Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F/A |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38763 |
Entity Registrant Name | MILLICOM INTERNATIONAL CELLULAR SA |
Entity Incorporation, State or Country Code | N4 |
Entity Address, Address Line One | 2, Rue du Fort Bourbon |
Entity Address, Postal Zip Code | -1249 |
Entity Address, City or Town | Luxembourg |
Entity Address, Country | LU |
Title of 12(b) Security | Common Shares, par value $1.50 per share |
Security Exchange Name | NASDAQ |
Trading Symbol | TIGO |
Entity Common Stock, Shares Outstanding | 101,739,217 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
ICFR Auditor Attestation Flag | true |
Entity Shell Company | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0000912958 |
Amendment Flag | false |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Mauricio Ramos |
Entity Address, Address Line One | 2, Rue du Fort Bourbon |
Entity Address, Postal Zip Code | -1249 |
Entity Address, City or Town | Luxembourg |
Entity Address, Country | LU |
City Area Code | 352 |
Local Phone Number | 277-59018; +1 786 628 5270; +1 786 628 5303 |
Contact Personnel Email Address | investors@millicom.com |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Name | Ernst & Young |
Auditor Firm ID | 1367 |
Auditor Location | Luxembourg, Grand Duchy of Luxembourg |
Consolidated statement of incom
Consolidated statement of income - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Condensed Income Statements, Captions [Line Items] | |||||
Revenue | $ 4,617 | [1] | $ 4,171 | $ 4,336 | |
Cost of sales | (1,302) | [1] | (1,171) | (1,201) | |
Gross profit | 3,316 | [1] | 3,000 | 3,135 | |
Operating expenses | (1,677) | [1] | (1,505) | (1,604) | |
Depreciation | (878) | [1] | (890) | (825) | |
Amortization | (318) | [1] | (318) | (275) | |
Share of profit in joint ventures | 210 | [1],[2] | 171 | 179 | |
Other operating income (expenses), net | 6 | [1] | (12) | (34) | |
Operating profit | 659 | [1] | 446 | 575 | |
Interest and other financial expenses | (531) | [1] | (624) | (564) | |
Interest and other financial income | 23 | [1] | 13 | 20 | |
Revaluation of previously held interests in Guatemala | 670 | [1] | 0 | 0 | |
Other non-operating (expenses) income, net | (50) | [1] | (106) | 227 | |
Profit (loss) from other joint ventures and associates, net | (39) | [1],[2] | (1) | (40) | |
Profit (loss) before taxes from continuing operations | 732 | [1],[2] | (271) | 218 | |
Tax (charge) credit, net | (189) | [1] | (102) | (120) | |
Profit (loss) from continuing operations | 543 | [1] | (373) | 97 | |
Profit (loss) from discontinued operations, net of tax | 0 | [1] | (12) | 57 | |
Net profit (loss) for the period | 542 | [1],[3] | (385) | 154 | |
Net profit (loss) for the year Attributable to: | |||||
Owners of the Company | 590 | [1] | (344) | 149 | |
Non-controlling interests | $ (48) | [1] | $ (41) | $ 5 | |
Basic and diluted (US$ per common share) (ii) | |||||
— from continuing operations (usd per share) | [4] | $ 5.84 | [1] | $ (3.28) | $ 0.92 |
— from discontinued operations (usd per share) | [4] | 0 | [1] | (0.12) | 0.56 |
- Total (usd per share) | [4] | $ 5.84 | [1] | $ (3.40) | $ 1.48 |
Guatemala joint ventures | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Operating profit | $ 462 | $ 452 | $ 429 | ||
Profit (loss) before taxes from continuing operations | 432 | 347 | 356 | ||
Tax (charge) credit, net | (99) | (83) | (79) | ||
Net profit (loss) for the period | $ 333 | $ 264 | $ 277 | ||
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[2] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[3] | Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[4] | There are no dilutive potential ordinary shares. |
Consolidated statement of compr
Consolidated statement of comprehensive income - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Condensed Statement of Income Captions [Line Items] | |||||
Net profit (loss) for the year | $ 542 | [1],[2] | $ (385) | $ 154 | |
Other comprehensive income (to be reclassified to statement of income in subsequent periods), net of tax: | |||||
Exchange differences on translating foreign operations | (52) | [2] | (19) | (4) | |
Change in value of cash flow hedges, net of tax effects | 18 | [2] | (1) | (16) | |
Other comprehensive income (not to be reclassified to the statement of income in subsequent periods), net of tax: | |||||
Remeasurements of post-employment benefit obligations, net of tax effects | 1 | [2] | (2) | 0 | |
Total comprehensive income (loss) for the period | 509 | [2] | (407) | [3] | 133 |
Attributable to: | |||||
Owners of the Company | 565 | [2] | (360) | 131 | |
Non-controlling interests | (57) | [2] | (48) | 3 | |
Total comprehensive income for the period arises from: | |||||
Continuing operations | 509 | [2] | (395) | 76 | |
Discontinued operations | 0 | [2] | (12) | 57 | |
Guatemala joint ventures | |||||
Condensed Statement of Income Captions [Line Items] | |||||
Net profit (loss) for the year | $ 333 | $ 264 | $ 277 | ||
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[2] | Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[3] | A.1.2. |
