is currently being assessed by management:
\u25e6 Amendments to IAS 21, 'The Effects of Changes in Foreign Exchange Rates': Lack of Exchangeability (not yet endorsed by the
EU): These amendments help entities to determine whether a currency is exchangeable into another currency, and the spot
exchange rate to use when it is not.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-635": { "value": "
New and amended IFRS accounting standards
The following changes to standards have been adopted by the Group and did not have any significant impact on the Group\u2019s
accounting policies or disclosures and did not require retrospective adjustments:
\u25e6 Amendments to IAS 1, 'Disclosure of Accounting Policies' that are intended to help preparers in deciding which accounting
policies to disclose in their financial statements.
\u25e6 IAS 8, 'Accounting Policies, Changes in Accounting Estimates and Errors' - Definition of accounting estimates.
\u25e6 Amendments to IAS 12, 'Income Taxes: Deferred tax related to Assets and liabilities arising from a Single Transaction' - These
amendments clarify that the initial recognition exception does not apply to the initial recognition of leases and
decommissioning obligations. These amendments apply prospectively to transactions that occur on or after the beginning of
the earliest comparative period presented. In addition, an entity should apply the amendments for the first time by recognizing
deferred tax for all temporary differences related to leases and decommissioning obligations at the beginning of the earliest
comparative period presented. The Group was already recognizing the deferred tax on leases and therefore, the adoption of
these amendments did not have an impact for the Group.
\u25e6 Amendments to IAS 12, 'Income taxes: International Tax Reform \u2013 Pillar Two Model Rules': These amendments give companies
temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and
Development\u2019s (OECD) international tax reform. The amendments also introduce targeted disclosure requirements for affected
companies. The potential impact of Pillar Two Model rules and the adoption of these amendments is further detailed below.
Amendments effective for annual periods starting on or after January 1, 2024 that are not expected to have a significant impact on
the Group consolidated financial statements are:
\u25e6 Amendments to IFRS 16 'Leases: Lease Liability in a Sale and Leaseback': The amendment specifies the requirements that a
seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not
recognize any amount of the gain or loss that relates to the right of use it retains.
\u25e6 Amendments to IAS 1, 'Presentation of Financial Statements': These amendments aim to improve the information an entity
provides when its right to defer settlement of a liability is subject to compliance with covenants within twelve months after the
reporting period.
\u25e6 Amendments to IAS 7, 'Statement of Cash Flows' and IFRS 7, 'Financial Instruments: Disclosures: Supplier Finance
Arrangements' (not yet endorsed by the EU): These amendments require disclosures to enhance the transparency of supplier
finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk. The disclosure
requirements are the IASB\u2019s response to investors\u2019 concerns that some companies\u2019 supplier finance arrangements are not
sufficiently visible, hindering investors\u2019 analysis.
The following changes to standards are effective for annual periods starting on January 1, 2025 and their potential impact on the
Group consolidated financial statements is currently being assessed by management:
\u25e6 Amendments to IAS 21, 'The Effects of Changes in Foreign Exchange Rates': Lack of Exchangeability (not yet endorsed by the
EU): These amendments help entities to determine whether a currency is exchangeable into another currency, and the spot
exchange rate to use when it is not.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-637": { "value": "
Judgments and critical estimates
The preparation of IFRS financial statements requires management to use judgment in applying accounting policies. It also requires
the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities, and
disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and
expenses during the reporting period. These estimates are based on management's best knowledge of current events, actions and
best estimates as of a specified date, and actual results may ultimately differ from these estimates. Areas involving a higher degree of
judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in each
note and are summarized below:
Judgments
Management applies judgment in accounting treatment and accounting policies in preparation of these financial statements. In
particular, a significant level of judgment is applied regarding the following items:
\u2022Acquisitions \u2013 measurement at fair value of existing and newly identified assets, including the measurement of property,
plant and equipment and intangible assets (e.g. particularly the customer lists being sensitive to significant assumptions as
disclosed in note A.1.2.), liabilities, contingent liabilities and remaining goodwill; the assessment of useful lives (see notes
A.1.2., E.1.1., E.1.5., E.2.1.);
\u2022Impairment testing \u2013 key assumptions related to future business performance, perpetual growth rates and discount rates
(see notes E.1.2., E.1.6., E.2.2.);
\u2022Revenue recognition \u2013 whether or not the Group acts as principal or as an agent, when there is one or several
performance obligations and the determination of stand-alone selling prices (see note B.1.1.);
\u2022Contingent liabilities \u2013 whether or not a provision should be recorded for any potential liabilities (see note G.3.);
\u2022Leases \u2013 In determining the lease term, including the assessment of whether the exercise of extension or termination
options is reasonably certain and the corresponding impact on the selected lease term (see note E.3.);
\u2022Control \u2013 whether Millicom, through voting rights and potential voting rights attached to shares held, or by way of
shareholders\u2019 agreements or other factors, has the ability to direct the relevant activities of the subsidiaries it consolidates,
or jointly direct the relevant activities of its joint ventures (see notes A.1., A.2.);
\u2022Discontinued operations and assets held for sale \u2013 definition, classification and presentation (see notes A.4., E.4.1.) as
well as measurement of potential provisions related to indemnities;
\u2022Deferred tax assets \u2013 recognition based on likely timing and level of future taxable profits together with future tax
planning strategies (see notes B.6.3.and G.3.2.);
\u2022Defined benefit obligations \u2013 key assumptions related to life expectancies, salary increases and leaving rates, mainly
related to UNE Colombia (see note B.4.3.).
Estimates
Estimates are based on historical experience and other factors, including reasonable expectations of future events, such as current
macro-economic challenges. These factors are reviewed in preparation of the financial statements although, due to inherent
uncertainties in the evaluation process, actual results may differ from original estimates. Estimates are subject to change as new
information becomes available and may significantly affect future operating results. Significant estimates have been applied in
respect of the following items:
\u2022Accounting for property, plant and equipment, and intangible assets in determining fair values at acquisition dates,
particularly for assets acquired in business combinations and sale and leaseback transactions (see notes A.1.and E.2.1.);
\u2022Useful lives of property, plant and equipment and intangible assets (see notes E.1.1., E.2.1.);
\u2022Provisions, in particular provisions for asset retirement obligations, restructuring, legal and tax risks (see notes F.4. and
B.4.);
\u2022Tax liabilities, in particular in respect of uncertainty over income tax treatments (see note F.4.);
\u2022Revenue recognition (see note B.1.1.);
\u2022Impairment testing including weighted average cost of capital (\"WACC\"), EBITDA margins, Capex intensity and long term
growth rates (see note E.1.6.);
\u2022For leases, estimates in determining the incremental borrowing rate for discounting the lease payments in case interest
rate implicit in the lease cannot be determined (see note E.3. );
\u2022Estimates for defined benefit obligations (see note B.4.2.);
\u2022Accounting for share-based compensation in particular estimates of forfeitures and future performance criteria (see notes
B.4.1., B.4.3.).
Change in accounting estimate
During 2023, the estimated useful lives of some property, plant and equipment were revised. As a result, the estimated useful lives of
the Group's towers, poles and ducts were changed from 15 to 25 years, while the related civil works' useful lives were increased from
10 to 15 years. These changes were considered a change in accounting estimate per IAS 8 \"Accounting Policies, Changes in
Accounting Estimates and Errors\" and\u00a0 therefore accounted for prospectively, meaning that no changes should be accounted for
past periods. This also applies to assets that are fully depreciated and for which no new cost should be reset. (i.e., they remain fully
depreciated).
For the full year 2023, the net effect of the changes represent a decrease in depreciation expense of approximately $27\u00a0million
compared to what we expected the depreciation charge to be using previous estimated useful lives, while estimating the net effect
of the changes in depreciation for future years is impracticable. This change in accounting estimate also affects the lease right-of-use
assets (for those being depreciated over the shorter of useful life and lease term) and on asset retirement obligation provisions.
However, the impact of the change is immaterial.
International Tax reform-Pillar II Model
The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the countries listed below
and came into effect on January 1, 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has no
related current tax exposure. The Group applies the exception to recognizing and disclosing information about deferred tax assets
and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023 and endorsed by the
EU on November 8, 2023.
Pillar Two legislation has been enacted from January 2024 in the following countries within the scope of the Millicom Group:
Luxembourg, The Netherlands, United Kingdom and Sweden.
Due to how the Pillar Two rules operate and considering that the Group has its head office in Luxembourg, all entities forming part
of the Millicom Group are in scope of the rules as from January 1, 2024. Under Pillar Two legislations, the Group is liable to pay a top-
up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate.
Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of the enacted or
substantively enacted legislation is not yet reasonably estimable. Therefore, even for those entities with an accounting effective tax
rate above 15%, there might still be Pillar Two tax implications. The Group has run initial testing under the OECD transitional safe
harbour rules (i.e. CbC Report Safe Harbours) and it results that all jurisdictions are expected to meet one of the transitional safe
harbours and hence are not expected to be subject to top-up tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-638": { "value": "
A. The Millicom Group
The Group comprises a number of holding companies, operating subsidiaries and joint ventures with various combinations of
mobile, fixed-line telephony, cable and wireless Pay TV,\u00a0 Broadband Internet and Mobile Financial Services (MFS) businesses.
A.2. Joint ventures
Joint ventures are businesses over which Millicom exercises joint control as decisions over the relevant activities, such as the ability
to upstream cash from the joint ventures, require unanimous consent of shareholders. Millicom determines the existence of joint
control by reference to joint venture agreements, articles of association, structures and voting protocols of the board of directors of
those ventures. Our main investment in joint ventures is comprised of Honduras.
At December 31, 2023, the equity accounted net assets of our joint venture in Honduras totaled $382 million (December 31, 2022:
$401 million). These net assets do not necessarily represent statutory reserves available for distribution as these include
consolidation adjustments (such as goodwill and identified assets and assumed liabilities recognized as part of the purchase
accounting). Out of these net assets, $3 million (December 31, 2022: $3 million) represent statutory reserves that are unavailable to
be distributed to the Group. During the year ended December 31, 2023, Millicom's joint venture in Honduras repatriated cash of $86
million under different forms (December 31, 2022: $85 million).\u00a0
At December 31, 2023, Millicom had $68 million payable to Honduras joint venture which were mainly comprised of advances
(December 31, 2022: $48 million). In addition, as of December 31, 2023, Millicom had a total receivable from Honduras joint venture
of $9 million, (December 31, 2022: $13 million) mainly corresponding to other operating receivables.
Our main joint ventures are as follows:
Entity
Country
Activity
December 31,
2023\u00a0 %
holding
December 31,
2022 %
holding
Telefonica Celular S.A. (i)
Honduras
Mobile, MFS
66.7
66.7
Navega S.A. de CV (i)
Honduras
Cable
66.7
66.7
(i) Millicom owns more than 50% of the shares in these entities and has the right to nominate a majority of the directors of each of these entities. However,
key decisions over the relevant activities must be taken by a super majority vote. This effectively gives either shareholder the ability to veto any decision
and therefore neither shareholder has sole control over the entity. Therefore, the operations of these joint ventures are accounted for under the equity
method.
On October 13, 2021, Millicom, along with its joint venture partner Bharti Airtel Limited, closed the disposal of AirtelTigo Ghana to
the Government of Ghana. As part of the closing conditions, each partner committed and paid $37.5\u00a0million for the reimbursement
of certain local bank facilities which had been provided for in the statement of income under the line \"Loss from other joint ventures
and associates, net\". Millicom still owns 50% of the holding company Bharti Airtel Ghana Holdings B.V..
The carrying values of Millicom\u2019s investments in joint ventures were as follows:
Carrying value of investments in joint ventures
The table below summarizes the movements for the year in respect of the Group\u2019s joint ventures carrying values:
Honduras (i)
(US$ millions)
Opening balance at January 1, 2022
596
Capital increase
3
Results for the year
32
Dividends declared during the year
(35)
Currency exchange differences
(7)
Closing balance at December 31, 2022
590
Results for the year
42
Dividends declared during the year
(54)
Currency exchange differences
(2)
Closing balance at December 31, 2023
576
(i)Includes all the companies under the Honduras group. Share of profit is recognized under \u2018Share of profit in joint ventures\u2019 in the statement of income
for the year ended December 31, 2023.
At December 31, 2023 and 2022 the Group had not incurred obligations, nor made payments on behalf of the Honduras operations.
A.2.1. Accounting for joint ventures
Joint ventures are accounted for using the equity method of accounting and are initially recognized at cost (calculated at fair value if
it was a subsidiary of the Group before becoming a joint venture). The Group\u2019s investments in joint ventures include goodwill (net of
any accumulated impairment loss) on acquisition.
The Group\u2019s share of post-acquisition profits or losses of joint ventures is recognized in the consolidated statement of income and its
share of post-acquisition movements in reserves is recognized in reserves. Cumulative post-acquisition movements are adjusted
against the carrying amount of the investments. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in
the joint venture, including any other unsecured receivables, the Group does not recognize further losses, unless the Group has
incurred obligations or made payments on behalf of the joint ventures.
Gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint
ventures. Losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting
policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
Dilution gains and losses arising in investments in joint ventures are recognized in the statement of income.
After application of the equity method, including recognizing the joint ventures\u2019 losses, the Group applies IAS 36 to determine
whether it is necessary to recognize any additional impairment loss with respect to its net investment in the joint venture.
A.2.2. Material joint ventures \u2013 Honduras, Guatemala and Ghana operations
Summarized financial information of the Honduras, Guatemala (until acquisition of the remaining 45% equity interest, see note
A.1.2.) and Ghana (until disposal in 2021) operations is as follows. This information is based on amounts before inter-company
eliminations.
Honduras
2023
2022
2021
(US$ millions)
Revenue ..............................................................................................................................................
612
586
589
Depreciation and amortization ..........................................................................................................
(105)
(112)
(124)
Operating profit ................................................................................................................................
124
111
99
Financial income (expenses), net .......................................................................................................
(28)
(29)
(34)
Profit before taxes ............................................................................................................................
95
80
62
Tax expense .........................................................................................................................................
(32)
(31)
(22)
Profit for the year ..............................................................................................................................
63
49
40
Net profit for the year attributable to Millicom ............................................................................
42
32
27
Dividends and advances paid to Millicom .........................................................................................
63
9
\u2014
Total non-current assets (excluding goodwill) ..................................................................................
429
404
473
Total non-current liabilities .................................................................................................................
440
384
362
Total current assets .............................................................................................................................
200
182
176
Total current liabilities ........................................................................................................................
223
220
305
Total net assets ....................................................................................................................................
(35)
(17)
(18)
Group's share in % ...............................................................................................................................
66.7%
66.7%
66.7%
Group's share in USD millions .............................................................................................................
(23)
(12)
(12)
Goodwill and consolidation adjustments ..........................................................................................
600
601
608
Carrying value of investment in joint venture ...................................................................................
576
590
596
Cash and cash equivalents ..................................................................................................................
47
27
39
Debt and financing \u2013 non-current ......................................................................................................
394
334
267
Debt and financing \u2013 current ..............................................................................................................
28
23
73
Net cash from operating activities .....................................................................................................
162
162
166
Net cash from (used in) investing activities .......................................................................................
(94)
(109)
(89)
Net cash from (used in) financing activities .......................................................................................
(48)
(64)
(98)
Net (decrease) increase in cash and cash equivalents .................................................................
21
(12)
(21)
Guatemala
On November 12, 2021, Millicom closed the agreement to acquire the remaining 45% equity interest in its joint venture business in
Guatemala.
From January 1, to
November 12, 2021
(US$ millions)
Revenue ..............................................................................................................................................
1,379
Depreciation and amortization ..........................................................................................................
(282)
Operating profit ................................................................................................................................
462
Financial income (expenses), net .......................................................................................................
(40)
Profit before taxes ............................................................................................................................
432
Tax expense ........................................................................................................................................
(99)
Profit for the year ..............................................................................................................................
333
Net profit for the year attributable to Millicom ............................................................................
183
Dividends and advances paid to Millicom .........................................................................................
13
Net cash from operating activities .....................................................................................................
611
Net cash from (used in) investing activities .......................................................................................
(192)
Net cash from (used in) financing activities .......................................................................................
(406)
Exchange impact on cash and cash equivalents, net ........................................................................
1
Net increase (decrease) in cash and cash equivalents .................................................................
13
AirtelTigo Ghana
Our joint investment in AirtelTigo Ghana has been disposed of in 2021. The only material effect for 2021 year's statement of income
is the loss recognized on the exit financing which is further explained in note A.2..
A.2.3. Impairment of investment in joint ventures
While no impairment indicators were identified for the Group\u2019s investments in joint ventures in 2023, according to its policy,
management has completed an impairment test for its joint venture in Honduras.
The Group\u2019s investments in Honduras operations was tested for impairment by assessing the recoverable amount (using a value in
use model based on discounted cash flows) against the carrying amount. The cash flow projections used were extracted from
financial budgets approved by management (refer to note E.1.6. for further details on impairment testing). Cash flows beyond this
period have been extrapolated using a perpetual growth rate of 1% (2022: 1%). Discount rate used in determining recoverable
amount was 11.0% (2022: 14.2% ).
For the years ended December 31, 2023 and 2022, and as a result of the impairment testing described above, management
concluded that the Group\u2019s investments for its joint venture in Honduras should not be impaired.
Sensitivity analysis was performed on key assumptions within the impairment tests. The sensitivity analysis determined that
sufficient headroom exists from realistic changes to the assumptions that would not impact the overall results of the testing.\u00a0
A.3. Investments in associates
Millicom has significant influence over MKC Brillant Holding GmbH (LIH). Millicom\u2019s 35.0% investment in LIH had been fully impaired
in two stages (by $40 million in 2016 and $48 million in 2017) as a result of the annual impairment test conducted back then. The
impairment test performed in 2023 confirmed this conclusion. The Group accounts for associates in the same way as it accounts for
joint ventures, that is, using the equity method.
In December 2022, Millicom relinquished its seat at the board of directors of Milvik AB (\"Milvik\") and therefore lost its significant
influence in accordance with IAS 28. As a result, the Group stopped equity accounting for its investment in Milvik and classified it as a
financial asset measured at fair value in accordance with IFRS 9. During 2023, the Group's investment in Milvik has been disposed of
for one US dollar.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-640": { "value": "
A.1. Subsidiaries
Subsidiaries are all entities which Millicom controls. Millicom controls an entity when it is exposed to, or has rights to variable returns
from its investment in the entity, and has the ability to affect those returns through its power over the subsidiary. Millicom has
power over an entity when it has existing rights that give it the current ability to direct the relevant activities, i.e. the activities that
significantly affect the entity\u2019s returns. Generally, control accompanies a shareholding of more than half of the voting rights
although certain other factors (including contractual arrangements with other shareholders, voting and potential voting rights) are
considered when assessing whether Millicom controls an entity. For example, although Millicom holds less than 50 % of the shares in
its Colombian businesses, it holds more than 50 % of shares with voting rights. The contrary may also be true (e.g. Honduras where
we own 66.7% of the shares but there is a super majority requirement at the board for decisions about the relevant activities of the
operation). The Group's main subsidiaries are as follows:
Entity
Country
Activity
December
31, 2023
%
holding*
December
31, 2022
%
holding*
December
31, 2021
%
holding*
Colombia M\u00f3vil S.A. E.S.P.
Colombia
Mobile
50-1 share
50-1 share
50-1 share
Comunicaciones Celulares S.A.
Guatemala
Mobile
100
100
100
Distribuidora de Comunicaciones de Occidente, S.A.
Guatemala
Mobile
100
100
100
Grupo de Comunicaciones Digitales, S.A.\u00a0 (formerly
Telefonica Moviles Panama, S.A.)
Panama
Mobile
100
100
80
Lati International S.A. (i)
Luxembourg
Holding Company ('Lati
business')
100
N/A
N/A
Millicom Cable Costa Rica S.A.
Costa Rica
Cable, DTH
100
100
100
Millicom Holding B.V.
Netherlands
Holding Company
100
100
100
Millicom International Operations B.V.
Netherlands
Holding Company
100
100
100
Millicom International Services LLC
USA
Services Company
100
100
100
MIC Latin America B.V.
Netherlands
Holding Company
100
100
100
Millicom LIH S.A.
Luxembourg
Holding Company
100
100
100
Millicom International Operations S.A.
Luxembourg
Holding Company
100
100
100
Millicom Spain S.L.
Spain
Holding Company
100
100
100
Millicom Telecommunications S.A. (ii)
Luxembourg
Holding Company ('MFS
business')
100
100
100
Navega.com S.A.
Guatemala
Cable, DTH
100
100
100
Servicios Especializados en Telecomunicaciones, S.A.
Guatemala
Mobile
100
100
100
Servicios Innovadores de Comunicacion y
Entretenimiento, S.A.
Guatemala
Mobile
100
100
100
Servicios y Productos Multimedios S.A.
Paraguay
Pay-TV, Internet
100
100
100
Telecomunicaciones Digitales, S.A. (formerly Cable
Onda S.A.)
Panama
Cable, Pay-TV, Internet, DTH,
Fixed-line
100
100
80
Telefonica Celular de Bolivia S.A.
Bolivia
Mobile, DTH, Cable
100
100
100
Telefonia Celular de Nicaragua S.A.
Nicaragua
Mobile, Cable, Internet, Fixed-
line
100
100
100
Telefonica Celular del Paraguay S.A.
Paraguay
Mobile, Cable, Pay-TV
100
100
100
Telemovil El Salvador S.A. de C.V.
El Salvador
Mobile, Cable, DTH
100
100
100
UNE EPM Telecomunicaciones S.A. and subsidiaries
Colombia
Fixed-line, Internet, Pay-TV,
Mobile
50-1 share
50-1 share
50-1 share
* Also reflects the voting interest, except in Colombia where voting interest is 50% + 1 share for each of the two entities.
(i) Lati International S.A. is the holding Company of the Group's tower business.
(ii) Millicom Telecommunications S.A. is the holding Company of most of the Group's MFS business.
A.1.1. Accounting for subsidiaries and non-controlling interests
Subsidiaries are fully consolidated from the date on which control is transferred to Millicom. If facts and circumstances indicate that
there are changes to one or more of the elements of control, a reassessment is performed to determine if control still exists.
Subsidiaries are de-consolidated from the date that control ceases. Transactions with non-controlling interests are accounted for as
transactions with equity owners of the Group. Gains or losses on disposals of non-controlling interests are recorded in equity. For
purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the
carrying value of net assets of the subsidiary is also recorded in equity.
A.1.2. Acquisition of subsidiaries and changes in non-controlling interests in subsidiaries
Scope changes 2023
There were no material acquisitions in 2023.
Scope changes 2022
As of June 14, 2022, the Group received the formal notification from the minority shareholders of Telecomunicaciones Digitales, S.A
(formerly Cable Onda S.A.) confirming the exercise of their put option right to sell their remaining 20% shareholding to Millicom for
an amount of approximately $290\u00a0million. The transaction was closed on June 29, 2022 and the payment was applied against the
already recorded put option liability of $290\u00a0million. As a result, the non-controlling interests' carrying value of $78\u00a0million have
been transferred to the Group's equity.
Scope changes 2021
On November 12, 2021, Millicom closed the agreement to acquire the remaining 45% equity interest in its joint venture business in
Guatemala (collectively, \"Tigo Guatemala\") from its local partner for $2.2\u00a0billion in cash. The acquisition had been financed through a
bridge facility fully repaid by June 2022.
The acquisition has been determined as a business combination achieved in stages, requiring Millicom to remeasure its 55%
previously held equity investment in Tigo Guatemala at its acquisition date fair value ($2,683 million ); the resulting gain has been
recognized in the 2021 statement of income under the line \"Revaluation of previously held interests\" and is included in the goodwill
calculation.
The goodwill is attributable to the workforce and the high profitability of Tigo Guatemala. It is not tax deductible. From November
12, 2021 to December 31, 2021, Tigo Guatemala contributed $223\u00a0million of revenue and a net profit of $43\u00a0million to the Group. If
Tigo Guatemala had been acquired on January 1, 2021 incremental revenue for the year 2021 would have been $1.38\u00a0billion and
incremental net profit for the same period of $147\u00a0million. Acquisition related costs included in the statement of income under
operating expenses were immaterial.
During the first half of 2022, Millicom had finalized the purchase accounting and determined the fair values of Tigo Guatemala's
identifiable assets and liabilities, and these were reflected in the statement of financial position as of December 31, 2021 in
accordance with IFRS 3.
A.1.3. Disposal of subsidiaries
Tanzania
On April 5, 2022, Millicom completed the sale for an initial cash consideration of approximately $101 million (subject to final price
adjustment). The net assets de-consolidated on the date of the disposal amounted to $79 million and the net gain on disposal was
calculated at $109 million. In accordance with IFRS 5, our former operations in Tanzania are shown in a single line item on the face of
the consolidated statement of income under 'Profit (loss) from discontinued operations, net of tax.
As per the sale agreement, the initial sale price is adjusted to consider some outstanding tax and legal contingencies which
management believes is sufficient to cover any future claims on pre-closing matters. Should the price adjustments not be sufficient,
Millicom might be liable and need to make additional provisions that are not covered by the latter. In addition, the agreement also
provides an IPO1 adjustment clause valid until April 5, 2024, whereby Millicom would reimburse the buyer for any negative
difference between the share price per share on the IPO date and the one implied by this sale. As of December 31, 2023, no
additional provisions have been made by management in respect of the aforementioned items.
(a) The net assets de-consolidated on the date of the disposal, as well as the gain on disposal, were as follows:
Details of the sale of the subsidiary ($ millions)
April 5, 2022
Carrying amount of net assets sold (A) .............................
(79)
Initial sale consideration (B) ..............................................
101
Gross gain on sale (B) - (A) ..............................................
180
Other operating expenses linked to the disposal ............
(11)
Other operating income/expenses, net ...........................
(5)
Gain on sale before reclassification of foreign
currency translation reserve ..........................................
165
Reclassification of foreign currency translation reserve ..
(56)
Net gain on sale ...............................................................
109
(b)The operating results and cash flows of the discontinued operation for the years ended December 31, 2022 and 2021 are
set out below. The figures shown below are after inter-company eliminations.
Results from Discontinued Operations
(in millions of U.S. dollars)
2022
2021
Revenue .............................................................................................
88
357
Equipment, programming and other direct costs ............................
(26)
(104)
Operating expenses ...........................................................................
(27)
(131)
Depreciation and amortization .........................................................
(21)
(83)
Other operating income (expenses), net ..........................................
4
1
Gain/(loss) on disposal of discontinued operations .........................
120
\u2014
Other expenses linked to the disposal of discontinued operations
(11)
\u2014
Operating profit (loss) .....................................................................
127
39
Interest income (expense), net ..........................................................
(12)
(36)
Other non-operating (expenses) income, net ..................................
\u2014
(1)
Profit (loss) before taxes .................................................................
116
3
Tax expense .......................................................................................
(3)
(31)
Net profit/(loss) from discontinued operations ..........................
113
(28)
Cash flows from discontinued operations
(in millions of U.S. dollars)
2022
2021
Cash from operating activities, net ....................................................
18
87
Cash from (used in) investing activities, net ......................................
(10)
(46)
Cash from (used in) financing activities, net ......................................
(9)
(35)
Net cash inflows (outflows) .............................................................
(1)
5
Other disposals
For the years ended December 31, 2023, 2022 and 2021, Millicom did not dispose of any other significant investments.
A.1.4. Summarized financial information relating to subsidiaries with significant non-controlling interests
The summarized financial information for material non-controlling interests in our operations in Colombia and Panama (until the
purchase of the remaining 20% shareholding in June 29, 2022) is provided below. This information is based on amounts before inter-
company eliminations.
Colombia
2023
2022
2021
(US$ millions)
Revenue
1,313
1,335
1,414
Total operating expenses
(501)
(492)
(509)
Operating profit
60
64
100
Net (loss) for the year
(326)
(104)
(80)
50% non-controlling interest in net (loss)
(163)
(52)
(40)
Total assets (excluding goodwill)
2,470
1,942
2,336
Total liabilities
2,605
1,890
2,158
Net assets
(135)
52
178
50% non-controlling interest in net assets
(68)
26
89
Consolidation adjustments
(17)
2
(6)
Total non-controlling interest
(85)
28
83
Dividends and advances paid to non-controlling interest
\u2014
(2)
(5)
Net cash from operating activities
270
250
272
Net cash from (used in) investing activities
(214)
(289)
(295)
Net cash from (used in) financing activities
(54)
(133)
30
Exchange impact on cash and cash equivalents, net
2
(5)
(10)
Net increase (decrease) in cash and cash equivalents
5
(178)
(2)
Panama
2022 (i)
2021
(US$ millions)
Revenue
651
633
Total operating expenses
(207)
(207)
Operating profit
106
7
Net profit (loss) for the year
29
(37)
20% non-controlling interest in net profit (loss)
4
(7)
Total assets (excluding Millicom's goodwill in Cable Onda)
1,719
1,717
Total liabilities
1,318
1,347
Net assets
401
371
20% non-controlling interest in net assets
\u2014
74
Total non-controlling interest
\u2014
74
Net cash from operating activities
148
179
Net cash from (used in) investing activities
(117)
(118)
Net cash from (used in) financing activities
(93)
(43)
Net increase (decrease) in cash and cash equivalents
(63)
17
(i) From January 1 to\u00a0 June 29, 2022, until the purchase of the remaining 20% shareholding of our operations in Panama (see note A.1.2.).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-639": { "value": "
A.1. Subsidiaries
Subsidiaries are all entities which Millicom controls. Millicom controls an entity when it is exposed to, or has rights to variable returns
from its investment in the entity, and has the ability to affect those returns through its power over the subsidiary. Millicom has
power over an entity when it has existing rights that give it the current ability to direct the relevant activities, i.e. the activities that
significantly affect the entity\u2019s returns. Generally, control accompanies a shareholding of more than half of the voting rights
although certain other factors (including contractual arrangements with other shareholders, voting and potential voting rights) are
considered when assessing whether Millicom controls an entity. For example, although Millicom holds less than 50 % of the shares in
its Colombian businesses, it holds more than 50 % of shares with voting rights. The contrary may also be true (e.g. Honduras where
we own 66.7% of the shares but there is a super majority requirement at the board for decisions about the relevant activities of the
operation).
A.1.1. Accounting for subsidiaries and non-controlling interests
Subsidiaries are fully consolidated from the date on which control is transferred to Millicom. If facts and circumstances indicate that
there are changes to one or more of the elements of control, a reassessment is performed to determine if control still exists.
Subsidiaries are de-consolidated from the date that control ceases. Transactions with non-controlling interests are accounted for as
transactions with equity owners of the Group. Gains or losses on disposals of non-controlling interests are recorded in equity. For
purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the
carrying value of net assets of the subsidiary is also recorded in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-641": { "value": "
A.1.1. Accounting for subsidiaries and non-controlling interests
Subsidiaries are fully consolidated from the date on which control is transferred to Millicom. If facts and circumstances indicate that
there are changes to one or more of the elements of control, a reassessment is performed to determine if control still exists.
Subsidiaries are de-consolidated from the date that control ceases. Transactions with non-controlling interests are accounted for as
transactions with equity owners of the Group. Gains or losses on disposals of non-controlling interests are recorded in equity. For
purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the
carrying value of net assets of the subsidiary is also recorded in equity.
A.1.2. Acquisition of subsidiaries and changes in non-controlling interests in subsidiaries
Scope changes 2023
There were no material acquisitions in 2023.
Scope changes 2022
As of June 14, 2022, the Group received the formal notification from the minority shareholders of Telecomunicaciones Digitales, S.A
(formerly Cable Onda S.A.) confirming the exercise of their put option right to sell their remaining 20% shareholding to Millicom for
an amount of approximately $290\u00a0million. The transaction was closed on June 29, 2022 and the payment was applied against the
already recorded put option liability of $290\u00a0million. As a result, the non-controlling interests' carrying value of $78\u00a0million have
been transferred to the Group's equity.
Scope changes 2021
On November 12, 2021, Millicom closed the agreement to acquire the remaining 45% equity interest in its joint venture business in
Guatemala (collectively, \"Tigo Guatemala\") from its local partner for $2.2\u00a0billion in cash. The acquisition had been financed through a
bridge facility fully repaid by June 2022.
The acquisition has been determined as a business combination achieved in stages, requiring Millicom to remeasure its 55%
previously held equity investment in Tigo Guatemala at its acquisition date fair value ($2,683 million ); the resulting gain has been
recognized in the 2021 statement of income under the line \"Revaluation of previously held interests\" and is included in the goodwill
calculation.
The goodwill is attributable to the workforce and the high profitability of Tigo Guatemala. It is not tax deductible. From November
12, 2021 to December 31, 2021, Tigo Guatemala contributed $223\u00a0million of revenue and a net profit of $43\u00a0million to the Group. If
Tigo Guatemala had been acquired on January 1, 2021 incremental revenue for the year 2021 would have been $1.38\u00a0billion and
incremental net profit for the same period of $147\u00a0million. Acquisition related costs included in the statement of income under
operating expenses were immaterial.
During the first half of 2022, Millicom had finalized the purchase accounting and determined the fair values of Tigo Guatemala's
identifiable assets and liabilities, and these were reflected in the statement of financial position as of December 31, 2021 in
accordance with IFRS 3.
A.1.3. Disposal of subsidiaries
Tanzania
On April 5, 2022, Millicom completed the sale for an initial cash consideration of approximately $101 million (subject to final price
adjustment). The net assets de-consolidated on the date of the disposal amounted to $79 million and the net gain on disposal was
calculated at $109 million. In accordance with IFRS 5, our former operations in Tanzania are shown in a single line item on the face of
the consolidated statement of income under 'Profit (loss) from discontinued operations, net of tax.
As per the sale agreement, the initial sale price is adjusted to consider some outstanding tax and legal contingencies which
management believes is sufficient to cover any future claims on pre-closing matters. Should the price adjustments not be sufficient,
Millicom might be liable and need to make additional provisions that are not covered by the latter. In addition, the agreement also
provides an IPO1 adjustment clause valid until April 5, 2024, whereby Millicom would reimburse the buyer for any negative
difference between the share price per share on the IPO date and the one implied by this sale. As of December 31, 2023, no
additional provisions have been made by management in respect of the aforementioned items.
(a) The net assets de-consolidated on the date of the disposal, as well as the gain on disposal, were as follows:
Details of the sale of the subsidiary ($ millions)
April 5, 2022
Carrying amount of net assets sold (A) .............................
(79)
Initial sale consideration (B) ..............................................
101
Gross gain on sale (B) - (A) ..............................................
180
Other operating expenses linked to the disposal ............
(11)
Other operating income/expenses, net ...........................
(5)
Gain on sale before reclassification of foreign
currency translation reserve ..........................................
165
Reclassification of foreign currency translation reserve ..
(56)
Net gain on sale ...............................................................
109
(b)The operating results and cash flows of the discontinued operation for the years ended December 31, 2022 and 2021 are
set out below. The figures shown below are after inter-company eliminations.
Results from Discontinued Operations
(in millions of U.S. dollars)
2022
2021
Revenue .............................................................................................
88
357
Equipment, programming and other direct costs ............................
(26)
(104)
Operating expenses ...........................................................................
(27)
(131)
Depreciation and amortization .........................................................
(21)
(83)
Other operating income (expenses), net ..........................................
4
1
Gain/(loss) on disposal of discontinued operations .........................
120
\u2014
Other expenses linked to the disposal of discontinued operations
(11)
\u2014
Operating profit (loss) .....................................................................
127
39
Interest income (expense), net ..........................................................
(12)
(36)
Other non-operating (expenses) income, net ..................................
\u2014
(1)
Profit (loss) before taxes .................................................................
116
3
Tax expense .......................................................................................
(3)
(31)
Net profit/(loss) from discontinued operations ..........................
113
(28)
Cash flows from discontinued operations
(in millions of U.S. dollars)
2022
2021
Cash from operating activities, net ....................................................
18
87
Cash from (used in) investing activities, net ......................................
(10)
(46)
Cash from (used in) financing activities, net ......................................
(9)
(35)
Net cash inflows (outflows) .............................................................
(1)
5
Other disposals
For the years ended December 31, 2023, 2022 and 2021, Millicom did not dispose of any other significant investments.
A.1.4. Summarized financial information relating to subsidiaries with significant non-controlling interests
The summarized financial information for material non-controlling interests in our operations in Colombia and Panama (until the
purchase of the remaining 20% shareholding in June 29, 2022) is provided below. This information is based on amounts before inter-
company eliminations.
Colombia
2023
2022
2021
(US$ millions)
Revenue
1,313
1,335
1,414
Total operating expenses
(501)
(492)
(509)
Operating profit
60
64
100
Net (loss) for the year
(326)
(104)
(80)
50% non-controlling interest in net (loss)
(163)
(52)
(40)
Total assets (excluding goodwill)
2,470
1,942
2,336
Total liabilities
2,605
1,890
2,158
Net assets
(135)
52
178
50% non-controlling interest in net assets
(68)
26
89
Consolidation adjustments
(17)
2
(6)
Total non-controlling interest
(85)
28
83
Dividends and advances paid to non-controlling interest
\u2014
(2)
(5)
Net cash from operating activities
270
250
272
Net cash from (used in) investing activities
(214)
(289)
(295)
Net cash from (used in) financing activities
(54)
(133)
30
Exchange impact on cash and cash equivalents, net
2
(5)
(10)
Net increase (decrease) in cash and cash equivalents
5
(178)
(2)
Panama
2022 (i)
2021
(US$ millions)
Revenue
651
633
Total operating expenses
(207)
(207)
Operating profit
106
7
Net profit (loss) for the year
29
(37)
20% non-controlling interest in net profit (loss)
4
(7)
Total assets (excluding Millicom's goodwill in Cable Onda)
1,719
1,717
Total liabilities
1,318
1,347
Net assets
401
371
20% non-controlling interest in net assets
\u2014
74
Total non-controlling interest
\u2014
74
Net cash from operating activities
148
179
Net cash from (used in) investing activities
(117)
(118)
Net cash from (used in) financing activities
(93)
(43)
Net increase (decrease) in cash and cash equivalents
(63)
17
(i) From January 1 to\u00a0 June 29, 2022, until the purchase of the remaining 20% shareholding of our operations in Panama (see note A.1.2.).", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-642": { "value": "
A.1.1. Accounting for subsidiaries and non-controlling interests
Subsidiaries are fully consolidated from the date on which control is transferred to Millicom. If facts and circumstances indicate that
there are changes to one or more of the elements of control, a reassessment is performed to determine if control still exists.
Subsidiaries are de-consolidated from the date that control ceases. Transactions with non-controlling interests are accounted for as
transactions with equity owners of the Group. Gains or losses on disposals of non-controlling interests are recorded in equity. For
purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the
carrying value of net assets of the subsidiary is also recorded in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-643": { "value": "
A.1.2. Acquisition of subsidiaries and changes in non-controlling interests in subsidiaries
Scope changes 2023
There were no material acquisitions in 2023.
Scope changes 2022
As of June 14, 2022, the Group received the formal notification from the minority shareholders of Telecomunicaciones Digitales, S.A
(formerly Cable Onda S.A.) confirming the exercise of their put option right to sell their remaining 20% shareholding to Millicom for
an amount of approximately $290\u00a0million. The transaction was closed on June 29, 2022 and the payment was applied against the
already recorded put option liability of $290\u00a0million. As a result, the non-controlling interests' carrying value of $78\u00a0million have
been transferred to the Group's equity.
Scope changes 2021
On November 12, 2021, Millicom closed the agreement to acquire the remaining 45% equity interest in its joint venture business in
Guatemala (collectively, \"Tigo Guatemala\") from its local partner for $2.2\u00a0billion in cash. The acquisition had been financed through a
bridge facility fully repaid by June 2022.
The acquisition has been determined as a business combination achieved in stages, requiring Millicom to remeasure its 55%
previously held equity investment in Tigo Guatemala at its acquisition date fair value ($2,683 million ); the resulting gain has been
recognized in the 2021 statement of income under the line \"Revaluation of previously held interests\" and is included in the goodwill
calculation.
The goodwill is attributable to the workforce and the high profitability of Tigo Guatemala. It is not tax deductible. From November
12, 2021 to December 31, 2021, Tigo Guatemala contributed $223\u00a0million of revenue and a net profit of $43\u00a0million to the Group. If
Tigo Guatemala had been acquired on January 1, 2021 incremental revenue for the year 2021 would have been $1.38\u00a0billion and
incremental net profit for the same period of $147\u00a0million. Acquisition related costs included in the statement of income under
operating expenses were immaterial.
During the first half of 2022, Millicom had finalized the purchase accounting and determined the fair values of Tigo Guatemala's
identifiable assets and liabilities, and these were reflected in the statement of financial position as of December 31, 2021 in
accordance with IFRS 3.
C.7.4. Call and put options
Cable Onda call and put options
As part of the acquisition of Cable Onda, the shareholders agreed on certain put and call options as follows - as amended
subsequent to the acquisition of Telef\u00f3nica Panama. As previously explained in note A.1.2., on June 14, 2022, the Group received the
formal notification from the minority shareholders of Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.) confirming the
exercise of their put option right to sell their remaining 20% shareholding to Millicom for a cash amount of approximately
$290\u00a0million. The call option expired at the same time. Up to the exercise of the put option, the changes in value of the call option
asset and put option liability were recorded in the Group's statement of income under \"Other non-operating (expenses) income,
net\" (see note B.5.).
Put Option - Tigo-UNE
On October 12, 2023, Millicom and its partner, Empresas P\u00fablicas de Medellin (EPM), agreed to recapitalize Tigo-UNE, Millicom's
50%-owned operation in Colombia. Each partner contributed COP 300\u00a0billion (approximately $74\u00a0million at the time of the
transaction) to support the continued development of Tigo-UNE's strategy
With this agreement, both partners retain their current shareholding in Tigo-UNE. Furthermore they agreed to add in the
shareholder's agreement an unconditional put option maturing on September 30, 2024, that, if exercised, would allow EPM to sell to
Millicom their entire 50% stake in Tigo-UNE for COP 330\u00a0billion. As a result, a put option liability has been recognized in Millicom's
statement of financial position, with its counterpart in the Group's equity. As of December 31, 2023, the liability, denominated in
local currency, amounts to $86 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-645": { "value": "
A.2. Joint ventures
Joint ventures are businesses over which Millicom exercises joint control as decisions over the relevant activities, such as the ability
to upstream cash from the joint ventures, require unanimous consent of shareholders. Millicom determines the existence of joint
control by reference to joint venture agreements, articles of association, structures and voting protocols of the board of directors of
those ventures. Our main investment in joint ventures is comprised of Honduras.
At December 31, 2023, the equity accounted net assets of our joint venture in Honduras totaled $382 million (December 31, 2022:
$401 million). These net assets do not necessarily represent statutory reserves available for distribution as these include
consolidation adjustments (such as goodwill and identified assets and assumed liabilities recognized as part of the purchase
accounting). Out of these net assets, $3 million (December 31, 2022: $3 million) represent statutory reserves that are unavailable to
be distributed to the Group. During the year ended December 31, 2023, Millicom's joint venture in Honduras repatriated cash of $86
million under different forms (December 31, 2022: $85 million).\u00a0
At December 31, 2023, Millicom had $68 million payable to Honduras joint venture which were mainly comprised of advances
(December 31, 2022: $48 million). In addition, as of December 31, 2023, Millicom had a total receivable from Honduras joint venture
of $9 million, (December 31, 2022: $13 million) mainly corresponding to other operating receivables.
Our main joint ventures are as follows:
Entity
Country
Activity
December 31,
2023\u00a0 %
holding
December 31,
2022 %
holding
Telefonica Celular S.A. (i)
Honduras
Mobile, MFS
66.7
66.7
Navega S.A. de CV (i)
Honduras
Cable
66.7
66.7
(i) Millicom owns more than 50% of the shares in these entities and has the right to nominate a majority of the directors of each of these entities. However,
key decisions over the relevant activities must be taken by a super majority vote. This effectively gives either shareholder the ability to veto any decision
and therefore neither shareholder has sole control over the entity. Therefore, the operations of these joint ventures are accounted for under the equity
method.
On October 13, 2021, Millicom, along with its joint venture partner Bharti Airtel Limited, closed the disposal of AirtelTigo Ghana to
the Government of Ghana. As part of the closing conditions, each partner committed and paid $37.5\u00a0million for the reimbursement
of certain local bank facilities which had been provided for in the statement of income under the line \"Loss from other joint ventures
and associates, net\". Millicom still owns 50% of the holding company Bharti Airtel Ghana Holdings B.V..
The carrying values of Millicom\u2019s investments in joint ventures were as follows:
Carrying value of investments in joint ventures
The table below summarizes the movements for the year in respect of the Group\u2019s joint ventures carrying values:
Honduras (i)
(US$ millions)
Opening balance at January 1, 2022
596
Capital increase
3
Results for the year
32
Dividends declared during the year
(35)
Currency exchange differences
(7)
Closing balance at December 31, 2022
590
Results for the year
42
Dividends declared during the year
(54)
Currency exchange differences
(2)
Closing balance at December 31, 2023
576
(i)Includes all the companies under the Honduras group. Share of profit is recognized under \u2018Share of profit in joint ventures\u2019 in the statement of income
for the year ended December 31, 2023.
At December 31, 2023 and 2022 the Group had not incurred obligations, nor made payments on behalf of the Honduras operations.
A.2.1. Accounting for joint ventures
Joint ventures are accounted for using the equity method of accounting and are initially recognized at cost (calculated at fair value if
it was a subsidiary of the Group before becoming a joint venture). The Group\u2019s investments in joint ventures include goodwill (net of
any accumulated impairment loss) on acquisition.
The Group\u2019s share of post-acquisition profits or losses of joint ventures is recognized in the consolidated statement of income and its
share of post-acquisition movements in reserves is recognized in reserves. Cumulative post-acquisition movements are adjusted
against the carrying amount of the investments. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in
the joint venture, including any other unsecured receivables, the Group does not recognize further losses, unless the Group has
incurred obligations or made payments on behalf of the joint ventures.
Gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint
ventures. Losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting
policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
Dilution gains and losses arising in investments in joint ventures are recognized in the statement of income.
After application of the equity method, including recognizing the joint ventures\u2019 losses, the Group applies IAS 36 to determine
whether it is necessary to recognize any additional impairment loss with respect to its net investment in the joint venture.
A.2.2. Material joint ventures \u2013 Honduras, Guatemala and Ghana operations
Summarized financial information of the Honduras, Guatemala (until acquisition of the remaining 45% equity interest, see note
A.1.2.) and Ghana (until disposal in 2021) operations is as follows. This information is based on amounts before inter-company
eliminations.
Honduras
2023
2022
2021
(US$ millions)
Revenue ..............................................................................................................................................
612
586
589
Depreciation and amortization ..........................................................................................................
(105)
(112)
(124)
Operating profit ................................................................................................................................
124
111
99
Financial income (expenses), net .......................................................................................................
(28)
(29)
(34)
Profit before taxes ............................................................................................................................
95
80
62
Tax expense .........................................................................................................................................
(32)
(31)
(22)
Profit for the year ..............................................................................................................................
63
49
40
Net profit for the year attributable to Millicom ............................................................................
42
32
27
Dividends and advances paid to Millicom .........................................................................................
63
9
\u2014
Total non-current assets (excluding goodwill) ..................................................................................
429
404
473
Total non-current liabilities .................................................................................................................
440
384
362
Total current assets .............................................................................................................................
200
182
176
Total current liabilities ........................................................................................................................
223
220
305
Total net assets ....................................................................................................................................
(35)
(17)
(18)
Group's share in % ...............................................................................................................................
66.7%
66.7%
66.7%
Group's share in USD millions .............................................................................................................
(23)
(12)
(12)
Goodwill and consolidation adjustments ..........................................................................................
600
601
608
Carrying value of investment in joint venture ...................................................................................
576
590
596
Cash and cash equivalents ..................................................................................................................
47
27
39
Debt and financing \u2013 non-current ......................................................................................................
394
334
267
Debt and financing \u2013 current ..............................................................................................................
28
23
73
Net cash from operating activities .....................................................................................................
162
162
166
Net cash from (used in) investing activities .......................................................................................
(94)
(109)
(89)
Net cash from (used in) financing activities .......................................................................................
(48)
(64)
(98)
Net (decrease) increase in cash and cash equivalents .................................................................
21
(12)
(21)
Guatemala
On November 12, 2021, Millicom closed the agreement to acquire the remaining 45% equity interest in its joint venture business in
Guatemala.
From January 1, to
November 12, 2021
(US$ millions)
Revenue ..............................................................................................................................................
1,379
Depreciation and amortization ..........................................................................................................
(282)
Operating profit ................................................................................................................................
462
Financial income (expenses), net .......................................................................................................
(40)
Profit before taxes ............................................................................................................................
432
Tax expense ........................................................................................................................................
(99)
Profit for the year ..............................................................................................................................
333
Net profit for the year attributable to Millicom ............................................................................
183
Dividends and advances paid to Millicom .........................................................................................
13
Net cash from operating activities .....................................................................................................
611
Net cash from (used in) investing activities .......................................................................................
(192)
Net cash from (used in) financing activities .......................................................................................
(406)
Exchange impact on cash and cash equivalents, net ........................................................................
1
Net increase (decrease) in cash and cash equivalents .................................................................
13
AirtelTigo Ghana
Our joint investment in AirtelTigo Ghana has been disposed of in 2021. The only material effect for 2021 year's statement of income
is the loss recognized on the exit financing which is further explained in note A.2..
A.2.3. Impairment of investment in joint ventures
While no impairment indicators were identified for the Group\u2019s investments in joint ventures in 2023, according to its policy,
management has completed an impairment test for its joint venture in Honduras.
The Group\u2019s investments in Honduras operations was tested for impairment by assessing the recoverable amount (using a value in
use model based on discounted cash flows) against the carrying amount. The cash flow projections used were extracted from
financial budgets approved by management (refer to note E.1.6. for further details on impairment testing). Cash flows beyond this
period have been extrapolated using a perpetual growth rate of 1% (2022: 1%). Discount rate used in determining recoverable
amount was 11.0% (2022: 14.2% ).
For the years ended December 31, 2023 and 2022, and as a result of the impairment testing described above, management
concluded that the Group\u2019s investments for its joint venture in Honduras should not be impaired.
Sensitivity analysis was performed on key assumptions within the impairment tests. The sensitivity analysis determined that
sufficient headroom exists from realistic changes to the assumptions that would not impact the overall results of the testing.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-644": { "value": "
A.2. Joint ventures
Joint ventures are businesses over which Millicom exercises joint control as decisions over the relevant activities, such as the ability
to upstream cash from the joint ventures, require unanimous consent of shareholders. Millicom determines the existence of joint
control by reference to joint venture agreements, articles of association, structures and voting protocols of the board of directors of
those ventures. Our main investment in joint ventures is comprised of Honduras.
At December 31, 2023, the equity accounted net assets of our joint venture in Honduras totaled $382 million (December 31, 2022:
$401 million). These net assets do not necessarily represent statutory reserves available for distribution as these include
consolidation adjustments (such as goodwill and identified assets and assumed liabilities recognized as part of the purchase
accounting). Out of these net assets, $3 million (December 31, 2022: $3 million) represent statutory reserves that are unavailable to
be distributed to the Group. During the year ended December 31, 2023, Millicom's joint venture in Honduras repatriated cash of $86
million under different forms (December 31, 2022: $85 million).\u00a0
At December 31, 2023, Millicom had $68 million payable to Honduras joint venture which were mainly comprised of advances
(December 31, 2022: $48 million). In addition, as of December 31, 2023, Millicom had a total receivable from Honduras joint venture
of $9 million, (December 31, 2022: $13 million) mainly corresponding to other operating receivables.
Our main joint ventures are as follows:
Entity
Country
Activity
December 31,
2023\u00a0 %
holding
December 31,
2022 %
holding
Telefonica Celular S.A. (i)
Honduras
Mobile, MFS
66.7
66.7
Navega S.A. de CV (i)
Honduras
Cable
66.7
66.7
(i) Millicom owns more than 50% of the shares in these entities and has the right to nominate a majority of the directors of each of these entities. However,
key decisions over the relevant activities must be taken by a super majority vote. This effectively gives either shareholder the ability to veto any decision
and therefore neither shareholder has sole control over the entity. Therefore, the operations of these joint ventures are accounted for under the equity
method.
On October 13, 2021, Millicom, along with its joint venture partner Bharti Airtel Limited, closed the disposal of AirtelTigo Ghana to
the Government of Ghana. As part of the closing conditions, each partner committed and paid $37.5\u00a0million for the reimbursement
of certain local bank facilities which had been provided for in the statement of income under the line \"Loss from other joint ventures
and associates, net\". Millicom still owns 50% of the holding company Bharti Airtel Ghana Holdings B.V..
The carrying values of Millicom\u2019s investments in joint ventures were as follows:
Carrying value of investments in joint ventures
The table below summarizes the movements for the year in respect of the Group\u2019s joint ventures carrying values:
Honduras (i)
(US$ millions)
Opening balance at January 1, 2022
596
Capital increase
3
Results for the year
32
Dividends declared during the year
(35)
Currency exchange differences
(7)
Closing balance at December 31, 2022
590
Results for the year
42
Dividends declared during the year
(54)
Currency exchange differences
(2)
Closing balance at December 31, 2023
576
(i)Includes all the companies under the Honduras group. Share of profit is recognized under \u2018Share of profit in joint ventures\u2019 in the statement of income
for the year ended December 31, 2023.
At December 31, 2023 and 2022 the Group had not incurred obligations, nor made payments on behalf of the Honduras operations.
A.2.1. Accounting for joint ventures
Joint ventures are accounted for using the equity method of accounting and are initially recognized at cost (calculated at fair value if
it was a subsidiary of the Group before becoming a joint venture). The Group\u2019s investments in joint ventures include goodwill (net of
any accumulated impairment loss) on acquisition.
The Group\u2019s share of post-acquisition profits or losses of joint ventures is recognized in the consolidated statement of income and its
share of post-acquisition movements in reserves is recognized in reserves. Cumulative post-acquisition movements are adjusted
against the carrying amount of the investments. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in
the joint venture, including any other unsecured receivables, the Group does not recognize further losses, unless the Group has
incurred obligations or made payments on behalf of the joint ventures.
Gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint
ventures. Losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting
policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
Dilution gains and losses arising in investments in joint ventures are recognized in the statement of income.
After application of the equity method, including recognizing the joint ventures\u2019 losses, the Group applies IAS 36 to determine
whether it is necessary to recognize any additional impairment loss with respect to its net investment in the joint venture.
A.2.2. Material joint ventures \u2013 Honduras, Guatemala and Ghana operations
Summarized financial information of the Honduras, Guatemala (until acquisition of the remaining 45% equity interest, see note
A.1.2.) and Ghana (until disposal in 2021) operations is as follows. This information is based on amounts before inter-company
eliminations.
Honduras
2023
2022
2021
(US$ millions)
Revenue ..............................................................................................................................................
612
586
589
Depreciation and amortization ..........................................................................................................
(105)
(112)
(124)
Operating profit ................................................................................................................................
124
111
99
Financial income (expenses), net .......................................................................................................
(28)
(29)
(34)
Profit before taxes ............................................................................................................................
95
80
62
Tax expense .........................................................................................................................................
(32)
(31)
(22)
Profit for the year ..............................................................................................................................
63
49
40
Net profit for the year attributable to Millicom ............................................................................
42
32
27
Dividends and advances paid to Millicom .........................................................................................
63
9
\u2014
Total non-current assets (excluding goodwill) ..................................................................................
429
404
473
Total non-current liabilities .................................................................................................................
440
384
362
Total current assets .............................................................................................................................
200
182
176
Total current liabilities ........................................................................................................................
223
220
305
Total net assets ....................................................................................................................................
(35)
(17)
(18)
Group's share in % ...............................................................................................................................
66.7%
66.7%
66.7%
Group's share in USD millions .............................................................................................................
(23)
(12)
(12)
Goodwill and consolidation adjustments ..........................................................................................
600
601
608
Carrying value of investment in joint venture ...................................................................................
576
590
596
Cash and cash equivalents ..................................................................................................................
47
27
39
Debt and financing \u2013 non-current ......................................................................................................
394
334
267
Debt and financing \u2013 current ..............................................................................................................
28
23
73
Net cash from operating activities .....................................................................................................
162
162
166
Net cash from (used in) investing activities .......................................................................................
(94)
(109)
(89)
Net cash from (used in) financing activities .......................................................................................
(48)
(64)
(98)
Net (decrease) increase in cash and cash equivalents .................................................................
21
(12)
(21)
Guatemala
On November 12, 2021, Millicom closed the agreement to acquire the remaining 45% equity interest in its joint venture business in
Guatemala.
From January 1, to
November 12, 2021
(US$ millions)
Revenue ..............................................................................................................................................
1,379
Depreciation and amortization ..........................................................................................................
(282)
Operating profit ................................................................................................................................
462
Financial income (expenses), net .......................................................................................................
(40)
Profit before taxes ............................................................................................................................
432
Tax expense ........................................................................................................................................
(99)
Profit for the year ..............................................................................................................................
333
Net profit for the year attributable to Millicom ............................................................................
