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"2025-01-10T00:00:00/2025-01-11T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-622": { "value": "172000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidOrdinaryShares", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2025-01-10T00:00:00/2025-01-11T00:00:00", "unit": "iso4217:USD" } }, "f-623": { "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, joint operations 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\u00a0 since January 9, 2019, on the Nasdaq Stock Market in the U.S. under the ticker symbol TIGO. As of
December 31, 2024 the Company's shares were also traded as Swedish Depositary Receipts on the Stockholm stock exchange under
the symbol TIGO SDB (formerly MIC SDB). The Company has its registered office at 148-150 Boulevard de la P\u00e9trusse , L-2330
Luxembourg, Grand Duchy of Luxembourg and is registered with the Luxembourg Register of Commerce under the number RCS B
40 630.As of December 31, 2024 Atlas S.A.S. (formerly known as Atlas Luxco S.\u00e0 r.l) holds 40.37% of Millicom shares. whose final
beneficial owner\u00a0 is Xavier Niel and his family.
On April\u00a04, 2025, 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.
Our reportable segments consist of Guatemala, Colombia, Panama, Bolivia, Honduras, Paraguay and Other, which includes
Nicaragua, Costa Rica and El Salvador.. The Honduras joint venture 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-624": { "value": "Millicom International Cellular S.A.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-625": { "value": "Millicom International Cellular S.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-626": { "value": "Millicom International Cellular S.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-627": { "value": "S.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-628": { "value": "provider of cable and mobile services dedicated to emerging markets", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-629": { "value": "Latin America", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-630": { "value": "Luxembourg", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-631": { "value": "Grand Duchy of Luxembourg", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-632": { "value": "Grand Duchy of Luxembourg", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-633": { "value": "On April\u00a04, 2025, the Board of Directors authorized these consolidated financial statements for issuance.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-634": { "value": "
Current macroeconomic environment
The macroeconomic environment remained stable during 2024, although the Colombian peso average foreign exchange rate
appreciated\u00a0 5.6% and the Paraguayan guarani average foreign exchange rate depreciated 3.6%, respectively. In Bolivia,
commissions on purchases of U.S dollars at the official rate continued to increase, reaching much as $27 million during 2024,
reflecting the acute shortage of U.S dollars available at the official rate.
The Group continues to monitor the developments of the aforementioned events and their potential impact on performance and
accounting considerations.
Climate-related risks
As already publicly announced and discussed elsewhere in our external reporting, our goal is to raise the bar on the Group\u2019s
contribution on environmental, societal and governance matters. In particular, the Group has committed to short-term goals
validated by the Science Based Targets initiative (SBTi). The Group is also committed to the long-term goal of net zero emissions by
or before 2050. Although there is no single explicit standard on climate-related matters under IFRS, climate risk and other climate-
related matters may impact a number of areas of accounting. Up to now, the Group has not been significantly impacted by climate
change, and, currently, management has not considered the climate-related risks as part of the Group's top twelve key risks.
Nevertheless, management will continue monitoring every year the potential risks resulting from the effects of climate change in the
form of natural disasters, such as extreme weather events affecting our 'Networks and infrastructure resilience'. So far, management
has not identified nor considered any material impacts of climate change on assumptions used (e.g. for impairment tests, fair value
measurement, etc.) and on the Group's financial reporting (e.g. provisions, fixed assets, etc.).
Foreign currency
Financial information in these financial statements are shown in the US dollar presentation currency of the Group and rounded to
the nearest million (US$ 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\u00a0 arrangements
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 term of the underlying lease contracts.
For Finance leases, interest income and the amortization of the lease receivable, equivalent to the net investment in the lease, are
recognized over the lease term.
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 are recorded on an accrual basis.
Incremental costs of obtaining a contract\u00a0 with customers
Incremental costs of obtaining a contract with customers, 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. Following these organizational changes, and considering the information being
reviewed by the 'Chief Operating Decision Maker' (\"CODM\") to assess performance and allocate resources, Millicom's operating
segments were redefined to align with its countries of operation.
During the third quarter of 2024, Millicom announced several organizational changes aimed at strengthening its connection with
each country. With the appointment of a new Chief Executive Officer (CEO), the Group has streamlined its structure, ensuring that all
General Managers of operations and Group Leadership team members report directly to him.\u00a0 The Chief Executive Officer (CEO)
together with the Group Chief Financial Officer (CFO) and the Chief Technology & Information Officer (CTIO) form the \u2018Chief Operating
Decision Maker\u2019 (\u201cCODM\u201d).
Millicom\u00b4s CODM assesses performance and allocates resources, based on individual countries, which are its operating segments. The
Honduras joint venture 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 Compensation and Talent 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.\u00a0
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 2024. 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
and any accumulated impairment losses. 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 and indefinite useful life trademarks
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, 2024\u00a0 and at December 31, 2023
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, with expenditures extending beyond
10 years. Moreover, we operate in emerging markets where telecom operators still have significant opportunities for continued
penetration and growth. Our markets are mostly consolidated, with two or three players per market, therefore, using ten-year
projections reduces the emphasis on terminal values.\u00a0
Additionally, the Group has performed a sensitivity analysis to assess the potential impact on carrying values when using a five-year
plan instead. The results of this analysis indicate that applying perpetuity growth rates at the end of an initial five-year plan does not
result in any impairment. Furthermore, it does not reduce the recoverable value by more than 5% in any CGU as compared to the
recoverable amount derived from the ten-year plan.
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 years ended December 31, 2024 and 2023, 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,\u00a0 during 2024, we revised the estimated useful lives of our fiber optic network assets and
related equipment/software. As a result, the estimated useful lives of the Group's\u00a0 Fiber Optic Network useful life were changed from
15 years to 25 years while the related equipment/Software useful life range was increased to 5-10 years (previously 5-7 years for
equipment and 5 years for software). Additionally, 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 10 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. Specifically, in March 2022, Millicom started to implement a supplier financing program with
Citibank that as of December 31, 2024 covers five countries (El Salvador, Honduras, Nicaragua, Panama and Paraguay). In this
program, Millicom designates Citibank as its paying agent, allowing participating suppliers \u2013 who enter into a separate agreement
with Citibank \u2013 to transfer the rights of the approved invoices to Citibank. Millicom pays to Citibank at the invoices' due date, under
the same terms and conditions that were originally agreed with the suppliers. The liabilities related to the invoices included in the
program remain classified as trade payables.\u00a0 As of December 31, 2024, the outstanding balance of invoices transferred from
suppliers to Citibank is $29 million (2023: $26 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
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 de facto control over Millicom, as holding, directly or indirectly (through Iliad group, Atlas Investissement and Atlas
Luxco S.\u00e0.r.l. ultimately controlled by him) approximately 40.4% of Millicom's shareholding and voting rights as of December 31,
2024. Additionally, Xavier Niel has as of December 31, 2024\u00a0 representation in Millicom\u2019s Board of Directors with the appointment of
three (out of eight) 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-635": { "value": "
IFRS Consolidated Financial Statements
Basis of preparation
These financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International
Accounting Standard Board (\"IASB\") and in accordance with IFRS Accounting Standards 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, 2024
and 2023 and the average rates for the years ended\u00a0 December 31, 2024, 2023 and 2022.
Exchange Rates to the
US Dollar
Functional Currency
2024 Year-
end Rate
2023 Year-
end Rate
Change %
2024
Average
Rate
2023
Average
Rate
Change %
2022
Average
Rate
Bolivia ........................
Boliviano (BOB)
6.91
6.91
\u2014%
6.91
6.91
\u2014%
6.91
Colombia ...................
Peso (COP)
4,409
3,822
(13.3)%
4,083
4,313
5.6%
4,254
Costa Rica ...................
Costa Rican Colon (CRC)
513
527
2.8%
519
550
5.9%
650
El Salvador .................
US dollar
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Guatemala .................
Quetzal (GTQ)
7.71
7.83
1.6%
7.76
7.84
1.0%
7.75
Honduras ...................
Lempira (HNL)
25.44
24.71
(2.8)%
24.88
24.66
(0.9)%
24.56
Luxembourg ..............
Euro (EUR)
0.97
0.91
(6.2)%
0.93
0.93
\u2014%
0.95
Nicaragua ...................
Cordoba (NIO)
36.62
36.62
\u2014%
36.62
36.44
(0.5)%
35.87
Panama ......................
Balboa (B/.) (i)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Paraguay ....................
Guarani (PYG)
7,831
7,278
(7.1)%
7,569
7,299
(3.6)%
7,008
Sweden ......................
Krona (SEK)
11.07
10.07
(9.0)%
10.57
10.60
0.3%
10.07
United Kingdom ........
Pound (GBP)
0.80
0.79
(1.7)%
0.78
0.80
2.7%
0.81
(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 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 when the terms include variable
lease payments, 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': 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.
Management is currently assessing the potential impact on the Group consolidated financial statements of the IFRS Interpretations
Commitee's agenda decision regarding clarifications on certain disclosures for segment reporting.
The following Amendments to standards are effective for annual periods starting on January 1, 2025 (Amendments to IAS 21, 'The
Effects of Changes in Foreign Exchange Rates': Lack of Exchangeability). These Amendments, effective for annual periods starting on
January 1, 2025, aim to determine whether a currency is exchangeable into another currency, and the spot exchange rate to use
when it is not . The Group has assessed the Amendments to IAS 21 impacts in its consolidated financial statements concluding that
the Bolivia operation is under its scope. As of December 31, 2024, the Group has not finalized the full assessment of the financial
impact of the Amendments to IAS 21. However, management anticipates that its adoption could result in an adjustment to retained
earnings as of January 1, 2025. Further details will be disclosed in the 2025 financial statements.\u00a0
The following standards and amendments are effective for annual periods starting on January 1, 2026 (Amendments to IFRS 9, IFRS 7
and Annual Improvements) or January 1, 2027 (IFRS 18) and their potential impact on the Group consolidated financial statements is
currently being assessed by management:
\u25aa Amendments to IFRS 9 and IFRS 7 (not yet endorsed by the EU): Amendments to IFRS 9 are clarifications to the classification and
measurement of financial instruments (such as clarifications on derecognition of financial liabilities, among others).
Amendments to IFRS 7 include additional disclosures requirements (such as those for financial instruments with contingent
features, among others).
\u25aa Amendments to IFRS 9 and IFRS 7, issued on 18 December, 2024 (not yet endorsed by the EU):\u00a0 These Amendments to IFRS 9
and IFRS 7 aim to help companies to improve their reporting of the financial effects of nature-dependent electricity contracts,
commonly structured as power purchase agreements (PPAs) and apply only to contracts referencing nature-dependent
electricity in which a company is exposed to variability in the underlying amount of electricity because the source of electricity
generation depends on uncontrollable natural conditions (e.g. wind or solar energy). The changes to IFRS 9 clarify the
application of the \u2018own-use\u2019 exemption and permit hedge accounting if these contracts are used as hedging instruments while
the changes to IFRS 7 add new disclosure requirements on the company\u2019s financial performance and cash flows.
\u25aa Annual Improvements to IFRS Standards, affecting IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 (not yet endorsed by the EU).
\u25aa IFRS 18, 'Presentation and Disclosure in Financial Statements' (not yet endorsed by the EU): IFRS 18 will replace IAS 1. Its aim is
to improve the usefulness of information presented and disclosed in financial statements, giving investors more transparent
and comparable information about companies' financial performance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-636": { "value": "
These financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International
Accounting Standard Board (\"IASB\") and in accordance with IFRS Accounting Standards as adopted by the European Union.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-637": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-639": { "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.
The following table presents functional currency translation rates for the Group\u2019s locations to the US dollar on December 31, 2024
and 2023 and the average rates for the years ended\u00a0 December 31, 2024, 2023 and 2022.
Exchange Rates to the
US Dollar
Functional Currency
2024 Year-
end Rate
2023 Year-
end Rate
Change %
2024
Average
Rate
2023
Average
Rate
Change %
2022
Average
Rate
Bolivia ........................
Boliviano (BOB)
6.91
6.91
\u2014%
6.91
6.91
\u2014%
6.91
Colombia ...................
Peso (COP)
4,409
3,822
(13.3)%
4,083
4,313
5.6%
4,254
Costa Rica ...................
Costa Rican Colon (CRC)
513
527
2.8%
519
550
5.9%
650
El Salvador .................
US dollar
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Guatemala .................
Quetzal (GTQ)
7.71
7.83
1.6%
7.76
7.84
1.0%
7.75
Honduras ...................
Lempira (HNL)
25.44
24.71
(2.8)%
24.88
24.66
(0.9)%
24.56
Luxembourg ..............
Euro (EUR)
0.97
0.91
(6.2)%
0.93
0.93
\u2014%
0.95
Nicaragua ...................
Cordoba (NIO)
36.62
36.62
\u2014%
36.62
36.44
(0.5)%
35.87
Panama ......................
Balboa (B/.) (i)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Paraguay ....................
Guarani (PYG)
7,831
7,278
(7.1)%
7,569
7,299
(3.6)%
7,008
Sweden ......................
Krona (SEK)
11.07
10.07
(9.0)%
10.57
10.60
0.3%
10.07
United Kingdom ........
Pound (GBP)
0.80
0.79
(1.7)%
0.78
0.80
2.7%
0.81
(i) the balboa is tied to the United States dollar at an exchange rate of 1:1.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-638": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-641": { "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 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 when the terms include variable
lease payments, 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': 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.
Management is currently assessing the potential impact on the Group consolidated financial statements of the IFRS Interpretations
Commitee's agenda decision regarding clarifications on certain disclosures for segment reporting.
The following Amendments to standards are effective for annual periods starting on January 1, 2025 (Amendments to IAS 21, 'The
Effects of Changes in Foreign Exchange Rates': Lack of Exchangeability). These Amendments, effective for annual periods starting on
January 1, 2025, aim to determine whether a currency is exchangeable into another currency, and the spot exchange rate to use
when it is not . The Group has assessed the Amendments to IAS 21 impacts in its consolidated financial statements concluding that
the Bolivia operation is under its scope. As of December 31, 2024, the Group has not finalized the full assessment of the financial
impact of the Amendments to IAS 21. However, management anticipates that its adoption could result in an adjustment to retained
earnings as of January 1, 2025. Further details will be disclosed in the 2025 financial statements.\u00a0
The following standards and amendments are effective for annual periods starting on January 1, 2026 (Amendments to IFRS 9, IFRS 7
and Annual Improvements) or January 1, 2027 (IFRS 18) and their potential impact on the Group consolidated financial statements is
currently being assessed by management:
\u25aa Amendments to IFRS 9 and IFRS 7 (not yet endorsed by the EU): Amendments to IFRS 9 are clarifications to the classification and
measurement of financial instruments (such as clarifications on derecognition of financial liabilities, among others).
Amendments to IFRS 7 include additional disclosures requirements (such as those for financial instruments with contingent
features, among others).
\u25aa Amendments to IFRS 9 and IFRS 7, issued on 18 December, 2024 (not yet endorsed by the EU):\u00a0 These Amendments to IFRS 9
and IFRS 7 aim to help companies to improve their reporting of the financial effects of nature-dependent electricity contracts,
commonly structured as power purchase agreements (PPAs) and apply only to contracts referencing nature-dependent
electricity in which a company is exposed to variability in the underlying amount of electricity because the source of electricity
generation depends on uncontrollable natural conditions (e.g. wind or solar energy). The changes to IFRS 9 clarify the
application of the \u2018own-use\u2019 exemption and permit hedge accounting if these contracts are used as hedging instruments while
the changes to IFRS 7 add new disclosure requirements on the company\u2019s financial performance and cash flows.
\u25aa Annual Improvements to IFRS Standards, affecting IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 (not yet endorsed by the EU).
\u25aa IFRS 18, 'Presentation and Disclosure in Financial Statements' (not yet endorsed by the EU): IFRS 18 will replace IAS 1. Its aim is
to improve the usefulness of information presented and disclosed in financial statements, giving investors more transparent
and comparable information about companies' financial performance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-640": { "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 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 when the terms include variable
lease payments, 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': 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.
Management is currently assessing the potential impact on the Group consolidated financial statements of the IFRS Interpretations
Commitee's agenda decision regarding clarifications on certain disclosures for segment reporting.
The following Amendments to standards are effective for annual periods starting on January 1, 2025 (Amendments to IAS 21, 'The
Effects of Changes in Foreign Exchange Rates': Lack of Exchangeability). These Amendments, effective for annual periods starting on
January 1, 2025, aim to determine whether a currency is exchangeable into another currency, and the spot exchange rate to use
when it is not . The Group has assessed the Amendments to IAS 21 impacts in its consolidated financial statements concluding that
the Bolivia operation is under its scope. As of December 31, 2024, the Group has not finalized the full assessment of the financial
impact of the Amendments to IAS 21. However, management anticipates that its adoption could result in an adjustment to retained
earnings as of January 1, 2025. Further details will be disclosed in the 2025 financial statements.\u00a0
The following standards and amendments are effective for annual periods starting on January 1, 2026 (Amendments to IFRS 9, IFRS 7
and Annual Improvements) or January 1, 2027 (IFRS 18) and their potential impact on the Group consolidated financial statements is
currently being assessed by management:
\u25aa Amendments to IFRS 9 and IFRS 7 (not yet endorsed by the EU): Amendments to IFRS 9 are clarifications to the classification and
measurement of financial instruments (such as clarifications on derecognition of financial liabilities, among others).
Amendments to IFRS 7 include additional disclosures requirements (such as those for financial instruments with contingent
features, among others).
\u25aa Amendments to IFRS 9 and IFRS 7, issued on 18 December, 2024 (not yet endorsed by the EU):\u00a0 These Amendments to IFRS 9
and IFRS 7 aim to help companies to improve their reporting of the financial effects of nature-dependent electricity contracts,
commonly structured as power purchase agreements (PPAs) and apply only to contracts referencing nature-dependent
electricity in which a company is exposed to variability in the underlying amount of electricity because the source of electricity
generation depends on uncontrollable natural conditions (e.g. wind or solar energy). The changes to IFRS 9 clarify the
application of the \u2018own-use\u2019 exemption and permit hedge accounting if these contracts are used as hedging instruments while
the changes to IFRS 7 add new disclosure requirements on the company\u2019s financial performance and cash flows.
\u25aa Annual Improvements to IFRS Standards, affecting IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 (not yet endorsed by the EU).
\u25aa IFRS 18, 'Presentation and Disclosure in Financial Statements' (not yet endorsed by the EU): IFRS 18 will replace IAS 1. Its aim is
to improve the usefulness of information presented and disclosed in financial statements, giving investors more transparent
and comparable information about companies' financial performance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-642": { "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.);
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
Effective in 2024, we revised the estimated useful lives of our fiber optic network assets and related equipment/software. this is
considered a change in accounting estimate under IAS 8.\u00a0
\u25e6 Fiber Optic Network: Useful life increased from 15 years to 25 years
\u25e6 Related equipment/Software: Useful life range increased to 5-10 years (previously 5-7 years for equipment and 5 years for
software)
This change is applied prospectively, meaning there is no impact on financial statements for prior periods. Fully depreciated assets
remain fully depreciated; their cost will not be reset.
For the full year 2024, this change is expected to decrease depreciation expense by approximately $48\u00a0million compared to what the
depreciation charge would have been using previous estimated useful lives. Estimating the impact on future years is impractical.
While the change also affects lease right-of-use assets and asset retirement obligation provisions, the impact on these areas is
considered immaterial.\u00a0
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 impractical. 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 Millicom Group is within the scope of the OECD Pillar Two Model rules (also referred to as the \u201cGlobal Anti-Base Erosion\u201d or
\u201cGlobe\u201d Rules). Pillar Two legislation came into effect on January 1, 2024.
The Group has run testing under the OECD Transitional Safe Harbour rules, which are transitional rules mainly based on the Country
by Country Report of the Group. As of December 31, 2024, it results that all jurisdictions within Millicom Group meet at least one of
the transitional safe harbour rules except for Paraguay. The full Globe calculation carried out for Paraguay did not result in a material
top-up tax for the Group. See note B.6.3. for the estimated amount of unrecognized tax losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-643": { "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 arrangements
The Group assesses rights and obligations agreed to by the parties to a joint arrangement and, when relevant, other facts and
circumstances in order to determine whether the joint arrangement in which it is involved is a joint venture or a joint operation.
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties are called joint operators.
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, 2024, the equity accounted net assets of our joint venture in Honduras totaled $373 million (December 31, 2023:
$382 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, 2023: $3 million) represent statutory reserves that are unavailable to
be distributed to the Group. During the year ended December 31, 2024, Millicom's joint venture in Honduras repatriated cash of $89
million under different forms (December 31, 2023: $86 million).\u00a0
At December 31, 2024, Millicom had $133 million payable to Honduras joint venture which were mainly comprised of advances and
cash pool balances (December 31, 2023: $68 million). In addition, as of December 31, 2024, Millicom had a total receivable from
Honduras joint venture of $12 million, (December 31, 2023: $9 million) mainly corresponding to other operating receivables.
Our main joint ventures are as follows:
Entity
Country
Activity
December 31,
2024\u00a0 %
holding
December 31,
2023 %
holding
Telefonica Celular S.A. (i)
Honduras
Mobile, MFS
66.7
66.7
Navega S.A. de CV (i)
Honduras
Cable
66.7
66.7
(i) Millicom owns more than 50% of the shares in these entities and has the right to nominate a majority of the directors of each of these entities. However,
key decisions over the relevant activities must be taken by a super majority vote. This effectively gives either shareholder the ability to veto any decision
and therefore neither shareholder has sole control over the entity. Therefore, the operations of these joint ventures are accounted for under the equity
method.
The carrying values of Millicom\u2019s investments in joint ventures were as follows:
Carrying value of investments in joint ventures
The table below summarizes the movements for the year in respect of the Group\u2019s joint ventures carrying values:
Honduras (i)
(US$ millions)
Opening balance at January 1,2023
590
Results for the year
42
Dividends declared during the year
(54)
Currency exchange differences
(2)
Closing balance at December 31, 2023
576
Results for the year
54
Dividends declared during the year
(48)
Currency exchange differences
(21)
Closing balance at December 31, 2024
561
(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, 2024.
At December 31, 2024 and 2023 the Group had not incurred obligations, nor made payments on behalf of the Honduras operations.
A.2.1. Accounting for joint\u00a0 arrangements
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\u00a0 joint operator shall recognize in relation to its interest in a joint operation: (a) its assets, including its share of any assets held
jointly;\u00a0 (b) its liabilities, including its share of any liabilities incurred jointly;\u00a0 (c) its revenue from the sale of its share of the output
arising from the joint operation;\u00a0 (d) its share of the revenue from the sale of the output by the joint operation; and\u00a0 (e) its expenses,
including its share of any expenses incurred jointly\u201d
A.2.2. Material joint arrangements
Joint ventures \u2013 Honduras
Summarized financial information of the Honduras operation is as follows. This information is based on amounts before inter-
company eliminations.
2024
2023
2022
(US$ millions)
Revenue ..............................................................................................................................................
617
612
586
Depreciation and amortization ..........................................................................................................
(101)
(105)
(112)
Operating profit ................................................................................................................................
159
124
111
Financial income (expenses), net .......................................................................................................
(37)
(28)
(29)
Profit before taxes ............................................................................................................................
120
95
80
Tax expense .........................................................................................................................................
(40)
(32)
(31)
Profit for the year ..............................................................................................................................
80
63
49
Net profit for the year attributable to Millicom ............................................................................
54
42
32
Dividends and advances paid to Millicom .........................................................................................
66
63
9
Total non-current assets (excluding goodwill) ..................................................................................
465
429
404
Total non-current liabilities .................................................................................................................
463
440
384
Total current assets .............................................................................................................................
235
200
182
Total current liabilities ........................................................................................................................
262
223
220
Total net assets ....................................................................................................................................
(25)
(35)
(17)
Group's share in % ...............................................................................................................................
66.7%
66.7%
66.7%
Group's share in USD millions .............................................................................................................
(17)
(23)
(12)
Goodwill and consolidation adjustments ..........................................................................................
578
600
601
Carrying value of investment in joint venture ...................................................................................
561
576
590
Cash and cash equivalents ..................................................................................................................
55
47
27
Debt and financing \u2013 non-current ......................................................................................................
417
394
334
Debt and financing \u2013 current ..............................................................................................................
34
28
23
Net cash from operating activities .....................................................................................................
183
162
162
Net cash from (used in) investing activities .......................................................................................
(65)
(94)
(109)
Net cash from (used in) financing activities .......................................................................................
(109)
(48)
(64)
Net (decrease) increase in cash and cash equivalents .................................................................
9
21
(12)
Joint Operations - Colombia
As further described in Note E.4.2. , on February 26, 2024, Tigo Colombia and Telecomunicaciones S.A. ESP BIC signed a binding
framework agreement for the implementation of a single mobile access network as well as for sharing the radioelectric spectrum
usage permits, whose only users would be the two shareholders participating in the such agreement. The transaction closed on
December 20, 2024, with the approval from the Ministry of Information Technology and Communications to transfer in favor of the
Temporary Union the permit for the access, use and exploitation of 20 MHz of radioelectric spectrum for the operation of land
mobile radiocommunication services in the national territory granted to Colombia M\u00f3vil in the Resolution #332 dated February 20,
2020. Simultaneously, both operators contributed their RAN assets to UNIRED, the vehicle established to operate and maintain the
unified mobile access network
The following table summarizes the contributions made by Tigo Colombia and the subsequent recognition of its participation in the
joint operation's assets and liabilities:
Contribution to the Joint Operations
($ millions)
December 31, 2024
(Carrying value)
Property, Plant and Equipment ....................................................................................
89
Intangible Assets ...........................................................................................................
217
Total assets ........................................................................................................................
306
Spectrum payable ..........................................................................................................
205
Total liabilities ...................................................................................................................
205
Share in the Joint Operations\u2019 assets and liabilities
($ millions)
December 31, 2024
Property, Plant and Equipment ....................................................................................
116
Intangible Assets ..........................................................................................................
115
Total assets .......................................................................................................................
231
Spectrum payable .........................................................................................................
103
Total liabilities .................................................................................................................
103
A.2.3. Impairment of investment in joint ventures
While no impairment indicators were identified for the Group\u2019s investments in joint ventures in 2024, 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% (2023: 1%). Discount rate used in determining recoverable
amount was 9.4% (2023: 11.0%).
For the years ended December 31, 2024 and 2023 , 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 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-644": { "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, 2024
%
holding*
December
31, 2023
%
holding*
December
31, 2022
%
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
Grupo de Comunicaciones Digitales, S.A.\u00a0 (formerly
Telefonica Moviles Panama, S.A.)
Panama
Mobile
100
100
100
Lati International S.A. (i)
Luxembourg
Holding Company ('Lati
business')
100
100
N/A
Millicom Cable Costa Rica S.A.
Costa Rica
Cable, DTH
100
100
100
Millicom International Operations B.V. (ii)
Netherlands
Holding Company
100
100
100
Millicom International Services LLC
USA
Services 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. (iii)
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
Telecomunicaciones Digitales, S.A. (formerly Cable
Onda S.A.)
Panama
Cable, Pay-TV, Internet, DTH,
Fixed-line
100
100
100
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. (iv)
Paraguay
Mobile, Cable, Pay-TV, Internet
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 International Operations B.V. was held by Millicom Holding B.V. and MIC Latin America B.V. until they merged in July 2024.
(iii) Millicom Telecommunications S.A. is the holding Company of most of the Group's MFS business.
(iv) Servicios y Productos Multimedios S.A. has been merged with Telefonica Celular del Paraguay S.A., effective in April 2024.
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 2024
There were no material acquisitions or disposals during the year ended December 31, 2024.
On July 31, 2024, Millicom announced that it has signed a non-binding memorandum of understanding with Telefonica for the
potential acquisition of Telefonica\u2019s stake in Telefonica Colombia (Coltel), as part of a broader intended combination of Coltel and
TigoUne, Millicom's 50%-owned operation in Colombia. Millicom intends to offer to purchase La Naci\u00f3n\u2019s and other minority
interests in Coltel for cash at the same purchase price per share offered to Telefonica, as well as Empresas P\u00fablicas de Medellin\u2019s
(EPM) 50% interest in TigoUne for cash at a valuation multiple comparable to the one implied by the Coltel acquisition. The total
investment by Millicom would be approximately $1\u00a0billion, and the transaction would be subject to negotiation of definitive
agreements and receipt of regulatory approvals. See note H. for details/updates related to this transaction.
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.
A.1.3. Disposal of subsidiaries and formation of a joint operation
Colombia
On February 26, 2024, Tigo Colombia and Telecomunicaciones S.A. ESP BIC signed a a binding framework agreement for the
implementation of a single mobile access network as well as for sharing the radioelectric spectrum usage permits, whose only users
would be the two shareholders participating in the such agreement. See notes A.2. and E.4.2. for details.
Costa Rica
On August 1, 2024, we signed a binding agreement with Liberty Latin America to combine our operations in Costa Rica in a cashless
merger in which Millicom would retain a minority equity ownership of approximately 14%. The transaction is subject to closing
conditions, including regulatory approvals\u00a0 and is expected to close in H2 2025. Hence, as of December 31, 2024 the transaction is
still not meeting the IFRS 5: \"Non-current Assets Held for Sale and Discontinued Operations\" criteria
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.
The sale agreement for our former operations in Tanzania contained indemnification obligations covering potential tax and legal
contingencies, to be offset against tax and litigation baskets. The sale agreement also provided for a purchase price adjustment
based on working capital at the time of closing. The parties disagreed regarding this adjustment and previously referred to the
matter to an independent expert. In addition, the agreement also provided an IPO 1 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; the IPO did not happen and no claim was made. In December 2024, Millicom booked a provision and\u00a0 paid
to Honora $3\u00a0million for\u00a0 final settlement. This final settlement releases both parties of all claims arising under the sale agreement .\u00a0
(a) The net assets de-consolidated on the date of the disposal, as well as the gain on disposal, were as follows:
Details of the sale of the subsidiary ($ 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 year ended December 31, 2022 is set out below.
The figures shown below are after inter-company eliminations.
Results from Discontinued Operations
(in millions of U.S. dollars)
2022
Revenue .............................................................................................
88
Equipment, programming and other direct costs ............................
(26)
Operating expenses ...........................................................................
(27)
Depreciation and amortization .........................................................
(21)
Other operating income (expenses), net ..........................................
4
Gain/(loss) on disposal of discontinued operations .........................
120
Other expenses linked to the disposal of discontinued operations
(11)
Operating profit (loss) .....................................................................
127
Interest income (expense), net ..........................................................
(12)
Other non-operating (expenses) income, net ..................................
\u2014
Profit (loss) before taxes .................................................................
116
Tax expense .......................................................................................
(3)
Net profit/(loss) from discontinued operations ..........................
113
Cash flows from discontinued operations
(in millions of U.S. dollars)
2022
Cash from operating activities, net ....................................................
18
Cash from (used in) investing activities, net ......................................
(10)
Cash from (used in) financing activities, net ......................................
(9)
Net cash inflows (outflows) .............................................................
(1)
Sale of Lati International S.A and other assets to SBA
On October 28, we agreed to sell Lati International, S.A. and other assets encompassing a portfolio of more than 7,000 towers in
Central America to SBA Telecommunications LLC. Closing is subject to regulatory approvals and other closing conditions and is
expected to occur in mid-2025. We have also entered into other agreements including a 15-year leaseback for the sites, and a new
build-to-suit agreement under which SBA will build up to 2,500 additional sites for Millicom in the same markets. As of December 31,
2024, except for the Tower sales in Nicaragua (see note B.4.2. and H.),\u00a0 the transaction is still not meeting the IFRS 5: \"Non-current
Assets Held for Sale and Discontinued Operations\" criteria.