Consolidated statement of finan
Consolidated statement of financial position - USD ($) $ in Millions | Dec. 31, 2021 | [1] | Dec. 31, 2020 | |
NON-CURRENT ASSETS | ||||
Intangible assets, net | $ 7,721 | $ 3,403 | ||
Property, plant and equipment, net | 3,198 | 2,755 | ||
Right of use assets | 1,008 | 895 | ||
Investments in joint ventures | 596 | 2,642 | ||
Investments in associates | 22 | 24 | ||
Contract costs, net | 8 | 5 | ||
Deferred tax assets | 180 | 197 | ||
Derivative financial instruments | 21 | 27 | ||
Amounts due from non-controlling interests, associates and joint ventures | 24 | 90 | ||
Other non-current assets | 74 | 77 | ||
TOTAL NON-CURRENT ASSETS | 12,852 | 10,114 | ||
CURRENT ASSETS | ||||
Inventories | 63 | 37 | ||
Trade receivables, net | 405 | 351 | ||
Contract assets, net | 69 | 31 | ||
Amounts due from non-controlling interests, associates and joint ventures | 42 | 206 | ||
Prepayments and accrued income | 168 | 149 | ||
Current income tax assets | 104 | 96 | ||
Supplier advances for capital expenditure | 35 | 21 | ||
Equity investments | 0 | 160 | ||
Other current assets | 302 | 181 | ||
Restricted cash | 203 | 199 | ||
Cash and cash equivalents | [2] | 895 | 875 | |
TOTAL CURRENT ASSETS | 2,286 | 2,307 | ||
Assets held for sale | 0 | 1 | ||
TOTAL ASSETS | 15,139 | 12,422 | ||
EQUITY | ||||
Share capital and premium | 628 | 630 | ||
Treasury shares | (60) | (30) | ||
Other reserves | (594) | (562) | ||
Retained profits | 2,019 | 2,365 | ||
Net profit (loss) for the year attributable to equity holders | 590 | (344) | ||
Equity attributable to owners of the Company | 2,583 | 2,059 | ||
Non-controlling interests | 157 | 215 | ||
TOTAL EQUITY | 2,740 | 2,274 | ||
NON-CURRENT LIABILITIES | ||||
Debt and financing | 5,904 | 5,578 | ||
Non-current lease liabilities | 996 | 897 | ||
Derivative financial instruments | 1 | 14 | ||
Amounts due to non-controlling interests, associates and joint ventures | 0 | 29 | ||
Payables and accruals for capital expenditure | 435 | 485 | ||
Provisions and other non-current liabilities | 364 | 328 | ||
Deferred tax liabilities | 214 | 209 | ||
TOTAL NON-CURRENT LIABILITIES | 7,914 | 7,540 | ||
CURRENT LIABILITIES | ||||
Debt and financing | 1,840 | 113 | ||
Lease liabilities | 171 | 123 | ||
Put option liability | 290 | 262 | ||
Derivative financial instruments | 0 | 1 | ||
Payables and accruals for capital expenditure | 452 | 345 | ||
Other trade payables | 347 | 334 | ||
Amounts due to non-controlling interests, associates and joint ventures | 74 | 311 | ||
Accrued interest and other expenses | 539 | 445 | ||
Current income tax liabilities | 128 | 71 | ||
Contract liabilities | 97 | 90 | ||
Provisions and other current liabilities | 546 | 511 | ||
TOTAL CURRENT LIABILITIES | 4,485 | 2,608 | ||
Liabilities directly associated with assets held for sale | 0 | 0 | ||
TOTAL LIABILITIES | 12,399 | 10,148 | ||
TOTAL EQUITY AND LIABILITIES | $ 15,139 | 12,422 | ||
Guatemala joint ventures | ||||
NON-CURRENT ASSETS | ||||
Investments in joint ventures | 2,031 | |||
TOTAL NON-CURRENT ASSETS | 2,195 | |||
CURRENT ASSETS | ||||
Cash and cash equivalents | 188 | |||
NON-CURRENT LIABILITIES | ||||
Debt and financing | 619 | |||
TOTAL NON-CURRENT LIABILITIES | 751 | |||
CURRENT LIABILITIES | ||||
Debt and financing | $ 24 | |||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||
[2] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Consolidated statement of cash
Consolidated statement of cash flows - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Cash flows from operating activities (including discontinued operations) | |||||
Profit (loss) before taxes from continuing operations | $ 732 | [1],[2] | $ (271) | $ 218 | |
Profit (loss) before taxes from discontinued operations | 0 | [2] | (12) | 59 | |
Profit (loss) before taxes | 731 | [2] | (283) | 276 | |
Adjustments to reconcile to net cash: | |||||
Interest expense on leases | 131 | [2] | 156 | 157 | |
Interest expense on debt and other financing | 400 | [2] | 468 | 408 | |
Interest and other financial income | (23) | [2] | (13) | (20) | |
Adjustments for non-cash items: | |||||
Depreciation and amortization | 1,196 | [2] | 1,208 | 1,111 | |
Share of net profit in joint ventures | (210) | [1],[2] | (171) | (179) | |
(Gain) loss on disposal and impairment of assets, net | (6) | [2] | 20 | (40) | |
Share-based compensation | 17 | [2] | 24 | 30 | |
Revaluation of previously held interest in Guatemala | (670) | [2] | 0 | 0 | |
Loss from other joint ventures and associates, net | 39 | [1],[2] | 1 | 40 | |
Other non-cash non-operating (income) expenses, net | 50 | [2] | 106 | (227) | |
Changes in working capital: | |||||
Decrease (increase) in trade receivables, prepayments and other current assets, net | (93) | [2] | (43) | (119) | |
Decrease (increase) in inventories | 9 | [2] | (6) | 11 | |
Increase (decrease) in trade and other payables, net | 6 | [2] | 40 | (61) | |
Increase (decrease) in contract assets, liabilities and costs, net | (5) | [2] | 8 | (2) | |