183
Dividends and advances paid to Millicom .........................................................................................
13
Net cash from operating activities .....................................................................................................
611
Net cash from (used in) investing activities .......................................................................................
(192)
Net cash from (used in) financing activities .......................................................................................
(406)
Exchange impact on cash and cash equivalents, net ........................................................................
1
Net increase (decrease) in cash and cash equivalents .................................................................
13
AirtelTigo Ghana
Our joint investment in AirtelTigo Ghana has been disposed of in 2021. The only material effect for 2021 year's statement of income
is the loss recognized on the exit financing which is further explained in note A.2..
A.2.3. Impairment of investment in joint ventures
While no impairment indicators were identified for the Group\u2019s investments in joint ventures in 2023, according to its policy,
management has completed an impairment test for its joint venture in Honduras.
The Group\u2019s investments in Honduras operations was tested for impairment by assessing the recoverable amount (using a value in
use model based on discounted cash flows) against the carrying amount. The cash flow projections used were extracted from
financial budgets approved by management (refer to note E.1.6. for further details on impairment testing). Cash flows beyond this
period have been extrapolated using a perpetual growth rate of 1% (2022: 1%). Discount rate used in determining recoverable
amount was 11.0% (2022: 14.2% ).
For the years ended December 31, 2023 and 2022, and as a result of the impairment testing described above, management
concluded that the Group\u2019s investments for its joint venture in Honduras should not be impaired.
Sensitivity analysis was performed on key assumptions within the impairment tests. The sensitivity analysis determined that
sufficient headroom exists from realistic changes to the assumptions that would not impact the overall results of the testing.\u00a0
A.3. Investments in associates
Millicom has significant influence over MKC Brillant Holding GmbH (LIH). Millicom\u2019s 35.0% investment in LIH had been fully impaired
in two stages (by $40 million in 2016 and $48 million in 2017) as a result of the annual impairment test conducted back then. The
impairment test performed in 2023 confirmed this conclusion. The Group accounts for associates in the same way as it accounts for
joint ventures, that is, using the equity method.
In December 2022, Millicom relinquished its seat at the board of directors of Milvik AB (\"Milvik\") and therefore lost its significant
influence in accordance with IAS 28. As a result, the Group stopped equity accounting for its investment in Milvik and classified it as a
financial asset measured at fair value in accordance with IFRS 9. During 2023, the Group's investment in Milvik has been disposed of
for one US dollar.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-646": { "value": "
A.2.1. Accounting for joint ventures
Joint ventures are accounted for using the equity method of accounting and are initially recognized at cost (calculated at fair value if
it was a subsidiary of the Group before becoming a joint venture). The Group\u2019s investments in joint ventures include goodwill (net of
any accumulated impairment loss) on acquisition.
The Group\u2019s share of post-acquisition profits or losses of joint ventures is recognized in the consolidated statement of income and its
share of post-acquisition movements in reserves is recognized in reserves. Cumulative post-acquisition movements are adjusted
against the carrying amount of the investments. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in
the joint venture, including any other unsecured receivables, the Group does not recognize further losses, unless the Group has
incurred obligations or made payments on behalf of the joint ventures.
Gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint
ventures. Losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting
policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
Dilution gains and losses arising in investments in joint ventures are recognized in the statement of income.
After application of the equity method, including recognizing the joint ventures\u2019 losses, the Group applies IAS 36 to determine
whether it is necessary to recognize any additional impairment loss with respect to its net investment in the joint venture.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-647": { "value": "
A.2.3. Impairment of investment in joint ventures
While no impairment indicators were identified for the Group\u2019s investments in joint ventures in 2023, according to its policy,
management has completed an impairment test for its joint venture in Honduras.
The Group\u2019s investments in Honduras operations was tested for impairment by assessing the recoverable amount (using a value in
use model based on discounted cash flows) against the carrying amount. The cash flow projections used were extracted from
financial budgets approved by management (refer to note E.1.6. for further details on impairment testing). Cash flows beyond this
period have been extrapolated using a perpetual growth rate of 1% (2022: 1%). Discount rate used in determining recoverable
amount was 11.0% (2022: 14.2% ).
For the years ended December 31, 2023 and 2022, and as a result of the impairment testing described above, management
concluded that the Group\u2019s investments for its joint venture in Honduras should not be impaired.
Sensitivity analysis was performed on key assumptions within the impairment tests. The sensitivity analysis determined that
sufficient headroom exists from realistic changes to the assumptions that would not impact the overall results of the testing.\u00a0
E.1.6. Impairment testing of goodwill
Goodwill and indefinite useful life trademarks from CGUs are tested for impairment at least once a year and more frequently if events
or changes in circumstances indicate that the carrying value may be impaired. Impairment losses on goodwill are not reversed.
Goodwill arising on business combinations is allocated to each of the Group\u2019s CGUs or groups of CGUs that are expected to benefit
from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or
groups of units. Each unit or group of units to which the goodwill is allocated:
\u2022Represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and
\u2022Is not larger than an operating segment.
Impairment is determined by assessing the value-in-use and, if appropriate, the fair value less costs to sell of the CGU (or group of
CGUs), to which goodwill relates.
Impairment testing at December 31, 2023\u00a0
Goodwill and indefinite useful life trademarks were tested for impairment by assessing the recoverable amount against the carrying
amount of the CGU based on discounted cash flows. The recoverable amounts are based on value-in-use. The value-in-use is
determined based on the method of discounted cash flows. The cash flow projections used (operating profit margins, income tax,
working capital, capex and license renewal cost) are extracted from business plans approved by management, covering a ten-year
planning horizon. The Group uses a ten-year planning horizon to obtain a stable business outlook, in particular due to the long
investment cycles in the industry and the long-term planned and expected investments in licenses and spectrum. Cash flows
beyond this period are extrapolated using a perpetual growth rate. Management validates the reasonableness of the results of the
test by comparing the share price implied by the 'sum of the parts' with the market share price. Any gap is reviewed, analyzed and
documented. When value-in-use results are lower than the carrying values of the CGUs, management determines the recoverable
amount by using the fair value less cost of disposal (FVLCD) of the CGUs. FVLCD is usually determined by using recent offers received
from third parties (Level 1).
For the year ended December 31, 2023, management concluded that no impairment should be recorded in the Group consolidated
financial statements.
Impairment testing at December 31, 2022\u00a0
For the year ended December 31, 2022, management concluded that no impairment should be recorded in the Group consolidated
financial statements.
Key assumptions used in value in use calculations
The process of preparing the cash flow projections considers the current market condition of each CGU, analyzing the
macroeconomic, competitive, regulatory and technological environments, as well as the growth opportunities of the CGUs.
Therefore, a growth target is defined for each CGU, based on the appropriate allocation of operating resources and the capital
investments required to achieve the target. The foregoing forecasts could differ from the results obtained through time; however,
the Group prepares its estimates based on the current situation of each of the CGUs. Relevance of budgets used for the impairment
test is also reviewed annually, with management performing regressive analysis between actual figures and budget/Long Range
Plans (LRPs) used for previous year impairment test.
The cash flow projections for all CGUs is most sensitive to the following key assumptions:
\u2022 EBITDA margin is determined by dividing EBITDA by total revenues.
\u2022 CAPEX intensity is determined by dividing CAPEX by total revenues.
\u2022 Perpetual growth rate does not exceed the countries' GDP.
\u2022 Weighted average cost of capital (\u201cWACC\u201d) is used to discount the projected cash flows.
The most significant estimates used for the 2023 and 2022 impairment test are shown below:
CGU
Average EBITDA
margin (%) (i)
Average CAPEX
intensity (%) (i)
Perpetual growth
rate (%)
WACC rate after tax
(%)
2023
2022
2023
2022
2023
2022
2023
2022
Bolivia .....................................
41.3
41.2
13.6
15.2
1.0
1.0
15.4
9.8
Colombia ................................
39.6
36.0
12.3
17.2
2.0
2.0
10.7
11.4
Guatemala ..............................
53.3
51.2
11.3
11.6
1.0
1.0
9.7
10.1
Costa Rica ...............................
39.8
37.5
16.2
15.5
2.0
2.0
10.1
11.8
El Salvador ..............................
41.7
41.0
13.6
13.0
1.0
1.0
12.1
14.1
Nicaragua ...............................
47.5
46.8
13.8
14.5
3.0
2.5
15.5
15.0
Panam\u00e1 ..................................
46.5
46.9
13.1
14.9
1.0
1.0
8.9
8.8
Paraguay ................................
46.8
44.5
14.5
14.9
1.0
1.0
9.8
10.0
(i) Average is computed over the period covered by the plan.
Sensitivity analysis to changes in assumptions
Management performed a sensitivity analysis on key assumptions within the test. The following maximum increases or decreases,
expressed in percentage points, were considered for all CGUs:
Reasonable changes in key assumptions (%)
Financial variables
2023
2022
WACC rates .......................
+/- 2
+/-2
Perpetual growth rates ....
+/-1
+/-1
Operating variables
EBITDA margin .................
+/-2
+/-2
CAPEX intensity ................
+/-1
+/-1
At\u00a0 December 31, 2023 the sensitivity analysis shows a comfortable headroom between the recoverable amounts and the carrying
values for all CGUs, except for Nicaragua (at December 31, 2022, except for Colombia and Nicaragua).
If the assumptions used in the impairment test were changed to a greater extent than as presented in the following table, the
changes would, in isolation, trigger a potential impairment loss being recognised for the following CGUs in the years ended
December 31, 2023 and December 31, 2022 .
2023
2022
Change required for carrying value to equal
recoverable amount
CGU
CGU
Nicaragua
Colombia
Nicaragua
Financial variables
WACC rate
+154bps
+82bps
+117bps
Perpetual growth rates
n/a
n/a
n/a
Operating variables
Average EBITDA margin
n/a
+-107bps
n/a
CAPEX intensity
n/a
+13bps
n/a
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-648": { "value": "
A.3. Investments in associates
Millicom has significant influence over MKC Brillant Holding GmbH (LIH). Millicom\u2019s 35.0% investment in LIH had been fully impaired
in two stages (by $40 million in 2016 and $48 million in 2017) as a result of the annual impairment test conducted back then. The
impairment test performed in 2023 confirmed this conclusion. The Group accounts for associates in the same way as it accounts for
joint ventures, that is, using the equity method.
In December 2022, Millicom relinquished its seat at the board of directors of Milvik AB (\"Milvik\") and therefore lost its significant
influence in accordance with IAS 28. As a result, the Group stopped equity accounting for its investment in Milvik and classified it as a
financial asset measured at fair value in accordance with IFRS 9. During 2023, the Group's investment in Milvik has been disposed of
for one US dollar.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-650": { "value": "
A.4. Discontinued operations
A.4.1. Classification of discontinued operations
Discontinued operations are those which have identifiable operations and cash flows (for both operating and management
purposes) and represent a major line of business or geographic area which has been disposed of, or are held for sale. Revenue and
expenses associated with discontinued operations are presented retrospectively in a separate line in the consolidated statement of
income.
A.4.2. Millicom\u2019s discontinued operations
In accordance with IFRS 5, financial information relating to discontinued operations for the years ended December 31, 2022 and
2021 is set out below. Figures shown below are after intercompany eliminations. As further explained in Note A.1.3. , the Group\u2019s
former businesses in Tanzania (sold on April 5, 2022) had been classified as discontinued operations. For the year ended December
31, 2023, the results from discontinued operations relate to operating income for $4 million. For further details on Assets held for
sale, refer to note E.4.
Results from discontinued operations\u00a0
2022
2021
(US$ millions)
Revenue ...............................................................................................................................................
88
357
Equipment, programming and other direct costs .............................................................................
(26)
(104)
Operating expenses ............................................................................................................................
(27)
(131)
Other expenses linked to the disposal of discontinued operations .................................................
(11)
\u2014
Depreciation and amortization ..........................................................................................................
(21)
(83)
Other operating income (expenses), net ...........................................................................................
4
1
Gain/(loss) on disposal of discontinued operations ..........................................................................
120
\u2014
Operating profit (loss) ......................................................................................................................
127
39
Interest income (expense), net ...........................................................................................................
(12)
(36)
Other non-operating (expenses) income, net ....................................................................................
\u2014
(1)
Profit (loss) before taxes ..................................................................................................................
116
3
Tax expense .........................................................................................................................................
(3)
(31)
Net profit/(loss) from discontinued operations ............................................................................
113
(28)
Cash flows from discontinued operations
2022
2021
(US$ millions)
Cash from operating activities, net .....................................................................................................
18
87
Cash from (used in) investing activities, net ......................................................................................
(10)
(46)
Cash from (used in) financing activities, net ......................................................................................
(9)
(35)
E.4.2. Millicom\u2019s assets held for sale
As of\u00a0 December 31, 2023 and 2022 no assets qualified as assets held for sale. For further details on assets held for sale and
discontinued operations, please refer to note A.4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-649": { "value": "
A.4. Discontinued operations
A.4.1. Classification of discontinued operations
Discontinued operations are those which have identifiable operations and cash flows (for both operating and management
purposes) and represent a major line of business or geographic area which has been disposed of, or are held for sale. Revenue and
expenses associated with discontinued operations are presented retrospectively in a separate line in the consolidated statement of
income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-651": { "value": "
A.4.2. Millicom\u2019s discontinued operations
In accordance with IFRS 5, financial information relating to discontinued operations for the years ended December 31, 2022 and
2021 is set out below. Figures shown below are after intercompany eliminations. As further explained in Note A.1.3. , the Group\u2019s
former businesses in Tanzania (sold on April 5, 2022) had been classified as discontinued operations. For the year ended December
31, 2023, the results from discontinued operations relate to operating income for $4 million. For further details on Assets held for
sale, refer to note E.4.
Results from discontinued operations\u00a0
2022
2021
(US$ millions)
Revenue ...............................................................................................................................................
88
357
Equipment, programming and other direct costs .............................................................................
(26)
(104)
Operating expenses ............................................................................................................................
(27)
(131)
Other expenses linked to the disposal of discontinued operations .................................................
(11)
\u2014
Depreciation and amortization ..........................................................................................................
(21)
(83)
Other operating income (expenses), net ...........................................................................................
4
1
Gain/(loss) on disposal of discontinued operations ..........................................................................
120
\u2014
Operating profit (loss) ......................................................................................................................
127
39
Interest income (expense), net ...........................................................................................................
(12)
(36)
Other non-operating (expenses) income, net ....................................................................................
\u2014
(1)
Profit (loss) before taxes ..................................................................................................................
116
3
Tax expense .........................................................................................................................................
(3)
(31)
Net profit/(loss) from discontinued operations ............................................................................
113
(28)
Cash flows from discontinued operations
2022
2021
(US$ millions)
Cash from operating activities, net .....................................................................................................
18
87
Cash from (used in) investing activities, net ......................................................................................
(10)
(46)
Cash from (used in) financing activities, net ......................................................................................
(9)
(35)
E.4.2. Millicom\u2019s assets held for sale
As of\u00a0 December 31, 2023 and 2022 no assets qualified as assets held for sale. For further details on assets held for sale and
discontinued operations, please refer to note A.4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-653": { "value": "
B.1. Revenue
Millicom\u2019s revenue comprises sale of services from its mobile business (including Mobile Financial Services - MFS) and its fixed and
other services, as well as related devices and equipment. Recurring revenue consists of monthly subscription fees, airtime and data
usage fees, interconnection fees, roaming fees, TV services, B2B contracts, MFS commissions and fees from other
telecommunications services such as data services, short message services and other value added services. See section B.3. for
details.
B.1.1. Accounting for revenue
Revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for
transferring goods or services to a customer.
The determination of whether or not the Group acts as principal or as an agent, when there is one or several performance
obligations and the determination of the standalone selling price for contracts that involve more than one performance obligation
may require significant judgment, such as when the selling price of a good or service is not readily observable. The Group
determines the standalone selling price of each performance obligation in the contract in accordance to the prices that the Group
would apply when selling the same services and/or telephone and equipment included in the obligation to a similar customer on a
standalone basis. When standalone selling price of services and/or telephone and equipment are not directly observable, the Group
maximizes the use of external input and uses the expected cost plus margin approach to estimate the standalone selling price.
The Group applies the following practical expedients foreseen in IFRS 15:
\u2022 No financial component adjustment to the transaction price whenever the period between the transfer of a promised
good or service to a customer and the associated payment is one year or less; when the period is more than one year the
financing component is adjusted, if material.
\u2022 Disclosure of the transaction price allocated to unsatisfied performance obligations only for contracts that have an original
expected duration of more than one year (e.g. unsatisfied performance obligations for contracts that have an original
duration of one year or less are not disclosed).
\u2022 If the consideration from a customer corresponds to the value of the entity\u2019s performance obligation to the customer (i.e, if
billing corresponds to accounting revenue), the price allocated to unsatisfied performance obligations is not disclosed.
\u2022 Recognition of the incremental costs of obtaining a contract as an expense when incurred, if the amortization period of the
asset that otherwise would have been recognized is one year or less.
A summary of the timing for revenue recognition from contracts with customers, is disclosed in Note\u00a0 B.3. and further detailed
below.
Post-paid connection fees are derived from the payment of a non-refundable / one-time fee charged to customer to connect to the
network (e.g. connection / installation fee). Usually,they do not represent a distinct good or service and do not give rise to a separate
performance obligation and therefore revenue is recognized over the minimum contract duration. If the fee is paid by a customer
without having to pay this fee again over his tenure with the Group (e.g. the customer can readily extend his contract without
having to pay the same fee again), it is accounted for as a material right with revenue recognized over the customer retention
period.
Post-paid mobile / cable subscription fees are recognized over the relevant enforceable/subscribed service period (recurring
monthly access fees that do not vary based on usage). The service provision is usually considered as a series of distinct services that
have the same pattern of transfer to the customer. Remaining unrecognized subscription fees, which are not refunded to the
customers, are fully recognized once the customer has been disconnected. Customer premise equipment (CPE), provided to
customers as a prerequisite to receive the subscribed Home services until return at the end of the contract duration, do not provide
benefit to the customer on their own as they do not give rise to separate performance obligations and therefore are accounted for as
part of the service provided to the customers.
Bundled offers are considered arrangements with multiple deliverables or elements, which can lead to the identification of separate
performance obligations. Revenue is recognized in accordance with the transfer of goods or services to customers in an amount that
reflects the relative transaction price of the performance obligation.
Prepaid scratch / SIM cards are services where customers purchase a specified amount of airtime or other credit in advance. Revenue
is recognized as the credit is used. Unused credit is carried in the statement of financial position as a contract liability, upon
expiration of the validity period (when the portion of the contract liability relating to the expiring credit is recognized as revenue as
there is no longer an obligation to provide those services).
Principal-Agent, some arrangements involve two or more unrelated parties that contribute to providing a specified good or service
to a customer. In these instances, the Group determines whether it has promised to provide the specified good or service itself (as a
principal) or to arrange for those specified goods or services to be provided by another party (as an agent). For example,
performance obligations relating to services provided by third-party content providers (i.e., mobile Value Added Services or \u201cVAS\u201d)
or service providers (i.e., wholesale international traffic) where the Group neither controls a right to the provider\u2019s service nor
controls the underlying service itself are presented net because the Group is acting as an agent. The Group generally acts as a
principal for other types of services where the Group is the primary obligor of the arrangement. In cases the Group determines that it
acts as a principal, revenue is recognized in the gross amount, whereas in cases the Group acts as an agent revenue is recognized in
the net amount.
Revenue from provision of Mobile Financial Services (MFS), such as commissions on peer to peer transfers, is generally recognized
once the primary service has been provided to the customer. Revenue from interest earned on loans granted to customers are
recognised over the period of the loan and are based on effective interest rates, with loan origination fees being treated as an
adjustment to the effective interest rate.
Telephone and equipment sales are recognized as revenue once the customer obtains control of the good, that is, when the
customer has the ability to direct the use and obtain substantially all of the remaining benefits from that good.
Revenue from the sale of cables, fiber, wavelength or capacity contracts, when part of the ordinary activities of the operation, is
recognized as recurring revenue. Revenue is recognized when the cable, fiber, wavelength or capacity has been delivered to the
customer, based on the amount expected to be received from the customer.
Revenue from operating lease of tower space is recognized on a straight-line basis over the period of the underlying lease contracts.
Finance leases revenue is apportioned between lease of tower space and interest income.
Revenue from contracts with customers from continuing operations:
2023
2022
2021
$ millions
Timing of revenue
recognition
Group
Group
Group
Mobile ........................................
Over time
2,949
2,916
1,963
Mobile Financial Services ..........
Point in time
44
40
37
Fixed and other services ...........
Over time
2,192
2,145
1,938
Other ..........................................
Over time
65
69
60
Service Revenue
5,250
5,171
3,997
Telephone and equipment .......
Point in time
411
454
263
Revenue from contracts with
customers
5,661
5,624
4,261
F.5. Assets and liabilities related to contract with customers
Contract assets, net
2023
2022
(US$ millions)
Long-term portion ...............................................................................................................................................................
21
21
Short-term portion ...............................................................................................................................................................
65
61
Less: provisions for expected credit losses .........................................................................................................................
(4)
(5)
Total .....................................................................................................................................................................................
82
77
Contract liabilities
2023
2022
(US$ millions)
Long-term portion ...............................................................................................................................................................
74
2
Short-term portion ...............................................................................................................................................................
82
87
Total .....................................................................................................................................................................................
156
88
The Group recognized revenue for $84 million in 2023 (2022: $91 million) that was included in the contract liability balance at the
beginning of the year.\u00a0
The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31,
2023 is $71 million ($71 million is expected to be recognized as revenue in the 2024 financial year and the remaining $1 million in
the 2025 financial year or later). This amount does not consider contracts that have an original expected duration of one year or less,
neither contracts in which consideration from a customer corresponds to the value of the entity\u2019s performance obligation to the
customer (i.e. billing corresponds to accounting revenue).
Contract costs, net (i)
2023
2022
(US$ millions)
Net at January 1 .................................................................................................................................................................
10
8
Contract costs capitalized ...................................................................................................................................................
5
5
Amortization of contract costs ............................................................................................................................................
(4)
(3)
Net at December 31 ...........................................................................................................................................................
12
10
(i)Incremental costs of obtaining a contract are expensed when incurred if the amortization period of the asset that Millicom otherwise would have
recognized is one year or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-652": { "value": "
B.1. Revenue
Millicom\u2019s revenue comprises sale of services from its mobile business (including Mobile Financial Services - MFS) and its fixed and
other services, as well as related devices and equipment. Recurring revenue consists of monthly subscription fees, airtime and data
usage fees, interconnection fees, roaming fees, TV services, B2B contracts, MFS commissions and fees from other
telecommunications services such as data services, short message services and other value added services. See section B.3. for
details.
B.1.1. Accounting for revenue
Revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for
transferring goods or services to a customer.
The determination of whether or not the Group acts as principal or as an agent, when there is one or several performance
obligations and the determination of the standalone selling price for contracts that involve more than one performance obligation
may require significant judgment, such as when the selling price of a good or service is not readily observable. The Group
determines the standalone selling price of each performance obligation in the contract in accordance to the prices that the Group
would apply when selling the same services and/or telephone and equipment included in the obligation to a similar customer on a
standalone basis. When standalone selling price of services and/or telephone and equipment are not directly observable, the Group
maximizes the use of external input and uses the expected cost plus margin approach to estimate the standalone selling price.
The Group applies the following practical expedients foreseen in IFRS 15:
\u2022 No financial component adjustment to the transaction price whenever the period between the transfer of a promised
good or service to a customer and the associated payment is one year or less; when the period is more than one year the
financing component is adjusted, if material.
\u2022 Disclosure of the transaction price allocated to unsatisfied performance obligations only for contracts that have an original
expected duration of more than one year (e.g. unsatisfied performance obligations for contracts that have an original
duration of one year or less are not disclosed).
\u2022 If the consideration from a customer corresponds to the value of the entity\u2019s performance obligation to the customer (i.e, if
billing corresponds to accounting revenue), the price allocated to unsatisfied performance obligations is not disclosed.
\u2022 Recognition of the incremental costs of obtaining a contract as an expense when incurred, if the amortization period of the
asset that otherwise would have been recognized is one year or less.
A summary of the timing for revenue recognition from contracts with customers, is disclosed in Note\u00a0 B.3. and further detailed
below.
Post-paid connection fees are derived from the payment of a non-refundable / one-time fee charged to customer to connect to the
network (e.g. connection / installation fee). Usually,they do not represent a distinct good or service and do not give rise to a separate
performance obligation and therefore revenue is recognized over the minimum contract duration. If the fee is paid by a customer
without having to pay this fee again over his tenure with the Group (e.g. the customer can readily extend his contract without
having to pay the same fee again), it is accounted for as a material right with revenue recognized over the customer retention
period.
Post-paid mobile / cable subscription fees are recognized over the relevant enforceable/subscribed service period (recurring
monthly access fees that do not vary based on usage). The service provision is usually considered as a series of distinct services that
have the same pattern of transfer to the customer. Remaining unrecognized subscription fees, which are not refunded to the
customers, are fully recognized once the customer has been disconnected. Customer premise equipment (CPE), provided to
customers as a prerequisite to receive the subscribed Home services until return at the end of the contract duration, do not provide
benefit to the customer on their own as they do not give rise to separate performance obligations and therefore are accounted for as
part of the service provided to the customers.
Bundled offers are considered arrangements with multiple deliverables or elements, which can lead to the identification of separate
performance obligations. Revenue is recognized in accordance with the transfer of goods or services to customers in an amount that
reflects the relative transaction price of the performance obligation.
Prepaid scratch / SIM cards are services where customers purchase a specified amount of airtime or other credit in advance. Revenue
is recognized as the credit is used. Unused credit is carried in the statement of financial position as a contract liability, upon
expiration of the validity period (when the portion of the contract liability relating to the expiring credit is recognized as revenue as
there is no longer an obligation to provide those services).
Principal-Agent, some arrangements involve two or more unrelated parties that contribute to providing a specified good or service
to a customer. In these instances, the Group determines whether it has promised to provide the specified good or service itself (as a
principal) or to arrange for those specified goods or services to be provided by another party (as an agent). For example,
performance obligations relating to services provided by third-party content providers (i.e., mobile Value Added Services or \u201cVAS\u201d)
or service providers (i.e., wholesale international traffic) where the Group neither controls a right to the provider\u2019s service nor
controls the underlying service itself are presented net because the Group is acting as an agent. The Group generally acts as a
principal for other types of services where the Group is the primary obligor of the arrangement. In cases the Group determines that it
acts as a principal, revenue is recognized in the gross amount, whereas in cases the Group acts as an agent revenue is recognized in
the net amount.
Revenue from provision of Mobile Financial Services (MFS), such as commissions on peer to peer transfers, is generally recognized
once the primary service has been provided to the customer. Revenue from interest earned on loans granted to customers are
recognised over the period of the loan and are based on effective interest rates, with loan origination fees being treated as an
adjustment to the effective interest rate.
Telephone and equipment sales are recognized as revenue once the customer obtains control of the good, that is, when the
customer has the ability to direct the use and obtain substantially all of the remaining benefits from that good.
Revenue from the sale of cables, fiber, wavelength or capacity contracts, when part of the ordinary activities of the operation, is
recognized as recurring revenue. Revenue is recognized when the cable, fiber, wavelength or capacity has been delivered to the
customer, based on the amount expected to be received from the customer.
Revenue from operating lease of tower space is recognized on a straight-line basis over the period of the underlying lease contracts.
Finance leases revenue is apportioned between lease of tower space and interest income.
Revenue from contracts with customers from continuing operations:
2023
2022
2021
$ millions
Timing of revenue
recognition
Group
Group
Group
Mobile ........................................
Over time
2,949
2,916
1,963
Mobile Financial Services ..........
Point in time
44
40
37
Fixed and other services ...........
Over time
2,192
2,145
1,938
Other ..........................................
Over time
65
69
60
Service Revenue
5,250
5,171
3,997
Telephone and equipment .......
Point in time
411
454
263
Revenue from contracts with
customers
5,661
5,624
4,261
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-654": { "value": "
B.1.1. Accounting for revenue
Revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for
transferring goods or services to a customer.
The determination of whether or not the Group acts as principal or as an agent, when there is one or several performance
obligations and the determination of the standalone selling price for contracts that involve more than one performance obligation
may require significant judgment, such as when the selling price of a good or service is not readily observable. The Group
determines the standalone selling price of each performance obligation in the contract in accordance to the prices that the Group
would apply when selling the same services and/or telephone and equipment included in the obligation to a similar customer on a
standalone basis. When standalone selling price of services and/or telephone and equipment are not directly observable, the Group
maximizes the use of external input and uses the expected cost plus margin approach to estimate the standalone selling price.
The Group applies the following practical expedients foreseen in IFRS 15:
\u2022 No financial component adjustment to the transaction price whenever the period between the transfer of a promised
good or service to a customer and the associated payment is one year or less; when the period is more than one year the
financing component is adjusted, if material.
\u2022 Disclosure of the transaction price allocated to unsatisfied performance obligations only for contracts that have an original
expected duration of more than one year (e.g. unsatisfied performance obligations for contracts that have an original
duration of one year or less are not disclosed).
\u2022 If the consideration from a customer corresponds to the value of the entity\u2019s performance obligation to the customer (i.e, if
billing corresponds to accounting revenue), the price allocated to unsatisfied performance obligations is not disclosed.
\u2022 Recognition of the incremental costs of obtaining a contract as an expense when incurred, if the amortization period of the
asset that otherwise would have been recognized is one year or less.
A summary of the timing for revenue recognition from contracts with customers, is disclosed in Note\u00a0 B.3. and further detailed
below.
Post-paid connection fees are derived from the payment of a non-refundable / one-time fee charged to customer to connect to the
network (e.g. connection / installation fee). Usually,they do not represent a distinct good or service and do not give rise to a separate
performance obligation and therefore revenue is recognized over the minimum contract duration. If the fee is paid by a customer
without having to pay this fee again over his tenure with the Group (e.g. the customer can readily extend his contract without
having to pay the same fee again), it is accounted for as a material right with revenue recognized over the customer retention
period.
Post-paid mobile / cable subscription fees are recognized over the relevant enforceable/subscribed service period (recurring
monthly access fees that do not vary based on usage). The service provision is usually considered as a series of distinct services that
have the same pattern of transfer to the customer. Remaining unrecognized subscription fees, which are not refunded to the
customers, are fully recognized once the customer has been disconnected. Customer premise equipment (CPE), provided to
customers as a prerequisite to receive the subscribed Home services until return at the end of the contract duration, do not provide
benefit to the customer on their own as they do not give rise to separate performance obligations and therefore are accounted for as
part of the service provided to the customers.
Bundled offers are considered arrangements with multiple deliverables or elements, which can lead to the identification of separate
performance obligations. Revenue is recognized in accordance with the transfer of goods or services to customers in an amount that
reflects the relative transaction price of the performance obligation.
Prepaid scratch / SIM cards are services where customers purchase a specified amount of airtime or other credit in advance. Revenue
is recognized as the credit is used. Unused credit is carried in the statement of financial position as a contract liability, upon
expiration of the validity period (when the portion of the contract liability relating to the expiring credit is recognized as revenue as
there is no longer an obligation to provide those services).
Principal-Agent, some arrangements involve two or more unrelated parties that contribute to providing a specified good or service
to a customer. In these instances, the Group determines whether it has promised to provide the specified good or service itself (as a
principal) or to arrange for those specified goods or services to be provided by another party (as an agent). For example,
performance obligations relating to services provided by third-party content providers (i.e., mobile Value Added Services or \u201cVAS\u201d)
or service providers (i.e., wholesale international traffic) where the Group neither controls a right to the provider\u2019s service nor
controls the underlying service itself are presented net because the Group is acting as an agent. The Group generally acts as a
principal for other types of services where the Group is the primary obligor of the arrangement. In cases the Group determines that it
acts as a principal, revenue is recognized in the gross amount, whereas in cases the Group acts as an agent revenue is recognized in
the net amount.
Revenue from provision of Mobile Financial Services (MFS), such as commissions on peer to peer transfers, is generally recognized
once the primary service has been provided to the customer. Revenue from interest earned on loans granted to customers are
recognised over the period of the loan and are based on effective interest rates, with loan origination fees being treated as an
adjustment to the effective interest rate.
Telephone and equipment sales are recognized as revenue once the customer obtains control of the good, that is, when the
customer has the ability to direct the use and obtain substantially all of the remaining benefits from that good.
Revenue from the sale of cables, fiber, wavelength or capacity contracts, when part of the ordinary activities of the operation, is
recognized as recurring revenue. Revenue is recognized when the cable, fiber, wavelength or capacity has been delivered to the
customer, based on the amount expected to be received from the customer.
Revenue from operating lease of tower space is recognized on a straight-line basis over the period of the underlying lease contracts.
Finance leases revenue is apportioned between lease of tower space and interest income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-656": { "value": "
B.2. Expenses
The various costs and expenses incurred by the Group can be summarized as presented below. The Group recognizes and
categorizes expenses by their nature as either 'equipment, programming and other direct costs' which are those more directly
related to the generation of revenue or as '(Other) operating expenses and income' which are rather indirect costs. As a result,
'equipment, programming and other direct costs' specifically excludes the following costs/expense which are further detailed below
and elsewhere in the consolidated financial statements:
\u2022 'Operating expenses, net' further detailed below;
\u2022 Depreciation and amortization, which are further detailed in Notes E.1.3. \u2018Movements in intangible assets\u2019, E.2.2.
\u2018Movements in tangible assets\u2019 and E.3. \u2018Right of use assets\u2019.
\u2022 \u2018Other operating income (expenses), net\u2019, also further detailed below.
Equipment, programming and other direct costs
2023
2022
2021
(US$ millions)
Cost of telephone, equipment and other accessories .......................................................................
(386)
(425)
(256)
TV Content and data costs ..................................................................................................................
(349)
(361)
(320)
Voice airtime and transmission costs .................................................................................................
(234)
(261)
(202)
Bad debt and obsolescence cost ........................................................................................................
(141)
(124)
(86)
Call center costs ..................................................................................................................................
(72)
(84)
(90)
Transmission and other costs .............................................................................................................
(19)
(17)
(47)
Other costs ..........................................................................................................................................
(306)
(234)
(196)
Equipment, programming and other direct costs ........................................................................
(1,507)
(1,506)
(1,197)
Operating expenses, net
Operating expenses incurred by the Group can be summarized as follows.
2023
2022
2021
(US$ millions)
Marketing expenses ............................................................................................................................
(536)
(570)
(450)
Site and network maintenance costs .................................................................................................
(322)
(310)
(233)
Employee related costs (B.4.) ..............................................................................................................
(614)
(494)
(474)
External and other services .................................................................................................................
(281)
(251)
(164)
Other operating expenses ..................................................................................................................
(290)
(266)
(224)
Operating expenses, net ..................................................................................................................
(2,043)
(1,890)
(1,546)
Other operating income (expenses), net
The other operating income and expenses incurred by the Group can be summarized as follows:
Notes
2023
2022
2021
(US$ millions)
Impairment of intangible assets and property, plant and equipment ..................
E.1., E.2.
(3)
(7)
(6)
Gain (loss) on disposals of intangible assets and property, plant and
equipment ...............................................................................................................
6
1
5
Reverse earn-out in respect of Zantel's acquisition (i) ............................................
\u2014
2
11
Gain (loss) on disposal of equity investments (ii) ...................................................
\u2014
\u2014
(15)
Other income (expenses) (iii) ...................................................................................
8
2
10
Other operating income (expenses), net ............................................................
10
(2)
5
(i) In January 2022, Millicom received $11\u00a0million from Etisalat as earn-out income related to the purchase of Zantel in 2015. This settlement was
considered as an adjusting event and recorded in 'other operating income' in the 2021 statement of income.
(ii)\u00a0 In June 2021, Millicom disposed of its entire stake in Helios Towers plc for a total net consideration of $163\u00a0million, triggering a net loss on disposal of
$15\u00a0million recorded in the statement of income under \u2018other operating income (expenses), net\u2019. The changes in fair value prior to the disposal were
shown under \"Other non-operating (expenses) income, net\".
(iii)\u00a0 In 2021, other income (expenses) can be mainly attributed to social obligations spectrum liability derecognition in Paraguay of $4\u00a0million and reversal
provision related to Ghana of $4\u00a0million. In 2023 other income is mainly attributed to contract lease modification in Colombia for $2\u00a0million and social
obligation spectrum liability derecognition in Paraguay for $3\u00a0million.
\u00a0
B.2.1. Accounting for equipment, programming and other direct costs and operating expenses
Equipment, programming and other direct costs
Equipment, programming and other direct costs is recorded on an accrual basis.
Incremental costs of obtaining a contract
Incremental costs of obtaining a contract, including dealer commissions, are capitalized as Contract Costs in the statement of
financial position and amortized in operating expenses over the expected benefit period, which is based on the average duration of
contracts with customer (see practical expedient in note B.1.1.).
B.5. Other non-operating (expenses) income, net
Non-operating items mainly comprise changes in fair value of derivatives and the impact of foreign exchange fluctuations on the
results of the Group.
Note
2023
2022
2021
(US$ millions)
Change in fair value of derivatives .............................................................
C.7.2.
4
12
3
Change in fair value in investment in Milvik (i) ..........................................
\u2014
(6)
\u2014
Change in fair value in investment in HT (ii) ..............................................
C.7.3.
\u2014
\u2014
18
Change in value of call option asset and put option liability (iii) ..............
C.7.4.
(2)
(1)
(31)
Exchange gains (losses), net .......................................................................
31
(84)
(42)
Other ..........................................................................................................
3
1
2
Total other non-operating (expenses) income, net
36
(78)
(49)
(i) (Milvik) Please see note A.3.
(ii) In June 2021, Millicom disposed of its entire stake in Helios Towers (HT) for a total net consideration of $163\u00a0million, triggering a net loss on disposal of
$15\u00a0million recorded in the statement of income under \u2018other operating income (expenses), net\u2019. The changes in fair value prior to the disposal were shown
under \"Other non-operating (expenses) income, net\"
(iii) Until June 29, 2022, date on which the non-controlling shareholders of Tigo Panama exercised their put option right to sell their remaining 20%
shareholding to Millicom (see note A.1.2.).
Foreign exchange gains and losses
Transactions denominated in a currency other than the functional currency are translated into the functional currency using
exchange rates prevailing at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such
transactions, and on translation of monetary assets and liabilities denominated in currencies other than the functional currency at
year-end exchange rates, are recognized in the consolidated statement of income, except when deferred in equity as qualifying cash
flow hedges.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-655": { "value": "
B.2. Expenses
The various costs and expenses incurred by the Group can be summarized as presented below. The Group recognizes and
categorizes expenses by their nature as either 'equipment, programming and other direct costs' which are those more directly
related to the generation of revenue or as '(Other) operating expenses and income' which are rather indirect costs. As a result,
'equipment, programming and other direct costs' specifically excludes the following costs/expense which are further detailed below
and elsewhere in the consolidated financial statements:
\u2022 'Operating expenses, net' further detailed below;
\u2022 Depreciation and amortization, which are further detailed in Notes E.1.3. \u2018Movements in intangible assets\u2019, E.2.2.
\u2018Movements in tangible assets\u2019 and E.3. \u2018Right of use assets\u2019.
\u2022 \u2018Other operating income (expenses), net\u2019, also further detailed below.
Equipment, programming and other direct costs
2023
2022
2021
(US$ millions)
Cost of telephone, equipment and other accessories .......................................................................
(386)
(425)
(256)
TV Content and data costs ..................................................................................................................
(349)
(361)
(320)
Voice airtime and transmission costs .................................................................................................
(234)
(261)
(202)
Bad debt and obsolescence cost ........................................................................................................
(141)
(124)
(86)
Call center costs ..................................................................................................................................
(72)
(84)
(90)
Transmission and other costs .............................................................................................................
(19)
(17)
(47)
Other costs ..........................................................................................................................................
(306)
(234)
(196)
Equipment, programming and other direct costs ........................................................................
(1,507)
(1,506)
(1,197)
Operating expenses, net
Operating expenses incurred by the Group can be summarized as follows.
2023
2022
2021
(US$ millions)
Marketing expenses ............................................................................................................................
(536)
(570)
(450)
Site and network maintenance costs .................................................................................................
(322)
(310)
(233)
Employee related costs (B.4.) ..............................................................................................................
(614)
(494)
(474)
External and other services .................................................................................................................
(281)
(251)
(164)
Other operating expenses ..................................................................................................................
(290)
(266)
(224)
Operating expenses, net ..................................................................................................................
(2,043)
(1,890)
(1,546)
Other operating income (expenses), net
The other operating income and expenses incurred by the Group can be summarized as follows:
Notes
2023
2022
2021
(US$ millions)
Impairment of intangible assets and property, plant and equipment ..................
E.1., E.2.
(3)
(7)
(6)
Gain (loss) on disposals of intangible assets and property, plant and
equipment ...............................................................................................................
6
1
5
Reverse earn-out in respect of Zantel's acquisition (i) ............................................
\u2014
2
11
Gain (loss) on disposal of equity investments (ii) ...................................................
\u2014
\u2014
(15)
Other income (expenses) (iii) ...................................................................................
8
2
10
Other operating income (expenses), net ............................................................
10
(2)
5
(i) In January 2022, Millicom received $11\u00a0million from Etisalat as earn-out income related to the purchase of Zantel in 2015. This settlement was
considered as an adjusting event and recorded in 'other operating income' in the 2021 statement of income.
(ii)\u00a0 In June 2021, Millicom disposed of its entire stake in Helios Towers plc for a total net consideration of $163\u00a0million, triggering a net loss on disposal of
$15\u00a0million recorded in the statement of income under \u2018other operating income (expenses), net\u2019. The changes in fair value prior to the disposal were
shown under \"Other non-operating (expenses) income, net\".
(iii)\u00a0 In 2021, other income (expenses) can be mainly attributed to social obligations spectrum liability derecognition in Paraguay of $4\u00a0million and reversal
provision related to Ghana of $4\u00a0million. In 2023 other income is mainly attributed to contract lease modification in Colombia for $2\u00a0million and social
obligation spectrum liability derecognition in Paraguay for $3\u00a0million.
\u00a0
B.2.1. Accounting for equipment, programming and other direct costs and operating expenses
Equipment, programming and other direct costs
Equipment, programming and other direct costs is recorded on an accrual basis.
Incremental costs of obtaining a contract
Incremental costs of obtaining a contract, including dealer commissions, are capitalized as Contract Costs in the statement of
financial position and amortized in operating expenses over the expected benefit period, which is based on the average duration of
contracts with customer (see practical expedient in note B.1.1.).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-659": { "value": "
Other operating income (expenses), net
The other operating income and expenses incurred by the Group can be summarized as follows:
Notes
2023
2022
2021
(US$ millions)
Impairment of intangible assets and property, plant and equipment ..................
E.1., E.2.
(3)
(7)
(6)
Gain (loss) on disposals of intangible assets and property, plant and
equipment ...............................................................................................................
6
1
5
Reverse earn-out in respect of Zantel's acquisition (i) ............................................
\u2014
2
11
Gain (loss) on disposal of equity investments (ii) ...................................................
\u2014
\u2014
(15)
Other income (expenses) (iii) ...................................................................................
8
2
10
Other operating income (expenses), net ............................................................
10
(2)
5
(i) In January 2022, Millicom received $11\u00a0million from Etisalat as earn-out income related to the purchase of Zantel in 2015. This settlement was
considered as an adjusting event and recorded in 'other operating income' in the 2021 statement of income.
(ii)\u00a0 In June 2021, Millicom disposed of its entire stake in Helios Towers plc for a total net consideration of $163\u00a0million, triggering a net loss on disposal of
$15\u00a0million recorded in the statement of income under \u2018other operating income (expenses), net\u2019. The changes in fair value prior to the disposal were
shown under \"Other non-operating (expenses) income, net\".
(iii)\u00a0 In 2021, other income (expenses) can be mainly attributed to social obligations spectrum liability derecognition in Paraguay of $4\u00a0million and reversal
provision related to Ghana of $4\u00a0million. In 2023 other income is mainly attributed to contract lease modification in Colombia for $2\u00a0million and social
obligation spectrum liability derecognition in Paraguay for $3\u00a0million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-658": { "value": "
Other operating income (expenses), net
The other operating income and expenses incurred by the Group can be summarized as follows:
Notes
2023
2022
2021
(US$ millions)
Impairment of intangible assets and property, plant and equipment ..................
E.1., E.2.
(3)
(7)
(6)
Gain (loss) on disposals of intangible assets and property, plant and
equipment ...............................................................................................................
6
1
5
Reverse earn-out in respect of Zantel's acquisition (i) ............................................
\u2014
2
11
Gain (loss) on disposal of equity investments (ii) ...................................................
\u2014
\u2014
(15)
Other income (expenses) (iii) ...................................................................................
8
2
10
Other operating income (expenses), net ............................................................
10
(2)
5
(i) In January 2022, Millicom received $11\u00a0million from Etisalat as earn-out income related to the purchase of Zantel in 2015. This settlement was
considered as an adjusting event and recorded in 'other operating income' in the 2021 statement of income.
(ii)\u00a0 In June 2021, Millicom disposed of its entire stake in Helios Towers plc for a total net consideration of $163\u00a0million, triggering a net loss on disposal of
$15\u00a0million recorded in the statement of income under \u2018other operating income (expenses), net\u2019. The changes in fair value prior to the disposal were
shown under \"Other non-operating (expenses) income, net\".
(iii)\u00a0 In 2021, other income (expenses) can be mainly attributed to social obligations spectrum liability derecognition in Paraguay of $4\u00a0million and reversal
provision related to Ghana of $4\u00a0million. In 2023 other income is mainly attributed to contract lease modification in Colombia for $2\u00a0million and social
obligation spectrum liability derecognition in Paraguay for $3\u00a0million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-657": { "value": "
Other operating income (expenses), net
The other operating income and expenses incurred by the Group can be summarized as follows:
Notes
2023
2022
2021
(US$ millions)
Impairment of intangible assets and property, plant and equipment ..................
E.1., E.2.
(3)
(7)
(6)
Gain (loss) on disposals of intangible assets and property, plant and
equipment ...............................................................................................................
6
1
5
Reverse earn-out in respect of Zantel's acquisition (i) ............................................
\u2014
2
11
Gain (loss) on disposal of equity investments (ii) ...................................................
\u2014
\u2014
(15)
Other income (expenses) (iii) ...................................................................................
8
2
10
Other operating income (expenses), net ............................................................
10
(2)
5
(i) In January 2022, Millicom received $11\u00a0million from Etisalat as earn-out income related to the purchase of Zantel in 2015. This settlement was
considered as an adjusting event and recorded in 'other operating income' in the 2021 statement of income.
(ii)\u00a0 In June 2021, Millicom disposed of its entire stake in Helios Towers plc for a total net consideration of $163\u00a0million, triggering a net loss on disposal of
$15\u00a0million recorded in the statement of income under \u2018other operating income (expenses), net\u2019. The changes in fair value prior to the disposal were
shown under \"Other non-operating (expenses) income, net\".
(iii)\u00a0 In 2021, other income (expenses) can be mainly attributed to social obligations spectrum liability derecognition in Paraguay of $4\u00a0million and reversal
provision related to Ghana of $4\u00a0million. In 2023 other income is mainly attributed to contract lease modification in Colombia for $2\u00a0million and social
obligation spectrum liability derecognition in Paraguay for $3\u00a0million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-660": { "value": "
B.2.1. Accounting for equipment, programming and other direct costs and operating expenses
Equipment, programming and other direct costs
Equipment, programming and other direct costs is recorded on an accrual basis.
Incremental costs of obtaining a contract
Incremental costs of obtaining a contract, including dealer commissions, are capitalized as Contract Costs in the statement of
financial position and amortized in operating expenses over the expected benefit period, which is based on the average duration of
contracts with customer (see practical expedient in note B.1.1.).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-661": { "value": "
B.3. Segmental information
As further detailed in the Introduction note, Millicom operates in a single region (Latin America), and more specifically in the following
countries: Guatemala, Colombia, Panama, Honduras, Bolivia, Paraguay, El Salvador, Nicaragua and Costa Rica.
During the latter half of 2023, Millicom implemented significant organizational changes to focus on driving profitable growth with a
leaner corporate structure. The Group also adopted a decentralized approach to streamline decision-making processes and enhance
agility to improve profitability and shareholder value. To that end, the General Managers of the operations, which primarily reported
to the Group Chief Operating Officer (COO), now directly report to the Group President and COO in the case of Guatemala and
Colombia and to the Group Chief Commercial and Technology Officer in the case of the rest of the operations, who, together with the
Group Chief Executive Officer (CEO) and Group Chief Financial Officer (CFO) form the \u2018Chief Operating Decision Maker\u2019 (\u201cCODM\u201d).
Due to these organizational changes, and considering the information now being reviewed by the CODM to assess performance and
allocate resources, Millicom's operating segments were redefined to align with its countries of operation. The Honduras joint venture
- and Guatemala's joint venture up to November 12, 2021 when the acquisition of the remaining 45% equity interest was completed -
is reviewed by the CODM in a similar manner as for the Group\u2019s controlled operations and is therefore also shown as a separate
operating segment at 100%. However, these amounts are subsequently eliminated in order to reconcile with the Group consolidated
numbers, as shown in the reconciliations below.
Management evaluates performance and makes decisions about allocating resources to the Group's operating segments based on
financial measures, such as revenue, including service revenue, and EBITDA. Capital expenditures are also a significant aspect for
management and in the telecommunication industry as a whole. Management believes that service revenue and EBITDA are essential
financial indicators for the CODM and investors. These measures are particularly valuable for evaluating performance over time.
Management utilizes service revenue and EBITDA when making operational decisions, allocating resources, and conducting internal
comparisons against historical performance and competitor benchmarks. Additionally, these metrics provide deeper insights into the
Group's operating performance. Millicom's Remuneration Committee also employs service revenue and EBITDA when assessing
employees' performance and compensation, including that of the Group's executives. A reconciliation of service revenue to revenue
and EBITDA to profit before taxes is provided below.
Before the organizational changes in the second half of 2023, the Group reported a single segment, the Group Segment. But with the
new structure in place and considering the information now being reviewed by the CODM as described above, it has revised its
segment presentation and information for all periods presented to separately disclose the Group's operating and reportable
segments.
Capital expenditures are reconciled with notes E.1. and E.2..", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-662": { "value": "
Revenue, Service revenue, EBITDA, capital expenditures and other segment information for the years ended December 31, 2023, 2022
and 2021, are shown on the below:
December 31,
2023
Guatemala
Colombia
Panama
Bolivia
Honduras
Paraguay
Other
reportable
segments (v)
Total for
reportable
segments
Inter-
segment
and other
eliminations
(iv)
Total
Group
(US$ millions)
Service revenue(i) .
1,339
1,268
669
601
572
544
847
5,842
(591)
5,250
Telephone and
equipment revenue
225
45
50
11
39
24
55
450
(39)
411
Revenue
1,564
1,313
719
613
612
568
902
6,292
(631)
5,661
Inter-segment
revenue ...................
8
3
2
\u2014
5
3
7
28
n/a
n/a
Revenue from
external customers .
1,556
1,311
717
613
607
565
895
6,264
n/a
n/a
EBITDA(ii) ...............
807
420
296
224
272
236
352
2,609
(498)
2,111
Capital
expenditures (iii) ...
183
161
100
92
103
97
148
883
(73)
809
(i) Service revenue is revenue related to the provision of ongoing services such as monthly subscription fees for mobile and broadband, airtime and
data usage fees, interconnection fees, roaming fees, mobile finance service commissions and fees from other telecommunications services such as
data services, short message services, installation fees and other value-added services excluding telephone and equipment sales.
(ii)EBITDA is operating profit excluding impairment losses, depreciation and amortization and gains/losses on the disposal of fixed assets.
(iii)Capital expenditures correspond to additions of property, plant and equipment, as well as operating intangible assets, excluding spectrum and
licenses. The Group capital expenditure additions can be reconciled with notes E.1.3.. and E.2.2.for amounts of $116 million and $693 million
respectively (2022: $150 million and $823 million, respectively).\u00a0
(iv)Includes intercompany eliminations, unallocated items and Honduras as a joint venture.
(v)Includes our operations in El Salvador, Nicaragua and Costa Rica.
December 31,
2022
Guatemala
Colombia
Panama
Bolivia
Honduras
Paraguay
Other
reportable
segments (v)
Total for
reportable
segments
Inter-segment
and other
eliminations(iv)
Total
Group
(US$ millions)
Service
revenue(i) .........
1,373
1,253
624
608
549
530
801
5,739
(568)
5,171
Telephone and
equipment
revenue .............
245
83
27
13
37
26
60
491
(37)
454
Revenue
1,618
1,335
651
621
586
556
861
6,230
(605)
5,624
Inter-segment
revenue .............
8
4
2
\u2014
4
2
7
28
n/a
n/a
Revenue from
external
customers ..........
1,611
1,331
649
621
582
554
854
6,202
n/a
n/a
EBITDA(ii) .........
857
404
298
242
262
245
330
2,638
(409)
2,228
Capital
expenditures
(iii) .....................
197
277
106
124
78
107
138
1,028
(55)
973
December 31,
2021
Guatemala
Colombia
Panama
Bolivia
Honduras
Paraguay
Other
reportable
segments (v)
Total for
reportable
segments
Inter-segment
and other
eliminations(iv)
Total
Group
(US$ millions)
Service
revenue(i)........
1,365
1,319
608
612
548
526
762
5,739
(1,741)
3,997
Telephone and
equipment
revenue (i) ........
236
95
25
12
41
30
66
503
(240)
263
Revenue ..........
1,601
1,414
633
623
589
555
827
6,242
(1,982)
4,261
Inter-segment
revenue ............
7
4
2
\u2014
4
2
8
27
n/a
n/a
Revenue from
external
customers(ii) ....
1,593
1,409
631
623
586
553
820
6,216
n/a
n/a
EBITDA(ii) ........
857
441
281
249
259
242
310
2,640
(1,123)
1,517
Capital
expenditures
(iii) ....................
197
318
128
119
81
114
154
1,111
(188)
922
Reconciliation of EBITDA for reportable segments to the Group Profit before taxes:
(US$ millions)
2023
2022
2021
EBITDA for reportable segments ..........................................
2,609
2,638
2,640
Depreciation ..............................................................................
(978)
(999)
(804)
Amortization .............................................................................
(360)
(345)
(310)
Share of profit in joint venture .................................................
42
32
210
Other operating income (expenses), net .................................
10
(2)
5
Interest and other financial expenses ......................................
(712)
(617)
(495)
Interest and other financial income .........................................
28
18
23
Revaluation of previously held interests in Guatemala ..........
\u2014
\u2014
670
Other non-operating (expenses) income, net .........................
36
(78)
(49)
Profit (loss) from other joint ventures and associates, net ......
(3)
\u2014
(40)
Honduras as joint venture ........................................................
(272)
(262)
(259)
Unallocated expenses and other reconciling items (i) ............
(225)
(148)
(864)
Profit before taxes from continuing operations ................
175
238
728
(i) The unallocated expenses are primarily related to centrally managed costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-663": { "value": "
B.4. People
Number of permanent employees
2023
2022
2021
Subsidiaries (i) .....................................................................................................................................
15,742
18,534
19,749
Joint ventures (ii) ................................................................................................................................
785
912
938
Total ....................................................................................................................................................
16,527
19,446
20,687
(i)Emtelco (subsidiary of UNE EPM Telecomunicaciones S.A.) headcount are excluded from this disclosure and any internal reporting because their costs
are classified as direct costs and not employee related costs. Includes Guatemala for 2021.
(ii)Only Honduras for 2023, 2022 and 2021.
Notes
2023
2022
2021
(US$ millions)
Wages and salaries ...................................................................................................
(463)
(372)
(361)
Social security ..........................................................................................................
(73)
(69)
(66)
Share based compensation .....................................................................................
B.4.1.
(52)
(29)
(16)
Pension and other long-term benefit costs ............................................................
B.4.2.
(3)
(2)
(6)
Other employees related costs ...............................................................................
(24)
(22)
(25)
Total .........................................................................................................................
(614)
(494)
(474)
Restructuring Costs
Millicom is currently implementing a cost reduction project called 'Everest' with a focus on efficiency improvements. In 2023,
Millicom recorded $87\u00a0million of severance costs and other redundancies (including the acceleration of share-based compensation
and consulting costs related to this cost reduction project)..
B.4.2. Pension and other long-term employee benefit plans
Pension plans
The pension plans apply to employees who meet certain criteria (including years of service, age and participation in collective
agreements).
Pension and other similar employee related obligations can result from either defined contribution plans or defined benefit plans. A
defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity and no further
payment obligations exist once the contributions have been paid. The contributions are recognized as employee benefit expenses
when they are due. Prepaid contributions are recognized as assets to the extent that a cash refund or a reduction in future payments
is available.