Other disposals
For the years ended December 31, 2024, 2023 and 2022, 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
2024
2023
2022
(US$ millions)
Revenue
1,380
1,313
1,335
Total operating expenses
(496)
(501)
(492)
Operating profit
283
60
64
Net (loss) for the year
30
(326)
(104)
50% non-controlling interest in net (loss)
15
(163)
(52)
Total assets (excluding goodwill)
2,089
2,470
1,942
Total liabilities
2,177
2,605
1,890
Net assets
(87)
(135)
52
50% non-controlling interest in net assets
(44)
(68)
26
Consolidation adjustments
(11)
(17)
2
Total non-controlling interest
(55)
(85)
28
Dividends and advances paid to non-controlling interest
\u2014
\u2014
(2)
Net cash from operating activities
297
270
250
Net cash from (used in) investing activities
(175)
(214)
(289)
Net cash from (used in) financing activities
(119)
(54)
(133)
Exchange impact on cash and cash equivalents, net
(7)
2
(5)
Net increase (decrease) in cash and cash equivalents
(3)
5
(178)
Panama
2022 (i)
Revenue
651
Total operating expenses
(207)
Operating profit
106
Net profit (loss) for the year
29
20% non-controlling interest in net profit (loss)
4
Total assets (excluding Millicom's goodwill in Cable Onda)
1,719
Total liabilities
1,318
Net assets
401
20% non-controlling interest in net assets
\u2014
Total non-controlling interest
\u2014
Net cash from operating activities
148
Net cash from (used in) investing activities
(117)
Net cash from (used in) financing activities
(93)
Net increase (decrease) in cash and cash equivalents
(63)
(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.).
G. Additional disclosure items
G.6. Colombia Unrestricted Subsidiaries
On August 28, 2023, Millicom designated Tigo-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.
The following supplemental consolidating financial information presents selected statement of income and statement of financial
position information of Millicom and its Restricted Subsidiaries (as defined under its outstanding credit instruments) separately from
such information for Millicom\u2019s Unrestricted Subsidiaries.
Statement of income
$ millions
Millicom Group
(A)
Colombia
Unrestricted
Subsidiaries
(B)
Intercompany
Eliminations
(C)
Millicom Restricted
Group
(A)-(B) net of (C)
Year ended December 31, 2024
Revenue ...........................................................................
5,804
1,380
\u2014
4,424
Equipment, programming and other direct costs ..........
(1,420)
(360)
(3)
(1,064)
Operating expenses .........................................................
(1,915)
(496)
3
(1,416)
Depreciation ....................................................................
(916)
(230)
\u2014
(685)
Amortization ....................................................................
(319)
(67)
\u2014
(252)
Share of profit in Honduras joint venture .......................
54
\u2014
\u2014
54
Other operating income (expenses), net ........................
54
55
\u2014
(1)
Operating profit .............................................................
1,342
283
1
1,060
Net financial expenses .....................................................
(670)
(237)
10
(423)
Other non-operating (expenses) income, net ................
(119)
(6)
\u2014
(113)
Profit (loss) from other joint ventures and associates,
net ....................................................................................
\u2014
\u2014
\u2014
\u2014
Profit (loss) before taxes from continuing
operations ......................................................................
552
39
11
524
Tax expense .....................................................................
(281)
(9)
\u2014
(272)
Profit (loss) from continuing operations ....................
271
30
11
252
Profit (loss) from discontinued operations, net of tax ....
(3)
\u2014
\u2014
(3)
Net profit (loss) for the year .........................................
268
30
11
248
Statement of financial position
$ millions
Millicom Group
(A)
Colombia
Unrestricted
Subsidiaries
(B)
Intercompany
Eliminations
(C)
Millicom
Restricted Group
(A)-(B) net of (C)
ASSETS
NON-CURRENT ASSETS
Intangible assets, net
6,908
403
\u2014
6,506
Property, plant and equipment, net .......................................
2,847
743
\u2014
2,105
Right of use assets, net ............................................................
792
126
\u2014
666
Investment in Honduras joint venture ...................................
561
\u2014
\u2014
561
Contract costs, net ...................................................................
12
\u2014
\u2014
12
Deferred tax assets ..................................................................
153
1
\u2014
152
Other non-current assets ........................................................
84
33
70
121
TOTAL NON-CURRENT ASSETS ............................................
11,357
1,305
70
10,123
CURRENT ASSETS
Inventories ...............................................................................
44
7
\u2014
37
Trade receivables, net ..............................................................
390
109
\u2014
280
Contract assets, net .................................................................
77
4
\u2014
73
Amounts due from non-controlling interests, associates
and joint ventures ...................................................................
15
5
\u2014
10
Prepayments and accrued income .........................................
182
22
\u2014
159
Current income tax assets .......................................................
109
58
\u2014
51
Supplier advances for capital expenditure .............................
16
\u2014
\u2014
16
Other current assets ................................................................
166
66
43
143
Restricted cash .........................................................................
57
2
\u2014
55
Cash and cash equivalents ......................................................
699
33
\u2014
667
TOTAL CURRENT ASSETS ......................................................
1,753
306
43
1,490
Assets held for sale ..................................................................
627
613
\u2014
13
TOTAL ASSETS ........................................................................
13,737
2,224
113
11,626
Statement of financial position
$ millions
Millicom Group
(A)
Colombia
Unrestricted
Subsidiaries
(B)
Intercompany
Eliminations
(C)
Millicom
Restricted Group
(A)-(B) net of (C)
EQUITY
Share capital and premium .....................................................
1,322
\u2014
\u2014
1,322
Treasury shares ........................................................................
(43)
\u2014
\u2014
(43)
Other reserves ..........................................................................
(531)
(390)
\u2014
(142)
Retained profits .......................................................................
2,628
477
111
2,262
Net profit/ (loss)\u00a0 for the period/year attributable to owners
of the Company .......................................................................
253
15
\u2014
238
Equity attributable to owners of the Company ................
3,628
102
111
3,637
Non-controlling interests ........................................................
(54)
(55)
\u2014
1
TOTAL EQUITY ........................................................................
3,574
47
111
3,637
LIABILITIES
NON-CURRENT LIABILITIES
Debt and financing ..................................................................
5,533
433
\u2014
5,100
Lease liabilities .........................................................................
798
226
\u2014
572
Derivative financial instruments .............................................
59
\u2014
\u2014
59
Amounts due to non-controlling interests, associates and
joint ventures ...........................................................................
34
70
\u2014
(36)
Payables and accruals for capital expenditure .......................
194
140
\u2014
53
Other non-current liabilities - Total ........................................
283
122
\u2014
161
Deferred tax liabilities ..............................................................
149
2
\u2014
147
TOTAL NON-CURRENT LIABILITIES .....................................
7,050
994
\u2014
6,055
Debt and financing ..................................................................
282
31
\u2014
251
Lease liabilities .........................................................................
156
65
\u2014
91
Payables and accruals for capital expenditure .......................
305
77
\u2014
228
Other trade payables ...............................................................
300
84
\u2014
216
Amounts due to non-controlling interests, associates and
joint ventures ...........................................................................
105
46
\u2014
59
Accrued interest and other expenses .....................................
421
70
\u2014
351
Current income tax liabilities ..................................................
122
\u2014
\u2014
122
Contract liabilities ....................................................................
121
4
\u2014
117
Dividend payable.....................................................................
172
\u2014
\u2014
172
Provisions and other current liabilities ...................................
421
106
2
317
TOTAL CURRENT LIABILITIES ...............................................
2,404
483
2
1,923
Liabilities directly associated with assets held for sale ..........
709
699
\u2014
10
TOTAL LIABILITIES .................................................................
10,163
2,177
2
7,989
TOTAL EQUITY AND LIABILITIES ..........................................
13,737
2,224
113
11,626
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-645": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-646": { "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 2024
There were no material acquisitions or disposals during the year ended December 31, 2024.
On July 31, 2024, Millicom announced that it has signed a non-binding memorandum of understanding with Telefonica for the
potential acquisition of Telefonica\u2019s stake in Telefonica Colombia (Coltel), as part of a broader intended combination of Coltel and
TigoUne, Millicom's 50%-owned operation in Colombia. Millicom intends to offer to purchase La Naci\u00f3n\u2019s and other minority
interests in Coltel for cash at the same purchase price per share offered to Telefonica, as well as Empresas P\u00fablicas de Medellin\u2019s
(EPM) 50% interest in TigoUne for cash at a valuation multiple comparable to the one implied by the Coltel acquisition. The total
investment by Millicom would be approximately $1\u00a0billion, and the transaction would be subject to negotiation of definitive
agreements and receipt of regulatory approvals. See note H. for details/updates related to this transaction.
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.
A.1.3. Disposal of subsidiaries and formation of a joint operation
Colombia
On February 26, 2024, Tigo Colombia and Telecomunicaciones S.A. ESP BIC signed a a binding framework agreement for the
implementation of a single mobile access network as well as for sharing the radioelectric spectrum usage permits, whose only users
would be the two shareholders participating in the such agreement. See notes A.2. and E.4.2. for details.
Costa Rica
On August 1, 2024, we signed a binding agreement with Liberty Latin America to combine our operations in Costa Rica in a cashless
merger in which Millicom would retain a minority equity ownership of approximately 14%. The transaction is subject to closing
conditions, including regulatory approvals\u00a0 and is expected to close in H2 2025. Hence, as of December 31, 2024 the transaction is
still not meeting the IFRS 5: \"Non-current Assets Held for Sale and Discontinued Operations\" criteria
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.
The sale agreement for our former operations in Tanzania contained indemnification obligations covering potential tax and legal
contingencies, to be offset against tax and litigation baskets. The sale agreement also provided for a purchase price adjustment
based on working capital at the time of closing. The parties disagreed regarding this adjustment and previously referred to the
matter to an independent expert. In addition, the agreement also provided an IPO 1 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; the IPO did not happen and no claim was made. In December 2024, Millicom booked a provision and\u00a0 paid
to Honora $3\u00a0million for\u00a0 final settlement. This final settlement releases both parties of all claims arising under the sale agreement .\u00a0
(a) The net assets de-consolidated on the date of the disposal, as well as the gain on disposal, were as follows:
Details of the sale of the subsidiary ($ 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 year ended December 31, 2022 is set out below.
The figures shown below are after inter-company eliminations.
Results from Discontinued Operations
(in millions of U.S. dollars)
2022
Revenue .............................................................................................
88
Equipment, programming and other direct costs ............................
(26)
Operating expenses ...........................................................................
(27)
Depreciation and amortization .........................................................
(21)
Other operating income (expenses), net ..........................................
4
Gain/(loss) on disposal of discontinued operations .........................
120
Other expenses linked to the disposal of discontinued operations
(11)
Operating profit (loss) .....................................................................
127
Interest income (expense), net ..........................................................
(12)
Other non-operating (expenses) income, net ..................................
\u2014
Profit (loss) before taxes .................................................................
116
Tax expense .......................................................................................
(3)
Net profit/(loss) from discontinued operations ..........................
113
Cash flows from discontinued operations
(in millions of U.S. dollars)
2022
Cash from operating activities, net ....................................................
18
Cash from (used in) investing activities, net ......................................
(10)
Cash from (used in) financing activities, net ......................................
(9)
Net cash inflows (outflows) .............................................................
(1)
Sale of Lati International S.A and other assets to SBA
On October 28, we agreed to sell Lati International, S.A. and other assets encompassing a portfolio of more than 7,000 towers in
Central America to SBA Telecommunications LLC. Closing is subject to regulatory approvals and other closing conditions and is
expected to occur in mid-2025. We have also entered into other agreements including a 15-year leaseback for the sites, and a new
build-to-suit agreement under which SBA will build up to 2,500 additional sites for Millicom in the same markets. As of December 31,
2024, except for the Tower sales in Nicaragua (see note B.4.2. and H.),\u00a0 the transaction is still not meeting the IFRS 5: \"Non-current
Assets Held for Sale and Discontinued Operations\" criteria.
Other disposals
For the years ended December 31, 2024, 2023 and 2022, 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
2024
2023
2022
(US$ millions)
Revenue
1,380
1,313
1,335
Total operating expenses
(496)
(501)
(492)
Operating profit
283
60
64
Net (loss) for the year
30
(326)
(104)
50% non-controlling interest in net (loss)
15
(163)
(52)
Total assets (excluding goodwill)
2,089
2,470
1,942
Total liabilities
2,177
2,605
1,890
Net assets
(87)
(135)
52
50% non-controlling interest in net assets
(44)
(68)
26
Consolidation adjustments
(11)
(17)
2
Total non-controlling interest
(55)
(85)
28
Dividends and advances paid to non-controlling interest
\u2014
\u2014
(2)
Net cash from operating activities
297
270
250
Net cash from (used in) investing activities
(175)
(214)
(289)
Net cash from (used in) financing activities
(119)
(54)
(133)
Exchange impact on cash and cash equivalents, net
(7)
2
(5)
Net increase (decrease) in cash and cash equivalents
(3)
5
(178)
Panama
2022 (i)
Revenue
651
Total operating expenses
(207)
Operating profit
106
Net profit (loss) for the year
29
20% non-controlling interest in net profit (loss)
4
Total assets (excluding Millicom's goodwill in Cable Onda)
1,719
Total liabilities
1,318
Net assets
401
20% non-controlling interest in net assets
\u2014
Total non-controlling interest
\u2014
Net cash from operating activities
148
Net cash from (used in) investing activities
(117)
Net cash from (used in) financing activities
(93)
Net increase (decrease) in cash and cash equivalents
(63)
(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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-647": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-648": { "value": "
A.1.2. Acquisition of subsidiaries and changes in non-controlling interests in subsidiaries
Scope changes 2024
There were no material acquisitions or disposals during the year ended December 31, 2024.
On July 31, 2024, Millicom announced that it has signed a non-binding memorandum of understanding with Telefonica for the
potential acquisition of Telefonica\u2019s stake in Telefonica Colombia (Coltel), as part of a broader intended combination of Coltel and
TigoUne, Millicom's 50%-owned operation in Colombia. Millicom intends to offer to purchase La Naci\u00f3n\u2019s and other minority
interests in Coltel for cash at the same purchase price per share offered to Telefonica, as well as Empresas P\u00fablicas de Medellin\u2019s
(EPM) 50% interest in TigoUne for cash at a valuation multiple comparable to the one implied by the Coltel acquisition. The total
investment by Millicom would be approximately $1\u00a0billion, and the transaction would be subject to negotiation of definitive
agreements and receipt of regulatory approvals. See note H. for details/updates related to this transaction.
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.
C.7.4. Call and put options
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. This put option expired as of September 30, 2024 as EPM
did not exercise it. Consequently, the corresponding liability amounting to $79\u00a0million (after its foreign exchange revaluation) as of
September 30, 2024 has been extinguished with its counterpart in the Group's equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-650": { "value": "
A.2. Joint arrangements
The Group assesses rights and obligations agreed to by the parties to a joint arrangement and, when relevant, other facts and
circumstances in order to determine whether the joint arrangement in which it is involved is a joint venture or a joint operation.
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties are called joint operators.
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, 2024, the equity accounted net assets of our joint venture in Honduras totaled $373 million (December 31, 2023:
$382 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, 2023: $3 million) represent statutory reserves that are unavailable to
be distributed to the Group. During the year ended December 31, 2024, Millicom's joint venture in Honduras repatriated cash of $89
million under different forms (December 31, 2023: $86 million).\u00a0
At December 31, 2024, Millicom had $133 million payable to Honduras joint venture which were mainly comprised of advances and
cash pool balances (December 31, 2023: $68 million). In addition, as of December 31, 2024, Millicom had a total receivable from
Honduras joint venture of $12 million, (December 31, 2023: $9 million) mainly corresponding to other operating receivables.
Our main joint ventures are as follows:
Entity
Country
Activity
December 31,
2024\u00a0 %
holding
December 31,
2023 %
holding
Telefonica Celular S.A. (i)
Honduras
Mobile, MFS
66.7
66.7
Navega S.A. de CV (i)
Honduras
Cable
66.7
66.7
(i) Millicom owns more than 50% of the shares in these entities and has the right to nominate a majority of the directors of each of these entities. However,
key decisions over the relevant activities must be taken by a super majority vote. This effectively gives either shareholder the ability to veto any decision
and therefore neither shareholder has sole control over the entity. Therefore, the operations of these joint ventures are accounted for under the equity
method.
The carrying values of Millicom\u2019s investments in joint ventures were as follows:
Carrying value of investments in joint ventures
The table below summarizes the movements for the year in respect of the Group\u2019s joint ventures carrying values:
Honduras (i)
(US$ millions)
Opening balance at January 1,2023
590
Results for the year
42
Dividends declared during the year
(54)
Currency exchange differences
(2)
Closing balance at December 31, 2023
576
Results for the year
54
Dividends declared during the year
(48)
Currency exchange differences
(21)
Closing balance at December 31, 2024
561
(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, 2024.
At December 31, 2024 and 2023 the Group had not incurred obligations, nor made payments on behalf of the Honduras operations.
A.2.1. Accounting for joint\u00a0 arrangements
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\u00a0 joint operator shall recognize in relation to its interest in a joint operation: (a) its assets, including its share of any assets held
jointly;\u00a0 (b) its liabilities, including its share of any liabilities incurred jointly;\u00a0 (c) its revenue from the sale of its share of the output
arising from the joint operation;\u00a0 (d) its share of the revenue from the sale of the output by the joint operation; and\u00a0 (e) its expenses,
including its share of any expenses incurred jointly\u201d
A.2.2. Material joint arrangements
Joint ventures \u2013 Honduras
Summarized financial information of the Honduras operation is as follows. This information is based on amounts before inter-
company eliminations.
2024
2023
2022
(US$ millions)
Revenue ..............................................................................................................................................
617
612
586
Depreciation and amortization ..........................................................................................................
(101)
(105)
(112)
Operating profit ................................................................................................................................
159
124
111
Financial income (expenses), net .......................................................................................................
(37)
(28)
(29)
Profit before taxes ............................................................................................................................
120
95
80
Tax expense .........................................................................................................................................
(40)
(32)
(31)
Profit for the year ..............................................................................................................................
80
63
49
Net profit for the year attributable to Millicom ............................................................................
54
42
32
Dividends and advances paid to Millicom .........................................................................................
66
63
9
Total non-current assets (excluding goodwill) ..................................................................................
465
429
404
Total non-current liabilities .................................................................................................................
463
440
384
Total current assets .............................................................................................................................
235
200
182
Total current liabilities ........................................................................................................................
262
223
220
Total net assets ....................................................................................................................................
(25)
(35)
(17)
Group's share in % ...............................................................................................................................
66.7%
66.7%
66.7%
Group's share in USD millions .............................................................................................................
(17)
(23)
(12)
Goodwill and consolidation adjustments ..........................................................................................
578
600
601
Carrying value of investment in joint venture ...................................................................................
561
576
590
Cash and cash equivalents ..................................................................................................................
55
47
27
Debt and financing \u2013 non-current ......................................................................................................
417
394
334
Debt and financing \u2013 current ..............................................................................................................
34
28
23
Net cash from operating activities .....................................................................................................
183
162
162
Net cash from (used in) investing activities .......................................................................................
(65)
(94)
(109)
Net cash from (used in) financing activities .......................................................................................
(109)
(48)
(64)
Net (decrease) increase in cash and cash equivalents .................................................................
9
21
(12)
Joint Operations - Colombia
As further described in Note E.4.2. , on February 26, 2024, Tigo Colombia and Telecomunicaciones S.A. ESP BIC signed a binding
framework agreement for the implementation of a single mobile access network as well as for sharing the radioelectric spectrum
usage permits, whose only users would be the two shareholders participating in the such agreement. The transaction closed on
December 20, 2024, with the approval from the Ministry of Information Technology and Communications to transfer in favor of the
Temporary Union the permit for the access, use and exploitation of 20 MHz of radioelectric spectrum for the operation of land
mobile radiocommunication services in the national territory granted to Colombia M\u00f3vil in the Resolution #332 dated February 20,
2020. Simultaneously, both operators contributed their RAN assets to UNIRED, the vehicle established to operate and maintain the
unified mobile access network
The following table summarizes the contributions made by Tigo Colombia and the subsequent recognition of its participation in the
joint operation's assets and liabilities:
Contribution to the Joint Operations
($ millions)
December 31, 2024
(Carrying value)
Property, Plant and Equipment ....................................................................................
89
Intangible Assets ...........................................................................................................
217
Total assets ........................................................................................................................
306
Spectrum payable ..........................................................................................................
205
Total liabilities ...................................................................................................................
205
Share in the Joint Operations\u2019 assets and liabilities
($ millions)
December 31, 2024
Property, Plant and Equipment ....................................................................................
116
Intangible Assets ..........................................................................................................
115
Total assets .......................................................................................................................
231
Spectrum payable .........................................................................................................
103
Total liabilities .................................................................................................................
103
A.2.3. Impairment of investment in joint ventures
While no impairment indicators were identified for the Group\u2019s investments in joint ventures in 2024, 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% (2023: 1%). Discount rate used in determining recoverable
amount was 9.4% (2023: 11.0%).
For the years ended December 31, 2024 and 2023 , 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 2024 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.
C.7.3. Equity investments
As at December 31, 2024 and 2023, Millicom has no material investments in equity instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-649": { "value": "
A.2. Joint arrangements
The Group assesses rights and obligations agreed to by the parties to a joint arrangement and, when relevant, other facts and
circumstances in order to determine whether the joint arrangement in which it is involved is a joint venture or a joint operation.
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties are called joint operators.
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, 2024, the equity accounted net assets of our joint venture in Honduras totaled $373 million (December 31, 2023:
$382 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, 2023: $3 million) represent statutory reserves that are unavailable to
be distributed to the Group. During the year ended December 31, 2024, Millicom's joint venture in Honduras repatriated cash of $89
million under different forms (December 31, 2023: $86 million).\u00a0
At December 31, 2024, Millicom had $133 million payable to Honduras joint venture which were mainly comprised of advances and
cash pool balances (December 31, 2023: $68 million). In addition, as of December 31, 2024, Millicom had a total receivable from
Honduras joint venture of $12 million, (December 31, 2023: $9 million) mainly corresponding to other operating receivables.
Our main joint ventures are as follows:
Entity
Country
Activity
December 31,
2024\u00a0 %
holding
December 31,
2023 %
holding
Telefonica Celular S.A. (i)
Honduras
Mobile, MFS
66.7
66.7
Navega S.A. de CV (i)
Honduras
Cable
66.7
66.7
(i) Millicom owns more than 50% of the shares in these entities and has the right to nominate a majority of the directors of each of these entities. However,
key decisions over the relevant activities must be taken by a super majority vote. This effectively gives either shareholder the ability to veto any decision
and therefore neither shareholder has sole control over the entity. Therefore, the operations of these joint ventures are accounted for under the equity
method.
The carrying values of Millicom\u2019s investments in joint ventures were as follows:
Carrying value of investments in joint ventures
The table below summarizes the movements for the year in respect of the Group\u2019s joint ventures carrying values:
Honduras (i)
(US$ millions)
Opening balance at January 1,2023
590
Results for the year
42
Dividends declared during the year
(54)
Currency exchange differences
(2)
Closing balance at December 31, 2023
576
Results for the year
54
Dividends declared during the year
(48)
Currency exchange differences
(21)
Closing balance at December 31, 2024
561
(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, 2024.
At December 31, 2024 and 2023 the Group had not incurred obligations, nor made payments on behalf of the Honduras operations.
A.2.1. Accounting for joint\u00a0 arrangements
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\u00a0 joint operator shall recognize in relation to its interest in a joint operation: (a) its assets, including its share of any assets held
jointly;\u00a0 (b) its liabilities, including its share of any liabilities incurred jointly;\u00a0 (c) its revenue from the sale of its share of the output
arising from the joint operation;\u00a0 (d) its share of the revenue from the sale of the output by the joint operation; and\u00a0 (e) its expenses,
including its share of any expenses incurred jointly\u201d
A.2.2. Material joint arrangements
Joint ventures \u2013 Honduras
Summarized financial information of the Honduras operation is as follows. This information is based on amounts before inter-
company eliminations.
2024
2023
2022
(US$ millions)
Revenue ..............................................................................................................................................
617
612
586
Depreciation and amortization ..........................................................................................................
(101)
(105)
(112)
Operating profit ................................................................................................................................
159
124
111
Financial income (expenses), net .......................................................................................................
(37)
(28)
(29)
Profit before taxes ............................................................................................................................
120
95
80
Tax expense .........................................................................................................................................
(40)
(32)
(31)
Profit for the year ..............................................................................................................................
80
63
49
Net profit for the year attributable to Millicom ............................................................................
54
42
32
Dividends and advances paid to Millicom .........................................................................................
66
63
9
Total non-current assets (excluding goodwill) ..................................................................................
465
429
404
Total non-current liabilities .................................................................................................................
463
440
384
Total current assets .............................................................................................................................
235
200
182
Total current liabilities ........................................................................................................................
262
223
220
Total net assets ....................................................................................................................................
(25)
(35)
(17)
Group's share in % ...............................................................................................................................
66.7%
66.7%
66.7%
Group's share in USD millions .............................................................................................................
(17)
(23)
(12)
Goodwill and consolidation adjustments ..........................................................................................
578
600
601
Carrying value of investment in joint venture ...................................................................................
561
576
590
Cash and cash equivalents ..................................................................................................................
55
47
27
Debt and financing \u2013 non-current ......................................................................................................
417
394
334
Debt and financing \u2013 current ..............................................................................................................
34
28
23
Net cash from operating activities .....................................................................................................
183
162
162
Net cash from (used in) investing activities .......................................................................................
(65)
(94)
(109)
Net cash from (used in) financing activities .......................................................................................
(109)
(48)
(64)
Net (decrease) increase in cash and cash equivalents .................................................................
9
21
(12)
Joint Operations - Colombia
As further described in Note E.4.2. , on February 26, 2024, Tigo Colombia and Telecomunicaciones S.A. ESP BIC signed a binding
framework agreement for the implementation of a single mobile access network as well as for sharing the radioelectric spectrum
usage permits, whose only users would be the two shareholders participating in the such agreement. The transaction closed on
December 20, 2024, with the approval from the Ministry of Information Technology and Communications to transfer in favor of the
Temporary Union the permit for the access, use and exploitation of 20 MHz of radioelectric spectrum for the operation of land
mobile radiocommunication services in the national territory granted to Colombia M\u00f3vil in the Resolution #332 dated February 20,
2020. Simultaneously, both operators contributed their RAN assets to UNIRED, the vehicle established to operate and maintain the
unified mobile access network
The following table summarizes the contributions made by Tigo Colombia and the subsequent recognition of its participation in the
joint operation's assets and liabilities:
Contribution to the Joint Operations
($ millions)
December 31, 2024
(Carrying value)
Property, Plant and Equipment ....................................................................................
89
Intangible Assets ...........................................................................................................
217
Total assets ........................................................................................................................
306
Spectrum payable ..........................................................................................................
205
Total liabilities ...................................................................................................................
205
Share in the Joint Operations\u2019 assets and liabilities
($ millions)
December 31, 2024
Property, Plant and Equipment ....................................................................................
116
Intangible Assets ..........................................................................................................
115
Total assets .......................................................................................................................
231
Spectrum payable .........................................................................................................
103
Total liabilities .................................................................................................................
103
A.2.3. Impairment of investment in joint ventures
While no impairment indicators were identified for the Group\u2019s investments in joint ventures in 2024, 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% (2023: 1%). Discount rate used in determining recoverable
amount was 9.4% (2023: 11.0%).
For the years ended December 31, 2024 and 2023 , 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-651": { "value": "
A.2.1. Accounting for joint\u00a0 arrangements
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-652": { "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 2024, 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% (2023: 1%). Discount rate used in determining recoverable
amount was 9.4% (2023: 11.0%).
For the years ended December 31, 2024 and 2023 , 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 and indefinite useful life trademarks
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, 2024\u00a0 and at December 31, 2023
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, with expenditures extending beyond
10 years. Moreover, we operate in emerging markets where telecom operators still have significant opportunities for continued
penetration and growth. Our markets are mostly consolidated, with two or three players per market, therefore, using ten-year
projections reduces the emphasis on terminal values.\u00a0
Additionally, the Group has performed a sensitivity analysis to assess the potential impact on carrying values when using a five-year
plan instead. The results of this analysis indicate that applying perpetuity growth rates at the end of an initial five-year plan does not
result in any impairment. Furthermore, it does not reduce the recoverable value by more than 5% in any CGU as compared to the
recoverable amount derived from the ten-year plan.
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 years ended December 31, 2024 and 2023, 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 2024 and 2023 impairment test are shown below:
CGU
Average EBITDA
margin (%) (i)
Average CAPEX
intensity (%) (i)
Perpetual growth
rate (%)
WACC rate after tax
(%) (ii)
2024
2023
2024
2023
2024
2023
2024
2023
Bolivia .....................................
46.9
41.3
14.8
13.6
1.0
1.0
22.9
15.4
Colombia ................................
41.4
39.6
11.2
12.3
2.0
2.0
8.9
10.7
Guatemala ..............................
55.9
53.3
8.3
11.3
1.0
1.0
8.7
9.7
Costa Rica ...............................
37.7
39.8
16.4
16.2
\u2014
2.0
8.2
10.1
El Salvador ..............................
47.8
41.7
11.9
13.6
1.0
1.0
10.2
12.1
Nicaragua ...............................
50.5
47.5
15.1
13.8
2.0
3.0
15.3
15.5
Panam\u00e1 ..................................
51.0
46.5
10.9
13.1
1.0
1.0
9.4
8.9
Paraguay ................................
50.8
46.8
12.9
14.5
\u2014
1.0
8.6
9.8
(i) Average is computed over the period covered by the plan.
(ii) Millicom uses post-tax rate for the impairment-test, the difference with the pre-tax not resulting in different conclusions.
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
2024
2023
WACC rates .......................
+/- 2
+/-2
Perpetual growth rates ....
+/-1
+/-1
Operating variables
EBITDA margin .................
+/-3
+/-2
CAPEX intensity ................
+/-1
+/-1
At\u00a0 December 31, 2024 and at December 31, 2023, the sensitivity analysis shows no impairment under the above mentioned
changes in assumptions for all CGUs, except for 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 Nicaragua CGU in the years ended December 31, 2024 and December 31, 2023 .
2024
2023
Change required for carrying value to equal
recoverable amount
CGU
CGU
Nicaragua
Nicaragua
Financial variables
WACC rate
+109bps
+154bps
Perpetual growth rates
n/a
n/a
Operating variables
Average EBITDA margin
(1.95)%
n/a
CAPEX intensity
n/a
n/a
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-653": { "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 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-655": { "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\u00a0 December 31, 2022 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 years ended December 31,
2024 and December 31, 2023, the results from discontinued operations relate to operating expense for $3 million and operating
income of\u00a0 $4 million, respectively. For further details on Assets held for sale, refer to note E.4.
Results from discontinued operations\u00a0
2022
Revenue ...............................................................................................................................................
88
Equipment, programming and other direct costs .............................................................................
(26)
Operating expenses ............................................................................................................................
(27)
Other expenses linked to the disposal of discontinued operations .................................................
(11)
Depreciation and amortization ..........................................................................................................
(21)
Other operating income (expenses), net ...........................................................................................
4
Gain/(loss) on disposal of discontinued operations ..........................................................................
120
Operating profit (loss) ......................................................................................................................
127
Interest income (expense), net ...........................................................................................................
(12)
Other non-operating (expenses) income, net ....................................................................................
\u2014
Profit (loss) before taxes ..................................................................................................................
116
Tax expense .........................................................................................................................................
(3)
Net profit/(loss) from discontinued operations ............................................................................