Total changes in working capital | (81) | [2] | (2) | (172) | |
Interest paid on leases | (140) | [2] | (151) | (141) | |
Interest paid on debt and other financing | (355) | [2] | (411) | (344) | |
Interest received | 4 | [2] | 11 | 15 | |
Taxes paid | (127) | [2] | (142) | (114) | |
Net cash provided by operating activities | 956 | [2] | 821 | 801 | |
Cash flows from (used in) investing activities (including discontinued operations): | |||||
Acquisition of subsidiaries, joint ventures and associates, net of cash acquired | (2,000) | [2] | 10 | (1,014) | |
Financing exit from the Ghana joint venture | (37) | [2] | 0 | 0 | |
Net proceeds from disposal of subsidiaries and associates, net of cash disposed | 30 | [2] | 10 | 111 | |
Purchase of intangible assets and licenses | (135) | [2] | (202) | (171) | |
Purchase of property, plant and equipment | (740) | [2] | (622) | (736) | |
Proceeds from sale of property, plant and equipment | 11 | [2] | 9 | 24 | |
Proceeds from disposal of equity investments, net of costs | 163 | [2] | 197 | 25 | |
Dividends and dividend advances received from joint ventures | 13 | [2] | 71 | 237 | |
Transfer to pledge deposits | (33) | [2] | 0 | 0 | |
Cash (used in) provided by other investing activities, net | 26 | [2] | 32 | 20 | |
Net cash used in investing activities | (2,703) | [2] | (495) | (1,502) | |
Cash flows from financing activities (including discontinued operations): | |||||
Proceeds from debt and other financing | 3,113 | [2] | 1,470 | 2,900 | |
Repayment of debt and other financing | (1,335) | [2] | (1,744) | (1,157) | |
Loan repayment from (advanced to) joint venture | 193 | [2] | (193) | 0 | |
Lease capital repayment | (137) | [2] | (116) | (107) | |
Advances and dividends paid to non-controlling interests | (6) | [2] | (5) | (13) | |
Share repurchase program | (50) | [2] | (10) | 0 | |
Dividends paid to owners of the Company | 0 | [2] | 0 | (268) | |
Net cash provided by (used in) financing activities | 1,777 | [2] | (598) | 1,355 | |
Exchange impact on cash and cash equivalents, net | (10) | [2] | (17) | (8) | |
Net (decrease) increase in cash and cash equivalents | 20 | [2] | (289) | 645 | |
Cash and cash equivalents, beginning balance | 875 | [2] | 1,164 | 528 | |
Effect of cash in disposal group held for sale | 0 | [2] | 0 | (9) | |
Cash and cash equivalents, ending balance | 895 | [2],[3] | 875 | [2] | 1,164 |
Guatemala joint ventures | |||||
Cash flows from operating activities (including discontinued operations) | |||||
Profit (loss) before taxes from continuing operations | 432 | 347 | 356 | ||
Changes in working capital: | |||||
Net cash provided by operating activities | 611 | 598 | 588 | ||
Cash flows from (used in) investing activities (including discontinued operations): | |||||
Net cash used in investing activities | (192) | (289) | (205) | ||
Cash flows from financing activities (including discontinued operations): | |||||
Net cash provided by (used in) financing activities | (406) | (308) | (412) | ||
Exchange impact on cash and cash equivalents, net | 1 | (2) | 1 | ||
Net (decrease) increase in cash and cash equivalents | 13 | (1) | (28) | ||
Cash and cash equivalents, beginning balance | $ 188 | 189 | |||
Cash and cash equivalents, ending balance | $ 188 | $ 189 | |||
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[2] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[3] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Consolidated statement of chang
Consolidated statement of changes in equity - USD ($) $ in Millions | Total | Guatemala joint ventures | Total | Share capital | Share premium | [1] | Treasury shares | Retained profits | [2] | Other reserves | [3] | Non- controlling interests | ||||||
Number of shares, beginning of period (in shares) | 101,739,000 | (914,000) | ||||||||||||||||
Equity, beginning of period at Dec. 31, 2018 | $ 2,792 | $ 2,542 | $ 153 | [1] | $ 482 | $ (81) | $ 2,525 | $ (538) | $ 251 | |||||||||
Comprehensive income | 133 | 131 | 149 | (19) | 3 | |||||||||||||
Dividends | [4] | (267) | (267) | (267) | ||||||||||||||
Dividends to non controlling interests | (1) | [4] | (1) | |||||||||||||||
Purchase of treasury shares (in shares) | [5] | (132,000) | ||||||||||||||||
Purchase of treasury shares | [5] | (8) | (8) | $ (12) | 4 | |||||||||||||
Share-based compensation | 30 | 29 | 29 | 1 | ||||||||||||||
Issuance of shares under share-based payment schemes (in shares) | 465,000 | |||||||||||||||||
Issuance of shares under share-based payment schemes | 1 | [6] | 1 | [6] | (2) | $ 41 | (12) | (25) | [6] | |||||||||
Effect of restructuring in Tanzania | [7] | 0 | (18) | (27) | 9 | 18 | ||||||||||||
Number of shares, end of period (in shares) at Dec. 31, 2019 | 101,739,000 | (581,000) | ||||||||||||||||
Equity, end of period at Dec. 31, 2019 | 2,680 | [8] | 2,409 | $ 153 | [1] | 480 | $ (51) | 2,372 | (544) | 271 | [8] | |||||||
Share repurchase program | 0 | |||||||||||||||||
Number of shares, beginning of period (in shares) | 101,739,000 | (581,000) | ||||||||||||||||
Statutory reserves unavailable for distribution | 306 | |||||||||||||||||