Defined benefit pension plans define an amount of pension benefit that an employee will receive on retirement, usually dependent
on one or more factors such as age, years of service and compensation. The liability recognized in the statement of financial position
in respect of the defined benefit pension plan is the present value of the defined benefit obligation at the statement of financial
position date less the fair value of plan assets, together with adjustments for unrecognized actuarial gains or losses and past service
costs. The defined benefit obligation is calculated annually by independent actuaries. The present value of the defined benefit
obligation is determined by discounting the estimated future cash outflows, using an appropriate discount rate based on maturities
of the related pension liability. Re-measurement of net defined benefit liabilities are recognized in other comprehensive income and
not reclassified to the statement of income in subsequent years. Past service costs are recognized in the statement of income on the
earlier of the date of the plan amendment or curtailment, and the date that the Group recognizes related restructuring costs. Net
interest is calculated by applying the discount rate to the net defined benefit asset/liability.
Long-service plans
Long-service plans apply for Colombian subsidiary UNE employees with more than five years of service whereby additional bonuses
are paid to employees that reach each incremental length of service milestone (from five to 40 years).
Termination plans
UNE has a number of employee defined benefit plans. The level of benefits provided under the plans depends on collective
employment agreements and Colombian labor regulations. There are no defined assets related to the plans, and UNE make
payments to settle obligations under the plans out of available cash balances.
At December 31, 2023, the defined benefit obligation liability amounting to $51 million (2022: $37 million), increased mainly related
to interest cost ($5\u00a0million) and currency translation effect ($10\u00a0million), and payments expected in the plans in future years totals
$100 million (2022: $77 million). The average duration of the defined benefit obligation at December 31, 2023 is 4 years (2022: 4
years). The termination plans apply to employees that joined UNE prior to December 30, 1996. The level of payments depends on
the number of years in which the employee has worked before retirement or termination of their contract with UNE.
Except for the UNE pension plan described above, there are no other significant defined benefits plans in the Group.
B.4.3. Directors and executive management
The remuneration of the members of the Board of Directors comprises an annual fee and shares. Director remuneration is proposed
by the Nomination Committee and approved by the shareholders at their Annual General Meeting (AGM).
Remuneration charge for the non-executive Directors of the Board (gross of withholding tax)
2023
2022
2021
(US$ \u2019000)
Chairperson .........................................................................................................................................
315
315
300
Other non-executive directors of the Board ......................................................................................
1,360
1,408
1,338
Total (i) ................................................................................................................................................
1,675
1,723
1,638
Shares beneficially owned by the non-executive Directors
2023
2022
(number of shares)
Chairperson ....................................................................................................................................................................
\u2014
43,891
Other non-executive directors of the Board ..................................................................................................................
94,718
152,298
Total (i) ...........................................................................................................................................................................
94,718
196,189
(i) Cash compensation is denominated in USD. Share based compensation is based on the market value of Millicom shares on the corresponding AGM
date (2023: in total 42,141shares; 2022: in total 41,167 shares; 2021: in total 24,737 shares. Net remuneration comprised 75% in shares and 25%\u00a0 in cash
(SEK) (2022: 73% in shares and 27% in cash; 2021: 73% in shares and 27% in cash).
The remuneration of executive management of Millicom comprises an annual base salary, an annual bonus, share based
compensation, social security contributions, pension contributions and other benefits. Bonus and share based compensation plans
(see note B.4.1.) are based on actual and future performance. Share based compensation is granted once a year by the
Compensation and Talent Committee of the Board. If the employment of Millicom\u2019s senior executives is terminated, severance of up
to 12 months\u2019 salary is potentially payable.
The annual base salary and other benefits of the Chief Executive Officer (CEO) and the Executive Vice Presidents (Executive team) are
proposed by the Compensation and Talent Committee and approved by the Board.
Remuneration charge for the Executive Team
Mr. Mauricio
Ramos
Mr. Sheldon
Bruha
Other
Executive
Team
Members (6
members) (i)
(US$ \u2019000)
2023
Base salary .................................................................................................................
1,225
644
3,034
Bonus ........................................................................................................................
1,249
493
1,525
Pension .....................................................................................................................
293
173
727
Other benefits ...........................................................................................................
88
140
301
MSU (amount earned) ..............................................................................................
\u2014
\u2014
\u2014
Termination benefits ................................................................................................
\u2014
\u2014
804
Total before share based compensation .............................................................
2,856
1,450
6,391
Share based compensation(ii) .................................................................................
11,831
2,449
7,383
Total ..........................................................................................................................
14,687
3,898
13,774
Mr. Mauricio
Ramos
Mr. Sheldon
Bruha
Mr. Tim
Pennington
Other
Executive
Team
Members (5
members) (i)
(US$ \u2019000)
2022
Base salary ..............................................................................................................
1,216
598
581
2,883
Bonus .....................................................................................................................
1,650
541
\u2014
2,044
Pension ..................................................................................................................
287
144
87
663
Other benefits ........................................................................................................
82
67
40
312
MSU (amount earned) ...........................................................................................
373
\u2014
67
174
Termination benefits .............................................................................................
\u2014
\u2014
877
\u2014
Total before share based compensation ..........................................................
3,608
1,351
1,653
6,076
Share based compensation(ii) ..............................................................................
5,567
688
888
4,927
Total .......................................................................................................................
9,175
2,039
2,540
11,004
Mr. Mauricio
Ramos
Mr. Tim
Pennington
Other
Executive
Team
Members (5
members) (i)
(US$ \u2019000)
2021
Base salary ...........................................................................................................................................
1,185
708
2,783
Bonus ...................................................................................................................................................
2,164
969
2,718
Pension ................................................................................................................................................
284
106
652
Other benefits .....................................................................................................................................
88
46
791
MSU (amount earned) .........................................................................................................................
991
198
545
Total before share based compensation .......................................................................................
4,712
2,027
7,489
Share based compensation(ii) ...........................................................................................................
7,914
1,652
5,383
Total ....................................................................................................................................................
12,626
3,679
12,872
(i)'For 2023, 'Other Executives' includes compensation paid to Mr. Maxime Lombardini (who joint the Group in September 2023). For 2023, 2022 and
2021, Other Executives' includes also compensation paid to Mr. Esteban Iriarte, former Chief Operating Officer (departed in May, 2023) and Ms Susy
Bobenrieth (departed in December, 2023).
(ii)See note B.4.1. for further details on share-based compensation. Calculated based on the closing Millicom share price on the Nasdaq in the US at the
grant date.\u00a0 1,132,654 and 916,219 were awarded\u00a0 in 2023 to Mauricio Ramos, Sheldon Bruha and the Executive Team (2022: 290,049 and 338,171,
respectively; 2021: 196,904 and 211,578, respectively).
Share ownership and unvested share awards granted from Company equity plans to the Executive team
CEO
Executive
team
Total
(number of shares)
2023
Share ownership (vested from equity plans and otherwise acquired) .............................................
459,948
259,694
719,642
Share awards not vested .....................................................................................................................
1,082,451
490,736
1,573,187
2022
Share ownership (vested from equity plans and otherwise acquired) .............................................
426,607
297,061
723,668
Share awards not vested .....................................................................................................................
519,006
593,765
1,112,771
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-664": { "value": "
B.4. People
Number of permanent employees
2023
2022
2021
Subsidiaries (i) .....................................................................................................................................
15,742
18,534
19,749
Joint ventures (ii) ................................................................................................................................
785
912
938
Total ....................................................................................................................................................
16,527
19,446
20,687
(i)Emtelco (subsidiary of UNE EPM Telecomunicaciones S.A.) headcount are excluded from this disclosure and any internal reporting because their costs
are classified as direct costs and not employee related costs. Includes Guatemala for 2021.
(ii)Only Honduras for 2023, 2022 and 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-665": { "value": "
B.4.1. Share-based compensation
1. Equity-settled
Millicom shares granted to management and key employees includes share-based compensation in the form of long-term share
incentive plans. Since 2016, Millicom has two types of annual plans, a performance share plan (PSP) and a deferred share plan (DSP).
The different plans are further detailed below.
Cost of share-based compensation
2023
2022
2021
(US$ millions)
2019 incentive plans
\u2014
\u2014
3
2020 incentive plans
\u2014
(3)
(3)
2021 incentive plans
(10)
(11)
(17)
2022 incentive plans
(10)
(15)
\u2014
2023 incentive plans
(32)
\u2014
\u2014
Total share based compensation
(52)
(29)
(17)
Deferred share plan
As from the 2019 plan, shares vest at a rate of 30% on January 1 of each of year one and two, and the remaining 40% on January 1 of
year three. Vesting is conditional upon the participant remaining employed with Millicom at each vesting date. The cost of this long-
term incentive plan, which is not conditional on performance conditions, is calculated as follows: Fair value (share price) of Millicom\u2019s
shares at grant date x number of shares expected to vest.
Performance share plan (up to the 2020 plan)
Shares granted under this performance share plan vest at the end of the three-year period, subject to performance conditions, 25%
based on Relative Total Shareholder Return (\u201cRelative TSR\u201d), 25% based on the achievement of the Service Revenue target measured
on a 3-year CAGRs from year one to year three of the plan (\u201cService Revenue\u201d) and 50% based on the achievement of the Operating
Free Cash Flow (\u201cOperating Free Cash Flow\u201d) target measured on a 3-year CAGRs from year one to year three of the plan. From 2020
onwards, the Operating Free Cash Flow target has been redefined to consider payments made in respect of leases. As a result, the
target is since then the Operating Free Cash Flow after Leases (\"OFCFaL\").
Performance share plan (for plans issued from 2021)
Shares granted under this performance share plan generally follow the same rules as for previous performance share plans.
However, for LTI 2021 plan, Millicom had added a time vesting Restricted Stock Units (\u201cRSU\u2019s\u201d)(LTI 2021: 35%) that will be vesting at
the end of three years depending on satisfactory service condition. RSU's have been removed from the plan rules from 2022. For LTI
2023 plan, Millicom had added an environmental, social and governance metric (\"ESG\") (LTI 2023: 10%).
The Service Revenue (LTI 2023: 30%; LTI 2022: 30%; LTI 2021: 15%) and Operating Cash Flow after Leases (\"OCFaL\") (LTI 2023: 50%;
LTI 2022: 50%; LTI 2021: 30%) performance conditions are no longer measured based on a CAGR but on the actual cumulative
achievement against the 3-year cumulative targets to better reflect the performance over the three-year period rather than simply
the end point as is the case with a CAGR target. The Relative TSR (LTI 2023: 10%; LTI 2022: 20%; LTI 2021: 20%) is measured over the
10 trading days before / after December 31 of the last year of the corresponding three-year measurement period.
Assumptions and fair value of the shares under the TSR portion(s)
For the performance share plans, and in order to calculate the fair value of the TSR portion of those plans, it is necessary to make a
number of assumptions which are set out below. The assumptions have been set based on an analysis of historical data as at grant
date.\u00a0
Risk-free\u00a0
rate %
Dividend
yield %
Share price
volatility(i) %
Award term
(years)
Share fair
value (in US$)
Performance share plan 2023 (Relative TSR)...............................
4.66
0.00
52.88
2.82
31.13
Performance share plan 2022 (Relative TSR)...............................
2.01
0.00
47.94
2.80
29.12
Performance share plan 2021 (Relative TSR)...............................
0.29
1.28
46.28
2.82
52.99
Performance share plan 2020 (Relative TSR)...............................
0.61
1.47
24.54
2.93
55.66
Performance share plan 2019 (Relative TSR)...............................
(0.24)
3.01
26.58
2.93
49.79
(i) Historical volatility retained was determined on the basis of a three-year historic average.
The cost of the long-term incentive plans which are conditional on market conditions is calculated as follows: Fair value (market
value) of shares at grant date (as calculated above) x number of shares expected to vest.
The cost of these plans is recognized, together with a corresponding increase in equity (equity settled transaction reserve), over the
period in which the performance and/or employment conditions are fulfilled, ending on the date on which the relevant employees
become fully entitled to the award. Adjustments are made to the expense recorded for forfeitures, mainly due to management and
employees leaving Millicom. Non-market performance conditions are not taken into account when determining the grant date fair
value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of
equity instruments that will ultimately vest.
No expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market
condition (such as the Relative TSR). These are treated as vested, regardless of whether or not the market conditions are satisfied,
provided that all other performance conditions are satisfied. Where the terms of an equity-settled award are modified, as a minimum
an expense is recognized as if the terms had not been modified. In addition, an expense is recognized for any modification that
increases the total fair value of the share based payment arrangement, or is otherwise beneficial to the employee as measured at the
date of modification.
Plan awards and shares expected to vest
2023 plans
2022 plans
2021 plans
2020 plans
PSP
DSP
PSP
DSP
PSP
DSP
PSP
DSP
(number of shares)
Initial shares granted
818,842
2,375,143
306,641
865,862
451,363
536,890
341,897
370,131
Additional shares granted(i)
\u2014
\u2014
\u2014
47,588
\u2014
5,824
\u2014
5,928
Effect of the Right Offering(ii)
\u2014
\u2014
83,926
227,947
115,575
93,375
20,862
32,526
Revision for forfeitures
(101,108)
(51,309)
(52,623)
(54,595)
(63,624)
(45,747)
\u2014
(41,791)
Total before issuances
717,734
2,323,834
337,944
1,086,802
503,314
590,342
362,759
366,794
Shares issued in 2020
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(3,571)
Shares issued in 2021
\u2014
\u2014
\u2014
\u2014
(1,121)
(5,760)
\u2014
(113,653)
Shares issued in 2022
\u2014
\u2014
\u2014
(13,957)
(2,071)
(160,596)
\u2014
(100,362)
Shares issued in 2023
(31,124)
(354,331)
(29,885)
(476,256)
(120,419)
(234,157)
\u2014
(149,208)
Performance conditions not met
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(362,759)
\u2014
Shares still expected to vest
686,610
1,969,503
308,059
596,589
379,703
189,829
\u2014
\u2014
Estimated cost over the vesting period (US$
millions)
11
42
6
20
18
19
\u2014
\u2014
(i)Additional shares granted represent grants made for new joiners and/or as per CEO contractual arrangements.
(ii) In 2022, as per plan rules, additional shares have been granted to all participants for unvested plans as a result of the effect of the right offering (see
note C.1. ).
2. Cash-settled
In 2021, and in the light of the impact on future LTI awards as a consequence of the impact of COVID-19 on the Group's business, the
Board awarded a one-time Retention Plan to a selected group of executives, including the CEO and CFO. The plan is based on Market
Stock Units (\u201cMSU\u201d) and is a performance-based scheme where the outcome is dependent on the share price at the time of vesting.
The number of MSUs granted to each participant was determined on the basis of a share price at inception of $33.83 for Tranche
2022 and $36.90 for Tranche 2023 (targets consider that Millicom share price at grant date - $30.75 - would appreciate 10% for
Tranche 2022 and 20% for tranche 2023 from the grant price). The aforementioned share prices and number of units granted have
been amended as a result of the effect of the right offering (see note C.1. ). At the vesting date, the value of the MSU were
determined by the 30-trading day average share price ended on September 30, 2022 for Tranche 2022, and the 30-trading day
average share price ended on June 30, 2023 for Tranche 2023. For each Tranche, the payment is made in cash 12 months after those
dates, provided the participant is still employed (subject to limited allowances for good leavers). For every participant, payment is
capped at 150% of their Target MSU Award Value set up for each Tranche. Participants of the Retention Plan were required to forfeit
their awards under the LTI plans 2019 and 2020 in respect of the Financial targets (Service Revenue and Operating Cash flow
growths), provided that the TSR component will continue to be active for these schemes. During 2023, Tranche 2022 has been paid
out to participants for a total cash amount of $1.15\u00a0million.
The MSU is a cash-settled share-based payment plan and Millicom measures the services acquired over the relevant service period
and the liability incurred at the fair value of the liability. Until the liability is settled, Millicom is required to remeasure the fair value of
the liability at the end of each reporting period and at the date of settlement, with any changes in value recognised the statement of
income.
As of December 31, 2023 and 2022, the fair value of the liability amounts to $1 million and $2 million, respectively, and was
determined by using Millicom's share price (using a Black-Scholes model would not result in material differences). The related cost
for the years ended December 31, 2023 and 2022, amounts to an expense of $1 million (as a result of the share price decrease over
the year) and a credit of $1 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-666": { "value": "
B.4.3. Directors and executive management
The remuneration of the members of the Board of Directors comprises an annual fee and shares. Director remuneration is proposed
by the Nomination Committee and approved by the shareholders at their Annual General Meeting (AGM).
Remuneration charge for the non-executive Directors of the Board (gross of withholding tax)
2023
2022
2021
(US$ \u2019000)
Chairperson .........................................................................................................................................
315
315
300
Other non-executive directors of the Board ......................................................................................
1,360
1,408
1,338
Total (i) ................................................................................................................................................
1,675
1,723
1,638
Shares beneficially owned by the non-executive Directors
2023
2022
(number of shares)
Chairperson ....................................................................................................................................................................
\u2014
43,891
Other non-executive directors of the Board ..................................................................................................................
94,718
152,298
Total (i) ...........................................................................................................................................................................
94,718
196,189
(i) Cash compensation is denominated in USD. Share based compensation is based on the market value of Millicom shares on the corresponding AGM
date (2023: in total 42,141shares; 2022: in total 41,167 shares; 2021: in total 24,737 shares. Net remuneration comprised 75% in shares and 25%\u00a0 in cash
(SEK) (2022: 73% in shares and 27% in cash; 2021: 73% in shares and 27% in cash).
The remuneration of executive management of Millicom comprises an annual base salary, an annual bonus, share based
compensation, social security contributions, pension contributions and other benefits. Bonus and share based compensation plans
(see note B.4.1.) are based on actual and future performance. Share based compensation is granted once a year by the
Compensation and Talent Committee of the Board. If the employment of Millicom\u2019s senior executives is terminated, severance of up
to 12 months\u2019 salary is potentially payable.
The annual base salary and other benefits of the Chief Executive Officer (CEO) and the Executive Vice Presidents (Executive team) are
proposed by the Compensation and Talent Committee and approved by the Board.
Remuneration charge for the Executive Team
Mr. Mauricio
Ramos
Mr. Sheldon
Bruha
Other
Executive
Team
Members (6
members) (i)
(US$ \u2019000)
2023
Base salary .................................................................................................................
1,225
644
3,034
Bonus ........................................................................................................................
1,249
493
1,525
Pension .....................................................................................................................
293
173
727
Other benefits ...........................................................................................................
88
140
301
MSU (amount earned) ..............................................................................................
\u2014
\u2014
\u2014
Termination benefits ................................................................................................
\u2014
\u2014
804
Total before share based compensation .............................................................
2,856
1,450
6,391
Share based compensation(ii) .................................................................................
11,831
2,449
7,383
Total ..........................................................................................................................
14,687
3,898
13,774
Mr. Mauricio
Ramos
Mr. Sheldon
Bruha
Mr. Tim
Pennington
Other
Executive
Team
Members (5
members) (i)
(US$ \u2019000)
2022
Base salary ..............................................................................................................
1,216
598
581
2,883
Bonus .....................................................................................................................
1,650
541
\u2014
2,044
Pension ..................................................................................................................
287
144
87
663
Other benefits ........................................................................................................
82
67
40
312
MSU (amount earned) ...........................................................................................
373
\u2014
67
174
Termination benefits .............................................................................................
\u2014
\u2014
877
\u2014
Total before share based compensation ..........................................................
3,608
1,351
1,653
6,076
Share based compensation(ii) ..............................................................................
5,567
688
888
4,927
Total .......................................................................................................................
9,175
2,039
2,540
11,004
Mr. Mauricio
Ramos
Mr. Tim
Pennington
Other
Executive
Team
Members (5
members) (i)
(US$ \u2019000)
2021
Base salary ...........................................................................................................................................
1,185
708
2,783
Bonus ...................................................................................................................................................
2,164
969
2,718
Pension ................................................................................................................................................
284
106
652
Other benefits .....................................................................................................................................
88
46
791
MSU (amount earned) .........................................................................................................................
991
198
545
Total before share based compensation .......................................................................................
4,712
2,027
7,489
Share based compensation(ii) ...........................................................................................................
7,914
1,652
5,383
Total ....................................................................................................................................................
12,626
3,679
12,872
(i)'For 2023, 'Other Executives' includes compensation paid to Mr. Maxime Lombardini (who joint the Group in September 2023). For 2023, 2022 and
2021, Other Executives' includes also compensation paid to Mr. Esteban Iriarte, former Chief Operating Officer (departed in May, 2023) and Ms Susy
Bobenrieth (departed in December, 2023).
(ii)See note B.4.1. for further details on share-based compensation. Calculated based on the closing Millicom share price on the Nasdaq in the US at the
grant date.\u00a0 1,132,654 and 916,219 were awarded\u00a0 in 2023 to Mauricio Ramos, Sheldon Bruha and the Executive Team (2022: 290,049 and 338,171,
respectively; 2021: 196,904 and 211,578, respectively).
Share ownership and unvested share awards granted from Company equity plans to the Executive team
CEO
Executive
team
Total
(number of shares)
2023
Share ownership (vested from equity plans and otherwise acquired) .............................................
459,948
259,694
719,642
Share awards not vested .....................................................................................................................
1,082,451
490,736
1,573,187
2022
Share ownership (vested from equity plans and otherwise acquired) .............................................
426,607
297,061
723,668
Share awards not vested .....................................................................................................................
519,006
593,765
1,112,771
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-667": { "value": "
Foreign exchange gains and losses
Transactions denominated in a currency other than the functional currency are translated into the functional currency using
exchange rates prevailing at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such
transactions, and on translation of monetary assets and liabilities denominated in currencies other than the functional currency at
year-end exchange rates, are recognized in the consolidated statement of income, except when deferred in equity as qualifying cash
flow hedges.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-669": { "value": "
B.6. Taxation
B.6.1. Income tax expense
Tax mainly comprises income taxes of subsidiaries and withholding taxes on intra-group dividends and royalties for use of Millicom
trademarks and brands. Millicom operations are in jurisdictions with income tax rates of 10% to 35% levied on either revenue or
profit before income tax (2022: 10% to 35%; 2021: 10% to 35%). Income tax relating to items recognized directly in equity is also
recognized in equity.
Income tax charge
2023
2022
2021
(US$ millions)
Income tax (charge) credit
Withholding tax ...................................................................................................................................
(81)
(70)
(56)
Other income tax relating to the current year ...................................................................................
(170)
(165)
(106)
Adjustments in respect of prior years ................................................................................................
(10)
(39)
(13)
Total
(261)
(274)
(175)
Deferred tax (charge) credit
Origination and reversal of temporary differences ...........................................................................
44
168
72
Effect of change in tax rates ................................................................................................................
1
\u2014
29
Tax income (expense) before valuation allowances ..........................................................................
45
168
101
(Increase)/decrease in unrecognised deferred tax assets and impairment(i) ...................................
(209)
(114)
(81)
Total
(164)
54
20
Adjustments in respect of prior years ................................................................................................
1
(2)
(3)
(163)
52
17
Tax (charge) credit on continuing operations ...................................................................................
(424)
(222)
(158)
Tax (charge) credit on discontinuing operations ...............................................................................
\u2014
(3)
(31)
Tax expense .......................................................................................................................................
(424)
(225)
(189)
(i) Mainly due to the impairment of tax credits and deferred tax assets, resulting from the application of IAS12 over their recognition.
Reconciliation between the tax expense and tax at the weighted average statutory tax rate is as follows:
Income tax calculation
2023
2022
2021
Continuing
operations
Discontinued
operations
Total
Continuing
operations
Discontinued
operations
Total
Continuing
operations
Discontinued
operations
Total
(US$ millions)
Profit before tax ..........
175
4
179
238
116
354
728
3
731
Tax at the weighted
average statutory
rate ............................
(27)
(1)
(28)
(47)
(27)
(74)
(153)
(1)
(154)
Effect of:
Items taxed at a
different rate .............
10
\u2014
10
37
\u2014
37
9
\u2014
9
Change in tax rates
on deferred tax
balances ....................
1
\u2014
1
\u2014
\u2014
\u2014
29
\u2014
29
Expenditure not
deductible and
income not taxable ..
(121)
1
(120)
1
26
27
83
(4)
79
Unrelieved
withholding tax ........
(80)
\u2014
(80)
(68)
\u2014
(68)
(55)
\u2014
(55)
Accounting for
associates and joint
ventures ....................
13
\u2014
13
9
\u2014
9
41
\u2014
41
Movement in
deferred tax on
unremitted earnings
(2)
\u2014
(2)
1
\u2014
1
(15)
\u2014
(15)
Unrecognized
deferred tax assets
and impairment of
deferred tax assets ...
(209)
\u2014
(209)
(114)
(2)
(116)
(138)
(6)
(144)
Recognition of
previously
unrecognized
deferred tax assets ...
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
57
\u2014
57
Adjustments in
respect of prior
years ..........................
(9)
\u2014
(9)
(41)
\u2014
(41)
(16)
(20)
(36)
Tax expense ............
(424)
\u2014
(424)
(222)
(3)
(225)
(158)
(31)
(189)
Weighted average
statutory tax rate ......
15.4%
15.6%
19.7%
20.9%
21.0%
21.1%
Effective tax rate .......
242.3%
236.9%
93.3%
63.6%
21.7%
25.9%
Tax expense increase from December 31, 2022, is mainly due to the impairment of tax credits and deferred tax assets in Colombia, resulting from the
application of IAS12 over their recognition.
B.6.2. Current tax assets and liabilities
Current tax assets and liabilities for current and prior periods are measured at the amount expected to be recovered from or paid to
the taxation authorities. The tax rate and tax laws used to compute the amount are those enacted or substantively enacted by the
statement of financial position date.
B.6.3. Deferred tax
Deferred tax is calculated using the liability method on temporary differences at the statement of financial position date between
the tax base of assets and liabilities and their carrying amount for financial reporting purposes.
Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability arises from the
initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither accounting, nor taxable profit or loss.
Deferred tax assets are recognized for all temporary differences including unused tax credits and tax losses, to the extent that it is
probable that taxable profit will be available against which the deductible temporary differences can be utilized, except where the
deferred tax assets relate to deductible temporary differences from initial recognition of an asset or liability in a transaction that is
not a business combination, and, at the time of the transaction, affects neither accounting, nor taxable profit or loss. It is probable
that taxable profit will be available when there are sufficient taxable temporary differences relating to the same tax authority and the
same taxable entity which are expected to reverse in the same period as the expected reversal of the deductible temporary
difference.
The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it
is no longer probable that sufficient taxable profit will be available to utilize them. Unrecognized deferred tax assets are reassessed
at each statement of financial position date and are recognized to the extent it is probable that future taxable profit will enable the
asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rate expected to apply in the year when the assets are realized or liabilities
settled, based on tax rates and tax laws that have been enacted or substantively enacted at the statement of financial position date.
Deferred tax assets and deferred tax liabilities are offset where legally enforceable set off rights exist and the deferred taxes relate to
the same taxable entity and the same taxation authority.
Deferred tax
Fixed assets
Unused tax
losses
Unremitted
earnings
Other
Offset
Total
(US$ millions)
Balance at December 31, 2021 ...........................
(130)
156
(26)
(34)
\u2014
(34)
Deferred tax assets .................................................
97
156
\u2014
162
(235)
180
Deferred tax liabilities ............................................
(227)
\u2014
(26)
(196)
235
(214)
Balance at December 31, 2021 ...........................
(130)
156
(26)
(34)
\u2014
(34)
Transfers to Assets Held for Sale ............................
57
\u2014
\u2014
(9)
\u2014
48
(Charge)/credit to income statement ....................
29
(131)
1
153
\u2014
52
Charge to Other Comprehensive Income .............
\u2014
\u2014
\u2014
1
\u2014
1
Exchange differences .............................................
\u2014
(3)
\u2014
(8)
\u2014
(11)
Balance at December 31, 2022 ...........................
(44)
22
(25)
103
\u2014
56
Deferred tax assets .................................................
109
22
\u2014
104
(31)
204
Deferred tax liabilities ............................................
(153)
\u2014
(25)
(1)
31
(148)
Balance at December 31, 2022 ...........................
(44)
22
(25)
103
\u2014
56
(Charge)/credit to income statement ....................
(92)
(24)
(2)
(47)
\u2014
(165)
Charge to Other Comprehensive Income .............
\u2014
\u2014
\u2014
(1)
\u2014
(1)
Reclassification from other accounts (i) ................
96
\u2014
\u2014
\u2014
\u2014
96
Exchange differences .............................................
7
2
1
4
\u2014
14
Balance at December 31, 2023 ...........................
(33)
\u2014
(26)
60
\u2014
1
Deferred tax assets .................................................
88
\u2014
\u2014
64
(11)
141
Deferred tax liabilities ............................................
(121)
\u2014
(26)
(4)
11
(140)
Balance at December 31, 2023 ...........................
(33)
\u2014
(26)
60
\u2014
1
(i) Reclassification of certain tax credits from current tax assets to deferred tax assets in Colombia, resulting from the application of IAS12.
Deferred tax assets have not been recognized in respect of the following deductible temporary differences:
Fixed assets
Unused tax
losses
Other
Total
(US$ millions)
At December 31, 2023 .............................................................................................
122
5,623
518
6,263
At December 31, 2022 .............................................................................................
90
5,535
71
5,696
Unrecognized tax losses carryforward related to continuing operations expire as follows:
2023
2022
(US$ millions)
Expiry:
Within one year ...................................................................................................................................
1
\u2014
Within one to five years ......................................................................................................................
15
3
After five years .....................................................................................................................................
1,612
1,598
No expiry .............................................................................................................................................
3,995
3,934
Total ....................................................................................................................................................
5,623
5,535
The Group has unrecognized tax losses in the following jurisdictions:
2023
2022
Jurisdiction:
(US$ millions)
Luxembourg ........................................................................................................................................
5,108
5,197
Colombia ..............................................................................................................................................
479
222
Sweden ................................................................................................................................................
16
16
Panama ................................................................................................................................................
12
\u2014
The Netherlands ..................................................................................................................................
3
4
Bolivia ...................................................................................................................................................
3
2
Curacao ................................................................................................................................................
1
94
United Kingdom ..................................................................................................................................
1
\u2014
Unrecognized tax losses ...................................................................................................................
5,623
5,535
The aforementioned tax losses have not been recognized due to the remote possibility of utilizing all or portion of the total amount
available in application of IAS 12.
With effect from 2017, Luxembourg tax losses incurred may be carried forward for a maximum of 17 years. Losses incurred before
2017 may be carried forward without limitation of time.
At December 31, 2023, Millicom had $672 million of unremitted earnings of Millicom operating subsidiaries for which no deferred
tax liabilities were recognized (2022: $640 million; 2021 : $725 million). Except for intragroup dividends to be paid out of 2023 profits
in 2024 for which deferred tax of $26 million (2022: $25 million; 2021 $26 million) has been provided, it is anticipated that intra-
group dividends paid in future periods will be made out of profits of future periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-668": { "value": "
B.6. Taxation
Deferred tax
Fixed assets
Unused tax
losses
Unremitted
earnings
Other
Offset
Total
(US$ millions)
Balance at December 31, 2021 ...........................
(130)
156
(26)
(34)
\u2014
(34)
Deferred tax assets .................................................
97
156
\u2014
162
(235)
180
Deferred tax liabilities ............................................
(227)
\u2014
(26)
(196)
235
(214)
Balance at December 31, 2021 ...........................
(130)
156
(26)
(34)
\u2014
(34)
Transfers to Assets Held for Sale ............................
57
\u2014
\u2014
(9)
\u2014
48
(Charge)/credit to income statement ....................
29
(131)
1
153
\u2014
52
Charge to Other Comprehensive Income .............
\u2014
\u2014
\u2014
1
\u2014
1
Exchange differences .............................................
\u2014
(3)
\u2014
(8)
\u2014
(11)
Balance at December 31, 2022 ...........................
(44)
22
(25)
103
\u2014
56
Deferred tax assets .................................................
109
22
\u2014
104
(31)
204
Deferred tax liabilities ............................................
(153)
\u2014
(25)
(1)
31
(148)
Balance at December 31, 2022 ...........................
(44)
22
(25)
103
\u2014
56
(Charge)/credit to income statement ....................
(92)
(24)
(2)
(47)
\u2014
(165)
Charge to Other Comprehensive Income .............
\u2014
\u2014
\u2014
(1)
\u2014
(1)
Reclassification from other accounts (i) ................
96
\u2014
\u2014
\u2014
\u2014
96
Exchange differences .............................................
7
2
1
4
\u2014
14
Balance at December 31, 2023 ...........................
(33)
\u2014
(26)
60
\u2014
1
Deferred tax assets .................................................
88
\u2014
\u2014
64
(11)
141
Deferred tax liabilities ............................................
(121)
\u2014
(26)
(4)
11
(140)
Balance at December 31, 2023 ...........................
(33)
\u2014
(26)
60
\u2014
1
(i) Reclassification of certain tax credits from current tax assets to deferred tax assets in Colombia, resulting from the application of IAS12.
Deferred tax assets have not been recognized in respect of the following deductible temporary differences:
Fixed assets
Unused tax
losses
Other
Total
(US$ millions)
At December 31, 2023 .............................................................................................
122
5,623
518
6,263
At December 31, 2022 .............................................................................................
90
5,535
71
5,696
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-670": { "value": "
B.6.2. Current tax assets and liabilities
Current tax assets and liabilities for current and prior periods are measured at the amount expected to be recovered from or paid to
the taxation authorities. The tax rate and tax laws used to compute the amount are those enacted or substantively enacted by the
statement of financial position date.
B.6.3. Deferred tax
Deferred tax is calculated using the liability method on temporary differences at the statement of financial position date between
the tax base of assets and liabilities and their carrying amount for financial reporting purposes.
Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability arises from the
initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither accounting, nor taxable profit or loss.
Deferred tax assets are recognized for all temporary differences including unused tax credits and tax losses, to the extent that it is
probable that taxable profit will be available against which the deductible temporary differences can be utilized, except where the
deferred tax assets relate to deductible temporary differences from initial recognition of an asset or liability in a transaction that is
not a business combination, and, at the time of the transaction, affects neither accounting, nor taxable profit or loss. It is probable
that taxable profit will be available when there are sufficient taxable temporary differences relating to the same tax authority and the
same taxable entity which are expected to reverse in the same period as the expected reversal of the deductible temporary
difference.
The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it
is no longer probable that sufficient taxable profit will be available to utilize them. Unrecognized deferred tax assets are reassessed
at each statement of financial position date and are recognized to the extent it is probable that future taxable profit will enable the
asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rate expected to apply in the year when the assets are realized or liabilities
settled, based on tax rates and tax laws that have been enacted or substantively enacted at the statement of financial position date.
Deferred tax assets and deferred tax liabilities are offset where legally enforceable set off rights exist and the deferred taxes relate to
the same taxable entity and the same taxation authority.
G.3.2. Tax related risks and uncertain tax position
The Group operates in developing countries where the tax systems, regulations and enforcement processes have varying stages of
development creating uncertainty regarding the application of the tax law and interpretation of tax treatments. The Group is also
subject to regular tax audits in the countries where it operates. When there is uncertainty over whether the taxation authority will
accept a specific tax treatment under the local tax law, that tax treatment is therefore uncertain. The resolution of tax positions taken
by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in
some cases, it is difficult to predict the ultimate outcome. Therefore, judgment is required to determine liabilities for taxes.
In assessing whether and how an uncertain tax treatment affects the determination of taxable profit (tax loss), tax bases, unused tax
losses, unused tax credits and tax rates, the Group assumes that a taxation authority with the right to examine amounts reported to
it will examine those amounts and have full knowledge of all relevant information when making those examinations.
The Group has a process in place, and applies significant judgment, in identifying uncertainties over income tax treatments.
Management considers whether or not it is probable that a taxation authority will accept an uncertain tax treatment. On that basis,
the identified risks are split into three categories (i) remote risks (risk of outflow of tax payments are up to 20%), (ii) possible risks (risk
of outflow of tax payments assessed from 21% to 49%) and probable risks (risk of outflow is more than 50%). The process is repeated
every quarter by the Group.
If the Group concludes that it is probable or certain that the taxation authority will accept the tax treatment, the risks are categorized
either as possible or remote, and it determines the taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax
rates consistently with the tax treatment used or planned to be used in its income tax filings. The risks considered as possible are not
provisioned but disclosed as tax contingencies in the Group consolidated financial statements while remote risks are neither
provisioned nor disclosed.
If the Group concludes that it is probable that the taxation authority will not accept the Group\u2019s interpretation of the uncertain tax
treatment, the risks are categorized as probable, and are presented to reflect the effect of uncertainty in determining the related
taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates by generally using the most likely amount
method \u2013 the single most likely amount in a range of possible outcomes.
If an uncertain tax treatment affects both deferred tax and current tax, the Group makes consistent estimates and judgments for
both. For example, an uncertain tax treatment may affect both taxable profits used to determine the current tax and tax bases used
to determine deferred tax.
If facts and circumstances change, the Group reassesses the judgments and estimates regarding the uncertain tax position taken.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-671": { "value": "
B.6.3. Deferred tax
Deferred tax is calculated using the liability method on temporary differences at the statement of financial position date between
the tax base of assets and liabilities and their carrying amount for financial reporting purposes.
Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability arises from the
initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither accounting, nor taxable profit or loss.
Deferred tax assets are recognized for all temporary differences including unused tax credits and tax losses, to the extent that it is
probable that taxable profit will be available against which the deductible temporary differences can be utilized, except where the
deferred tax assets relate to deductible temporary differences from initial recognition of an asset or liability in a transaction that is
not a business combination, and, at the time of the transaction, affects neither accounting, nor taxable profit or loss. It is probable
that taxable profit will be available when there are sufficient taxable temporary differences relating to the same tax authority and the
same taxable entity which are expected to reverse in the same period as the expected reversal of the deductible temporary
difference.
The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it
is no longer probable that sufficient taxable profit will be available to utilize them. Unrecognized deferred tax assets are reassessed
at each statement of financial position date and are recognized to the extent it is probable that future taxable profit will enable the
asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rate expected to apply in the year when the assets are realized or liabilities
settled, based on tax rates and tax laws that have been enacted or substantively enacted at the statement of financial position date.
Deferred tax assets and deferred tax liabilities are offset where legally enforceable set off rights exist and the deferred taxes relate to
the same taxable entity and the same taxation authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-672": { "value": "
B.7. Earnings per share
Basic earnings (loss) per share are calculated by dividing net profit for the year attributable to equity holders of the Company by the
weighted average number of ordinary shares outstanding during each year.
Diluted earnings (loss) per share are calculated by dividing the net profit for the year attributable to equity holders of the Company
by the weighted average number of ordinary shares outstanding during each year, plus the weighted average number of dilutive
potential shares.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-673": { "value": "
Net profit/(loss) used in the earnings (loss) per share computation
2023
2022
2021(ii)
(US$ millions)
Basic and Diluted
Net profit (loss) attributable to equity holders from continuing operations .......................................
(86)
64
618
Net profit (loss) attributable to equity holders from discontinued operations ....................................
4
113
(28)
Net profit (loss)\u00a0 attributable to all equity holders to determine the profit (loss)\u00a0 per share ...............
(82)
177
590
in thousands
Weighted average number of ordinary shares for basic earnings per share ........................................
171,397
139,049
128,571
Effect of dilutive share-based compensation plans ...............................................................................
\u2014
640
549
Weighted average number of ordinary shares (excluding treasury shares) adjusted for the effect of
dilution (i) .................................................................................................................................................
171,397
139,690
129,120
(U.S. dollars)
Basic
Earnings (loss) per common share for profit (loss) from continuing operations attributable to
owners of the Company .........................................................................................................................
(0.50)
0.46
4.81
Earnings (loss) per common share for profit (loss) from discontinued operations attributable to
owners of the Company .........................................................................................................................
0.02
0.81
(0.22)
Earnings (loss) per common share for profit (loss) for the period attributable to owners of the
Company .................................................................................................................................................
(0.48)
1.27
4.59
Diluted
Earnings (loss) per common share for profit (loss) from continuing operations attributable to
owners of the Company ..........................................................................................................................
(0.50)
0.46
4.79
Earnings (loss) per common share for profit (loss) from discontinued operations attributable to
owners of the Company ..........................................................................................................................
0.02
0.81
(0.22)
Earnings (loss) per common share for profit (loss) for the period attributable to owners of the
Company ..................................................................................................................................................
(0.48)
1.27
4.57
(i) For the purpose of calculating the diluted earnings (loss) per common share, the weighted average outstanding shares used for the basic earnings (loss)
per common share were increased only by the portion of the shares which have a dilutive effect on the earnings (loss) per common share. As a result, for
years in which the Group has reported net loss, diluted net loss per share is the same as the basic net loss per share, because dilutive ordinary shares are not
assumed to have been issued if their effect is anti-dilutive. Accordingly, 1,433\u00a0thousand potential ordinary shares as a result of share-based compensation
plans were not considered in 2023 EPS as their impact was anti-dilutive.
(ii) As required by IAS 33 \u2018Earnings per share\u2019 the impact of the bonus element included within the rights offering (see note C.1. ) has been included in the
calculations of the basic and diluted earnings per share for 2022 and comparative figures have been re-presented accordingly.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-674": { "value": "-0.48", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-675": { "value": "1.27", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-676": { "value": "4.59", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-2" ] } } }, "f-677": { "value": "-0.48", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-678": { "value": "1.27", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-679": { "value": "4.57", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-2" ] } } }, "f-680": { "value": "
C. Capital structure and financing
C.1. Share capital, share premium and reserves
Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
deduction from the proceeds.
Where any Group company purchases the Company\u2019s share capital, the consideration paid, including any directly attributable
incremental costs, is shown under Treasury shares and deducted from equity attributable to the Company\u2019s equity holders until the
shares are canceled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of
any directly attributable incremental costs and the related income tax effects is included in equity attributable to the Company\u2019s
equity holders.
Share capital, share premium
2023
2022
Authorized and registered share capital (number of shares) .............................................................................
200,000,000
200,000,000
Subscribed and fully paid up share capital (number of shares) ..........................................................................
172,096,305
172,096,305
Par value per share ................................................................................................................................................
1.50
1.50
Share capital (US$ millions) ..................................................................................................................................
258
258
Share premium (US$ millions) ..............................................................................................................................
1,076
1,085
Total (US$ millions) ............................................................................................................................................
1,334
1,343
On May 18, 2022, the Board of Directors of Millicom resolved on a rights offering (the \"Rights Offering\") granting preferential
subscription rights to existing holders of shares and Swedish Depositary Receipts (\"SDRs\") to subscribe for up to 70,357,088 shares in
aggregate. The result of the Rights Offering showed that 68,822,675 shares, including those represented by SDRs, have been
subscribed for by the exercise of basic subscription rights. The remaining 1,534,413 shares, including those represented by SDRs,
were allotted to those investors who subscribed for them pursuant to over subscription privileges. The Rights Offering was thus fully
subscribed, and Millicom received proceeds amounting to approximately $717 million after deducting underwriting commissions
and other offering expenses of $28\u00a0million.
As a result, the Rights Offering resulted in the issuance of 70,357,088 new shares, which increased the number of outstanding shares
in Millicom from 101,739,217 to 172,096,305. The share capital also increased by $106 million to $258 million from $153\u00a0million. The
remaining $611\u00a0million had been allocated to the Group's share premium account.
Other equity reserves
Legal reserve
Equity settled
transaction
reserve
Hedge
reserve
Currency
translation
reserve
Pension
obligation
reserve
Total
(US$ millions)
As of January 1, 2021 .....................................
16
50
(19)
(605)
(4)
(562)
Share based compensation ..............................
\u2014
18
\u2014
\u2014
\u2014
18
Issuance of shares with respect to LTIPs ..........
\u2014
(25)
\u2014
\u2014
\u2014
(25)
Remeasurements of post-employment
benefit obligations ...........................................
\u2014
\u2014
\u2014
\u2014
2
2
Cash flow hedge reserve movement ...............
\u2014
\u2014
14
\u2014
\u2014
14
Currency translation movement ......................
\u2014
\u2014
1
(41)
\u2014
(41)
As of December 31, 2021 ...............................
16
43
(3)
(646)
(3)
(593)
Share based compensation ..............................
\u2014
25
\u2014
\u2014
\u2014
25
Issuance of shares with respect to LTIPs ..........
\u2014
(17)
\u2014
\u2014
\u2014
(17)
Remeasurements of post-employment
benefit obligations ...........................................
\u2014
\u2014
\u2014
\u2014
(2)
(2)
Cash flow hedge reserve movement ...............
\u2014
\u2014
8
\u2014
1
9
Currency translation movement ......................
\u2014
\u2014
\u2014
20
\u2014
20
As of December 31, 2022 ...............................
16
51
5
(626)
(4)
(559)
Share based compensation ..............................
\u2014
50
\u2014
\u2014
\u2014
50
Issuance of shares with respect to LTIPs ..........
\u2014
(40)
\u2014
\u2014
\u2014
(40)
Remeasurements of post-employment
benefit obligations ...........................................
\u2014
\u2014
\u2014
\u2014
(2)
(2)
Transfer to legal reserves ..................................
2
\u2014
\u2014
\u2014
\u2014
2
Cash flow hedge reserve movement ...............
\u2014
\u2014
(7)
\u2014
\u2014
(7)
Currency translation movement ......................
\u2014
\u2014
\u2014
56
\u2014
56
As of December 31, 2023 ...............................
18
61
(2)
(571)
(6)
(500)
C.1.1. Legal reserve
If Millicom International Cellular S.A. reports an annual net profit on a non-consolidated basis, Luxembourg law requires
appropriation of an amount equal to at least 5% of the annual net profit to a legal reserve until such reserve equals 10% of the issued
share capital. This reserve is not available for dividend distribution. In 2023, the AGM approved an allocation to the legal reserve for
an amount of $1.9\u00a0million as a result of the capital increase which took place in 2022. No allocation was required in 2021 or 2022 as
the 10% minimum level had been reached in 2011.
C.1.2. Equity settled transaction reserve
The cost of long-term share incentive plans (\"LTIPs \")is recognized as an increase in the equity-settled transaction reserve over the
period in which the performance and/or service conditions are rendered. When shares under the LTIPs vest and are issued the
corresponding reserve is transferred to share premium.
C.1.3. Hedge reserve
The effective portions of changes in value of cash flow hedges are recorded in the hedge reserve (see note C.1. ).
C.1.4. Currency translation reserve
The currency translation reserve includes foreign exchange gains and losses arising from translations of subsidiaries (joint ventures
and associates) with functional currencies different to US dollar. Their relevant financial position captions are translated to US dollars
using the closing exchange rate; while their\u00a0 relevant statement of income captions are translated to US dollars at monthly average
exchange rates during the year.\u00a0 When the Group disposes of or loses control or significant influence over a foreign operation,
exchange differences that were recorded in equity are recognized in the consolidated statement of income as part of gain or loss on
sale or loss of control and/or significant influence.\u00a0
C.2. Dividend distributions
No dividend distributions were made in the last three years as the Group pivoted its shareholder's remuneration strategy to share
buybacks.
In addition, the ability of the Company to make dividend payments is subject to, among other things, the terms of indebtedness,
legal restrictions and the ability to repatriate funds from Millicom\u2019s various operations. At December 31, 2023, $491 million
(December 31, 2022: $472 million; December 31, 2021: $486 million) of Millicom\u2019s retained profits represent statutory reserves that
are unavailable to be distributed to owners of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-681": { "value": "
C.1. Share capital, share premium and reserves
Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
deduction from the proceeds.
Where any Group company purchases the Company\u2019s share capital, the consideration paid, including any directly attributable
incremental costs, is shown under Treasury shares and deducted from equity attributable to the Company\u2019s equity holders until the
shares are canceled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of
any directly attributable incremental costs and the related income tax effects is included in equity attributable to the Company\u2019s
equity holders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-682": { "value": "
Share capital, share premium
2023
2022
Authorized and registered share capital (number of shares) .............................................................................
200,000,000
200,000,000
Subscribed and fully paid up share capital (number of shares) ..........................................................................
172,096,305
172,096,305
Par value per share ................................................................................................................................................
1.50
1.50
Share capital (US$ millions) ..................................................................................................................................
258
258
Share premium (US$ millions) ..............................................................................................................................
1,076
1,085
Total (US$ millions) ............................................................................................................................................
1,334
1,343
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-683": { "value": "
Other equity reserves
Legal reserve
Equity settled
transaction
reserve
Hedge
reserve
Currency
translation
reserve
Pension
obligation
reserve
Total
(US$ millions)
As of January 1, 2021 .....................................
16
50
(19)
(605)
(4)
(562)
Share based compensation ..............................
\u2014
18
\u2014
\u2014
\u2014
18
Issuance of shares with respect to LTIPs ..........
\u2014
(25)
\u2014
\u2014
\u2014
(25)
Remeasurements of post-employment
benefit obligations ...........................................
\u2014
\u2014
\u2014
\u2014
2
2
Cash flow hedge reserve movement ...............
\u2014
\u2014
14
\u2014
\u2014
14
Currency translation movement ......................
\u2014
\u2014
1
(41)
\u2014
(41)
As of December 31, 2021 ...............................
16
43
(3)
(646)
(3)
(593)
Share based compensation ..............................
\u2014
25
\u2014
\u2014
\u2014
25
Issuance of shares with respect to LTIPs ..........
\u2014
(17)
\u2014
\u2014
\u2014
(17)
Remeasurements of post-employment
benefit obligations ...........................................
\u2014
\u2014
\u2014
\u2014
(2)
(2)
Cash flow hedge reserve movement ...............
\u2014
\u2014
8
\u2014
1
9
Currency translation movement ......................
\u2014
\u2014
\u2014
20
\u2014
20
As of December 31, 2022 ...............................
16
51
5
(626)
(4)
(559)
Share based compensation ..............................
\u2014
50
\u2014
\u2014
\u2014
50
Issuance of shares with respect to LTIPs ..........
\u2014
(40)
\u2014
\u2014
\u2014
(40)
Remeasurements of post-employment
benefit obligations ...........................................
\u2014
\u2014
\u2014
\u2014
(2)
(2)
Transfer to legal reserves ..................................
2
\u2014
\u2014
\u2014
\u2014
2
Cash flow hedge reserve movement ...............
\u2014
\u2014
(7)
\u2014
\u2014
(7)
Currency translation movement ......................
\u2014
\u2014
\u2014
56
\u2014
56
As of December 31, 2023 ...............................
18
61
(2)
(571)
(6)
(500)
C.1.1. Legal reserve
If Millicom International Cellular S.A. reports an annual net profit on a non-consolidated basis, Luxembourg law requires
appropriation of an amount equal to at least 5% of the annual net profit to a legal reserve until such reserve equals 10% of the issued
share capital. This reserve is not available for dividend distribution. In 2023, the AGM approved an allocation to the legal reserve for
an amount of $1.9\u00a0million as a result of the capital increase which took place in 2022. No allocation was required in 2021 or 2022 as
the 10% minimum level had been reached in 2011.
C.1.2. Equity settled transaction reserve
The cost of long-term share incentive plans (\"LTIPs \")is recognized as an increase in the equity-settled transaction reserve over the
period in which the performance and/or service conditions are rendered. When shares under the LTIPs vest and are issued the
corresponding reserve is transferred to share premium.
C.1.3. Hedge reserve
The effective portions of changes in value of cash flow hedges are recorded in the hedge reserve (see note C.1. ).
C.1.4. Currency translation reserve
The currency translation reserve includes foreign exchange gains and losses arising from translations of subsidiaries (joint ventures
and associates) with functional currencies different to US dollar. Their relevant financial position captions are translated to US dollars
using the closing exchange rate; while their\u00a0 relevant statement of income captions are translated to US dollars at monthly average
exchange rates during the year.\u00a0 When the Group disposes of or loses control or significant influence over a foreign operation,
exchange differences that were recorded in equity are recognized in the consolidated statement of income as part of gain or loss on
sale or loss of control and/or significant influence.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-684": { "value": "
C.2. Dividend distributions
No dividend distributions were made in the last three years as the Group pivoted its shareholder's remuneration strategy to share
buybacks.
In addition, the ability of the Company to make dividend payments is subject to, among other things, the terms of indebtedness,
legal restrictions and the ability to repatriate funds from Millicom\u2019s various operations. At December 31, 2023, $491 million
(December 31, 2022: $472 million; December 31, 2021: $486 million) of Millicom\u2019s retained profits represent statutory reserves that
are unavailable to be distributed to owners of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-686": { "value": "
Debt and financing by type (i)
Note
2023
2022
(US$ millions)
Debt and financing due after more than one year
Bonds ...................................................................................................................................................
C.3.1.
4,638
4,879
Banks ....................................................................................................................................................
C.3.2.
1,832
1,776
Other financing (ii) ..............................................................................................................................
38
30
Total non-current financing ............................................................................................................
6,508
6,686
Less: portion payable within one year ................................................................................................
(32)
(61)
Total non-current financing due after more than one year ........................................................
6,476
6,624
Debt and financing due within one year
Bonds ...................................................................................................................................................
C.3.1.
111
101
Banks ....................................................................................................................................................
C.3.2.
59
18
Other financing ...................................................................................................................................
18
\u2014
Total current debt and financing ....................................................................................................
188
119
Add: portion of non-current debt payable within one year ..............................................................
32
61
Total ....................................................................................................................................................
221
180
Total debt and financing ..................................................................................................................
6,697
6,804
(i)See note D.1.1.. for further details on maturity profile of the Group debt and financing.
(ii)\u00a0 \u00a0 \u00a0 In July 2018, the Company issued a COP144,054.5 million /$50 million bilateral facility with IIC (Inter-American Development Bank) for a USD indexed
to COP Note. The note bears interest at 9.450% p.a.. This COP Note is used as net investment hedge of the net assets of our operations in Colombia.
Debt and financing by location
2023
2022
(US$ millions)
Millicom International Cellular S.A. (Luxembourg) ............................................................................................................
2,388
2,573
Guatemala .......................................................................................................................................................................
1,463
1,465
Colombia .........................................................................................................................................................................
713
605
Paraguay .........................................................................................................................................................................
665
678
Bolivia ..............................................................................................................................................................................
246
260
Panama ...........................................................................................................................................................................
759
773
Costa Rica ........................................................................................................................................................................
142
128
El Salvador .......................................................................................................................................................................
174
173
Nicaragua ........................................................................................................................................................................
148
147
Total debt and financing .............................................................................................................................................
6,697
6,804
C.3.1. Bond financing
Bond financing
Note
Country
Maturity
Interest Rate %
2023
2022
(US$ millions)
SEK Variable Rate Notes ............................
1
Luxembourg
2024
STIBOR (i) + 2.350%
\u2014
191
SEK Variable Rate Notes ............................
1
Luxembourg
2027
STIBOR (i) + 3.000%
222
214
USD 4.500% Senior Notes .........................
2
Luxembourg
2031
4.500%
766
779
USD 6.625% Senior Notes .........................
3
Luxembourg
2026
6.625%
147
147
USD 6.250% Senior Notes .........................
4
Luxembourg
2029
6.250%
671
670
USD 5.125% Senior Notes .........................
5
Luxembourg
2028
5.125%
446
446
USD 5.875% Senior Notes .........................
6
Paraguay
2027
5.875%
507
508
PYG 8.750% Notes (tranche A) .................
6
Paraguay
2024
8.750%
16
16
PYG 9.250% Notes (tranche B) ..................
6
Paraguay
2026
9.250%
7
7
PYG 10.000% Notes (tranche C) ...............
6
Paraguay
2029
10.000%
9
9
PYG 9.250% Notes (tranche D) .................
6
Paraguay
2026
9.250%
1
1
PYG 10.000% Notes (tranche E) ................
6
Paraguay
2029
10.000%
3
3
PYG 9.250% Notes (tranche F) ..................
6
Paraguay
2027
9.250%
2
2
PYG 10.000% Notes (tranche G) ...............
6
Paraguay
2030
10.000%
3
3
PYG 6.000% Notes (tranche H) .................
6
Paraguay
2026
6.000%
13
13
PYG 6.700% Notes (tranche I) ...................
6
Paraguay
2028
6.700%
20
19
PYG 7.500% Notes (tranche J) ..................
6
Paraguay
2031
7.500%
22
22
BOB 5.800% Notes ....................................
7
Bolivia
2026
5.800%
29
35
BOB 4.850% Notes ....................................
7
Bolivia
2023
4.850%
\u2014
14
BOB 3.950% Notes ....................................
7
Bolivia
2024
3.950%
7
14
BOB 4.600% Notes ....................................
7
Bolivia
2024
4.600%
20
41
BOB 4.300% Notes ....................................
7
Bolivia
2029
4.300%
13
15
BOB 4.700% Notes ....................................
7
Bolivia
2024
4.700%
10
21
BOB 5.300% Notes ....................................
7
Bolivia
2026
5.300%
6
8
BOB 5.000% Notes ....................................
7
Bolivia
2026
5.000%
42
48
BOB 6.000% Notes ....................................
7
Bolivia
2028
6.000%
57
\u2014
UNE Bond 2 (tranches A and B) ................
8
Colombia
2023
CPI (ii) + 4.76%
\u2014
31
UNE Bond 3 (tranche A) ............................
8
Colombia
2024
\u00a0 +9.35%
42
33
UNE Bond 3 (tranche B) ............................
8
Colombia
2026
CPI (ii) + 4.15%
66
53
UNE Bond 3 (tranche C) ............................
8
Colombia
2036
CPI (ii) + 4.89%
33
26
UNE Bond 6.600% .....................................