113
Cash flows from discontinued operations
2022
Cash from operating activities, net .....................................................................................................
18
Cash from (used in) investing activities, net ......................................................................................
(10)
Cash from (used in) financing activities, net ......................................................................................
(9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-654": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-656": { "value": "
A.4.2. Millicom\u2019s discontinued operations
In accordance with IFRS 5, financial information relating to discontinued operations for the years ended\u00a0 December 31, 2022 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 years ended December 31,
2024 and December 31, 2023, the results from discontinued operations relate to operating expense for $3 million and operating
income of\u00a0 $4 million, respectively. For further details on Assets held for sale, refer to note E.4.
Results from discontinued operations\u00a0
2022
Revenue ...............................................................................................................................................
88
Equipment, programming and other direct costs .............................................................................
(26)
Operating expenses ............................................................................................................................
(27)
Other expenses linked to the disposal of discontinued operations .................................................
(11)
Depreciation and amortization ..........................................................................................................
(21)
Other operating income (expenses), net ...........................................................................................
4
Gain/(loss) on disposal of discontinued operations ..........................................................................
120
Operating profit (loss) ......................................................................................................................
127
Interest income (expense), net ...........................................................................................................
(12)
Other non-operating (expenses) income, net ....................................................................................
\u2014
Profit (loss) before taxes ..................................................................................................................
116
Tax expense .........................................................................................................................................
(3)
Net profit/(loss) from discontinued operations ............................................................................
113
Cash flows from discontinued operations
2022
Cash from operating activities, net .....................................................................................................
18
Cash from (used in) investing activities, net ......................................................................................
(10)
Cash from (used in) financing activities, net ......................................................................................
(9)
E.4.2. Millicom\u2019s assets held for sale
As of\u00a0 December 31, 2024 the following assets qualified\u00a0 as assets held for sale. As of December 31, 2023, no assets qualified\u00a0 as assets
held for sale. For further details on assets held for sale and discontinued operations, please refer to note A.4.
Assets held for sale - Summary
Assets and liabilities reclassified as held for sale (In millions of U.S. dollars)
December 31, 2024
Towers sale in Colombia related to the third batch ..........................................................
1
Mobile network sharing agreement in Colombia .............................................................
613
Towers sale (including certain lease transfers) in Nicaragua ............................................
13
Total assets of held for sale .................................................................................................
627
Towers sale in Colombia related to the third batch ..........................................................
1
Mobile network sharing agreement in Colombia .............................................................
698
Towers sale (including certain lease transfers) in Nicaragua ............................................
10
Total liabilities directly associated with assets held for sale ..........................................
709
Net assets held for sale / book value ..................................................................................
(83)
Assets held for sale - Towers sales in Colombia
On January 24, 2024, Colombia Movil S.A. ESP (\u201cTigo Colombia\u201d) signed an agreement to sell and lease back, under a long-term lease
agreement, 1,132 telecommunication towers to Towernex Colombia S.A.S. (\u201cTowernex\u201d), a KKR company. The total sale
consideration amounts to $77\u00a0million, out of which $26\u00a0million will be received in subsequent years. Under IFRS 16, this transaction
is considered a sale and leaseback.
The transfer of the towers to Towernex consists of three batches, out of which two already completed:
\u25aa First batch (occurred on March 14, 2024): 759 towers were sold, generating net cash proceeds of $38\u00a0million, net of
transaction costs and a $13\u00a0million receivable , for Tigo Colombia. The company also recorded lease obligations and a
financing component totaling $48\u00a0million related to the towers sold and leased back.
\u25aa Second batch (occurred on September 4, 2024): 250 towers were sold, generating net cash proceeds of $13\u00a0million, net of
transaction costs and a $4\u00a0million receivable, for Tigo Colombia. The company also recorded lease obligations and a
financing component totaling $16\u00a0million related to the towers sold and leased back.
\u25aa Third batch (expected in first quarter of the financial year 2025): The remaining 123 towers are intended to be sold. In
accordance with IFRS 5, these towers remain classified as assets held for sale and their depreciation has stopped.
Assets held for sale / Disposal Group - Mobile Network sharing agreement in Colombia
On February 26, 2024, Tigo Colombia and Telecomunicaciones S.A. ESP BIC (\u201cColTel\u201d) signed an agreement to share their mobile
networks. This collaboration involves two new joint arrangements. (both qualifying as joint operations, as defined in IFRS 11):
\u25aa A 'NetCo (\"UNIRED\")': This company holds and manages the radio access network (RAN) infrastructure as well as the site
lease agreements. Each operator owns 50% of this NetCo.
Transfers of RAN assets to UNIRED happened in December 2024, when UNIRED did a step-up exercise to determine the fair values of
the contributions from both joint operators. The portion of this step-up exercise attributable to ColtTel has been booked as \"Other
operating Income\" ($28\u00a0million, together with a gain of $3\u00a0million related to the equalization of Tigo Colombia and Coltel in UNIRED.
The transfer of lease agreements is taking place as from January 2025 and as of December 31, 2024 met the criteria of IFRS 5: \"Non-
current Assets Held for Sale and Discontinued Operations\" criteria.
\u25aa A 'Uni\u00f3n Temporal' (\"UT\"): This temporary joint arrangement will manage the spectrum licenses and related liabilities.
Similarly, ownership is split 50/50 between the two operators. In December 2024, Tigo Colombia got the approval to
transfer to the UT\u00a0 the first block of spectrum (as defined by resolution 332 of the 700MwZ Spectrum from the Ministry of
Information Technologies and Communications, \"Mintic\"). Consequently, the assets and liabilities related to such
resolution were derecognized in Tigo Colombia with the subsequent recognition of\u00a0 Tigo's Colombia 50% share in the UT.\u00a0
In accordance with IFRS 5, certain assets and related liabilities are kept as of December 31, 2024\u00a0 as \"held for sale\": Lease agreements.
and\u00a0 Spectrum licenses and related liabilities not yet transferred (that will be managed by the Union Temporal)
Asset held for sale - Towers sales in Nicaragua
As part of the other assets portfolio sell within the 'sale of Lati International S.A and other assets to SBA' agreement dated on October
28, 2024 and further detailed in Note 3 above, Millicom Nicaragua expects to sell approximately 400 towers under a sale-and-
leaseback model and also expects to transfer the related ground leases (Right of Use and Lease Liabilities).\u00a0 Management believes
that the criteria set out under IFRS 5 \"Non-current Assets Held for Sale and Discontinued Operations\" are met for\u00a0 the fixed assets,
right-of-use assets and lease liabilities related to the sites within the scope of the sale to SBA. Consequently, as of December 31, 2024
those assets and liabilities of our operations in Nicaragua were classified as held for sale See note H..
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-658": { "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 term of the underlying lease contracts.
For Finance leases, interest income and the amortization of the lease receivable, equivalent to the net investment in the lease, are
recognized over the lease term.
Revenue from contracts with customers from continuing operations:
2024
2023
2022
$ millions
Timing of revenue
recognition
Group
Group
Group
Mobile ........................................
Over time
3,119
2,949
2,916
Mobile Financial Services ..........
Point in time
39
44
40
Fixed and other services ...........
Over time
2,175
2,192
2,145
Other ..........................................
Over time
84
65
69
Service Revenue
5,417
5,250
5,171
Telephone and equipment .......
Point in time
387
411
454
Revenue from contracts with
customers
5,804
5,661
5,624
F.5. Assets and liabilities related to contract with customers
Contract assets, net
2024
2023
(US$ millions)
Long-term portion ...............................................................................................................................................................
21
21
Short-term portion ...............................................................................................................................................................
59
65
Less: provisions for expected credit losses .........................................................................................................................
(3)
(4)
Total .....................................................................................................................................................................................
77
82
Contract liabilities
2024
2023
(US$ millions)
Long-term portion ...............................................................................................................................................................
\u2014
74
Short-term portion ...............................................................................................................................................................
121
82
Total .....................................................................................................................................................................................
121
156
The Group recognized revenue for $131 million in 2024 (2023: $84 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,
2024 is $90 million ($89 million is expected to be recognized as revenue in the 2025 financial year and the remaining $2 million in
the 2026 financial year or later). This amount does not consider contracts that have an original expected duration of one year or less,
neither contracts in which consideration from a customer corresponds to the value of the entity\u2019s performance obligation to the
customer (i.e. billing corresponds to accounting revenue).
Contract costs, net (i)
FY24
2023
(US$ millions)
Net at January 1 .................................................................................................................................................................
12
10
Contract costs capitalized ...................................................................................................................................................
5
5
Amortization of contract costs ............................................................................................................................................
(5)
(4)
Net at December 31 ...........................................................................................................................................................
12
12
(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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-657": { "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 term of the underlying lease contracts.
For Finance leases, interest income and the amortization of the lease receivable, equivalent to the net investment in the lease, are
recognized over the lease term.
Revenue from contracts with customers from continuing operations:
2024
2023
2022
$ millions
Timing of revenue
recognition
Group
Group
Group
Mobile ........................................
Over time
3,119
2,949
2,916
Mobile Financial Services ..........
Point in time
39
44
40
Fixed and other services ...........
Over time
2,175
2,192
2,145
Other ..........................................
Over time
84
65
69
Service Revenue
5,417
5,250
5,171
Telephone and equipment .......
Point in time
387
411
454
Revenue from contracts with
customers
5,804
5,661
5,624
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-659": { "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 term of the underlying lease contracts.
For Finance leases, interest income and the amortization of the lease receivable, equivalent to the net investment in the lease, are
recognized over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-661": { "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
2024
2023
2022
(US$ millions)
Cost of telephone, equipment and other accessories .......................................................................
(358)
(386)
(425)
TV Content and data costs ..................................................................................................................
(290)
(349)
(361)
Voice airtime and transmission costs .................................................................................................
(209)
(234)
(261)
Bad debt and obsolescence cost ........................................................................................................
(143)
(141)
(124)
Call center costs ..................................................................................................................................
(76)
(72)
(84)
Transmission and other costs .............................................................................................................
(18)
(19)
(17)
Other costs ..........................................................................................................................................
(326)
(306)
(234)
Equipment, programming and other direct costs ........................................................................
(1,420)
(1,507)
(1,506)
Operating expenses
Operating expenses incurred by the Group can be summarized as follows.
2024
2023
2022
(US$ millions)
Marketing expenses ............................................................................................................................
(525)
(536)
(570)
Site and network maintenance costs .................................................................................................
(325)
(322)
(310)
Employee related costs (B.4.) ..............................................................................................................
(553)
(614)
(494)
External and other services .................................................................................................................
(262)
(281)
(251)
Other operating expenses ..................................................................................................................
(250)
(290)
(266)
Operating expenses, net ..................................................................................................................
(1,915)
(2,043)
(1,890)
Other operating income (expenses), net
The other operating income and expenses incurred by the Group can be summarized as follows:
Notes
2024
2023
2022
(US$ millions)
Impairment of intangible assets and property, plant and equipment ..................
E.1., E.2.
(12)
(3)
(7)
Gain on the formation of a joint operation .............................................................
A.2.
28
\u2014
\u2014
Gain (loss) on disposals of intangible assets and property, plant and
equipment ...............................................................................................................
E.2. E.4.2.
23
6
1
Reverse earn-out in respect of Zantel's acquisition ................................................
\u2014
\u2014
2
Gain (loss) on disposal of equity investments ........................................................
5
\u2014
\u2014
Other income (expenses) (i) ....................................................................................
10
8
2
Other operating income (expenses), net ............................................................
54
10
(2)
(i)\u00a0 In 2024 other income is mainly attributed to contract lease modifications in Paraguay and Guatemala for $8\u00a0million in total (in 2023\u00a0 is mainly attributed
to contract lease modification in Colombia for $2\u00a0million and social obligation spectrum liability derecognition in Paraguay for $3\u00a0million.)
B.2.1. Accounting for equipment, programming and other direct costs and operating expenses
Equipment, programming and other direct costs
Equipment, programming and other direct costs are recorded on an accrual basis.
Incremental costs of obtaining a contract\u00a0 with customers
Incremental costs of obtaining a contract with customers, including dealer commissions, are capitalized as Contract Costs in the
statement of financial position and amortized in operating expenses over the expected benefit period, which is based on the
average duration of contracts with customer (see practical expedient in note B.1.1.).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-660": { "value": "
B.2. Expenses
The various costs and expenses incurred by the Group can be summarized as presented below. The Group recognizes and
categorizes expenses by their nature as either 'equipment, programming and other direct costs' which are those more directly
related to the generation of revenue or as '(Other) operating expenses and income' which are rather indirect costs. As a result,
'equipment, programming and other direct costs' specifically excludes the following costs/expense which are further detailed below
and elsewhere in the consolidated financial statements:
\u2022 'Operating expenses, net' further detailed below;
\u2022 Depreciation and amortization, which are further detailed in Notes E.1.3.. \u2018Movements in intangible assets\u2019, E.2.2.
\u2018Movements in tangible assets\u2019 and E.3. \u2018Right of use assets\u2019.
\u2022 \u2018Other operating income (expenses), net\u2019, also further detailed below.
Equipment, programming and other direct costs
2024
2023
2022
(US$ millions)
Cost of telephone, equipment and other accessories .......................................................................
(358)
(386)
(425)
TV Content and data costs ..................................................................................................................
(290)
(349)
(361)
Voice airtime and transmission costs .................................................................................................
(209)
(234)
(261)
Bad debt and obsolescence cost ........................................................................................................
(143)
(141)
(124)
Call center costs ..................................................................................................................................
(76)
(72)
(84)
Transmission and other costs .............................................................................................................
(18)
(19)
(17)
Other costs ..........................................................................................................................................
(326)
(306)
(234)
Equipment, programming and other direct costs ........................................................................
(1,420)
(1,507)
(1,506)
Operating expenses
Operating expenses incurred by the Group can be summarized as follows.
2024
2023
2022
(US$ millions)
Marketing expenses ............................................................................................................................
(525)
(536)
(570)
Site and network maintenance costs .................................................................................................
(325)
(322)
(310)
Employee related costs (B.4.) ..............................................................................................................
(553)
(614)
(494)
External and other services .................................................................................................................
(262)
(281)
(251)
Other operating expenses ..................................................................................................................
(250)
(290)
(266)
Operating expenses, net ..................................................................................................................
(1,915)
(2,043)
(1,890)
Other operating income (expenses), net
The other operating income and expenses incurred by the Group can be summarized as follows:
Notes
2024
2023
2022
(US$ millions)
Impairment of intangible assets and property, plant and equipment ..................
E.1., E.2.
(12)
(3)
(7)
Gain on the formation of a joint operation .............................................................
A.2.
28
\u2014
\u2014
Gain (loss) on disposals of intangible assets and property, plant and
equipment ...............................................................................................................
E.2. E.4.2.
23
6
1
Reverse earn-out in respect of Zantel's acquisition ................................................
\u2014
\u2014
2
Gain (loss) on disposal of equity investments ........................................................
5
\u2014
\u2014
Other income (expenses) (i) ....................................................................................
10
8
2
Other operating income (expenses), net ............................................................
54
10
(2)
(i)\u00a0 In 2024 other income is mainly attributed to contract lease modifications in Paraguay and Guatemala for $8\u00a0million in total (in 2023\u00a0 is mainly attributed
to contract lease modification in Colombia for $2\u00a0million and social obligation spectrum liability derecognition in Paraguay for $3\u00a0million.)
B.2.1. Accounting for equipment, programming and other direct costs and operating expenses
Equipment, programming and other direct costs
Equipment, programming and other direct costs are recorded on an accrual basis.
Incremental costs of obtaining a contract\u00a0 with customers
Incremental costs of obtaining a contract with customers, including dealer commissions, are capitalized as Contract Costs in the
statement of financial position and amortized in operating expenses over the expected benefit period, which is based on the
average duration of contracts with customer (see practical expedient in note B.1.1.).
B.5. Other non-operating (expenses) income, net
Other non-operating items mainly comprise changes in fair value of derivatives and the impact of foreign exchange fluctuations on
the results of the Group.
Note
2024
2023
2022
(US$ millions)
Change in fair value of derivatives .............................................................
C.7.2.
9
4
12
Change in fair value in investment in Milvik (i) ..........................................
\u2014
\u2014
(6)
Change in value of call option asset and put option liability ...................
C.7.4.
\u2014
(2)
(1)
Exchange gains (losses), net .......................................................................
(43)
31
(84)
Other and litigation costs (ii) ......................................................................
(85)
3
1
Total other non-operating (expenses) income, net
(119)
36
(78)
(i) (Milvik) Please see note A.3.
(ii) Please see note G.3.1.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-664": { "value": "
Other operating income (expenses), net
The other operating income and expenses incurred by the Group can be summarized as follows:
Notes
2024
2023
2022
(US$ millions)
Impairment of intangible assets and property, plant and equipment ..................
E.1., E.2.
(12)
(3)
(7)
Gain on the formation of a joint operation .............................................................
A.2.
28
\u2014
\u2014
Gain (loss) on disposals of intangible assets and property, plant and
equipment ...............................................................................................................
E.2. E.4.2.
23
6
1
Reverse earn-out in respect of Zantel's acquisition ................................................
\u2014
\u2014
2
Gain (loss) on disposal of equity investments ........................................................
5
\u2014
\u2014
Other income (expenses) (i) ....................................................................................
10
8
2
Other operating income (expenses), net ............................................................
54
10
(2)
(i)\u00a0 In 2024 other income is mainly attributed to contract lease modifications in Paraguay and Guatemala for $8\u00a0million in total (in 2023\u00a0 is mainly attributed
to contract lease modification in Colombia for $2\u00a0million and social obligation spectrum liability derecognition in Paraguay for $3\u00a0million.)", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-663": { "value": "
Other operating income (expenses), net
The other operating income and expenses incurred by the Group can be summarized as follows:
Notes
2024
2023
2022
(US$ millions)
Impairment of intangible assets and property, plant and equipment ..................
E.1., E.2.
(12)
(3)
(7)
Gain on the formation of a joint operation .............................................................
A.2.
28
\u2014
\u2014
Gain (loss) on disposals of intangible assets and property, plant and
equipment ...............................................................................................................
E.2. E.4.2.
23
6
1
Reverse earn-out in respect of Zantel's acquisition ................................................
\u2014
\u2014
2
Gain (loss) on disposal of equity investments ........................................................
5
\u2014
\u2014
Other income (expenses) (i) ....................................................................................
10
8
2
Other operating income (expenses), net ............................................................
54
10
(2)
(i)\u00a0 In 2024 other income is mainly attributed to contract lease modifications in Paraguay and Guatemala for $8\u00a0million in total (in 2023\u00a0 is mainly attributed
to contract lease modification in Colombia for $2\u00a0million and social obligation spectrum liability derecognition in Paraguay for $3\u00a0million.)", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-662": { "value": "
Other operating income (expenses), net
The other operating income and expenses incurred by the Group can be summarized as follows:
Notes
2024
2023
2022
(US$ millions)
Impairment of intangible assets and property, plant and equipment ..................
E.1., E.2.
(12)
(3)
(7)
Gain on the formation of a joint operation .............................................................
A.2.
28
\u2014
\u2014
Gain (loss) on disposals of intangible assets and property, plant and
equipment ...............................................................................................................
E.2. E.4.2.
23
6
1
Reverse earn-out in respect of Zantel's acquisition ................................................
\u2014
\u2014
2
Gain (loss) on disposal of equity investments ........................................................
5
\u2014
\u2014
Other income (expenses) (i) ....................................................................................
10
8
2
Other operating income (expenses), net ............................................................
54
10
(2)
(i)\u00a0 In 2024 other income is mainly attributed to contract lease modifications in Paraguay and Guatemala for $8\u00a0million in total (in 2023\u00a0 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-665": { "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 are recorded on an accrual basis.
Incremental costs of obtaining a contract\u00a0 with customers
Incremental costs of obtaining a contract with customers, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-666": { "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. Following these organizational changes, and considering the information being
reviewed by the 'Chief Operating Decision Maker' (\"CODM\") to assess performance and allocate resources, Millicom's operating
segments were redefined to align with its countries of operation.
During the third quarter of 2024, Millicom announced several organizational changes aimed at strengthening its connection with
each country. With the appointment of a new Chief Executive Officer (CEO), the Group has streamlined its structure, ensuring that all
General Managers of operations and Group Leadership team members report directly to him.\u00a0 The Chief Executive Officer (CEO)
together with the Group Chief Financial Officer (CFO) and the Chief Technology & Information Officer (CTIO) form the \u2018Chief Operating
Decision Maker\u2019 (\u201cCODM\u201d).
Millicom\u00b4s CODM assesses performance and allocates resources, based on individual countries, which are its operating segments. The
Honduras joint venture 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 Compensation and Talent 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.\u00a0
Capital expenditures are reconciled with notes E.1. and E.2..", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-667": { "value": "
Revenue, Service revenue, EBITDA, capital expenditures and other segment information for the years ended December 31, 2024, 2023
and 2022, are shown on the below:
December 31, 2024
Guatemala
Colombia
Panama
Bolivia
Honduras
Paraguay
Other
segments
(v)
Total
segments
Inter-
segment
and other
eliminations
(iv)
Total
Group
(US$ millions)
Service revenue(i) .............
1,391
1,342
700
607
584
540
858
6,022
(605)
5,417
Telephone and equipment
revenue ...............................
212
39
56
6
34
18
56
420
(34)
387
Revenue
1,603
1,380
756
613
617
559
914
6,442
(638)
5,804
Inter-segment revenue ......
9
2
2
1
4
4
8
29
n/a
n/a
Revenue from external
customers ...........................
1,594
1,379
753
613
613
555
906
6,413
n/a
n/a
EBITDA(ii) ...........................
867
525
354
266
302
267
391
2,972
(504)
2,469
Capital expenditures (iii) .
175
144
96
73
75
72
132
766
(89)
677
\u00a0 (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, share of profit in Honduras joint venture 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 $98 million and 579 million
respectively (2023: $116 million and $693 million, respectively).\u00a0
(iv)Includes intercompany eliminations, unallocated items and Honduras as a joint venture.
(v)Includes our operations in El Salvador, Nicaragua and Costa Rica.
December 31, 2023
Guatemala
Colombia
Panama
Bolivia
Honduras
Paraguay
Other
segments
(v)
Total
segments
Inter-
segment and
other
eliminations
(iv)
Total
Group
(US$ 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
December 31, 2022
Guatemala
Colombia
Panama
Bolivia
Honduras
Paraguay
Other
segments
(v)
Total
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 (i) ...
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(ii) ...................
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
Reconciliation of EBITDA for reportable segments to the Group Profit before taxes:
(US$ millions)
2024
2023
2022
EBITDA for reportable segments ..........................................
2,972
2,609
2,638
Depreciation ..............................................................................
(916)
(978)
(999)
Amortization .............................................................................
(319)
(360)
(345)
Share of profit in joint venture .................................................
54
42
32
Other operating income (expenses), net .................................
54
10
(2)
Interest and other financial expenses ......................................
(716)
(712)
(617)
Interest and other financial income .........................................
46
28
18
Other non-operating (expenses) income, net .........................
(119)
36
(78)
Profit (loss) from other joint ventures and associates, net ......
\u2014
(3)
\u2014
Honduras as joint venture ........................................................
(302)
(272)
(262)
Unallocated expenses and other reconciling items (i) ............
(202)
(225)
(148)
Profit before taxes from continuing operations ................
552
175
238
(i) The unallocated expenses are primarily related to centrally managed costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-668": { "value": "
B.4. People
Number of permanent employees
2024
2023
2022
Subsidiaries (i) .....................................................................................................................................
13,456
15,742
18,534
Honduras joint venture ......................................................................................................................
729
785
912
Total ....................................................................................................................................................
14,185
16,527
19,446
(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.
Notes
2024
2023
2022
(US$ millions)
Wages and salaries ...................................................................................................
(421)
(463)
(372)
Social security ..........................................................................................................
(63)
(73)
(69)
Share based compensation .....................................................................................
B.4.1.
(50)
(52)
(29)
Pension and other long-term benefit costs ............................................................
B.4.2.
(3)
(3)
(2)
Other employees related costs ...............................................................................
(17)
(24)
(22)
Total .........................................................................................................................
(553)
(614)
(494)
Restructuring Costs
During 2024 and 2023, Millicom carried out cost reduction projects, with a focus on efficiency improvements; the Group recorded in\u00a0
2024 $115\u00a0million\u00a0 of the above mentioned as severance costs\u00a0 (2023: $87\u00a0million), of which\u00a0 $94\u00a0million are presented as \"Wages and
salaries\" (2023: $78\u00a0million) and $21\u00a0million as \"Share based compensation\" (2023: $9\u00a0million).
On September 19, 2024, Millicom announced that Mauricio Ramos stepped down from his roles as Director and Executive Chairman
of the Board. A separation agreement was signed; this agreement provided for the immediate vesting of all unvested share plans,
modified on September 30, 2024, to be paid in cash, with\u00a0 the entire amount of the separation agreement paid in 2024. In line with
IFRS 2, shares acceleration component are treated as an early settlement and recognized immediately as employee related costs in
the Statement of Income and as share-based compensation in the Statement of Changes in Equity. The portion associated with the
shares cancellation was reflected in the Statement of Changes in Equity and in the Statement of Cash Flows.
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, 2024, the defined benefit obligation liability amounting to $44 million (2023: $51 million), decreased mainly related
to currency translation effect ($7 million). Payments expected in the plans in future years totals $82 million (2023: $100 million). The
average duration of the defined benefit obligation at December 31, 2024 is 4 years (2023: 4 years). The termination plans apply to
employees that joined UNE prior to December 30, 1996. The level of payments depends on the number of years in which the
employee has worked before retirement or termination of their contract with UNE.
Except for the UNE pension plan described above, there are no other material defined benefits plans in the Group.
B.4.3. Directors and executive management
The remuneration of the members of the Board of Directors comprises an annual fee and shares. Director remuneration is proposed
by the Nomination Committee and approved by the shareholders at their Annual General Meeting (AGM).
Remuneration charge for the non-executive Directors of the Board (gross of withholding tax)
2024
2023
2022
(US$ \u2019000)
Chairperson .........................................................................................................................................
\u2014
315
315
Other non-executive directors of the Board ......................................................................................
1,300
1,360
1,408
Total (i) ................................................................................................................................................
1,300
1,675
1,723
Shares beneficially owned by the non-executive Directors
2024
2023
(number of shares)
Chairperson ....................................................................................................................................................................
\u2014
\u2014
Other non-executive directors of the Board ..................................................................................................................
47,473
94,718
Total (i) ...........................................................................................................................................................................
47,473
94,718
(i) Cash compensation is denominated in USD. Share based compensation is based on the market value of Millicom shares on the corresponding AGM
date (2024 : in total 39,606 shares; 2023: in total 42,141 shares; 2022: in total 41,167 shares. Net remuneration comprised 58% in shares and 42%\u00a0 in
cash (SEK) (2023: 75% in shares and 25% in cash; 2022: 73% in shares and 27% in cash).
The remuneration of the Chief Executive Officer (CEO) and the members supporting the CEO in the day-to-day operation and
management of the Group within their specific areas of expertise (Group Leadership team) 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 Group Leadership team are proposed by the Compensation and Talent Committee
and approved by the Board.
Remuneration charge for the Group Leadership Team
Group
Leadership
Team (i)
Group
Leadership
Team (ii)
Group
Leadership
Team (iii)
2024
2023
2022
Base salary ................................................................................
5,040
4,903
5,278
Bonus .......................................................................................
13,230
3,267
4,236
Pension ....................................................................................
1,042
1,194
1,181
Other benefits ..........................................................................
635
529
501
MSU (amount earned) .............................................................
1,169
\u2014
615
Termination benefits ...............................................................
4,940
804
877
Total before share based compensation ............................
26,056
10,696
12,688
Share based compensation(ii) ................................................
16,277
21,663
12,069
Total .........................................................................................
42,332
32,359
24,757
(i) For 2024, it includes the compensation paid to the CEO role (for Mr. Mauricio Ramos with Mr Marcelo Benitez assuming the CEO role effective on June
1, 2024) and the CFO role (for Mr. Sheldon Bruha and Mr. Bart Vanhaeren assuming the CFO role effective April 15.2024).
(ii) For 2023, it includes compensation paid to Mr. Maxime Lombardini (who joint the Group in September 2023) to Mr. Esteban Iriarte, former Chief
Operating Officer (departed in May, 2023) and Ms Susy Bobenrieth (departed in December, 2023). For further details see also 'Restructuring Costs',
part of this B.4 note.
(iii)\u00a0 For 2022, it includes compensation paid to\u00a0 Mr. Esteban Iriarte, former Chief Operating Officer (departed in May, 2023), Ms Susy Bobenrieth
(departed in December, 2023) and Mr. Tim Pennington paid via payroll until November 30, 2022 and the remaining 4-month period paid as a one-
time payment on December 22, 2022.
Share ownership and unvested share awards granted from Company equity plans to the Group Leadership
team
In number of shares (i)
Group Leadership
team
2024
Share ownership (vested from equity plans and otherwise acquired) .............................................
270,850
Share awards not vested (i) .................................................................................................................
474,225
2023
Share ownership (vested from equity plans and otherwise acquired) .............................................
719,642
Share awards not vested .....................................................................................................................
1,573,187
(i) 2024 Performance share plan awards\u00a0 is including a portion of\u00a0 share appreciation right units.For further details see also 'Restructuring Costs', part of this
B.4. note.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-669": { "value": "
B.4. People
Number of permanent employees
2024
2023
2022
Subsidiaries (i) .....................................................................................................................................
13,456
15,742
18,534
Honduras joint venture ......................................................................................................................
729
785
912
Total ....................................................................................................................................................
14,185
16,527
19,446
(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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-670": { "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 Deferred Share Plan (DSP) and a Performance Share Plan (PSP).
The different plans are further detailed below.
Cost of share-based compensation
2024
2023
2022
(US$ millions)
2020 incentive plans
\u2014
\u2014
(3)
2021 incentive plans
\u2014
(10)
(11)
2022 incentive plans
(5)
(10)
(15)
2023 incentive plans
(23)
(32)
\u2014
2024 incentive plans
(22)
\u2014
\u2014
Total share based compensation
(50)
(52)
(29)
Deferred Share Plan
Shares vest at a rate of 30% on the first three-months of each of year one and two, and the remaining 40% on the first three-months
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
Shares granted under these PSPs vest at the end of the three-year period, subject to performance conditions.
The\u00a0 Operating Cash Flow after Leases (\u201cOCFaL\u201d) and Service Revenue peformance conditions are based on the achievement of the
OCFaL/Service Revenue targets measured on a 3-year actual cumulative achievement against the 3-year cumulative targets.The
Relative TSR is measured over the 10 trading days before / after December 31 of the last year of the corresponding three-year
measurement period. The 2024 PSP ESG metric is based on Carbon Emissions reduction targets; while the 2023 PSP ESG metric is
based on five ESG metrics: 1. Female % of Total Employees ; 2. Female % of Leadership; 3. Progress toward established SBTi targets; 4.
Women and girls trained as part of our Conectadas Program; 5. Teachers trained as part of our Maestr@sConectad@s program.
Performance Share Plan (for plans issued from 2024)
Shares granted under this 2024 PSP generally follow the same rules as for the ones of previous years.
The 2024 PSP plan is divided in three equity vehicles: 60% based on Stock Appreciation Rights (\"SARs\"), 30% based on Restricted
Stock Units (\"RSUs\") and 10% based on Performance shares based on achievement of the ESG performance measure between 2024
and 2026. SARs are calculated based on Black-Scholes valuation of the stock price at fair market value of the grant and will vest in
number of units. The participant will have the eligibility to exercise these units during the seven-year period following the vesting
date.