Comprehensive income | (407) | [8] | (360) | [8] | (344) | [8] | (15) | (48) | ||||||||||
Dividends | [4] | 0 | 0 | 0 | ||||||||||||||
Dividends to non controlling interests | $ (8) | (8) | ||||||||||||||||
Purchase of treasury shares (in shares) | (350,000) | (467,000) | ||||||||||||||||
Purchase of treasury shares | $ (16) | [4] | (16) | [4] | $ (19) | 3 | [4] | |||||||||||
Share-based compensation | [6] | 24 | 24 | 24 | 0 | |||||||||||||
Issuance of shares under share-based payment schemes (in shares) | 521,000 | |||||||||||||||||
Issuance of shares under share-based payment schemes | 1 | 1 | (2) | $ 40 | (11) | (26) | ||||||||||||
Number of shares, end of period (in shares) at Dec. 31, 2020 | 101,739,000 | (526,000) | ||||||||||||||||
Equity, end of period at Dec. 31, 2020 | $ 2,274 | 2,059 | $ 153 | [1] | 478 | $ (30) | 2,020 | (562) | 215 | |||||||||
Number of shares withheld (in shares) | 117,000 | |||||||||||||||||
Share repurchase program | $ (10) | |||||||||||||||||
Number of shares, beginning of period (in shares) | 101,739,000 | (526,000) | ||||||||||||||||
Statutory reserves unavailable for distribution | 310 | |||||||||||||||||
Comprehensive income | 509 | [9] | 565 | 590 | (25) | (57) | ||||||||||||
Dividends | [4] | 0 | 0 | 0 | ||||||||||||||
Dividends to non controlling interests | $ (3) | (3) | ||||||||||||||||
Purchase of treasury shares (in shares) | (1,369,284) | (1,471,000) | [5] | |||||||||||||||
Purchase of treasury shares | [5] | $ (54) | (54) | $ (56) | 2 | |||||||||||||
Share-based compensation | 19 | [6] | 18 | [6] | 18 | [6] | 1 | |||||||||||
Issuance of shares under share-based payment schemes (in shares) | 459,000 | |||||||||||||||||
Issuance of shares under share-based payment schemes | 1 | 1 | (2) | $ 26 | 2 | (25) | ||||||||||||
Change in scope of consolidation | [10] | (5) | (5) | (5) | ||||||||||||||
Number of shares, end of period (in shares) at Dec. 31, 2021 | 101,739,000 | (1,538,000) | ||||||||||||||||
Equity, end of period at Dec. 31, 2021 | $ 2,740 | [11] | $ 2,583 | $ 153 | [1] | $ 476 | $ (60) | $ 2,609 | $ (594) | $ 157 | ||||||||
Number of shares withheld (in shares) | 102,000 | |||||||||||||||||
Share repurchase program | [12] | $ (50) | ||||||||||||||||
Proportion of ownership interest in subsidiary | 55.00% | |||||||||||||||||
Payments to acquire noncontrolling interest | $ 5 | |||||||||||||||||
Number of shares, beginning of period (in shares) | 101,739,000 | (1,538,000) | ||||||||||||||||
Statutory reserves unavailable for distribution | $ 486 | |||||||||||||||||
[1] | Share capital and share premium – see note C.1. | |||||||||||||||||
[2] | Retained profits – includes profit for the year attributable to equity holders, of which $486 million (2020: $310 million; 2019: $306 million) are not distributable to equity holders. | |||||||||||||||||
[3] | Other reserves – see note C.1. | |||||||||||||||||
[4] | Dividends – see note C.2. | |||||||||||||||||
[5] | During the year ended December 31, 2021, Millicom repurchased 1,369,284 shares (2020: 350,000 shares), for a total amount of $50 million (2020: 10 million, 2019: nil) and withheld approximately 102,000 shares (2020: 117,000) for settlement of tax obligations on behalf of employees under share-based compensation plans. | |||||||||||||||||
[6] | Share-based compensation – see note C.1. | |||||||||||||||||
[7] | Effect of the restructuring in Tanzania A.1.2. | |||||||||||||||||
[8] | A.1.2. | |||||||||||||||||
[9] | Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||||||||||||||
[10] | Cloud 2 Nube S.A. was a subsidiary owned by the Group at 55% and already fully consolidated as Millicom had control over it. As a result, in accordance with IFRS 10, the acquisition of the remaining 45% in Cloud 2 Nube S.A. has been treated as an equity transaction and non-controlling interests amounting to less than $1 million were transferred to the Group's equity against a purchase consideration of $5 million. | |||||||||||||||||
[11] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||||||||||||||
[12] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Introduction
Introduction | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | |
Introduction | Introduction Corporate Information Millicom International Cellular S.A. (the “Company” or “MIC S.A.”), a Luxembourg Société Anonyme, and its subsidiaries, joint ventures and associates (the “Group” or “Millicom”) is an international telecommunications and media group providing digital lifestyle services in emerging markets, through mobile and fixed telephony, cable, broadband, Pay-TV in Latin America (Latam) and Africa. The Company’s shares are traded as Swedish Depositary Receipts on the Stockholm stock exchange under the symbol TIGO_SDB (formerly MIC SDB) and, since January 9, 2019, on the Nasdaq Stock Market in the U.S. under the ticker symbol TIGO. The Company has its registered office at 2, Rue du Fort Bourbon, L-1249 Luxembourg, Grand Duchy of Luxembourg and is registered with the Luxembourg Register of Commerce under the number RCS B 40 630. On November 14, 2019, Millicom's historical principal shareholder, Kinnevik AB, distributed its entire (approximately 37% of Millicom's outstanding shares) shareholding in Millicom to its own shareholders through a share redemption plan. Since that date, Kinnevik is no longer a related party or shareholder in Millicom. On February 25, 2022, 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), and in Africa (Tanzania). 