8
Colombia
2030
6.600%
39
31
UNE Bond 4 (tranche A) ............................
8
Colombia
2028
5.560%
30
24
UNE Bond 4 (tranche B) ............................
8
Colombia
2031
CPI (ii) +2.61%
74
59
UNE Bond 4 (tranche C) ............................
8
Colombia
2036
CPI (ii) + 3.18%
22
18
UNE Bond 7 (tranche A) ............................
8
Colombia
2026
CPI + 8.10%
3
\u2014
UNE Bond 7 (tranche B) ............................
8
Colombia
2027
CPI + 8.25%
4
\u2014
USD 4.500% Senior Notes .........................
9
Panama
2030
4.500%
575
589
USD 5.125% Senior Notes .........................
10
Guatemala
2032
5.125%
823
870
Total bond financing ..............................
4,750
4,980
(i)STIBOR \u2013 Swedish Interbank Offered Rate.
(ii)CPI - Colombian Consumer Price Index
Luxembourg
(1)SEK Notes
In May 2019, MIC S.A. completed its offering of a SEK 2 billion floating rate senior unsecured sustainability bond due 2024 (the \"2024
SEK bond\"). The bond carried a floating coupon of 3-month Stibor+235bps. The Notes were redeemed in full on June 8, 2023 and
cost of issuance fully amortized, accordingly. The 2024 SEK bond was swapped with various banks to hedge its principal and interest
rate exposure, pursuant to which it effectively paid fixed-rate coupons in US dollars between 4.990% and 4.880%. The Group settled
the swaps on the same date for $23 million.
On January 10, 2022, Millicom placed a SEK 2.2\u00a0billion floating rate senior unsecured sustainability bond due on 2027 (the \"2027 SEK
bond\") carrying a floating coupon priced at 3-month Stibor+300bps. Costs of issuance of $2.4\u00a0million is amortized over the five year
life of the bond (the effective interest rate is 3.23%). The 2027 SEK bond is swapped to US dollars to hedge the exchange risk of its
principal and interest payments (see D.1.2.).
(2)\u00a0 \u00a0 \u00a0 (2031) USD 4.500% Senior Notes
On October 19, 2020, MIC S.A. issued $500\u00a0million aggregate principal amount of 4.500% Senior Notes due 2031. The Notes bear
interest at 4.500% p.a., payable semiannually in arrears on each interest payment date. Proceeds were used to early redeem MIC
S.A.'s\u00a0 $500\u00a0million 6.000% Senior Notes due 2025. Costs of issuance of $5.5\u00a0million is amortized over the eleven-year life of the notes
(the effective interest rate is 4.800%).
On September 22, 2021, Millicom announced the early participation exchange results from its offer dated September 8, 2021;
$302.1\u00a0million of the 6.625% Notes due 2026 were exchanged for $307.5\u00a0million of the 4.5% Notes due 2031 (at 101.812% exchange
ratio). The gain of $15\u00a0million, derived from applying the \"modification accounting\" under IFRS 9 to this exchange, has been
recorded under \"Interest and other financial income\" in the statement of income during the year ended December 31, 2021.
Transaction costs attributable to this exchange amount to approximately $4\u00a0million and are amortized over the remaining life of the
Notes due 2031.
In November and December 2023, Millicom repurchased some of the 2031 USD 4.500% Senior Notes on the open market for a total
amount of $12 million. The difference with their carrying value of $16 million has been recognized as financial income. The
corresponding Notes have subsequently been cancelled.
(3)(2026) USD 6.625% Senior Notes
In October 2018, MIC S.A. issued $500 million aggregate principal amount of 6.625% Senior Notes due 2026. The Notes bear interest
at 6.625% p.a., payable semiannually in arrears on each interest payment date. Proceeds were used to finance Cable Onda\u2019s
acquisition. Costs of issuance of $6 million were amortized over the eight -year life of the notes (the effective interest rate is 6.750%).
As aforementioned, $302.1\u00a0million of the 6.625% Notes due 2026 were exchanged during 2021 for $307.5\u00a0million of newly issued
4.5% Notes due 2031.
On February 22, 2021, Millicom redeemed 10% of the principal outstanding of its Notes due 2026, 2028 and 2029 at a price of 103%.
This redemption followed Millicom\u2019s announcement dated February 11, 2021. Total consideration of approximately $180\u00a0million was
funded from cash, consistent with the Company's decision to prioritize debt reduction. The redemption premium of $5\u00a0million and
the accelerated amortization of the upfront costs of $3\u00a0million, have been recorded in the line \"Interest and other financial expenses\"
in the statement of income during the year ended December 31, 2021.
(4)(2029) USD 6.250% Senior Notes
In March 2019, MIC S.A. issued $750 million of\u00a0 6.250% notes due 2029. The notes bear interest at 6.250% p.a., payable semi-annually
in arrears on March 25 and September 25 of each year, starting on September 25, 2019. The net proceeds were used to finance, in
part, the completed Telef\u00f3nica CAM Acquisitions. Costs of issuance of\u00a0 $8.2 million are amortized over the ten-year life of the notes
(the effective interest rate is 6.360%). On February 22, 2021, Millicom redeemed 10% of the principal outstanding of its Notes due
2026, 2028 and 2029 at a price of 103%. See above.
(5)(2028) USD 5.125% Senior Notes
In September 2017, MIC S.A. issued a $500 million, ten-year bond due January 2028, with an interest rate of 5.125%. Costs of issuance
of $7 million are amortized over the ten year life of the notes (effective interest rate is 5.240%). On February 22, 2021, Millicom
redeemed 10% of the principal outstanding of its Notes due 2026, 2028 and 2029 at a price of 103%. See above.
Paraguay
(6)(2027) USD 5.875% Senior Notes and (2024-2031) PYG Notes
In April 2019, Telef\u00f3nica Celular del Paraguay S.A.E. (Telecel) issued $300 million 5.875% senior notes due 2027. The notes bear
interest at 5.875% p.a., payable semi-annually in arrears on April 15 and October 15 of each year, starting on October 15, 2019. The
net proceeds were used to finance the repurchase of the Telecel 6.750% 2022 notes. Costs of issuance of $4 million are amortized
over the eight-year life of the notes (the effective interest rate is 6.04%). On January 28, 2020, Telecel issued at a premium
$250\u00a0million of 5.875% Senior Notes due 2027 (the \"New Notes\"), representing an additional issuance from the Senior Notes
described above. The New Notes are treated as a single class with the initial notes, and were priced at 106.375% for an implied yield
to maturity of 4.817%. The corresponding $15\u00a0million premium received is\u00a0 amortized over the Senior Notes maturity. On November
4, 2022, Telecel announced a tender offer (early tender consideration for $927.5 for each $1,000 principal amount of notes) to
purchase for cash up to $55\u00a0million in aggregate principal amount of the Senior Notes. On November 20, 2022, Telecel announced
that approximately $47\u00a0million in principal amount of the mentioned Notes, have been accepted and settled on November 21, 2022.
Late tender expired on December 6, 2022 with no further tendered Notes. Total consideration amounted to approximately
$44\u00a0million with a net financial income impact of $3\u00a0million given the Notes were repurchased below their par value.
In May 2020, Telef\u00f3nica Celular del Paraguay, S.A.E.. completed the acquisition of another Millicom subsidiary in Paraguay - Mobile
Cash Paraguay S.A , and further on June 30, 2020,\u00a0 the acquisition of Servicios y Productos Multimedios S.A.. Effective as of those
dates, these new entities now form part of the borrower's group for the purposes of the $550\u00a0million 5.875% Senior Notes due 2027
issued by Telef\u00f3nica Celular del Paraguay, S.A.E.. In addition, as of July 7, 2020 Servicios y Productos Multimedios S.A. became
guarantor of the 5.875% Notes due 2027.
Between June 2019 and February 2020, Telecel registered and completed the issuance of a bond program for PYG 300,000\u00a0million
(approximately $41\u00a0million using December 31, 2023 exchange rate) program on the Paraguayan stock market, launched in different
series from 5 years to 10 years.
On October 1, 2021, Telecel\u00a0 issued another PYG 400,000\u00a0million bond (approximately $54\u00a0million using December 31, 2023
exchange rate) in three series with fixed interest rates between 6% to 7.5% and a repayment period from 5 to 10 years.
Bolivia
(7)BOB Notes
In November 2015,\u00a0 Telef\u00f3nica Celular de Bolivia S.A. issued a BOB 696 million (approximately $100 million) of notes in two series,
series A for BOB 104.4 million (approximately $15 million), with a fixed annual interest rate of 4.050%, maturing in August 2020 and
series B for BOB 591.6 million (approximately $85 million) with a fixed annual interest rate of 4.850%, maturing in August 2023. The
bond has coupon with interest payable semi-annually in arrears in March and September during the first two years, thereafter each
February and August. The effective interest rate is 4.840% . These bonds are listed on the Bolivia Stock Exchange. In January 2023,
Telef\u00f3nica Celular de Bolivia S.A. fully repaid the 4.850% notes which were due in August 2023.
In August 2016, Telef\u00f3nica Celular de Bolivia S.A. issued a new bond for a total amount of BOB 522 million consisting of two tranches
(approximately $50 million and $25 million, respectively). Tranche A\u00a0 and B bear fixed interest at 3.950% and 4.300%, and will mature
in June 2024 and June 2029, respectively. These bonds are listed on the Bolivia Stock Exchange.
In October 2017, Telef\u00f3nica Celular de Bolivia S.A placed approximately $80 million of local currency bonds in three tranches, which
mature in 2022, 2024 and 2026 with a 4.300% , 4.700% and 5.300% respectively. These bonds are listed on the Bolivia Stock
Exchange.
In July 2019 Telef\u00f3nica Celular de Bolivia S.A issued two bonds one for\u00a0 BOB 420 million (approximately $61 million) with a 5.000%
coupon maturing on August 2026 and\u00a0 another one for BOB 280 million (approximately $40 million) with a 4.600% coupon maturing
on August 2024. Interest payments are semiannual and both bonds are listed on the Bolivia Stock Exchange.
In December 2020, Telef\u00f3nica Celular de Bolivia S.A. issued BOB 345\u00a0million (approximately $50\u00a0million) senior notes which were
priced at 5.800% due in 2026.
In November 2023, Tigo Bolivia issued a 6.00%\u00a0 local bond for an amount of BOB 387.5m (approximately $56\u00a0million at the time of
the transaction) which is due in July 2028 to refinance some debt repayments, finance capex and general corporate purposes.
Colombia
(8)UNE Bonds
In May 2011, UNE EPM Telecomunicaciones S.A. (\"UNE\") issued a COP300 billion (approximately $126 million) bond consisting of two
equal tranches with five and twelve-year maturities. Interest rates are variable and depend on the tranche. Tranche A had variable
interest, based on CPI, in Colombian peso and paid in Colombian peso. Tranche B bears variable interest, based on CPI, in Colombian
peso and paid in Colombian peso. UNE applied the proceeds to finance its investment plan. Tranche A matured in October 2016 and
tranche B was repaid in December 2023.
In May 2016, UNE issued a COP540 billion bond (approximately $176 million) consisting of three tranches (approximately $52
million, $83 million and $41 million respectively). Interest rates are either fixed or variable depending on the tranche. Tranche A
bears fixed interest at 9.350%, while tranche B and C bear variable interest, based on CPI, (respective margins of CPI + 4.150% and
CPI + 4.890%), in Colombian peso. UNE applied the proceeds to finance its investment plan and repay one bond (COP150 billion
tranche). Tranches A, B and C will mature in May 2024, May 2026 and May 2036, respectively.
In March 2020, UNE\u00a0 issued local bonds for an amount of COP 150\u00a0billion (approximately $44\u00a0million) to repay an existing bond for
the same value, with a 6.600% fixed rate for 10 years.
On February 16, 2021, UNE issued under the approved local bond program, a COP 485,680\u00a0million bond (approximately $138\u00a0million
using the transaction date exchange rate) with 3 maturities; Series 7 years at 5.56% fixed rate, Series 10 years at CPI plus 2.61% and
Series 15 years at CPI plus 3.18% margin. With the aim to improve UNE\u2019s natural hedge against local currency, the bond proceeds
were used on March 26, 2021 to partially repay 50% of the $300\u00a0million syndicated loan of Colombia Movil S.A. (originally due in
December 2024).
On January 5, 2023, UNE issued a COP230\u00a0billion (approximately $50\u00a0million at the time of the transaction) bond consisting of two
tranches with three and four and a half-year maturities. Interest rates are variable, based on CPI + a margin, and interest is payable in
Colombian peso.
On August 28, 2023, Millicom designated UNE, Colombia M\u00f3vil S.A. E.S.P., Edatel S.A. E.S.P., Orbitel Servicios Internacionales S.A.S.,
Cinco Telecom Corp., Inversiones Telco S.A.S. and Emtelco S.A.S. (collectively, the \u201cColombia Unrestricted Subsidiaries\u201d), which are
the entities constituting its Colombian operations as \u201cUnrestricted Subsidiaries\u201d under the 4.500% Notes, the 6.625% Notes, the
5.125% Notes,\u00a0 the 6.250% Notes, the SEK Bond, COP Bond\u00a0 and several of its financing agreements (see note G.6.)
Panama
(9) Cable Onda Bonds
In November 2019, Cable Onda issued $600 million aggregate principal amount of 4.500% senior notes due 2030 payable in U.S.
dollars, registered with the Superintendencia del Mercado de Valores de Panam\u00e1 and listed on the Luxembourg Stock Exchange and
on the Panam\u00e1 Stock Exchange.\u00a0The Notes bear interest from November 1, 2019 at a rate of 4.500% per annum, payable on January
30, 2020, for the first payment and thereafter semiannually in arrears on each interest payment date. The proceeds were used to
fund the Panama Acquisition and to refinance certain local financing. Costs of issuance of $16 million, which include an original issue
discount (OID) is amortized over the ten-year life of the notes (the effective interest rate is 4.690%).
In December 2023, Cable Onda repurchased some of these Senior notes on the open market for a total amount of $13 million. The
difference with their carrying value of $16 million has been recognized as a financial income. The corresponding Notes have
subsequently been cancelled.
Guatemala
(10)(2032) USD 5.125% Senior Notes
On January 27, 2022, the Group's principal subsidiary in Guatemala, Comunicaciones Celulares, S.A. (\"Comcel\"), completed the
issuance of 10-year $900\u00a0million Senior Notes with a coupon of 5.125% per annum. The proceeds from this bond were used to repay
a significant portion of the bridge financing that was used to fund the acquisition of the remaining 45% equity interest in the Tigo
Guatemala operations (see note A.1.2.).
On November 4, 2022, Comcel announced a tender offer (early tender consideration for $822.5 for each $1,000 principal amount of
notes) to purchase for cash up to $90\u00a0million in aggregate principal amount of the Senior Notes. On November 20, 2022, Comcel
announced that approximately $19\u00a0million in principal amount of the mentioned Notes, have been accepted and settled on
November 21, 2022. Late tender expired on December 6, 2022 with no further tendered Notes. Total consideration amounted to
approximately $16\u00a0million with a net financial income impact of $3\u00a0million given the Notes were repurchased below their par value.
In November and December 2023, Comcel repurchased some of these Senior Notes on the open market for a total amount of $42
million . The difference with their carrying value of $49 million has been recognized as financial income. The corresponding Notes
have subsequently been cancelled.
C.3.2. Bank and Development Financial Institution financing
Note
Country
Maturity range
Interest rate
2023
2022
(US$ millions)
Fixed rate loans
PYG Long-term loans .......................................
1
Paraguay
2023-2028
Fixed
63
76
USD - Long-term loans .....................................
2
Panama
2025-2026
Fixed
185
185
BOB Long-term loans .......................................
3
Bolivia
2023-2028
Fixed
62
64
GTQ Long-term loans .......................................
8
Guatemala
2023-2030
Fixed
640
595
Variable rate loans
USD Long-term loans .......................................
4
Costa Rica
2026
Variable
32
32
CRC Long-term loans .......................................
4
Costa Rica
2026
Variable
110
96
COP Long-term loans .......................................
5
Colombia
2025-2031
Variable
331
280
USD Long-term loans .......................................
5
Colombia
2024
Variable
50
50
USD Credit Facility / Senior Unsecured Term
Loan Facility ......................................................
6
El Salvador
2026-2027
Variable
174
173
USD Long-term loans .......................................
6
Nicaragua
2027
Variable
148
147
USD Revolving Credit Facility(i) .......................
7
Luxembourg
2025
Variable
(2)
(3)
USD DNB Bilateral .............................................
7
Luxembourg
2026
Variable
100
99
Total Bank and Development Financial
Institution financing ......................................
1,891
1,794
(i) Relates to the amortized costs of the undrawn RCF that the Company entered into in October 2020 - see point 7 below.
Below are some further details on the facilities disclosed in the table above. When applicable, local currency amounts are translated
in USD using the exchange rate at the time of obtaining them.
1. Paraguay
In July 2018, Telef\u00f3nica Celular del Paraguay S.A.E. executed a seven-year loan with Regional Bank for PYG 115,000 million
(approximately $18 million) with a final maturity in 2025.
In January 2019, Telef\u00f3nica Celular del Paraguay S.A.E. obtained a seven-year loan from BBVA Bank for PYG 177,000 million
(approximately $29\u00a0million at the date of the transaction) which is due on November, 26, 2025.
In September 2019, Telef\u00f3nica Celular del Paraguay S.A.E. executed an amended and restated agreement with Banco Continental
S.A.E.C.A.,\u00a0 to consolidate three existing loans, for a PYG 370,000 million (approximately $57 million). The new loan has a maturity of
7 years.
In December 2020, Telecel executed a credit agreement with Banco Continental S.A.E.C.A for PYG 200,000 million (approximately
$29\u00a0million) with a duration of 2.5 years. Main aim was to refinance outstanding bank loans with maturities from 2021 to 2025.
In December 2021, Telecel entered into a new loan of PYG 50,000\u00a0million (approximately $7\u00a0million) with GNB to refinance an
outstanding bank loan with Banco Ita\u00fa. This loan bears fixed interest and will mature in 2024.
2. Panama
In August 2019,\u00a0 Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.) entered into two credit agreements, one with Banco
Nacional de Panama S.A , for $75 million which bears a fixed interest and has a 5 year duration and another one with the Bank of
Nova Scotia (Sucursal Panama) for $75 million with a fixed interest and a five year duration to finance and refinance working capital
and capital expenditures. In October 2020 and September 2021, the $75\u00a0million credit agreement with Banco Nacional de Panama
S.A. has been early repaid. On July 29th, 2022 the $75\u00a0million loan with The Bank of Nova Scotia was repaid.
In December 2020, Telecomunicaciones Digitales, S.A. executed a credit agreement with Bank of Nova Scotia with a 60 month
duration for\u00a0 $110\u00a0million divided into 2 tranches. Tranche A ($85\u00a0million) was disbursed on December\u00a0 2020 to partially recall the
Local Bond ($85\u00a0million) and Tranche B ($25\u00a0million) was disbursed on March 1, 2021.
On August 31, 2021, Telecomunicaciones Digitales, S.A. executed an agreement with Bank of Scotia for $75\u00a0million at a fixed rate.
The facility was used to repay Cable Onda's remaining balance under the 5.75% local bond, which was initially due on September 3,
2025.
3. Bolivia
In June 2018, Telef\u00f3nica Celular de Bolivia S.A. (\"Tigo Bolivia\") entered into a two tranche loan agreement with Banco BISA S.A\u00a0 for\u00a0
BOB 69.6 million (approximately $10 million) each, with a fixed interest rate. The loans have a term of 7 years.
In November 2019, they executed a new loan with Banco de Cr\u00e9dito de Bolivia S.A for Bs. 78 million (approximately $11 million), with
semiannual payments and a fixed interest rate. The loan has a term of 4 years.
In October 2021, Tigo Bolivia signed additional credit facilities for a total amount of approximately $26\u00a0million with a repayment
period between 2.5 and 5 years and bearing fixed interest rate.
In July 2022, Tigo Bolivia signed two new loan agreements for a total amount of approximately $8\u00a0million and a repayment period of
five years, bearing fixed interest rate.
In February and August 2023, Tigo Bolivia signed a total of seven new bank loan agreements in local currency, all bearing fixed
interest rates, for a corresponding total amount of approximately $53\u00a0million, and a repayment period between 1 and 5 years. The
proceeds were used to refinance certain local financing. Out of these, approximately $20\u00a0million are guaranteed by stand-by letters
of credit which were issued by Banco Latinoamericano de Comercio Exterior - Bladex S.A..
4. Costa Rica
On October 25, 2021, Millicom Cable Costa Rica S.A. executed new syndicated loan entered into by the Company and Millicom Cable
Costa Rica as co-borrowers for an amount of $125\u00a0million. This loan has 2 tranches, a USD $33\u00a0million tranche with a SOFR+ margin
and a local currency tranche at TBP+margin\u00a0 for an amount equivalent to $92\u00a0million.
5. Colombia
On December 14, 2021, UNE EPM Telecomunicaciones S.A. entered into an ESG Linked agreement with Bancolombia for a COP
450,000\u00a0million (approximately $94\u00a0million at the December 31, 2023 exchange rate) loan with a variable rate\u00a0 and a maturity of 7
years.
On December 20, 2019, the Group's operation in Colombia executed an amendment to the $300 million loan between Colombia
M\u00f3vil S.A. E.S.P. as borrower and UNE EPM Telecomunicaciones S.A., as guarantor with a consortium of banks to extend the maturity
for 5 years (now due on December 20, 2024) and lower the applicable margin. On March 26, 2021, $150\u00a0million were paid.
On September and November 2020, Colombia executed 4 new cross currency swaps of $25\u00a0million each with Bancolombia, JP
Morgan and BBVA to complete $100\u00a0million and hedge the exposure of a portion of the $300\u00a0million Syndicated Loan Agreement,
fixing the exchange and interest rates (see note D.1.2.).
On January 21, 2022, Colombia Movil S.A. repaid $100\u00a0million of the outstanding amount of the aforementioned Syndicated Loan
Agreement. On January 19, 2022, the respective cross currency swaps with Bancolombia and JP Morgan for $25\u00a0million, each, were
terminated. This resulted in a gain and cash settlement of $26 million (see note D.1.2.).
As of December 31, 2023, there is still $50\u00a0million outstanding under the Syndicated Loan Agreement, which is covered by cross
currency and interest rate swaps.
On October 5, 2022 UNE EPM Telecomunicaciones S.A. entered into a credit loan with Bancolombia for COP 85,000\u00a0million loan
(approximately $18\u00a0million) with a variable rate at Incremental Borrowing Rate +margin and a maturity of 1 year. The loan was
extended to December 2023 when it was fully repaid.
6. El Salvador and Nicaragua
On December 26, 2021, Telemovil El Salvador S.A. (\"Telemovil\") executed a new credit agreement for $100\u00a0million with a 5 year
maturity, which bears a variable interest to refinance the $100\u00a0million loan agreement dated March 23, 2018 with DNB and Nordea,
which was entirely repaid on December 29, 2021. The credit agreement is guaranteed by Millicom.
On September 12, 2022, Telefonia Celular de Nicaragua, S.A. (\"Nicaragua\") and Telemovil entered into a new Credit and Guaranty
Agreement with Bank of Nova Scotia as Administrative Agent and Citigroup and Bladex as Joint Lead Arrangers, and with the
Company as Guarantor for $225\u00a0million Unsecured Term Loan with a 5-year maturity.\u00a0 The allocated portion for Telemovil is
$75\u00a0million and the allocated portion for Nicaragua is $150\u00a0million. The proceeds have been used to partially repay loans with other
companies within the Group.\u00a0 The interest rate for this loan is SOFR based plus a margin.
7. Luxembourg
In October 2020, MICSA. entered into a 5 year, $600\u00a0million ESG-linked revolving credit facility (the \"Facility\") with a syndicate of 11
commercial banks. This facility was not drawdown so far and could be used for financing of working capital or for general corporate
purposes, if needed.
8. Guatemala
In October 2020, Tigo Guatemala executed several credit agreements with Banco Industrial, Banco G&T Continental, Banco de
America Central and Banco Agromercantil for a total amount of GTQ 3,223\u00a0million (approximately $413\u00a0million) for 5 and 7 year term
to refinance other credit agreements to finance and refinance working capital, capital expenditures and general corporate purposes.
On December 9, 2021, the Guatemalan operations entered into the following loan agreements:
\u2022 a GTQ 950\u00a0million loan with Banco Industrial (approximately $123\u00a0million) which bears a fixed interest\u00a0 initially due in
October 2025. In April 2023, the debt maturity was extended to October 31, 2028.
\u2022 two loans for a total of GTQ 500\u00a0million with Banco G&T Continental S.A. (approximately $65\u00a0million) which bear a fixed
interest rate and mature in December 2026.
On March 31, 2022, Comcel executed a new 5-year $150\u00a0million loan agreement with Banco de Desarrollo Rural, S.A.. Proceeds were
disbursed on April 27, 2022 and were used to refinance some of the credit agreements Comcel had with Banco Industrial. In
December 2023, the debt maturity was extended to March, 2028.
On June 13, 2023, Comcel, executed a new 7-year loan with Banco Industrial up to GTQ 400\u00a0million (approximately $51\u00a0million),
bearing a fixed interest rate, mainly to finance the acquisitions of spectrum (refer to E.1..).
Right of set-off and derecognition
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if
there is a currently enforceable legal right to offset the recognized amounts and an intention to settle on a net basis, or to realize the
assets and settle the liabilities simultaneously.
A financial asset (or a part of a financial asset or part of a group of similar financial assets) is derecognized when:
\u2022Rights to receive cash flows from the asset have expired; or
\u2022Rights to receive cash flows from the asset have been transferred to a third party or the Group has retained the contractual
rights to receive the contractual rights to receive the cash flows from the asset, but has assumed a contractual obligation to
pass those cash flows under a \u201cpass-through\u201d arrangement.
When rights to receive cash flows from an asset have been transferred or a pass-through arrangement concluded, an evaluation is
made if and to what extent the risks and rewards of ownership have been retained. When the Group has neither transferred nor
retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the asset is recognized to the
extent of the Group\u2019s continuing involvement in the asset. In that case, the Group also recognizes an associated liability. The
transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has
retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the
original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.
A financial liability is derecognized when the obligation under the liability is discharged or canceled, or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition
of a new liability. The difference in the respective carrying amounts is recognized in the statement of income.
C.3.3. Interest and other financial expenses
The Group\u2019s interest and other financial expenses comprised the following:
2023
2022
2021
(US$ millions)
Interest expense on bonds and bank financing ................................................................................
(477)
(434)
(329)
Interest expense on leases ..................................................................................................................
(117)
(124)
(113)
Early redemption charges ...................................................................................................................
(1)
\u2014
(5)
Others ..................................................................................................................................................
(117)
(59)
(47)
Total interest and other financial expenses ......................................................................................
(712)
(617)
(495)
C.3.4. Guarantees and pledged assets
Guarantees
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder
for a loss it incurs because the specified debtor fails to make payment when due in accordance with the terms of a debt instrument.
Financial guarantee contracts are recognized initially as a liability at fair value, adjusted for transaction costs that are directly
attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the best estimate of the
expenditure required to settle the present obligation at the reporting date and the amount recognized, less cumulative
amortization.
Liabilities to which guarantees are related are recorded in the consolidated statement of financial position under Debt and financing,
and liabilities covered by supplier guarantees are recorded under Trade payables or Debt and financing, depending on the
underlying terms and conditions.
Maturity of guarantees
Bank and financing guarantees (i)
Supplier guarantees
Terms
As at December 31,
2023
As at December 31,
2022
As at December 31,
2023
As at December 31,
2022
Outstanding and Maximum exposure
Outstanding and Maximum exposure
0-1\u00a0year ................................................
15
13
1
2
1-3\u00a0years ..............................................
322
70
\u2014
\u2014
3-5\u00a0years ..............................................
169
418
\u2014
\u2014
Total ....................................................
505
501
1
2
(i) If non-payment by the obligor, the guarantee ensures payment of outstanding amounts by the Group's guarantor.
Pledged assets
As at December 31, 2023, the Group\u2019s share of total debt and financing secured by either pledged assets, pledged deposits issued to
cover letters of credit, or guarantees issued was $505 million (December 31, 2022: $501 million). At December 31, 2023 there were $6
million pledged deposits (2022: nil) by the Group over these debts and financings. The remainder represented primarily guarantees
issued by Millicom S.A. to guarantee financings raised by other Group operating entities.
C.3.5. Covenants
Millicom\u2019s financing facilities are subject to a number of covenants including net leverage ratio, debt service coverage ratios, or debt
to earnings ratios, among others. In addition, certain of its financings contain restrictions on sale of businesses or significant assets
within the businesses. At December 31, 2023, there were no breaches of financial covenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-685": { "value": "
Debt and financing by type (i)
Note
2023
2022
(US$ millions)
Debt and financing due after more than one year
Bonds ...................................................................................................................................................
C.3.1.
4,638
4,879
Banks ....................................................................................................................................................
C.3.2.
1,832
1,776
Other financing (ii) ..............................................................................................................................
38
30
Total non-current financing ............................................................................................................
6,508
6,686
Less: portion payable within one year ................................................................................................
(32)
(61)
Total non-current financing due after more than one year ........................................................
6,476
6,624
Debt and financing due within one year
Bonds ...................................................................................................................................................
C.3.1.
111
101
Banks ....................................................................................................................................................
C.3.2.
59
18
Other financing ...................................................................................................................................
18
\u2014
Total current debt and financing ....................................................................................................
188
119
Add: portion of non-current debt payable within one year ..............................................................
32
61
Total ....................................................................................................................................................
221
180
Total debt and financing ..................................................................................................................
6,697
6,804
(i)See note D.1.1.. for further details on maturity profile of the Group debt and financing.
(ii)\u00a0 \u00a0 \u00a0 In July 2018, the Company issued a COP144,054.5 million /$50 million bilateral facility with IIC (Inter-American Development Bank) for a USD indexed
to COP Note. The note bears interest at 9.450% p.a.. This COP Note is used as net investment hedge of the net assets of our operations in Colombia.
Debt and financing by location
2023
2022
(US$ millions)
Millicom International Cellular S.A. (Luxembourg) ............................................................................................................
2,388
2,573
Guatemala .......................................................................................................................................................................
1,463
1,465
Colombia .........................................................................................................................................................................
713
605
Paraguay .........................................................................................................................................................................
665
678
Bolivia ..............................................................................................................................................................................
246
260
Panama ...........................................................................................................................................................................
759
773
Costa Rica ........................................................................................................................................................................
142
128
El Salvador .......................................................................................................................................................................
174
173
Nicaragua ........................................................................................................................................................................
148
147
Total debt and financing .............................................................................................................................................
6,697
6,804
C.3.1. Bond financing
Bond financing
Note
Country
Maturity
Interest Rate %
2023
2022
(US$ millions)
SEK Variable Rate Notes ............................
1
Luxembourg
2024
STIBOR (i) + 2.350%
\u2014
191
SEK Variable Rate Notes ............................
1
Luxembourg
2027
STIBOR (i) + 3.000%
222
214
USD 4.500% Senior Notes .........................
2
Luxembourg
2031
4.500%
766
779
USD 6.625% Senior Notes .........................
3
Luxembourg
2026
6.625%
147
147
USD 6.250% Senior Notes .........................
4
Luxembourg
2029
6.250%
671
670
USD 5.125% Senior Notes .........................
5
Luxembourg
2028
5.125%
446
446
USD 5.875% Senior Notes .........................
6
Paraguay
2027
5.875%
507
508
PYG 8.750% Notes (tranche A) .................
6
Paraguay
2024
8.750%
16
16
PYG 9.250% Notes (tranche B) ..................
6
Paraguay
2026
9.250%
7
7
PYG 10.000% Notes (tranche C) ...............
6
Paraguay
2029
10.000%
9
9
PYG 9.250% Notes (tranche D) .................
6
Paraguay
2026
9.250%
1
1
PYG 10.000% Notes (tranche E) ................
6
Paraguay
2029
10.000%
3
3
PYG 9.250% Notes (tranche F) ..................
6
Paraguay
2027
9.250%
2
2
PYG 10.000% Notes (tranche G) ...............
6
Paraguay
2030
10.000%
3
3
PYG 6.000% Notes (tranche H) .................
6
Paraguay
2026
6.000%
13
13
PYG 6.700% Notes (tranche I) ...................
6
Paraguay
2028
6.700%
20
19
PYG 7.500% Notes (tranche J) ..................
6
Paraguay
2031
7.500%
22
22
BOB 5.800% Notes ....................................
7
Bolivia
2026
5.800%
29
35
BOB 4.850% Notes ....................................
7
Bolivia
2023
4.850%
\u2014
14
BOB 3.950% Notes ....................................
7
Bolivia
2024
3.950%
7
14
BOB 4.600% Notes ....................................
7
Bolivia
2024
4.600%
20
41
BOB 4.300% Notes ....................................
7
Bolivia
2029
4.300%
13
15
BOB 4.700% Notes ....................................
7
Bolivia
2024
4.700%
10
21
BOB 5.300% Notes ....................................
7
Bolivia
2026
5.300%
6
8
BOB 5.000% Notes ....................................
7
Bolivia
2026
5.000%
42
48
BOB 6.000% Notes ....................................
7
Bolivia
2028
6.000%
57
\u2014
UNE Bond 2 (tranches A and B) ................
8
Colombia
2023
CPI (ii) + 4.76%
\u2014
31
UNE Bond 3 (tranche A) ............................
8
Colombia
2024
\u00a0 +9.35%
42
33
UNE Bond 3 (tranche B) ............................
8
Colombia
2026
CPI (ii) + 4.15%
66
53
UNE Bond 3 (tranche C) ............................
8
Colombia
2036
CPI (ii) + 4.89%
33
26
UNE Bond 6.600% .....................................
8
Colombia
2030
6.600%
39
31
UNE Bond 4 (tranche A) ............................
8
Colombia
2028
5.560%
30
24
UNE Bond 4 (tranche B) ............................
8
Colombia
2031
CPI (ii) +2.61%
74
59
UNE Bond 4 (tranche C) ............................
8
Colombia
2036
CPI (ii) + 3.18%
22
18
UNE Bond 7 (tranche A) ............................
8
Colombia
2026
CPI + 8.10%
3
\u2014
UNE Bond 7 (tranche B) ............................
8
Colombia
2027
CPI + 8.25%
4
\u2014
USD 4.500% Senior Notes .........................
9
Panama
2030
4.500%
575
589
USD 5.125% Senior Notes .........................
10
Guatemala
2032
5.125%
823
870
Total bond financing ..............................
4,750
4,980
(i)STIBOR \u2013 Swedish Interbank Offered Rate.
(ii)CPI - Colombian Consumer Price Index
Luxembourg
(1)SEK Notes
In May 2019, MIC S.A. completed its offering of a SEK 2 billion floating rate senior unsecured sustainability bond due 2024 (the \"2024
SEK bond\"). The bond carried a floating coupon of 3-month Stibor+235bps. The Notes were redeemed in full on June 8, 2023 and
cost of issuance fully amortized, accordingly. The 2024 SEK bond was swapped with various banks to hedge its principal and interest
rate exposure, pursuant to which it effectively paid fixed-rate coupons in US dollars between 4.990% and 4.880%. The Group settled
the swaps on the same date for $23 million.
On January 10, 2022, Millicom placed a SEK 2.2\u00a0billion floating rate senior unsecured sustainability bond due on 2027 (the \"2027 SEK
bond\") carrying a floating coupon priced at 3-month Stibor+300bps. Costs of issuance of $2.4\u00a0million is amortized over the five year
life of the bond (the effective interest rate is 3.23%). The 2027 SEK bond is swapped to US dollars to hedge the exchange risk of its
principal and interest payments (see D.1.2.).
(2)\u00a0 \u00a0 \u00a0 (2031) USD 4.500% Senior Notes
On October 19, 2020, MIC S.A. issued $500\u00a0million aggregate principal amount of 4.500% Senior Notes due 2031. The Notes bear
interest at 4.500% p.a., payable semiannually in arrears on each interest payment date. Proceeds were used to early redeem MIC
S.A.'s\u00a0 $500\u00a0million 6.000% Senior Notes due 2025. Costs of issuance of $5.5\u00a0million is amortized over the eleven-year life of the notes
(the effective interest rate is 4.800%).
On September 22, 2021, Millicom announced the early participation exchange results from its offer dated September 8, 2021;
$302.1\u00a0million of the 6.625% Notes due 2026 were exchanged for $307.5\u00a0million of the 4.5% Notes due 2031 (at 101.812% exchange
ratio). The gain of $15\u00a0million, derived from applying the \"modification accounting\" under IFRS 9 to this exchange, has been
recorded under \"Interest and other financial income\" in the statement of income during the year ended December 31, 2021.
Transaction costs attributable to this exchange amount to approximately $4\u00a0million and are amortized over the remaining life of the
Notes due 2031.
In November and December 2023, Millicom repurchased some of the 2031 USD 4.500% Senior Notes on the open market for a total
amount of $12 million. The difference with their carrying value of $16 million has been recognized as financial income. The
corresponding Notes have subsequently been cancelled.
(3)(2026) USD 6.625% Senior Notes
In October 2018, MIC S.A. issued $500 million aggregate principal amount of 6.625% Senior Notes due 2026. The Notes bear interest
at 6.625% p.a., payable semiannually in arrears on each interest payment date. Proceeds were used to finance Cable Onda\u2019s
acquisition. Costs of issuance of $6 million were amortized over the eight -year life of the notes (the effective interest rate is 6.750%).
As aforementioned, $302.1\u00a0million of the 6.625% Notes due 2026 were exchanged during 2021 for $307.5\u00a0million of newly issued
4.5% Notes due 2031.
On February 22, 2021, Millicom redeemed 10% of the principal outstanding of its Notes due 2026, 2028 and 2029 at a price of 103%.
This redemption followed Millicom\u2019s announcement dated February 11, 2021. Total consideration of approximately $180\u00a0million was
funded from cash, consistent with the Company's decision to prioritize debt reduction. The redemption premium of $5\u00a0million and
the accelerated amortization of the upfront costs of $3\u00a0million, have been recorded in the line \"Interest and other financial expenses\"
in the statement of income during the year ended December 31, 2021.
(4)(2029) USD 6.250% Senior Notes
In March 2019, MIC S.A. issued $750 million of\u00a0 6.250% notes due 2029. The notes bear interest at 6.250% p.a., payable semi-annually
in arrears on March 25 and September 25 of each year, starting on September 25, 2019. The net proceeds were used to finance, in
part, the completed Telef\u00f3nica CAM Acquisitions. Costs of issuance of\u00a0 $8.2 million are amortized over the ten-year life of the notes
(the effective interest rate is 6.360%). On February 22, 2021, Millicom redeemed 10% of the principal outstanding of its Notes due
2026, 2028 and 2029 at a price of 103%. See above.
(5)(2028) USD 5.125% Senior Notes
In September 2017, MIC S.A. issued a $500 million, ten-year bond due January 2028, with an interest rate of 5.125%. Costs of issuance
of $7 million are amortized over the ten year life of the notes (effective interest rate is 5.240%). On February 22, 2021, Millicom
redeemed 10% of the principal outstanding of its Notes due 2026, 2028 and 2029 at a price of 103%. See above.
Paraguay
(6)(2027) USD 5.875% Senior Notes and (2024-2031) PYG Notes
In April 2019, Telef\u00f3nica Celular del Paraguay S.A.E. (Telecel) issued $300 million 5.875% senior notes due 2027. The notes bear
interest at 5.875% p.a., payable semi-annually in arrears on April 15 and October 15 of each year, starting on October 15, 2019. The
net proceeds were used to finance the repurchase of the Telecel 6.750% 2022 notes. Costs of issuance of $4 million are amortized
over the eight-year life of the notes (the effective interest rate is 6.04%). On January 28, 2020, Telecel issued at a premium
$250\u00a0million of 5.875% Senior Notes due 2027 (the \"New Notes\"), representing an additional issuance from the Senior Notes
described above. The New Notes are treated as a single class with the initial notes, and were priced at 106.375% for an implied yield
to maturity of 4.817%. The corresponding $15\u00a0million premium received is\u00a0 amortized over the Senior Notes maturity. On November
4, 2022, Telecel announced a tender offer (early tender consideration for $927.5 for each $1,000 principal amount of notes) to
purchase for cash up to $55\u00a0million in aggregate principal amount of the Senior Notes. On November 20, 2022, Telecel announced
that approximately $47\u00a0million in principal amount of the mentioned Notes, have been accepted and settled on November 21, 2022.
Late tender expired on December 6, 2022 with no further tendered Notes. Total consideration amounted to approximately
$44\u00a0million with a net financial income impact of $3\u00a0million given the Notes were repurchased below their par value.
In May 2020, Telef\u00f3nica Celular del Paraguay, S.A.E.. completed the acquisition of another Millicom subsidiary in Paraguay - Mobile
Cash Paraguay S.A , and further on June 30, 2020,\u00a0 the acquisition of Servicios y Productos Multimedios S.A.. Effective as of those
dates, these new entities now form part of the borrower's group for the purposes of the $550\u00a0million 5.875% Senior Notes due 2027
issued by Telef\u00f3nica Celular del Paraguay, S.A.E.. In addition, as of July 7, 2020 Servicios y Productos Multimedios S.A. became
guarantor of the 5.875% Notes due 2027.
Between June 2019 and February 2020, Telecel registered and completed the issuance of a bond program for PYG 300,000\u00a0million
(approximately $41\u00a0million using December 31, 2023 exchange rate) program on the Paraguayan stock market, launched in different
series from 5 years to 10 years.
On October 1, 2021, Telecel\u00a0 issued another PYG 400,000\u00a0million bond (approximately $54\u00a0million using December 31, 2023
exchange rate) in three series with fixed interest rates between 6% to 7.5% and a repayment period from 5 to 10 years.
Bolivia
(7)BOB Notes
In November 2015,\u00a0 Telef\u00f3nica Celular de Bolivia S.A. issued a BOB 696 million (approximately $100 million) of notes in two series,
series A for BOB 104.4 million (approximately $15 million), with a fixed annual interest rate of 4.050%, maturing in August 2020 and
series B for BOB 591.6 million (approximately $85 million) with a fixed annual interest rate of 4.850%, maturing in August 2023. The
bond has coupon with interest payable semi-annually in arrears in March and September during the first two years, thereafter each
February and August. The effective interest rate is 4.840% . These bonds are listed on the Bolivia Stock Exchange. In January 2023,
Telef\u00f3nica Celular de Bolivia S.A. fully repaid the 4.850% notes which were due in August 2023.
In August 2016, Telef\u00f3nica Celular de Bolivia S.A. issued a new bond for a total amount of BOB 522 million consisting of two tranches
(approximately $50 million and $25 million, respectively). Tranche A\u00a0 and B bear fixed interest at 3.950% and 4.300%, and will mature
in June 2024 and June 2029, respectively. These bonds are listed on the Bolivia Stock Exchange.
In October 2017, Telef\u00f3nica Celular de Bolivia S.A placed approximately $80 million of local currency bonds in three tranches, which
mature in 2022, 2024 and 2026 with a 4.300% , 4.700% and 5.300% respectively. These bonds are listed on the Bolivia Stock
Exchange.
In July 2019 Telef\u00f3nica Celular de Bolivia S.A issued two bonds one for\u00a0 BOB 420 million (approximately $61 million) with a 5.000%
coupon maturing on August 2026 and\u00a0 another one for BOB 280 million (approximately $40 million) with a 4.600% coupon maturing
on August 2024. Interest payments are semiannual and both bonds are listed on the Bolivia Stock Exchange.
In December 2020, Telef\u00f3nica Celular de Bolivia S.A. issued BOB 345\u00a0million (approximately $50\u00a0million) senior notes which were
priced at 5.800% due in 2026.
In November 2023, Tigo Bolivia issued a 6.00%\u00a0 local bond for an amount of BOB 387.5m (approximately $56\u00a0million at the time of
the transaction) which is due in July 2028 to refinance some debt repayments, finance capex and general corporate purposes.
Colombia
(8)UNE Bonds
In May 2011, UNE EPM Telecomunicaciones S.A. (\"UNE\") issued a COP300 billion (approximately $126 million) bond consisting of two
equal tranches with five and twelve-year maturities. Interest rates are variable and depend on the tranche. Tranche A had variable
interest, based on CPI, in Colombian peso and paid in Colombian peso. Tranche B bears variable interest, based on CPI, in Colombian
peso and paid in Colombian peso. UNE applied the proceeds to finance its investment plan. Tranche A matured in October 2016 and
tranche B was repaid in December 2023.
In May 2016, UNE issued a COP540 billion bond (approximately $176 million) consisting of three tranches (approximately $52
million, $83 million and $41 million respectively). Interest rates are either fixed or variable depending on the tranche. Tranche A
bears fixed interest at 9.350%, while tranche B and C bear variable interest, based on CPI, (respective margins of CPI + 4.150% and
CPI + 4.890%), in Colombian peso. UNE applied the proceeds to finance its investment plan and repay one bond (COP150 billion
tranche). Tranches A, B and C will mature in May 2024, May 2026 and May 2036, respectively.
In March 2020, UNE\u00a0 issued local bonds for an amount of COP 150\u00a0billion (approximately $44\u00a0million) to repay an existing bond for
the same value, with a 6.600% fixed rate for 10 years.
On February 16, 2021, UNE issued under the approved local bond program, a COP 485,680\u00a0million bond (approximately $138\u00a0million
using the transaction date exchange rate) with 3 maturities; Series 7 years at 5.56% fixed rate, Series 10 years at CPI plus 2.61% and
Series 15 years at CPI plus 3.18% margin. With the aim to improve UNE\u2019s natural hedge against local currency, the bond proceeds
were used on March 26, 2021 to partially repay 50% of the $300\u00a0million syndicated loan of Colombia Movil S.A. (originally due in
December 2024).
On January 5, 2023, UNE issued a COP230\u00a0billion (approximately $50\u00a0million at the time of the transaction) bond consisting of two
tranches with three and four and a half-year maturities. Interest rates are variable, based on CPI + a margin, and interest is payable in
Colombian peso.
On August 28, 2023, Millicom designated UNE, Colombia M\u00f3vil S.A. E.S.P., Edatel S.A. E.S.P., Orbitel Servicios Internacionales S.A.S.,
Cinco Telecom Corp., Inversiones Telco S.A.S. and Emtelco S.A.S. (collectively, the \u201cColombia Unrestricted Subsidiaries\u201d), which are
the entities constituting its Colombian operations as \u201cUnrestricted Subsidiaries\u201d under the 4.500% Notes, the 6.625% Notes, the
5.125% Notes,\u00a0 the 6.250% Notes, the SEK Bond, COP Bond\u00a0 and several of its financing agreements (see note G.6.)
Panama
(9) Cable Onda Bonds
In November 2019, Cable Onda issued $600 million aggregate principal amount of 4.500% senior notes due 2030 payable in U.S.
dollars, registered with the Superintendencia del Mercado de Valores de Panam\u00e1 and listed on the Luxembourg Stock Exchange and
on the Panam\u00e1 Stock Exchange.\u00a0The Notes bear interest from November 1, 2019 at a rate of 4.500% per annum, payable on January
30, 2020, for the first payment and thereafter semiannually in arrears on each interest payment date. The proceeds were used to
fund the Panama Acquisition and to refinance certain local financing. Costs of issuance of $16 million, which include an original issue
discount (OID) is amortized over the ten-year life of the notes (the effective interest rate is 4.690%).
In December 2023, Cable Onda repurchased some of these Senior notes on the open market for a total amount of $13 million. The
difference with their carrying value of $16 million has been recognized as a financial income. The corresponding Notes have
subsequently been cancelled.
Guatemala
(10)(2032) USD 5.125% Senior Notes
On January 27, 2022, the Group's principal subsidiary in Guatemala, Comunicaciones Celulares, S.A. (\"Comcel\"), completed the
issuance of 10-year $900\u00a0million Senior Notes with a coupon of 5.125% per annum. The proceeds from this bond were used to repay
a significant portion of the bridge financing that was used to fund the acquisition of the remaining 45% equity interest in the Tigo
Guatemala operations (see note A.1.2.).
On November 4, 2022, Comcel announced a tender offer (early tender consideration for $822.5 for each $1,000 principal amount of
notes) to purchase for cash up to $90\u00a0million in aggregate principal amount of the Senior Notes. On November 20, 2022, Comcel
announced that approximately $19\u00a0million in principal amount of the mentioned Notes, have been accepted and settled on
November 21, 2022. Late tender expired on December 6, 2022 with no further tendered Notes. Total consideration amounted to
approximately $16\u00a0million with a net financial income impact of $3\u00a0million given the Notes were repurchased below their par value.
In November and December 2023, Comcel repurchased some of these Senior Notes on the open market for a total amount of $42
million . The difference with their carrying value of $49 million has been recognized as financial income. The corresponding Notes
have subsequently been cancelled.
C.3.2. Bank and Development Financial Institution financing
Note
Country
Maturity range
Interest rate
2023
2022
(US$ millions)
Fixed rate loans
PYG Long-term loans .......................................
1
Paraguay
2023-2028
Fixed
63
76
USD - Long-term loans .....................................
2
Panama
2025-2026
Fixed
185
185
BOB Long-term loans .......................................
3
Bolivia
2023-2028
Fixed
62
64
GTQ Long-term loans .......................................
8
Guatemala
2023-2030
Fixed
640
595
Variable rate loans
USD Long-term loans .......................................
4
Costa Rica
2026
Variable
32
32
CRC Long-term loans .......................................
4
Costa Rica
2026
Variable
110
96
COP Long-term loans .......................................
5
Colombia
2025-2031
Variable
331
280
USD Long-term loans .......................................
5
Colombia
2024
Variable
50
50
USD Credit Facility / Senior Unsecured Term
Loan Facility ......................................................
6
El Salvador
2026-2027
Variable
174
173
USD Long-term loans .......................................
6
Nicaragua
2027
Variable
148
147
USD Revolving Credit Facility(i) .......................
7
Luxembourg
2025
Variable
(2)
(3)
USD DNB Bilateral .............................................
7
Luxembourg
2026
Variable
100
99
Total Bank and Development Financial
Institution financing ......................................
1,891
1,794
(i) Relates to the amortized costs of the undrawn RCF that the Company entered into in October 2020 - see point 7 below.
Below are some further details on the facilities disclosed in the table above. When applicable, local currency amounts are translated
in USD using the exchange rate at the time of obtaining them.
1. Paraguay
In July 2018, Telef\u00f3nica Celular del Paraguay S.A.E. executed a seven-year loan with Regional Bank for PYG 115,000 million
(approximately $18 million) with a final maturity in 2025.
In January 2019, Telef\u00f3nica Celular del Paraguay S.A.E. obtained a seven-year loan from BBVA Bank for PYG 177,000 million
(approximately $29\u00a0million at the date of the transaction) which is due on November, 26, 2025.
In September 2019, Telef\u00f3nica Celular del Paraguay S.A.E. executed an amended and restated agreement with Banco Continental
S.A.E.C.A.,\u00a0 to consolidate three existing loans, for a PYG 370,000 million (approximately $57 million). The new loan has a maturity of
7 years.
In December 2020, Telecel executed a credit agreement with Banco Continental S.A.E.C.A for PYG 200,000 million (approximately
$29\u00a0million) with a duration of 2.5 years. Main aim was to refinance outstanding bank loans with maturities from 2021 to 2025.
In December 2021, Telecel entered into a new loan of PYG 50,000\u00a0million (approximately $7\u00a0million) with GNB to refinance an
outstanding bank loan with Banco Ita\u00fa. This loan bears fixed interest and will mature in 2024.
2. Panama
In August 2019,\u00a0 Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.) entered into two credit agreements, one with Banco
Nacional de Panama S.A , for $75 million which bears a fixed interest and has a 5 year duration and another one with the Bank of
Nova Scotia (Sucursal Panama) for $75 million with a fixed interest and a five year duration to finance and refinance working capital
and capital expenditures. In October 2020 and September 2021, the $75\u00a0million credit agreement with Banco Nacional de Panama
S.A. has been early repaid. On July 29th, 2022 the $75\u00a0million loan with The Bank of Nova Scotia was repaid.
In December 2020, Telecomunicaciones Digitales, S.A. executed a credit agreement with Bank of Nova Scotia with a 60 month
duration for\u00a0 $110\u00a0million divided into 2 tranches. Tranche A ($85\u00a0million) was disbursed on December\u00a0 2020 to partially recall the
Local Bond ($85\u00a0million) and Tranche B ($25\u00a0million) was disbursed on March 1, 2021.
On August 31, 2021, Telecomunicaciones Digitales, S.A. executed an agreement with Bank of Scotia for $75\u00a0million at a fixed rate.
The facility was used to repay Cable Onda's remaining balance under the 5.75% local bond, which was initially due on September 3,
2025.
3. Bolivia
In June 2018, Telef\u00f3nica Celular de Bolivia S.A. (\"Tigo Bolivia\") entered into a two tranche loan agreement with Banco BISA S.A\u00a0 for\u00a0
BOB 69.6 million (approximately $10 million) each, with a fixed interest rate. The loans have a term of 7 years.
In November 2019, they executed a new loan with Banco de Cr\u00e9dito de Bolivia S.A for Bs. 78 million (approximately $11 million), with
semiannual payments and a fixed interest rate. The loan has a term of 4 years.
In October 2021, Tigo Bolivia signed additional credit facilities for a total amount of approximately $26\u00a0million with a repayment
period between 2.5 and 5 years and bearing fixed interest rate.
In July 2022, Tigo Bolivia signed two new loan agreements for a total amount of approximately $8\u00a0million and a repayment period of
five years, bearing fixed interest rate.
In February and August 2023, Tigo Bolivia signed a total of seven new bank loan agreements in local currency, all bearing fixed
interest rates, for a corresponding total amount of approximately $53\u00a0million, and a repayment period between 1 and 5 years. The
proceeds were used to refinance certain local financing. Out of these, approximately $20\u00a0million are guaranteed by stand-by letters
of credit which were issued by Banco Latinoamericano de Comercio Exterior - Bladex S.A..
4. Costa Rica
On October 25, 2021, Millicom Cable Costa Rica S.A. executed new syndicated loan entered into by the Company and Millicom Cable
Costa Rica as co-borrowers for an amount of $125\u00a0million. This loan has 2 tranches, a USD $33\u00a0million tranche with a SOFR+ margin
and a local currency tranche at TBP+margin\u00a0 for an amount equivalent to $92\u00a0million.
5. Colombia
On December 14, 2021, UNE EPM Telecomunicaciones S.A. entered into an ESG Linked agreement with Bancolombia for a COP
450,000\u00a0million (approximately $94\u00a0million at the December 31, 2023 exchange rate) loan with a variable rate\u00a0 and a maturity of 7
years.
On December 20, 2019, the Group's operation in Colombia executed an amendment to the $300 million loan between Colombia
M\u00f3vil S.A. E.S.P. as borrower and UNE EPM Telecomunicaciones S.A., as guarantor with a consortium of banks to extend the maturity
for 5 years (now due on December 20, 2024) and lower the applicable margin. On March 26, 2021, $150\u00a0million were paid.
On September and November 2020, Colombia executed 4 new cross currency swaps of $25\u00a0million each with Bancolombia, JP
Morgan and BBVA to complete $100\u00a0million and hedge the exposure of a portion of the $300\u00a0million Syndicated Loan Agreement,
fixing the exchange and interest rates (see note D.1.2.).
On January 21, 2022, Colombia Movil S.A. repaid $100\u00a0million of the outstanding amount of the aforementioned Syndicated Loan
Agreement. On January 19, 2022, the respective cross currency swaps with Bancolombia and JP Morgan for $25\u00a0million, each, were
terminated. This resulted in a gain and cash settlement of $26 million (see note D.1.2.).
As of December 31, 2023, there is still $50\u00a0million outstanding under the Syndicated Loan Agreement, which is covered by cross
currency and interest rate swaps.
On October 5, 2022 UNE EPM Telecomunicaciones S.A. entered into a credit loan with Bancolombia for COP 85,000\u00a0million loan
(approximately $18\u00a0million) with a variable rate at Incremental Borrowing Rate +margin and a maturity of 1 year. The loan was
extended to December 2023 when it was fully repaid.
6. El Salvador and Nicaragua
On December 26, 2021, Telemovil El Salvador S.A. (\"Telemovil\") executed a new credit agreement for $100\u00a0million with a 5 year
maturity, which bears a variable interest to refinance the $100\u00a0million loan agreement dated March 23, 2018 with DNB and Nordea,
which was entirely repaid on December 29, 2021. The credit agreement is guaranteed by Millicom.
On September 12, 2022, Telefonia Celular de Nicaragua, S.A. (\"Nicaragua\") and Telemovil entered into a new Credit and Guaranty
Agreement with Bank of Nova Scotia as Administrative Agent and Citigroup and Bladex as Joint Lead Arrangers, and with the
Company as Guarantor for $225\u00a0million Unsecured Term Loan with a 5-year maturity.\u00a0 The allocated portion for Telemovil is
$75\u00a0million and the allocated portion for Nicaragua is $150\u00a0million. The proceeds have been used to partially repay loans with other
companies within the Group.\u00a0 The interest rate for this loan is SOFR based plus a margin.