Performance Share Plan (for plans issued from 2021 up to 2023)
The 2023 and 2022 plans are based on the following metrics: OCFaL (50%); Service Revenue (30%);\u00a0 Relative Total Shareholder Return
(\u201cRelative TSR\u201d) (2023: 10%, 2022: 20%). The 2023 PSP has\u00a0 an Environmental, Social and Governance metric (\"ESG\") (10%), The 2021
PSP is 35% based on RSUs; 30% on\u00a0 OCFaL; 15% based on Service Revenue and 20% on Relative TSR.\u00a0
Assumptions and fair value of the shares under the TSR and SAR portion(s)
For the PSPs, 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$)
Performance Share Plan 2023 (Relative TSR) ..............................
4.66
\u2014
52.88
2.82
31.13
Performance Share Plan 2022 (Relative TSR) ..............................
2.01
\u2014
47.94
2.80
29.12
Performance Share Plan 2021 (Relative TSR) ..............................
0.29
1.28
46.28
2.82
52.99
(i) Historical volatility retained was determined on the basis of a three-year historic average.
For the PSPs, and in order to calculate the fair value of the SAR portion of the plan, it is necessary to make a number of assumptions
which are set out below. The assumptions have been set based on an analysis of historical data as at grant date.\u00a0
Risk-free\u00a0
rate %
Dividend
yield %
Share price
volatility(i) %
Award term
(years)
Unit fair
value (in US$)
Performance share plan 2024 (SAR) .................................................
4.31
\u2014
38.20
6.50
9.35
The cost of the long-term incentive plans which are conditional on market conditions is calculated as follows: Fair value (market
value) of shares / SAR units at grant date (as calculated above) x number of shares / SAR units 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 and SAR). 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
2024
2023
2022
2021
PSP (iii)
DSP
PSP
DSP
PSP
DSP
PSP
DSP
(number of shares)
Shares granted (i)
695,936
1,139,838
818,842
2,375,143
306,641
913,450
451,363
542,714
Effect of the Right Offering (ii)
\u2014
\u2014
\u2014
\u2014
83,926
227,947
115,575
93,375
Revision for forfeitures
\u2014
(45,121)
(233,398)
(143,340)
(68,520)
(83,910)
(63,796)
(46,358)
Shares cancelled in 2024
(438,396)
(229,963)
(308,172)
(244,537)
(144,108)
(33,305)
\u2014
\u2014
Total before issuances
257,540
864,754
277,272
1,987,266
177,939
1,024,182
503,142
589,731
Shares issued in 2021
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1,121)
(5,760)
Shares issued in 2022
\u2014
\u2014
\u2014
\u2014
\u2014
(13,957)
(2,071)
(160,596)
Shares issued in 2023
\u2014
\u2014
(31,124)
(354,331)
(29,885)
(476,256)
(120,419)
(234,157)
Shares issued in 2024
\u2014
(135,092)
(66,519)
(824,237)
(49,245)
(312,725)
(352,286)
(189,218)
Performance conditions not met
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(27,245)
\u2014
Shares still expected to vest
257,540
729,662
179,629
808,698
98,809
221,244
\u2014
\u2014
Estimated cost over the vesting period (US$
millions)
7
21
15
42
9
21
\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. ).
(iii)\u00a0 \u00a0 2024 Performance share plan is including a portion of\u00a0 186,409 share appreciation right units.
2. Cash-settled
Market Stock Units
A plan based on Market Stock Units (\" MSU\") was awarded in 2021 as a one-time retention plan (as a consequence of the impact of
COVID-19 on the Group's business)\u00a0 to a selected group of executives. The MSU was a performance-based scheme where the
outcome was 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 was made in cash 12 months after those dates, provided the participant was still employed (subject to limited allowances
for good leavers). For every participant, payment was capped at 150% of their Target MSU Award Value set up for each Tranche.
Participants of the MSU 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 2024, Tranche 2023 was paid out to participants for a total cash amount of $1.74 million. (2023: Tranche 2022 was
paid out to\u00a0 for $1.15\u00a0million).
The MSU\u00a0 was a cash-settled share-based payment plan and Millicom measured the services acquired over the relevant service
period and the liability incurred at the fair value of the liability. Until the liability was settled, Millicom was 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 in
the statement of income.
As of December 31, 2024 and 2023, the fair value of the liability amounts to nil and $1 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, 2024 and 2023, amounted to an expense of $0.6 million and of $1 million, respectively.
G.4. Non-cash investing and financing activities
Non-cash investing and financing activities from continuing operations
Note
2024
2023
2022
(US$ millions)
Investing activities
Acquisition of property, plant and equipment .......................................................
E.2.2.
(40)
121
(23)
Acquisition of lease right of use assets obtained in exchange of lease liabilities .
E.3.
126
63
127
Asset retirement obligations ...................................................................................
E.2.2.
27
30
18
Financing activities
Share based compensation .....................................................................................
B.4.1.
50
52
29
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-671": { "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)
2024
2023
2022
(US$ \u2019000)
Chairperson .........................................................................................................................................
\u2014
315
315
Other non-executive directors of the Board ......................................................................................
1,300
1,360
1,408
Total (i) ................................................................................................................................................
1,300
1,675
1,723
Shares beneficially owned by the non-executive Directors
2024
2023
(number of shares)
Chairperson ....................................................................................................................................................................
\u2014
\u2014
Other non-executive directors of the Board ..................................................................................................................
47,473
94,718
Total (i) ...........................................................................................................................................................................
47,473
94,718
(i) Cash compensation is denominated in USD. Share based compensation is based on the market value of Millicom shares on the corresponding AGM
date (2024 : in total 39,606 shares; 2023: in total 42,141 shares; 2022: in total 41,167 shares. Net remuneration comprised 58% in shares and 42%\u00a0 in
cash (SEK) (2023: 75% in shares and 25% in cash; 2022: 73% in shares and 27% in cash).
The remuneration of the Chief Executive Officer (CEO) and the members supporting the CEO in the day-to-day operation and
management of the Group within their specific areas of expertise (Group Leadership team) 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 Group Leadership team are proposed by the Compensation and Talent Committee
and approved by the Board.
Remuneration charge for the Group Leadership Team
Group
Leadership
Team (i)
Group
Leadership
Team (ii)
Group
Leadership
Team (iii)
2024
2023
2022
Base salary ................................................................................
5,040
4,903
5,278
Bonus .......................................................................................
13,230
3,267
4,236
Pension ....................................................................................
1,042
1,194
1,181
Other benefits ..........................................................................
635
529
501
MSU (amount earned) .............................................................
1,169
\u2014
615
Termination benefits ...............................................................
4,940
804
877
Total before share based compensation ............................
26,056
10,696
12,688
Share based compensation(ii) ................................................
16,277
21,663
12,069
Total .........................................................................................
42,332
32,359
24,757
(i) For 2024, it includes the compensation paid to the CEO role (for Mr. Mauricio Ramos with Mr Marcelo Benitez assuming the CEO role effective on June
1, 2024) and the CFO role (for Mr. Sheldon Bruha and Mr. Bart Vanhaeren assuming the CFO role effective April 15.2024).
(ii) For 2023, it includes compensation paid to Mr. Maxime Lombardini (who joint the Group in September 2023) to Mr. Esteban Iriarte, former Chief
Operating Officer (departed in May, 2023) and Ms Susy Bobenrieth (departed in December, 2023). For further details see also 'Restructuring Costs',
part of this B.4 note.
(iii)\u00a0 For 2022, it includes compensation paid to\u00a0 Mr. Esteban Iriarte, former Chief Operating Officer (departed in May, 2023), Ms Susy Bobenrieth
(departed in December, 2023) and Mr. Tim Pennington paid via payroll until November 30, 2022 and the remaining 4-month period paid as a one-
time payment on December 22, 2022.
Share ownership and unvested share awards granted from Company equity plans to the Group Leadership
team
In number of shares (i)
Group Leadership
team
2024
Share ownership (vested from equity plans and otherwise acquired) .............................................
270,850
Share awards not vested (i) .................................................................................................................
474,225
2023
Share ownership (vested from equity plans and otherwise acquired) .............................................
719,642
Share awards not vested .....................................................................................................................
1,573,187
(i) 2024 Performance share plan awards\u00a0 is including a portion of\u00a0 share appreciation right units.For further details see also 'Restructuring Costs', part of this
B.4. note.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-672": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-676": { "value": "
B.6. Taxation
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-675": { "value": "
B.6. Taxation
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 5%), (ii) possible risks (risk
of outflow of tax payments assessed from 5% to 50%) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-674": { "value": "
B.6. Taxation
Deferred tax
Fixed assets
Unused tax
losses
Unremitted
earnings
Other
Offset
Total
(US$ millions)
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
(Charge)/credit to income statement ....................
10
\u2014
(21)
14
\u2014
3
Charge to Other Comprehensive Income .............
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences .............................................
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Balance at December 31, 2024 ...........................
(23)
\u2014
(47)
74
\u2014
4
Deferred tax assets .................................................
92
\u2014
86
(25)
153
Deferred tax liabilities ............................................
(115)
(47)
(12)
25
(149)
Balance at December 31, 2024 ...........................
(23)
\u2014
(47)
74
\u2014
4
(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, 2024 .............................................................................................
112
5,705
170
5,987
At December 31, 2023 .............................................................................................
122
5,623
518
6,263
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-673": { "value": "
B.6. Taxation
B.6.1. Income tax expense
Tax mainly comprises income taxes of subsidiaries and withholding taxes (on intra-group dividends, management fees 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 (2023: 10% to 35%; 2022: 10% to 35%). Income tax relating to items recognized directly in
equity is also recognized in equity.
Income tax charge
2024
2023
2022
(US$ millions)
Income tax (charge) credit
Withholding tax ...................................................................................................................................
(75)
(81)
(70)
Other income tax relating to the current year ...................................................................................
(203)
(170)
(165)
Adjustments in respect of prior years ................................................................................................
(6)
(10)
(39)
Total
(284)
(261)
(274)
Deferred tax (charge) credit
Origination and reversal of temporary differences ...........................................................................
(3)
44
168
Effect of change in tax rates ................................................................................................................
1
1
\u2014
Tax income (expense) before valuation allowances ..........................................................................
(2)
45
168
(Increase)/decrease in unrecognised deferred tax assets and impairment (i) ..................................
3
(209)
(114)
Total
1
(164)
54
Adjustments in respect of prior years ................................................................................................
2
1
(2)
3
(163)
52
Tax (charge) credit on continuing operations ...................................................................................
(281)
(424)
(222)
Tax (charge) credit on discontinuing operations ...............................................................................
\u2014
\u2014
(3)
Tax expense .......................................................................................................................................
(281)
(424)
(225)
(i) In 2023 and 20222, it mainly relates to the impairment of tax credits and deferred tax assets,\u00a0 resulting from the application of IAS12.
Reconciliation between the tax expense and tax at the weighted average statutory tax rate is as follows:
Income tax calculation
2024
2023
2022
Continuing
operations
Discontinued
operations
Total
Continuing
operations
Discontinued
operations
Total
Continuing
operations
Discontinued
operations
Total
(US$ millions)
Profit before tax .....................
552
(3)
549
175
4
179
238
116
354
Tax at the weighted
average statutory rate .........
(139)
1
(138)
(27)
(1)
(28)
(47)
(27)
(74)
Effect of:
Items taxed at a different
rate .......................................
29
\u2014
29
10
\u2014
10
37
\u2014
37
Change in tax rates on
deferred tax balances ..........
1
\u2014
1
1
\u2014
1
\u2014
\u2014
\u2014
Expenditure not deductible
and income not taxable .......
(92)
(1)
(93)
(121)
1
(120)
1
26
27
Unrelieved withholding tax .
(74)
\u2014
(74)
(80)
\u2014
(80)
(68)
\u2014
(68)
Accounting for associates
and joint ventures ................
16
\u2014
16
13
\u2014
13
9
\u2014
9
Movement in deferred tax
on unremitted earnings .......
(21)
\u2014
(21)
(2)
\u2014
(2)
1
\u2014
1
Unrecognized / recognized
of previously unrecognized
deferred tax assets ...............
3
\u2014
3
(209)
\u2014
(209)
(114)
(2)
(116)
Adjustments in respect of
prior years ............................
(4)
\u2014
(4)
(9)
\u2014
(9)
(41)
\u2014
(41)
Tax expense ........................
(281)
\u2014
(281)
(424)
\u2014
(424)
(222)
(3)
(225)
Weighted average statutory
tax rate ..................................
25.2%
25.1%
15.4%
15.6%
19.7%
20.9%
Effective tax rate ..................
50.9%
51.2%
242.3%
236.9%
93.3%
63.6%
Tax expense decreases from December 31, 2023, is mainly due to the impairment of tax credits and deferred tax assets in Colombia in 2023, resulting from
the application of IAS12 over their recognition partially offset by higher\u00a0 profitability.
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, 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
(Charge)/credit to income statement ....................
10
\u2014
(21)
14
\u2014
3
Charge to Other Comprehensive Income .............
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences .............................................
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Balance at December 31, 2024 ...........................
(23)
\u2014
(47)
74
\u2014
4
Deferred tax assets .................................................
92
\u2014
86
(25)
153
Deferred tax liabilities ............................................
(115)
(47)
(12)
25
(149)
Balance at December 31, 2024 ...........................
(23)
\u2014
(47)
74
\u2014
4
(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, 2024 .............................................................................................
112
5,705
170
5,987
At December 31, 2023 .............................................................................................
122
5,623
518
6,263
Unrecognized tax losses carryforward related to continuing operations expire as follows:
2024
2023
(US$ millions)
Expiry:
Within one year ...................................................................................................................................
1
1
Within one to five years ......................................................................................................................
25
15
After five years .....................................................................................................................................
1,715
1,612
No expiry .............................................................................................................................................
3,964
3,995
Total ....................................................................................................................................................
5,705
5,623
The Group has unrecognized tax losses in the following jurisdictions:
2024
2023
Jurisdiction:
(US$ millions)
Luxembourg ........................................................................................................................................
5,283
5,108
Colombia ..............................................................................................................................................
379
479
Sweden ................................................................................................................................................
15
16
Panama ................................................................................................................................................
22
12
The Netherlands ..................................................................................................................................
3
3
Bolivia ...................................................................................................................................................
3
3
Curacao ................................................................................................................................................
1
1
United Kingdom ..................................................................................................................................
1
1
Unrecognized tax losses ...................................................................................................................
5,705
5,623
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.
MICSA is the head of a fiscal unity in Luxembourg, which has an estimated amount of unrecognized tax losses as of December 31,
2024 of $4.8\u00a0billion. Per Luxembourg tax law, approximately $1.4\u00a0billion expire 17 years after generation, approximately $3.4\u00a0billion
do not expire.
At December 31, 2024, Millicom had $803 million of unremitted earnings of Millicom operating subsidiaries for which no deferred
tax liabilities were recognized (2023: $672 million; 2022: $640 million). Except for intragroup dividends to be paid out of 2024 profits
in 2025 for which deferred tax of $44 million (2023: $26 million; 2022 $25 million) has been provided, it is anticipated that intra-
group dividends paid in future periods will be made out of profits of future periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-677": { "value": "
B.7. Earnings per share
Basic earnings (loss) per share are calculated by dividing net profit for the year attributable to equity holders of the Company by the
weighted average number of ordinary shares outstanding during each year.
Diluted earnings (loss) per share are calculated by dividing the net profit for the year attributable to equity holders of the Company
by the weighted average number of ordinary shares outstanding during each year, plus the weighted average number of dilutive
potential shares.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-678": { "value": "
Net profit/(loss) used in the earnings (loss) per share computation
2024
2023
2022
(US$ millions)
Basic and Diluted
Net profit (loss) attributable to equity holders from continuing operations .......................................
256
(86)
64
Net profit (loss) attributable to equity holders from discontinued operations ....................................
(3)
4
113
Net profit (loss)\u00a0 attributable to all equity holders to determine the profit (loss)\u00a0 per share ...............
253
(82)
177
in thousands
Weighted average number of ordinary shares for basic earnings per share ........................................
171,313
171,397
139,049
Effect of dilutive share-based compensation plans ...............................................................................
1,247
\u2014
640
Weighted average number of ordinary shares (excluding treasury shares) adjusted for the effect of
dilution (i) .................................................................................................................................................
172,560
171,397
139,690
(U.S. dollars)
Basic
Earnings (loss) per common share for profit (loss) from continuing operations attributable to
owners of the Company ..........................................................................................................................
1.49
(0.50)
0.46
Earnings (loss) per common share for profit (loss) from discontinued operations attributable to
owners of the Company .........................................................................................................................
(0.02)
0.02
0.81
Earnings (loss) per common share for profit (loss) for the period attributable to owners of the
Company .................................................................................................................................................
1.47
(0.48)
1.27
Diluted
Earnings (loss) per common share for profit (loss) from continuing operations attributable to
owners of the Company ..........................................................................................................................
1.48
(0.50)
0.46
Earnings (loss) per common share for profit (loss) from discontinued operations attributable to
owners of the Company ..........................................................................................................................
(0.02)
0.02
0.81
Earnings (loss) per common share for profit (loss) for the period attributable to owners of the
Company ..................................................................................................................................................
1.46
(0.48)
1.27
(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.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-679": { "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
2024
2023
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) ..............................................................................................................................
1,064
1,076
Total (US$ millions) ............................................................................................................................................
1,322
1,334
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\u00a0million 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\u00a0million to $258\u00a0million 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 1,2022 ......................................
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
0
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)
Share based compensation ..............................
\u2014
49
\u2014
\u2014
\u2014
49
Share based cancellation ..................................
(35)
(35)
Issuance of shares with respect to LTIPs ..........
\u2014
(50)
\u2014
\u2014
\u2014
(50)
Remeasurements of post-employment
benefit obligations ...........................................
\u2014
\u2014
\u2014
\u2014
1
1
Transfer to legal reserves ..................................
8
\u2014
\u2014
\u2014
\u2014
8
Cash flow hedge reserve movement ...............
\u2014
\u2014
(2)
\u2014
\u2014
(2)
Currency translation movement ......................
\u2014
\u2014
\u2014
(2)
\u2014
(2)
As of December 31, 2024 ...............................
26
24
(4)
(573)
(5)
(531)
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 2024, the AGM approved an allocation of the 2023 results to
the legal reserve for an amount of $7.6 million in 2023, the AGM approved an allocation to the legal reserve for an amount of
$1.9\u00a0million.
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
On November 29, 2024, Millicom'\u00a0 Board has approved an interim dividend of $1.00 per share (or its equivalent in SEK per SDR), i.e.
approximately $172\u00a0million paid on January 10, 2025. No dividend distributions were made in 2023 and 2022 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, 2024, $562 million
(December 31, 2023: $491 million; December 31, 2022: $472 million) of Millicom\u2019s retained profits represent statutory reserves that
are unavailable to be distributed to owners of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-680": { "value": "
C.1. Share capital, share premium and reserves
Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
deduction from the proceeds.
Where any Group company purchases the Company\u2019s share capital, the consideration paid, including any directly attributable
incremental costs, is shown under Treasury shares and deducted from equity attributable to the Company\u2019s equity holders until the
shares are canceled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of
any directly attributable incremental costs and the related income tax effects is included in equity attributable to the Company\u2019s
equity holders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-681": { "value": "
Share capital, share premium
2024
2023
Authorized and registered share capital (number of shares) .............................................................................
200,000,000
200,000,000
Subscribed and fully paid up share capital (number of shares) ..........................................................................
172,096,305
172,096,305
Par value per share ................................................................................................................................................
1.50
1.50
Share capital (US$ millions) ..................................................................................................................................
258
258
Share premium (US$ millions) ..............................................................................................................................
1,064
1,076
Total (US$ millions) ............................................................................................................................................
1,322
1,334
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\u00a0million 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\u00a0million to $258\u00a0million from $153\u00a0million. The
remaining $611\u00a0million had been allocated to the Group's share premium account.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-682": { "value": "
Other equity reserves
Legal reserve
Equity settled
transaction
reserve
Hedge
reserve
Currency
translation
reserve
Pension
obligation
reserve
Total
(US$ millions)
As of January 1,2022 ......................................
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
0
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)
Share based compensation ..............................
\u2014
49
\u2014
\u2014
\u2014
49
Share based cancellation ..................................
(35)
(35)
Issuance of shares with respect to LTIPs ..........
\u2014
(50)
\u2014
\u2014
\u2014
(50)
Remeasurements of post-employment
benefit obligations ...........................................
\u2014
\u2014
\u2014
\u2014
1
1
Transfer to legal reserves ..................................
8
\u2014
\u2014
\u2014
\u2014
8
Cash flow hedge reserve movement ...............
\u2014
\u2014
(2)
\u2014
\u2014
(2)
Currency translation movement ......................
\u2014
\u2014
\u2014
(2)
\u2014
(2)
As of December 31, 2024 ...............................
26
24
(4)
(573)
(5)
(531)
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 2024, the AGM approved an allocation of the 2023 results to
the legal reserve for an amount of $7.6 million in 2023, the AGM approved an allocation to the legal reserve for an amount of
$1.9\u00a0million.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-683": { "value": "
C.2. Dividend distributions
On November 29, 2024, Millicom'\u00a0 Board has approved an interim dividend of $1.00 per share (or its equivalent in SEK per SDR), i.e.
approximately $172\u00a0million paid on January 10, 2025. No dividend distributions were made in 2023 and 2022 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, 2024, $562 million
(December 31, 2023: $491 million; December 31, 2022: $472 million) of Millicom\u2019s retained profits represent statutory reserves that
are unavailable to be distributed to owners of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-685": { "value": "
C.3. Debt and financing
Debt and financing by type (i)
Note
2024
2023
(US$ millions)
Debt and financing due after more than one year
Bonds ...................................................................................................................................................
C.3.1.
4,418
4,638
Bank and Development Financial Institution .....................................................................................
C.3.2.
1,253
1,832
Other financing ..................................................................................................................................
38
Total non-current financing ............................................................................................................
5,671
6,508
Less: portion payable within one year ................................................................................................
(138)
(32)
Total non-current financing due after more than one year ........................................................
5,533
6,476
Debt and financing due within one year
Bonds ...................................................................................................................................................
C.3.1.
43
111
Bank and Development Financial Institution .....................................................................................
C.3.2.
68
59
Other financing (ii) ..............................................................................................................................
33
18
Total current debt and financing ....................................................................................................
144
188
Add: portion of non-current debt payable within one year ..............................................................
138
32
Total ....................................................................................................................................................
282
221
Total debt and financing ..................................................................................................................
5,815
6,697
(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 /$50 million bilateral facility with IIC (Inter-American Development Bank) for a USD indexed
to COP Note. The note bears interest at 9.450% p.a.. This COP Note is used as net investment hedge of the net assets of our operations in Colombia.
Debt and financing by location
2024
2023
(US$ millions)
Millicom International Cellular S.A. (Luxembourg) ............................................................................................................
2,401
2,388
Guatemala .......................................................................................................................................................................
1,233
1,463
Colombia .........................................................................................................................................................................
554
713
Paraguay .........................................................................................................................................................................
524
665
Bolivia ..............................................................................................................................................................................
153
246
Panama ...........................................................................................................................................................................
734
759
Costa Rica ........................................................................................................................................................................
146
142
El Salvador .......................................................................................................................................................................
71
174
Nicaragua ........................................................................................................................................................................
\u2014
148
Total debt and financing .............................................................................................................................................
5,815
6,697
Debt and financing are initially recognized at fair value, net of directly attributable transaction costs. They are subsequently
measured at amortized cost using the effective interest rate method. Amortized cost is calculated by taking into account any
discount or premium on acquisition and any fees or costs that are an integral part of the effective interest rate. Any difference
between the initial amount and the maturity amount is recognized in the consolidated statement of income over the period of the
borrowing.
C.3.1. Bond financing
Bond financing
Note
Country
Maturity
Interest Rate %
2024
2023
(US$ millions)
SEK Variable Rate Notes ............................
1
Luxembourg
2027
STIBOR (i) +3.000%
202
222
USD\u00a0 7.375% Senior Notes ........................
2
Luxembourg
2032
7.375%
445
\u2014
USD 4.500% Senior Notes .........................
3
Luxembourg
2031
4.500%
752
766
USD 6.625% Senior Notes .........................
4
Luxembourg
2026
6.625%
\u2014
147
USD 6.250% Senior Notes .........................
5
Luxembourg
2029
6.250%
613
671
USD5.125% Senior Notes ..........................
6
Luxembourg
2028
5.125%
358
446
USD 5.875% Senior Notes .........................
7
Paraguay
2027
5.875%
291
507
PYG 8.750% Notes .....................................
7
Paraguay
2024
8.750%
\u2014
16
PYG 9.250% Notes .....................................
7
Paraguay
2026
9.250%
6
7
PYG 10.000% Notes ..................................
7
Paraguay
2029
10.000%
8
9
PYG 9.250% Notes .....................................
7
Paraguay
2026
9.250%
1
1
PYG 10.000% Notes ..................................
7
Paraguay
2029
10.000%
3
3
PYG 9.250% Notes .....................................
7
Paraguay
2027
9.250%
2
2
PYG 10.000% Notes ..................................
7
Paraguay
2030
10.000%
3
3
PYG 6.000% Notes .....................................
7
Paraguay
2026
6.000%
13
13
PYG 6.700% Notes .....................................
7
Paraguay
2028
6.700%
18
20
PYG 7.500% Notes .....................................
7
Paraguay
2031
7.500%
20
22
PYG 7.800% Notes .....................................
7
Paraguay
2027
7.800%
13
\u2014
PYG\u00a0 8.170% Notes ....................................
7
Paraguay
2032
8.170%
47
\u2014
BOB 5.800% Notes ....................................
8
Bolivia
2026
5.800%
25
29
BOB 3.950% Notes ....................................
8
Bolivia
2024
3.950%
\u2014
7
BOB 4.600% Notes ....................................
8
Bolivia
2024
4.600%
\u2014
20
BOB 4.300% Notes ....................................
8
Bolivia
2029
4.300%
10
13
BOB 4.700% Notes ....................................
8
Bolivia
2024
4.700%
\u2014
10
BOB 5.300% Notes ....................................
8
Bolivia
2026
5.300%
4
6
BOB 5.000% Notes ....................................
8
Bolivia
2026
5.000%
36
42
BOB 6.000% Notes ....................................
8
Bolivia
2028
6.000%
54
57
UNE Bond 3 (tranche A) ............................
9
Colombia
2024
9.350%
\u2014
42
UNE Bond 3 (tranche\u00a0 B) ...........................
9
Colombia
2026
CPI (ii) +4.150%
58
66
UNE Bond 3 (tranche C) ............................
9
Colombia
2036
CPI (ii) +4.890%
29
33
UNE Bond 6.600% .....................................
9
Colombia
2030
6.600%
34
39
UNE Bond 4 (tranche A) ............................
9
Colombia
2028
5.560%
26
30
UNE Bond 4 (tranche B) ............................
9
Colombia
2031
CPI (ii) +2.610%
64
74
UNE Bond 4 (tranche C) ............................
9
Colombia
2036
CPI (ii) +3.180%
19
22
UNE Bond 7 (tranche B) ............................
9
Colombia
2026
CPI (ii) +8.100%
2
3
UNE Bond 7 (tranche C) ............................
9
Colombia
2027
CPI (ii) +8.250%
3
4
UNE Bond 8 (tranche A) ............................
9
Colombia
2027
17.000%
13
\u2014
USD 4.500% Senior Notes .........................
10
Panama
2030
4.500%
549
575
USD 5.125% Senior Notes .........................
11
Guatemala
2032
5.125%
737
823
Total bond financing ..............................
4,461
4,750
(i)STIBOR \u2013 Swedish Interbank Offered Rate.
(ii)CPI - Colombian Consumer Price Index
Luxembourg
(1)SEK Notes
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) (2032)\u00a0 USD 7.375% Senior Notes
On April 2, 2024, MIC SA completed the issuance of its 7.375% $450\u00a0million Senior Notes due 2032 (the \u201cNotes\u201d). Millicom used a
portion of the net proceeds from the issuance of the Notes to repay in full certain bank loans with DNB for $200\u00a0million, and use the
remaining net proceeds for the repayment, redemption, retirement or repurchase of existing indebtedness of Millicom and its
subsidiaries and for other general corporate purposes.
(3)\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. 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). 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. During the year ended December 31, 2024, Millicom repurchased and
cancelled some of the 2031 USD 4.5%, on the open market for a total nominal amount of approximately $17\u00a0million,. The repurchase
price discount of approximately $3\u00a0million towards the carrying values has been recognized as financial income.
(4)(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 bore interest
at 6.625% p.a., payable semiannually in arrears on each interest payment date. 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 was approximately
$180\u00a0million.On October 28, 2024, Millicom redeemed all of its 2026 USD 6.625% Senior Notes at PAR for a total nominal amount of
approximately $148\u00a0million.
(5)(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. 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.
During the year ended December 31, 2024, Millicom repurchased and cancelled some of the 2029 USD 6.250%\u00a0 for\u00a0 $59\u00a0million. The
repurchase price discount of approximately $1\u00a0million towards the carrying values has been recognized as financial income.
(6)(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.
During the year ended December 31, 2024, Millicom repurchased and cancelled some of the 2028 USD 5.125% Senior Notes on the
open market for a total nominal amount of approximately $90\u00a0million. The repurchase price discount of approximately $4\u00a0million
towards the carrying values has been recognized as financial income.
Paraguay
(7)(2027) USD 5.875% Senior Notes and (2024-2032) 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 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 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. 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.\u00a0 Effective as of this date, this entiy\u00a0 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..
During the year ended December 31, 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. repurchased and cancelled some of its 2027 USD
5.875% Senior Notes for a total nominal amount of approximately $63\u00a0million. The repurchase price discount of approximately
$1\u00a0million with the carrying value has been recognized as a financial income. Additionally, on September 23, 2024,\u00a0 Telef\u00f3nica
Celular del Paraguay, S.A.E. redeemed $150\u00a0million of its 2027 USD 5.875% Senior Notes at PAR.
Between June 2019 and February 2020, Telecel registered and completed the issuance of a bond program for PYG 300,000\u00a0million
(approximately $38\u00a0million using December 31, 2024 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 $51\u00a0million
using December 31, 2024 exchange rate) in three series with fixed interest rates between 6% to 7.5% and a repayment period from 5
to 10 years. In June 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. repaid the outstanding 2024 PYG 8.750% Notes (tranche A)
(approximately $15\u00a0million equivalent in local currency).
On July 11, 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. issued local bonds for a total amount of PYG 370,000\u00a0million (approximately
$47\u00a0million using December 31, 2024 exchange rate) with a maturity of 8 years and at an interest rate of 8.17%. In December 2024,
Telef\u00f3nica Celular del Paraguay, S.A.E. issued a 7.8% local bond for an amount of PYG 103\u00a0billion (approximately $13\u00a0million) which is
due in December 2027.These issuances are part of the local currency Debt Program registered in 2021 for a total amount equivalent
to $150\u00a0million.
Bolivia
(8)BOB Notes
In August 2016, Telef\u00f3nica Celular de Bolivia S.A. issued a bond for a total amount of BOB 522 million consisting of two tranches
(approximately $50 million and $25 million, respectively). Tranche A\u00a0 matured in June 2024 and bore a fixed interest of 3.950%.
Trance B bears fixed interest of 4.300%, and will mature in June 2029,. This bond is listed on the Bolivia Stock Exchange. In June 2024,
Tigo Bolivia repaid the outstanding 2024 BOB 3.950% Notes (approximately $9\u00a0million equivalent in local currency).