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 Latam countries. On November 12, 2021, Millicom announced that it has closed the previously-announced agreement to acquire the remaining 45% equity interest in its joint venture business in Guatemala (collectively, "Tigo Guatemala"). As a result, Millicom owns 100% equity interest in Tigo Guatemala and fully consolidates it since that date. As a result, the statements of income, cash flows and financial position in these consolidated financial statements might not be directly comparable with previous years' figures. When preparing and disclosing its segment information, the Group includes Honduras and Guatemala in the Latin America (Latam) segment figures as if they are fully consolidated by the Group, as this reflects the way management reviews and uses internally reported information to make decisions (see note B.3. Segmental information). The Tigo Guatemala acquisition has no impact on the way we present our Latin America segment because it included our Guatemala joint venture as if it was already fully consolidated. Millicom also provides Mobile Financial Services (MFS) and holds small minority investments in other businesses such as micro-insurance (Milvik). COVID-19 - Qualitative and quantitative assessment on business activities, financial situation and economic performance Impact on our markets and business During 2021, economic activity recovered in our markets as most countries eased the lockdowns implemented at the beginning of the pandemic, and remittances from the U.S. to Central America sustained double-digit growth year-on-year. Meanwhile, vaccination rates were above 50% in Colombia, Costa Rica, El Salvador and Panama and were below 30% in Guatemala. Some countries experienced spikes in the number of COVID cases during the last semester, but governments generally refrained from imposing strict lockdowns, choosing instead to use curfews or voluntary quarantine programs, which had a negligible effect on commercial activity. As of December 31, 2021, and for the year ended December 31, 2021, management did not identify any significant adverse accounting effects as a result of the pandemic. IFRS Consolidated Financial Statements Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the IASB (IFRS). They are also compliant with International Financial Reporting Standards as adopted by the European Union. This is in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council of July 19, 2002, on the application of international accounting standards for listed companies domiciled in the European Union. The financial statements have been prepared on an 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’s significant accounting policies that relate to the financial statements as a whole. Significant accounting policies specific to one note are included within that note. Accounting policies relating to non-material items are not included in these financial statements. 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’s 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 “Other reserves”. 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’s locations to the US dollar on December 31, 2021, 2020 and 2019 and the average rates for the years ended December 31, 2021, 2020 and 2019. Exchange Rates to the US Dollar Functional Currency 2021 Year-end Rate 2020 Year-end Rate Change % 2021 Average Rate 2020 Average Rate Change % 2019 Average Rate Bolivia Boliviano (BOB) 6.91 6.91 — % 6.91 6.91 — % 6.91 Colombia Peso (COP) 3,981 3,433 (13.8) % 3,756 3,695 (1.6) % 3,296 Costa Rica Costa Rican Colon (CRC) 645 617 (4.3) % 625 590 (5.6) % 588 El Salvador US dollar n/a n/a n/a n/a n/a n/a n/a Ghana Cedi (GHS) 6.18 5.87 (5.1) % 5.94 5.75 (3.2) % 5.33 Guatemala Quetzal (GTQ) 7.72 7.79 1.0 % 7.74 7.73 (0.1) % 7.71 Honduras Lempira (HNL) 24.43 24.20 (1.0) % 24.12 24.65 2.2 % 24.59 Luxembourg Euro (EUR) 0.88 0.82 (6.9) % 0.85 0.87 3.4 % 0.89 Nicaragua Cordoba (NIO) 35.52 34.82 (2.0) % 35.17 34.34 (2.4) % 33.12 Panama Balboa (B/.) (i) n/a n/a n/a n/a n/a n/a n/a Paraguay Guarani (PYG) 6,886 6,900 0.2 % 6,790 6,758 (0.5) % 6,232 Sweden Krona (SEK) 9.05 8.23 (9.1) % 8.59 9.16 6.6 % 9.43 Tanzania Shilling (TZS) 2,305 2,319 0.6 % 2,313 2,312 — % 2,304 United Kingdom Pound (GBP) 0.74 0.73 (1.0) % 0.73 0.77 6.2 % 0.78 (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 new or amended standards have been adopted by the Group and did not have any significant impact on the Group’s accounting policies or disclosures and did not require retrospective adjustments. • Amendment to IFRS 16, 'Leases' - COVID 19 Rent Concessions - effective for annual periods starting on June 1, 2020. While the Group has