7. Luxembourg
In October 2020, MICSA. entered into a 5 year, $600\u00a0million ESG-linked revolving credit facility (the \"Facility\") with a syndicate of 11
commercial banks. This facility was not drawdown so far and could be used for financing of working capital or for general corporate
purposes, if needed.
8. Guatemala
In October 2020, Tigo Guatemala executed several credit agreements with Banco Industrial, Banco G&T Continental, Banco de
America Central and Banco Agromercantil for a total amount of GTQ 3,223\u00a0million (approximately $413\u00a0million) for 5 and 7 year term
to refinance other credit agreements to finance and refinance working capital, capital expenditures and general corporate purposes.
On December 9, 2021, the Guatemalan operations entered into the following loan agreements:
\u2022 a GTQ 950\u00a0million loan with Banco Industrial (approximately $123\u00a0million) which bears a fixed interest\u00a0 initially due in
October 2025. In April 2023, the debt maturity was extended to October 31, 2028.
\u2022 two loans for a total of GTQ 500\u00a0million with Banco G&T Continental S.A. (approximately $65\u00a0million) which bear a fixed
interest rate and mature in December 2026.
On March 31, 2022, Comcel executed a new 5-year $150\u00a0million loan agreement with Banco de Desarrollo Rural, S.A.. Proceeds were
disbursed on April 27, 2022 and were used to refinance some of the credit agreements Comcel had with Banco Industrial. In
December 2023, the debt maturity was extended to March, 2028.
On June 13, 2023, Comcel, executed a new 7-year loan with Banco Industrial up to GTQ 400\u00a0million (approximately $51\u00a0million),
bearing a fixed interest rate, mainly to finance the acquisitions of spectrum (refer to E.1..).
Right of set-off and derecognition
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if
there is a currently enforceable legal right to offset the recognized amounts and an intention to settle on a net basis, or to realize the
assets and settle the liabilities simultaneously.
A financial asset (or a part of a financial asset or part of a group of similar financial assets) is derecognized when:
\u2022Rights to receive cash flows from the asset have expired; or
\u2022Rights to receive cash flows from the asset have been transferred to a third party or the Group has retained the contractual
rights to receive the contractual rights to receive the cash flows from the asset, but has assumed a contractual obligation to
pass those cash flows under a \u201cpass-through\u201d arrangement.
When rights to receive cash flows from an asset have been transferred or a pass-through arrangement concluded, an evaluation is
made if and to what extent the risks and rewards of ownership have been retained. When the Group has neither transferred nor
retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the asset is recognized to the
extent of the Group\u2019s continuing involvement in the asset. In that case, the Group also recognizes an associated liability. The
transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has
retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the
original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.
A financial liability is derecognized when the obligation under the liability is discharged or canceled, or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition
of a new liability. The difference in the respective carrying amounts is recognized in the statement of income.
C.6. Net debt and net financing obligations
Net debt
'Net debt' is debt and financial liabilities, including derivative instruments (assets and liabilities), less cash and pledged and time
deposits. In 2023, the definition of Net Debt has changed to include derivative financial instruments in order to have a more
comprehensive view of our financial obligations. 2022 figures have also been represented accordingly.
2023
2022
(US$ millions)
Gross debt (i) ...................................................................................................................................................................
6,678
6,804
Add (less) derivatives & vendor financing related to debt (note D.1.2.) .......................................................................
58
34
Less:
Cash and cash equivalents .............................................................................................................................................
(775)
(1,039)
Pledged deposits ............................................................................................................................................................
(6)
\u2014
Net debt .........................................................................................................................................................................
5,956
5,799
(i) Excluding vendor financing of $18\u00a0million as of December 31, 2023.
Net financing obligations
'Net financing obligations' is Net debt plus lease liabilities.
Assets
Liabilities from financing and other activities
Cash and cash
equivalents
Other
Bond and bank
debt and financing
Derivatives
and Vendor
Financing
Lease
liabilities
Total
Net financial obligations as at January 1,
2022 ................................................................
895
35
7,744
(20)
1,167
7,961
Cash flows .......................................................
179
(35)
(557)
(14)
(157)
(872)
Recognition / Remeasurement ......................
\u2014
\u2014
\u2014
\u2014
251
251
Interest accretion ............................................
\u2014
\u2014
9
\u2014
\u2014
9
Foreign exchange movements ......................
(11)
\u2014
(197)
69
(63)
(181)
Transfers to/from assets held for sale ............
(24)
\u2014
(189)
\u2014
(184)
(349)
Transfers ..........................................................
\u2014
\u2014
1
\u2014
2
4
Other non-cash movements ..........................
\u2014
\u2014
(8)
\u2014
\u2014
(8)
Net financial obligations as at December
31, 2022 ..........................................................
1,039
\u2014
6,804
34
1,016
6,814
Cash flows .......................................................
(270)
5
(288)
14
(177)
(185)
Recognition / Remeasurement ......................
\u2014
\u2014
\u2014
\u2014
142
142
Interest accretion ............................................
\u2014
\u2014
(1)
\u2014
\u2014
(1)
Foreign exchange movements ......................
6
\u2014
163
10
61
229
Net financial obligations as at December
31, 2023 ..........................................................
775
6
6,678
58
1,043
6,999
D.1.1. Fixed and floating rate debt
Financing at December 31, 2023\u00a0
Amounts due within:
1 year
1\u20132 years
2\u20133 years
3\u20134 years
4\u20135 years
>5 years
Total
(US$ millions)
Fixed rate financing ...............
190
369
403
582
855
2,912
5,311
Floating rate financing ..........
12
76
433
420
147
279
1,367
Total(i) ...................................
202
445
836
1,002
1,002
3,191
6,678
Weighted average nominal
interest rate ...........................
6.85%
6.81%
7.93%
6.98%
6.75%
5.83%
6.56%
(i) Excluding vendor financing of $18\u00a0million, due within one year, as of December 31, 2023
Financing at December 31, 2022\u00a0
Amounts due within:
1 year
1\u20132 years
2\u20133 years
3\u20134 years
4\u20135 years
>5 years
Total
(US$ millions)
Fixed rate financing ...............
131
383
501
376
718
3,466
5,574
Floating rate financing ..........
49
12
63
402
404
300
1,230
Total ......................................
180
394
564
777
1,122
3,766
6,804
Weighted average nominal
interest rate ...........................
7.68%
5.71%
6.11%
7.46%
6.49%
5.88%
6.22%
A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2023
would increase or reduce profit before tax from continuing operations f or the year by approximately $14 million (2022: $12 million).
D.2.1. Debt denominated in US dollars and other currencies
Debt denomination at December 31
2023
2022
(US$ millions)
Debt denominated in US dollars ................................................................................................................................
3,859
4,100
Debt denominated in currencies of the following countries:
Guatemala .......................................................................................................................................................................
640
595
Colombia .........................................................................................................................................................................
694
605
Bolivia ..............................................................................................................................................................................
246
260
Paraguay .........................................................................................................................................................................
158
171
El Salvador(i) ...................................................................................................................................................................
174
173
Panama(i) ........................................................................................................................................................................
759
773
Luxembourg (COP denominated) .................................................................................................................................
38
30
Costa Rica ........................................................................................................................................................................
110
96
Total debt denominated in other currencies ............................................................................................................
2,819
2,704
Total debt (ii) .................................................................................................................................................................
6,678
6,804
(i) El Salvador's official unit of currency is the\u00a0U.S.\u00a0dollar, while Panama uses the\u00a0U.S. dollar\u00a0as legal tender. The Group's local debt in both countries is
therefore denominated in U.S. dollars but presented as local currency (LCY).
(ii) Excluding vendor financing of $18\u00a0million in Colombia, due within one year, as of December 31, 2023.
At December 31, 2023, if the US dollar had weakened/strengthened by 10% against the other functional currencies of our operations
and all other variables held constant, then profit before tax from continuing operations would have increased/decreased by $25
million (2022: $20 million). This increase/decrease in profit before tax would have mainly been as a result of the conversion of the
USD-denominated net debts in our operations with functional currencies other than the US dollar.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-688": { "value": "
C.3.1. Bond financing
Bond financing
Note
Country
Maturity
Interest Rate %
2023
2022
(US$ millions)
SEK Variable Rate Notes ............................
1
Luxembourg
2024
STIBOR (i) + 2.350%
\u2014
191
SEK Variable Rate Notes ............................
1
Luxembourg
2027
STIBOR (i) + 3.000%
222
214
USD 4.500% Senior Notes .........................
2
Luxembourg
2031
4.500%
766
779
USD 6.625% Senior Notes .........................
3
Luxembourg
2026
6.625%
147
147
USD 6.250% Senior Notes .........................
4
Luxembourg
2029
6.250%
671
670
USD 5.125% Senior Notes .........................
5
Luxembourg
2028
5.125%
446
446
USD 5.875% Senior Notes .........................
6
Paraguay
2027
5.875%
507
508
PYG 8.750% Notes (tranche A) .................
6
Paraguay
2024
8.750%
16
16
PYG 9.250% Notes (tranche B) ..................
6
Paraguay
2026
9.250%
7
7
PYG 10.000% Notes (tranche C) ...............
6
Paraguay
2029
10.000%
9
9
PYG 9.250% Notes (tranche D) .................
6
Paraguay
2026
9.250%
1
1
PYG 10.000% Notes (tranche E) ................
6
Paraguay
2029
10.000%
3
3
PYG 9.250% Notes (tranche F) ..................
6
Paraguay
2027
9.250%
2
2
PYG 10.000% Notes (tranche G) ...............
6
Paraguay
2030
10.000%
3
3
PYG 6.000% Notes (tranche H) .................
6
Paraguay
2026
6.000%
13
13
PYG 6.700% Notes (tranche I) ...................
6
Paraguay
2028
6.700%
20
19
PYG 7.500% Notes (tranche J) ..................
6
Paraguay
2031
7.500%
22
22
BOB 5.800% Notes ....................................
7
Bolivia
2026
5.800%
29
35
BOB 4.850% Notes ....................................
7
Bolivia
2023
4.850%
\u2014
14
BOB 3.950% Notes ....................................
7
Bolivia
2024
3.950%
7
14
BOB 4.600% Notes ....................................
7
Bolivia
2024
4.600%
20
41
BOB 4.300% Notes ....................................
7
Bolivia
2029
4.300%
13
15
BOB 4.700% Notes ....................................
7
Bolivia
2024
4.700%
10
21
BOB 5.300% Notes ....................................
7
Bolivia
2026
5.300%
6
8
BOB 5.000% Notes ....................................
7
Bolivia
2026
5.000%
42
48
BOB 6.000% Notes ....................................
7
Bolivia
2028
6.000%
57
\u2014
UNE Bond 2 (tranches A and B) ................
8
Colombia
2023
CPI (ii) + 4.76%
\u2014
31
UNE Bond 3 (tranche A) ............................
8
Colombia
2024
\u00a0 +9.35%
42
33
UNE Bond 3 (tranche B) ............................
8
Colombia
2026
CPI (ii) + 4.15%
66
53
UNE Bond 3 (tranche C) ............................
8
Colombia
2036
CPI (ii) + 4.89%
33
26
UNE Bond 6.600% .....................................
8
Colombia
2030
6.600%
39
31
UNE Bond 4 (tranche A) ............................
8
Colombia
2028
5.560%
30
24
UNE Bond 4 (tranche B) ............................
8
Colombia
2031
CPI (ii) +2.61%
74
59
UNE Bond 4 (tranche C) ............................
8
Colombia
2036
CPI (ii) + 3.18%
22
18
UNE Bond 7 (tranche A) ............................
8
Colombia
2026
CPI + 8.10%
3
\u2014
UNE Bond 7 (tranche B) ............................
8
Colombia
2027
CPI + 8.25%
4
\u2014
USD 4.500% Senior Notes .........................
9
Panama
2030
4.500%
575
589
USD 5.125% Senior Notes .........................
10
Guatemala
2032
5.125%
823
870
Total bond financing ..............................
4,750
4,980
(i)STIBOR \u2013 Swedish Interbank Offered Rate.
(ii)CPI - Colombian Consumer Price Index
Luxembourg
(1)SEK Notes
In May 2019, MIC S.A. completed its offering of a SEK 2 billion floating rate senior unsecured sustainability bond due 2024 (the \"2024
SEK bond\"). The bond carried a floating coupon of 3-month Stibor+235bps. The Notes were redeemed in full on June 8, 2023 and
cost of issuance fully amortized, accordingly. The 2024 SEK bond was swapped with various banks to hedge its principal and interest
rate exposure, pursuant to which it effectively paid fixed-rate coupons in US dollars between 4.990% and 4.880%. The Group settled
the swaps on the same date for $23 million.
On January 10, 2022, Millicom placed a SEK 2.2\u00a0billion floating rate senior unsecured sustainability bond due on 2027 (the \"2027 SEK
bond\") carrying a floating coupon priced at 3-month Stibor+300bps. Costs of issuance of $2.4\u00a0million is amortized over the five year
life of the bond (the effective interest rate is 3.23%). The 2027 SEK bond is swapped to US dollars to hedge the exchange risk of its
principal and interest payments (see D.1.2.).
(2)\u00a0 \u00a0 \u00a0 (2031) USD 4.500% Senior Notes
On October 19, 2020, MIC S.A. issued $500\u00a0million aggregate principal amount of 4.500% Senior Notes due 2031. The Notes bear
interest at 4.500% p.a., payable semiannually in arrears on each interest payment date. Proceeds were used to early redeem MIC
S.A.'s\u00a0 $500\u00a0million 6.000% Senior Notes due 2025. Costs of issuance of $5.5\u00a0million is amortized over the eleven-year life of the notes
(the effective interest rate is 4.800%).
On September 22, 2021, Millicom announced the early participation exchange results from its offer dated September 8, 2021;
$302.1\u00a0million of the 6.625% Notes due 2026 were exchanged for $307.5\u00a0million of the 4.5% Notes due 2031 (at 101.812% exchange
ratio). The gain of $15\u00a0million, derived from applying the \"modification accounting\" under IFRS 9 to this exchange, has been
recorded under \"Interest and other financial income\" in the statement of income during the year ended December 31, 2021.
Transaction costs attributable to this exchange amount to approximately $4\u00a0million and are amortized over the remaining life of the
Notes due 2031.
In November and December 2023, Millicom repurchased some of the 2031 USD 4.500% Senior Notes on the open market for a total
amount of $12 million. The difference with their carrying value of $16 million has been recognized as financial income. The
corresponding Notes have subsequently been cancelled.
(3)(2026) USD 6.625% Senior Notes
In October 2018, MIC S.A. issued $500 million aggregate principal amount of 6.625% Senior Notes due 2026. The Notes bear interest
at 6.625% p.a., payable semiannually in arrears on each interest payment date. Proceeds were used to finance Cable Onda\u2019s
acquisition. Costs of issuance of $6 million were amortized over the eight -year life of the notes (the effective interest rate is 6.750%).
As aforementioned, $302.1\u00a0million of the 6.625% Notes due 2026 were exchanged during 2021 for $307.5\u00a0million of newly issued
4.5% Notes due 2031.
On February 22, 2021, Millicom redeemed 10% of the principal outstanding of its Notes due 2026, 2028 and 2029 at a price of 103%.
This redemption followed Millicom\u2019s announcement dated February 11, 2021. Total consideration of approximately $180\u00a0million was
funded from cash, consistent with the Company's decision to prioritize debt reduction. The redemption premium of $5\u00a0million and
the accelerated amortization of the upfront costs of $3\u00a0million, have been recorded in the line \"Interest and other financial expenses\"
in the statement of income during the year ended December 31, 2021.
(4)(2029) USD 6.250% Senior Notes
In March 2019, MIC S.A. issued $750 million of\u00a0 6.250% notes due 2029. The notes bear interest at 6.250% p.a., payable semi-annually
in arrears on March 25 and September 25 of each year, starting on September 25, 2019. The net proceeds were used to finance, in
part, the completed Telef\u00f3nica CAM Acquisitions. Costs of issuance of\u00a0 $8.2 million are amortized over the ten-year life of the notes
(the effective interest rate is 6.360%). On February 22, 2021, Millicom redeemed 10% of the principal outstanding of its Notes due
2026, 2028 and 2029 at a price of 103%. See above.
(5)(2028) USD 5.125% Senior Notes
In September 2017, MIC S.A. issued a $500 million, ten-year bond due January 2028, with an interest rate of 5.125%. Costs of issuance
of $7 million are amortized over the ten year life of the notes (effective interest rate is 5.240%). On February 22, 2021, Millicom
redeemed 10% of the principal outstanding of its Notes due 2026, 2028 and 2029 at a price of 103%. See above.
Paraguay
(6)(2027) USD 5.875% Senior Notes and (2024-2031) PYG Notes
In April 2019, Telef\u00f3nica Celular del Paraguay S.A.E. (Telecel) issued $300 million 5.875% senior notes due 2027. The notes bear
interest at 5.875% p.a., payable semi-annually in arrears on April 15 and October 15 of each year, starting on October 15, 2019. The
net proceeds were used to finance the repurchase of the Telecel 6.750% 2022 notes. Costs of issuance of $4 million are amortized
over the eight-year life of the notes (the effective interest rate is 6.04%). On January 28, 2020, Telecel issued at a premium
$250\u00a0million of 5.875% Senior Notes due 2027 (the \"New Notes\"), representing an additional issuance from the Senior Notes
described above. The New Notes are treated as a single class with the initial notes, and were priced at 106.375% for an implied yield
to maturity of 4.817%. The corresponding $15\u00a0million premium received is\u00a0 amortized over the Senior Notes maturity. On November
4, 2022, Telecel announced a tender offer (early tender consideration for $927.5 for each $1,000 principal amount of notes) to
purchase for cash up to $55\u00a0million in aggregate principal amount of the Senior Notes. On November 20, 2022, Telecel announced
that approximately $47\u00a0million in principal amount of the mentioned Notes, have been accepted and settled on November 21, 2022.
Late tender expired on December 6, 2022 with no further tendered Notes. Total consideration amounted to approximately
$44\u00a0million with a net financial income impact of $3\u00a0million given the Notes were repurchased below their par value.
In May 2020, Telef\u00f3nica Celular del Paraguay, S.A.E.. completed the acquisition of another Millicom subsidiary in Paraguay - Mobile
Cash Paraguay S.A , and further on June 30, 2020,\u00a0 the acquisition of Servicios y Productos Multimedios S.A.. Effective as of those
dates, these new entities now form part of the borrower's group for the purposes of the $550\u00a0million 5.875% Senior Notes due 2027
issued by Telef\u00f3nica Celular del Paraguay, S.A.E.. In addition, as of July 7, 2020 Servicios y Productos Multimedios S.A. became
guarantor of the 5.875% Notes due 2027.
Between June 2019 and February 2020, Telecel registered and completed the issuance of a bond program for PYG 300,000\u00a0million
(approximately $41\u00a0million using December 31, 2023 exchange rate) program on the Paraguayan stock market, launched in different
series from 5 years to 10 years.
On October 1, 2021, Telecel\u00a0 issued another PYG 400,000\u00a0million bond (approximately $54\u00a0million using December 31, 2023
exchange rate) in three series with fixed interest rates between 6% to 7.5% and a repayment period from 5 to 10 years.
Bolivia
(7)BOB Notes
In November 2015,\u00a0 Telef\u00f3nica Celular de Bolivia S.A. issued a BOB 696 million (approximately $100 million) of notes in two series,
series A for BOB 104.4 million (approximately $15 million), with a fixed annual interest rate of 4.050%, maturing in August 2020 and
series B for BOB 591.6 million (approximately $85 million) with a fixed annual interest rate of 4.850%, maturing in August 2023. The
bond has coupon with interest payable semi-annually in arrears in March and September during the first two years, thereafter each
February and August. The effective interest rate is 4.840% . These bonds are listed on the Bolivia Stock Exchange. In January 2023,
Telef\u00f3nica Celular de Bolivia S.A. fully repaid the 4.850% notes which were due in August 2023.
In August 2016, Telef\u00f3nica Celular de Bolivia S.A. issued a new bond for a total amount of BOB 522 million consisting of two tranches
(approximately $50 million and $25 million, respectively). Tranche A\u00a0 and B bear fixed interest at 3.950% and 4.300%, and will mature
in June 2024 and June 2029, respectively. These bonds are listed on the Bolivia Stock Exchange.
In October 2017, Telef\u00f3nica Celular de Bolivia S.A placed approximately $80 million of local currency bonds in three tranches, which
mature in 2022, 2024 and 2026 with a 4.300% , 4.700% and 5.300% respectively. These bonds are listed on the Bolivia Stock
Exchange.
In July 2019 Telef\u00f3nica Celular de Bolivia S.A issued two bonds one for\u00a0 BOB 420 million (approximately $61 million) with a 5.000%
coupon maturing on August 2026 and\u00a0 another one for BOB 280 million (approximately $40 million) with a 4.600% coupon maturing
on August 2024. Interest payments are semiannual and both bonds are listed on the Bolivia Stock Exchange.
In December 2020, Telef\u00f3nica Celular de Bolivia S.A. issued BOB 345\u00a0million (approximately $50\u00a0million) senior notes which were
priced at 5.800% due in 2026.
In November 2023, Tigo Bolivia issued a 6.00%\u00a0 local bond for an amount of BOB 387.5m (approximately $56\u00a0million at the time of
the transaction) which is due in July 2028 to refinance some debt repayments, finance capex and general corporate purposes.
Colombia
(8)UNE Bonds
In May 2011, UNE EPM Telecomunicaciones S.A. (\"UNE\") issued a COP300 billion (approximately $126 million) bond consisting of two
equal tranches with five and twelve-year maturities. Interest rates are variable and depend on the tranche. Tranche A had variable
interest, based on CPI, in Colombian peso and paid in Colombian peso. Tranche B bears variable interest, based on CPI, in Colombian
peso and paid in Colombian peso. UNE applied the proceeds to finance its investment plan. Tranche A matured in October 2016 and
tranche B was repaid in December 2023.
In May 2016, UNE issued a COP540 billion bond (approximately $176 million) consisting of three tranches (approximately $52
million, $83 million and $41 million respectively). Interest rates are either fixed or variable depending on the tranche. Tranche A
bears fixed interest at 9.350%, while tranche B and C bear variable interest, based on CPI, (respective margins of CPI + 4.150% and
CPI + 4.890%), in Colombian peso. UNE applied the proceeds to finance its investment plan and repay one bond (COP150 billion
tranche). Tranches A, B and C will mature in May 2024, May 2026 and May 2036, respectively.
In March 2020, UNE\u00a0 issued local bonds for an amount of COP 150\u00a0billion (approximately $44\u00a0million) to repay an existing bond for
the same value, with a 6.600% fixed rate for 10 years.
On February 16, 2021, UNE issued under the approved local bond program, a COP 485,680\u00a0million bond (approximately $138\u00a0million
using the transaction date exchange rate) with 3 maturities; Series 7 years at 5.56% fixed rate, Series 10 years at CPI plus 2.61% and
Series 15 years at CPI plus 3.18% margin. With the aim to improve UNE\u2019s natural hedge against local currency, the bond proceeds
were used on March 26, 2021 to partially repay 50% of the $300\u00a0million syndicated loan of Colombia Movil S.A. (originally due in
December 2024).
On January 5, 2023, UNE issued a COP230\u00a0billion (approximately $50\u00a0million at the time of the transaction) bond consisting of two
tranches with three and four and a half-year maturities. Interest rates are variable, based on CPI + a margin, and interest is payable in
Colombian peso.
On August 28, 2023, Millicom designated UNE, Colombia M\u00f3vil S.A. E.S.P., Edatel S.A. E.S.P., Orbitel Servicios Internacionales S.A.S.,
Cinco Telecom Corp., Inversiones Telco S.A.S. and Emtelco S.A.S. (collectively, the \u201cColombia Unrestricted Subsidiaries\u201d), which are
the entities constituting its Colombian operations as \u201cUnrestricted Subsidiaries\u201d under the 4.500% Notes, the 6.625% Notes, the
5.125% Notes,\u00a0 the 6.250% Notes, the SEK Bond, COP Bond\u00a0 and several of its financing agreements (see note G.6.)
Panama
(9) Cable Onda Bonds
In November 2019, Cable Onda issued $600 million aggregate principal amount of 4.500% senior notes due 2030 payable in U.S.
dollars, registered with the Superintendencia del Mercado de Valores de Panam\u00e1 and listed on the Luxembourg Stock Exchange and
on the Panam\u00e1 Stock Exchange.\u00a0The Notes bear interest from November 1, 2019 at a rate of 4.500% per annum, payable on January
30, 2020, for the first payment and thereafter semiannually in arrears on each interest payment date. The proceeds were used to
fund the Panama Acquisition and to refinance certain local financing. Costs of issuance of $16 million, which include an original issue
discount (OID) is amortized over the ten-year life of the notes (the effective interest rate is 4.690%).
In December 2023, Cable Onda repurchased some of these Senior notes on the open market for a total amount of $13 million. The
difference with their carrying value of $16 million has been recognized as a financial income. The corresponding Notes have
subsequently been cancelled.
Guatemala
(10)(2032) USD 5.125% Senior Notes
On January 27, 2022, the Group's principal subsidiary in Guatemala, Comunicaciones Celulares, S.A. (\"Comcel\"), completed the
issuance of 10-year $900\u00a0million Senior Notes with a coupon of 5.125% per annum. The proceeds from this bond were used to repay
a significant portion of the bridge financing that was used to fund the acquisition of the remaining 45% equity interest in the Tigo
Guatemala operations (see note A.1.2.).
On November 4, 2022, Comcel announced a tender offer (early tender consideration for $822.5 for each $1,000 principal amount of
notes) to purchase for cash up to $90\u00a0million in aggregate principal amount of the Senior Notes. On November 20, 2022, Comcel
announced that approximately $19\u00a0million in principal amount of the mentioned Notes, have been accepted and settled on
November 21, 2022. Late tender expired on December 6, 2022 with no further tendered Notes. Total consideration amounted to
approximately $16\u00a0million with a net financial income impact of $3\u00a0million given the Notes were repurchased below their par value.
In November and December 2023, Comcel repurchased some of these Senior Notes on the open market for a total amount of $42
million . The difference with their carrying value of $49 million has been recognized as financial income. The corresponding Notes
have subsequently been cancelled.
C.3.3. Interest and other financial expenses
The Group\u2019s interest and other financial expenses comprised the following:
2023
2022
2021
(US$ millions)
Interest expense on bonds and bank financing ................................................................................
(477)
(434)
(329)
Interest expense on leases ..................................................................................................................
(117)
(124)
(113)
Early redemption charges ...................................................................................................................
(1)
\u2014
(5)
Others ..................................................................................................................................................
(117)
(59)
(47)
Total interest and other financial expenses ......................................................................................
(712)
(617)
(495)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-687": { "value": "
C.3.1. Bond financing
Bond financing
Note
Country
Maturity
Interest Rate %
2023
2022
(US$ millions)
SEK Variable Rate Notes ............................
1
Luxembourg
2024
STIBOR (i) + 2.350%
\u2014
191
SEK Variable Rate Notes ............................
1
Luxembourg
2027
STIBOR (i) + 3.000%
222
214
USD 4.500% Senior Notes .........................
2
Luxembourg
2031
4.500%
766
779
USD 6.625% Senior Notes .........................
3
Luxembourg
2026
6.625%
147
147
USD 6.250% Senior Notes .........................
4
Luxembourg
2029
6.250%
671
670
USD 5.125% Senior Notes .........................
5
Luxembourg
2028
5.125%
446
446
USD 5.875% Senior Notes .........................
6
Paraguay
2027
5.875%
507
508
PYG 8.750% Notes (tranche A) .................
6
Paraguay
2024
8.750%
16
16
PYG 9.250% Notes (tranche B) ..................
6
Paraguay
2026
9.250%
7
7
PYG 10.000% Notes (tranche C) ...............
6
Paraguay
2029
10.000%
9
9
PYG 9.250% Notes (tranche D) .................
6
Paraguay
2026
9.250%
1
1
PYG 10.000% Notes (tranche E) ................
6
Paraguay
2029
10.000%
3
3
PYG 9.250% Notes (tranche F) ..................
6
Paraguay
2027
9.250%
2
2
PYG 10.000% Notes (tranche G) ...............
6
Paraguay
2030
10.000%
3
3
PYG 6.000% Notes (tranche H) .................
6
Paraguay
2026
6.000%
13
13
PYG 6.700% Notes (tranche I) ...................
6
Paraguay
2028
6.700%
20
19
PYG 7.500% Notes (tranche J) ..................
6
Paraguay
2031
7.500%
22
22
BOB 5.800% Notes ....................................
7
Bolivia
2026
5.800%
29
35
BOB 4.850% Notes ....................................
7
Bolivia
2023
4.850%
\u2014
14
BOB 3.950% Notes ....................................
7
Bolivia
2024
3.950%
7
14
BOB 4.600% Notes ....................................
7
Bolivia
2024
4.600%
20
41
BOB 4.300% Notes ....................................
7
Bolivia
2029
4.300%
13
15
BOB 4.700% Notes ....................................
7
Bolivia
2024
4.700%
10
21
BOB 5.300% Notes ....................................
7
Bolivia
2026
5.300%
6
8
BOB 5.000% Notes ....................................
7
Bolivia
2026
5.000%
42
48
BOB 6.000% Notes ....................................
7
Bolivia
2028
6.000%
57
\u2014
UNE Bond 2 (tranches A and B) ................
8
Colombia
2023
CPI (ii) + 4.76%
\u2014
31
UNE Bond 3 (tranche A) ............................
8
Colombia
2024
\u00a0 +9.35%
42
33
UNE Bond 3 (tranche B) ............................
8
Colombia
2026
CPI (ii) + 4.15%
66
53
UNE Bond 3 (tranche C) ............................
8
Colombia
2036
CPI (ii) + 4.89%
33
26
UNE Bond 6.600% .....................................
8
Colombia
2030
6.600%
39
31
UNE Bond 4 (tranche A) ............................
8
Colombia
2028
5.560%
30
24
UNE Bond 4 (tranche B) ............................
8
Colombia
2031
CPI (ii) +2.61%
74
59
UNE Bond 4 (tranche C) ............................
8
Colombia
2036
CPI (ii) + 3.18%
22
18
UNE Bond 7 (tranche A) ............................
8
Colombia
2026
CPI + 8.10%
3
\u2014
UNE Bond 7 (tranche B) ............................
8
Colombia
2027
CPI + 8.25%
4
\u2014
USD 4.500% Senior Notes .........................
9
Panama
2030
4.500%
575
589
USD 5.125% Senior Notes .........................
10
Guatemala
2032
5.125%
823
870
Total bond financing ..............................
4,750
4,980
(i)STIBOR \u2013 Swedish Interbank Offered Rate.
(ii)CPI - Colombian Consumer Price Index
Luxembourg
(1)SEK Notes
In May 2019, MIC S.A. completed its offering of a SEK 2 billion floating rate senior unsecured sustainability bond due 2024 (the \"2024
SEK bond\"). The bond carried a floating coupon of 3-month Stibor+235bps. The Notes were redeemed in full on June 8, 2023 and
cost of issuance fully amortized, accordingly. The 2024 SEK bond was swapped with various banks to hedge its principal and interest
rate exposure, pursuant to which it effectively paid fixed-rate coupons in US dollars between 4.990% and 4.880%. The Group settled
the swaps on the same date for $23 million.
On January 10, 2022, Millicom placed a SEK 2.2\u00a0billion floating rate senior unsecured sustainability bond due on 2027 (the \"2027 SEK
bond\") carrying a floating coupon priced at 3-month Stibor+300bps. Costs of issuance of $2.4\u00a0million is amortized over the five year
life of the bond (the effective interest rate is 3.23%). The 2027 SEK bond is swapped to US dollars to hedge the exchange risk of its
principal and interest payments (see D.1.2.).
(2)\u00a0 \u00a0 \u00a0 (2031) USD 4.500% Senior Notes
On October 19, 2020, MIC S.A. issued $500\u00a0million aggregate principal amount of 4.500% Senior Notes due 2031. The Notes bear
interest at 4.500% p.a., payable semiannually in arrears on each interest payment date. Proceeds were used to early redeem MIC
S.A.'s\u00a0 $500\u00a0million 6.000% Senior Notes due 2025. Costs of issuance of $5.5\u00a0million is amortized over the eleven-year life of the notes
(the effective interest rate is 4.800%).
On September 22, 2021, Millicom announced the early participation exchange results from its offer dated September 8, 2021;
$302.1\u00a0million of the 6.625% Notes due 2026 were exchanged for $307.5\u00a0million of the 4.5% Notes due 2031 (at 101.812% exchange
ratio). The gain of $15\u00a0million, derived from applying the \"modification accounting\" under IFRS 9 to this exchange, has been
recorded under \"Interest and other financial income\" in the statement of income during the year ended December 31, 2021.
Transaction costs attributable to this exchange amount to approximately $4\u00a0million and are amortized over the remaining life of the
Notes due 2031.
In November and December 2023, Millicom repurchased some of the 2031 USD 4.500% Senior Notes on the open market for a total
amount of $12 million. The difference with their carrying value of $16 million has been recognized as financial income. The
corresponding Notes have subsequently been cancelled.
(3)(2026) USD 6.625% Senior Notes
In October 2018, MIC S.A. issued $500 million aggregate principal amount of 6.625% Senior Notes due 2026. The Notes bear interest
at 6.625% p.a., payable semiannually in arrears on each interest payment date. Proceeds were used to finance Cable Onda\u2019s
acquisition. Costs of issuance of $6 million were amortized over the eight -year life of the notes (the effective interest rate is 6.750%).
As aforementioned, $302.1\u00a0million of the 6.625% Notes due 2026 were exchanged during 2021 for $307.5\u00a0million of newly issued
4.5% Notes due 2031.
On February 22, 2021, Millicom redeemed 10% of the principal outstanding of its Notes due 2026, 2028 and 2029 at a price of 103%.
This redemption followed Millicom\u2019s announcement dated February 11, 2021. Total consideration of approximately $180\u00a0million was
funded from cash, consistent with the Company's decision to prioritize debt reduction. The redemption premium of $5\u00a0million and
the accelerated amortization of the upfront costs of $3\u00a0million, have been recorded in the line \"Interest and other financial expenses\"
in the statement of income during the year ended December 31, 2021.
(4)(2029) USD 6.250% Senior Notes
In March 2019, MIC S.A. issued $750 million of\u00a0 6.250% notes due 2029. The notes bear interest at 6.250% p.a., payable semi-annually
in arrears on March 25 and September 25 of each year, starting on September 25, 2019. The net proceeds were used to finance, in
part, the completed Telef\u00f3nica CAM Acquisitions. Costs of issuance of\u00a0 $8.2 million are amortized over the ten-year life of the notes
(the effective interest rate is 6.360%). On February 22, 2021, Millicom redeemed 10% of the principal outstanding of its Notes due
2026, 2028 and 2029 at a price of 103%. See above.
(5)(2028) USD 5.125% Senior Notes
In September 2017, MIC S.A. issued a $500 million, ten-year bond due January 2028, with an interest rate of 5.125%. Costs of issuance
of $7 million are amortized over the ten year life of the notes (effective interest rate is 5.240%). On February 22, 2021, Millicom
redeemed 10% of the principal outstanding of its Notes due 2026, 2028 and 2029 at a price of 103%. See above.
Paraguay
(6)(2027) USD 5.875% Senior Notes and (2024-2031) PYG Notes
In April 2019, Telef\u00f3nica Celular del Paraguay S.A.E. (Telecel) issued $300 million 5.875% senior notes due 2027. The notes bear
interest at 5.875% p.a., payable semi-annually in arrears on April 15 and October 15 of each year, starting on October 15, 2019. The
net proceeds were used to finance the repurchase of the Telecel 6.750% 2022 notes. Costs of issuance of $4 million are amortized
over the eight-year life of the notes (the effective interest rate is 6.04%). On January 28, 2020, Telecel issued at a premium
$250\u00a0million of 5.875% Senior Notes due 2027 (the \"New Notes\"), representing an additional issuance from the Senior Notes
described above. The New Notes are treated as a single class with the initial notes, and were priced at 106.375% for an implied yield
to maturity of 4.817%. The corresponding $15\u00a0million premium received is\u00a0 amortized over the Senior Notes maturity. On November
4, 2022, Telecel announced a tender offer (early tender consideration for $927.5 for each $1,000 principal amount of notes) to
purchase for cash up to $55\u00a0million in aggregate principal amount of the Senior Notes. On November 20, 2022, Telecel announced
that approximately $47\u00a0million in principal amount of the mentioned Notes, have been accepted and settled on November 21, 2022.
Late tender expired on December 6, 2022 with no further tendered Notes. Total consideration amounted to approximately
$44\u00a0million with a net financial income impact of $3\u00a0million given the Notes were repurchased below their par value.
In May 2020, Telef\u00f3nica Celular del Paraguay, S.A.E.. completed the acquisition of another Millicom subsidiary in Paraguay - Mobile
Cash Paraguay S.A , and further on June 30, 2020,\u00a0 the acquisition of Servicios y Productos Multimedios S.A.. Effective as of those
dates, these new entities now form part of the borrower's group for the purposes of the $550\u00a0million 5.875% Senior Notes due 2027
issued by Telef\u00f3nica Celular del Paraguay, S.A.E.. In addition, as of July 7, 2020 Servicios y Productos Multimedios S.A. became
guarantor of the 5.875% Notes due 2027.
Between June 2019 and February 2020, Telecel registered and completed the issuance of a bond program for PYG 300,000\u00a0million
(approximately $41\u00a0million using December 31, 2023 exchange rate) program on the Paraguayan stock market, launched in different
series from 5 years to 10 years.
On October 1, 2021, Telecel\u00a0 issued another PYG 400,000\u00a0million bond (approximately $54\u00a0million using December 31, 2023
exchange rate) in three series with fixed interest rates between 6% to 7.5% and a repayment period from 5 to 10 years.
Bolivia
(7)BOB Notes
In November 2015,\u00a0 Telef\u00f3nica Celular de Bolivia S.A. issued a BOB 696 million (approximately $100 million) of notes in two series,
series A for BOB 104.4 million (approximately $15 million), with a fixed annual interest rate of 4.050%, maturing in August 2020 and
series B for BOB 591.6 million (approximately $85 million) with a fixed annual interest rate of 4.850%, maturing in August 2023. The
bond has coupon with interest payable semi-annually in arrears in March and September during the first two years, thereafter each
February and August. The effective interest rate is 4.840% . These bonds are listed on the Bolivia Stock Exchange. In January 2023,
Telef\u00f3nica Celular de Bolivia S.A. fully repaid the 4.850% notes which were due in August 2023.
In August 2016, Telef\u00f3nica Celular de Bolivia S.A. issued a new bond for a total amount of BOB 522 million consisting of two tranches
(approximately $50 million and $25 million, respectively). Tranche A\u00a0 and B bear fixed interest at 3.950% and 4.300%, and will mature
in June 2024 and June 2029, respectively. These bonds are listed on the Bolivia Stock Exchange.
In October 2017, Telef\u00f3nica Celular de Bolivia S.A placed approximately $80 million of local currency bonds in three tranches, which
mature in 2022, 2024 and 2026 with a 4.300% , 4.700% and 5.300% respectively. These bonds are listed on the Bolivia Stock
Exchange.
In July 2019 Telef\u00f3nica Celular de Bolivia S.A issued two bonds one for\u00a0 BOB 420 million (approximately $61 million) with a 5.000%
coupon maturing on August 2026 and\u00a0 another one for BOB 280 million (approximately $40 million) with a 4.600% coupon maturing
on August 2024. Interest payments are semiannual and both bonds are listed on the Bolivia Stock Exchange.
In December 2020, Telef\u00f3nica Celular de Bolivia S.A. issued BOB 345\u00a0million (approximately $50\u00a0million) senior notes which were
priced at 5.800% due in 2026.
In November 2023, Tigo Bolivia issued a 6.00%\u00a0 local bond for an amount of BOB 387.5m (approximately $56\u00a0million at the time of
the transaction) which is due in July 2028 to refinance some debt repayments, finance capex and general corporate purposes.
Colombia
(8)UNE Bonds
In May 2011, UNE EPM Telecomunicaciones S.A. (\"UNE\") issued a COP300 billion (approximately $126 million) bond consisting of two
equal tranches with five and twelve-year maturities. Interest rates are variable and depend on the tranche. Tranche A had variable
interest, based on CPI, in Colombian peso and paid in Colombian peso. Tranche B bears variable interest, based on CPI, in Colombian
peso and paid in Colombian peso. UNE applied the proceeds to finance its investment plan. Tranche A matured in October 2016 and
tranche B was repaid in December 2023.
In May 2016, UNE issued a COP540 billion bond (approximately $176 million) consisting of three tranches (approximately $52
million, $83 million and $41 million respectively). Interest rates are either fixed or variable depending on the tranche. Tranche A
bears fixed interest at 9.350%, while tranche B and C bear variable interest, based on CPI, (respective margins of CPI + 4.150% and
CPI + 4.890%), in Colombian peso. UNE applied the proceeds to finance its investment plan and repay one bond (COP150 billion
tranche). Tranches A, B and C will mature in May 2024, May 2026 and May 2036, respectively.
In March 2020, UNE\u00a0 issued local bonds for an amount of COP 150\u00a0billion (approximately $44\u00a0million) to repay an existing bond for
the same value, with a 6.600% fixed rate for 10 years.
On February 16, 2021, UNE issued under the approved local bond program, a COP 485,680\u00a0million bond (approximately $138\u00a0million
using the transaction date exchange rate) with 3 maturities; Series 7 years at 5.56% fixed rate, Series 10 years at CPI plus 2.61% and
Series 15 years at CPI plus 3.18% margin. With the aim to improve UNE\u2019s natural hedge against local currency, the bond proceeds
were used on March 26, 2021 to partially repay 50% of the $300\u00a0million syndicated loan of Colombia Movil S.A. (originally due in
December 2024).
On January 5, 2023, UNE issued a COP230\u00a0billion (approximately $50\u00a0million at the time of the transaction) bond consisting of two
tranches with three and four and a half-year maturities. Interest rates are variable, based on CPI + a margin, and interest is payable in
Colombian peso.
On August 28, 2023, Millicom designated UNE, Colombia M\u00f3vil S.A. E.S.P., Edatel S.A. E.S.P., Orbitel Servicios Internacionales S.A.S.,
Cinco Telecom Corp., Inversiones Telco S.A.S. and Emtelco S.A.S. (collectively, the \u201cColombia Unrestricted Subsidiaries\u201d), which are
the entities constituting its Colombian operations as \u201cUnrestricted Subsidiaries\u201d under the 4.500% Notes, the 6.625% Notes, the
5.125% Notes,\u00a0 the 6.250% Notes, the SEK Bond, COP Bond\u00a0 and several of its financing agreements (see note G.6.)
Panama
(9) Cable Onda Bonds
In November 2019, Cable Onda issued $600 million aggregate principal amount of 4.500% senior notes due 2030 payable in U.S.
dollars, registered with the Superintendencia del Mercado de Valores de Panam\u00e1 and listed on the Luxembourg Stock Exchange and
on the Panam\u00e1 Stock Exchange.\u00a0The Notes bear interest from November 1, 2019 at a rate of 4.500% per annum, payable on January
30, 2020, for the first payment and thereafter semiannually in arrears on each interest payment date. The proceeds were used to
fund the Panama Acquisition and to refinance certain local financing. Costs of issuance of $16 million, which include an original issue
discount (OID) is amortized over the ten-year life of the notes (the effective interest rate is 4.690%).
In December 2023, Cable Onda repurchased some of these Senior notes on the open market for a total amount of $13 million. The
difference with their carrying value of $16 million has been recognized as a financial income. The corresponding Notes have
subsequently been cancelled.
Guatemala
(10)(2032) USD 5.125% Senior Notes
On January 27, 2022, the Group's principal subsidiary in Guatemala, Comunicaciones Celulares, S.A. (\"Comcel\"), completed the
issuance of 10-year $900\u00a0million Senior Notes with a coupon of 5.125% per annum. The proceeds from this bond were used to repay
a significant portion of the bridge financing that was used to fund the acquisition of the remaining 45% equity interest in the Tigo
Guatemala operations (see note A.1.2.).
On November 4, 2022, Comcel announced a tender offer (early tender consideration for $822.5 for each $1,000 principal amount of
notes) to purchase for cash up to $90\u00a0million in aggregate principal amount of the Senior Notes. On November 20, 2022, Comcel
announced that approximately $19\u00a0million in principal amount of the mentioned Notes, have been accepted and settled on
November 21, 2022. Late tender expired on December 6, 2022 with no further tendered Notes. Total consideration amounted to
approximately $16\u00a0million with a net financial income impact of $3\u00a0million given the Notes were repurchased below their par value.
In November and December 2023, Comcel repurchased some of these Senior Notes on the open market for a total amount of $42
million . The difference with their carrying value of $49 million has been recognized as financial income. The corresponding Notes
have subsequently been cancelled.
C.3.3. Interest and other financial expenses
The Group\u2019s interest and other financial expenses comprised the following:
2023
2022
2021
(US$ millions)
Interest expense on bonds and bank financing ................................................................................
(477)
(434)
(329)
Interest expense on leases ..................................................................................................................
(117)
(124)
(113)
Early redemption charges ...................................................................................................................
(1)
\u2014
(5)
Others ..................................................................................................................................................
(117)
(59)
(47)
Total interest and other financial expenses ......................................................................................
(712)
(617)
(495)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-689": { "value": "-26000000", "decimals": -6, "dimensions": { "concept": "tigo:CashReceiptsPaymentsFromFutureContracts.ForwardContractsOptionContractsAndSwapContractsClassifiedAsInvestingActivities", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-691": { "value": "
C.3.3. Interest and other financial expenses
The Group\u2019s interest and other financial expenses comprised the following:
2023
2022
2021
(US$ millions)
Interest expense on bonds and bank financing ................................................................................
(477)
(434)
(329)
Interest expense on leases ..................................................................................................................
(117)
(124)
(113)
Early redemption charges ...................................................................................................................
(1)
\u2014
(5)
Others ..................................................................................................................................................
(117)
(59)
(47)
Total interest and other financial expenses ......................................................................................
(712)
(617)
(495)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-690": { "value": "
C.3.3. Interest and other financial expenses
The Group\u2019s interest and other financial expenses comprised the following:
2023
2022
2021
(US$ millions)
Interest expense on bonds and bank financing ................................................................................
(477)
(434)
(329)
Interest expense on leases ..................................................................................................................
(117)
(124)
(113)
Early redemption charges ...................................................................................................................
(1)
\u2014
(5)
Others ..................................................................................................................................................
(117)
(59)
(47)
Total interest and other financial expenses ......................................................................................
(712)
(617)
(495)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-692": { "value": "
C.3.4. Guarantees and pledged assets
Guarantees
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder
for a loss it incurs because the specified debtor fails to make payment when due in accordance with the terms of a debt instrument.
Financial guarantee contracts are recognized initially as a liability at fair value, adjusted for transaction costs that are directly
attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the best estimate of the
expenditure required to settle the present obligation at the reporting date and the amount recognized, less cumulative
amortization.
Liabilities to which guarantees are related are recorded in the consolidated statement of financial position under Debt and financing,
and liabilities covered by supplier guarantees are recorded under Trade payables or Debt and financing, depending on the
underlying terms and conditions.
Maturity of guarantees
Bank and financing guarantees (i)
Supplier guarantees
Terms
As at December 31,
2023
As at December 31,
2022
As at December 31,
2023
As at December 31,
2022
Outstanding and Maximum exposure
Outstanding and Maximum exposure
0-1\u00a0year ................................................
15
13
1
2
1-3\u00a0years ..............................................
322
70
\u2014
\u2014
3-5\u00a0years ..............................................
169
418
\u2014
\u2014
Total ....................................................
505
501
1
2
(i) If non-payment by the obligor, the guarantee ensures payment of outstanding amounts by the Group's guarantor.
Pledged assets
As at December 31, 2023, the Group\u2019s share of total debt and financing secured by either pledged assets, pledged deposits issued to
cover letters of credit, or guarantees issued was $505 million (December 31, 2022: $501 million). At December 31, 2023 there were $6
million pledged deposits (2022: nil) by the Group over these debts and financings. The remainder represented primarily guarantees
issued by Millicom S.A. to guarantee financings raised by other Group operating entities.
C.3.5. Covenants
Millicom\u2019s financing facilities are subject to a number of covenants including net leverage ratio, debt service coverage ratios, or debt
to earnings ratios, among others. In addition, certain of its financings contain restrictions on sale of businesses or significant assets
within the businesses. At December 31, 2023, there were no breaches of financial covenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-693": { "value": "
Guarantees
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder
for a loss it incurs because the specified debtor fails to make payment when due in accordance with the terms of a debt instrument.
Financial guarantee contracts are recognized initially as a liability at fair value, adjusted for transaction costs that are directly
attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the best estimate of the
expenditure required to settle the present obligation at the reporting date and the amount recognized, less cumulative
amortization.
Liabilities to which guarantees are related are recorded in the consolidated statement of financial position under Debt and financing,
and liabilities covered by supplier guarantees are recorded under Trade payables or Debt and financing, depending on the
underlying terms and conditions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-695": { "value": "
C.4. Lease liabilities
At December 31, 2023, lease liabilities are presented in the statement of financial position as follows:
December 31,
2023
December 31,
2022
(US$ millions)
Current ............................................................................................................................................................
189
163
Non-Current ....................................................................................................................................................
854
853
Total Lease liabilities ....................................................................................................................................
1,043
1,016
As permitted under IFRS 16, Millicom has elected not to recognize a lease liability for short term leases (leases with an expected term
of 12 months or less) or for leases of low value assets. Payments associated with short-term leases of equipment and vehicles and all
leases of low-value assets are rather recognized on a straight-line basis as an expense in the statement of income. Short-term leases
are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. In
addition, certain variable lease payments are not permitted to be recognized as lease liabilities and are expensed as incurred.
The expenses relating to payments not included in the measurement of the lease liability are disclosed in operating expenses and
are as follows:
2023
2022
2021
(US$ millions)
Expense relating to short-term leases (included in cost of\u00a0 goods sold and
services rendered and operating expenses) ......................................................
0
0
0
The total cash outflow for leases in 2023 was $292 million\u00a0 (2022:\u00a0 $285 million; 2021: $277 million). Lease liabilities split by maturity
and future cash outflows are disclosed in note D.5..
At December 31, 2023, the Group has not committed to any material leases which had not yet commenced and has no material lease
contracts with variable lease payments.
The Group's leasing activities and how these are accounted for
The Group leases various lands, sites, towers (including those related to towers sold and leased back), offices, warehouses, retail
stores, equipment and cars. Rental contracts are typically made for fixed periods but may have extension options as described
below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease
agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.
Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by
the Group. Each lease payment is allocated between the reduction of the liability and finance cost. The finance cost is charged to the
statement of income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the
liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a
straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value
of the following lease payments:
\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 variable lease payment that are based on an index or a rate
\u2022 amounts expected to be payable by the lessee under residual value guarantees
\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease. As it is generally impracticable to determine that rate,
the Group uses the lessee\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The incremental
borrowing rate applied can have a significant impact on the net present value of the lease liability recognized under IFRS 16.
The Group determines the incremental borrowing rate by country and by considering the risk-free rate, the country risk, the industry
risk, the credit risk and the currency risk, as well as the lease and payment terms and dates.
The Group is also exposed to potential future increases in variable lease payments based on an index or rate, which are not included
in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease
liability is adjusted against the right-of-use asset by discounting the revised lease payments using either the initial discount rate or a
revised discount rate. The initial discount rate is used if future lease payments are reflecting market or index rates or if they are in
substance fixed. The discount rate is revised, if a change in floating interest rates occurs. The Group reassesses the variable payment
only when there is a change in cash flows resulting from a change in the reference index or rate and not at each reporting date.
According to IFRS 16, lease\u00a0 term\u00a0 is defined as the non-cancellable period for which a lessee has the right to use an underlying asset,
together with both: (a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option;
and (b) periods covered by an option to terminate if the lessee is reasonably certain not to exercise that option. The\u00a0 assessment of
such options is performed at the commencement of a lease. As part of the assessment, Millicom introduced the 'time horizon
concept': the reasonable term under which the company expects to use a leased asset considering economic incentives,
management decisions, business plans and the fast-paced industry Millicom operates in. The assessment must be focused on the
economic incentives for Millicom to exercise (or not) an option to early terminate/extend a contract. The Group has decided to work
on the basis the lessor will generally accept a renewal/not early terminate a contract, as there is an economic incentive to maintain
the contractual relationship.
Millicom considered the specialized nature of most of its assets under lease, the low likelihood the lessor can find a third party to
substitute Millicom as a lessee and past practice to conclude that, the lease term can go beyond the notice period when there is
more than an insignificant penalty for the lessor not to renew the lease. This analysis requires judgment and has a significant impact
on the lease liability recognized under IFRS 16.
Under IFRS 16, the accounting for sale and leaseback transactions has changed as the underlying sale transaction needs to be first
analyzed using the guidance of IFRS 15. The seller/lessee recognizes a right-of-use asset in the amount of the proportional original
carrying amount that relates to the right of use retained. Accordingly, only the proportional amount of gain or loss from the sale
must be recognized.
Finally, the Group has taken the additional following decisions when adopting the standard:
\u2022 Non-lease components are capitalized (IFRS16.15)
\u2022 Intangible assets are out of IFRS 16 scope (IFRS16.4)
E.3. Right of use assets
Right-of-use assets are measured at cost comprising the following:
\u2022 the amount of the initial measurement of lease liability
\u2022 any lease payments made at or before the commencement date less any lease incentives received
\u2022 any initial direct costs, and
\u2022 restoration costs
Refer to note C.4. for further details on lease accounting policies.
Movements in right of use assets in 2023
Right-of-use assets
Land and
buildings
Sites rental
Tower
rental
Other
network
equipment
Capacity
Other
Total
(US$ millions)
Opening balance, net
142
181
505
16
28
13
884
Additions .......................................................
4
10
42
\u2014
7
1
63
Modifications .................................................
6
27
51
2
1
\u2014
87
Disposals ........................................................
(1)
(2)
(1)
\u2014
\u2014
\u2014
(5)
Depreciation ..................................................
(38)
(45)
(90)
(1)
(6)
(3)
(183)
Asset retirement obligations ........................
\u2014
(1)
(2)
\u2014
\u2014
\u2014
(3)
Transfers ........................................................
1
7
2
(2)
(2)
(1)
4
Exchange rate movements ...........................
16
2
31
\u2014
\u2014
\u2014
50
Other ..............................................................
\u2014
(2)
\u2014
\u2014
\u2014
\u2014
(2)
Closing balance, net
130
177
537
16
27
9
896
Cost of valuation ...........................................
280
369
929
26
47
21
1,671
Accumulated depreciation and impairment
(150)
(192)
(392)
(10)
(19)
(12)
(776)
Net at 31 December 2023
130
177
537
16
27
9
896
Movements in right of use assets in 2022
Right-of-use assets
Land and
buildings
Sites rental
Tower rental
Capacity
Other
network
equipment
Other
Total
(US$ millions)
Opening balance, net
169
201
587
29
25
13
1,024
Additions ...................................
23
23
77
\u2014
2
2
127
Modifications ............................
11
18
104
\u2014
1
1
135
Impairments ..............................
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
(1)
Disposals ...................................
(3)
(1)
(5)
\u2014
\u2014
\u2014
(9)
Depreciation .............................
(38)
(42)
(83)
(5)
(4)
(3)
(176)
Asset retirement obligations ....
\u2014
2
\u2014
\u2014
1
\u2014
3
Transfers ....................................
\u2014
(14)
17
3
(7)
\u2014
(2)
Transfer to/from held for sale ...
(3)
(2)
(158)
\u2014
\u2014
\u2014
(163)
Exchange rate movements .......
(16)
(4)
(34)
\u2014
\u2014
\u2014
(54)
Closing balance, net
142
181
505
28
16
13
884
Cost of valuation .......................
249
325
780
39
28
22
1,442
Accumulated depreciation
and impairment ........................
(107)
(144)
(275)
(11)
(11)
(9)
(558)
Net at 31 December 2022
142
181
505
28
16
13
884
Apart from the impact of the disposal of the Group's operations in Tanzania, there have been no unusual significant events affecting
lease liabilities (and right-of-use assets) during the year ended December 31, 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-694": { "value": "
C.4. Lease liabilities
As permitted under IFRS 16, Millicom has elected not to recognize a lease liability for short term leases (leases with an expected term
of 12 months or less) or for leases of low value assets. Payments associated with short-term leases of equipment and vehicles and all
leases of low-value assets are rather recognized on a straight-line basis as an expense in the statement of income. Short-term leases
are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. In
addition, certain variable lease payments are not permitted to be recognized as lease liabilities and are expensed as incurred.
The Group's leasing activities and how these are accounted for
The Group leases various lands, sites, towers (including those related to towers sold and leased back), offices, warehouses, retail
stores, equipment and cars. Rental contracts are typically made for fixed periods but may have extension options as described
below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease
agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.
Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by
the Group. Each lease payment is allocated between the reduction of the liability and finance cost. The finance cost is charged to the
statement of income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the
liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a
straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value
of the following lease payments:
\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 variable lease payment that are based on an index or a rate
\u2022 amounts expected to be payable by the lessee under residual value guarantees
\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease. As it is generally impracticable to determine that rate,
the Group uses the lessee\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The incremental
borrowing rate applied can have a significant impact on the net present value of the lease liability recognized under IFRS 16.
The Group determines the incremental borrowing rate by country and by considering the risk-free rate, the country risk, the industry
risk, the credit risk and the currency risk, as well as the lease and payment terms and dates.
The Group is also exposed to potential future increases in variable lease payments based on an index or rate, which are not included
in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease
liability is adjusted against the right-of-use asset by discounting the revised lease payments using either the initial discount rate or a
revised discount rate. The initial discount rate is used if future lease payments are reflecting market or index rates or if they are in
substance fixed. The discount rate is revised, if a change in floating interest rates occurs. The Group reassesses the variable payment
only when there is a change in cash flows resulting from a change in the reference index or rate and not at each reporting date.
According to IFRS 16, lease\u00a0 term\u00a0 is defined as the non-cancellable period for which a lessee has the right to use an underlying asset,
together with both: (a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option;
and (b) periods covered by an option to terminate if the lessee is reasonably certain not to exercise that option. The\u00a0 assessment of
such options is performed at the commencement of a lease. As part of the assessment, Millicom introduced the 'time horizon
concept': the reasonable term under which the company expects to use a leased asset considering economic incentives,
management decisions, business plans and the fast-paced industry Millicom operates in. The assessment must be focused on the
economic incentives for Millicom to exercise (or not) an option to early terminate/extend a contract. The Group has decided to work
on the basis the lessor will generally accept a renewal/not early terminate a contract, as there is an economic incentive to maintain
the contractual relationship.
Millicom considered the specialized nature of most of its assets under lease, the low likelihood the lessor can find a third party to
substitute Millicom as a lessee and past practice to conclude that, the lease term can go beyond the notice period when there is
more than an insignificant penalty for the lessor not to renew the lease. This analysis requires judgment and has a significant impact
on the lease liability recognized under IFRS 16.
Under IFRS 16, the accounting for sale and leaseback transactions has changed as the underlying sale transaction needs to be first
analyzed using the guidance of IFRS 15. The seller/lessee recognizes a right-of-use asset in the amount of the proportional original
carrying amount that relates to the right of use retained. Accordingly, only the proportional amount of gain or loss from the sale
must be recognized.
Finally, the Group has taken the additional following decisions when adopting the standard:
\u2022 Non-lease components are capitalized (IFRS16.15)
\u2022 Intangible assets are out of IFRS 16 scope (IFRS16.4)
E.3. Right of use assets
Right-of-use assets are measured at cost comprising the following:
\u2022 the amount of the initial measurement of lease liability
\u2022 any lease payments made at or before the commencement date less any lease incentives received
\u2022 any initial direct costs, and
\u2022 restoration costs
Refer to note C.4. for further details on lease accounting policies.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-696": { "value": "
C.5. Cash and deposits
C.5.1. Cash and cash equivalents
2023
2022
(US$ millions)
Cash and cash equivalents in USD .................................................................................................................................
531
820
Cash and cash equivalents in other currencies .............................................................................................................
244
220
Total cash and cash equivalents .................................................................................................................................
775
1,039
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with
original maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-697": { "value": "
C.5.2. Restricted cash
2023
2022
(US$ millions)
Mobile Financial Services ...............................................................................................................................................
49
50
Others ..............................................................................................................................................................................
8
6
Restricted cash ..............................................................................................................................................................
56
57
Cash held with banks related to MFS which is restricted in use due to local regulations is denoted as restricted cash.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-698": { "value": "
C.5.3. Pledged deposits
Pledged deposits represent contracted cash deposits with banks that are held as security for debts at corporate or operational entity
level. Millicom is unable to access these funds until either the relevant debt is repaid or alternative security is arranged with the
lender. At December 31, 2023, there were $6 million\u00a0 pledged deposits (2022: nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-702": { "value": "
C.7. Financial instruments
i) Equity and debt instruments
Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 those to be measured subsequently at fair value either through Other Comprehensive Income (OCI), or through profit or loss,
and
\u2022 those to be measured at amortized cost.\u00a0
The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash
flows.\u00a0
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity
instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of
initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs
of financial assets carried at FVPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely
payment of principal and interest.\u00a0
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow
characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments:\u00a0
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance
income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss
and presented in other gains / (losses), together with foreign exchange gains and losses. Impairment losses are presented as a
separate line item in the consolidated statement of income.
\u2022FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash
flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken
through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously
recognized in OCI is reclassified from equity to profit or loss and recognized in \u2018Other non-operating (expenses) income, net\u2019.
Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign
exchange gains and losses and impairment expenses are presented as \u2018Other non-operating (expenses) income, net\u2019 in the
consolidated statement of income.\u00a0
\u2022FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment
that is subsequently measured at FVPL is recognized in profit or loss and presented net within \u2018Other non-operating (expenses)
income, net\u2019 in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. The Group does not hold equity instruments for trading.
Where the Group\u2019s management has elected to present fair value gains and losses on equity investments in OCI, there is no
subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Purchases
and sales of equity instruments are recognized as of their settlement date. Dividends from such investments continue to be
recognized in profit or loss as other income when the Group\u2019s right to receive payments is established.
Otherwise, changes in the fair value of financial assets at FVPL are recognized in \u2018Other non-operating (expenses) income, net\u2019 in the
consolidated statement of income as applicable. Impairment losses (and reversal of impairment losses) on equity investments
measured at FVOCI are not reported separately from other changes in fair value.
Impairment
The Group assesses on a forward looking basis the expected credit losses associated with its financial assets carried at amortized cost
and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be
recognized from initial recognition of the trade receivables.\u00a0
The provision is recognized in the consolidated statement of income within equipment, programming and other direct costs.
ii)Derivative financial instruments and hedging activities
Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
fair value at each subsequent closing date. The method of recognizing the resulting gain or loss depends on whether the derivative
is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as
either:
a)Hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); or
b)Hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow
hedge).
c)Hedges of a net investment in a foreign operation (net investment hedges).
For transactions designated and qualifying for hedge accounting, at the inception of the transaction, the Group documents the
relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for
undertaking various hedging transactions. This is done in reference to the Group Treasury\u00a0 Policy as last updated and approved by
the Audit Committee in late 2020. The Group also documents its assessment, both at hedge inception and on an ongoing basis
(quarterly), of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or
cash flows of hedged items.
The full fair value of a hedging instrument is classified as a non-current asset or liability when the period to maturity of the hedged
item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12
months.
The change in fair value of hedging instruments that are designed and qualify as fair value hedges is recognized in the statement of
income as finance costs or income. The change in fair value of the hedged item attributable to the risk hedged is recorded as part of
the carrying value of the hedged item and is also recognized in the statement of income as finance costs or income.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in
other comprehensive income. Gains or loss relating to any ineffective portion is recognized immediately in the statement of income
within Other non-operating (expenses) income, net. Amounts accumulated in equity are reclassified to the statement of income in
the periods when the hedged item affects profit or loss.
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves
in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within Other non-operating
(expenses) income, net. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is
disposed of or sold.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time is recycled to the statement of income within Other non-operating (expenses) income, net.
When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately
transferred to the statement of income within Other non-operating (expenses) income, net.
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does
not qualify for hedge accounting are recognised immediately in profit or loss and are included in Other non-operating (expenses)
income, net.
C.7.1. Fair value measurement hierarchy
Millicom uses the following fair value measurement hierarchy:
Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is,
as prices) or indirectly (that is, derived from prices).
Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment
grade ratings. Interest rate swaps and foreign exchange forward contracts are valued using valuation techniques, which employ the
use of markets observable data. The most frequently applied valuation techniques include forward pricing and swap models using
present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange
spot and forward rates, yield curves of the respective currencies, interest rate curves and forward curves.
C.7.2. Fair value of financial instruments
The fair value of Millicom\u2019s financial instruments are shown at amounts at which the instruments could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale. The fair value of all financial assets and all financial
liabilities, except debt and financing approximate their carrying value largely due to the short-term maturities of these instruments.
The fair values of all debt and financing have been estimated by the Group, based on discounted future cash flows at market interest
rates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-701": { "value": "
C.7. Financial instruments
i) Equity and debt instruments
Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 those to be measured subsequently at fair value either through Other Comprehensive Income (OCI), or through profit or loss,
and
\u2022 those to be measured at amortized cost.\u00a0
The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash
flows.\u00a0
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity
instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of
initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs
of financial assets carried at FVPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely
payment of principal and interest.\u00a0
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow
characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments:\u00a0
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance
income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss
and presented in other gains / (losses), together with foreign exchange gains and losses. Impairment losses are presented as a
separate line item in the consolidated statement of income.
\u2022FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash
flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken
through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously
recognized in OCI is reclassified from equity to profit or loss and recognized in \u2018Other non-operating (expenses) income, net\u2019.
Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign
exchange gains and losses and impairment expenses are presented as \u2018Other non-operating (expenses) income, net\u2019 in the
consolidated statement of income.\u00a0
\u2022FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment
that is subsequently measured at FVPL is recognized in profit or loss and presented net within \u2018Other non-operating (expenses)
income, net\u2019 in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. The Group does not hold equity instruments for trading.
Where the Group\u2019s management has elected to present fair value gains and losses on equity investments in OCI, there is no
subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Purchases
and sales of equity instruments are recognized as of their settlement date. Dividends from such investments continue to be
recognized in profit or loss as other income when the Group\u2019s right to receive payments is established.
Otherwise, changes in the fair value of financial assets at FVPL are recognized in \u2018Other non-operating (expenses) income, net\u2019 in the
consolidated statement of income as applicable. Impairment losses (and reversal of impairment losses) on equity investments
measured at FVOCI are not reported separately from other changes in fair value.
Impairment
The Group assesses on a forward looking basis the expected credit losses associated with its financial assets carried at amortized cost
and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be
recognized from initial recognition of the trade receivables.\u00a0
The provision is recognized in the consolidated statement of income within equipment, programming and other direct costs.
ii)Derivative financial instruments and hedging activities
Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
fair value at each subsequent closing date. The method of recognizing the resulting gain or loss depends on whether the derivative
is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as
either:
a)Hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); or
b)Hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow
hedge).
c)Hedges of a net investment in a foreign operation (net investment hedges).
For transactions designated and qualifying for hedge accounting, at the inception of the transaction, the Group documents the
relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for
undertaking various hedging transactions. This is done in reference to the Group Treasury\u00a0 Policy as last updated and approved by
the Audit Committee in late 2020. The Group also documents its assessment, both at hedge inception and on an ongoing basis
(quarterly), of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or
cash flows of hedged items.
The full fair value of a hedging instrument is classified as a non-current asset or liability when the period to maturity of the hedged
item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12
months.
The change in fair value of hedging instruments that are designed and qualify as fair value hedges is recognized in the statement of
income as finance costs or income. The change in fair value of the hedged item attributable to the risk hedged is recorded as part of
the carrying value of the hedged item and is also recognized in the statement of income as finance costs or income.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in
other comprehensive income. Gains or loss relating to any ineffective portion is recognized immediately in the statement of income
within Other non-operating (expenses) income, net. Amounts accumulated in equity are reclassified to the statement of income in
the periods when the hedged item affects profit or loss.
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves
in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within Other non-operating
(expenses) income, net. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is
disposed of or sold.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time is recycled to the statement of income within Other non-operating (expenses) income, net.
When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately
transferred to the statement of income within Other non-operating (expenses) income, net.
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does
not qualify for hedge accounting are recognised immediately in profit or loss and are included in Other non-operating (expenses)
income, net.
Fair values of financial instruments at December 31,\u00a0
Carrying value
Fair value
Note
2023
2022
2023
2022
(US$ millions)
Financial assets
Derivative financial instruments ......................................................
6
19
6
19
Other non-current assets .................................................................
84
76
84
76
Trade receivables, net .......................................................................
443
379
443
379
Amounts due from non-controlling interests, associates and
joint venture partners .......................................................................
G.5.
12
15
12
15
Supplier advances for capital expenditures ....................................
21
21
21
21
Other current assets .........................................................................
190
197
190
197
Restricted cash ..................................................................................
C.5.2.
56
57
56
57
Cash and cash equivalents ...............................................................
C.5.1.
775
1,039
775
1,039
Total financial assets ......................................................................
1,587
1,803
1,587
1,803
Current ..............................................................................................
1,503
1,708
1,503
1,708
Non-current ......................................................................................
84
95
84
95
Financial liabilities
Debt and financing (i) .......................................................................
C.3.
6,678
6,804
6,086
6,327
Trade payables ..................................................................................
390
400
390
400
Payables and accruals for capital expenditure ................................
314
428
314
428
Derivative financial instruments ......................................................
46
53
46
53
Put option liability ............................................................................
C.7.4.
86
\u2014
86
\u2014
Amounts due to non-controlling interests, associates and joint
venture partners ...............................................................................
G.5.
74
58
74
58
Accrued interest and other expenses ..............................................
444
412
444
412
Other liabilities ..................................................................................
1,128
658
1,128
658
Total financial liabilities ................................................................
9,161
8,812
8,569
8,335
Current ..............................................................................................
1,670
1,602
1,689
1,602
Non-current ......................................................................................
7,491
7,210
6,881
6,733
(i)Fair values are measured with reference to Level 1 (for listed bonds) or level 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-700": { "value": "
C.7. Financial instruments
i) Equity and debt instruments
Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 those to be measured subsequently at fair value either through Other Comprehensive Income (OCI), or through profit or loss,
and
\u2022 those to be measured at amortized cost.\u00a0
The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash
flows.\u00a0
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity
instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of
initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs
of financial assets carried at FVPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely
payment of principal and interest.\u00a0
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow
characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments:\u00a0
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance
income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss
and presented in other gains / (losses), together with foreign exchange gains and losses. Impairment losses are presented as a
separate line item in the consolidated statement of income.
\u2022FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash
flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken
through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously
recognized in OCI is reclassified from equity to profit or loss and recognized in \u2018Other non-operating (expenses) income, net\u2019.
Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign
exchange gains and losses and impairment expenses are presented as \u2018Other non-operating (expenses) income, net\u2019 in the
consolidated statement of income.\u00a0
\u2022FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment
that is subsequently measured at FVPL is recognized in profit or loss and presented net within \u2018Other non-operating (expenses)
income, net\u2019 in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. The Group does not hold equity instruments for trading.
Where the Group\u2019s management has elected to present fair value gains and losses on equity investments in OCI, there is no
subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Purchases
and sales of equity instruments are recognized as of their settlement date. Dividends from such investments continue to be
recognized in profit or loss as other income when the Group\u2019s right to receive payments is established.
Otherwise, changes in the fair value of financial assets at FVPL are recognized in \u2018Other non-operating (expenses) income, net\u2019 in the
consolidated statement of income as applicable. Impairment losses (and reversal of impairment losses) on equity investments
measured at FVOCI are not reported separately from other changes in fair value.
Impairment
The Group assesses on a forward looking basis the expected credit losses associated with its financial assets carried at amortized cost
and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be
recognized from initial recognition of the trade receivables.\u00a0
The provision is recognized in the consolidated statement of income within equipment, programming and other direct costs.
ii)Derivative financial instruments and hedging activities
Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
fair value at each subsequent closing date. The method of recognizing the resulting gain or loss depends on whether the derivative
is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as
either:
a)Hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); or
b)Hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow
hedge).
c)Hedges of a net investment in a foreign operation (net investment hedges).
For transactions designated and qualifying for hedge accounting, at the inception of the transaction, the Group documents the
relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for
undertaking various hedging transactions. This is done in reference to the Group Treasury\u00a0 Policy as last updated and approved by
the Audit Committee in late 2020. The Group also documents its assessment, both at hedge inception and on an ongoing basis
(quarterly), of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or
cash flows of hedged items.
The full fair value of a hedging instrument is classified as a non-current asset or liability when the period to maturity of the hedged
item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12
months.
The change in fair value of hedging instruments that are designed and qualify as fair value hedges is recognized in the statement of
income as finance costs or income. The change in fair value of the hedged item attributable to the risk hedged is recorded as part of
the carrying value of the hedged item and is also recognized in the statement of income as finance costs or income.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in
other comprehensive income. Gains or loss relating to any ineffective portion is recognized immediately in the statement of income
within Other non-operating (expenses) income, net. Amounts accumulated in equity are reclassified to the statement of income in
the periods when the hedged item affects profit or loss.
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves
in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within Other non-operating
(expenses) income, net. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is
disposed of or sold.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time is recycled to the statement of income within Other non-operating (expenses) income, net.
When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately
transferred to the statement of income within Other non-operating (expenses) income, net.
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does
not qualify for hedge accounting are recognised immediately in profit or loss and are included in Other non-operating (expenses)
income, net.
C.7.1. Fair value measurement hierarchy
Millicom uses the following fair value measurement hierarchy:
Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is,
as prices) or indirectly (that is, derived from prices).
Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment
grade ratings. Interest rate swaps and foreign exchange forward contracts are valued using valuation techniques, which employ the
use of markets observable data. The most frequently applied valuation techniques include forward pricing and swap models using
present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange
spot and forward rates, yield curves of the respective currencies, interest rate curves and forward curves.
C.7.2. Fair value of financial instruments
The fair value of Millicom\u2019s financial instruments are shown at amounts at which the instruments could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale. The fair value of all financial assets and all financial
liabilities, except debt and financing approximate their carrying value largely due to the short-term maturities of these instruments.
The fair values of all debt and financing have been estimated by the Group, based on discounted future cash flows at market interest
rates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-699": { "value": "
C.7. Financial instruments
i) Equity and debt instruments
Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 those to be measured subsequently at fair value either through Other Comprehensive Income (OCI), or through profit or loss,
and
\u2022 those to be measured at amortized cost.\u00a0
The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash
flows.\u00a0
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity
instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of
initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs
of financial assets carried at FVPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely
payment of principal and interest.\u00a0
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow
characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments:\u00a0
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance
income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss
and presented in other gains / (losses), together with foreign exchange gains and losses. Impairment losses are presented as a
separate line item in the consolidated statement of income.
\u2022FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash
flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken
through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously
recognized in OCI is reclassified from equity to profit or loss and recognized in \u2018Other non-operating (expenses) income, net\u2019.
Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign
exchange gains and losses and impairment expenses are presented as \u2018Other non-operating (expenses) income, net\u2019 in the
consolidated statement of income.\u00a0
\u2022FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment
that is subsequently measured at FVPL is recognized in profit or loss and presented net within \u2018Other non-operating (expenses)
income, net\u2019 in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. The Group does not hold equity instruments for trading.
Where the Group\u2019s management has elected to present fair value gains and losses on equity investments in OCI, there is no
subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Purchases
and sales of equity instruments are recognized as of their settlement date. Dividends from such investments continue to be
recognized in profit or loss as other income when the Group\u2019s right to receive payments is established.
Otherwise, changes in the fair value of financial assets at FVPL are recognized in \u2018Other non-operating (expenses) income, net\u2019 in the
consolidated statement of income as applicable. Impairment losses (and reversal of impairment losses) on equity investments
measured at FVOCI are not reported separately from other changes in fair value.
Impairment
The Group assesses on a forward looking basis the expected credit losses associated with its financial assets carried at amortized cost
and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be
recognized from initial recognition of the trade receivables.\u00a0
The provision is recognized in the consolidated statement of income within equipment, programming and other direct costs.
ii)Derivative financial instruments and hedging activities
Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
fair value at each subsequent closing date. The method of recognizing the resulting gain or loss depends on whether the derivative
is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as
either:
a)Hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); or
b)Hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow
hedge).
c)Hedges of a net investment in a foreign operation (net investment hedges).
For transactions designated and qualifying for hedge accounting, at the inception of the transaction, the Group documents the
relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for
undertaking various hedging transactions. This is done in reference to the Group Treasury\u00a0 Policy as last updated and approved by
the Audit Committee in late 2020. The Group also documents its assessment, both at hedge inception and on an ongoing basis
(quarterly), of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or
cash flows of hedged items.
The full fair value of a hedging instrument is classified as a non-current asset or liability when the period to maturity of the hedged
item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12
months.
The change in fair value of hedging instruments that are designed and qualify as fair value hedges is recognized in the statement of
income as finance costs or income. The change in fair value of the hedged item attributable to the risk hedged is recorded as part of
the carrying value of the hedged item and is also recognized in the statement of income as finance costs or income.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in
other comprehensive income. Gains or loss relating to any ineffective portion is recognized immediately in the statement of income
within Other non-operating (expenses) income, net. Amounts accumulated in equity are reclassified to the statement of income in
the periods when the hedged item affects profit or loss.
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves
in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within Other non-operating
(expenses) income, net. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is
disposed of or sold.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time is recycled to the statement of income within Other non-operating (expenses) income, net.
When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately
transferred to the statement of income within Other non-operating (expenses) income, net.
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does
not qualify for hedge accounting are recognised immediately in profit or loss and are included in Other non-operating (expenses)
income, net.
C.7.1. Fair value measurement hierarchy
Millicom uses the following fair value measurement hierarchy:
Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is,
as prices) or indirectly (that is, derived from prices).
Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment
grade ratings. Interest rate swaps and foreign exchange forward contracts are valued using valuation techniques, which employ the
use of markets observable data. The most frequently applied valuation techniques include forward pricing and swap models using
present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange
spot and forward rates, yield curves of the respective currencies, interest rate curves and forward curves.
C.7.2. Fair value of financial instruments
The fair value of Millicom\u2019s financial instruments are shown at amounts at which the instruments could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale. The fair value of all financial assets and all financial
liabilities, except debt and financing approximate their carrying value largely due to the short-term maturities of these instruments.
The fair values of all debt and financing have been estimated by the Group, based on discounted future cash flows at market interest
rates.
Fair values of financial instruments at December 31,\u00a0
Carrying value
Fair value
Note
2023
2022
2023
2022
(US$ millions)
Financial assets
Derivative financial instruments ......................................................
6
19
6
19
Other non-current assets .................................................................
84
76
84
76
Trade receivables, net .......................................................................
443
379
443
379
Amounts due from non-controlling interests, associates and
joint venture partners .......................................................................
G.5.
12
15
12
15
Supplier advances for capital expenditures ....................................
21
21
21
21
Other current assets .........................................................................
190
197
190
197
Restricted cash ..................................................................................
C.5.2.
56
57
56
57
Cash and cash equivalents ...............................................................
C.5.1.
775
1,039
775
1,039
Total financial assets ......................................................................
1,587
1,803
1,587
1,803
Current ..............................................................................................
1,503
1,708
1,503
1,708
Non-current ......................................................................................
84
95
84
95
Financial liabilities
Debt and financing (i) .......................................................................
C.3.
6,678
6,804
6,086
6,327
Trade payables ..................................................................................
390
400
390
400
Payables and accruals for capital expenditure ................................
314
428
314
428
Derivative financial instruments ......................................................
46
53
46
53
Put option liability ............................................................................
C.7.4.
86
\u2014
86
\u2014
Amounts due to non-controlling interests, associates and joint
venture partners ...............................................................................
G.5.
74
58
74
58
Accrued interest and other expenses ..............................................
444
412
444
412
Other liabilities ..................................................................................
1,128
658
1,128
658
Total financial liabilities ................................................................
9,161
8,812
8,569
8,335
Current ..............................................................................................
1,670
1,602
1,689
1,602
Non-current ......................................................................................
7,491
7,210
6,881
6,733
(i)Fair values are measured with reference to Level 1 (for listed bonds) or level 2.
C.7.3. Equity investments
As at December 31, 2023 and 2022, Millicom has no material investments in equity instruments.
C.7.4. Call and put options
Cable Onda call and put options
As part of the acquisition of Cable Onda, the shareholders agreed on certain put and call options as follows - as amended
subsequent to the acquisition of Telef\u00f3nica Panama. As previously explained in note A.1.2., on June 14, 2022, the Group received the
formal notification from the minority shareholders of Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.) confirming the
exercise of their put option right to sell their remaining 20% shareholding to Millicom for a cash amount of approximately
$290\u00a0million. The call option expired at the same time. Up to the exercise of the put option, the changes in value of the call option
asset and put option liability were recorded in the Group's statement of income under \"Other non-operating (expenses) income,
net\" (see note B.5.).
Put Option - Tigo-UNE
On October 12, 2023, Millicom and its partner, Empresas P\u00fablicas de Medellin (EPM), agreed to recapitalize Tigo-UNE, Millicom's
50%-owned operation in Colombia. Each partner contributed COP 300\u00a0billion (approximately $74\u00a0million at the time of the
transaction) to support the continued development of Tigo-UNE's strategy
With this agreement, both partners retain their current shareholding in Tigo-UNE. Furthermore they agreed to add in the
shareholder's agreement an unconditional put option maturing on September 30, 2024, that, if exercised, would allow EPM to sell to
Millicom their entire 50% stake in Tigo-UNE for COP 330\u00a0billion. As a result, a put option liability has been recognized in Millicom's
statement of financial position, with its counterpart in the Group's equity. As of December 31, 2023, the liability, denominated in
local currency, amounts to $86 million.
D. Financial risk management
Exposure to interest rate, foreign currency, non-repatriation, liquidity, capital management and credit risks arise in the normal course
of Millicom\u2019s business. As part of the annual review of the above mentioned risks, the Group targets a strategy with respect to the
use of derivatives and natural hedging instruments ranging from raising debt in local currency (where the Group targets to maintain
40% of debt in local currency) to maintaining at least a 75/25% mix between fixed and floating rate debt or agreeing to cover up to
six months forward of operating costs and capex denominated in non-functional currencies through a rolling and layering strategy.
Millicom\u2019s financial risk management strategies may include the use of derivatives to the extent a market would exist in the
jurisdictions where the Group operates. Millicom\u2019s policy prohibits the use of such derivatives in the context of speculative trading.
Accounting policies for derivatives is further detailed in note C.7. On December 31, 2023 and 2022 fair value of derivatives held by
the Group can be summarized as follows:
2023
2022
(US$ millions)
Derivatives
Cash flow hedge derivatives ..........................................................................................................................................
(40)
(34)
Net derivative asset (liability) .....................................................................................................................................
(40)
(34)
D.1. Interest rate risk
Debt and financing issued at floating interest rates expose the Group to cash flow interest rate risk. Debt and financing issued at
fixed rates expose the Group to fair value interest rate risk. The Group\u2019s exposure to risk of changes in market interest rates relate to
both of the above. To manage this risk, the Group\u2019s policy is to maintain a combination of fixed and floating rate debt with a target
that more than 75% of the debt be at fixed rate. The Group actively monitors borrowings against this target. The target mix between
fixed and floating rate debt is reviewed periodically. The purpose of Millicom\u2019s policy is to achieve an optimal balance between cost
of funding and volatility of financial results, while considering market conditions as well as our overall business strategy. At
December 31, 2023, approximately 80% of the Group\u2019s borrowings are at a fixed rate of interest or for which variable rates have been
swapped for fixed rates with interest rate swaps (2022: 82% ).
D.1.1. Fixed and floating rate debt
Financing at December 31, 2023\u00a0
Amounts due within:
1 year
1\u20132 years
2\u20133 years
3\u20134 years
4\u20135 years
>5 years
Total
(US$ millions)
Fixed rate financing ...............
190
369
403
582
855
2,912
5,311
Floating rate financing ..........
12
76
433
420
147
279
1,367
Total(i) ...................................
202
445
836
1,002
1,002
3,191
6,678
Weighted average nominal
interest rate ...........................
6.85%
6.81%
7.93%
6.98%
6.75%
5.83%
6.56%
(i) Excluding vendor financing of $18\u00a0million, due within one year, as of December 31, 2023
Financing at December 31, 2022\u00a0
Amounts due within:
1 year
1\u20132 years
2\u20133 years
3\u20134 years
4\u20135 years
>5 years
Total
(US$ millions)
Fixed rate financing ...............
131
383
501
376
718
3,466
5,574
Floating rate financing ..........
49
12
63
402
404
300
1,230
Total ......................................
180
394
564
777
1,122
3,766
6,804
Weighted average nominal
interest rate ...........................
7.68%
5.71%
6.11%
7.46%
6.49%
5.88%
6.22%
A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2023
would increase or reduce profit before tax from continuing operations f or the year by approximately $14 million (2022: $12 million).
D.1.2. Interest rate swap contracts
From time to time, Millicom enters into currency and interest rate swap contracts to manage its exposure to fluctuations in interest
rates and currency fluctuations in accordance with its Group Treasury policy. Details of these arrangements are provided below.
MIC S.A. entered into swap contracts in order to hedge the foreign currency and interest rate risks in relation to the 2024 SEK 2
billion senior unsecured sustainability bond and the foreign currency risk in relation to the 2027 SEC 2.2\u00a0billion senior unsecured
sustainability bond (issued in May 2019 and January 2022, corresponding to $207.6 million and $252.3 million, respectively, using
the exchange rate at the time of the issuance of each bond - see note C.3.1.). These swaps are accounted for as cash flow hedges as
the timing and amounts of the cash flows under the swap agreements match the cash flows under the SEK bonds. Their maturity
date is May 2024 and January 2027, respectively. The hedging relationship is highly effective and related fluctuations are recorded
through other comprehensive income.\u00a0 All swap contracts attached to the 2024 SEK 2\u00a0billion bond were terminated on May 10, 2023,
after the early redemption of the bond\u00a0 and were settled against a cash payment of $26 million.
At December 31, 2023, the fair values of the above swap amount to a liability of $46 million. (December 31, 2022: a liability of $53
million).
The Group's operation in Colombia also entered into several swap agreements in order to hedge foreign currency and interest rate
risks on certain long-term debts. These swaps are accounted for as cash flow hedges and related fair value changes are recorded
through other comprehensive income.The fair value of Colombia swaps amounted to an asset of $6 million as of December 31, 2023
(December 31, 2022: an asset of $19 million).
In January 2023, MIC S.A. also entered into two currency swap agreements to hedge an intercompany receivable of COP 206\u00a0billion
(approximately $41\u00a0million) owed by UNE (refer to note C.3.1.). These swaps are accounted for as cash flow hedges as hedging
relationships are highly effective.
As a summary, the net fair value of the derivative financial instruments for the Group, as of December 31, 2023 amounted to a
liability of $40 million (December 31, 2022: a liability of $34 million ).
Interest rate and currency swaps are measured with reference to Level 2 of the fair value hierarchy.There are no other derivative
financial instruments with a significant fair value at December 31, 2023.
D.2. Foreign currency risks
The Group is exposed to foreign exchange risk arising from various currency exposures in the countries in which it operates. Foreign
exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations.
Millicom seeks to reduce its foreign currency exposure through a policy of matching, as far as possible, assets and liabilities
denominated in foreign currencies, or entering into agreements that limit the risk of exposure to currency fluctuations against the
US dollar reporting currency. In some cases, Millicom may also borrow in US dollars where it is either commercially more
advantageous for joint ventures and subsidiaries to incur debt obligations in US dollars or where US dollar denominated borrowing
is the only funding source available to a joint venture or subsidiary. In these circumstances, Millicom accepts the remaining currency
risk associated with financing its joint ventures and subsidiaries, principally because of the relatively high cost of forward cover,
when available, in the currencies in which the Group operates.
D.2.1. Debt denominated in US dollars and other currencies
Debt denomination at December 31
2023
2022
(US$ millions)
Debt denominated in US dollars ................................................................................................................................
3,859
4,100
Debt denominated in currencies of the following countries:
Guatemala .......................................................................................................................................................................
640
595
Colombia .........................................................................................................................................................................
694
605
Bolivia ..............................................................................................................................................................................
246
260
Paraguay .........................................................................................................................................................................
158
171
El Salvador(i) ...................................................................................................................................................................
174
173
Panama(i) ........................................................................................................................................................................
759
773
Luxembourg (COP denominated) .................................................................................................................................
38
30
Costa Rica ........................................................................................................................................................................
110
96
Total debt denominated in other currencies ............................................................................................................
2,819
2,704
Total debt (ii) .................................................................................................................................................................
6,678
6,804
(i) El Salvador's official unit of currency is the\u00a0U.S.\u00a0dollar, while Panama uses the\u00a0U.S. dollar\u00a0as legal tender. The Group's local debt in both countries is
therefore denominated in U.S. dollars but presented as local currency (LCY).
(ii) Excluding vendor financing of $18\u00a0million in Colombia, due within one year, as of December 31, 2023.
At December 31, 2023, if the US dollar had weakened/strengthened by 10% against the other functional currencies of our operations
and all other variables held constant, then profit before tax from continuing operations would have increased/decreased by $25
million (2022: $20 million). This increase/decrease in profit before tax would have mainly been as a result of the conversion of the
USD-denominated net debts in our operations with functional currencies other than the US dollar.
D.2.2. Foreign currency swaps
See note D.1.2. Interest rate swap contracts.
D.3. Non-repatriation risk
Millicom\u2019s operating subsidiaries and joint ventures generate most of the revenue of the Group and in the currency of the countries
in which they operate. Millicom is therefore dependent on the ability of its subsidiaries and joint venture operations to transfer funds
to the Company.
Although foreign exchange controls exist in some of the countries in which Millicom Group companies operate, none of these
controls currently significantly restrict the ability of these operations to pay interest, dividends, technical service fees, royalties or
repay loans by exporting cash, instruments of credit or securities in foreign currencies. However, existing foreign exchange controls
may be strengthened in countries where the Group operates, or foreign exchange controls may be introduced in countries where
the Group operates that do not currently impose such restrictions. If such events were to occur, the Company\u2019s ability to receive
funds from the operations could be subsequently restricted, which would impact the Company\u2019s ability to make payments on its
interest and loans and, or pay dividends to its shareholders. As a policy, all operations which do not face restrictions to deposit funds
offshore and in hard currencies should do so for the surplus cash generated on a weekly basis. The Company and its subsidiaries
make use of physical cash pooling arrangements in hard currencies to the extent permitted.
In addition, in some countries it may be difficult to convert large amounts of local currency into foreign currency because of limited
foreign exchange markets. The practical effects of this may be time delays in accumulating significant amounts of foreign currency
and exchange risk, which could have an adverse effect on the Group. This is a relatively rare case for the countries in which the
Group operates.
Lastly, repatriation most often results in taxation, which is evidenced in the amount of taxes paid by the Group relative to the
Corporate Income Tax reported in its statement of income.
D.4. Credit and counterparty risk
Financial instruments that subject the Group to credit and counterparty risk include cash and cash equivalents, pledged deposits,
letters of credit, trade receivables, amounts due from joint venture partners and associates, vendor financing and other current
assets and derivatives. Counterparties to agreements relating to the Group\u2019s cash and cash equivalents, pledged deposits and letters
of credit are financial institutions generally with investment grade ratings. Management does not believe there are significant risks
of non-performance by these counterparties and maintain a diversified portfolio of banking partners. Allocation of deposits across
banks are managed such that the Group\u2019s counterparty risk with a given bank stays within limits which have been set, based on each
bank\u2019s credit rating.
A large portion of revenue of the Group is comprised of prepaid products and services. For postpaid customers, the Group follows
risk control procedures to assess the credit quality of the customer, taking into account its financial position, past experience and
other factors. Accounts receivable also comprise balances due from other telecom operators. Credit risk of other telecom operators
is limited due to the regulatory nature of the telecom industry, in which licenses are normally only issued to credit-worthy
companies. The Group maintains a provision for expected credit losses of trade receivables based on its historical credit loss
experience.
As the Group has a large number of internationally dispersed customers, there is generally no significant concentration of credit risk
with respect to trade receivables, except for certain B2B customers (mainly governments). See note F.1.
D.5. Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Group
has significant indebtedness but also has significant cash balances. Millicom evaluates its ability to meet its obligations on an
ongoing basis using a recurring liquidity planning tool. This tool considers the operating net cash flows generated from its
operations and the future cash needs for borrowing, interest payments, dividend payments and capital and operating expenditures
required in maintaining and developing its operating businesses.
The Group manages its liquidity risk through the use of bank loans, bonds, vendor financing, Export Credit Agencies and
Development Finance Institutions (DFI) loans. Millicom believes that there is sufficient liquidity available in the markets to meet
ongoing liquidity needs. Additionally, Millicom is able to arrange offshore funding. Millicom has a diversified financing portfolio with
commercial banks representing about 24% of its gross financing (2022: 23%), with bonds representing 61% (2022: 64%) and leases
representing 13% (2022: 13%).
Maturity profile of net financial liabilities at December 31, 2023
Less than 1
year
1 to 5 years
>5yrs
Total
(US$ millions)
Outstanding debt and financing (i) .........................................................................
(203)
(3,309)
(3,232)
(6,744)
Outstanding amortized costs undiscounted ..........................................................
1
24
41
66
Lease liability ............................................................................................................
(189)
(498)
(355)
(1,043)
Cash and equivalents ...............................................................................................
775
\u2014
\u2014
775
Derivative and vendor financing .............................................................................
(12)
(46)
\u2014
(58)
Pledged deposits .....................................................................................................
5
\u2014
\u2014
6
Net cash (debt) including derivatives related to debt ......................................
377
(3,829)
(3,547)
(6,999)
Future interest commitments related to debt and financing ................................
(427)
(1,270)
(93)
(1,791)
Future interest commitments related to leases .....................................................
(108)
(286)
(108)
(502)
Trade payables (excluding accruals) .......................................................................
(582)
\u2014
\u2014
(582)
Other financial liabilities (including accruals) .........................................................
(957)
\u2014
\u2014
(957)
Trade receivables .....................................................................................................
443
\u2014
\u2014
443
Other financial assets ...............................................................................................
224
78
\u2014
302
Net financial liabilities ..........................................................................................
(1,031)
(5,306)
(3,748)
(10,086)
(i) Excluding vendor financing of $18\u00a0million as of December 31, 2023.
Maturity profile of net financial liabilities at December 31, 2022\u00a0
Less than 1
year
1 to 5 years
>5yrs
Total
(US$ millions)
Outstanding debt and financing .............................................................................
(181)
(2,880)
(3,813)
(6,875)
Outstanding amortized costs undiscounted ..........................................................
1
23
47
71
Lease liability ............................................................................................................
(163)
(478)
(374)
(1,016)
Cash and equivalents ...............................................................................................
1,039
\u2014
\u2014
1,039
Derivative financial instruments .............................................................................
\u2014
(34)
\u2014
(34)
Net cash (debt) including derivatives related to debt
697
(3,370)
(4,141)
(6,814)
Future interest commitments related to debt and financing ................................
(416)
(1,349)
(111)
(1,877)
Future interest commitments related to leases
(106)
(290)
(135)
(531)
Trade payables (excluding accruals)
(689)
\u2014
\u2014
(689)
Other financial liabilities (including accruals)
(867)
\u2014
\u2014
(867)
Trade receivables
379
\u2014
\u2014
379
Other financial assets ...............................................................................................
232
71
\u2014
303
Net financial liabilities ..........................................................................................
(770)
(4,938)
(4,387)
(10,095)
D.6. Capital management
The primary objective of the Group\u2019s capital management is to ensure a strong credit rating and solid capital ratios in order to
support its business and maximize shareholder value.
The Group manages its capital structure with reference to local economic conditions and imposed restrictions such as debt
covenants (see section C.3.5.). To maintain or adjust its capital structure, the Group may make dividend payments to shareholders,
return capital to shareholders through share repurchases or issue new shares. At December 31, 2023, Millicom was rated at one
notch below investment grade by the independent rating agencies Moody\u2019s (Ba1) and Fitch (BB).\u00a0 On February 6, 2024, Moody\u2019s
downgraded Millicom by one notch to ba2 (with a stable outlook +) basically based on quantitative metrics being below ranges than
ba1 rating scale ranges. The Group primarily monitors capital using net debt to EBITDAaL.
Net debt to EBITDAaL (i)
Note
2023
2022
(US$ millions)
EBITDA ................................................................................................................................................
B.3.
2,111
2,228
Lease interest expense ........................................................................................................................
(117)
(124)
Right of use assets depreciation .........................................................................................................
E.3.
(183)
(168)
EBITDAaL (ii) ......................................................................................................................................
1,812
1,936
Net debt (iii) .......................................................................................................................................
C.6.
5,956
5,799
Net debt to EBITDAaL (iv) .................................................................................................................
3.29x
2.99x
(i)The Group now presents Net debt to EBITDAal (vs. Net financial obligations to EBITDA before) in order to better align with the Group's peers and
expectations of investors/analysts. 2022 figures have been represented accordingly.
(ii)\u00a0 'EBITDA after Leases' (EBITDAaL) represents EBITDA after lease interest expense and depreciation charge (excluding Africa).
(iii)\u00a0 'Net debt' is debt and financial liabilities, including derivative instruments (assets and liabilities), less cash and pledged and time deposits. In 2023, the
definition of Net Debt has changed to include derivative financial instruments in order to have a more comprehensive view of the Group's financial
obligations. 2022 figures have also been represented accordingly.
(iv)\u00a0 The ratio is above 3.0x on an accounting basis, however, according to the terms of the Group's indentures, this ratio is calculated on a different basis,
resulting in a ratio below 3.0x\u00a0 for covenant purposes.
Gearing ratio
The Group reviews its gearing ratio (net debt divided by total capital plus net debt) periodically. Capital represents equity
attributable to the equity holders of the parent.
Note
2023
2022
(US$ millions)
Net debt ...............................................................................................................................................
C.6.
5,956
5,799
Equity attributable to Owners of the Company .................................................................................
C.1.
3,529
3,605
Net debt and equity ............................................................................................................................
9,485
9,404
Gearing ratio ........................................................................................................................................
0.63
0.62
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-706": { "value": "
ii)Derivative financial instruments and hedging activities
Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
fair value at each subsequent closing date. The method of recognizing the resulting gain or loss depends on whether the derivative
is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as
either:
a)Hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); or
b)Hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow
hedge).
c)Hedges of a net investment in a foreign operation (net investment hedges).
For transactions designated and qualifying for hedge accounting, at the inception of the transaction, the Group documents the
relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for
undertaking various hedging transactions. This is done in reference to the Group Treasury\u00a0 Policy as last updated and approved by
the Audit Committee in late 2020. The Group also documents its assessment, both at hedge inception and on an ongoing basis
(quarterly), of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or
cash flows of hedged items.
The full fair value of a hedging instrument is classified as a non-current asset or liability when the period to maturity of the hedged
item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12
months.
The change in fair value of hedging instruments that are designed and qualify as fair value hedges is recognized in the statement of
income as finance costs or income. The change in fair value of the hedged item attributable to the risk hedged is recorded as part of
the carrying value of the hedged item and is also recognized in the statement of income as finance costs or income.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in
other comprehensive income. Gains or loss relating to any ineffective portion is recognized immediately in the statement of income
within Other non-operating (expenses) income, net. Amounts accumulated in equity are reclassified to the statement of income in
the periods when the hedged item affects profit or loss.
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves
in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within Other non-operating
(expenses) income, net. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is
disposed of or sold.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time is recycled to the statement of income within Other non-operating (expenses) income, net.
When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately
transferred to the statement of income within Other non-operating (expenses) income, net.
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does
not qualify for hedge accounting are recognised immediately in profit or loss and are included in Other non-operating (expenses)
income, net.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-705": { "value": "
ii)Derivative financial instruments and hedging activities
Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
fair value at each subsequent closing date. The method of recognizing the resulting gain or loss depends on whether the derivative
is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as
either:
a)Hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); or
b)Hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow
hedge).
c)Hedges of a net investment in a foreign operation (net investment hedges).
For transactions designated and qualifying for hedge accounting, at the inception of the transaction, the Group documents the
relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for
undertaking various hedging transactions. This is done in reference to the Group Treasury\u00a0 Policy as last updated and approved by
the Audit Committee in late 2020. The Group also documents its assessment, both at hedge inception and on an ongoing basis
(quarterly), of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or
cash flows of hedged items.
The full fair value of a hedging instrument is classified as a non-current asset or liability when the period to maturity of the hedged
item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12
months.
The change in fair value of hedging instruments that are designed and qualify as fair value hedges is recognized in the statement of
income as finance costs or income. The change in fair value of the hedged item attributable to the risk hedged is recorded as part of
the carrying value of the hedged item and is also recognized in the statement of income as finance costs or income.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in
other comprehensive income. Gains or loss relating to any ineffective portion is recognized immediately in the statement of income
within Other non-operating (expenses) income, net. Amounts accumulated in equity are reclassified to the statement of income in
the periods when the hedged item affects profit or loss.
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves
in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within Other non-operating
(expenses) income, net. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is
disposed of or sold.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time is recycled to the statement of income within Other non-operating (expenses) income, net.
When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately
transferred to the statement of income within Other non-operating (expenses) income, net.
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does
not qualify for hedge accounting are recognised immediately in profit or loss and are included in Other non-operating (expenses)
income, net.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-704": { "value": "
ii)Derivative financial instruments and hedging activities
Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
fair value at each subsequent closing date. The method of recognizing the resulting gain or loss depends on whether the derivative
is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as
either:
a)Hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); or
b)Hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow
hedge).
c)Hedges of a net investment in a foreign operation (net investment hedges).
For transactions designated and qualifying for hedge accounting, at the inception of the transaction, the Group documents the
relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for
undertaking various hedging transactions. This is done in reference to the Group Treasury\u00a0 Policy as last updated and approved by
the Audit Committee in late 2020. The Group also documents its assessment, both at hedge inception and on an ongoing basis
(quarterly), of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or
cash flows of hedged items.
The full fair value of a hedging instrument is classified as a non-current asset or liability when the period to maturity of the hedged
item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12
months.
The change in fair value of hedging instruments that are designed and qualify as fair value hedges is recognized in the statement of
income as finance costs or income. The change in fair value of the hedged item attributable to the risk hedged is recorded as part of
the carrying value of the hedged item and is also recognized in the statement of income as finance costs or income.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in
other comprehensive income. Gains or loss relating to any ineffective portion is recognized immediately in the statement of income
within Other non-operating (expenses) income, net. Amounts accumulated in equity are reclassified to the statement of income in
the periods when the hedged item affects profit or loss.
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves
in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within Other non-operating
(expenses) income, net. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is
disposed of or sold.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time is recycled to the statement of income within Other non-operating (expenses) income, net.
When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately
transferred to the statement of income within Other non-operating (expenses) income, net.
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does
not qualify for hedge accounting are recognised immediately in profit or loss and are included in Other non-operating (expenses)
income, net.
C.7.4. Call and put options
Cable Onda call and put options
As part of the acquisition of Cable Onda, the shareholders agreed on certain put and call options as follows - as amended
subsequent to the acquisition of Telef\u00f3nica Panama. As previously explained in note A.1.2., on June 14, 2022, the Group received the
formal notification from the minority shareholders of Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.) confirming the
exercise of their put option right to sell their remaining 20% shareholding to Millicom for a cash amount of approximately
$290\u00a0million. The call option expired at the same time. Up to the exercise of the put option, the changes in value of the call option
asset and put option liability were recorded in the Group's statement of income under \"Other non-operating (expenses) income,
net\" (see note B.5.).
Put Option - Tigo-UNE
On October 12, 2023, Millicom and its partner, Empresas P\u00fablicas de Medellin (EPM), agreed to recapitalize Tigo-UNE, Millicom's
50%-owned operation in Colombia. Each partner contributed COP 300\u00a0billion (approximately $74\u00a0million at the time of the
transaction) to support the continued development of Tigo-UNE's strategy
With this agreement, both partners retain their current shareholding in Tigo-UNE. Furthermore they agreed to add in the
shareholder's agreement an unconditional put option maturing on September 30, 2024, that, if exercised, would allow EPM to sell to
Millicom their entire 50% stake in Tigo-UNE for COP 330\u00a0billion. As a result, a put option liability has been recognized in Millicom's
statement of financial position, with its counterpart in the Group's equity. As of December 31, 2023, the liability, denominated in
local currency, amounts to $86 million.
D.1.2. Interest rate swap contracts
From time to time, Millicom enters into currency and interest rate swap contracts to manage its exposure to fluctuations in interest
rates and currency fluctuations in accordance with its Group Treasury policy. Details of these arrangements are provided below.
MIC S.A. entered into swap contracts in order to hedge the foreign currency and interest rate risks in relation to the 2024 SEK 2
billion senior unsecured sustainability bond and the foreign currency risk in relation to the 2027 SEC 2.2\u00a0billion senior unsecured
sustainability bond (issued in May 2019 and January 2022, corresponding to $207.6 million and $252.3 million, respectively, using
the exchange rate at the time of the issuance of each bond - see note C.3.1.). These swaps are accounted for as cash flow hedges as
the timing and amounts of the cash flows under the swap agreements match the cash flows under the SEK bonds. Their maturity
date is May 2024 and January 2027, respectively. The hedging relationship is highly effective and related fluctuations are recorded
through other comprehensive income.\u00a0 All swap contracts attached to the 2024 SEK 2\u00a0billion bond were terminated on May 10, 2023,
after the early redemption of the bond\u00a0 and were settled against a cash payment of $26 million.
At December 31, 2023, the fair values of the above swap amount to a liability of $46 million. (December 31, 2022: a liability of $53
million).
The Group's operation in Colombia also entered into several swap agreements in order to hedge foreign currency and interest rate
risks on certain long-term debts. These swaps are accounted for as cash flow hedges and related fair value changes are recorded
through other comprehensive income.The fair value of Colombia swaps amounted to an asset of $6 million as of December 31, 2023
(December 31, 2022: an asset of $19 million).
In January 2023, MIC S.A. also entered into two currency swap agreements to hedge an intercompany receivable of COP 206\u00a0billion
(approximately $41\u00a0million) owed by UNE (refer to note C.3.1.). These swaps are accounted for as cash flow hedges as hedging
relationships are highly effective.
As a summary, the net fair value of the derivative financial instruments for the Group, as of December 31, 2023 amounted to a
liability of $40 million (December 31, 2022: a liability of $34 million ).
Interest rate and currency swaps are measured with reference to Level 2 of the fair value hierarchy.There are no other derivative
financial instruments with a significant fair value at December 31, 2023.
D.2.2. Foreign currency swaps
See note D.1.2. Interest rate swap contracts.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-703": { "value": "
ii)Derivative financial instruments and hedging activities
Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
fair value at each subsequent closing date. The method of recognizing the resulting gain or loss depends on whether the derivative
is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as
either:
a)Hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); or
b)Hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow
hedge).
c)Hedges of a net investment in a foreign operation (net investment hedges).
For transactions designated and qualifying for hedge accounting, at the inception of the transaction, the Group documents the
relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for
undertaking various hedging transactions. This is done in reference to the Group Treasury\u00a0 Policy as last updated and approved by
the Audit Committee in late 2020. The Group also documents its assessment, both at hedge inception and on an ongoing basis
(quarterly), of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or
cash flows of hedged items.
The full fair value of a hedging instrument is classified as a non-current asset or liability when the period to maturity of the hedged
item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12
months.
The change in fair value of hedging instruments that are designed and qualify as fair value hedges is recognized in the statement of
income as finance costs or income. The change in fair value of the hedged item attributable to the risk hedged is recorded as part of
the carrying value of the hedged item and is also recognized in the statement of income as finance costs or income.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in
other comprehensive income. Gains or loss relating to any ineffective portion is recognized immediately in the statement of income
within Other non-operating (expenses) income, net. Amounts accumulated in equity are reclassified to the statement of income in
the periods when the hedged item affects profit or loss.
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves
in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within Other non-operating
(expenses) income, net. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is
disposed of or sold.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time is recycled to the statement of income within Other non-operating (expenses) income, net.
When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately
transferred to the statement of income within Other non-operating (expenses) income, net.
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does
not qualify for hedge accounting are recognised immediately in profit or loss and are included in Other non-operating (expenses)
income, net.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-707": { "value": "86000000", "decimals": -6, "dimensions": { "concept": "tigo:PutOptionLiability", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-708": { "value": "
D. Financial risk management
Exposure to interest rate, foreign currency, non-repatriation, liquidity, capital management and credit risks arise in the normal course
of Millicom\u2019s business. As part of the annual review of the above mentioned risks, the Group targets a strategy with respect to the
use of derivatives and natural hedging instruments ranging from raising debt in local currency (where the Group targets to maintain
40% of debt in local currency) to maintaining at least a 75/25% mix between fixed and floating rate debt or agreeing to cover up to
six months forward of operating costs and capex denominated in non-functional currencies through a rolling and layering strategy.
Millicom\u2019s financial risk management strategies may include the use of derivatives to the extent a market would exist in the
jurisdictions where the Group operates. Millicom\u2019s policy prohibits the use of such derivatives in the context of speculative trading.
Accounting policies for derivatives is further detailed in note C.7. On December 31, 2023 and 2022 fair value of derivatives held by
the Group can be summarized as follows:
2023
2022
(US$ millions)
Derivatives
Cash flow hedge derivatives ..........................................................................................................................................
(40)
(34)
Net derivative asset (liability) .....................................................................................................................................
(40)
(34)
D.1. Interest rate risk
Debt and financing issued at floating interest rates expose the Group to cash flow interest rate risk. Debt and financing issued at
fixed rates expose the Group to fair value interest rate risk. The Group\u2019s exposure to risk of changes in market interest rates relate to
both of the above. To manage this risk, the Group\u2019s policy is to maintain a combination of fixed and floating rate debt with a target
that more than 75% of the debt be at fixed rate. The Group actively monitors borrowings against this target. The target mix between
fixed and floating rate debt is reviewed periodically. The purpose of Millicom\u2019s policy is to achieve an optimal balance between cost
of funding and volatility of financial results, while considering market conditions as well as our overall business strategy. At
December 31, 2023, approximately 80% of the Group\u2019s borrowings are at a fixed rate of interest or for which variable rates have been
swapped for fixed rates with interest rate swaps (2022: 82% ).
D.1.1. Fixed and floating rate debt
Financing at December 31, 2023\u00a0
Amounts due within:
1 year
1\u20132 years
2\u20133 years
3\u20134 years
4\u20135 years
>5 years
Total
(US$ millions)
Fixed rate financing ...............
190
369
403
582
855
2,912
5,311
Floating rate financing ..........
12
76
433
420
147
279
1,367
Total(i) ...................................
202
445
836
1,002
1,002
3,191
6,678
Weighted average nominal
interest rate ...........................
6.85%
6.81%
7.93%
6.98%
6.75%
5.83%
6.56%
(i) Excluding vendor financing of $18\u00a0million, due within one year, as of December 31, 2023
Financing at December 31, 2022\u00a0
Amounts due within:
1 year
1\u20132 years
2\u20133 years
3\u20134 years
4\u20135 years
>5 years
Total
(US$ millions)
Fixed rate financing ...............
131
383
501
376
718
3,466
5,574
Floating rate financing ..........
49
12
63
402
404
300
1,230
Total ......................................
180
394
564
777
1,122
3,766
6,804
Weighted average nominal
interest rate ...........................
7.68%
5.71%
6.11%
7.46%
6.49%
5.88%
6.22%
A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2023
would increase or reduce profit before tax from continuing operations f or the year by approximately $14 million (2022: $12 million).
D.1.2. Interest rate swap contracts
From time to time, Millicom enters into currency and interest rate swap contracts to manage its exposure to fluctuations in interest
rates and currency fluctuations in accordance with its Group Treasury policy. Details of these arrangements are provided below.
MIC S.A. entered into swap contracts in order to hedge the foreign currency and interest rate risks in relation to the 2024 SEK 2
billion senior unsecured sustainability bond and the foreign currency risk in relation to the 2027 SEC 2.2\u00a0billion senior unsecured
sustainability bond (issued in May 2019 and January 2022, corresponding to $207.6 million and $252.3 million, respectively, using
the exchange rate at the time of the issuance of each bond - see note C.3.1.). These swaps are accounted for as cash flow hedges as
the timing and amounts of the cash flows under the swap agreements match the cash flows under the SEK bonds. Their maturity
date is May 2024 and January 2027, respectively. The hedging relationship is highly effective and related fluctuations are recorded
through other comprehensive income.\u00a0 All swap contracts attached to the 2024 SEK 2\u00a0billion bond were terminated on May 10, 2023,
after the early redemption of the bond\u00a0 and were settled against a cash payment of $26 million.
At December 31, 2023, the fair values of the above swap amount to a liability of $46 million. (December 31, 2022: a liability of $53
million).
The Group's operation in Colombia also entered into several swap agreements in order to hedge foreign currency and interest rate
risks on certain long-term debts. These swaps are accounted for as cash flow hedges and related fair value changes are recorded
through other comprehensive income.The fair value of Colombia swaps amounted to an asset of $6 million as of December 31, 2023
(December 31, 2022: an asset of $19 million).
In January 2023, MIC S.A. also entered into two currency swap agreements to hedge an intercompany receivable of COP 206\u00a0billion
(approximately $41\u00a0million) owed by UNE (refer to note C.3.1.). These swaps are accounted for as cash flow hedges as hedging
relationships are highly effective.
As a summary, the net fair value of the derivative financial instruments for the Group, as of December 31, 2023 amounted to a
liability of $40 million (December 31, 2022: a liability of $34 million ).