In October 2017, Telef\u00f3nica Celular de Bolivia S.A placed approximately $80 million of local currency bonds in three tranches (BOB
4.700%, BOB 4.600% and BOB 5.300%. One matured in 2022, other in 2024 and the last one with an outstanding amount of around
$4m equivalent in local currency and 5.300% rate will mature in 2026. This bond is listed on the Bolivia Stock Exchange.
In July 2019 Telef\u00f3nica Celular de Bolivia S.A issued two bonds, one still listed on the Bolivia Stock Exchange for\u00a0 BOB 420 million
(approximately $61 million) with a 5.000% coupon maturing on August 2026 with semiannual interest payments The other bond\u00a0 for
BOB 280 million matured in August 2024.
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 396.5\u00a0million (approximately $57\u00a0million using
December 31, 2024 exchange rate) which is due in July 2028 to refinance some debt repayments, finance capex and general
corporate purposes.
Colombia
(9)UNE Bonds
In May 2016, UNE issued a COP540 billion bond (approximately $122\u00a0million using December 31, 2024 exchange rate) consisting of
three tranches. Interest rates are either fixed or variable depending on the tranche. Tranche A bore fixed interest at 9.350%, and was
repaid in May 2024. Tranche B and C\u00a0 (for approximately $58 million and $29 million, respectively using December 31, 2024
exchange rate) bear variable interest, based on CPI, (respective margins of CPI + 4.150% and CPI + 4.890%),Tranches B and C will
mature in May 2026 and May 2036, respectively.
In March 2020, UNE\u00a0 issued local bonds for an amount of COP 150\u00a0billion (approximately $34\u00a0million using December 31, 2024
exchange rate)) 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 $110\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.
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.).
On April 25, 2024, UNE issued a COP 160\u00a0billion (approximately $36\u00a0million using December 31, 2024 exchange rate) bond consisting
of one tranche with a three years maturity. Interest rate is fixed at 17% and payable in Colombian peso. This bond refinanced the
Tranche A (for COP 160\u00a0billion) of the bond issued in May 2016, repaid in May 2024.
Panama
(10) (2030) USD 4.500%\u00a0 Bonds
In November 2019, Cable Onda (now \"Telecomunicaciones Digitales, S.A.\")\u00a0 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, \"Telecomunicaciones Digitales, S.A.\" 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. During the year ended December 31, 2024, \"Telecomunicaciones Digitales,
S.A.\" repurchased and cancelled some of the 2030 USD 4.500% Senior Notes on the open market for a total amount of approximately
$27\u00a0million. The repurchase price discount of approximately $3\u00a0million with the carrying value has been recognized as a financial
income.
Guatemala
(11)(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 back in November 2021.
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. During the year ended December 31, 2024, Comcel repurchased and cancelled some of the 2032
USD 5.125% Comcel Senior Notes on the open market for a total nominal amount of approximately $88\u00a0million. the repurchase price
discount of approximately $9\u00a0million towards the carrying value has been recognized as financial income.
C.3.2. Bank and Development Financial Institution financing
Note
Country
Maturity range
Interest rate
2024
2023
(US$ millions)
Fixed rate loans
PYG Long-term loans .......................................
1
Paraguay
2025-2029
Fixed
98
63
USD - Long-term loans .....................................
2
Panama
2025-2026
Fixed
185
185
BOB Long-term loans .......................................
3
Bolivia
2025-2028
Fixed
23
62
GTQ Long-term loans .......................................
8
Guatemala
2026-2028
Fixed
444
640
Variable rate loans
USD Long-term loans .......................................
4
Costa Rica
2026
Variable
32
32
CRC Long-term loans .......................................
4
Costa Rica
2026
Variable
113
110
COP Long-term loans .......................................
5
Colombia
2025-2031
Variable
306
331
USD Long-term loans .......................................
5
Colombia
2024
Variable
\u2014
50
GTQ Long-term loans .......................................
8
Guatemala
2030
Variable
52
\u2014
USD Credit Facility / Senior Unsecured Term
Loan Facility ......................................................
6
El Salvador
2026-2027
Variable
71
174
USD Long-term loans .......................................
6
Nicaragua
2027
Variable
\u2014
148
USD Revolving Credit Facility (i) ......................
7
Luxembourg
2027
Variable
(3)
(2)
USD DNB Bilateral .............................................
7
Luxembourg
2026
Variable
\u2014
100
Total Bank and Development Financial
Institution financing ......................................
1,321
1,891
(i)\u00a0 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 transaction.
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 at the date of the transaction) 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 at the date of the transaction).
The loan has a maturity of 7 years.
In December 2021, Telecel entered into a new fix loan of PYG 50,000\u00a0million (approximately $7\u00a0million) with GNB to refinance an
outstanding bank loan with Banco Ita\u00fa. This was repaid in November 2024.
On September 3, 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. executed a PYG 150\u00a0billion (approximately $20\u00a0million) loan with
Banco GNB Paraguay, S.A.E.C.A. The loan has a maturity of 5 years.
On October 15, 2024, as part of the USD debt restructuring plan, a Millicom subsidiary in Paraguay entered into a new loan of PYG
310,000\u00a0million (approximately $40\u00a0million) with Banco Ita\u00fa. This loan bears fixed interest and will mature in 2029.
2. Panama
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, Tigo Bolivia 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 were guaranteed by stand-by
letters of credit\u00a0 issued by Banco Latinoamericano de Comercio Exterior - Bladex S.A.. These $20m equivalent in local currency were
repaid in March 2024.
4. Costa Rica
On October 25, 2021, Millicom Cable Costa Rica S.A. executed a 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 at the date of the transaction.
5. Colombia
COP
On December 14, 2021, UNE EPM Telecomunicaciones S.A. entered into an ESG Linked agreement with Bancolombia for a COP
450,000\u00a0million (approximately $102\u00a0million at the December 31, 2024 exchange rate) loan with a variable rate\u00a0 and a maturity of 7
years.
On February 20, 2024, UNE EPM Telecomunicaciones S.A. (\"UNE\") executed a COP 85\u00a0billion (approximately $21\u00a0million) working\u00a0
capital loan with Banco Colombia. The loan has a maturity of 1 year.
On April 25, 2024, UNE issued a COP 160\u00a0billion (approximately $40\u00a0million) bond consisting of one tranche with a three years
maturity. Interest rate is fixed at 17% and payable in Colombian peso. This bond refinanced the Tranche A (for COP 160\u00a0billion) of the
bond issued in May 2016, repaid in May 2024.
USD
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 and lower the applicable margin. 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 March 26, 2021, $150\u00a0million
were paid.; on January 21, 2022, an additional $100\u00a0million were paid (and consequently on January 19, 2022, the respective cross
currency swaps with Bancolombia and JP Morgan for $25\u00a0million, each, were terminated,\u00a0 resulting in a gain and cash settlement of
$26\u00a0million (see note D.1.2.). On December 20, 2024, the remaining $50\u00a0million outstanding (covered by cross currency and interest
rate swaps) were repaid These resulted in a gain and cash collection of $9\u00a0million (see note D.1.2.).
6. El Salvador and Nicaragua
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. 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. On October 16, 2024, a Millicom subsidiary
in Nicaragua prepaid the outstanding principal amount of approximately $143\u00a0million of the Credit and Guaranty Agreement with
Bank of Nova Scotia, originally due in 2027.
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. As per amendment No. 2 dated August 22, 2024, the maturity of $565\u00a0million of the available $600\u00a0million\u00a0
revolving credit facility maturity has been extended by 2 years, now due on October 15, 2027.
As commented in note C.3.1., Millicom used a portion of the net proceeds from the issuance of the 2032 Notes to repay in full certain
bank loans with DNB.
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..).
During the months of April, May and June 2024, Comcel repaid up to $100\u00a0million equivalent in local currency from different bank
facilities to address maturities and interest charges. In September 2024, Comcel partially repaid up to $52\u00a0million of loan facilities
equivalent in local currency.
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.\u00a0
2024
2023
(US$ millions)
Gross debt (i) ...................................................................................................................................................................
5,815
6,678
Add (less) derivatives & vendor financing related to debt (note D.1.2.) .......................................................................
59
58
Less:
Cash and cash equivalents .............................................................................................................................................
(699)
(775)
Pledged deposits ............................................................................................................................................................
\u2014
(6)
Net debt .........................................................................................................................................................................
5,174
5,956
(i) Excluding vendor financing of $18\u00a0million as of December 31, 2023.
Net financing obligations
'Net financing obligations' is Net debt plus lease liabilities.
Assets
Liabilities from financing and other activities
Cash and cash
equivalents
Other
Bond and bank
debt and financing
Derivatives
and Vendor
Financing
Lease
liabilities
Total
Net financial obligations as at January
1,2023 .............................................................
1,039
\u2014
6,804
34
1,016
6,814
Cash flows .......................................................
(270)
5
(288)
14
(177)
(185)
Recognition / Remeasurement ......................
\u2014
\u2014
\u2014
\u2014
142
142
Interest accretion ............................................
\u2014
\u2014
(1)
\u2014
\u2014
(1)
Foreign exchange movements ......................
6
\u2014
163
10
61
229
Net financial obligations as at December
31, 2023 ..........................................................
775
6
6,678
58
1,043
6,999
Cash flows .......................................................
(68)
(5)
(745)
9
(204)
(867)
Recognition / Remeasurement ......................
\u2014
\u2014
\u2014
\u2014
269
269
Interest accretion ............................................
\u2014
\u2014
(6)
\u2014
\u2014
(6)
Foreign exchange movements ......................
(8)
\u2014
(109)
(13)
(51)
(166)
Transfer to/from held for sale (see note E.4) ..
\u2014
\u2014
\u2014
\u2014
(102)
(102)
Other non-cash movements ..........................
\u2014
\u2014
(4)
5
\u2014
1
Net financial obligations as at December
31, 2024 ..........................................................
699
\u2014
5,815
59
954
6,128
D.1.1. Fixed and floating rate debt
Financing at December 31, 2024\u00a0
Amounts due within:
1 year
1\u20132 years
2\u20133 years
3\u20134 years
4\u20135 years
>5 years
Total
(US$ millions)
Fixed rate financing ...............
206
244
410
781
639
2,587
4,867
Floating rate financing ..........
75
213
286
124
44
206
948
Total ......................................
281
457
696
905
683
2,793
5,815
Weighted average nominal
interest rate ...........................
6.67%
6.99%
7.47%
6.39%
6.72%
5.56%
6.22%
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
A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2024
would increase or reduce profit before tax from continuing operations for the year by approximately $9 million ( 2023: $14 million).
D.2.1. Debt denominated in US dollars and other currencies
Debt denomination at December 31
2024
2023
(US$ millions)
Debt denominated in US dollars ................................................................................................................................
3,429
3,859
Debt denominated in currencies of the following countries:
Guatemala .......................................................................................................................................................................
496
640
Colombia .........................................................................................................................................................................
554
694
Bolivia ..............................................................................................................................................................................
153
246
Paraguay .........................................................................................................................................................................
233
158
El Salvador(i) ...................................................................................................................................................................
71
174
Panama(i) ........................................................................................................................................................................
734
759
Luxembourg (COP denominated) .................................................................................................................................
33
38
Costa Rica ........................................................................................................................................................................
113
110
Total debt denominated in other currencies ............................................................................................................
2,386
2,819
Total debt (ii) .................................................................................................................................................................
5,815
6,678
(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, 2024, 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 hav e increased/decreased by $8
million (2023: $25 million). This increase/decrease in profit before tax would have mainly been as a result of the conversion of the
USD-denominated net debts in our operations with functional currencies other than the US dollar.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-684": { "value": "
C.3. Debt and financing
Debt and financing by type (i)
Note
2024
2023
(US$ millions)
Debt and financing due after more than one year
Bonds ...................................................................................................................................................
C.3.1.
4,418
4,638
Bank and Development Financial Institution .....................................................................................
C.3.2.
1,253
1,832
Other financing ..................................................................................................................................
38
Total non-current financing ............................................................................................................
5,671
6,508
Less: portion payable within one year ................................................................................................
(138)
(32)
Total non-current financing due after more than one year ........................................................
5,533
6,476
Debt and financing due within one year
Bonds ...................................................................................................................................................
C.3.1.
43
111
Bank and Development Financial Institution .....................................................................................
C.3.2.
68
59
Other financing (ii) ..............................................................................................................................
33
18
Total current debt and financing ....................................................................................................
144
188
Add: portion of non-current debt payable within one year ..............................................................
138
32
Total ....................................................................................................................................................
282
221
Total debt and financing ..................................................................................................................
5,815
6,697
(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 /$50 million bilateral facility with IIC (Inter-American Development Bank) for a USD indexed
to COP Note. The note bears interest at 9.450% p.a.. This COP Note is used as net investment hedge of the net assets of our operations in Colombia.
Debt and financing by location
2024
2023
(US$ millions)
Millicom International Cellular S.A. (Luxembourg) ............................................................................................................
2,401
2,388
Guatemala .......................................................................................................................................................................
1,233
1,463
Colombia .........................................................................................................................................................................
554
713
Paraguay .........................................................................................................................................................................
524
665
Bolivia ..............................................................................................................................................................................
153
246
Panama ...........................................................................................................................................................................
734
759
Costa Rica ........................................................................................................................................................................
146
142
El Salvador .......................................................................................................................................................................
71
174
Nicaragua ........................................................................................................................................................................
\u2014
148
Total debt and financing .............................................................................................................................................
5,815
6,697
Debt and financing are initially recognized at fair value, net of directly attributable transaction costs. They are subsequently
measured at amortized cost using the effective interest rate method. Amortized cost is calculated by taking into account any
discount or premium on acquisition and any fees or costs that are an integral part of the effective interest rate. Any difference
between the initial amount and the maturity amount is recognized in the consolidated statement of income over the period of the
borrowing.
C.3.1. Bond financing
Bond financing
Note
Country
Maturity
Interest Rate %
2024
2023
(US$ millions)
SEK Variable Rate Notes ............................
1
Luxembourg
2027
STIBOR (i) +3.000%
202
222
USD\u00a0 7.375% Senior Notes ........................
2
Luxembourg
2032
7.375%
445
\u2014
USD 4.500% Senior Notes .........................
3
Luxembourg
2031
4.500%
752
766
USD 6.625% Senior Notes .........................
4
Luxembourg
2026
6.625%
\u2014
147
USD 6.250% Senior Notes .........................
5
Luxembourg
2029
6.250%
613
671
USD5.125% Senior Notes ..........................
6
Luxembourg
2028
5.125%
358
446
USD 5.875% Senior Notes .........................
7
Paraguay
2027
5.875%
291
507
PYG 8.750% Notes .....................................
7
Paraguay
2024
8.750%
\u2014
16
PYG 9.250% Notes .....................................
7
Paraguay
2026
9.250%
6
7
PYG 10.000% Notes ..................................
7
Paraguay
2029
10.000%
8
9
PYG 9.250% Notes .....................................
7
Paraguay
2026
9.250%
1
1
PYG 10.000% Notes ..................................
7
Paraguay
2029
10.000%
3
3
PYG 9.250% Notes .....................................
7
Paraguay
2027
9.250%
2
2
PYG 10.000% Notes ..................................
7
Paraguay
2030
10.000%
3
3
PYG 6.000% Notes .....................................
7
Paraguay
2026
6.000%
13
13
PYG 6.700% Notes .....................................
7
Paraguay
2028
6.700%
18
20
PYG 7.500% Notes .....................................
7
Paraguay
2031
7.500%
20
22
PYG 7.800% Notes .....................................
7
Paraguay
2027
7.800%
13
\u2014
PYG\u00a0 8.170% Notes ....................................
7
Paraguay
2032
8.170%
47
\u2014
BOB 5.800% Notes ....................................
8
Bolivia
2026
5.800%
25
29
BOB 3.950% Notes ....................................
8
Bolivia
2024
3.950%
\u2014
7
BOB 4.600% Notes ....................................
8
Bolivia
2024
4.600%
\u2014
20
BOB 4.300% Notes ....................................
8
Bolivia
2029
4.300%
10
13
BOB 4.700% Notes ....................................
8
Bolivia
2024
4.700%
\u2014
10
BOB 5.300% Notes ....................................
8
Bolivia
2026
5.300%
4
6
BOB 5.000% Notes ....................................
8
Bolivia
2026
5.000%
36
42
BOB 6.000% Notes ....................................
8
Bolivia
2028
6.000%
54
57
UNE Bond 3 (tranche A) ............................
9
Colombia
2024
9.350%
\u2014
42
UNE Bond 3 (tranche\u00a0 B) ...........................
9
Colombia
2026
CPI (ii) +4.150%
58
66
UNE Bond 3 (tranche C) ............................
9
Colombia
2036
CPI (ii) +4.890%
29
33
UNE Bond 6.600% .....................................
9
Colombia
2030
6.600%
34
39
UNE Bond 4 (tranche A) ............................
9
Colombia
2028
5.560%
26
30
UNE Bond 4 (tranche B) ............................
9
Colombia
2031
CPI (ii) +2.610%
64
74
UNE Bond 4 (tranche C) ............................
9
Colombia
2036
CPI (ii) +3.180%
19
22
UNE Bond 7 (tranche B) ............................
9
Colombia
2026
CPI (ii) +8.100%
2
3
UNE Bond 7 (tranche C) ............................
9
Colombia
2027
CPI (ii) +8.250%
3
4
UNE Bond 8 (tranche A) ............................
9
Colombia
2027
17.000%
13
\u2014
USD 4.500% Senior Notes .........................
10
Panama
2030
4.500%
549
575
USD 5.125% Senior Notes .........................
11
Guatemala
2032
5.125%
737
823
Total bond financing ..............................
4,461
4,750
(i)STIBOR \u2013 Swedish Interbank Offered Rate.
(ii)CPI - Colombian Consumer Price Index
Luxembourg
(1)SEK Notes
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) (2032)\u00a0 USD 7.375% Senior Notes
On April 2, 2024, MIC SA completed the issuance of its 7.375% $450\u00a0million Senior Notes due 2032 (the \u201cNotes\u201d). Millicom used a
portion of the net proceeds from the issuance of the Notes to repay in full certain bank loans with DNB for $200\u00a0million, and use the
remaining net proceeds for the repayment, redemption, retirement or repurchase of existing indebtedness of Millicom and its
subsidiaries and for other general corporate purposes.
(3)\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. 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). 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. During the year ended December 31, 2024, Millicom repurchased and
cancelled some of the 2031 USD 4.5%, on the open market for a total nominal amount of approximately $17\u00a0million,. The repurchase
price discount of approximately $3\u00a0million towards the carrying values has been recognized as financial income.
(4)(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 bore interest
at 6.625% p.a., payable semiannually in arrears on each interest payment date. 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 was approximately
$180\u00a0million.On October 28, 2024, Millicom redeemed all of its 2026 USD 6.625% Senior Notes at PAR for a total nominal amount of
approximately $148\u00a0million.
(5)(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. 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.
During the year ended December 31, 2024, Millicom repurchased and cancelled some of the 2029 USD 6.250%\u00a0 for\u00a0 $59\u00a0million. The
repurchase price discount of approximately $1\u00a0million towards the carrying values has been recognized as financial income.
(6)(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.
During the year ended December 31, 2024, Millicom repurchased and cancelled some of the 2028 USD 5.125% Senior Notes on the
open market for a total nominal amount of approximately $90\u00a0million. The repurchase price discount of approximately $4\u00a0million
towards the carrying values has been recognized as financial income.
Paraguay
(7)(2027) USD 5.875% Senior Notes and (2024-2032) 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 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 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. 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.\u00a0 Effective as of this date, this entiy\u00a0 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..
During the year ended December 31, 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. repurchased and cancelled some of its 2027 USD
5.875% Senior Notes for a total nominal amount of approximately $63\u00a0million. The repurchase price discount of approximately
$1\u00a0million with the carrying value has been recognized as a financial income. Additionally, on September 23, 2024,\u00a0 Telef\u00f3nica
Celular del Paraguay, S.A.E. redeemed $150\u00a0million of its 2027 USD 5.875% Senior Notes at PAR.
Between June 2019 and February 2020, Telecel registered and completed the issuance of a bond program for PYG 300,000\u00a0million
(approximately $38\u00a0million using December 31, 2024 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 $51\u00a0million
using December 31, 2024 exchange rate) in three series with fixed interest rates between 6% to 7.5% and a repayment period from 5
to 10 years. In June 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. repaid the outstanding 2024 PYG 8.750% Notes (tranche A)
(approximately $15\u00a0million equivalent in local currency).
On July 11, 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. issued local bonds for a total amount of PYG 370,000\u00a0million (approximately
$47\u00a0million using December 31, 2024 exchange rate) with a maturity of 8 years and at an interest rate of 8.17%. In December 2024,
Telef\u00f3nica Celular del Paraguay, S.A.E. issued a 7.8% local bond for an amount of PYG 103\u00a0billion (approximately $13\u00a0million) which is
due in December 2027.These issuances are part of the local currency Debt Program registered in 2021 for a total amount equivalent
to $150\u00a0million.
Bolivia
(8)BOB Notes
In August 2016, Telef\u00f3nica Celular de Bolivia S.A. issued a bond for a total amount of BOB 522 million consisting of two tranches
(approximately $50 million and $25 million, respectively). Tranche A\u00a0 matured in June 2024 and bore a fixed interest of 3.950%.
Trance B bears fixed interest of 4.300%, and will mature in June 2029,. This bond is listed on the Bolivia Stock Exchange. In June 2024,
Tigo Bolivia repaid the outstanding 2024 BOB 3.950% Notes (approximately $9\u00a0million equivalent in local currency).
In October 2017, Telef\u00f3nica Celular de Bolivia S.A placed approximately $80 million of local currency bonds in three tranches (BOB
4.700%, BOB 4.600% and BOB 5.300%. One matured in 2022, other in 2024 and the last one with an outstanding amount of around
$4m equivalent in local currency and 5.300% rate will mature in 2026. This bond is listed on the Bolivia Stock Exchange.
In July 2019 Telef\u00f3nica Celular de Bolivia S.A issued two bonds, one still listed on the Bolivia Stock Exchange for\u00a0 BOB 420 million
(approximately $61 million) with a 5.000% coupon maturing on August 2026 with semiannual interest payments The other bond\u00a0 for
BOB 280 million matured in August 2024.
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 396.5\u00a0million (approximately $57\u00a0million using
December 31, 2024 exchange rate) which is due in July 2028 to refinance some debt repayments, finance capex and general
corporate purposes.
Colombia
(9)UNE Bonds
In May 2016, UNE issued a COP540 billion bond (approximately $122\u00a0million using December 31, 2024 exchange rate) consisting of
three tranches. Interest rates are either fixed or variable depending on the tranche. Tranche A bore fixed interest at 9.350%, and was
repaid in May 2024. Tranche B and C\u00a0 (for approximately $58 million and $29 million, respectively using December 31, 2024
exchange rate) bear variable interest, based on CPI, (respective margins of CPI + 4.150% and CPI + 4.890%),Tranches B and C will
mature in May 2026 and May 2036, respectively.
In March 2020, UNE\u00a0 issued local bonds for an amount of COP 150\u00a0billion (approximately $34\u00a0million using December 31, 2024
exchange rate)) 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 $110\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.
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.).
On April 25, 2024, UNE issued a COP 160\u00a0billion (approximately $36\u00a0million using December 31, 2024 exchange rate) bond consisting
of one tranche with a three years maturity. Interest rate is fixed at 17% and payable in Colombian peso. This bond refinanced the
Tranche A (for COP 160\u00a0billion) of the bond issued in May 2016, repaid in May 2024.
Panama
(10) (2030) USD 4.500%\u00a0 Bonds
In November 2019, Cable Onda (now \"Telecomunicaciones Digitales, S.A.\")\u00a0 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, \"Telecomunicaciones Digitales, S.A.\" 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. During the year ended December 31, 2024, \"Telecomunicaciones Digitales,
S.A.\" repurchased and cancelled some of the 2030 USD 4.500% Senior Notes on the open market for a total amount of approximately
$27\u00a0million. The repurchase price discount of approximately $3\u00a0million with the carrying value has been recognized as a financial
income.
Guatemala
(11)(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 back in November 2021.
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. During the year ended December 31, 2024, Comcel repurchased and cancelled some of the 2032
USD 5.125% Comcel Senior Notes on the open market for a total nominal amount of approximately $88\u00a0million. the repurchase price
discount of approximately $9\u00a0million towards the carrying value has been recognized as financial income.
C.3.2. Bank and Development Financial Institution financing
Note
Country
Maturity range
Interest rate
2024
2023
(US$ millions)
Fixed rate loans
PYG Long-term loans .......................................
1
Paraguay
2025-2029
Fixed
98
63
USD - Long-term loans .....................................
2
Panama
2025-2026
Fixed
185
185
BOB Long-term loans .......................................
3
Bolivia
2025-2028
Fixed
23
62
GTQ Long-term loans .......................................
8
Guatemala
2026-2028
Fixed
444
640
Variable rate loans
USD Long-term loans .......................................
4
Costa Rica
2026
Variable
32
32
CRC Long-term loans .......................................
4
Costa Rica
2026
Variable
113
110
COP Long-term loans .......................................
5
Colombia
2025-2031
Variable
306
331
USD Long-term loans .......................................
5
Colombia
2024
Variable
\u2014
50
GTQ Long-term loans .......................................
8
Guatemala
2030
Variable
52
\u2014
USD Credit Facility / Senior Unsecured Term
Loan Facility ......................................................
6
El Salvador
2026-2027
Variable
71
174
USD Long-term loans .......................................
6
Nicaragua
2027
Variable
\u2014
148
USD Revolving Credit Facility (i) ......................
7
Luxembourg
2027
Variable
(3)
(2)
USD DNB Bilateral .............................................
7
Luxembourg
2026
Variable
\u2014
100
Total Bank and Development Financial
Institution financing ......................................
1,321
1,891
(i)\u00a0 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 transaction.
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 at the date of the transaction) 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 at the date of the transaction).
The loan has a maturity of 7 years.
In December 2021, Telecel entered into a new fix loan of PYG 50,000\u00a0million (approximately $7\u00a0million) with GNB to refinance an
outstanding bank loan with Banco Ita\u00fa. This was repaid in November 2024.
On September 3, 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. executed a PYG 150\u00a0billion (approximately $20\u00a0million) loan with
Banco GNB Paraguay, S.A.E.C.A. The loan has a maturity of 5 years.
On October 15, 2024, as part of the USD debt restructuring plan, a Millicom subsidiary in Paraguay entered into a new loan of PYG
310,000\u00a0million (approximately $40\u00a0million) with Banco Ita\u00fa. This loan bears fixed interest and will mature in 2029.
2. Panama
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, Tigo Bolivia 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 were guaranteed by stand-by
letters of credit\u00a0 issued by Banco Latinoamericano de Comercio Exterior - Bladex S.A.. These $20m equivalent in local currency were
repaid in March 2024.
4. Costa Rica
On October 25, 2021, Millicom Cable Costa Rica S.A. executed a 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 at the date of the transaction.
5. Colombia
COP
On December 14, 2021, UNE EPM Telecomunicaciones S.A. entered into an ESG Linked agreement with Bancolombia for a COP
450,000\u00a0million (approximately $102\u00a0million at the December 31, 2024 exchange rate) loan with a variable rate\u00a0 and a maturity of 7
years.
On February 20, 2024, UNE EPM Telecomunicaciones S.A. (\"UNE\") executed a COP 85\u00a0billion (approximately $21\u00a0million) working\u00a0
capital loan with Banco Colombia. The loan has a maturity of 1 year.
On April 25, 2024, UNE issued a COP 160\u00a0billion (approximately $40\u00a0million) bond consisting of one tranche with a three years
maturity. Interest rate is fixed at 17% and payable in Colombian peso. This bond refinanced the Tranche A (for COP 160\u00a0billion) of the
bond issued in May 2016, repaid in May 2024.
USD
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 and lower the applicable margin. 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 March 26, 2021, $150\u00a0million
were paid.; on January 21, 2022, an additional $100\u00a0million were paid (and consequently on January 19, 2022, the respective cross
currency swaps with Bancolombia and JP Morgan for $25\u00a0million, each, were terminated,\u00a0 resulting in a gain and cash settlement of
$26\u00a0million (see note D.1.2.). On December 20, 2024, the remaining $50\u00a0million outstanding (covered by cross currency and interest
rate swaps) were repaid These resulted in a gain and cash collection of $9\u00a0million (see note D.1.2.).
6. El Salvador and Nicaragua
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. 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. On October 16, 2024, a Millicom subsidiary
in Nicaragua prepaid the outstanding principal amount of approximately $143\u00a0million of the Credit and Guaranty Agreement with
Bank of Nova Scotia, originally due in 2027.
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. As per amendment No. 2 dated August 22, 2024, the maturity of $565\u00a0million of the available $600\u00a0million\u00a0
revolving credit facility maturity has been extended by 2 years, now due on October 15, 2027.
As commented in note C.3.1., Millicom used a portion of the net proceeds from the issuance of the 2032 Notes to repay in full certain
bank loans with DNB.
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..).
During the months of April, May and June 2024, Comcel repaid up to $100\u00a0million equivalent in local currency from different bank
facilities to address maturities and interest charges. In September 2024, Comcel partially repaid up to $52\u00a0million of loan facilities
equivalent in local currency.
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:
2024
2023
2022
(US$ millions)
Interest expense on bonds and bank financing ................................................................................
(449)
(477)
(434)
Interest expense on leases ..................................................................................................................
(122)
(117)
(124)
Early redemption charges ...................................................................................................................
\u2014
(1)
\u2014
Others ..................................................................................................................................................
(146)
(117)
(59)
Total interest and other financial expenses ......................................................................................
(716)
(712)
(617)
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,
2024
As at December 31,
2023
As at December 31,
2024
As at December 31,
2023
Outstanding and Maximum exposure
Outstanding and Maximum exposure
0-1\u00a0year ................................................
12
15
\u2014
1
1-3\u00a0years ..............................................
220
322
\u2014
\u2014
3-5\u00a0years ..............................................
\u2014
169
\u2014
\u2014
Total ....................................................
232
505
\u2014
1
(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, 2024, 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 $232 million (December 31, 2023: $505 million). At December 31, 2024 there were no
pledged deposits (2023: $6 million) by the Group over these debts and financings. The remainder represented primarily guarantees
issued by Millicom S.A. to guarantee financings raised by other Group operating entities.
C.3.5. Covenants
Millicom\u2019s financing facilities are subject to a number of covenants including net leverage ratio, debt service coverage ratios, or debt
to earnings ratios, among others. In addition, certain of its financings contain restrictions on sale of businesses or significant assets
within the businesses. At December 31, 2024, there were no breaches of financial covenants and we do not anticipate any such
breaches in the next twelve months after the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-687": { "value": "
C.3.1. Bond financing
Bond financing
Note
Country
Maturity
Interest Rate %
2024
2023
(US$ millions)
SEK Variable Rate Notes ............................
1
Luxembourg
2027
STIBOR (i) +3.000%
202
222
USD\u00a0 7.375% Senior Notes ........................
2
Luxembourg
2032
7.375%
445
\u2014
USD 4.500% Senior Notes .........................
3
Luxembourg
2031
4.500%
752
766
USD 6.625% Senior Notes .........................
4
Luxembourg
2026
6.625%
\u2014
147
USD 6.250% Senior Notes .........................
5
Luxembourg
2029
6.250%
613
671
USD5.125% Senior Notes ..........................
6
Luxembourg
2028
5.125%
358
446
USD 5.875% Senior Notes .........................
7
Paraguay
2027
5.875%
291
507
PYG 8.750% Notes .....................................
7
Paraguay
2024
8.750%
\u2014
16
PYG 9.250% Notes .....................................
7
Paraguay
2026
9.250%
6
7
PYG 10.000% Notes ..................................