implemented this amendment already in 2020, the IASB (in March 2021) extended its initial application beyond June 30, 2021, by one additional year. • Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 - Interest Rate Benchmark Reform - Phase 2 - effective for annual periods starting on January 1, 2021. The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate. Main reliefs provided by the Phase 2 amendments relate to: • Changes to contractual cash flows: That is, when changing the basis for determining contractual cash flows for financial assets and liabilities required by the reform this will not result in an immediate gain or loss in the income statement but in an update of the effective interest rate (or an update in the discount rate to remeasure the lease liability as a result of the IBOR reform), and; • Hedge accounting: That is, allowing hedge relationships that are directly affected by the reform to continue, though additional ineffectiveness might need to be recorded. The Group has inventoried financial assets or liabilities (including lease liabilities), as well as hedging instruments, with IBOR features and concluded that it was not significantly exposed to this reform. The following changes to standards not yet effective are not expected to materially affect the Group: • Amendments effective for annual periods starting on January 1, 2022: • IFRS 3 'Business Combinations' - Reference to Conceptual Framework. • IAS 16 'Property, Plant and Equipment' - Proceeds before intended use. • IAS 37 'Provisions, Contingent Liabilities and Contingent Assets' - Cost of fulfilling a contract. • Annual improvements to IFRS Standards 2018-2020, affecting IFRS 1, IFRS 9, IFRS 16 and IAS 41. • Amendments effective for annual periods starting on January 1, 2023: • Amendments to IAS 1, 'Presentation of Financial Statements' : These amendments clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The IASB also issued 'Disclosure of Accounting Policies' with amendments that are intended to help preparers in deciding which accounting policies to disclose in their financial statements (not yet endorsed by the EU). • IFRS 17, ‘Insurance contracts’ • Amendments to IFRS 17, ‘Insurance contracts’(not yet endorsed by the EU). • IAS 8, 'Accounting Policies, Changes in Accounting Estimates and Errors' - Definition of accounting estimates (not yet endorsed by the EU). The following changes to standards are effective for annual periods starting on January 1, 2023 (not yet endorsed by the EU) and their potential impact on the Group consolidated financial statements is currently being assessed by Management: • Amendments to IAS 12, 'Income Taxes: Deferred tax related to Assets and liabilities arising from a Single Transaction' - These amendments clarify that the initial recognition exception does not apply to the initial recognition of leases and decommissioning obligations. These amendments apply prospectively to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, an entity should apply the amendments for the first time by recognising deferred tax for all temporary differences related to leases and decommissioning obligations at the beginning of the earliest comparative period presented. 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 apply 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: • Acquisitions – 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.); • Impairment testing – key assumptions related to future business performance, perpetual growth rates and discount rates (see notes E.1.2., E.1.6., E.2.2.); • Revenue recognition – 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.); • Contingent liabilities – whether or not a provision should be recorded for any potential liabilities (see note G.3.); • Leases – 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.); • Control – whether Millicom, through voting rights and potential voting rights attached to shares held, or by way of shareholders’ 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.); • Discontinued operations and assets held for sale – definition, classification and presentation (see notes A.4., E.4.1.) as well as measurement of potential provisions related to indemnities; • Deferred tax assets – 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.); • Defined benefit obligations – key assumptions related to life expectancies, salary increases and leaving rates, mainly related to UNE Colombia (see note B.4.3.). Estimates Estimates are based on historical experience and other factors, including reasonable expectations of future events, including the effects of the COVID-19 pandemic. 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: • Accounting 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.); • Useful lives of property, plant and equipment and intangible assets (see notes E.1.1., E.2.1.); • Provisions, in particular provisions for asset retirement obligations, legal and tax risks (see note F.4.); • Tax liabilities, in particular in respect of uncertainty over income tax treatments (see note F.4.); • Revenue recognition (see note B.1.1.); • Impairment testing including weighted average cost of capital ("WACC"), EBITDA margins, Capex intensity and long term growth rates (see note E.1.6.); • For 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. ); • Estimates for defined benefit obligations (see note B.4.2.); |