Interest rate and currency swaps are measured with reference to Level 2 of the fair value hierarchy.There are no other derivative
financial instruments with a significant fair value at December 31, 2023.
D.2. Foreign currency risks
The Group is exposed to foreign exchange risk arising from various currency exposures in the countries in which it operates. Foreign
exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations.
Millicom seeks to reduce its foreign currency exposure through a policy of matching, as far as possible, assets and liabilities
denominated in foreign currencies, or entering into agreements that limit the risk of exposure to currency fluctuations against the
US dollar reporting currency. In some cases, Millicom may also borrow in US dollars where it is either commercially more
advantageous for joint ventures and subsidiaries to incur debt obligations in US dollars or where US dollar denominated borrowing
is the only funding source available to a joint venture or subsidiary. In these circumstances, Millicom accepts the remaining currency
risk associated with financing its joint ventures and subsidiaries, principally because of the relatively high cost of forward cover,
when available, in the currencies in which the Group operates.
D.2.1. Debt denominated in US dollars and other currencies
Debt denomination at December 31
2023
2022
(US$ millions)
Debt denominated in US dollars ................................................................................................................................
3,859
4,100
Debt denominated in currencies of the following countries:
Guatemala .......................................................................................................................................................................
640
595
Colombia .........................................................................................................................................................................
694
605
Bolivia ..............................................................................................................................................................................
246
260
Paraguay .........................................................................................................................................................................
158
171
El Salvador(i) ...................................................................................................................................................................
174
173
Panama(i) ........................................................................................................................................................................
759
773
Luxembourg (COP denominated) .................................................................................................................................
38
30
Costa Rica ........................................................................................................................................................................
110
96
Total debt denominated in other currencies ............................................................................................................
2,819
2,704
Total debt (ii) .................................................................................................................................................................
6,678
6,804
(i) El Salvador's official unit of currency is the\u00a0U.S.\u00a0dollar, while Panama uses the\u00a0U.S. dollar\u00a0as legal tender. The Group's local debt in both countries is
therefore denominated in U.S. dollars but presented as local currency (LCY).
(ii) Excluding vendor financing of $18\u00a0million in Colombia, due within one year, as of December 31, 2023.
At December 31, 2023, if the US dollar had weakened/strengthened by 10% against the other functional currencies of our operations
and all other variables held constant, then profit before tax from continuing operations would have increased/decreased by $25
million (2022: $20 million). This increase/decrease in profit before tax would have mainly been as a result of the conversion of the
USD-denominated net debts in our operations with functional currencies other than the US dollar.
D.2.2. Foreign currency swaps
See note D.1.2. Interest rate swap contracts.
D.3. Non-repatriation risk
Millicom\u2019s operating subsidiaries and joint ventures generate most of the revenue of the Group and in the currency of the countries
in which they operate. Millicom is therefore dependent on the ability of its subsidiaries and joint venture operations to transfer funds
to the Company.
Although foreign exchange controls exist in some of the countries in which Millicom Group companies operate, none of these
controls currently significantly restrict the ability of these operations to pay interest, dividends, technical service fees, royalties or
repay loans by exporting cash, instruments of credit or securities in foreign currencies. However, existing foreign exchange controls
may be strengthened in countries where the Group operates, or foreign exchange controls may be introduced in countries where
the Group operates that do not currently impose such restrictions. If such events were to occur, the Company\u2019s ability to receive
funds from the operations could be subsequently restricted, which would impact the Company\u2019s ability to make payments on its
interest and loans and, or pay dividends to its shareholders. As a policy, all operations which do not face restrictions to deposit funds
offshore and in hard currencies should do so for the surplus cash generated on a weekly basis. The Company and its subsidiaries
make use of physical cash pooling arrangements in hard currencies to the extent permitted.
In addition, in some countries it may be difficult to convert large amounts of local currency into foreign currency because of limited
foreign exchange markets. The practical effects of this may be time delays in accumulating significant amounts of foreign currency
and exchange risk, which could have an adverse effect on the Group. This is a relatively rare case for the countries in which the
Group operates.
Lastly, repatriation most often results in taxation, which is evidenced in the amount of taxes paid by the Group relative to the
Corporate Income Tax reported in its statement of income.
D.4. Credit and counterparty risk
Financial instruments that subject the Group to credit and counterparty risk include cash and cash equivalents, pledged deposits,
letters of credit, trade receivables, amounts due from joint venture partners and associates, vendor financing and other current
assets and derivatives. Counterparties to agreements relating to the Group\u2019s cash and cash equivalents, pledged deposits and letters
of credit are financial institutions generally with investment grade ratings. Management does not believe there are significant risks
of non-performance by these counterparties and maintain a diversified portfolio of banking partners. Allocation of deposits across
banks are managed such that the Group\u2019s counterparty risk with a given bank stays within limits which have been set, based on each
bank\u2019s credit rating.
A large portion of revenue of the Group is comprised of prepaid products and services. For postpaid customers, the Group follows
risk control procedures to assess the credit quality of the customer, taking into account its financial position, past experience and
other factors. Accounts receivable also comprise balances due from other telecom operators. Credit risk of other telecom operators
is limited due to the regulatory nature of the telecom industry, in which licenses are normally only issued to credit-worthy
companies. The Group maintains a provision for expected credit losses of trade receivables based on its historical credit loss
experience.
As the Group has a large number of internationally dispersed customers, there is generally no significant concentration of credit risk
with respect to trade receivables, except for certain B2B customers (mainly governments). See note F.1.
D.5. Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Group
has significant indebtedness but also has significant cash balances. Millicom evaluates its ability to meet its obligations on an
ongoing basis using a recurring liquidity planning tool. This tool considers the operating net cash flows generated from its
operations and the future cash needs for borrowing, interest payments, dividend payments and capital and operating expenditures
required in maintaining and developing its operating businesses.
The Group manages its liquidity risk through the use of bank loans, bonds, vendor financing, Export Credit Agencies and
Development Finance Institutions (DFI) loans. Millicom believes that there is sufficient liquidity available in the markets to meet
ongoing liquidity needs. Additionally, Millicom is able to arrange offshore funding. Millicom has a diversified financing portfolio with
commercial banks representing about 24% of its gross financing (2022: 23%), with bonds representing 61% (2022: 64%) and leases
representing 13% (2022: 13%).
Maturity profile of net financial liabilities at December 31, 2023
Less than 1
year
1 to 5 years
>5yrs
Total
(US$ millions)
Outstanding debt and financing (i) .........................................................................
(203)
(3,309)
(3,232)
(6,744)
Outstanding amortized costs undiscounted ..........................................................
1
24
41
66
Lease liability ............................................................................................................
(189)
(498)
(355)
(1,043)
Cash and equivalents ...............................................................................................
775
\u2014
\u2014
775
Derivative and vendor financing .............................................................................
(12)
(46)
\u2014
(58)
Pledged deposits .....................................................................................................
5
\u2014
\u2014
6
Net cash (debt) including derivatives related to debt ......................................
377
(3,829)
(3,547)
(6,999)
Future interest commitments related to debt and financing ................................
(427)
(1,270)
(93)
(1,791)
Future interest commitments related to leases .....................................................
(108)
(286)
(108)
(502)
Trade payables (excluding accruals) .......................................................................
(582)
\u2014
\u2014
(582)
Other financial liabilities (including accruals) .........................................................
(957)
\u2014
\u2014
(957)
Trade receivables .....................................................................................................
443
\u2014
\u2014
443
Other financial assets ...............................................................................................
224
78
\u2014
302
Net financial liabilities ..........................................................................................
(1,031)
(5,306)
(3,748)
(10,086)
(i) Excluding vendor financing of $18\u00a0million as of December 31, 2023.
Maturity profile of net financial liabilities at December 31, 2022\u00a0
Less than 1
year
1 to 5 years
>5yrs
Total
(US$ millions)
Outstanding debt and financing .............................................................................
(181)
(2,880)
(3,813)
(6,875)
Outstanding amortized costs undiscounted ..........................................................
1
23
47
71
Lease liability ............................................................................................................
(163)
(478)
(374)
(1,016)
Cash and equivalents ...............................................................................................
1,039
\u2014
\u2014
1,039
Derivative financial instruments .............................................................................
\u2014
(34)
\u2014
(34)
Net cash (debt) including derivatives related to debt
697
(3,370)
(4,141)
(6,814)
Future interest commitments related to debt and financing ................................
(416)
(1,349)
(111)
(1,877)
Future interest commitments related to leases
(106)
(290)
(135)
(531)
Trade payables (excluding accruals)
(689)
\u2014
\u2014
(689)
Other financial liabilities (including accruals)
(867)
\u2014
\u2014
(867)
Trade receivables
379
\u2014
\u2014
379
Other financial assets ...............................................................................................
232
71
\u2014
303
Net financial liabilities ..........................................................................................
(770)
(4,938)
(4,387)
(10,095)
D.6. Capital management
The primary objective of the Group\u2019s capital management is to ensure a strong credit rating and solid capital ratios in order to
support its business and maximize shareholder value.
The Group manages its capital structure with reference to local economic conditions and imposed restrictions such as debt
covenants (see section C.3.5.). To maintain or adjust its capital structure, the Group may make dividend payments to shareholders,
return capital to shareholders through share repurchases or issue new shares. At December 31, 2023, Millicom was rated at one
notch below investment grade by the independent rating agencies Moody\u2019s (Ba1) and Fitch (BB).\u00a0 On February 6, 2024, Moody\u2019s
downgraded Millicom by one notch to ba2 (with a stable outlook +) basically based on quantitative metrics being below ranges than
ba1 rating scale ranges. The Group primarily monitors capital using net debt to EBITDAaL.
Net debt to EBITDAaL (i)
Note
2023
2022
(US$ millions)
EBITDA ................................................................................................................................................
B.3.
2,111
2,228
Lease interest expense ........................................................................................................................
(117)
(124)
Right of use assets depreciation .........................................................................................................
E.3.
(183)
(168)
EBITDAaL (ii) ......................................................................................................................................
1,812
1,936
Net debt (iii) .......................................................................................................................................
C.6.
5,956
5,799
Net debt to EBITDAaL (iv) .................................................................................................................
3.29x
2.99x
(i)The Group now presents Net debt to EBITDAal (vs. Net financial obligations to EBITDA before) in order to better align with the Group's peers and
expectations of investors/analysts. 2022 figures have been represented accordingly.
(ii)\u00a0 'EBITDA after Leases' (EBITDAaL) represents EBITDA after lease interest expense and depreciation charge (excluding Africa).
(iii)\u00a0 'Net debt' is debt and financial liabilities, including derivative instruments (assets and liabilities), less cash and pledged and time deposits. In 2023, the
definition of Net Debt has changed to include derivative financial instruments in order to have a more comprehensive view of the Group's financial
obligations. 2022 figures have also been represented accordingly.
(iv)\u00a0 The ratio is above 3.0x on an accounting basis, however, according to the terms of the Group's indentures, this ratio is calculated on a different basis,
resulting in a ratio below 3.0x\u00a0 for covenant purposes.
Gearing ratio
The Group reviews its gearing ratio (net debt divided by total capital plus net debt) periodically. Capital represents equity
attributable to the equity holders of the parent.
Note
2023
2022
(US$ millions)
Net debt ...............................................................................................................................................
C.6.
5,956
5,799
Equity attributable to Owners of the Company .................................................................................
C.1.
3,529
3,605
Net debt and equity ............................................................................................................................
9,485
9,404
Gearing ratio ........................................................................................................................................
0.63
0.62
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-709": { "value": "
D.1. Interest rate risk
Debt and financing issued at floating interest rates expose the Group to cash flow interest rate risk. Debt and financing issued at
fixed rates expose the Group to fair value interest rate risk. The Group\u2019s exposure to risk of changes in market interest rates relate to
both of the above. To manage this risk, the Group\u2019s policy is to maintain a combination of fixed and floating rate debt with a target
that more than 75% of the debt be at fixed rate. The Group actively monitors borrowings against this target. The target mix between
fixed and floating rate debt is reviewed periodically. The purpose of Millicom\u2019s policy is to achieve an optimal balance between cost
of funding and volatility of financial results, while considering market conditions as well as our overall business strategy. At
December 31, 2023, approximately 80% of the Group\u2019s borrowings are at a fixed rate of interest or for which variable rates have been
swapped for fixed rates with interest rate swaps (2022: 82% ).
D.1.1. Fixed and floating rate debt
Financing at December 31, 2023\u00a0
Amounts due within:
1 year
1\u20132 years
2\u20133 years
3\u20134 years
4\u20135 years
>5 years
Total
(US$ millions)
Fixed rate financing ...............
190
369
403
582
855
2,912
5,311
Floating rate financing ..........
12
76
433
420
147
279
1,367
Total(i) ...................................
202
445
836
1,002
1,002
3,191
6,678
Weighted average nominal
interest rate ...........................
6.85%
6.81%
7.93%
6.98%
6.75%
5.83%
6.56%
(i) Excluding vendor financing of $18\u00a0million, due within one year, as of December 31, 2023
Financing at December 31, 2022\u00a0
Amounts due within:
1 year
1\u20132 years
2\u20133 years
3\u20134 years
4\u20135 years
>5 years
Total
(US$ millions)
Fixed rate financing ...............
131
383
501
376
718
3,466
5,574
Floating rate financing ..........
49
12
63
402
404
300
1,230
Total ......................................
180
394
564
777
1,122
3,766
6,804
Weighted average nominal
interest rate ...........................
7.68%
5.71%
6.11%
7.46%
6.49%
5.88%
6.22%
A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2023
would increase or reduce profit before tax from continuing operations f or the year by approximately $14 million (2022: $12 million).
D.1.2. Interest rate swap contracts
From time to time, Millicom enters into currency and interest rate swap contracts to manage its exposure to fluctuations in interest
rates and currency fluctuations in accordance with its Group Treasury policy. Details of these arrangements are provided below.
MIC S.A. entered into swap contracts in order to hedge the foreign currency and interest rate risks in relation to the 2024 SEK 2
billion senior unsecured sustainability bond and the foreign currency risk in relation to the 2027 SEC 2.2\u00a0billion senior unsecured
sustainability bond (issued in May 2019 and January 2022, corresponding to $207.6 million and $252.3 million, respectively, using
the exchange rate at the time of the issuance of each bond - see note C.3.1.). These swaps are accounted for as cash flow hedges as
the timing and amounts of the cash flows under the swap agreements match the cash flows under the SEK bonds. Their maturity
date is May 2024 and January 2027, respectively. The hedging relationship is highly effective and related fluctuations are recorded
through other comprehensive income.\u00a0 All swap contracts attached to the 2024 SEK 2\u00a0billion bond were terminated on May 10, 2023,
after the early redemption of the bond\u00a0 and were settled against a cash payment of $26 million.
At December 31, 2023, the fair values of the above swap amount to a liability of $46 million. (December 31, 2022: a liability of $53
million).
The Group's operation in Colombia also entered into several swap agreements in order to hedge foreign currency and interest rate
risks on certain long-term debts. These swaps are accounted for as cash flow hedges and related fair value changes are recorded
through other comprehensive income.The fair value of Colombia swaps amounted to an asset of $6 million as of December 31, 2023
(December 31, 2022: an asset of $19 million).
In January 2023, MIC S.A. also entered into two currency swap agreements to hedge an intercompany receivable of COP 206\u00a0billion
(approximately $41\u00a0million) owed by UNE (refer to note C.3.1.). These swaps are accounted for as cash flow hedges as hedging
relationships are highly effective.
As a summary, the net fair value of the derivative financial instruments for the Group, as of December 31, 2023 amounted to a
liability of $40 million (December 31, 2022: a liability of $34 million ).
Interest rate and currency swaps are measured with reference to Level 2 of the fair value hierarchy.There are no other derivative
financial instruments with a significant fair value at December 31, 2023.
D.2. Foreign currency risks
The Group is exposed to foreign exchange risk arising from various currency exposures in the countries in which it operates. Foreign
exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations.
Millicom seeks to reduce its foreign currency exposure through a policy of matching, as far as possible, assets and liabilities
denominated in foreign currencies, or entering into agreements that limit the risk of exposure to currency fluctuations against the
US dollar reporting currency. In some cases, Millicom may also borrow in US dollars where it is either commercially more
advantageous for joint ventures and subsidiaries to incur debt obligations in US dollars or where US dollar denominated borrowing
is the only funding source available to a joint venture or subsidiary. In these circumstances, Millicom accepts the remaining currency
risk associated with financing its joint ventures and subsidiaries, principally because of the relatively high cost of forward cover,
when available, in the currencies in which the Group operates.
D.2.1. Debt denominated in US dollars and other currencies
Debt denomination at December 31
2023
2022
(US$ millions)
Debt denominated in US dollars ................................................................................................................................
3,859
4,100
Debt denominated in currencies of the following countries:
Guatemala .......................................................................................................................................................................
640
595
Colombia .........................................................................................................................................................................
694
605
Bolivia ..............................................................................................................................................................................
246
260
Paraguay .........................................................................................................................................................................
158
171
El Salvador(i) ...................................................................................................................................................................
174
173
Panama(i) ........................................................................................................................................................................
759
773
Luxembourg (COP denominated) .................................................................................................................................
38
30
Costa Rica ........................................................................................................................................................................
110
96
Total debt denominated in other currencies ............................................................................................................
2,819
2,704
Total debt (ii) .................................................................................................................................................................
6,678
6,804
(i) El Salvador's official unit of currency is the\u00a0U.S.\u00a0dollar, while Panama uses the\u00a0U.S. dollar\u00a0as legal tender. The Group's local debt in both countries is
therefore denominated in U.S. dollars but presented as local currency (LCY).
(ii) Excluding vendor financing of $18\u00a0million in Colombia, due within one year, as of December 31, 2023.
At December 31, 2023, if the US dollar had weakened/strengthened by 10% against the other functional currencies of our operations
and all other variables held constant, then profit before tax from continuing operations would have increased/decreased by $25
million (2022: $20 million). This increase/decrease in profit before tax would have mainly been as a result of the conversion of the
USD-denominated net debts in our operations with functional currencies other than the US dollar.
D.2.2. Foreign currency swaps
See note D.1.2. Interest rate swap contracts.
D.3. Non-repatriation risk
Millicom\u2019s operating subsidiaries and joint ventures generate most of the revenue of the Group and in the currency of the countries
in which they operate. Millicom is therefore dependent on the ability of its subsidiaries and joint venture operations to transfer funds
to the Company.
Although foreign exchange controls exist in some of the countries in which Millicom Group companies operate, none of these
controls currently significantly restrict the ability of these operations to pay interest, dividends, technical service fees, royalties or
repay loans by exporting cash, instruments of credit or securities in foreign currencies. However, existing foreign exchange controls
may be strengthened in countries where the Group operates, or foreign exchange controls may be introduced in countries where
the Group operates that do not currently impose such restrictions. If such events were to occur, the Company\u2019s ability to receive
funds from the operations could be subsequently restricted, which would impact the Company\u2019s ability to make payments on its
interest and loans and, or pay dividends to its shareholders. As a policy, all operations which do not face restrictions to deposit funds
offshore and in hard currencies should do so for the surplus cash generated on a weekly basis. The Company and its subsidiaries
make use of physical cash pooling arrangements in hard currencies to the extent permitted.
In addition, in some countries it may be difficult to convert large amounts of local currency into foreign currency because of limited
foreign exchange markets. The practical effects of this may be time delays in accumulating significant amounts of foreign currency
and exchange risk, which could have an adverse effect on the Group. This is a relatively rare case for the countries in which the
Group operates.
Lastly, repatriation most often results in taxation, which is evidenced in the amount of taxes paid by the Group relative to the
Corporate Income Tax reported in its statement of income.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-710": { "value": "-26000000", "decimals": -6, "dimensions": { "concept": "tigo:CashReceiptsPaymentsFromFutureContracts.ForwardContractsOptionContractsAndSwapContractsClassifiedAsInvestingActivities", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-711": { "value": "
D.4. Credit and counterparty risk
Financial instruments that subject the Group to credit and counterparty risk include cash and cash equivalents, pledged deposits,
letters of credit, trade receivables, amounts due from joint venture partners and associates, vendor financing and other current
assets and derivatives. Counterparties to agreements relating to the Group\u2019s cash and cash equivalents, pledged deposits and letters
of credit are financial institutions generally with investment grade ratings. Management does not believe there are significant risks
of non-performance by these counterparties and maintain a diversified portfolio of banking partners. Allocation of deposits across
banks are managed such that the Group\u2019s counterparty risk with a given bank stays within limits which have been set, based on each
bank\u2019s credit rating.
A large portion of revenue of the Group is comprised of prepaid products and services. For postpaid customers, the Group follows
risk control procedures to assess the credit quality of the customer, taking into account its financial position, past experience and
other factors. Accounts receivable also comprise balances due from other telecom operators. Credit risk of other telecom operators
is limited due to the regulatory nature of the telecom industry, in which licenses are normally only issued to credit-worthy
companies. The Group maintains a provision for expected credit losses of trade receivables based on its historical credit loss
experience.
As the Group has a large number of internationally dispersed customers, there is generally no significant concentration of credit risk
with respect to trade receivables, except for certain B2B customers (mainly governments). See note F.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-712": { "value": "
D.5. Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Group
has significant indebtedness but also has significant cash balances. Millicom evaluates its ability to meet its obligations on an
ongoing basis using a recurring liquidity planning tool. This tool considers the operating net cash flows generated from its
operations and the future cash needs for borrowing, interest payments, dividend payments and capital and operating expenditures
required in maintaining and developing its operating businesses.
The Group manages its liquidity risk through the use of bank loans, bonds, vendor financing, Export Credit Agencies and
Development Finance Institutions (DFI) loans. Millicom believes that there is sufficient liquidity available in the markets to meet
ongoing liquidity needs. Additionally, Millicom is able to arrange offshore funding. Millicom has a diversified financing portfolio with
commercial banks representing about 24% of its gross financing (2022: 23%), with bonds representing 61% (2022: 64%) and leases
representing 13% (2022: 13%).
Maturity profile of net financial liabilities at December 31, 2023
Less than 1
year
1 to 5 years
>5yrs
Total
(US$ millions)
Outstanding debt and financing (i) .........................................................................
(203)
(3,309)
(3,232)
(6,744)
Outstanding amortized costs undiscounted ..........................................................
1
24
41
66
Lease liability ............................................................................................................
(189)
(498)
(355)
(1,043)
Cash and equivalents ...............................................................................................
775
\u2014
\u2014
775
Derivative and vendor financing .............................................................................
(12)
(46)
\u2014
(58)
Pledged deposits .....................................................................................................
5
\u2014
\u2014
6
Net cash (debt) including derivatives related to debt ......................................
377
(3,829)
(3,547)
(6,999)
Future interest commitments related to debt and financing ................................
(427)
(1,270)
(93)
(1,791)
Future interest commitments related to leases .....................................................
(108)
(286)
(108)
(502)
Trade payables (excluding accruals) .......................................................................
(582)
\u2014
\u2014
(582)
Other financial liabilities (including accruals) .........................................................
(957)
\u2014
\u2014
(957)
Trade receivables .....................................................................................................
443
\u2014
\u2014
443
Other financial assets ...............................................................................................
224
78
\u2014
302
Net financial liabilities ..........................................................................................
(1,031)
(5,306)
(3,748)
(10,086)
(i) Excluding vendor financing of $18\u00a0million as of December 31, 2023.
Maturity profile of net financial liabilities at December 31, 2022\u00a0
Less than 1
year
1 to 5 years
>5yrs
Total
(US$ millions)
Outstanding debt and financing .............................................................................
(181)
(2,880)
(3,813)
(6,875)
Outstanding amortized costs undiscounted ..........................................................
1
23
47
71
Lease liability ............................................................................................................
(163)
(478)
(374)
(1,016)
Cash and equivalents ...............................................................................................
1,039
\u2014
\u2014
1,039
Derivative financial instruments .............................................................................
\u2014
(34)
\u2014
(34)
Net cash (debt) including derivatives related to debt
697
(3,370)
(4,141)
(6,814)
Future interest commitments related to debt and financing ................................
(416)
(1,349)
(111)
(1,877)
Future interest commitments related to leases
(106)
(290)
(135)
(531)
Trade payables (excluding accruals)
(689)
\u2014
\u2014
(689)
Other financial liabilities (including accruals)
(867)
\u2014
\u2014
(867)
Trade receivables
379
\u2014
\u2014
379
Other financial assets ...............................................................................................
232
71
\u2014
303
Net financial liabilities ..........................................................................................
(770)
(4,938)
(4,387)
(10,095)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-713": { "value": "
D.6. Capital management
The primary objective of the Group\u2019s capital management is to ensure a strong credit rating and solid capital ratios in order to
support its business and maximize shareholder value.
The Group manages its capital structure with reference to local economic conditions and imposed restrictions such as debt
covenants (see section C.3.5.). To maintain or adjust its capital structure, the Group may make dividend payments to shareholders,
return capital to shareholders through share repurchases or issue new shares. At December 31, 2023, Millicom was rated at one
notch below investment grade by the independent rating agencies Moody\u2019s (Ba1) and Fitch (BB).\u00a0 On February 6, 2024, Moody\u2019s
downgraded Millicom by one notch to ba2 (with a stable outlook +) basically based on quantitative metrics being below ranges than
ba1 rating scale ranges. The Group primarily monitors capital using net debt to EBITDAaL.
Net debt to EBITDAaL (i)
Note
2023
2022
(US$ millions)
EBITDA ................................................................................................................................................
B.3.
2,111
2,228
Lease interest expense ........................................................................................................................
(117)
(124)
Right of use assets depreciation .........................................................................................................
E.3.
(183)
(168)
EBITDAaL (ii) ......................................................................................................................................
1,812
1,936
Net debt (iii) .......................................................................................................................................
C.6.
5,956
5,799
Net debt to EBITDAaL (iv) .................................................................................................................
3.29x
2.99x
(i)The Group now presents Net debt to EBITDAal (vs. Net financial obligations to EBITDA before) in order to better align with the Group's peers and
expectations of investors/analysts. 2022 figures have been represented accordingly.
(ii)\u00a0 'EBITDA after Leases' (EBITDAaL) represents EBITDA after lease interest expense and depreciation charge (excluding Africa).
(iii)\u00a0 'Net debt' is debt and financial liabilities, including derivative instruments (assets and liabilities), less cash and pledged and time deposits. In 2023, the
definition of Net Debt has changed to include derivative financial instruments in order to have a more comprehensive view of the Group's financial
obligations. 2022 figures have also been represented accordingly.
(iv)\u00a0 The ratio is above 3.0x on an accounting basis, however, according to the terms of the Group's indentures, this ratio is calculated on a different basis,
resulting in a ratio below 3.0x\u00a0 for covenant purposes.
Gearing ratio
The Group reviews its gearing ratio (net debt divided by total capital plus net debt) periodically. Capital represents equity
attributable to the equity holders of the parent.
Note
2023
2022
(US$ millions)
Net debt ...............................................................................................................................................
C.6.
5,956
5,799
Equity attributable to Owners of the Company .................................................................................
C.1.
3,529
3,605
Net debt and equity ............................................................................................................................
9,485
9,404
Gearing ratio ........................................................................................................................................
0.63
0.62
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-715": { "value": "
E.1. Intangible assets
Millicom\u2019s intangible assets mainly consist of goodwill and customer lists arising from acquisitions, licenses and spectrum.
E.1.1. Accounting for intangible assets
Intangible assets acquired in business acquisitions are initially measured at fair value at the date of acquisition. Those which are
acquired separately are measured at cost. Internally generated intangible assets, excluding capitalized development costs, are not
capitalized but expensed to the statement of income in the expense category consistent with the function of the intangible assets.
Subsequently intangible assets are carried at cost, less any accumulated amortization and any accumulated impairment losses.
Intangible assets with finite useful lives are amortized over their estimated useful lives using the straight-line method and assessed
for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the
amortization method for intangible assets with finite useful lives are reviewed at least at each financial year end. Changes in
expected useful lives or the expected beneficial use of the assets are accounted for by changing the amortization period or method,
as appropriate, and treated as changes in accounting estimates.
Amortization expense on intangible assets with finite lives is recognized in the consolidated statement of income in the expense
category consistent with the function of the intangible assets.
Goodwill
Goodwill represents the excess of cost of an acquisition over the Group\u2019s share in the fair value of identifiable assets less liabilities
and contingent liabilities of the acquired subsidiary, at the date of the acquisition. If the fair value or the cost of the acquisition can
only be determined provisionally, then goodwill is initially accounted for using provisional values. Within 12 months of the
acquisition date, any adjustments to the provisional values are recognized. This is done when the fair values and the cost of the
acquisition have been finally determined. Adjustments to provisional fair values are made as if the adjusted fair values had been
recognized from the acquisition date. Following initial recognition, goodwill is measured at cost, less any accumulated impairment
losses. Gains or losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Where goodwill forms part of a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is
disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed of in this manner is measured, based on the relative values of the
operation disposed and the portion of the cash-generating unit retained.
Goodwill on acquisition of joint ventures or associates is included in investments in joint ventures and associates.
Licenses and Spectrum
Licenses and spectrum are recorded at either historical cost or, if acquired in a business combination, at fair value at the date of
acquisition. Cost includes cost of acquisition and other costs directly related to acquisition and retention of licenses over the license
period. These costs may include up-front and deferred payments as well as estimates related to fulfillment of terms and conditions
related to the licenses such as service or coverage obligations, especially when there is a clear objective evidence that the cost of
fulfilling these obligations will be significantly onerous for the Group.
Licenses and spectrum have a finite useful life and are carried at cost less accumulated amortization and any accumulated
impairment losses. Licenses and spectrum are amortized from the date the network is available for use on a straight-line basis over
the license period. Amortization is calculated using the straight-line method to allocate the cost of the licenses over their estimated
useful lives. The terms of licenses, which have been awarded for various periods, are subject to periodic review for, among other
things, rate setting, frequency allocation and technical standards. Licenses held, subject to certain conditions, are usually renewable
and generally non-exclusive. When estimating useful lives of licenses, renewal periods are included only if there is evidence to
support renewal by the Group without significant cost.
Trademarks and customer lists
Trademarks and customer lists are recognized as intangible assets only when acquired or gained in a business combination. Their
cost represents fair value at the date of acquisition. Trademarks and customer lists have indefinite or finite useful lives. Main factors
considered in the determination of the indefinite useful lives include the years that they have been and are expected to be in service
and their recognition among peers in the industry. Trademarks and customer lists used by the Group for its own activities are
unlikely to generate largely independent cash inflows and therefore are tested for impairment annually together with other assets at
each cash-generating unit level. Finite useful life trademarks are carried at cost, less accumulated amortization. Amortization is
calculated using the straight-line method to allocate the cost of the trademarks and customer lists over their estimated useful lives.
The estimated useful lives for trademarks and customer lists are based on specific characteristics of the market in which they exist.
Estimated useful lives are:
Years
Estimated useful lives
Trademarks .................................................................................................................................................................................................
1 to 15
Customer lists .............................................................................................................................................................................................
4 to 20
Programming and content rights
Programming and content master rights which are purchased or acquired in business combinations which meet certain criteria are
recorded at cost as intangible assets. The rights must be exclusive, related to specific assets which are sufficiently developed, and
probable to bring future economic benefits and have validity for more than one year. Cost includes consideration paid or payable
and other costs directly related to the acquisition of the rights, and are recognized at the earlier of payment or commencement of
the broadcasting period to which the rights relate.
Programming and content rights capitalized as intangible assets have a finite useful life and are carried at cost, less accumulated
amortization and any accumulated impairment losses. Amortization is calculated using the straight-line method to allocate the cost
of the rights over their estimated useful lives.
Non-exclusive and programming and content rights for periods less than one year are expensed over the period of the rights.
Indefeasible rights of use
There is no universally-accepted definition of an indefeasible rights of use (IRU). These agreements come in many forms. However,
the key characteristics of a typical arrangement include:
\u2022The right to use specified network infrastructure or capacity;
\u2022For a specified term (often the majority of the useful life of the relevant assets);
\u2022Legal title is not transferred;
\u2022A number of associated service agreements including operations and maintenance (O&M) and co-location agreements. These
are typically for the same term as the IRU; and
\u2022Any payments are usually made in advance.
IRUs are accounted for either as a lease, or service contract based on the substance of the underlying agreement.
IRU arrangements will qualify as a lease if, and when:
\u2022The purchaser has an exclusive right for a specified period; and
\u2022The capacity is physically limited and defined; and
\u2022The purchaser bears all costs related to the capacity (directly or not) including costs of operation, administration and
maintenance; and
\u2022The purchaser bears the risk of obsolescence during the contract term.
If all of these criteria are not met, the IRU is treated as a service contract.
An IRU of network infrastructure (cables or fiber) is accounted for as a right of use asset (see E.3.), while capacity IRU (wavelength) is
accounted for as an intangible asset.
The costs of an IRU recognized as service contract is recognized as prepayment and amortized in the statement of income as
incurred over the duration of the contract.
E.1.2. Impairment of non-financial assets
At each reporting date Millicom assesses whether there is an indication that a non-financial asset may be impaired. If any such
indication exists, or when annual impairment testing for a non-financial asset is required, an estimate of the asset\u2019s recoverable
amount is made. The recoverable amount is determined based on the higher of its fair value less cost to sell, and its value in use, for
individual assets, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups
of assets.
Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount. Where no comparable market information is available, the fair value, less cost to sell, is determined based on
the estimated future cash flows discounted to their present value using a discount rate that reflects current market conditions for
the time value of money and risks specific to the asset. The foregoing analysis also evaluates the appropriateness of the expected
useful lives of the assets. Impairment losses related to assets of continuing operations are recognized in the consolidated statement
of income in expense categories consistent with the function of the impaired asset.
At each reporting date an assessment is made as to whether there is any indication that previously recognized impairment losses
may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. Other than for goodwill, a
previously recognized impairment loss is reversed if there has been a change in the estimate used to determine the asset\u2019s
recoverable amount since the last impairment loss was recognized. If so, the carrying amount of the asset is increased and cannot
exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the
asset in prior years. Such reversal is recognized in profit or loss. After such a reversal, the depreciation charge is adjusted in future
periods to allocate the asset\u2019s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.
E.1.3. Movements in intangible assets
Movements in intangible assets in 2023\u00a0
Goodwill
Licenses
and
Spectrum
Customer
Lists
IRUs
Trademarks
Other (i)
Total
(US$ millions)
Opening balance, net ......................................
4,059
1,094
864
40
910
394
7,361
Additions ............................................................
\u2014
406
\u2014
1
\u2014
115
522
Amortization charge ...........................................
\u2014
(116)
(96)
(12)
\u2014
(137)
(361)
Impairment .........................................................
\u2014
\u2014
\u2014
\u2014
\u2014
(1)
(1)
Transfers .............................................................
\u2014
4
\u2014
1
\u2014
11
16
Exchange rate movements ................................
48
171
1
4
\u2014
26
249
Closing balance, net ........................................
4,107
1,558
769
33
910
408
7,785
Cost or valuation ................................................
4,107
2,407
1,206
178
1,243
1,275
10,416
Accumulated amortization and impairment ....
\u2014
(849)
(437)
(145)
(333)
(867)
(2,631)
Net ......................................................................
4,107
1,558
769
33
910
408
7,785
Movements in intangible assets in 2022
Goodwill
Licenses
and
Spectrum
Customer
Lists
IRUs
Trademarks
Other (i)
Total
(US$ millions)
Opening balance, net ....................................
4,098
1,120
970
71
920
379
7,558
Additions ..........................................................
\u2014
195
\u2014
1
\u2014
150
345
Amortization charge .........................................
\u2014
(96)
(106)
(14)
(1)
(130)
(345)
Impairment\u00a0 (ii) ..................................................
\u2014
\u2014
\u2014
\u2014
\u2014
(6)
(6)
Disposals, net ....................................................
\u2014
(9)
\u2014
\u2014
\u2014
\u2014
(9)
Transfer to/from held for sale ...........................
(12)
(18)
\u2014
(17)
(10)
(2)
(57)
Transfers ............................................................
\u2014
(7)
\u2014
3
\u2014
28
24
Exchange rate movements ..............................
(26)
(91)
\u2014
(4)
\u2014
(25)
(147)
Closing balance, net .......................................
4,059
1,094
864
40
910
394
7,361
Cost or valuation ..............................................
4,059
1,786
1,199
158
1,237
1,133
9,573
Accumulated amortization and impairment ..
\u2014
(692)
(335)
(118)
(327)
(740)
(2,212)
Net ....................................................................
4,059
1,094
864
40
910
394
7,361
(i)Other includes mainly software costs
(ii)During the year ended\u00a0 December 31, 2022, Millicom early terminated an IT software contract and also decommissioned the existing software. As a
result, Millicom recorded a settlement provision of $7\u00a0million under operating expenses and recorded a decommissioning cost of this software for a
total amount of\u00a0 $12\u00a0million, as accelerated amortization and impairment charges.
E.1.4. Cash used for the purchase of other intangible assets
Cash used for intangible asset additions
2023
2022
2021
(US$ millions)
Additions ......................................................................
150
258
126
Change in accruals and payables for intangibles .......
(16)
(79)
(29)
Cash used for additions .................................................
133
179
98
E.1.5. Goodwill and indefinite useful life trademarks
Allocation of Goodwill to cash generating units (CGUs)
2023
2022
(US$ millions)
Guatemala (see note A.1.2.) ...........................................................................................................................................
2,470
2,470
Panama ...........................................................................................................................................................................
907
907
El Salvador .......................................................................................................................................................................
194
194
Costa Rica ........................................................................................................................................................................
135
118
Paraguay .........................................................................................................................................................................
44
44
Colombia .........................................................................................................................................................................
155
123
Nicaragua ........................................................................................................................................................................
197
199
Bolivia ..............................................................................................................................................................................
3
3
Total ....................................................................................................................................................................................
4,107
4,059
Allocation of indefinite useful life trademarks to cash generating units (CGUs)
2023
2022
(US$ millions)
Guatemala .......................................................................................................................................................................
910
910
Total ....................................................................................................................................................................................
910
910
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-714": { "value": "
E.1. Intangible assets
Millicom\u2019s intangible assets mainly consist of goodwill and customer lists arising from acquisitions, licenses and spectrum.
E.1.1. Accounting for intangible assets
Intangible assets acquired in business acquisitions are initially measured at fair value at the date of acquisition. Those which are
acquired separately are measured at cost. Internally generated intangible assets, excluding capitalized development costs, are not
capitalized but expensed to the statement of income in the expense category consistent with the function of the intangible assets.
Subsequently intangible assets are carried at cost, less any accumulated amortization and any accumulated impairment losses.
Intangible assets with finite useful lives are amortized over their estimated useful lives using the straight-line method and assessed
for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the
amortization method for intangible assets with finite useful lives are reviewed at least at each financial year end. Changes in
expected useful lives or the expected beneficial use of the assets are accounted for by changing the amortization period or method,
as appropriate, and treated as changes in accounting estimates.
Amortization expense on intangible assets with finite lives is recognized in the consolidated statement of income in the expense
category consistent with the function of the intangible assets.
Goodwill
Goodwill represents the excess of cost of an acquisition over the Group\u2019s share in the fair value of identifiable assets less liabilities
and contingent liabilities of the acquired subsidiary, at the date of the acquisition. If the fair value or the cost of the acquisition can
only be determined provisionally, then goodwill is initially accounted for using provisional values. Within 12 months of the
acquisition date, any adjustments to the provisional values are recognized. This is done when the fair values and the cost of the
acquisition have been finally determined. Adjustments to provisional fair values are made as if the adjusted fair values had been
recognized from the acquisition date. Following initial recognition, goodwill is measured at cost, less any accumulated impairment
losses. Gains or losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Where goodwill forms part of a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is
disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed of in this manner is measured, based on the relative values of the
operation disposed and the portion of the cash-generating unit retained.
Goodwill on acquisition of joint ventures or associates is included in investments in joint ventures and associates.
Licenses and Spectrum
Licenses and spectrum are recorded at either historical cost or, if acquired in a business combination, at fair value at the date of
acquisition. Cost includes cost of acquisition and other costs directly related to acquisition and retention of licenses over the license
period. These costs may include up-front and deferred payments as well as estimates related to fulfillment of terms and conditions
related to the licenses such as service or coverage obligations, especially when there is a clear objective evidence that the cost of
fulfilling these obligations will be significantly onerous for the Group.
Licenses and spectrum have a finite useful life and are carried at cost less accumulated amortization and any accumulated
impairment losses. Licenses and spectrum are amortized from the date the network is available for use on a straight-line basis over
the license period. Amortization is calculated using the straight-line method to allocate the cost of the licenses over their estimated
useful lives. The terms of licenses, which have been awarded for various periods, are subject to periodic review for, among other
things, rate setting, frequency allocation and technical standards. Licenses held, subject to certain conditions, are usually renewable
and generally non-exclusive. When estimating useful lives of licenses, renewal periods are included only if there is evidence to
support renewal by the Group without significant cost.
Trademarks and customer lists
Trademarks and customer lists are recognized as intangible assets only when acquired or gained in a business combination. Their
cost represents fair value at the date of acquisition. Trademarks and customer lists have indefinite or finite useful lives. Main factors
considered in the determination of the indefinite useful lives include the years that they have been and are expected to be in service
and their recognition among peers in the industry. Trademarks and customer lists used by the Group for its own activities are
unlikely to generate largely independent cash inflows and therefore are tested for impairment annually together with other assets at
each cash-generating unit level. Finite useful life trademarks are carried at cost, less accumulated amortization. Amortization is
calculated using the straight-line method to allocate the cost of the trademarks and customer lists over their estimated useful lives.
The estimated useful lives for trademarks and customer lists are based on specific characteristics of the market in which they exist.
Estimated useful lives are:
Years
Estimated useful lives
Trademarks .................................................................................................................................................................................................
1 to 15
Customer lists .............................................................................................................................................................................................
4 to 20
Programming and content rights
Programming and content master rights which are purchased or acquired in business combinations which meet certain criteria are
recorded at cost as intangible assets. The rights must be exclusive, related to specific assets which are sufficiently developed, and
probable to bring future economic benefits and have validity for more than one year. Cost includes consideration paid or payable
and other costs directly related to the acquisition of the rights, and are recognized at the earlier of payment or commencement of
the broadcasting period to which the rights relate.
Programming and content rights capitalized as intangible assets have a finite useful life and are carried at cost, less accumulated
amortization and any accumulated impairment losses. Amortization is calculated using the straight-line method to allocate the cost
of the rights over their estimated useful lives.
Non-exclusive and programming and content rights for periods less than one year are expensed over the period of the rights.
Indefeasible rights of use
There is no universally-accepted definition of an indefeasible rights of use (IRU). These agreements come in many forms. However,
the key characteristics of a typical arrangement include:
\u2022The right to use specified network infrastructure or capacity;
\u2022For a specified term (often the majority of the useful life of the relevant assets);
\u2022Legal title is not transferred;
\u2022A number of associated service agreements including operations and maintenance (O&M) and co-location agreements. These
are typically for the same term as the IRU; and
\u2022Any payments are usually made in advance.
IRUs are accounted for either as a lease, or service contract based on the substance of the underlying agreement.
IRU arrangements will qualify as a lease if, and when:
\u2022The purchaser has an exclusive right for a specified period; and
\u2022The capacity is physically limited and defined; and
\u2022The purchaser bears all costs related to the capacity (directly or not) including costs of operation, administration and
maintenance; and
\u2022The purchaser bears the risk of obsolescence during the contract term.
If all of these criteria are not met, the IRU is treated as a service contract.
An IRU of network infrastructure (cables or fiber) is accounted for as a right of use asset (see E.3.), while capacity IRU (wavelength) is
accounted for as an intangible asset.
The costs of an IRU recognized as service contract is recognized as prepayment and amortized in the statement of income as
incurred over the duration of the contract.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-716": { "value": "
E.1.1. Accounting for intangible assets
Intangible assets acquired in business acquisitions are initially measured at fair value at the date of acquisition. Those which are
acquired separately are measured at cost. Internally generated intangible assets, excluding capitalized development costs, are not
capitalized but expensed to the statement of income in the expense category consistent with the function of the intangible assets.
Subsequently intangible assets are carried at cost, less any accumulated amortization and any accumulated impairment losses.
Intangible assets with finite useful lives are amortized over their estimated useful lives using the straight-line method and assessed
for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the
amortization method for intangible assets with finite useful lives are reviewed at least at each financial year end. Changes in
expected useful lives or the expected beneficial use of the assets are accounted for by changing the amortization period or method,
as appropriate, and treated as changes in accounting estimates.
Amortization expense on intangible assets with finite lives is recognized in the consolidated statement of income in the expense
category consistent with the function of the intangible assets.
Goodwill
Goodwill represents the excess of cost of an acquisition over the Group\u2019s share in the fair value of identifiable assets less liabilities
and contingent liabilities of the acquired subsidiary, at the date of the acquisition. If the fair value or the cost of the acquisition can
only be determined provisionally, then goodwill is initially accounted for using provisional values. Within 12 months of the
acquisition date, any adjustments to the provisional values are recognized. This is done when the fair values and the cost of the
acquisition have been finally determined. Adjustments to provisional fair values are made as if the adjusted fair values had been
recognized from the acquisition date. Following initial recognition, goodwill is measured at cost, less any accumulated impairment
losses. Gains or losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Where goodwill forms part of a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is
disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed of in this manner is measured, based on the relative values of the
operation disposed and the portion of the cash-generating unit retained.
Goodwill on acquisition of joint ventures or associates is included in investments in joint ventures and associates.
Licenses and Spectrum
Licenses and spectrum are recorded at either historical cost or, if acquired in a business combination, at fair value at the date of
acquisition. Cost includes cost of acquisition and other costs directly related to acquisition and retention of licenses over the license
period. These costs may include up-front and deferred payments as well as estimates related to fulfillment of terms and conditions
related to the licenses such as service or coverage obligations, especially when there is a clear objective evidence that the cost of
fulfilling these obligations will be significantly onerous for the Group.
Licenses and spectrum have a finite useful life and are carried at cost less accumulated amortization and any accumulated
impairment losses. Licenses and spectrum are amortized from the date the network is available for use on a straight-line basis over
the license period. Amortization is calculated using the straight-line method to allocate the cost of the licenses over their estimated
useful lives. The terms of licenses, which have been awarded for various periods, are subject to periodic review for, among other
things, rate setting, frequency allocation and technical standards. Licenses held, subject to certain conditions, are usually renewable
and generally non-exclusive. When estimating useful lives of licenses, renewal periods are included only if there is evidence to
support renewal by the Group without significant cost.
Trademarks and customer lists
Trademarks and customer lists are recognized as intangible assets only when acquired or gained in a business combination. Their
cost represents fair value at the date of acquisition. Trademarks and customer lists have indefinite or finite useful lives. Main factors
considered in the determination of the indefinite useful lives include the years that they have been and are expected to be in service
and their recognition among peers in the industry. Trademarks and customer lists used by the Group for its own activities are
unlikely to generate largely independent cash inflows and therefore are tested for impairment annually together with other assets at
each cash-generating unit level. Finite useful life trademarks are carried at cost, less accumulated amortization. Amortization is
calculated using the straight-line method to allocate the cost of the trademarks and customer lists over their estimated useful lives.
The estimated useful lives for trademarks and customer lists are based on specific characteristics of the market in which they exist.
Estimated useful lives are:
Years
Estimated useful lives
Trademarks .................................................................................................................................................................................................
1 to 15
Customer lists .............................................................................................................................................................................................
4 to 20
Programming and content rights
Programming and content master rights which are purchased or acquired in business combinations which meet certain criteria are
recorded at cost as intangible assets. The rights must be exclusive, related to specific assets which are sufficiently developed, and
probable to bring future economic benefits and have validity for more than one year. Cost includes consideration paid or payable
and other costs directly related to the acquisition of the rights, and are recognized at the earlier of payment or commencement of
the broadcasting period to which the rights relate.
Programming and content rights capitalized as intangible assets have a finite useful life and are carried at cost, less accumulated
amortization and any accumulated impairment losses. Amortization is calculated using the straight-line method to allocate the cost
of the rights over their estimated useful lives.
Non-exclusive and programming and content rights for periods less than one year are expensed over the period of the rights.
Indefeasible rights of use
There is no universally-accepted definition of an indefeasible rights of use (IRU). These agreements come in many forms. However,
the key characteristics of a typical arrangement include:
\u2022The right to use specified network infrastructure or capacity;
\u2022For a specified term (often the majority of the useful life of the relevant assets);
\u2022Legal title is not transferred;
\u2022A number of associated service agreements including operations and maintenance (O&M) and co-location agreements. These
are typically for the same term as the IRU; and
\u2022Any payments are usually made in advance.
IRUs are accounted for either as a lease, or service contract based on the substance of the underlying agreement.
IRU arrangements will qualify as a lease if, and when:
\u2022The purchaser has an exclusive right for a specified period; and
\u2022The capacity is physically limited and defined; and
\u2022The purchaser bears all costs related to the capacity (directly or not) including costs of operation, administration and
maintenance; and
\u2022The purchaser bears the risk of obsolescence during the contract term.
If all of these criteria are not met, the IRU is treated as a service contract.
An IRU of network infrastructure (cables or fiber) is accounted for as a right of use asset (see E.3.), while capacity IRU (wavelength) is
accounted for as an intangible asset.
The costs of an IRU recognized as service contract is recognized as prepayment and amortized in the statement of income as
incurred over the duration of the contract.
E.1.3. Movements in intangible assets
Movements in intangible assets in 2023\u00a0
Goodwill
Licenses
and
Spectrum
Customer
Lists
IRUs
Trademarks
Other (i)
Total
(US$ millions)
Opening balance, net ......................................
4,059
1,094
864
40
910
394
7,361
Additions ............................................................
\u2014
406
\u2014
1
\u2014
115
522
Amortization charge ...........................................
\u2014
(116)
(96)
(12)
\u2014
(137)
(361)
Impairment .........................................................
\u2014
\u2014
\u2014
\u2014
\u2014
(1)
(1)
Transfers .............................................................
\u2014
4
\u2014
1
\u2014
11
16
Exchange rate movements ................................
48
171
1
4
\u2014
26
249
Closing balance, net ........................................
4,107
1,558
769
33
910
408
7,785
Cost or valuation ................................................
4,107
2,407
1,206
178
1,243
1,275
10,416
Accumulated amortization and impairment ....
\u2014
(849)
(437)
(145)
(333)
(867)
(2,631)
Net ......................................................................
4,107
1,558
769
33
910
408
7,785
Movements in intangible assets in 2022
Goodwill
Licenses
and
Spectrum
Customer
Lists
IRUs
Trademarks
Other (i)
Total
(US$ millions)
Opening balance, net ....................................
4,098
1,120
970
71
920
379
7,558
Additions ..........................................................
\u2014
195
\u2014
1
\u2014
150
345
Amortization charge .........................................
\u2014
(96)
(106)
(14)
(1)
(130)
(345)
Impairment\u00a0 (ii) ..................................................
\u2014
\u2014
\u2014
\u2014
\u2014
(6)
(6)
Disposals, net ....................................................
\u2014
(9)
\u2014
\u2014
\u2014
\u2014
(9)
Transfer to/from held for sale ...........................
(12)
(18)
\u2014
(17)
(10)
(2)
(57)
Transfers ............................................................
\u2014
(7)
\u2014
3
\u2014
28
24
Exchange rate movements ..............................
(26)
(91)
\u2014
(4)
\u2014
(25)
(147)
Closing balance, net .......................................
4,059
1,094
864
40
910
394
7,361
Cost or valuation ..............................................
4,059
1,786
1,199
158
1,237
1,133
9,573
Accumulated amortization and impairment ..
\u2014
(692)
(335)
(118)
(327)
(740)
(2,212)
Net ....................................................................
4,059
1,094
864
40
910
394
7,361
(i)Other includes mainly software costs
(ii)During the year ended\u00a0 December 31, 2022, Millicom early terminated an IT software contract and also decommissioned the existing software. As a
result, Millicom recorded a settlement provision of $7\u00a0million under operating expenses and recorded a decommissioning cost of this software for a
total amount of\u00a0 $12\u00a0million, as accelerated amortization and impairment charges.
E.1.4. Cash used for the purchase of other intangible assets
Cash used for intangible asset additions
2023
2022
2021
(US$ millions)
Additions ......................................................................
150
258
126
Change in accruals and payables for intangibles .......
(16)
(79)
(29)
Cash used for additions .................................................
133
179
98
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-717": { "value": "
E.1.2. Impairment of non-financial assets
At each reporting date Millicom assesses whether there is an indication that a non-financial asset may be impaired. If any such
indication exists, or when annual impairment testing for a non-financial asset is required, an estimate of the asset\u2019s recoverable
amount is made. The recoverable amount is determined based on the higher of its fair value less cost to sell, and its value in use, for
individual assets, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups
of assets.
Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount. Where no comparable market information is available, the fair value, less cost to sell, is determined based on
the estimated future cash flows discounted to their present value using a discount rate that reflects current market conditions for
the time value of money and risks specific to the asset. The foregoing analysis also evaluates the appropriateness of the expected
useful lives of the assets. Impairment losses related to assets of continuing operations are recognized in the consolidated statement
of income in expense categories consistent with the function of the impaired asset.
At each reporting date an assessment is made as to whether there is any indication that previously recognized impairment losses
may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. Other than for goodwill, a
previously recognized impairment loss is reversed if there has been a change in the estimate used to determine the asset\u2019s
recoverable amount since the last impairment loss was recognized. If so, the carrying amount of the asset is increased and cannot
exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the
asset in prior years. Such reversal is recognized in profit or loss. After such a reversal, the depreciation charge is adjusted in future
periods to allocate the asset\u2019s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.
E.1.6. Impairment testing of goodwill
Goodwill and indefinite useful life trademarks from CGUs are tested for impairment at least once a year and more frequently if events
or changes in circumstances indicate that the carrying value may be impaired. Impairment losses on goodwill are not reversed.
Goodwill arising on business combinations is allocated to each of the Group\u2019s CGUs or groups of CGUs that are expected to benefit
from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or
groups of units. Each unit or group of units to which the goodwill is allocated:
\u2022Represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and
\u2022Is not larger than an operating segment.
Impairment is determined by assessing the value-in-use and, if appropriate, the fair value less costs to sell of the CGU (or group of
CGUs), to which goodwill relates.
Impairment testing at December 31, 2023\u00a0
Goodwill and indefinite useful life trademarks were tested for impairment by assessing the recoverable amount against the carrying
amount of the CGU based on discounted cash flows. The recoverable amounts are based on value-in-use. The value-in-use is
determined based on the method of discounted cash flows. The cash flow projections used (operating profit margins, income tax,
working capital, capex and license renewal cost) are extracted from business plans approved by management, covering a ten-year
planning horizon. The Group uses a ten-year planning horizon to obtain a stable business outlook, in particular due to the long
investment cycles in the industry and the long-term planned and expected investments in licenses and spectrum. Cash flows
beyond this period are extrapolated using a perpetual growth rate. Management validates the reasonableness of the results of the
test by comparing the share price implied by the 'sum of the parts' with the market share price. Any gap is reviewed, analyzed and
documented. When value-in-use results are lower than the carrying values of the CGUs, management determines the recoverable
amount by using the fair value less cost of disposal (FVLCD) of the CGUs. FVLCD is usually determined by using recent offers received
from third parties (Level 1).
For the year ended December 31, 2023, management concluded that no impairment should be recorded in the Group consolidated
financial statements.
Impairment testing at December 31, 2022\u00a0
For the year ended December 31, 2022, management concluded that no impairment should be recorded in the Group consolidated
financial statements.
Key assumptions used in value in use calculations
The process of preparing the cash flow projections considers the current market condition of each CGU, analyzing the
macroeconomic, competitive, regulatory and technological environments, as well as the growth opportunities of the CGUs.
Therefore, a growth target is defined for each CGU, based on the appropriate allocation of operating resources and the capital
investments required to achieve the target. The foregoing forecasts could differ from the results obtained through time; however,
the Group prepares its estimates based on the current situation of each of the CGUs. Relevance of budgets used for the impairment
test is also reviewed annually, with management performing regressive analysis between actual figures and budget/Long Range
Plans (LRPs) used for previous year impairment test.
The cash flow projections for all CGUs is most sensitive to the following key assumptions:
\u2022 EBITDA margin is determined by dividing EBITDA by total revenues.
\u2022 CAPEX intensity is determined by dividing CAPEX by total revenues.
\u2022 Perpetual growth rate does not exceed the countries' GDP.
\u2022 Weighted average cost of capital (\u201cWACC\u201d) is used to discount the projected cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-718": { "value": "
E.1.5. Goodwill and indefinite useful life trademarks
Allocation of Goodwill to cash generating units (CGUs)
2023
2022
(US$ millions)
Guatemala (see note A.1.2.) ...........................................................................................................................................
2,470
2,470
Panama ...........................................................................................................................................................................
907
907
El Salvador .......................................................................................................................................................................
194
194
Costa Rica ........................................................................................................................................................................
135
118
Paraguay .........................................................................................................................................................................
44
44
Colombia .........................................................................................................................................................................