7
Paraguay
2029
10.000%
8
9
PYG 9.250% Notes .....................................
7
Paraguay
2026
9.250%
1
1
PYG 10.000% Notes ..................................
7
Paraguay
2029
10.000%
3
3
PYG 9.250% Notes .....................................
7
Paraguay
2027
9.250%
2
2
PYG 10.000% Notes ..................................
7
Paraguay
2030
10.000%
3
3
PYG 6.000% Notes .....................................
7
Paraguay
2026
6.000%
13
13
PYG 6.700% Notes .....................................
7
Paraguay
2028
6.700%
18
20
PYG 7.500% Notes .....................................
7
Paraguay
2031
7.500%
20
22
PYG 7.800% Notes .....................................
7
Paraguay
2027
7.800%
13
\u2014
PYG\u00a0 8.170% Notes ....................................
7
Paraguay
2032
8.170%
47
\u2014
BOB 5.800% Notes ....................................
8
Bolivia
2026
5.800%
25
29
BOB 3.950% Notes ....................................
8
Bolivia
2024
3.950%
\u2014
7
BOB 4.600% Notes ....................................
8
Bolivia
2024
4.600%
\u2014
20
BOB 4.300% Notes ....................................
8
Bolivia
2029
4.300%
10
13
BOB 4.700% Notes ....................................
8
Bolivia
2024
4.700%
\u2014
10
BOB 5.300% Notes ....................................
8
Bolivia
2026
5.300%
4
6
BOB 5.000% Notes ....................................
8
Bolivia
2026
5.000%
36
42
BOB 6.000% Notes ....................................
8
Bolivia
2028
6.000%
54
57
UNE Bond 3 (tranche A) ............................
9
Colombia
2024
9.350%
\u2014
42
UNE Bond 3 (tranche\u00a0 B) ...........................
9
Colombia
2026
CPI (ii) +4.150%
58
66
UNE Bond 3 (tranche C) ............................
9
Colombia
2036
CPI (ii) +4.890%
29
33
UNE Bond 6.600% .....................................
9
Colombia
2030
6.600%
34
39
UNE Bond 4 (tranche A) ............................
9
Colombia
2028
5.560%
26
30
UNE Bond 4 (tranche B) ............................
9
Colombia
2031
CPI (ii) +2.610%
64
74
UNE Bond 4 (tranche C) ............................
9
Colombia
2036
CPI (ii) +3.180%
19
22
UNE Bond 7 (tranche B) ............................
9
Colombia
2026
CPI (ii) +8.100%
2
3
UNE Bond 7 (tranche C) ............................
9
Colombia
2027
CPI (ii) +8.250%
3
4
UNE Bond 8 (tranche A) ............................
9
Colombia
2027
17.000%
13
\u2014
USD 4.500% Senior Notes .........................
10
Panama
2030
4.500%
549
575
USD 5.125% Senior Notes .........................
11
Guatemala
2032
5.125%
737
823
Total bond financing ..............................
4,461
4,750
(i)STIBOR \u2013 Swedish Interbank Offered Rate.
(ii)CPI - Colombian Consumer Price Index
Luxembourg
(1)SEK Notes
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) (2032)\u00a0 USD 7.375% Senior Notes
On April 2, 2024, MIC SA completed the issuance of its 7.375% $450\u00a0million Senior Notes due 2032 (the \u201cNotes\u201d). Millicom used a
portion of the net proceeds from the issuance of the Notes to repay in full certain bank loans with DNB for $200\u00a0million, and use the
remaining net proceeds for the repayment, redemption, retirement or repurchase of existing indebtedness of Millicom and its
subsidiaries and for other general corporate purposes.
(3)\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. 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). 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. During the year ended December 31, 2024, Millicom repurchased and
cancelled some of the 2031 USD 4.5%, on the open market for a total nominal amount of approximately $17\u00a0million,. The repurchase
price discount of approximately $3\u00a0million towards the carrying values has been recognized as financial income.
(4)(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 bore interest
at 6.625% p.a., payable semiannually in arrears on each interest payment date. 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 was approximately
$180\u00a0million.On October 28, 2024, Millicom redeemed all of its 2026 USD 6.625% Senior Notes at PAR for a total nominal amount of
approximately $148\u00a0million.
(5)(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. 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.
During the year ended December 31, 2024, Millicom repurchased and cancelled some of the 2029 USD 6.250%\u00a0 for\u00a0 $59\u00a0million. The
repurchase price discount of approximately $1\u00a0million towards the carrying values has been recognized as financial income.
(6)(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.
During the year ended December 31, 2024, Millicom repurchased and cancelled some of the 2028 USD 5.125% Senior Notes on the
open market for a total nominal amount of approximately $90\u00a0million. The repurchase price discount of approximately $4\u00a0million
towards the carrying values has been recognized as financial income.
Paraguay
(7)(2027) USD 5.875% Senior Notes and (2024-2032) 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 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 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. 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.\u00a0 Effective as of this date, this entiy\u00a0 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..
During the year ended December 31, 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. repurchased and cancelled some of its 2027 USD
5.875% Senior Notes for a total nominal amount of approximately $63\u00a0million. The repurchase price discount of approximately
$1\u00a0million with the carrying value has been recognized as a financial income. Additionally, on September 23, 2024,\u00a0 Telef\u00f3nica
Celular del Paraguay, S.A.E. redeemed $150\u00a0million of its 2027 USD 5.875% Senior Notes at PAR.
Between June 2019 and February 2020, Telecel registered and completed the issuance of a bond program for PYG 300,000\u00a0million
(approximately $38\u00a0million using December 31, 2024 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 $51\u00a0million
using December 31, 2024 exchange rate) in three series with fixed interest rates between 6% to 7.5% and a repayment period from 5
to 10 years. In June 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. repaid the outstanding 2024 PYG 8.750% Notes (tranche A)
(approximately $15\u00a0million equivalent in local currency).
On July 11, 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. issued local bonds for a total amount of PYG 370,000\u00a0million (approximately
$47\u00a0million using December 31, 2024 exchange rate) with a maturity of 8 years and at an interest rate of 8.17%. In December 2024,
Telef\u00f3nica Celular del Paraguay, S.A.E. issued a 7.8% local bond for an amount of PYG 103\u00a0billion (approximately $13\u00a0million) which is
due in December 2027.These issuances are part of the local currency Debt Program registered in 2021 for a total amount equivalent
to $150\u00a0million.
Bolivia
(8)BOB Notes
In August 2016, Telef\u00f3nica Celular de Bolivia S.A. issued a bond for a total amount of BOB 522 million consisting of two tranches
(approximately $50 million and $25 million, respectively). Tranche A\u00a0 matured in June 2024 and bore a fixed interest of 3.950%.
Trance B bears fixed interest of 4.300%, and will mature in June 2029,. This bond is listed on the Bolivia Stock Exchange. In June 2024,
Tigo Bolivia repaid the outstanding 2024 BOB 3.950% Notes (approximately $9\u00a0million equivalent in local currency).
In October 2017, Telef\u00f3nica Celular de Bolivia S.A placed approximately $80 million of local currency bonds in three tranches (BOB
4.700%, BOB 4.600% and BOB 5.300%. One matured in 2022, other in 2024 and the last one with an outstanding amount of around
$4m equivalent in local currency and 5.300% rate will mature in 2026. This bond is listed on the Bolivia Stock Exchange.
In July 2019 Telef\u00f3nica Celular de Bolivia S.A issued two bonds, one still listed on the Bolivia Stock Exchange for\u00a0 BOB 420 million
(approximately $61 million) with a 5.000% coupon maturing on August 2026 with semiannual interest payments The other bond\u00a0 for
BOB 280 million matured in August 2024.
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 396.5\u00a0million (approximately $57\u00a0million using
December 31, 2024 exchange rate) which is due in July 2028 to refinance some debt repayments, finance capex and general
corporate purposes.
Colombia
(9)UNE Bonds
In May 2016, UNE issued a COP540 billion bond (approximately $122\u00a0million using December 31, 2024 exchange rate) consisting of
three tranches. Interest rates are either fixed or variable depending on the tranche. Tranche A bore fixed interest at 9.350%, and was
repaid in May 2024. Tranche B and C\u00a0 (for approximately $58 million and $29 million, respectively using December 31, 2024
exchange rate) bear variable interest, based on CPI, (respective margins of CPI + 4.150% and CPI + 4.890%),Tranches B and C will
mature in May 2026 and May 2036, respectively.
In March 2020, UNE\u00a0 issued local bonds for an amount of COP 150\u00a0billion (approximately $34\u00a0million using December 31, 2024
exchange rate)) 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 $110\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.
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.).
On April 25, 2024, UNE issued a COP 160\u00a0billion (approximately $36\u00a0million using December 31, 2024 exchange rate) bond consisting
of one tranche with a three years maturity. Interest rate is fixed at 17% and payable in Colombian peso. This bond refinanced the
Tranche A (for COP 160\u00a0billion) of the bond issued in May 2016, repaid in May 2024.
Panama
(10) (2030) USD 4.500%\u00a0 Bonds
In November 2019, Cable Onda (now \"Telecomunicaciones Digitales, S.A.\")\u00a0 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, \"Telecomunicaciones Digitales, S.A.\" 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. During the year ended December 31, 2024, \"Telecomunicaciones Digitales,
S.A.\" repurchased and cancelled some of the 2030 USD 4.500% Senior Notes on the open market for a total amount of approximately
$27\u00a0million. The repurchase price discount of approximately $3\u00a0million with the carrying value has been recognized as a financial
income.
Guatemala
(11)(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 back in November 2021.
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. During the year ended December 31, 2024, Comcel repurchased and cancelled some of the 2032
USD 5.125% Comcel Senior Notes on the open market for a total nominal amount of approximately $88\u00a0million. the repurchase price
discount of approximately $9\u00a0million towards the carrying value has been recognized as financial income.
C.3.3. Interest and other financial expenses
The Group\u2019s interest and other financial expenses comprised the following:
2024
2023
2022
(US$ millions)
Interest expense on bonds and bank financing ................................................................................
(449)
(477)
(434)
Interest expense on leases ..................................................................................................................
(122)
(117)
(124)
Early redemption charges ...................................................................................................................
\u2014
(1)
\u2014
Others ..................................................................................................................................................
(146)
(117)
(59)
Total interest and other financial expenses ......................................................................................
(716)
(712)
(617)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-686": { "value": "
C.3.1. Bond financing
Bond financing
Note
Country
Maturity
Interest Rate %
2024
2023
(US$ millions)
SEK Variable Rate Notes ............................
1
Luxembourg
2027
STIBOR (i) +3.000%
202
222
USD\u00a0 7.375% Senior Notes ........................
2
Luxembourg
2032
7.375%
445
\u2014
USD 4.500% Senior Notes .........................
3
Luxembourg
2031
4.500%
752
766
USD 6.625% Senior Notes .........................
4
Luxembourg
2026
6.625%
\u2014
147
USD 6.250% Senior Notes .........................
5
Luxembourg
2029
6.250%
613
671
USD5.125% Senior Notes ..........................
6
Luxembourg
2028
5.125%
358
446
USD 5.875% Senior Notes .........................
7
Paraguay
2027
5.875%
291
507
PYG 8.750% Notes .....................................
7
Paraguay
2024
8.750%
\u2014
16
PYG 9.250% Notes .....................................
7
Paraguay
2026
9.250%
6
7
PYG 10.000% Notes ..................................
7
Paraguay
2029
10.000%
8
9
PYG 9.250% Notes .....................................
7
Paraguay
2026
9.250%
1
1
PYG 10.000% Notes ..................................
7
Paraguay
2029
10.000%
3
3
PYG 9.250% Notes .....................................
7
Paraguay
2027
9.250%
2
2
PYG 10.000% Notes ..................................
7
Paraguay
2030
10.000%
3
3
PYG 6.000% Notes .....................................
7
Paraguay
2026
6.000%
13
13
PYG 6.700% Notes .....................................
7
Paraguay
2028
6.700%
18
20
PYG 7.500% Notes .....................................
7
Paraguay
2031
7.500%
20
22
PYG 7.800% Notes .....................................
7
Paraguay
2027
7.800%
13
\u2014
PYG\u00a0 8.170% Notes ....................................
7
Paraguay
2032
8.170%
47
\u2014
BOB 5.800% Notes ....................................
8
Bolivia
2026
5.800%
25
29
BOB 3.950% Notes ....................................
8
Bolivia
2024
3.950%
\u2014
7
BOB 4.600% Notes ....................................
8
Bolivia
2024
4.600%
\u2014
20
BOB 4.300% Notes ....................................
8
Bolivia
2029
4.300%
10
13
BOB 4.700% Notes ....................................
8
Bolivia
2024
4.700%
\u2014
10
BOB 5.300% Notes ....................................
8
Bolivia
2026
5.300%
4
6
BOB 5.000% Notes ....................................
8
Bolivia
2026
5.000%
36
42
BOB 6.000% Notes ....................................
8
Bolivia
2028
6.000%
54
57
UNE Bond 3 (tranche A) ............................
9
Colombia
2024
9.350%
\u2014
42
UNE Bond 3 (tranche\u00a0 B) ...........................
9
Colombia
2026
CPI (ii) +4.150%
58
66
UNE Bond 3 (tranche C) ............................
9
Colombia
2036
CPI (ii) +4.890%
29
33
UNE Bond 6.600% .....................................
9
Colombia
2030
6.600%
34
39
UNE Bond 4 (tranche A) ............................
9
Colombia
2028
5.560%
26
30
UNE Bond 4 (tranche B) ............................
9
Colombia
2031
CPI (ii) +2.610%
64
74
UNE Bond 4 (tranche C) ............................
9
Colombia
2036
CPI (ii) +3.180%
19
22
UNE Bond 7 (tranche B) ............................
9
Colombia
2026
CPI (ii) +8.100%
2
3
UNE Bond 7 (tranche C) ............................
9
Colombia
2027
CPI (ii) +8.250%
3
4
UNE Bond 8 (tranche A) ............................
9
Colombia
2027
17.000%
13
\u2014
USD 4.500% Senior Notes .........................
10
Panama
2030
4.500%
549
575
USD 5.125% Senior Notes .........................
11
Guatemala
2032
5.125%
737
823
Total bond financing ..............................
4,461
4,750
(i)STIBOR \u2013 Swedish Interbank Offered Rate.
(ii)CPI - Colombian Consumer Price Index
Luxembourg
(1)SEK Notes
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) (2032)\u00a0 USD 7.375% Senior Notes
On April 2, 2024, MIC SA completed the issuance of its 7.375% $450\u00a0million Senior Notes due 2032 (the \u201cNotes\u201d). Millicom used a
portion of the net proceeds from the issuance of the Notes to repay in full certain bank loans with DNB for $200\u00a0million, and use the
remaining net proceeds for the repayment, redemption, retirement or repurchase of existing indebtedness of Millicom and its
subsidiaries and for other general corporate purposes.
(3)\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. 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). 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. During the year ended December 31, 2024, Millicom repurchased and
cancelled some of the 2031 USD 4.5%, on the open market for a total nominal amount of approximately $17\u00a0million,. The repurchase
price discount of approximately $3\u00a0million towards the carrying values has been recognized as financial income.
(4)(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 bore interest
at 6.625% p.a., payable semiannually in arrears on each interest payment date. 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 was approximately
$180\u00a0million.On October 28, 2024, Millicom redeemed all of its 2026 USD 6.625% Senior Notes at PAR for a total nominal amount of
approximately $148\u00a0million.
(5)(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. 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.
During the year ended December 31, 2024, Millicom repurchased and cancelled some of the 2029 USD 6.250%\u00a0 for\u00a0 $59\u00a0million. The
repurchase price discount of approximately $1\u00a0million towards the carrying values has been recognized as financial income.
(6)(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.
During the year ended December 31, 2024, Millicom repurchased and cancelled some of the 2028 USD 5.125% Senior Notes on the
open market for a total nominal amount of approximately $90\u00a0million. The repurchase price discount of approximately $4\u00a0million
towards the carrying values has been recognized as financial income.
Paraguay
(7)(2027) USD 5.875% Senior Notes and (2024-2032) 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 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 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. 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.\u00a0 Effective as of this date, this entiy\u00a0 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..
During the year ended December 31, 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. repurchased and cancelled some of its 2027 USD
5.875% Senior Notes for a total nominal amount of approximately $63\u00a0million. The repurchase price discount of approximately
$1\u00a0million with the carrying value has been recognized as a financial income. Additionally, on September 23, 2024,\u00a0 Telef\u00f3nica
Celular del Paraguay, S.A.E. redeemed $150\u00a0million of its 2027 USD 5.875% Senior Notes at PAR.
Between June 2019 and February 2020, Telecel registered and completed the issuance of a bond program for PYG 300,000\u00a0million
(approximately $38\u00a0million using December 31, 2024 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 $51\u00a0million
using December 31, 2024 exchange rate) in three series with fixed interest rates between 6% to 7.5% and a repayment period from 5
to 10 years. In June 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. repaid the outstanding 2024 PYG 8.750% Notes (tranche A)
(approximately $15\u00a0million equivalent in local currency).
On July 11, 2024, Telef\u00f3nica Celular del Paraguay, S.A.E. issued local bonds for a total amount of PYG 370,000\u00a0million (approximately
$47\u00a0million using December 31, 2024 exchange rate) with a maturity of 8 years and at an interest rate of 8.17%. In December 2024,
Telef\u00f3nica Celular del Paraguay, S.A.E. issued a 7.8% local bond for an amount of PYG 103\u00a0billion (approximately $13\u00a0million) which is
due in December 2027.These issuances are part of the local currency Debt Program registered in 2021 for a total amount equivalent
to $150\u00a0million.
Bolivia
(8)BOB Notes
In August 2016, Telef\u00f3nica Celular de Bolivia S.A. issued a bond for a total amount of BOB 522 million consisting of two tranches
(approximately $50 million and $25 million, respectively). Tranche A\u00a0 matured in June 2024 and bore a fixed interest of 3.950%.
Trance B bears fixed interest of 4.300%, and will mature in June 2029,. This bond is listed on the Bolivia Stock Exchange. In June 2024,
Tigo Bolivia repaid the outstanding 2024 BOB 3.950% Notes (approximately $9\u00a0million equivalent in local currency).
In October 2017, Telef\u00f3nica Celular de Bolivia S.A placed approximately $80 million of local currency bonds in three tranches (BOB
4.700%, BOB 4.600% and BOB 5.300%. One matured in 2022, other in 2024 and the last one with an outstanding amount of around
$4m equivalent in local currency and 5.300% rate will mature in 2026. This bond is listed on the Bolivia Stock Exchange.
In July 2019 Telef\u00f3nica Celular de Bolivia S.A issued two bonds, one still listed on the Bolivia Stock Exchange for\u00a0 BOB 420 million
(approximately $61 million) with a 5.000% coupon maturing on August 2026 with semiannual interest payments The other bond\u00a0 for
BOB 280 million matured in August 2024.
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 396.5\u00a0million (approximately $57\u00a0million using
December 31, 2024 exchange rate) which is due in July 2028 to refinance some debt repayments, finance capex and general
corporate purposes.
Colombia
(9)UNE Bonds
In May 2016, UNE issued a COP540 billion bond (approximately $122\u00a0million using December 31, 2024 exchange rate) consisting of
three tranches. Interest rates are either fixed or variable depending on the tranche. Tranche A bore fixed interest at 9.350%, and was
repaid in May 2024. Tranche B and C\u00a0 (for approximately $58 million and $29 million, respectively using December 31, 2024
exchange rate) bear variable interest, based on CPI, (respective margins of CPI + 4.150% and CPI + 4.890%),Tranches B and C will
mature in May 2026 and May 2036, respectively.
In March 2020, UNE\u00a0 issued local bonds for an amount of COP 150\u00a0billion (approximately $34\u00a0million using December 31, 2024
exchange rate)) 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 $110\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.
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.).
On April 25, 2024, UNE issued a COP 160\u00a0billion (approximately $36\u00a0million using December 31, 2024 exchange rate) bond consisting
of one tranche with a three years maturity. Interest rate is fixed at 17% and payable in Colombian peso. This bond refinanced the
Tranche A (for COP 160\u00a0billion) of the bond issued in May 2016, repaid in May 2024.
Panama
(10) (2030) USD 4.500%\u00a0 Bonds
In November 2019, Cable Onda (now \"Telecomunicaciones Digitales, S.A.\")\u00a0 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, \"Telecomunicaciones Digitales, S.A.\" 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. During the year ended December 31, 2024, \"Telecomunicaciones Digitales,
S.A.\" repurchased and cancelled some of the 2030 USD 4.500% Senior Notes on the open market for a total amount of approximately
$27\u00a0million. The repurchase price discount of approximately $3\u00a0million with the carrying value has been recognized as a financial
income.
Guatemala
(11)(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 back in November 2021.
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. During the year ended December 31, 2024, Comcel repurchased and cancelled some of the 2032
USD 5.125% Comcel Senior Notes on the open market for a total nominal amount of approximately $88\u00a0million. the repurchase price
discount of approximately $9\u00a0million towards the carrying value has been recognized as financial income.
C.3.3. Interest and other financial expenses
The Group\u2019s interest and other financial expenses comprised the following:
2024
2023
2022
(US$ millions)
Interest expense on bonds and bank financing ................................................................................
(449)
(477)
(434)
Interest expense on leases ..................................................................................................................
(122)
(117)
(124)
Early redemption charges ...................................................................................................................
\u2014
(1)
\u2014
Others ..................................................................................................................................................
(146)
(117)
(59)
Total interest and other financial expenses ......................................................................................
(716)
(712)
(617)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-689": { "value": "
C.3.3. Interest and other financial expenses
The Group\u2019s interest and other financial expenses comprised the following:
2024
2023
2022
(US$ millions)
Interest expense on bonds and bank financing ................................................................................
(449)
(477)
(434)
Interest expense on leases ..................................................................................................................
(122)
(117)
(124)
Early redemption charges ...................................................................................................................
\u2014
(1)
\u2014
Others ..................................................................................................................................................
(146)
(117)
(59)
Total interest and other financial expenses ......................................................................................
(716)
(712)
(617)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-688": { "value": "
C.3.3. Interest and other financial expenses
The Group\u2019s interest and other financial expenses comprised the following:
2024
2023
2022
(US$ millions)
Interest expense on bonds and bank financing ................................................................................
(449)
(477)
(434)
Interest expense on leases ..................................................................................................................
(122)
(117)
(124)
Early redemption charges ...................................................................................................................
\u2014
(1)
\u2014
Others ..................................................................................................................................................
(146)
(117)
(59)
Total interest and other financial expenses ......................................................................................
(716)
(712)
(617)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-690": { "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,
2024
As at December 31,
2023
As at December 31,
2024
As at December 31,
2023
Outstanding and Maximum exposure
Outstanding and Maximum exposure
0-1\u00a0year ................................................
12
15
\u2014
1
1-3\u00a0years ..............................................
220
322
\u2014
\u2014
3-5\u00a0years ..............................................
\u2014
169
\u2014
\u2014
Total ....................................................
232
505
\u2014
1
(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, 2024, 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 $232 million (December 31, 2023: $505 million). At December 31, 2024 there were no
pledged deposits (2023: $6 million) 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, 2024, there were no breaches of financial covenants and we do not anticipate any such
breaches in the next twelve months after the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-691": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-693": { "value": "
C.4. Lease liabilities
At December 31, 2024, lease liabilities are presented in the statement of financial position as follows:
December 31,
2024
December 31,
2023
(US$ millions)
Current ............................................................................................................................................................
156
189
Non-Current ....................................................................................................................................................
798
854
Total Lease liabilities ....................................................................................................................................
954
1,043
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 total cash outflow for leases in 2024 was $324 million\u00a0 (2023: $292 million; 2022: $285 million). Lease liabilities split by maturity
and future cash outflows are disclosed in note D.5..
At December 31, 2024, 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 2024
Right-of-use assets
Land and
buildings
Sites rental
Tower
rental
Capacity
Other
network
equipment
Other
Total
(US$ millions)
Opening balance, net
130
177
537
27
16
9
896
Additions .......................................................
13
5
99
8
\u2014
1
126
Modifications .................................................
13
50
59
\u2014
1
2
125
Impairment ....................................................
(1)
\u2014
(3)
\u2014
\u2014
\u2014
(4)
Disposals ........................................................
(9)
(18)
(8)
\u2014
\u2014
(3)
(39)
Depreciation ..................................................
(36)
(47)
(109)
(6)
(2)
(3)
(204)
Asset retirement obligations ........................
\u2014
\u2014
1
\u2014
\u2014
\u2014
1
Transfers ........................................................
\u2014
\u2014
1
\u2014
(1)
\u2014
\u2014
Transfer from/(to) assets held for sale (see
note E.4) .........................................................
\u2014
(2)
(74)
\u2014
\u2014
\u2014
(76)
Exchange rate movements ...........................
(9)
\u2014
(25)
\u2014
\u2014
\u2014
(34)
Closing balance, net
101
164
477
29
14
6
792
Cost of valuation ...........................................
233
385
785
54
24
15
1,497
Accumulated depreciation and impairment
(132)
(220)
(308)
(26)
(10)
(9)
(705)
Net at 31 December 2024
101
164
477
29
14
6
792
Movements in right of use assets in 2023
Right-of-use assets
Land and
buildings
Sites
rental
Tower
rental
Capacity
Other
network
equipment
Other
Total
(US$ millions)
Opening balance, net
142
181
505
28
16
13
884
Additions .........................................................
4
10
42
7
\u2014
1
63
Modifications ..................................................
6
27
51
1
2
\u2014
87
Disposals .........................................................
(1)
(2)
(1)
\u2014
\u2014
\u2014
(5)
Depreciation ...................................................
(38)
(45)
(90)
(6)
(1)
(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
27
16
9
896
Cost of valuation .............................................
280
369
929
47
26
21
1,671
Accumulated depreciation and impairment .
(150)
(192)
(392)
(19)
(10)
(12)
(776)
Net at 31 December 2023
130
177
537
27
16
9
896
G.4. Non-cash investing and financing activities
Non-cash investing and financing activities from continuing operations
Note
2024
2023
2022
(US$ millions)
Investing activities
Acquisition of property, plant and equipment .......................................................
E.2.2.
(40)
121
(23)
Acquisition of lease right of use assets obtained in exchange of lease liabilities .
E.3.
126
63
127
Asset retirement obligations ...................................................................................
E.2.2.
27
30
18
Financing activities
Share based compensation .....................................................................................
B.4.1.
50
52
29
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-692": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-694": { "value": "
C.5. Cash and deposits
C.5.1. Cash and cash equivalents
2024
2023
(US$ millions)
Cash and cash equivalents in USD .................................................................................................................................
550
531
Cash and cash equivalents in other currencies .............................................................................................................
149
244
Total cash and cash equivalents .................................................................................................................................
699
775
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-695": { "value": "
C.5.2. Restricted cash
2024
2023
(US$ millions)
Mobile Financial Services ...............................................................................................................................................
47
49
Others ..............................................................................................................................................................................
10
8
Restricted cash ..............................................................................................................................................................
57
56
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-696": { "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, 2024, there were nil\u00a0 pledged deposits which are presented as \"Other current assets\". (2023: $6 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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
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.
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial
asset in its entirety or a portion thereof. The Group has a policy of writing off the gross carrying amount when the financial asset is
not recoverable based on historical experience of recoveries of similar assets.\u00a0 The Group expects no significant recovery from the
amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply
with the Group's procedures for recovery of amounts due.
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 2024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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
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.
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial
asset in its entirety or a portion thereof. The Group has a policy of writing off the gross carrying amount when the financial asset is
not recoverable based on historical experience of recoveries of similar assets.\u00a0 The Group expects no significant recovery from the
amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply
with the Group's procedures for recovery of amounts due.
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 2024. 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
2024
2023
2024
2023
(US$ millions)
Financial assets
Derivative financial instruments ......................................................
\u2014
6
\u2014
6
Other non-current assets .................................................................
84
84
84
84
Trade receivables, net .......................................................................
390
443
390
443
Amounts due from non-controlling interests, associates and
joint venture partners .......................................................................
G.5.
15
12
15
12
Supplier advances for capital expenditures ....................................
16
21
16
21
Other current assets .........................................................................
166
190
166
190
Restricted cash ..................................................................................
C.5.2.
57
56
57
56
Cash and cash equivalents ...............................................................
C.5.1.
699
775
699
775
Total financial assets ......................................................................
1,426
1,587
1,426
1,587
Current ..............................................................................................
1,343
1,503
1,343
1,503
Non-current ......................................................................................
84
84
84
84
Financial liabilities
Debt and financing (i) .......................................................................
C.3.
5,815
6,678
5,478
6,086
Trade payables ..................................................................................
300
390
300
390
Payables and accruals for capital expenditure ................................
305
314
305
314
Derivative financial instruments ......................................................
59
46
59
46
Put option liability ............................................................................
C.7.4.
\u2014
86
\u2014
86
Amounts due to non-controlling interests, associates and joint
venture partners ...............................................................................
G.5.
138
74
138
74
Accrued interest and other expenses ..............................................
421
444
421
444
Other liabilities ..................................................................................
568
1,128
568
1,128
Total financial liabilities ................................................................
7,606
9,161
7,269
8,569
Current ..............................................................................................
1,732
1,670
1,732
1,689
Non-current ......................................................................................
5,875
7,491
5,538
6,881
(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, 2024 and 2023, Millicom has no material investments in equity instruments.
C.7.4. Call and put options
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. This put option expired as of September 30, 2024 as EPM
did not exercise it. Consequently, the corresponding liability amounting to $79\u00a0million (after its foreign exchange revaluation) as of
September 30, 2024 has been extinguished with its counterpart in the Group's equity.
D. Financial risk management
Exposure to interest rate, foreign currency, non-repatriation, liquidity, capital management and credit risks arise in the normal course
of Millicom\u2019s business. As part of the annual review of the above mentioned risks, the Group targets a strategy with respect to the
use of derivatives and natural hedging instruments ranging from raising debt in local currency (where the Group targets to maintain
40% of debt in local currency) to maintaining at least a 75/25% mix between fixed and floating rate debt or agreeing to cover up to
six months forward of operating costs and capex denominated in non-functional currencies through a rolling and layering strategy.
Millicom\u2019s financial risk management strategies may include the use of derivatives to the extent a market would exist in the
jurisdictions where the Group operates. Millicom\u2019s policy prohibits the use of such derivatives in the context of speculative trading.
Accounting policies for derivatives is further detailed in note C.7. On December 31, 2024 and 2023 fair value of derivatives held by
the Group can be summarized as follows:
2024
2023
(US$ millions)
Derivatives
Cash flow hedge derivatives ..........................................................................................................................................
(59)
(40)
Net derivative asset (liability) .....................................................................................................................................
(59)
(40)
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, 2024, approximately 84% 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 (2023: 80%).
D.1.1. Fixed and floating rate debt
Financing at December 31, 2024\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 ...............
206
244
410
781
639
2,587
4,867
Floating rate financing ..........
75
213
286
124
44
206
948
Total ......................................
281
457
696
905
683
2,793
5,815
Weighted average nominal
interest rate ...........................
6.67%
6.99%
7.47%
6.39%
6.72%
5.56%
6.22%
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
A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2024
would increase or reduce profit before tax from continuing operations for the year by approximately $9 million ( 2023: $14 million).