The Millicom Group
The Millicom Group | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
The Millicom Group | 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, Broadband Internet and Mobile Financial Services (MFS) businesses. The Group also holds other small minority investments in other businesses such as micro-insurance (Milvik).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’s 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). Our main subsidiaries are as follows: Entity Country Activity December 31, 2021 % holding December 31, 2020 % holding December 31, 2019 % holding Latin America In % In % In % Telemovil El Salvador S.A. de C.V. El Salvador Mobile, MFS, Cable, DTH 100 100 100 Millicom Cable Costa Rica S.A. Costa Rica Cable, DTH 100 100 100 Telefonica Celular de Bolivia S.A. Bolivia Mobile, DTH, MFS, Cable 100 100 100 Telefonica Celular del Paraguay S.A. Paraguay Mobile, MFS, Cable, Pay-TV 100 100 100 Cable Onda S.A (i). Panama Cable, Pay-TV, Internet, DTH, Fixed-line 80 80 80 Grupo de Comunicaciones Digitales, S.A. (formerly Telefonica Moviles Panama, S.A.)(ii) Panama Mobile 80 80 80 Telefonia Celular de Nicaragua S.A. (ii) Nicaragua Mobile 100 100 100 Colombia Móvil S.A. E.S.P. (iii) Colombia Mobile 50-1 share 50-1 share 50-1 share UNE EPM Telecomunicaciones S.A.(iii) Colombia Fixed-line, Internet, Pay-TV, Mobile 50-1 share 50-1 share 50-1 share Edatel S.A. E.S.P. (iii) Colombia Fixed-line, Internet, Pay-TV, Cable 50-1 share 50-1 share 50-1 share Comunicaciones Celulares S.A. (iv) (v) Guatemala Mobile, MFS 100 55 55 Navega.com S.A. (iv) (v) Guatemala Cable, DTH 100 55 55 Africa MIC Tanzania Public Limited Company Tanzania Mobile, MFS 98.5 98.5 98.5 Zanzibar Telecom Limited Tanzania Mobile, MFS 98.5 98.5 98.5 Unallocated Millicom International Operations S.A. Luxembourg Holding Company 100 100 100 Millicom International Operations B.V. Netherlands Holding Company 100 100 100 Millicom LIH S.A. Luxembourg Holding Company 100 100 100 MIC Latin America B.V. Netherlands Holding Company 100 100 100 Millicom Africa B.V. Netherlands Holding Company 100 100 100 Millicom Holding B.V. Netherlands Holding Company 100 100 100 Millicom International Services LLC USA Services Company 100 100 100 Millicom Services UK Ltd UK Services Company 100 100 100 Millicom Spain S.L. Spain Holding Company 100 100 100 (i) Acquisition completed on December 13, 2018. Cable Onda S.A. is fully consolidated as Millicom has the majority of voting shares to direct the relevant activities. See note A.1.2.. (ii) Companies acquired during 2019. See note A.1.2.. (iii) Fully consolidated as Millicom has the majority of voting shares to direct the relevant activities. (iv) Acquisition completed on November 12, 2021(see Note A.1.2.). Millicom now owns 100% equity interest in Tigo Guatemala compared to 55% before the transaction. While Millicom owned more than 50% of the shares in these entities and had the right to nominate a majority of the directors of each of these entities, key decisions over the relevant activities were taken by a super majority vote. This effectively gave either shareholder the ability to veto any decision and therefore neither shareholder had sole control over the entity. Therefore, the operations of these joint ventures were accounted for under the equity method. See note A.2.1.. (v) Tigo Guatemala is made up of the 2 entities in the table above, but also by the following less material entities: Comunicaciones Corporativas S.A. (“COMCORP”), Servicios Innovadores de Comunicación y Entretenimiento S.A. (“SICESA”), Distribuidora de Comunicaciones de Occidente S.A. (“COOCSA”), Distribuidora de Comunicaciones de Oriente S.A. (“COORSA”), Distribuidora Internacional de Comunicaciones S.A. (“INTERNACOM”), Servicios Especializados en Telecomunicaciones S.A. (“SESTEL”), Distribuidora Central de Comunicaciones, S.A. (“COCENSA”) and Cloud 2 Nube S.A. ("C2N"). Scope changes 2021 On November 12, 2021, Millicom announced that it has closed the previously-announced agreement to acquire the remaining 45% equity interest in its joint venture business in Guatemala (collectively, "Tigo Guatemala") from its local partner for $2.2 billion in cash. The acquisition has been financed through a bridge facility (see note C.3). Millicom is currently determining the fair value of Tigo Guatemala identifiable assets and liabilities, however, this purchase accounting is still provisional at December 31, 2021, particularly in respect of the evaluation of the tangible, intangible assets, right of use assets and lease liabilities. For the purpose of the valuation of the intangible assets (excluding goodwill), the provisional numbers are based on the current carrying values of intangibles as identified at the date of the deconsolidation of Tigo Guatemala and the