155
123
Nicaragua ........................................................................................................................................................................
197
199
Bolivia ..............................................................................................................................................................................
3
3
Total ....................................................................................................................................................................................
4,107
4,059
Allocation of indefinite useful life trademarks to cash generating units (CGUs)
2023
2022
(US$ millions)
Guatemala .......................................................................................................................................................................
910
910
Total ....................................................................................................................................................................................
910
910
E.1.6. Impairment testing of goodwill
Goodwill and indefinite useful life trademarks from CGUs are tested for impairment at least once a year and more frequently if events
or changes in circumstances indicate that the carrying value may be impaired. Impairment losses on goodwill are not reversed.
Goodwill arising on business combinations is allocated to each of the Group\u2019s CGUs or groups of CGUs that are expected to benefit
from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or
groups of units. Each unit or group of units to which the goodwill is allocated:
\u2022Represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and
\u2022Is not larger than an operating segment.
Impairment is determined by assessing the value-in-use and, if appropriate, the fair value less costs to sell of the CGU (or group of
CGUs), to which goodwill relates.
Impairment testing at December 31, 2023\u00a0
Goodwill and indefinite useful life trademarks were tested for impairment by assessing the recoverable amount against the carrying
amount of the CGU based on discounted cash flows. The recoverable amounts are based on value-in-use. The value-in-use is
determined based on the method of discounted cash flows. The cash flow projections used (operating profit margins, income tax,
working capital, capex and license renewal cost) are extracted from business plans approved by management, covering a ten-year
planning horizon. The Group uses a ten-year planning horizon to obtain a stable business outlook, in particular due to the long
investment cycles in the industry and the long-term planned and expected investments in licenses and spectrum. Cash flows
beyond this period are extrapolated using a perpetual growth rate. Management validates the reasonableness of the results of the
test by comparing the share price implied by the 'sum of the parts' with the market share price. Any gap is reviewed, analyzed and
documented. When value-in-use results are lower than the carrying values of the CGUs, management determines the recoverable
amount by using the fair value less cost of disposal (FVLCD) of the CGUs. FVLCD is usually determined by using recent offers received
from third parties (Level 1).
For the year ended December 31, 2023, management concluded that no impairment should be recorded in the Group consolidated
financial statements.
Impairment testing at December 31, 2022\u00a0
For the year ended December 31, 2022, management concluded that no impairment should be recorded in the Group consolidated
financial statements.
Key assumptions used in value in use calculations
The process of preparing the cash flow projections considers the current market condition of each CGU, analyzing the
macroeconomic, competitive, regulatory and technological environments, as well as the growth opportunities of the CGUs.
Therefore, a growth target is defined for each CGU, based on the appropriate allocation of operating resources and the capital
investments required to achieve the target. The foregoing forecasts could differ from the results obtained through time; however,
the Group prepares its estimates based on the current situation of each of the CGUs. Relevance of budgets used for the impairment
test is also reviewed annually, with management performing regressive analysis between actual figures and budget/Long Range
Plans (LRPs) used for previous year impairment test.
The cash flow projections for all CGUs is most sensitive to the following key assumptions:
\u2022 EBITDA margin is determined by dividing EBITDA by total revenues.
\u2022 CAPEX intensity is determined by dividing CAPEX by total revenues.
\u2022 Perpetual growth rate does not exceed the countries' GDP.
\u2022 Weighted average cost of capital (\u201cWACC\u201d) is used to discount the projected cash flows.
The most significant estimates used for the 2023 and 2022 impairment test are shown below:
CGU
Average EBITDA
margin (%) (i)
Average CAPEX
intensity (%) (i)
Perpetual growth
rate (%)
WACC rate after tax
(%)
2023
2022
2023
2022
2023
2022
2023
2022
Bolivia .....................................
41.3
41.2
13.6
15.2
1.0
1.0
15.4
9.8
Colombia ................................
39.6
36.0
12.3
17.2
2.0
2.0
10.7
11.4
Guatemala ..............................
53.3
51.2
11.3
11.6
1.0
1.0
9.7
10.1
Costa Rica ...............................
39.8
37.5
16.2
15.5
2.0
2.0
10.1
11.8
El Salvador ..............................
41.7
41.0
13.6
13.0
1.0
1.0
12.1
14.1
Nicaragua ...............................
47.5
46.8
13.8
14.5
3.0
2.5
15.5
15.0
Panam\u00e1 ..................................
46.5
46.9
13.1
14.9
1.0
1.0
8.9
8.8
Paraguay ................................
46.8
44.5
14.5
14.9
1.0
1.0
9.8
10.0
(i) Average is computed over the period covered by the plan.
Sensitivity analysis to changes in assumptions
Management performed a sensitivity analysis on key assumptions within the test. The following maximum increases or decreases,
expressed in percentage points, were considered for all CGUs:
Reasonable changes in key assumptions (%)
Financial variables
2023
2022
WACC rates .......................
+/- 2
+/-2
Perpetual growth rates ....
+/-1
+/-1
Operating variables
EBITDA margin .................
+/-2
+/-2
CAPEX intensity ................
+/-1
+/-1
At\u00a0 December 31, 2023 the sensitivity analysis shows a comfortable headroom between the recoverable amounts and the carrying
values for all CGUs, except for Nicaragua (at December 31, 2022, except for Colombia and Nicaragua).
If the assumptions used in the impairment test were changed to a greater extent than as presented in the following table, the
changes would, in isolation, trigger a potential impairment loss being recognised for the following CGUs in the years ended
December 31, 2023 and December 31, 2022 .
2023
2022
Change required for carrying value to equal
recoverable amount
CGU
CGU
Nicaragua
Colombia
Nicaragua
Financial variables
WACC rate
+154bps
+82bps
+117bps
Perpetual growth rates
n/a
n/a
n/a
Operating variables
Average EBITDA margin
n/a
+-107bps
n/a
CAPEX intensity
n/a
+13bps
n/a
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-719": { "value": "
E.1.6. Impairment testing of goodwill
Goodwill and indefinite useful life trademarks from CGUs are tested for impairment at least once a year and more frequently if events
or changes in circumstances indicate that the carrying value may be impaired. Impairment losses on goodwill are not reversed.
Goodwill arising on business combinations is allocated to each of the Group\u2019s CGUs or groups of CGUs that are expected to benefit
from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or
groups of units. Each unit or group of units to which the goodwill is allocated:
\u2022Represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and
\u2022Is not larger than an operating segment.
Impairment is determined by assessing the value-in-use and, if appropriate, the fair value less costs to sell of the CGU (or group of
CGUs), to which goodwill relates.
Impairment testing at December 31, 2023\u00a0
Goodwill and indefinite useful life trademarks were tested for impairment by assessing the recoverable amount against the carrying
amount of the CGU based on discounted cash flows. The recoverable amounts are based on value-in-use. The value-in-use is
determined based on the method of discounted cash flows. The cash flow projections used (operating profit margins, income tax,
working capital, capex and license renewal cost) are extracted from business plans approved by management, covering a ten-year
planning horizon. The Group uses a ten-year planning horizon to obtain a stable business outlook, in particular due to the long
investment cycles in the industry and the long-term planned and expected investments in licenses and spectrum. Cash flows
beyond this period are extrapolated using a perpetual growth rate. Management validates the reasonableness of the results of the
test by comparing the share price implied by the 'sum of the parts' with the market share price. Any gap is reviewed, analyzed and
documented. When value-in-use results are lower than the carrying values of the CGUs, management determines the recoverable
amount by using the fair value less cost of disposal (FVLCD) of the CGUs. FVLCD is usually determined by using recent offers received
from third parties (Level 1).
For the year ended December 31, 2023, management concluded that no impairment should be recorded in the Group consolidated
financial statements.
Impairment testing at December 31, 2022\u00a0
For the year ended December 31, 2022, management concluded that no impairment should be recorded in the Group consolidated
financial statements.
Key assumptions used in value in use calculations
The process of preparing the cash flow projections considers the current market condition of each CGU, analyzing the
macroeconomic, competitive, regulatory and technological environments, as well as the growth opportunities of the CGUs.
Therefore, a growth target is defined for each CGU, based on the appropriate allocation of operating resources and the capital
investments required to achieve the target. The foregoing forecasts could differ from the results obtained through time; however,
the Group prepares its estimates based on the current situation of each of the CGUs. Relevance of budgets used for the impairment
test is also reviewed annually, with management performing regressive analysis between actual figures and budget/Long Range
Plans (LRPs) used for previous year impairment test.
The cash flow projections for all CGUs is most sensitive to the following key assumptions:
\u2022 EBITDA margin is determined by dividing EBITDA by total revenues.
\u2022 CAPEX intensity is determined by dividing CAPEX by total revenues.
\u2022 Perpetual growth rate does not exceed the countries' GDP.
\u2022 Weighted average cost of capital (\u201cWACC\u201d) is used to discount the projected cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-720": { "value": "
E.2. Property, plant and equipment
E.2.1. Accounting for property, plant and equipment
Items of property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment.
Historical cost includes expenditure that is directly attributable to acquisition of items. The carrying amount of replaced parts is
derecognized.
Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset and the remaining
life of the license associated with the assets, unless the renewal of the license is contractually possible.
The assets\u2019 residual value and useful life is reviewed, and adjusted if appropriate, at each statement of financial position date. As
explained in the Introduction note, during 2023, the estimated useful lives of some property, plant and equipment were revised. As a
result, the estimated useful lives of the Group's towers, poles and ducts were changed from 15 to 25 years, while the related civil
works' useful lives were increased from 10 to 15 years. Refer to the Introduction - Estimates note for further details.
Estimated useful lives
Duration
Buildings ....................................................................................................
Up to 40 years
Networks (including civil works) ...............................................................
5 to 25 years
Other ..........................................................................................................
2 to 7 years
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances
indicate that the carrying value may not be recoverable. An asset\u2019s carrying amount is written down immediately to its recoverable
amount if its carrying amount is greater than its estimated recoverable amount.
Construction in progress consists of the cost of assets, labor and other direct costs associated with property, plant and equipment
being constructed by the Group, or purchased assets which have yet to be deployed. When the assets become operational, the
related costs are transferred from construction in progress to the appropriate asset category and depreciation commences.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, when it is probable
that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.
Ongoing routine repairs and maintenance are charged to the statement of income in the financial period in which they are incurred.
Costs of major inspections and overhauls are added to the carrying value of property, plant and equipment and the carrying amount
of previous major inspections and overhauls is derecognised.
Equipment installed on customer premises which is not sold to customers is capitalized and amortized over the customer contract
period.
A liability for the present value of the cost to remove an asset on both owned and leased sites (for example cell towers) and for
assets installed on customer premises (for example set-top boxes), is recognized when a present obligation for the removal exists.
The corresponding cost of the obligation is included in the cost of the asset and depreciated over the useful life of the asset, or lease
period if shorter.
Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset are capitalized as part of the cost
of that asset when it is probable that such costs will contribute to future economic benefits for the Group and the costs can be
measured reliably.
E.2.2. Movements in tangible assets
Movements in tangible assets in 2023\u00a0
Network
Equipment
Land and
Buildings
Construction in
Progress
Other(i)
Total
(US$ millions)
Opening balance, net ...................................................
2,340
180
418
50
2,989
Additions .........................................................................
161
2
525
5
693
Impairments/reversal of impairment, net ......................
(2)
\u2014
\u2014
\u2014
(2)
Disposals, net ...................................................................
(16)
\u2014
(3)
\u2014
(20)
Depreciation charge ........................................................
(751)
(19)
\u2014
(25)
(794)
Asset retirement obligations ...........................................
29
1
\u2014
\u2014
30
Transfers ..........................................................................
566
(2)
(570)
13
6
Exchange rate movements .............................................
165
13
24
1
203
Other ................................................................................
14
(12)
\u2014
\u2014
2
Closing balance, net .....................................................
2,507
162
394
44
3,107
Cost or valuation .............................................................
8,924
310
394
352
9,980
Accumulated depreciation and impairment .................
(6,417)
(148)
\u2014
(307)
(6,873)
Net at December 31, 2023 ............................................
2,507
162
394
44
3,107
Movements in tangible assets in 2022
Network
equipment
Land and
buildings
Construction in
progress
Other(i)
Total
(US$ millions)
Opening balance, net ...................................................
2,691
200
428
63
3,382
Additions .........................................................................
157
3
655
9
823
Impairments/reversal of impairment, net ......................
\u2014
\u2014
\u2014
1
\u2014
Disposals, net ...................................................................
(16)
(5)
(8)
\u2014
(29)
Depreciation charge ........................................................
(791)
(21)
\u2014
(28)
(840)
Asset retirement obligations ...........................................
17
\u2014
\u2014
\u2014
18
Transfers ..........................................................................
577
22
(632)
12
(21)
Transfers from/(to) assets held for sale\u00a0
(see note E.4.) ...................................................................
(141)
(6)
(13)
(6)
(166)
Exchange rate movements .............................................
(153)
(12)
(11)
(2)
(178)
Closing balance, net .....................................................
2,340
180
418
50
2,989
Cost or valuation .............................................................
8,071
348
418
345
9,183
Accumulated depreciation and impairment .................
(5,731)
(168)
\u2014
(296)
(6,194)
Net at December 31, 2022 ............................................
2,340
180
418
50
2,989
(i)Other mainly includes office equipment and motor vehicles.
Borrowing costs capitalized for the years ended December 31, 2023, 2022 and 2021 were not significant.
E.2.3. Cash used for the purchase of tangible assets
Cash used for property, plant and equipment
2023
2022
2021
(US$ millions)
Additions .............................................................................................................................................
694
823
787
Change in advances to suppliers ........................................................................................................
3
(3)
(6)
Change in accruals and payables for property, plant and equipment .............................................
116
(20)
(40)
Other ....................................................................................................................................................
\u2014
\u2014
(1)
Cash used ...........................................................................................................................................
814
800
740
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-721": { "value": "
E.2.1. Accounting for property, plant and equipment
Items of property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment.
Historical cost includes expenditure that is directly attributable to acquisition of items. The carrying amount of replaced parts is
derecognized.
Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset and the remaining
life of the license associated with the assets, unless the renewal of the license is contractually possible.
The assets\u2019 residual value and useful life is reviewed, and adjusted if appropriate, at each statement of financial position date. As
explained in the Introduction note, during 2023, the estimated useful lives of some property, plant and equipment were revised. As a
result, the estimated useful lives of the Group's towers, poles and ducts were changed from 15 to 25 years, while the related civil
works' useful lives were increased from 10 to 15 years. Refer to the Introduction - Estimates note for further details.
Estimated useful lives
Duration
Buildings ....................................................................................................
Up to 40 years
Networks (including civil works) ...............................................................
5 to 25 years
Other ..........................................................................................................
2 to 7 years
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances
indicate that the carrying value may not be recoverable. An asset\u2019s carrying amount is written down immediately to its recoverable
amount if its carrying amount is greater than its estimated recoverable amount.
Construction in progress consists of the cost of assets, labor and other direct costs associated with property, plant and equipment
being constructed by the Group, or purchased assets which have yet to be deployed. When the assets become operational, the
related costs are transferred from construction in progress to the appropriate asset category and depreciation commences.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, when it is probable
that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.
Ongoing routine repairs and maintenance are charged to the statement of income in the financial period in which they are incurred.
Costs of major inspections and overhauls are added to the carrying value of property, plant and equipment and the carrying amount
of previous major inspections and overhauls is derecognised.
Equipment installed on customer premises which is not sold to customers is capitalized and amortized over the customer contract
period.
A liability for the present value of the cost to remove an asset on both owned and leased sites (for example cell towers) and for
assets installed on customer premises (for example set-top boxes), is recognized when a present obligation for the removal exists.
The corresponding cost of the obligation is included in the cost of the asset and depreciated over the useful life of the asset, or lease
period if shorter.
Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset are capitalized as part of the cost
of that asset when it is probable that such costs will contribute to future economic benefits for the Group and the costs can be
measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-722": { "value": "
E.4. Assets held for sale
If Millicom decides to sell subsidiaries, investments in joint ventures or associates, or specific non-current assets in its businesses,
these items qualify as assets held for sale if certain conditions are met and necessary regulatory approvals obtained.
E.4.1. Classification
Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of carrying amount and fair value
less costs to sell if their carrying amount is expected to be recovered principally through sale, not through continuing use. Liabilities
of disposal groups are classified as Liabilities directly associated with assets held for sale .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-724": { "value": "
F. Other assets and liabilities
F.3. Trade payables
Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest
method where the effect of the passage of time is material.
From time to time, the Group enters into agreements to extend payment terms with various suppliers, and with factoring companies
when such payments are discounted. The corresponding amount pending payment as of December 31, 2023, is recognized in 'Trade
payables' for an amount of $26 million (2022: $17 million).
F.4. Current and non-current provisions and other liabilities
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, if it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain.
The expense relating to any provision is presented in the statement of income net of any reimbursement. If the effect of the time
value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, risks specific to
the liability. Where discounting is used, increases in the provision due to the passage of time are recognized as interest expenses.
F.4.1. Current provisions and other liabilities
Current
2023
2022
(US$ millions)
Deferred revenue ............................................................................................................................................................
96
93
Customer deposits ..........................................................................................................................................................
12
13
Current legal provisions .................................................................................................................................................
8
12
Tax payables ...................................................................................................................................................................
72
61
Customer and MFS distributor cash balances ...............................................................................................................
45
47
Withholding tax on payments to third parties ..............................................................................................................
22
15
Other current liabilities(i) ...............................................................................................................................................
119
64
Total ................................................................................................................................................................................
374
305
(i) Includes $15 million (2022: $8 million ) of tax risk liabilities not related to income tax.
F.4.2. Non-current provisions and other liabilities
Non-current
2023
2022
(US$ millions)
Non-current legal provisions .........................................................................................................................................
6
16
Long-term portion of asset retirement obligations ......................................................................................................
173
155
Long-term portion of deferred income on tower sale and leasebacks recognized ....................................................
31
32
Long-term employment obligations .............................................................................................................................
51
37
Other non-current liabilities ...........................................................................................................................................
68
55
Total ................................................................................................................................................................................
330
295
F.4.3. Non-current payables and accruals for capital expenditure
Non-current payables and accruals for capital expenditure include an amount of $846 million (December 31, 2022: $414 million) in
relation to spectrum and license payables in Colombia. The major part of this payable is related to:
1) the acquisition, in December 2019, of licenses granting the right to use a total of 40 MHz in the 700 MHz band in Colombia. This
20-year license will expire in 2040. During the same auction, Tigo Colombia also acquired 55 MHz in the 1900 band and 30 MHz of
AWS. Tigo Colombia\u00a0 agreed to a total notional consideration of COP 2.45\u00a0billion (equivalent to approximately $615\u00a0million at initial
date's exchange rate), of which approximately 55% is payable in cash and 45% in coverage obligations to be met by 2025.\u00a0
An initial payment of approximately $33\u00a0million was made in 2020, with the remainder payable in 12 annual installments beginning
in 2026 and ending in 2037. The 55% cash portion bears interest at a rate corresponding to the Government T\u00edtulos de Tesorer\u00eda
(TES). In April and May 2020, local management received permission to operate 40 Mhz in the 700 MHz band and accounted for the
spectrum as an intangible asset at an amount of $388\u00a0million corresponding to the net present value of the future payments, plus
other costs directly attributable to this acquisition. The related future interest commitments will be recognized as interest expense
over the next 17 years. The remaining 45% consideration due as coverage obligations are currently being estimated and will be
recognized in the statement of financial position as incurred.
As of December 31, 2023, the outstanding payable in relation to these licenses amount to $467\u00a0million (December 31, 2022:
$337\u00a0million). Using the applicable interest rate, future interest commitments on the outstanding cash consideration payable
amount to $553\u00a0million.
2) in February 2023, the renewal of the spectrum license related to 1900 Mhz band for an additional period of 20 years. The total
consideration amounts to COP 1.14\u00a0billion (approximately $281\u00a0million at initial date's exchange rate). The first payment
representing 20% of the total consideration occurred on October 27, 2023. The remaining consideration will be paid in annual
installments over the next 20 years and bears interest at the moving average of the last 24 months consumer price index (CPI) rate.
As of December 31, 2023, the outstanding payable in relation to these licenses amount to $241\u00a0million. Using the applicable interest
rate, future interest commitments on the outstanding cash consideration payable amount to $181\u00a0million.
F.5. Assets and liabilities related to contract with customers
Contract assets, net
2023
2022
(US$ millions)
Long-term portion ...............................................................................................................................................................
21
21
Short-term portion ...............................................................................................................................................................
65
61
Less: provisions for expected credit losses .........................................................................................................................
(4)
(5)
Total .....................................................................................................................................................................................
82
77
Contract liabilities
2023
2022
(US$ millions)
Long-term portion ...............................................................................................................................................................
74
2
Short-term portion ...............................................................................................................................................................
82
87
Total .....................................................................................................................................................................................
156
88
The Group recognized revenue for $84 million in 2023 (2022: $91 million) that was included in the contract liability balance at the
beginning of the year.\u00a0
The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31,
2023 is $71 million ($71 million is expected to be recognized as revenue in the 2024 financial year and the remaining $1 million in
the 2025 financial year or later). This amount does not consider contracts that have an original expected duration of one year or less,
neither contracts in which consideration from a customer corresponds to the value of the entity\u2019s performance obligation to the
customer (i.e. billing corresponds to accounting revenue).
Contract costs, net (i)
2023
2022
(US$ millions)
Net at January 1 .................................................................................................................................................................
10
8
Contract costs capitalized ...................................................................................................................................................
5
5
Amortization of contract costs ............................................................................................................................................
(4)
(3)
Net at December 31 ...........................................................................................................................................................
12
10
(i)Incremental costs of obtaining a contract are expensed when incurred if the amortization period of the asset that Millicom otherwise would have
recognized is one year or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-723": { "value": "
F. Other assets and liabilities
F.1. Trade receivables
Millicom\u2019s trade receivables mainly comprise interconnect receivables from other operators, postpaid mobile and residential cable
subscribers, as well as B2B customers. The nominal value of receivables adjusted for impairment approximates the fair value of trade
receivables.
2023
2022
(US$ millions)
Gross trade receivables ..................................................................................................................................................
851
694
Less: provisions for expected credit losses ....................................................................................................................
(408)
(315)
Trade receivables, net ..................................................................................................................................................
443
379
Aging of trade receivables
Neither past
due nor
impaired
Past due (net of
impairments)
30\u201390 days
>90 days
Total
(US$ millions)
2023:
Telecom operators ...................................................................................................
19
5
4
28
Own customers ........................................................................................................
263
49
51
364
Others .......................................................................................................................
37
7
8
52
Total
319
61
63
443
2022:
Telecom operators ...................................................................................................
7
13
5
25
Own customers ........................................................................................................
211
54
39
304
Others .......................................................................................................................
39
7
5
51
Total
257
74
48
379
Trade receivables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest
method, less provision for expected credit losses. The Group recognizes an allowance for expected credit losses (ECLs) applying a
simplified approach in calculating the ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss
allowance based on lifetime of ECLs at each reporting date. The Group has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The
provision for expected credit losses is recognized in the consolidated statement of income within 'Equipment, programming and
other direct costs'.
F.2. Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Net
realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
Inventories
2023
2022
(US$ millions)
Telephone and equipment ............................................................................................................................................
27
39
SIM cards .........................................................................................................................................................................
4
4
Other ...............................................................................................................................................................................
14
10
Inventory at December 31, ..........................................................................................................................................
45
53
F.5. Assets and liabilities related to contract with customers
Contract assets, net
2023
2022
(US$ millions)
Long-term portion ...............................................................................................................................................................
21
21
Short-term portion ...............................................................................................................................................................
65
61
Less: provisions for expected credit losses .........................................................................................................................
(4)
(5)
Total .....................................................................................................................................................................................
82
77
Contract liabilities
2023
2022
(US$ millions)
Long-term portion ...............................................................................................................................................................
74
2
Short-term portion ...............................................................................................................................................................
82
87
Total .....................................................................................................................................................................................
156
88
The Group recognized revenue for $84 million in 2023 (2022: $91 million) that was included in the contract liability balance at the
beginning of the year.\u00a0
The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31,
2023 is $71 million ($71 million is expected to be recognized as revenue in the 2024 financial year and the remaining $1 million in
the 2025 financial year or later). This amount does not consider contracts that have an original expected duration of one year or less,
neither contracts in which consideration from a customer corresponds to the value of the entity\u2019s performance obligation to the
customer (i.e. billing corresponds to accounting revenue).
Contract costs, net (i)
2023
2022
(US$ millions)
Net at January 1 .................................................................................................................................................................
10
8
Contract costs capitalized ...................................................................................................................................................
5
5
Amortization of contract costs ............................................................................................................................................
(4)
(3)
Net at December 31 ...........................................................................................................................................................
12
10
(i)Incremental costs of obtaining a contract are expensed when incurred if the amortization period of the asset that Millicom otherwise would have
recognized is one year or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-726": { "value": "
F.1. Trade receivables
Millicom\u2019s trade receivables mainly comprise interconnect receivables from other operators, postpaid mobile and residential cable
subscribers, as well as B2B customers. The nominal value of receivables adjusted for impairment approximates the fair value of trade
receivables.
2023
2022
(US$ millions)
Gross trade receivables ..................................................................................................................................................
851
694
Less: provisions for expected credit losses ....................................................................................................................
(408)
(315)
Trade receivables, net ..................................................................................................................................................
443
379
Aging of trade receivables
Neither past
due nor
impaired
Past due (net of
impairments)
30\u201390 days
>90 days
Total
(US$ millions)
2023:
Telecom operators ...................................................................................................
19
5
4
28
Own customers ........................................................................................................
263
49
51
364
Others .......................................................................................................................
37
7
8
52
Total
319
61
63
443
2022:
Telecom operators ...................................................................................................
7
13
5
25
Own customers ........................................................................................................
211
54
39
304
Others .......................................................................................................................
39
7
5
51
Total
257
74
48
379
Trade receivables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest
method, less provision for expected credit losses. The Group recognizes an allowance for expected credit losses (ECLs) applying a
simplified approach in calculating the ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss
allowance based on lifetime of ECLs at each reporting date. The Group has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The
provision for expected credit losses is recognized in the consolidated statement of income within 'Equipment, programming and
other direct costs'.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-725": { "value": "
F.1. Trade receivables
Millicom\u2019s trade receivables mainly comprise interconnect receivables from other operators, postpaid mobile and residential cable
subscribers, as well as B2B customers. The nominal value of receivables adjusted for impairment approximates the fair value of trade
receivables.
2023
2022
(US$ millions)
Gross trade receivables ..................................................................................................................................................
851
694
Less: provisions for expected credit losses ....................................................................................................................
(408)
(315)
Trade receivables, net ..................................................................................................................................................
443
379
Aging of trade receivables
Neither past
due nor
impaired
Past due (net of
impairments)
30\u201390 days
>90 days
Total
(US$ millions)
2023:
Telecom operators ...................................................................................................
19
5
4
28
Own customers ........................................................................................................
263
49
51
364
Others .......................................................................................................................
37
7
8
52
Total
319
61
63
443
2022:
Telecom operators ...................................................................................................
7
13
5
25
Own customers ........................................................................................................
211
54
39
304
Others .......................................................................................................................
39
7
5
51
Total
257
74
48
379
Trade receivables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest
method, less provision for expected credit losses. The Group recognizes an allowance for expected credit losses (ECLs) applying a
simplified approach in calculating the ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss
allowance based on lifetime of ECLs at each reporting date. The Group has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The
provision for expected credit losses is recognized in the consolidated statement of income within 'Equipment, programming and
other direct costs'.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-727": { "value": "
F.1. Trade receivables
Trade receivables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest
method, less provision for expected credit losses. The Group recognizes an allowance for expected credit losses (ECLs) applying a
simplified approach in calculating the ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss
allowance based on lifetime of ECLs at each reporting date. The Group has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The
provision for expected credit losses is recognized in the consolidated statement of income within 'Equipment, programming and
other direct costs'.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-729": { "value": "
F.2. Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Net
realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
Inventories
2023
2022
(US$ millions)
Telephone and equipment ............................................................................................................................................
27
39
SIM cards .........................................................................................................................................................................
4
4
Other ...............................................................................................................................................................................
14
10
Inventory at December 31, ..........................................................................................................................................
45
53
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-728": { "value": "
F.2. Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Net
realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-731": { "value": "
F.3. Trade payables
Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest
method where the effect of the passage of time is material.
From time to time, the Group enters into agreements to extend payment terms with various suppliers, and with factoring companies
when such payments are discounted. The corresponding amount pending payment as of December 31, 2023, is recognized in 'Trade
payables' for an amount of $26 million (2022: $17 million).
F.4.3. Non-current payables and accruals for capital expenditure
Non-current payables and accruals for capital expenditure include an amount of $846 million (December 31, 2022: $414 million) in
relation to spectrum and license payables in Colombia. The major part of this payable is related to:
1) the acquisition, in December 2019, of licenses granting the right to use a total of 40 MHz in the 700 MHz band in Colombia. This
20-year license will expire in 2040. During the same auction, Tigo Colombia also acquired 55 MHz in the 1900 band and 30 MHz of
AWS. Tigo Colombia\u00a0 agreed to a total notional consideration of COP 2.45\u00a0billion (equivalent to approximately $615\u00a0million at initial
date's exchange rate), of which approximately 55% is payable in cash and 45% in coverage obligations to be met by 2025.\u00a0
An initial payment of approximately $33\u00a0million was made in 2020, with the remainder payable in 12 annual installments beginning
in 2026 and ending in 2037. The 55% cash portion bears interest at a rate corresponding to the Government T\u00edtulos de Tesorer\u00eda
(TES). In April and May 2020, local management received permission to operate 40 Mhz in the 700 MHz band and accounted for the
spectrum as an intangible asset at an amount of $388\u00a0million corresponding to the net present value of the future payments, plus
other costs directly attributable to this acquisition. The related future interest commitments will be recognized as interest expense
over the next 17 years. The remaining 45% consideration due as coverage obligations are currently being estimated and will be
recognized in the statement of financial position as incurred.
As of December 31, 2023, the outstanding payable in relation to these licenses amount to $467\u00a0million (December 31, 2022:
$337\u00a0million). Using the applicable interest rate, future interest commitments on the outstanding cash consideration payable
amount to $553\u00a0million.
2) in February 2023, the renewal of the spectrum license related to 1900 Mhz band for an additional period of 20 years. The total
consideration amounts to COP 1.14\u00a0billion (approximately $281\u00a0million at initial date's exchange rate). The first payment
representing 20% of the total consideration occurred on October 27, 2023. The remaining consideration will be paid in annual
installments over the next 20 years and bears interest at the moving average of the last 24 months consumer price index (CPI) rate.
As of December 31, 2023, the outstanding payable in relation to these licenses amount to $241\u00a0million. Using the applicable interest
rate, future interest commitments on the outstanding cash consideration payable amount to $181\u00a0million.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-730": { "value": "
F.3. Trade payables
Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest
method where the effect of the passage of time is material.
From time to time, the Group enters into agreements to extend payment terms with various suppliers, and with factoring companies
when such payments are discounted. The corresponding amount pending payment as of December 31, 2023, is recognized in 'Trade
payables' for an amount of $26 million (2022: $17 million).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-733": { "value": "
F.4. Current and non-current provisions and other liabilities
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, if it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain.
The expense relating to any provision is presented in the statement of income net of any reimbursement. If the effect of the time
value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, risks specific to
the liability. Where discounting is used, increases in the provision due to the passage of time are recognized as interest expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-732": { "value": "
F.4. Current and non-current provisions and other liabilities
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, if it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain.
The expense relating to any provision is presented in the statement of income net of any reimbursement. If the effect of the time
value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, risks specific to
the liability. Where discounting is used, increases in the provision due to the passage of time are recognized as interest expenses.
F.4.1. Current provisions and other liabilities
Current
2023
2022
(US$ millions)
Deferred revenue ............................................................................................................................................................
96
93
Customer deposits ..........................................................................................................................................................
12
13
Current legal provisions .................................................................................................................................................
8
12
Tax payables ...................................................................................................................................................................
72
61
Customer and MFS distributor cash balances ...............................................................................................................
45
47
Withholding tax on payments to third parties ..............................................................................................................
22
15
Other current liabilities(i) ...............................................................................................................................................
119
64
Total ................................................................................................................................................................................
374
305
(i) Includes $15 million (2022: $8 million ) of tax risk liabilities not related to income tax.
F.4.2. Non-current provisions and other liabilities
Non-current
2023
2022
(US$ millions)
Non-current legal provisions .........................................................................................................................................
6
16
Long-term portion of asset retirement obligations ......................................................................................................
173
155
Long-term portion of deferred income on tower sale and leasebacks recognized ....................................................
31
32
Long-term employment obligations .............................................................................................................................
51
37
Other non-current liabilities ...........................................................................................................................................
68
55
Total ................................................................................................................................................................................
330
295
F.4.3. Non-current payables and accruals for capital expenditure
Non-current payables and accruals for capital expenditure include an amount of $846 million (December 31, 2022: $414 million) in
relation to spectrum and license payables in Colombia. The major part of this payable is related to:
1) the acquisition, in December 2019, of licenses granting the right to use a total of 40 MHz in the 700 MHz band in Colombia. This
20-year license will expire in 2040. During the same auction, Tigo Colombia also acquired 55 MHz in the 1900 band and 30 MHz of
AWS. Tigo Colombia\u00a0 agreed to a total notional consideration of COP 2.45\u00a0billion (equivalent to approximately $615\u00a0million at initial
date's exchange rate), of which approximately 55% is payable in cash and 45% in coverage obligations to be met by 2025.\u00a0
An initial payment of approximately $33\u00a0million was made in 2020, with the remainder payable in 12 annual installments beginning
in 2026 and ending in 2037. The 55% cash portion bears interest at a rate corresponding to the Government T\u00edtulos de Tesorer\u00eda
(TES). In April and May 2020, local management received permission to operate 40 Mhz in the 700 MHz band and accounted for the
spectrum as an intangible asset at an amount of $388\u00a0million corresponding to the net present value of the future payments, plus
other costs directly attributable to this acquisition. The related future interest commitments will be recognized as interest expense
over the next 17 years. The remaining 45% consideration due as coverage obligations are currently being estimated and will be
recognized in the statement of financial position as incurred.
As of December 31, 2023, the outstanding payable in relation to these licenses amount to $467\u00a0million (December 31, 2022:
$337\u00a0million). Using the applicable interest rate, future interest commitments on the outstanding cash consideration payable
amount to $553\u00a0million.
2) in February 2023, the renewal of the spectrum license related to 1900 Mhz band for an additional period of 20 years. The total
consideration amounts to COP 1.14\u00a0billion (approximately $281\u00a0million at initial date's exchange rate). The first payment
representing 20% of the total consideration occurred on October 27, 2023. The remaining consideration will be paid in annual
installments over the next 20 years and bears interest at the moving average of the last 24 months consumer price index (CPI) rate.
As of December 31, 2023, the outstanding payable in relation to these licenses amount to $241\u00a0million. Using the applicable interest
rate, future interest commitments on the outstanding cash consideration payable amount to $181\u00a0million.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-734": { "value": "
F.5. Assets and liabilities related to contract with customers
Contract assets, net
2023
2022
(US$ millions)
Long-term portion ...............................................................................................................................................................
21
21
Short-term portion ...............................................................................................................................................................
65
61
Less: provisions for expected credit losses .........................................................................................................................
(4)
(5)
Total .....................................................................................................................................................................................
82
77
Contract liabilities
2023
2022
(US$ millions)
Long-term portion ...............................................................................................................................................................
74
2
Short-term portion ...............................................................................................................................................................
82
87
Total .....................................................................................................................................................................................
156
88
The Group recognized revenue for $84 million in 2023 (2022: $91 million) that was included in the contract liability balance at the
beginning of the year.\u00a0
The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31,
2023 is $71 million ($71 million is expected to be recognized as revenue in the 2024 financial year and the remaining $1 million in
the 2025 financial year or later). This amount does not consider contracts that have an original expected duration of one year or less,
neither contracts in which consideration from a customer corresponds to the value of the entity\u2019s performance obligation to the
customer (i.e. billing corresponds to accounting revenue).
Contract costs, net (i)
2023
2022
(US$ millions)
Net at January 1 .................................................................................................................................................................
10
8
Contract costs capitalized ...................................................................................................................................................
5
5
Amortization of contract costs ............................................................................................................................................
(4)
(3)
Net at December 31 ...........................................................................................................................................................
12
10
(i)Incremental costs of obtaining a contract are expensed when incurred if the amortization period of the asset that Millicom otherwise would have
recognized is one year or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-735": { "value": "
G.1. Fees to auditors
2023
2022
2021
(US$ millions)
Audit fees .............................................................................................................................................
5.6
5.1
5.2
Audit related fees ................................................................................................................................
0.8
1.3
1.4
Tax fees ................................................................................................................................................
0.2
0.2
0.1
Other fees ............................................................................................................................................
0.3
0.2
0.4
Total ....................................................................................................................................................
6.9
6.8
7.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-737": { "value": "
G.2. Capital and operational commitments
Millicom has a number of capital and operational commitments to suppliers and service providers in the normal course of its
business. These commitments are mainly contracts for acquiring network and other equipment, and leases for towers and other
operational equipment.
G.2.1. Capital commitments
At December 31, 2023, the Company and its subsidiaries had fixed commitments to purchase network equipment, other fixed assets
and intangible assets of $350 million of which $254 million are due within one year (December 31, 2022: $406 million of which $259
million were due within one year). The Group\u2019s share of commitments from the joint ventures is $18 million, of which\u00a0 $18 million are
due within one year (December 31, 2022: $29 million,\u00a0 all of which were due within one year).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-736": { "value": "
G.2. Capital and operational commitments
Millicom has a number of capital and operational commitments to suppliers and service providers in the normal course of its
business. These commitments are mainly contracts for acquiring network and other equipment, and leases for towers and other
operational equipment.
G.2.1. Capital commitments
At December 31, 2023, the Company and its subsidiaries had fixed commitments to purchase network equipment, other fixed assets
and intangible assets of $350 million of which $254 million are due within one year (December 31, 2022: $406 million of which $259
million were due within one year). The Group\u2019s share of commitments from the joint ventures is $18 million, of which\u00a0 $18 million are
due within one year (December 31, 2022: $29 million,\u00a0 all of which were due within one year).
G.3. Contingent liabilities
G.3.1. Litigation and legal risks
The Company and its operations are contingently liable with respect to lawsuits, legal, regulatory, commercial and other legal risks
that arise in the normal course of business. As of December 31, 2023, the total amount of claims brought against the Company and
its subsidiaries is $328 million (December 31, 2022: $239 million). The Group's share of the comparable exposure for its joint venture
in Honduras is $9 million (December 31, 2022: $13 million).
As at December 31, 2023, $14 million has been provisioned by its subsidiaries for these risks in the consolidated statement of
financial position (December 31, 2022: $25 million). The Group\u2019s share of provisions made by the joint venture in Honduras was $1
million (December 31, 2022: $1 million). While it is not possible to ascertain the ultimate legal and financial liability with respect to
these claims and risks, the ultimate outcome is not anticipated to have a material effect on the Group\u2019s financial position and
operations.
On May 25, 2020, as a result of the termination of the Costa Rica acquisition, Telef\u00f3nica filed a complaint, followed by an amended
complaint on August 3, 2020, against us in the Supreme Court of New York. The amended complaint asserts damages claims for
alleged breaches of contract and alleges, among other things, that the Group was required to close the transaction because the
closing conditions specified in the sale and purchase agreement for the acquisition had been satisfied. On February 13, 2024, the
Court granted summary judgment in favor of Telef\u00f3nica, ruling in favor of Telef\u00f3nica's breach of contract claim as well as its
methodology for calculating pre-judgment interest. As of the time of this filing, the Court has not yet determined the exact amount
of damages, and a final judgment has not yet been entered. The Group disagrees with the decision and continues to believe that the
Group has strong arguments in its favor. The Group plans to file an appeal of the ruling.
Other
At December 31, 2023, Millicom has various other less significant claims which are not disclosed separately in these consolidated
financial statements because they are either not material or the related risk is remote.
G.3.2. Tax related risks and uncertain tax position
The Group operates in developing countries where the tax systems, regulations and enforcement processes have varying stages of
development creating uncertainty regarding the application of the tax law and interpretation of tax treatments. The Group is also
subject to regular tax audits in the countries where it operates. When there is uncertainty over whether the taxation authority will
accept a specific tax treatment under the local tax law, that tax treatment is therefore uncertain. The resolution of tax positions taken
by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in
some cases, it is difficult to predict the ultimate outcome. Therefore, judgment is required to determine liabilities for taxes.
In assessing whether and how an uncertain tax treatment affects the determination of taxable profit (tax loss), tax bases, unused tax
losses, unused tax credits and tax rates, the Group assumes that a taxation authority with the right to examine amounts reported to
it will examine those amounts and have full knowledge of all relevant information when making those examinations.
The Group has a process in place, and applies significant judgment, in identifying uncertainties over income tax treatments.
Management considers whether or not it is probable that a taxation authority will accept an uncertain tax treatment. On that basis,
the identified risks are split into three categories (i) remote risks (risk of outflow of tax payments are up to 20%), (ii) possible risks (risk
of outflow of tax payments assessed from 21% to 49%) and probable risks (risk of outflow is more than 50%). The process is repeated
every quarter by the Group.
If the Group concludes that it is probable or certain that the taxation authority will accept the tax treatment, the risks are categorized
either as possible or remote, and it determines the taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax
rates consistently with the tax treatment used or planned to be used in its income tax filings. The risks considered as possible are not
provisioned but disclosed as tax contingencies in the Group consolidated financial statements while remote risks are neither
provisioned nor disclosed.
If the Group concludes that it is probable that the taxation authority will not accept the Group\u2019s interpretation of the uncertain tax
treatment, the risks are categorized as probable, and are presented to reflect the effect of uncertainty in determining the related
taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates by generally using the most likely amount
method \u2013 the single most likely amount in a range of possible outcomes.
If an uncertain tax treatment affects both deferred tax and current tax, the Group makes consistent estimates and judgments for
both. For example, an uncertain tax treatment may affect both taxable profits used to determine the current tax and tax bases used
to determine deferred tax.
If facts and circumstances change, the Group reassesses the judgments and estimates regarding the uncertain tax position taken.
At December 31, 2023, the tax risks exposure of the Group's subsidiaries is estimated at $279 million, for which provisions of $52
million have been recorded in tax liabilities; representing management's assessment of the probable cash outflow of eventual claims
and required payments related to those risks (December 31, 2022: $221 million of which provisions of $38 million were recorded).
The Group's share of comparable tax exposure and provisions in its joint venture amounts to $118 million (December 31, 2022: $97
million) and $7 million\u00a0 (December 31, 2022: $7 million), respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-738": { "value": "
G.3. Contingent liabilities
G.3.1. Litigation and legal risks
The Company and its operations are contingently liable with respect to lawsuits, legal, regulatory, commercial and other legal risks
that arise in the normal course of business. As of December 31, 2023, the total amount of claims brought against the Company and
its subsidiaries is $328 million (December 31, 2022: $239 million). The Group's share of the comparable exposure for its joint venture
in Honduras is $9 million (December 31, 2022: $13 million).
As at December 31, 2023, $14 million has been provisioned by its subsidiaries for these risks in the consolidated statement of
financial position (December 31, 2022: $25 million). The Group\u2019s share of provisions made by the joint venture in Honduras was $1
million (December 31, 2022: $1 million). While it is not possible to ascertain the ultimate legal and financial liability with respect to
these claims and risks, the ultimate outcome is not anticipated to have a material effect on the Group\u2019s financial position and
operations.
On May 25, 2020, as a result of the termination of the Costa Rica acquisition, Telef\u00f3nica filed a complaint, followed by an amended
complaint on August 3, 2020, against us in the Supreme Court of New York. The amended complaint asserts damages claims for
alleged breaches of contract and alleges, among other things, that the Group was required to close the transaction because the
closing conditions specified in the sale and purchase agreement for the acquisition had been satisfied. On February 13, 2024, the
Court granted summary judgment in favor of Telef\u00f3nica, ruling in favor of Telef\u00f3nica's breach of contract claim as well as its
methodology for calculating pre-judgment interest. As of the time of this filing, the Court has not yet determined the exact amount
of damages, and a final judgment has not yet been entered. The Group disagrees with the decision and continues to believe that the
Group has strong arguments in its favor. The Group plans to file an appeal of the ruling.
Other
At December 31, 2023, Millicom has various other less significant claims which are not disclosed separately in these consolidated
financial statements because they are either not material or the related risk is remote.
G.3.2. Tax related risks and uncertain tax position
The Group operates in developing countries where the tax systems, regulations and enforcement processes have varying stages of
development creating uncertainty regarding the application of the tax law and interpretation of tax treatments. The Group is also
subject to regular tax audits in the countries where it operates. When there is uncertainty over whether the taxation authority will
accept a specific tax treatment under the local tax law, that tax treatment is therefore uncertain. The resolution of tax positions taken
by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in
some cases, it is difficult to predict the ultimate outcome. Therefore, judgment is required to determine liabilities for taxes.
In assessing whether and how an uncertain tax treatment affects the determination of taxable profit (tax loss), tax bases, unused tax
losses, unused tax credits and tax rates, the Group assumes that a taxation authority with the right to examine amounts reported to
it will examine those amounts and have full knowledge of all relevant information when making those examinations.
The Group has a process in place, and applies significant judgment, in identifying uncertainties over income tax treatments.
Management considers whether or not it is probable that a taxation authority will accept an uncertain tax treatment. On that basis,
the identified risks are split into three categories (i) remote risks (risk of outflow of tax payments are up to 20%), (ii) possible risks (risk
of outflow of tax payments assessed from 21% to 49%) and probable risks (risk of outflow is more than 50%). The process is repeated
every quarter by the Group.
If the Group concludes that it is probable or certain that the taxation authority will accept the tax treatment, the risks are categorized
either as possible or remote, and it determines the taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax
rates consistently with the tax treatment used or planned to be used in its income tax filings. The risks considered as possible are not
provisioned but disclosed as tax contingencies in the Group consolidated financial statements while remote risks are neither
provisioned nor disclosed.
If the Group concludes that it is probable that the taxation authority will not accept the Group\u2019s interpretation of the uncertain tax
treatment, the risks are categorized as probable, and are presented to reflect the effect of uncertainty in determining the related
taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates by generally using the most likely amount
method \u2013 the single most likely amount in a range of possible outcomes.
If an uncertain tax treatment affects both deferred tax and current tax, the Group makes consistent estimates and judgments for
both. For example, an uncertain tax treatment may affect both taxable profits used to determine the current tax and tax bases used
to determine deferred tax.
If facts and circumstances change, the Group reassesses the judgments and estimates regarding the uncertain tax position taken.
At December 31, 2023, the tax risks exposure of the Group's subsidiaries is estimated at $279 million, for which provisions of $52
million have been recorded in tax liabilities; representing management's assessment of the probable cash outflow of eventual claims
and required payments related to those risks (December 31, 2022: $221 million of which provisions of $38 million were recorded).
The Group's share of comparable tax exposure and provisions in its joint venture amounts to $118 million (December 31, 2022: $97
million) and $7 million\u00a0 (December 31, 2022: $7 million), respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-740": { "value": "
G.5. Related party balances and transactions
The Group\u2019s significant related parties are:
\u25aa Xavier Niel, his subsidiaries and joint ventures, as well as his close family members.
\u2022EPM and subsidiaries (EPM), the non-controlling shareholder in our Colombian operations (see notes A.1.4. and C.7.4.);\u00a0
\u2022Miffin Associates Corp and subsidiaries (Miffin), our joint venture partner in Guatemala until November 12, 2021, date on which
Miffin ceased to be a related party, as Millicom signed and closed an agreement to acquire the remaining 45% equity interest in
our joint venture business in Guatemala from Miffin (see note A.1.2.).
\u2022Cable Onda partners and subsidiaries, the non-controlling shareholders in Tigo Panama (see note A.1.2.), until June 29, 2022,
date on which Cable Onda Partners ceased to be a related party as the non-controlling shareholders of Tigo Panama exercised
their put option right to sell their remaining 20% shareholding to Millicom.\u00a0
Xavier Niel
Xavier Niel has significant expertise in the telecoms sector with a 30 year track record of innovation in the sector.\u00a0 He is the owner of
the Iliad group, a leading telecoms provider present in France, Italy and Poland, as well as NJJ Holding, an investor in telecoms assets
including in Switzerland and Ireland.
Xavier Niel has significant influence over Millicom, as holding, directly or indirectly (through NJJ Holding, Atlas Investissement and
Atlas Luxco S.\u00e0.r.l. ultimately controlled by him) approximately 29.1% of Millicom's shareholding and voting rights as of December
31, 2023. Additionally, on the annual AGM held on 31 May, 2023, Xavier Niel obtained representation in Millicom\u2019s Board of Directors
with the appointment of three (out of nine) non-Executive directors.
Empresas P\u00fablicas de Medell\u00edn (EPM)\u00a0
EPM is a state-owned, industrial and commercial enterprise, owned by the municipality of Medellin, and provides electricity, gas,
water, sanitation, and telecommunications. EPM owns 50% of our operations in Colombia. Transactions with EPM represent mainly
purchases in the form of leases.
Miffin Associates Corp (Miffin)
As mentioned above, Miffin ceased to be a related party to the Group from November 12, 2021. Transactions with Miffin represented
recurring commercial operations such as purchase of handsets, and sale of airtime.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-739": { "value": "
G.5. Related party balances and transactions
The Group\u2019s significant related parties are:
\u25aa Xavier Niel, his subsidiaries and joint ventures, as well as his close family members.
\u2022EPM and subsidiaries (EPM), the non-controlling shareholder in our Colombian operations (see notes A.1.4. and C.7.4.);\u00a0
\u2022Miffin Associates Corp and subsidiaries (Miffin), our joint venture partner in Guatemala until November 12, 2021, date on which
Miffin ceased to be a related party, as Millicom signed and closed an agreement to acquire the remaining 45% equity interest in
our joint venture business in Guatemala from Miffin (see note A.1.2.).
\u2022Cable Onda partners and subsidiaries, the non-controlling shareholders in Tigo Panama (see note A.1.2.), until June 29, 2022,
date on which Cable Onda Partners ceased to be a related party as the non-controlling shareholders of Tigo Panama exercised
their put option right to sell their remaining 20% shareholding to Millicom.\u00a0
Xavier Niel
Xavier Niel has significant expertise in the telecoms sector with a 30 year track record of innovation in the sector.\u00a0 He is the owner of
the Iliad group, a leading telecoms provider present in France, Italy and Poland, as well as NJJ Holding, an investor in telecoms assets
including in Switzerland and Ireland.
Xavier Niel has significant influence over Millicom, as holding, directly or indirectly (through NJJ Holding, Atlas Investissement and
Atlas Luxco S.\u00e0.r.l. ultimately controlled by him) approximately 29.1% of Millicom's shareholding and voting rights as of December
31, 2023. Additionally, on the annual AGM held on 31 May, 2023, Xavier Niel obtained representation in Millicom\u2019s Board of Directors
with the appointment of three (out of nine) non-Executive directors.
Empresas P\u00fablicas de Medell\u00edn (EPM)\u00a0
EPM is a state-owned, industrial and commercial enterprise, owned by the municipality of Medellin, and provides electricity, gas,
water, sanitation, and telecommunications. EPM owns 50% of our operations in Colombia. Transactions with EPM represent mainly
purchases in the form of leases.
Miffin Associates Corp (Miffin)
As mentioned above, Miffin ceased to be a related party to the Group from November 12, 2021. Transactions with Miffin represented
recurring commercial operations such as purchase of handsets, and sale of airtime.
The Group had the following transactions with related parties:
Expenses
2023
2022
2021
(US$ millions)
Purchases of goods and services from Miffin (i) .................................................................................
\u2014
\u2014
(165)
Purchases of goods and services from EPM .......................................................................................
(45)
(45)
(39)
Other expenses ...................................................................................................................................
(10)
(18)
(16)
Total ....................................................................................................................................................
(55)
(63)
(220)
Income and gains
2023
2022
2021
(US$ millions)
Sale of goods and services to Miffin (i) ...............................................................................................
\u2014
\u2014
299
Sale of goods and services to EPM .....................................................................................................
12
11
14
Other revenue .....................................................................................................................................
\u2014
1
2
Total ....................................................................................................................................................
12
11
314
(i)Miffin entities are not considered as related parties since November 12, 2021.
The Group had the following balances with related parties:
December 31
2023
2022
Liabilities
(US$ millions)
Payables to Honduras joint venture(ii) ..........................................................................................................................
68
48
Payables to EPM ..............................................................................................................................................................
33
39
Other accounts payable .................................................................................................................................................
2
2
Total ................................................................................................................................................................................
103
88
(ii)Mainly\u00a0 dividends.
December 31
2023
2022
Assets
(US$ millions)
Receivables from EPM ....................................................................................................................................................
2
2
Receivables from Honduras joint venture .....................................................................................................................
9
13
Total ................................................................................................................................................................................
12
15
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-741": { "value": "Subsequent Events
Voluntary retirement plan in Colombia
On January 19, 2024, Tigo Colombia announced a voluntary retirement plan for its employees. As of the time of issuance of this
report, Millicom has incurred severance expenses related to this plan of approximately $17\u00a0million.
Tower sale
On January 24, 2024, Millicom announced that its subsidiary in Colombia has agreed to sell approximately 1,100 wireless
communications towers to affiliates of investment funds managed by KKR.
Telefonica Costa Rica\u00a0 legal case
On February 13, 2024, the New York Supreme Court granted summary judgment in favor of a breach of contract claim filed by
Telef\u00f3nica after Millicom terminated the acquisition of Telef\u00f3nica\u2019s Costa Rican business in 2020.\u00a0 The Court also ruled in favor of
Telef\u00f3nica\u2019s methodology for calculating pre-judgment interest.\u00a0 As of the time of the issuance of this report, the Court has not yet
determined the exact amount of damages, and a final judgment has not yet been entered.\u00a0 Millicom disagrees with the decision and
continues to believe that it has strong arguments in its favor. Millicom plans to file an appeal of the ruling.
Bond repurchase
Since January 1, 2024 up to the date of issuance of these consolidated financial statements, Millicom has continued to repurchase
bonds in the secondary markets for total amounts of $17\u00a0million of the 2031 USD 4.5% Senior notes, $64\u00a0million of the USD 5.125%
Comcel Senior Notes and $27 million\u00a0 of the USD 4.500% Senior Notes in Panama.
Share repurchase program
As part of the share repurchase program Millicom has continued to repurchase shares in 2024, acquiring an additional 1,289,776
shares since the beginning of 2024 to March\u00a07, 2024.
Mobile network combination in Colombia
On February 26, 2024, Tigo Colombia finalized its agreement with Telefonica's subsidiary in Colombia to create a jointly-owned
mobile infrastructure business, which will combine some of the Group's mobile network infrastructure and spectrum assets in
Colombia. On February 26, 2024, Tigo Colombia received final approvals to operate the 5G spectrum purchased in the auction that
occurred on December 20, 2023 enabling Tigo Colombia to launch 5G services which are now available.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fn-6": { "value": "During the year ended December 31, 2023, Millicom repurchased 282,724 shares for a total amount of $5\u00a0million and withheld approximately 320,985 shares for the settlement of tax obligations on behalf of
employees under share-based compensation plans\u00a0 (2022: 93,413; 2021: 1,470,875)
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-6", "language": "en" } }, "fn-3": { "value": "Share capital, share premium (including the effects of rights offering) and other reserves (including share-based compensation) \u2013 see note C.1. ", "dimensions": { "concept": "xbrl:note", "noteId": "fn-3", "language": "en" } }, "fn-2": { "value": "2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details.", "dimensions": { "concept": "xbrl:note", "noteId": "fn-2", "language": "en" } }, "fn-7": { "value": "Cloud 2 Nube S.A. was a subsidiary owned by the Group at 55% and already fully consolidated as Millicom had control over it. As a result, in accordance with IFRS 10, the acquisition of the remaining 45% in
Cloud 2 Nube S.A. that occurred on November 12, 2021, has been\u00a0 treated as an equity transaction and non-controlling interests amounting to less than $1\u00a0million were transferred to the Group's equity
against a purchase consideration of $5\u00a0million.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-7", "language": "en" } }, "fn-1": { "value": "The presentation of the statement of income for all periods presented has been amended as follows to provide more relevant information: (a) the sub-
total 'Gross Profit' has been removed, and (b) the line 'Cost of sales' has been renamed as 'Equipment, programming and other direct costs'.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-1", "language": "en" } }, "fn-4": { "value": "Retained profits \u2013 includes profit for the year attributable to equity holders, of which $491 million (2022: $472 million; 2021: $486 million) are not distributable to equity holders.", "dimensions": { "concept": "xbrl:note", "noteId": "fn-4", "language": "en" } }, "fn-5": { "value": "The authorized share capital amounts to $300\u00a0million divided into 200\u00a0million shares with a par value of $1.50 each following the extraordinary general meeting held on February 28, 2022.", "dimensions": { "concept": "xbrl:note", "noteId": "fn-5", "language": "en" } } } }