D.1.2. Currency and 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 a swap contract in order to hedge the foreign currency risk in relation to the 2027 SEC 2.2\u00a0billion senior
unsecured sustainability bond (issued in January 2022, corresponding to\u00a0 $252.3 million, using the exchange rate at the time of the
issuance of such bond - see note C.3.1.). This swap is accounted for as cash flow hedges as the timing and amounts of the cash flows
under the swap agreement match the cash flows under the SEK bonds. Its maturity date is January 2027. The hedging relationship is
highly effective and related fluctuations are recorded through other comprehensive income.\u00a0 At December 31, 2024, the fair values
of the above swap amount to a liability of $59 million. (December 31, 2023: a liability of $46 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. All swap contracts attached to the 2020 Syndicated loan agreement were terminated in
December, 2024, after the repayment of the outstanding amount of the Syndicated loan and were settled against a cash collection
of $9\u00a0million. The fair value of Colombia swaps amounted to nil as of December 31, 2024 (December 31, 2023: an asset of $6 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.).
As a summary, the net fair value of the derivative financial instruments for the Group, as of December 31, 2024 amounted to a
liability of $59 million (December 31, 2023 : a liability of $40 million ).
Interest rate and currency swaps are measured with reference to Level 2 of the fair value hierarchy.There are no other derivative
financial instruments with a significant fair value at December 31, 2024.
D.2. Foreign currency risks
The Group is exposed to foreign exchange risk arising from various currency exposures in the countries in which it operates. Foreign
exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations.
Millicom seeks to reduce its foreign currency exposure through a policy of matching, as far as possible, assets and liabilities
denominated in foreign currencies, or entering into agreements that limit the risk of exposure to currency fluctuations against the
US dollar reporting currency. In some cases, Millicom may also borrow in US dollars where it is either commercially more
advantageous for joint ventures and subsidiaries to incur debt obligations in US dollars or where US dollar denominated borrowing
is the only funding source available to a joint venture or subsidiary. In these circumstances, Millicom accepts the remaining currency
risk associated with financing its joint ventures and subsidiaries, principally because of the relatively high cost of forward cover,
when available, in the currencies in which the Group operates.
D.2.1. Debt denominated in US dollars and other currencies
Debt denomination at December 31
2024
2023
(US$ millions)
Debt denominated in US dollars ................................................................................................................................
3,429
3,859
Debt denominated in currencies of the following countries:
Guatemala .......................................................................................................................................................................
496
640
Colombia .........................................................................................................................................................................
554
694
Bolivia ..............................................................................................................................................................................
153
246
Paraguay .........................................................................................................................................................................
233
158
El Salvador(i) ...................................................................................................................................................................
71
174
Panama(i) ........................................................................................................................................................................
734
759
Luxembourg (COP denominated) .................................................................................................................................
33
38
Costa Rica ........................................................................................................................................................................
113
110
Total debt denominated in other currencies ............................................................................................................
2,386
2,819
Total debt (ii) .................................................................................................................................................................
5,815
6,678
(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, 2024, 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 hav e increased/decreased by $8
million (2023: $25 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.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 bank s representing about 20% of its gross financing (2023: 24%), with bonds representing 66% (2023: 61%) and leases
representing 14% (2023: 13%).
Maturity profile of net financial liabilities at December 31, 2024
Less than 1
year
1 to 5 years
>5yrs
Total
(US$ millions)
Outstanding debt and financing .............................................................................
(283)
(2,757)
(2,829)
(5,869)
Outstanding amortized costs undiscounted ..........................................................
1
16
36
54
Lease liability ............................................................................................................
(156)
(445)
(352)
(954)
Cash and equivalents ...............................................................................................
699
\u2014
\u2014
699
Derivative financial instruments .............................................................................
\u2014
(59)
\u2014
(59)
Net cash (debt) including derivatives related to debt ......................................
262
(3,245)
(3,145)
(6,128)
Future interest commitments related to debt and financing ................................
(352)
(1,830)
(144)
(2,326)
Future interest commitments related to leases .....................................................
(90)
(253)
(121)
(463)
Trade payables (excluding accruals) .......................................................................
(467)
\u2014
\u2014
(467)
Other financial liabilities (including accruals) .........................................................
(1,219)
\u2014
\u2014
(1,219)
Trade receivables .....................................................................................................
390
\u2014
\u2014
390
Other financial assets ...............................................................................................
171
71
\u2014
242
Net financial liabilities ..........................................................................................
(1,305)
(5,257)
(3,410)
(9,971)
Maturity profile of net financial liabilities at December 31, 2023\u00a0
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 financial instruments .............................................................................
(12)
(46)
\u2014
(58)
Pledged deposits (related to back borrowings) .....................................................
5
\u2014
\u2014
5
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)
(5,307)
(3,748)
(10,086)
(i) Excluding vendor financing of $18\u00a0million as of December 31, 2023.
D.6. Capital management
The primary objective of the Group\u2019s capital management is to ensure a strong credit rating and solid capital ratios in order to
support its business and maximize shareholder value.
The Group manages its capital structure with reference to local economic conditions and imposed restrictions such as debt
covenants (see section C.3.5.). To maintain or adjust its capital structure, the Group may make dividend payments to shareholders,
return capital to shareholders through share repurchases or issue new shares. At December 31, 2024, Millicom was rated at one
notch below investment grade by the independent rating agencies Moody\u2019s (Ba1) and Fitch (BB).\u00a0 On February 6, 2024, Moody\u2019s
downgraded Millicom by one notch to ba2 (with a stable outlook +) basically based on quantitative metrics being below ranges than
ba1 rating scale ranges. The Group primarily monitors capital (with our covenants primarily) based on net debt to EBITDAaL.
Gearing ratio
The Group reviews its gearing ratio (net debt divided by total capital plus net debt) periodically. Capital represents equity
attributable to the equity holders of the parent.
Note
2024
2023
(US$ millions)
Net debt ...............................................................................................................................................
C.6.
5,174
5,956
Equity attributable to Owners of the Company .................................................................................
C.1.
3,628
3,529
Net debt and equity ............................................................................................................................
8,802
9,485
Gearing ratio ........................................................................................................................................
0.59
0.63
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-698": { "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
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.
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial
asset in its entirety or a portion thereof. The Group has a policy of writing off the gross carrying amount when the financial asset is
not recoverable based on historical experience of recoveries of similar assets.\u00a0 The Group expects no significant recovery from the
amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply
with the Group's procedures for recovery of amounts due.
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 2024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-697": { "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
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.
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial
asset in its entirety or a portion thereof. The Group has a policy of writing off the gross carrying amount when the financial asset is
not recoverable based on historical experience of recoveries of similar assets.\u00a0 The Group expects no significant recovery from the
amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply
with the Group's procedures for recovery of amounts due.
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 2024. 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
2024
2023
2024
2023
(US$ millions)
Financial assets
Derivative financial instruments ......................................................
\u2014
6
\u2014
6
Other non-current assets .................................................................
84
84
84
84
Trade receivables, net .......................................................................
390
443
390
443
Amounts due from non-controlling interests, associates and
joint venture partners .......................................................................
G.5.
15
12
15
12
Supplier advances for capital expenditures ....................................
16
21
16
21
Other current assets .........................................................................
166
190
166
190
Restricted cash ..................................................................................
C.5.2.
57
56
57
56
Cash and cash equivalents ...............................................................
C.5.1.
699
775
699
775
Total financial assets ......................................................................
1,426
1,587
1,426
1,587
Current ..............................................................................................
1,343
1,503
1,343
1,503
Non-current ......................................................................................
84
84
84
84
Financial liabilities
Debt and financing (i) .......................................................................
C.3.
5,815
6,678
5,478
6,086
Trade payables ..................................................................................
300
390
300
390
Payables and accruals for capital expenditure ................................
305
314
305
314
Derivative financial instruments ......................................................
59
46
59
46
Put option liability ............................................................................
C.7.4.
\u2014
86
\u2014
86
Amounts due to non-controlling interests, associates and joint
venture partners ...............................................................................
G.5.
138
74
138
74
Accrued interest and other expenses ..............................................
421
444
421
444
Other liabilities ..................................................................................
568
1,128
568
1,128
Total financial liabilities ................................................................
7,606
9,161
7,269
8,569
Current ..............................................................................................
1,732
1,670
1,732
1,689
Non-current ......................................................................................
5,875
7,491
5,538
6,881
(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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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 2024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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 2024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-702": { "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 2024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-701": { "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 2024. 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
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. This put option expired as of September 30, 2024 as EPM
did not exercise it. Consequently, the corresponding liability amounting to $79\u00a0million (after its foreign exchange revaluation) as of
September 30, 2024 has been extinguished with its counterpart in the Group's equity.
D.1.2. Currency and 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 a swap contract in order to hedge the foreign currency risk in relation to the 2027 SEC 2.2\u00a0billion senior
unsecured sustainability bond (issued in January 2022, corresponding to\u00a0 $252.3 million, using the exchange rate at the time of the
issuance of such bond - see note C.3.1.). This swap is accounted for as cash flow hedges as the timing and amounts of the cash flows
under the swap agreement match the cash flows under the SEK bonds. Its maturity date is January 2027. The hedging relationship is
highly effective and related fluctuations are recorded through other comprehensive income.\u00a0 At December 31, 2024, the fair values
of the above swap amount to a liability of $59 million. (December 31, 2023: a liability of $46 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. All swap contracts attached to the 2020 Syndicated loan agreement were terminated in
December, 2024, after the repayment of the outstanding amount of the Syndicated loan and were settled against a cash collection
of $9\u00a0million. The fair value of Colombia swaps amounted to nil as of December 31, 2024 (December 31, 2023: an asset of $6 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.).
As a summary, the net fair value of the derivative financial instruments for the Group, as of December 31, 2024 amounted to a
liability of $59 million (December 31, 2023 : a liability of $40 million ).
Interest rate and currency swaps are measured with reference to Level 2 of the fair value hierarchy.There are no other derivative
financial instruments with a significant fair value at December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-705": { "value": "
D. Financial risk management
Exposure to interest rate, foreign currency, non-repatriation, liquidity, capital management and credit risks arise in the normal course
of Millicom\u2019s business. As part of the annual review of the above mentioned risks, the Group targets a strategy with respect to the
use of derivatives and natural hedging instruments ranging from raising debt in local currency (where the Group targets to maintain
40% of debt in local currency) to maintaining at least a 75/25% mix between fixed and floating rate debt or agreeing to cover up to
six months forward of operating costs and capex denominated in non-functional currencies through a rolling and layering strategy.
Millicom\u2019s financial risk management strategies may include the use of derivatives to the extent a market would exist in the
jurisdictions where the Group operates. Millicom\u2019s policy prohibits the use of such derivatives in the context of speculative trading.
Accounting policies for derivatives is further detailed in note C.7. On December 31, 2024 and 2023 fair value of derivatives held by
the Group can be summarized as follows:
2024
2023
(US$ millions)
Derivatives
Cash flow hedge derivatives ..........................................................................................................................................
(59)
(40)
Net derivative asset (liability) .....................................................................................................................................
(59)
(40)
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, 2024, approximately 84% 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 (2023: 80%).
D.1.1. Fixed and floating rate debt
Financing at December 31, 2024\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 ...............
206
244
410
781
639
2,587
4,867
Floating rate financing ..........
75
213
286
124
44
206
948
Total ......................................
281
457
696
905
683
2,793
5,815
Weighted average nominal
interest rate ...........................
6.67%
6.99%
7.47%
6.39%
6.72%
5.56%
6.22%
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
A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2024
would increase or reduce profit before tax from continuing operations for the year by approximately $9 million ( 2023: $14 million).
D.1.2. Currency and 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 a swap contract in order to hedge the foreign currency risk in relation to the 2027 SEC 2.2\u00a0billion senior
unsecured sustainability bond (issued in January 2022, corresponding to\u00a0 $252.3 million, using the exchange rate at the time of the
issuance of such bond - see note C.3.1.). This swap is accounted for as cash flow hedges as the timing and amounts of the cash flows
under the swap agreement match the cash flows under the SEK bonds. Its maturity date is January 2027. The hedging relationship is
highly effective and related fluctuations are recorded through other comprehensive income.\u00a0 At December 31, 2024, the fair values
of the above swap amount to a liability of $59 million. (December 31, 2023: a liability of $46 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. All swap contracts attached to the 2020 Syndicated loan agreement were terminated in
December, 2024, after the repayment of the outstanding amount of the Syndicated loan and were settled against a cash collection
of $9\u00a0million. The fair value of Colombia swaps amounted to nil as of December 31, 2024 (December 31, 2023: an asset of $6 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.).
As a summary, the net fair value of the derivative financial instruments for the Group, as of December 31, 2024 amounted to a
liability of $59 million (December 31, 2023 : a liability of $40 million ).
Interest rate and currency swaps are measured with reference to Level 2 of the fair value hierarchy.There are no other derivative
financial instruments with a significant fair value at December 31, 2024.
D.2. Foreign currency risks
The Group is exposed to foreign exchange risk arising from various currency exposures in the countries in which it operates. Foreign
exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations.
Millicom seeks to reduce its foreign currency exposure through a policy of matching, as far as possible, assets and liabilities
denominated in foreign currencies, or entering into agreements that limit the risk of exposure to currency fluctuations against the
US dollar reporting currency. In some cases, Millicom may also borrow in US dollars where it is either commercially more
advantageous for joint ventures and subsidiaries to incur debt obligations in US dollars or where US dollar denominated borrowing
is the only funding source available to a joint venture or subsidiary. In these circumstances, Millicom accepts the remaining currency
risk associated with financing its joint ventures and subsidiaries, principally because of the relatively high cost of forward cover,
when available, in the currencies in which the Group operates.
D.2.1. Debt denominated in US dollars and other currencies
Debt denomination at December 31
2024
2023
(US$ millions)
Debt denominated in US dollars ................................................................................................................................
3,429
3,859
Debt denominated in currencies of the following countries:
Guatemala .......................................................................................................................................................................
496
640
Colombia .........................................................................................................................................................................
554
694
Bolivia ..............................................................................................................................................................................
153
246
Paraguay .........................................................................................................................................................................
233
158
El Salvador(i) ...................................................................................................................................................................
71
174
Panama(i) ........................................................................................................................................................................
734
759
Luxembourg (COP denominated) .................................................................................................................................
33
38
Costa Rica ........................................................................................................................................................................
113
110
Total debt denominated in other currencies ............................................................................................................
2,386
2,819
Total debt (ii) .................................................................................................................................................................
5,815
6,678
(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, 2024, 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 hav e increased/decreased by $8
million (2023: $25 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.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 bank s representing about 20% of its gross financing (2023: 24%), with bonds representing 66% (2023: 61%) and leases
representing 14% (2023: 13%).
Maturity profile of net financial liabilities at December 31, 2024
Less than 1
year
1 to 5 years
>5yrs
Total
(US$ millions)
Outstanding debt and financing .............................................................................
(283)
(2,757)
(2,829)
(5,869)
Outstanding amortized costs undiscounted ..........................................................
1
16
36
54
Lease liability ............................................................................................................
(156)
(445)
(352)
(954)
Cash and equivalents ...............................................................................................
699
\u2014
\u2014
699
Derivative financial instruments .............................................................................
\u2014
(59)
\u2014
(59)
Net cash (debt) including derivatives related to debt ......................................
262
(3,245)
(3,145)
(6,128)
Future interest commitments related to debt and financing ................................
(352)
(1,830)
(144)
(2,326)
Future interest commitments related to leases .....................................................
(90)
(253)
(121)
(463)
Trade payables (excluding accruals) .......................................................................
(467)
\u2014
\u2014
(467)
Other financial liabilities (including accruals) .........................................................
(1,219)
\u2014
\u2014
(1,219)
Trade receivables .....................................................................................................
390
\u2014
\u2014
390
Other financial assets ...............................................................................................
171
71
\u2014
242
Net financial liabilities ..........................................................................................
(1,305)
(5,257)
(3,410)
(9,971)
Maturity profile of net financial liabilities at December 31, 2023\u00a0
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 financial instruments .............................................................................
(12)
(46)
\u2014
(58)
Pledged deposits (related to back borrowings) .....................................................
5
\u2014
\u2014
5
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)
(5,307)
(3,748)
(10,086)
(i) Excluding vendor financing of $18\u00a0million as of December 31, 2023.
D.6. Capital management
The primary objective of the Group\u2019s capital management is to ensure a strong credit rating and solid capital ratios in order to
support its business and maximize shareholder value.
The Group manages its capital structure with reference to local economic conditions and imposed restrictions such as debt
covenants (see section C.3.5.). To maintain or adjust its capital structure, the Group may make dividend payments to shareholders,
return capital to shareholders through share repurchases or issue new shares. At December 31, 2024, Millicom was rated at one
notch below investment grade by the independent rating agencies Moody\u2019s (Ba1) and Fitch (BB).\u00a0 On February 6, 2024, Moody\u2019s
downgraded Millicom by one notch to ba2 (with a stable outlook +) basically based on quantitative metrics being below ranges than
ba1 rating scale ranges. The Group primarily monitors capital (with our covenants primarily) based on net debt to EBITDAaL.
Gearing ratio
The Group reviews its gearing ratio (net debt divided by total capital plus net debt) periodically. Capital represents equity
attributable to the equity holders of the parent.
Note
2024
2023
(US$ millions)
Net debt ...............................................................................................................................................
C.6.
5,174
5,956
Equity attributable to Owners of the Company .................................................................................
C.1.
3,628
3,529
Net debt and equity ............................................................................................................................
8,802
9,485
Gearing ratio ........................................................................................................................................
0.59
0.63
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-706": { "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, 2024, approximately 84% 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 (2023: 80%).
D.1.1. Fixed and floating rate debt
Financing at December 31, 2024\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 ...............
206
244
410
781
639
2,587
4,867
Floating rate financing ..........
75
213
286
124
44
206
948
Total ......................................
281
457
696
905
683
2,793
5,815
Weighted average nominal
interest rate ...........................
6.67%
6.99%
7.47%
6.39%
6.72%
5.56%
6.22%
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
A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2024
would increase or reduce profit before tax from continuing operations for the year by approximately $9 million ( 2023: $14 million).
D.1.2. Currency and 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 a swap contract in order to hedge the foreign currency risk in relation to the 2027 SEC 2.2\u00a0billion senior
unsecured sustainability bond (issued in January 2022, corresponding to\u00a0 $252.3 million, using the exchange rate at the time of the
issuance of such bond - see note C.3.1.). This swap is accounted for as cash flow hedges as the timing and amounts of the cash flows
under the swap agreement match the cash flows under the SEK bonds. Its maturity date is January 2027. The hedging relationship is
highly effective and related fluctuations are recorded through other comprehensive income.\u00a0 At December 31, 2024, the fair values
of the above swap amount to a liability of $59 million. (December 31, 2023: a liability of $46 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. All swap contracts attached to the 2020 Syndicated loan agreement were terminated in
December, 2024, after the repayment of the outstanding amount of the Syndicated loan and were settled against a cash collection
of $9\u00a0million. The fair value of Colombia swaps amounted to nil as of December 31, 2024 (December 31, 2023: an asset of $6 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.).
As a summary, the net fair value of the derivative financial instruments for the Group, as of December 31, 2024 amounted to a
liability of $59 million (December 31, 2023 : a liability of $40 million ).
Interest rate and currency swaps are measured with reference to Level 2 of the fair value hierarchy.There are no other derivative
financial instruments with a significant fair value at December 31, 2024.
D.2. Foreign currency risks
The Group is exposed to foreign exchange risk arising from various currency exposures in the countries in which it operates. Foreign
exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations.
Millicom seeks to reduce its foreign currency exposure through a policy of matching, as far as possible, assets and liabilities
denominated in foreign currencies, or entering into agreements that limit the risk of exposure to currency fluctuations against the
US dollar reporting currency. In some cases, Millicom may also borrow in US dollars where it is either commercially more
advantageous for joint ventures and subsidiaries to incur debt obligations in US dollars or where US dollar denominated borrowing
is the only funding source available to a joint venture or subsidiary. In these circumstances, Millicom accepts the remaining currency
risk associated with financing its joint ventures and subsidiaries, principally because of the relatively high cost of forward cover,
when available, in the currencies in which the Group operates.
D.2.1. Debt denominated in US dollars and other currencies
Debt denomination at December 31
2024
2023
(US$ millions)
Debt denominated in US dollars ................................................................................................................................
3,429
3,859
Debt denominated in currencies of the following countries:
Guatemala .......................................................................................................................................................................
496
640
Colombia .........................................................................................................................................................................
554
694
Bolivia ..............................................................................................................................................................................
153
246
Paraguay .........................................................................................................................................................................
233
158
El Salvador(i) ...................................................................................................................................................................
71
174
Panama(i) ........................................................................................................................................................................
734
759
Luxembourg (COP denominated) .................................................................................................................................
33
38
Costa Rica ........................................................................................................................................................................
113
110
Total debt denominated in other currencies ............................................................................................................
2,386
2,819
Total debt (ii) .................................................................................................................................................................
5,815
6,678
(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, 2024, 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 hav e increased/decreased by $8
million (2023: $25 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.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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-707": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-708": { "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 bank s representing about 20% of its gross financing (2023: 24%), with bonds representing 66% (2023: 61%) and leases
representing 14% (2023: 13%).
Maturity profile of net financial liabilities at December 31, 2024
Less than 1
year
1 to 5 years
>5yrs
Total
(US$ millions)
Outstanding debt and financing .............................................................................
(283)
(2,757)
(2,829)
(5,869)
Outstanding amortized costs undiscounted ..........................................................
1
16
36
54
Lease liability ............................................................................................................
(156)
(445)
(352)
(954)
Cash and equivalents ...............................................................................................
699
\u2014
\u2014
699
Derivative financial instruments .............................................................................
\u2014
(59)
\u2014
(59)
Net cash (debt) including derivatives related to debt ......................................
262
(3,245)
(3,145)
(6,128)
Future interest commitments related to debt and financing ................................
(352)
(1,830)
(144)
(2,326)
Future interest commitments related to leases .....................................................
(90)
(253)
(121)
(463)
Trade payables (excluding accruals) .......................................................................
(467)
\u2014
\u2014
(467)
Other financial liabilities (including accruals) .........................................................
(1,219)
\u2014
\u2014
(1,219)
Trade receivables .....................................................................................................
390
\u2014
\u2014
390
Other financial assets ...............................................................................................
171
71
\u2014
242
Net financial liabilities ..........................................................................................
(1,305)
(5,257)
(3,410)
(9,971)
Maturity profile of net financial liabilities at December 31, 2023\u00a0
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 financial instruments .............................................................................
(12)
(46)
\u2014
(58)
Pledged deposits (related to back borrowings) .....................................................
5
\u2014
\u2014
5
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)
(5,307)
(3,748)
(10,086)
(i) Excluding vendor financing of $18\u00a0million as of December 31, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-709": { "value": "
D.6. Capital management
The primary objective of the Group\u2019s capital management is to ensure a strong credit rating and solid capital ratios in order to
support its business and maximize shareholder value.
The Group manages its capital structure with reference to local economic conditions and imposed restrictions such as debt
covenants (see section C.3.5.). To maintain or adjust its capital structure, the Group may make dividend payments to shareholders,
return capital to shareholders through share repurchases or issue new shares. At December 31, 2024, Millicom was rated at one
notch below investment grade by the independent rating agencies Moody\u2019s (Ba1) and Fitch (BB).\u00a0 On February 6, 2024, Moody\u2019s
downgraded Millicom by one notch to ba2 (with a stable outlook +) basically based on quantitative metrics being below ranges than
ba1 rating scale ranges. The Group primarily monitors capital (with our covenants primarily) based on net debt to EBITDAaL.
Gearing ratio
The Group reviews its gearing ratio (net debt divided by total capital plus net debt) periodically. Capital represents equity
attributable to the equity holders of the parent.
Note
2024
2023
(US$ millions)
Net debt ...............................................................................................................................................
C.6.
5,174
5,956
Equity attributable to Owners of the Company .................................................................................
C.1.
3,628
3,529
Net debt and equity ............................................................................................................................
8,802
9,485
Gearing ratio ........................................................................................................................................
0.59
0.63
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-713": { "value": "
E. Long-term assets
E.1.5. Goodwill and indefinite useful life trademarks
Allocation of Goodwill to cash generating units (CGUs)
2024
2023
(US$ millions)
Guatemala (see note A.1.2.) ...........................................................................................................................................
2,477
2,470
Panama ...........................................................................................................................................................................
907
907
El Salvador .......................................................................................................................................................................
194
194
Costa Rica ........................................................................................................................................................................
139
135
Paraguay .........................................................................................................................................................................
41
44
Colombia .........................................................................................................................................................................
135
155
Nicaragua ........................................................................................................................................................................
197
197
Bolivia ..............................................................................................................................................................................
3
3
Total ....................................................................................................................................................................................
4,094
4,107
Allocation of indefinite useful life trademarks to cash generating units (CGUs)
2024
2023
(US$ millions)
Guatemala .......................................................................................................................................................................
912
910
Total ....................................................................................................................................................................................
912
910
E.1.6. Impairment testing of goodwill and indefinite useful life trademarks
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, 2024\u00a0 and at December 31, 2023
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, with expenditures extending beyond
10 years. Moreover, we operate in emerging markets where telecom operators still have significant opportunities for continued
penetration and growth. Our markets are mostly consolidated, with two or three players per market, therefore, using ten-year
projections reduces the emphasis on terminal values.\u00a0
Additionally, the Group has performed a sensitivity analysis to assess the potential impact on carrying values when using a five-year
plan instead. The results of this analysis indicate that applying perpetuity growth rates at the end of an initial five-year plan does not
result in any impairment. Furthermore, it does not reduce the recoverable value by more than 5% in any CGU as compared to the
recoverable amount derived from the ten-year plan.
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 years ended December 31, 2024 and 2023, 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 2024 and 2023 impairment test are shown below:
CGU
Average EBITDA
margin (%) (i)
Average CAPEX
intensity (%) (i)
Perpetual growth
rate (%)
WACC rate after tax
(%) (ii)
2024
2023
2024
2023
2024
2023
2024
2023
Bolivia .....................................
46.9
41.3
14.8
13.6
1.0
1.0
22.9
15.4
Colombia ................................
41.4
39.6
11.2
12.3
2.0
2.0
8.9
10.7
Guatemala ..............................
55.9
53.3
8.3
11.3
1.0
1.0
8.7
9.7
Costa Rica ...............................
37.7
39.8
16.4
16.2
\u2014
2.0
8.2
10.1
El Salvador ..............................
47.8
41.7
11.9
13.6
1.0
1.0
10.2
12.1
Nicaragua ...............................
50.5
47.5
15.1
13.8
2.0
3.0
15.3
15.5
Panam\u00e1 ..................................
51.0
46.5
10.9
13.1
1.0
1.0
9.4
8.9
Paraguay ................................
50.8
46.8
12.9
14.5
\u2014
1.0
8.6
9.8
(i) Average is computed over the period covered by the plan.
(ii) Millicom uses post-tax rate for the impairment-test, the difference with the pre-tax not resulting in different conclusions.
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
2024
2023
WACC rates .......................
+/- 2
+/-2
Perpetual growth rates ....
+/-1
+/-1
Operating variables
EBITDA margin .................
+/-3
+/-2
CAPEX intensity ................
+/-1
+/-1
At\u00a0 December 31, 2024 and at December 31, 2023, the sensitivity analysis shows no impairment under the above mentioned
changes in assumptions for all CGUs, except for 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 Nicaragua CGU in the years ended December 31, 2024 and December 31, 2023 .
2024
2023
Change required for carrying value to equal
recoverable amount
CGU
CGU
Nicaragua
Nicaragua
Financial variables
WACC rate
+109bps
+154bps
Perpetual growth rates
n/a
n/a
Operating variables
Average EBITDA margin
(1.95)%
n/a
CAPEX intensity
n/a
n/a
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-712": { "value": "
E. Long-term assets
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 have indefinite or finite useful lives and customers lists have 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
and any accumulated impairment losses. 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 2024\u00a0
Goodwill
Licenses
and
Spectrum
Customer
Lists
IRUs
Trademarks
Other (i)
Total
(US$ millions)
Opening balance, net ......................................
4,107
1,558
769
33
910
408
7,785
Change in scope (see note A.2.2.) ......................
\u2014
114
\u2014
\u2014
\u2014
\u2014
114
Additions ............................................................
\u2014
123
\u2014
1
\u2014
97
221
Amortization charge ...........................................
\u2014
(81)
(92)
(9)
\u2014
(138)
(319)
Impairment (ii) .....................................................
\u2014
(3)
\u2014
\u2014
\u2014
(5)
(8)
Disposals, net .....................................................
\u2014
2
\u2014
\u2014
\u2014
(1)
1
Asset retirement obligation ................................
\u2014
1
\u2014
\u2014
\u2014
\u2014
1
Transfers .............................................................
\u2014
4
\u2014
3
\u2014
24
30
Transfer to/from held for sale (see note E.4) ......
\u2014
(861)
\u2014
\u2014
\u2014
(9)
(870)
Exchange rate movements ................................
(13)
(19)
2
(2)
2
(16)
(47)
Closing balance, net ........................................
4,094
840
679
25
912
359
6,908
Cost or valuation ................................................
4,094
1,594
1,211
169
1,240
1,302
9,611
Accumulated amortization and impairment ....
\u2014
(755)
(533)
(144)
(329)
(943)
(2,703)
Net ......................................................................
4,094
840
679
25
912
359
6,908
Movements in intangible assets in 2023
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
(i)Other includes mainly software costs.
(ii) During the year ended\u00a0 December 31, 2024, Millicom decommissioned an IT software and as a result recorded $7\u00a0million under operating expenses as
impairment charges.
E.1.4. Cash used for the purchase of other intangible assets
Cash used for intangible asset additions
2024
2023
2022
(US$ millions)
Additions ......................................................................
98
116
156
Change in advances to suppliers .................................
(2)
(3)
1
Change in accruals and payables for intangibles .......
(2)
21
21
Cash used for additions .................................................
94
133
179
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-711": { "value": "
E. Long-term assets
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 have indefinite or finite useful lives and customers lists have 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
and any accumulated impairment losses. 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 2024\u00a0
Goodwill
Licenses
and
Spectrum
Customer
Lists
IRUs
Trademarks
Other (i)
Total
(US$ millions)
Opening balance, net ......................................
4,107
1,558
769
33
910
408
7,785
Change in scope (see note A.2.2.) ......................
\u2014
114
\u2014
\u2014
\u2014
\u2014
114
Additions ............................................................
\u2014
123
\u2014
1
\u2014
97
221
Amortization charge ...........................................
\u2014
(81)
(92)
(9)
\u2014
(138)
(319)
Impairment (ii) .....................................................
\u2014
(3)
\u2014
\u2014
\u2014
(5)
(8)
Disposals, net .....................................................
\u2014
2
\u2014
\u2014
\u2014
(1)
1
Asset retirement obligation ................................
\u2014
1
\u2014
\u2014
\u2014
\u2014
1
Transfers .............................................................
\u2014
4
\u2014
3
\u2014
24
30
Transfer to/from held for sale (see note E.4) ......
\u2014
(861)
\u2014
\u2014
\u2014
(9)
(870)
Exchange rate movements ................................
(13)
(19)
2
(2)
2
(16)
(47)
Closing balance, net ........................................
4,094
840
679
25
912
359
6,908
Cost or valuation ................................................
4,094
1,594
1,211
169
1,240
1,302
9,611
Accumulated amortization and impairment ....
\u2014
(755)
(533)
(144)
(329)
(943)
(2,703)
Net ......................................................................
4,094
840
679
25
912
359
6,908
Movements in intangible assets in 2023
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
(i)Other includes mainly software costs.
(ii) During the year ended\u00a0 December 31, 2024, Millicom decommissioned an IT software and as a result recorded $7\u00a0million under operating expenses as
impairment charges.
E.1.4. Cash used for the purchase of other intangible assets
Cash used for intangible asset additions
2024
2023
2022
(US$ millions)
Additions ......................................................................
98
116
156
Change in advances to suppliers .................................
(2)
(3)
1
Change in accruals and payables for intangibles .......
(2)
21
21
Cash used for additions .................................................
94
133
179
E.1.5. Goodwill and indefinite useful life trademarks
Allocation of Goodwill to cash generating units (CGUs)
2024
2023
(US$ millions)
Guatemala (see note A.1.2.) ...........................................................................................................................................
2,477
2,470
Panama ...........................................................................................................................................................................
907
907
El Salvador .......................................................................................................................................................................
194
194
Costa Rica ........................................................................................................................................................................
139
135
Paraguay .........................................................................................................................................................................
41
44
Colombia .........................................................................................................................................................................
135
155
Nicaragua ........................................................................................................................................................................
197
197
Bolivia ..............................................................................................................................................................................
3
3
Total ....................................................................................................................................................................................
4,094
4,107
Allocation of indefinite useful life trademarks to cash generating units (CGUs)
2024
2023
(US$ millions)
Guatemala .......................................................................................................................................................................
912
910
Total ....................................................................................................................................................................................
912
910
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-710": { "value": "
E. Long-term assets
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,\u00a0 during 2024, we revised the estimated useful lives of our fiber optic network assets and
related equipment/software. As a result, the estimated useful lives of the Group's\u00a0 Fiber Optic Network useful life were changed from
15 years to 25 years while the related equipment/Software useful life range was increased to 5-10 years (previously 5-7 years for
equipment and 5 years for software). Additionally, 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 10 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 2024\u00a0
Network
Equipment
Land and
Buildings
Construction in
Progress
Other(i)
Total
(US$ millions)
Opening balance, net ...................................................
2,507
162
394
44
3,107
Change in scope (see note A.2.2.) ...................................
114
\u2014
1
\u2014
115
Additions .........................................................................
118
23
433
5
579
Disposals, net ...................................................................
(11)
\u2014
(5)
\u2014
(16)
Depreciation charge ........................................................
(671)
(16)
\u2014
(23)
(710)
Asset retirement obligations ...........................................
23
4
\u2014
\u2014
27
Transfers ..........................................................................
404
5
(445)
9
(26)
Transfer from/(to) assets held for sale (see note E.4) ......
(122)
\u2014
\u2014
\u2014
(122)
Exchange rate movements .............................................
(90)
(8)
(8)
\u2014
(107)
Closing balance, net .....................................................
2,271
171
370
35
2,847
Cost or valuation .............................................................
8,767
328
370
338
9,803
Accumulated depreciation and impairment .................
(6,496)
(157)
\u2014
(303)
(6,956)
Net at December 31, 2024 ............................................
2,271
171
370
35
2,847
Movements in tangible assets in 2023
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
(i)Other mainly includes office equipment and motor vehicles.
Borrowing costs capitalized for the years ended December 31, 2024, 2023 and 2022 were not significant.
E.2.3. Cash used for the purchase of tangible assets
Cash used for property, plant and equipment
2024
2023
2022
(US$ millions)
Additions .............................................................................................................................................
579
694
823
Change in advances to suppliers ........................................................................................................
(2)
3
(3)
Change in accruals and payables for property, plant and equipment .............................................
(37)
116
(20)
Cash used ...........................................................................................................................................
540
814
800
G.4. Non-cash investing and financing activities
Non-cash investing and financing activities from continuing operations
Note
2024
2023
2022
(US$ millions)
Investing activities
Acquisition of property, plant and equipment .......................................................
E.2.2.
(40)
121
(23)
Acquisition of lease right of use assets obtained in exchange of lease liabilities .
E.3.
126
63
127
Asset retirement obligations ...................................................................................
E.2.2.
27
30
18
Financing activities
Share based compensation .....................................................................................
B.4.1.
50
52
29
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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 have indefinite or finite useful lives and customers lists have 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
and any accumulated impairment losses. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-715": { "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 and indefinite useful life trademarks
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, 2024\u00a0 and at December 31, 2023
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, with expenditures extending beyond
10 years. Moreover, we operate in emerging markets where telecom operators still have significant opportunities for continued
penetration and growth. Our markets are mostly consolidated, with two or three players per market, therefore, using ten-year
projections reduces the emphasis on terminal values.\u00a0
Additionally, the Group has performed a sensitivity analysis to assess the potential impact on carrying values when using a five-year
plan instead. The results of this analysis indicate that applying perpetuity growth rates at the end of an initial five-year plan does not
result in any impairment. Furthermore, it does not reduce the recoverable value by more than 5% in any CGU as compared to the
recoverable amount derived from the ten-year plan.
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 years ended December 31, 2024 and 2023, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-716": { "value": "
E.1.6. Impairment testing of goodwill and indefinite useful life trademarks
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, 2024\u00a0 and at December 31, 2023
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, with expenditures extending beyond
10 years. Moreover, we operate in emerging markets where telecom operators still have significant opportunities for continued
penetration and growth. Our markets are mostly consolidated, with two or three players per market, therefore, using ten-year
projections reduces the emphasis on terminal values.\u00a0
Additionally, the Group has performed a sensitivity analysis to assess the potential impact on carrying values when using a five-year
plan instead. The results of this analysis indicate that applying perpetuity growth rates at the end of an initial five-year plan does not
result in any impairment. Furthermore, it does not reduce the recoverable value by more than 5% in any CGU as compared to the
recoverable amount derived from the ten-year plan.
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 years ended December 31, 2024 and 2023, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-717": { "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,\u00a0 during 2024, we revised the estimated useful lives of our fiber optic network assets and
related equipment/software. As a result, the estimated useful lives of the Group's\u00a0 Fiber Optic Network useful life were changed from
15 years to 25 years while the related equipment/Software useful life range was increased to 5-10 years (previously 5-7 years for
equipment and 5 years for software). Additionally, 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 10 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-718": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-720": { "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. Specifically, in March 2022, Millicom started to implement a supplier financing program with
Citibank that as of December 31, 2024 covers five countries (El Salvador, Honduras, Nicaragua, Panama and Paraguay). In this
program, Millicom designates Citibank as its paying agent, allowing participating suppliers \u2013 who enter into a separate agreement
with Citibank \u2013 to transfer the rights of the approved invoices to Citibank. Millicom pays to Citibank at the invoices' due date, under
the same terms and conditions that were originally agreed with the suppliers. The liabilities related to the invoices included in the
program remain classified as trade payables.\u00a0 As of December 31, 2024, the outstanding balance of invoices transferred from
suppliers to Citibank is $29 million (2023: $26 million).
F.4. Current and non-current provisions and other liabilities
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, if it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain.
The expense relating to any provision is presented in the statement of income net of any reimbursement. If the effect of the time
value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, risks specific to
the liability. Where discounting is used, increases in the provision due to the passage of time are recognized as interest expenses.
F.4.1. Current provisions and other liabilities
Current
2024
2023
(US$ millions)
Deferred revenue ............................................................................................................................................................
95
96
Customer deposits ..........................................................................................................................................................
12
12
Current legal provisions (i) .............................................................................................................................................
98
8
Tax payables ...................................................................................................................................................................
51
72
Customer and MFS distributor cash balances ...............................................................................................................
38
45
Withholding tax on payments to third parties ..............................................................................................................
26
22
Other current liabilities (ii) ..............................................................................................................................................
102
119
Total ................................................................................................................................................................................
421
374
(i) Refer to note G.3.1.
(ii) Includes $20 million (2023: $15 million ) of tax risk liabilities not related to income tax.
F.4.2. Non-current provisions and other liabilities
Non-current
2024
2023
(US$ millions)
Non-current legal provisions .........................................................................................................................................
6
6
Long-term portion of asset retirement obligations ......................................................................................................
159
173
Long-term portion of deferred income on tower sale and leasebacks recognized ....................................................
23
31
Long-term employment obligations .............................................................................................................................
44
51
Other non-current liabilities ...........................................................................................................................................
51
68
Total ................................................................................................................................................................................
283
330
F.4.3. Non-current payables and accruals for capital expenditure
Non-current payables and accruals for capital expenditure include an amount of $140 million (December 31, 2023: $846 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.
As of December 31, 2024, the outstanding payable in relation to these licenses classified as Liabilities Held for Sale amount to
$456\u00a0million (December 31, 2023: $467\u00a0million, classified as non-current payable and accruals for capital expenditure). The related
future interest commitments will be recognized in the joint operation 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 of the joint operation as incurred.
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.
As of December 31, 2024, the outstanding payable in relation to these licenses classified as Liabilities Held for Sale\u00a0 amount to
$239\u00a0million, classified as non-current payable and accruals for capital expenditure. The remaining consideration will be paid from
the joint operation in annual installments over the next 20 years and bears interest at the moving average of the last 24 months
consumer price index (CPI) rate.
F.5. Assets and liabilities related to contract with customers
Contract assets, net
2024
2023
(US$ millions)
Long-term portion ...............................................................................................................................................................
21
21
Short-term portion ...............................................................................................................................................................
59
65
Less: provisions for expected credit losses .........................................................................................................................
(3)
(4)
Total .....................................................................................................................................................................................
77
82
Contract liabilities
2024
2023
(US$ millions)
Long-term portion ...............................................................................................................................................................
\u2014
74
Short-term portion ...............................................................................................................................................................
121
82
Total .....................................................................................................................................................................................
121
156
The Group recognized revenue for $131 million in 2024 (2023: $84 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,
2024 is $90 million ($89 million is expected to be recognized as revenue in the 2025 financial year and the remaining $2 million in
the 2026 financial year or later). This amount does not consider contracts that have an original expected duration of one year or less,
neither contracts in which consideration from a customer corresponds to the value of the entity\u2019s performance obligation to the
customer (i.e. billing corresponds to accounting revenue).
Contract costs, net (i)
FY24
2023
(US$ millions)
Net at January 1 .................................................................................................................................................................
12
10
Contract costs capitalized ...................................................................................................................................................
5
5
Amortization of contract costs ............................................................................................................................................
(5)
(4)
Net at December 31 ...........................................................................................................................................................
12
12
(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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-719": { "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.
2024
2023
(US$ millions)
Gross trade receivables ..................................................................................................................................................
800
851
Less: provisions for expected credit losses ....................................................................................................................
(411)
(408)
Trade receivables, net ..................................................................................................................................................
390
443
Aging of trade receivables
Neither past
due nor
impaired
Past due (net of
impairments)
30\u201390 days
>90 days
Total
(US$ millions)
2024:
Telecom operators ...................................................................................................
8
8
10
26
Own customers ........................................................................................................
214
47
42
303
Others .......................................................................................................................
29
9
22
61
Total
252
64
74
390
2023:
Telecom operators ...................................................................................................
19
5
4
28
Own customers ........................................................................................................
263
49
51
364
Others .......................................................................................................................
37
7
8
52
Total
319
61
63
443
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
2024
2023
(US$ millions)
Telephone and equipment ............................................................................................................................................
32
27
SIM cards .........................................................................................................................................................................
2
4
Other ...............................................................................................................................................................................
9
14
Inventory at December 31, ..........................................................................................................................................
44
45
F.5. Assets and liabilities related to contract with customers
Contract assets, net
2024
2023
(US$ millions)
Long-term portion ...............................................................................................................................................................
21
21
Short-term portion ...............................................................................................................................................................
59
65
Less: provisions for expected credit losses .........................................................................................................................
(3)
(4)
Total .....................................................................................................................................................................................
77
82
Contract liabilities
2024
2023
(US$ millions)
Long-term portion ...............................................................................................................................................................
\u2014
74
Short-term portion ...............................................................................................................................................................
121
82
Total .....................................................................................................................................................................................
121
156
The Group recognized revenue for $131 million in 2024 (2023: $84 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,
2024 is $90 million ($89 million is expected to be recognized as revenue in the 2025 financial year and the remaining $2 million in
the 2026 financial year or later). This amount does not consider contracts that have an original expected duration of one year or less,
neither contracts in which consideration from a customer corresponds to the value of the entity\u2019s performance obligation to the
customer (i.e. billing corresponds to accounting revenue).
Contract costs, net (i)
FY24
2023
(US$ millions)
Net at January 1 .................................................................................................................................................................
12
10
Contract costs capitalized ...................................................................................................................................................
5
5
Amortization of contract costs ............................................................................................................................................
(5)
(4)
Net at December 31 ...........................................................................................................................................................
12
12
(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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-722": { "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.
2024
2023
(US$ millions)
Gross trade receivables ..................................................................................................................................................
800
851
Less: provisions for expected credit losses ....................................................................................................................
(411)
(408)
Trade receivables, net ..................................................................................................................................................
390
443
Aging of trade receivables
Neither past
due nor
impaired
Past due (net of
impairments)
30\u201390 days
>90 days
Total
(US$ millions)
2024:
Telecom operators ...................................................................................................
8
8
10
26
Own customers ........................................................................................................
214
47
42
303
Others .......................................................................................................................
29
9
22
61
Total
252
64
74
390
2023:
Telecom operators ...................................................................................................
19
5
4
28
Own customers ........................................................................................................
263
49
51
364
Others .......................................................................................................................
37
7
8
52
Total
319
61
63
443
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-721": { "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.
2024
2023
(US$ millions)
Gross trade receivables ..................................................................................................................................................
800
851
Less: provisions for expected credit losses ....................................................................................................................
(411)
(408)
Trade receivables, net ..................................................................................................................................................
390
443
Aging of trade receivables
Neither past
due nor
impaired
Past due (net of
impairments)
30\u201390 days
>90 days
Total
(US$ millions)
2024:
Telecom operators ...................................................................................................
8
8
10
26
Own customers ........................................................................................................
214
47
42
303
Others .......................................................................................................................
29
9
22
61
Total
252
64
74
390
2023:
Telecom operators ...................................................................................................
19
5
4
28
Own customers ........................................................................................................
263
49
51
364
Others .......................................................................................................................
37
7
8
52
Total
319
61
63
443
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-723": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-724": { "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
2024
2023
(US$ millions)
Telephone and equipment ............................................................................................................................................
32
27
SIM cards .........................................................................................................................................................................
2
4
Other ...............................................................................................................................................................................
9
14
Inventory at December 31, ..........................................................................................................................................
44
45
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-725": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-727": { "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. Specifically, in March 2022, Millicom started to implement a supplier financing program with
Citibank that as of December 31, 2024 covers five countries (El Salvador, Honduras, Nicaragua, Panama and Paraguay). In this
program, Millicom designates Citibank as its paying agent, allowing participating suppliers \u2013 who enter into a separate agreement
with Citibank \u2013 to transfer the rights of the approved invoices to Citibank. Millicom pays to Citibank at the invoices' due date, under
the same terms and conditions that were originally agreed with the suppliers. The liabilities related to the invoices included in the
program remain classified as trade payables.\u00a0 As of December 31, 2024, the outstanding balance of invoices transferred from
suppliers to Citibank is $29 million (2023: $26 million).
F.4.3. Non-current payables and accruals for capital expenditure
Non-current payables and accruals for capital expenditure include an amount of $140 million (December 31, 2023: $846 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.
As of December 31, 2024, the outstanding payable in relation to these licenses classified as Liabilities Held for Sale amount to
$456\u00a0million (December 31, 2023: $467\u00a0million, classified as non-current payable and accruals for capital expenditure). The related
future interest commitments will be recognized in the joint operation 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 of the joint operation as incurred.
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.
As of December 31, 2024, the outstanding payable in relation to these licenses classified as Liabilities Held for Sale\u00a0 amount to
$239\u00a0million, classified as non-current payable and accruals for capital expenditure. The remaining consideration will be paid from
the joint operation 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-726": { "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. Specifically, in March 2022, Millicom started to implement a supplier financing program with
Citibank that as of December 31, 2024 covers five countries (El Salvador, Honduras, Nicaragua, Panama and Paraguay). In this
program, Millicom designates Citibank as its paying agent, allowing participating suppliers \u2013 who enter into a separate agreement
with Citibank \u2013 to transfer the rights of the approved invoices to Citibank. Millicom pays to Citibank at the invoices' due date, under
the same terms and conditions that were originally agreed with the suppliers. The liabilities related to the invoices included in the
program remain classified as trade payables.\u00a0 As of December 31, 2024, the outstanding balance of invoices transferred from
suppliers to Citibank is $29 million (2023: $26 million).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-728": { "value": "
F.4. Current and non-current provisions and other liabilities
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, if it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain.
The expense relating to any provision is presented in the statement of income net of any reimbursement. If the effect of the time
value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, risks specific to
the liability. Where discounting is used, increases in the provision due to the passage of time are recognized as interest expenses.
F.4.1. Current provisions and other liabilities
Current
2024
2023
(US$ millions)
Deferred revenue ............................................................................................................................................................
95
96
Customer deposits ..........................................................................................................................................................
12
12
Current legal provisions (i) .............................................................................................................................................
98
8
Tax payables ...................................................................................................................................................................
51
72
Customer and MFS distributor cash balances ...............................................................................................................
38
45
Withholding tax on payments to third parties ..............................................................................................................
26
22
Other current liabilities (ii) ..............................................................................................................................................
102
119
Total ................................................................................................................................................................................
421
374
(i) Refer to note G.3.1.
(ii) Includes $20 million (2023: $15 million ) of tax risk liabilities not related to income tax.
F.4.2. Non-current provisions and other liabilities
Non-current
2024
2023
(US$ millions)
Non-current legal provisions .........................................................................................................................................
6
6
Long-term portion of asset retirement obligations ......................................................................................................
159
173
Long-term portion of deferred income on tower sale and leasebacks recognized ....................................................
23
31
Long-term employment obligations .............................................................................................................................
44
51
Other non-current liabilities ...........................................................................................................................................
51
68
Total ................................................................................................................................................................................
283
330
F.4.3. Non-current payables and accruals for capital expenditure
Non-current payables and accruals for capital expenditure include an amount of $140 million (December 31, 2023: $846 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.
As of December 31, 2024, the outstanding payable in relation to these licenses classified as Liabilities Held for Sale amount to
$456\u00a0million (December 31, 2023: $467\u00a0million, classified as non-current payable and accruals for capital expenditure). The related
future interest commitments will be recognized in the joint operation 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 of the joint operation as incurred.
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.
As of December 31, 2024, the outstanding payable in relation to these licenses classified as Liabilities Held for Sale\u00a0 amount to
$239\u00a0million, classified as non-current payable and accruals for capital expenditure. The remaining consideration will be paid from
the joint operation in annual installments over the next 20 years and bears interest at the moving average of the last 24 months
consumer price index (CPI) rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-729": { "value": "
F.4. Current and non-current provisions and other liabilities
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, if it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain.
The expense relating to any provision is presented in the statement of income net of any reimbursement. If the effect of the time
value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, risks specific to
the liability. Where discounting is used, increases in the provision due to the passage of time are recognized as interest expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-730": { "value": "
F.5. Assets and liabilities related to contract with customers
Contract assets, net
2024
2023
(US$ millions)
Long-term portion ...............................................................................................................................................................
21
21
Short-term portion ...............................................................................................................................................................
59
65
Less: provisions for expected credit losses .........................................................................................................................
(3)
(4)
Total .....................................................................................................................................................................................
77
82
Contract liabilities
2024
2023
(US$ millions)
Long-term portion ...............................................................................................................................................................
\u2014
74
Short-term portion ...............................................................................................................................................................
121
82
Total .....................................................................................................................................................................................
121
156
The Group recognized revenue for $131 million in 2024 (2023: $84 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,
2024 is $90 million ($89 million is expected to be recognized as revenue in the 2025 financial year and the remaining $2 million in
the 2026 financial year or later). This amount does not consider contracts that have an original expected duration of one year or less,
neither contracts in which consideration from a customer corresponds to the value of the entity\u2019s performance obligation to the
customer (i.e. billing corresponds to accounting revenue).
Contract costs, net (i)
FY24
2023
(US$ millions)
Net at January 1 .................................................................................................................................................................
12
10
Contract costs capitalized ...................................................................................................................................................
5
5
Amortization of contract costs ............................................................................................................................................
(5)
(4)
Net at December 31 ...........................................................................................................................................................
12
12
(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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-735": { "value": "
G. Additional disclosure items
G.3. Contingent liabilities
G.3.1. Litigation and legal risks
The Group is 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, 2024, the total amount of claims brought against the Company and its subsidiaries is $209
million, after the updates on the Costa Rica case described below and the final settlement case reached for our former operation in
Tanzania, as mentioned in Note A.1.3. (December 31, 2023: $328 million). The Group's share of the comparable exposure for its joint
venture in Honduras is $8 million (December 31, 2023: $9 million).
As at December 31, 2024, $104 million has been provisioned by its subsidiaries for these risks in the consolidated statement of
financial position, including the Costa Rica case described in the below paragraph\u00a0 (December 31, 2023: $14 million). The Group\u2019s
share of provisions made by the joint venture in Honduras was $1 million (December 31, 2023: $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 results of operations.
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's Costa Rican business in 2020.\u00a0 The Court also ruled in favor of
Telef\u00f3nica's methodology for calculating prejudgment interest. On December 17, 2024, the First Department of the New York
Appellate Division upheld the trial court's ruling against Millicom regarding breach of contract but reversed the trial court's ruling
regarding the calculation of damages and adopted Millicom's methodology for calculation. As a result, in December 2024, Millicom
recorded a legal provision of approximately $88\u00a0million impacting the Non-Operating Expenses, net line in the Statement of Income
for the year ended December 31, 2024.
In April 2022, we received a subpoena from the DOJ requesting information concerning our business in Guatemala (\u201cTigo
Guatemala\u201d), including information related to the purchase in 2021 of our former joint venture partner\u2019s interest in Tigo Guatemala
and information related to any contacts with certain Guatemalan government officials. The subpoena also requested information
concerning our operations in other countries in Latin America. In May 2023, we received a second subpoena from the DOJ
requesting additional information regarding Tigo Guatemala. We are cooperating with the DOJ. At this time, we cannot predict the
ultimate scope, timing or outcome of this matter.
Other
At December 31, 2024, 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 5%), (ii) possible risks (risk
of outflow of tax payments assessed from 5% to 50%) 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, 2024, the tax risks exposure of the Group's subsidiaries is estimated at $304 million, for which provisions of $54
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, 2023: $279 million of which provisions of $52 million were recorded).
The Group's share of comparable tax exposure and provisions in its joint venture amounts to $134 million (December 31, 2023: $118
million) and $8 million\u00a0 (December 31, 2023: $7 million), respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-734": { "value": "
G. Additional disclosure items
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, 2024, the Group had fixed commitments to purchase network equipment, other fixed assets and intangible assets
of $285 million of which $215 million are due within one year (December 31, 2023: $350 million of which $254 million were due
within one year). The Group\u2019s share of commitments in the Honduras joint venture is $19 million, of which\u00a0 $19 million are due
within one year (December 31, 2023: $18 million,\u00a0 all of which were due within one year). Additionally, the Group's share of
commitments in the UNIRED joint operation (see note A.2.2.) is $6\u00a0million.
G.3. Contingent liabilities
G.3.1. Litigation and legal risks
The Group is 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, 2024, the total amount of claims brought against the Company and its subsidiaries is $209
million, after the updates on the Costa Rica case described below and the final settlement case reached for our former operation in
Tanzania, as mentioned in Note A.1.3. (December 31, 2023: $328 million). The Group's share of the comparable exposure for its joint
venture in Honduras is $8 million (December 31, 2023: $9 million).
As at December 31, 2024, $104 million has been provisioned by its subsidiaries for these risks in the consolidated statement of
financial position, including the Costa Rica case described in the below paragraph\u00a0 (December 31, 2023: $14 million). The Group\u2019s
share of provisions made by the joint venture in Honduras was $1 million (December 31, 2023: $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 results of operations.
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's Costa Rican business in 2020.\u00a0 The Court also ruled in favor of
Telef\u00f3nica's methodology for calculating prejudgment interest. On December 17, 2024, the First Department of the New York
Appellate Division upheld the trial court's ruling against Millicom regarding breach of contract but reversed the trial court's ruling
regarding the calculation of damages and adopted Millicom's methodology for calculation. As a result, in December 2024, Millicom
recorded a legal provision of approximately $88\u00a0million impacting the Non-Operating Expenses, net line in the Statement of Income
for the year ended December 31, 2024.
In April 2022, we received a subpoena from the DOJ requesting information concerning our business in Guatemala (\u201cTigo
Guatemala\u201d), including information related to the purchase in 2021 of our former joint venture partner\u2019s interest in Tigo Guatemala
and information related to any contacts with certain Guatemalan government officials. The subpoena also requested information
concerning our operations in other countries in Latin America. In May 2023, we received a second subpoena from the DOJ
requesting additional information regarding Tigo Guatemala. We are cooperating with the DOJ. At this time, we cannot predict the
ultimate scope, timing or outcome of this matter.
Other
At December 31, 2024, 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 5%), (ii) possible risks (risk
of outflow of tax payments assessed from 5% to 50%) 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, 2024, the tax risks exposure of the Group's subsidiaries is estimated at $304 million, for which provisions of $54
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, 2023: $279 million of which provisions of $52 million were recorded).
The Group's share of comparable tax exposure and provisions in its joint venture amounts to $134 million (December 31, 2023: $118
million) and $8 million\u00a0 (December 31, 2023: $7 million), respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-733": { "value": "
G. Additional disclosure items
G.1. Fees to auditors
2024
2023
2022
KPMG
Ernst & Young
(US$ millions)
Audit fees .............................................................................................................................................
4.4
5.6
5.1
Audit related fees ................................................................................................................................
\u2014
0.8
1.3
Tax fees ................................................................................................................................................
0.1
0.2
0.2
Other fees ............................................................................................................................................
0.1
0.3
0.2
Total ....................................................................................................................................................
4.6
6.9
6.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-732": { "value": "
G. Additional disclosure items
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
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 de facto control over Millicom, as holding, directly or indirectly (through Iliad group, Atlas Investissement and Atlas
Luxco S.\u00e0.r.l. ultimately controlled by him) approximately 40.4% of Millicom's shareholding and voting rights as of December 31,
2024. Additionally, Xavier Niel has as of December 31, 2024\u00a0 representation in Millicom\u2019s Board of Directors with the appointment of
three (out of eight) 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.
The Group had the following transactions with related parties:
Expenses
2024
2023
2022
(US$ millions)
Purchases of goods and services from EPM ..................................................................................
(47)
(45)
(45)
Atlas Group .....................................................................................................................................
(4)
\u2014
\u2014
Other expenses ...............................................................................................................................
(10)
(10)
(18)
Total ................................................................................................................................................
(61)
(55)
(63)
Income and gains
2024
2023
2022
(US$ millions)
Sale of goods and services to EPM .................................................................................................
14
12
11
Atlas Group .....................................................................................................................................
\u2014
\u2014
\u2014
Other revenue .................................................................................................................................
1
\u2014
1
Total ................................................................................................................................................
15
12
11
The Group had the following balances with related parties:
December 31
2024
2023
Liabilities
(US$ millions)
Payables to Honduras joint venture(ii) ..........................................................................................................................
133
68
Payables to EPM ..............................................................................................................................................................
32
33
Payable to Atlas Group ...................................................................................................................................................
2
\u2014
Other accounts payable .................................................................................................................................................
2
2
Total ................................................................................................................................................................................
170
103
(ii)Mainly\u00a0 dividends.
December 31
2024
2023
Assets
(US$ millions)
Receivables from EPM ....................................................................................................................................................
3
2
Receivables from Honduras joint venture .....................................................................................................................
12
9
Total ................................................................................................................................................................................
15
12
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-731": { "value": "
G. Additional disclosure items
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, 2024, the Group had fixed commitments to purchase network equipment, other fixed assets and intangible assets
of $285 million of which $215 million are due within one year (December 31, 2023: $350 million of which $254 million were due
within one year). The Group\u2019s share of commitments in the Honduras joint venture is $19 million, of which\u00a0 $19 million are due
within one year (December 31, 2023: $18 million,\u00a0 all of which were due within one year). Additionally, the Group's share of
commitments in the UNIRED joint operation (see note A.2.2.) is $6\u00a0million.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-736": { "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
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 de facto control over Millicom, as holding, directly or indirectly (through Iliad group, Atlas Investissement and Atlas
Luxco S.\u00e0.r.l. ultimately controlled by him) approximately 40.4% of Millicom's shareholding and voting rights as of December 31,
2024. Additionally, Xavier Niel has as of December 31, 2024\u00a0 representation in Millicom\u2019s Board of Directors with the appointment of
three (out of eight) 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-737": { "value": "Subsequent Events
New shareholder remuneration policy
On January 14, 2025, Millicom announced that the Company\u2019s Board of Directors (the \u201cBoard\u201d) has approved a new shareholder
remuneration policy under which it proposes to resume regular cash dividends; sustain or grow cash dividends every year; and
maintain a prudent capital structure.
Following the interim dividend of $1.00/share paid on 10 January, 2025 the Board approved, on 26 February, 2025 an additional
interim dividend, of $0.75/share to be paid in April 2025. The Board also announced its intention to propose for the approval of the
Annual General Meeting of its shareholders to be held in Luxembourg on May 21, 2025, a dividend of $3.00 per share payable in four
equal quarterly installments:: 0.75/share in July, 2025; $0.75/share in October, 2025: $0.75/share in January, 2026 and; $0.75/share in
April, 2026.
Share Repurchases
As part of the repurchase program launched during Q4 2024, Millicom has continued to repurchase shares during 1Q 2025,
acquiring an additional of 4,216,397 shares for a total amount of approximately $119\u00a0million, completing the mentioned Share
Repurchase Plan for a total of approximately $150\u00a0million.
Colombia - Definitive purchase agreement with Telefonica
Pursuant to the announcement on July 31, 2024, Millicom and Telefonica, on March 12, 2025, have entered into a definitive
agreement for the acquisition by Millicom of Telefonica\u2019s controlling 67.5% equity stake in Coltel, subject to closing conditions
including regulatory approvals. Millicom has also agreed to offer to purchase the remaining 32.5% of Coltel equity owned by La
Naci\u00f3n and other investors at the same purchase price per share offered to Telefonica. In line with the prior announcement, the
purchase price of $400\u00a0million is subject to customary adjustments for net debt evolution, working capital and changes in foreign
exchange rates, and as of September 30, 2024, would be $362\u00a0million.
Nicaragua - Sale of\u00a0 other assets to SBA
As part of the other assets portfolio sell within the 'sale of Lati International S.A and other assets to SBA' agreement dated on October
28, 2024 and further detailed in Note E.4.2.., Tigo Nicaragua transferred 321 towers to SBA for a total consideration of approximately
$49\u00a0million.
Panama - Spectrum acquisition
On March 19, 2025, Grupo de Comunicaciones Digitales, S.A. was awarded an additional 10 MHz spectrum in the 1900 MHz band for
approximately $7\u00a0million.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300CTHC1CP86P2G96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fn-3": { "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-3", "language": "en" } }, "fn-1": { "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-1", "language": "en" } }, "fn-4": { "value": "During the year ended December 31, 2024, Millicom repurchased 2,983,320 shares for a total amount of $63\u00a0million and withheld approximately 467,247 shares for the settlement of tax obligations on behalf of employees under share-
based compensation plans\u00a0 (2023: 320,985; 2022: 93,413)
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-4", "language": "en" } }, "fn-6": { "value": "See note C.7.4.", "dimensions": { "concept": "xbrl:note", "noteId": "fn-6", "language": "en" } }, "fn-5": { "value": "See note A.1.2..", "dimensions": { "concept": "xbrl:note", "noteId": "fn-5", "language": "en" } }, "fn-2": { "value": "Retained profits \u2013 includes profit for the year attributable to equity holders, of which $562 million (2023: $491 million; 2022: $472 million) are not distributable to equity holders.", "dimensions": { "concept": "xbrl:note", "noteId": "fn-2", "language": "en" } } } }