commencement of the accounting for the investment under the equity method. Out of these intangibles (excluding goodwill), the brand is currently recorded at $848 million and is expected to have an indefinite useful live (see note E.1). At acquisition date - November 12, 2021 Provisional fair values (100%) ($ millions) Intangible assets (excluding goodwill) 1,294 Property, plant and equipment 547 Right of use assets 189 Other non-current assets 5 Current assets (excluding cash) 245 Trade receivables 42 Cash and cash equivalents 199 Total assets acquired 2,521 Lease liabilities 205 Other debt and financing 417 Other liabilities 280 Total liabilities assumed 901 Fair value of assets acquired and liabilities assumed, net - A 1,620 Purchase consideration (45%) - B 2,195 Implied fair value (100% of business) - C 4,877 Carrying value of our investment in joint venture at acquisition date - D 2,013 Goodwill arising on change of control - B+D-A=E 2,588 Revaluation of previously held interests - C-B-D=F (i) 670 Total provisional goodwill - E+F=G 3,258 (i) The acquisition has been determined as a business combination achieved in stages, requiring Millicom to remeasure its 55% previously held equity investment in Tigo Guatemala at its acquisition date fair value ($2,683 million); the resulting gain has been recognized in the statement of income under the line "Revaluation of previously held interests" and is included in the goodwill calculation (see above). The goodwill is attributable to the workforce and the high profitability of Tigo Guatemala. It is currently not expected to be tax deductible. From November 12, 2021 to December 31, 2021, Tigo Guatemala contributed $223 million of revenue and a net profit of $43 million to the Group. If Tigo Guatemala had been acquired on January 1, 2021 incremental revenue for the year 2021 would have been $1.38 billion and incremental net profit for the same period of $147 million. Acquisition related costs included in the statement of income under operating expenses were immaterial. Scope changes 2020 There were no material acquisitions in 2020. Scope changes 2019 1. Telefónica CAM Acquisitions On February 20, 2019, MIC S.A., Telefónica Centroamérica and Telefónica, S.A. entered into 3 separate share purchase agreements (the “Telefónica CAM Acquisitions”) pursuant to which, subject to the terms and conditions contained therein, Millicom agreed to purchase 100% of the shares of Telefónica Móviles Panamá, S.A., a company incorporated under the laws of Panama, from Telefónica Centroamérica (the “Panama Acquisition”), 100% of the shares of Telefónica de Costa Rica TC, S.A., a company incorporated under the laws of Costa Rica, from Telefónica (the “Costa Rica Acquisition”) and 100% of the shares of Telefonía Celular de Nicaragua, S.A., a company incorporated under the laws of Nicaragua, from Telefónica Centroamérica (the “Nicaragua Acquisition”). While Millicom completed both acquisitions in Nicaragua and Panama, it announced on May 2, 2020 that it had terminated the Share Purchase Agreement in relation to the Costa Rica Acquisition (see note G.3.1.). The aggregate purchase price for the Telefónica Panama and Nicaragua Acquisitions was $1.08 billion, which has been subject to purchase price adjustments - see below. Acquisition related costs for Nicaragua and Panama acquisitions included in the statement of income under operating expenses were approximately $16 million for the year 2019. The impact of the finalization of Nicaragua and Panama's purchase accounting on the 2019 Group statement of income is immaterial and, therefore, no adjustments were made on comparative figures in that respect. Further details of Nicaragua and Panama acquisitions are provided below. a) Nicaragua Acquisition This transaction closed on May 16, 2019 after receipt of the necessary approvals and, since that date, Millicom holds all voting rights into Telefonía Celular de Nicaragua, S.A. ("Nicaragua") and controls it. On the same day, Millicom paid an original cash consideration of $437 million, which was adjusted to $430 million as of December 31, 2019 and finally adjusted to $426 million in 2020. For the purchase accounting, Millicom determined the final fair values of Nicaragua's identifiable assets and liabilities based on transaction and relative fair values. The purchase accounting was finalized by May 16, 2020 and has not materially changed since December 31, 2019, with the exception of the final price adjustment. The goodwill is currently not tax deductible, and is attributable to expected synergies and convergence with our legacy fixed business in the country, as well as to the fair value of the assembled work force. For convenience purposes, the acquisition date was set on May 1, 2019 as there were no material transactions from this date to May 16, 2019. From May 1, 2019 to December 31, 2019, Nicaragua contributed $144 million of revenue and a net profit of $5 million to the Group. If the acquisition had occurred on January 1, 2019 incremental revenue for the Group for the twelve-month period ended December 31, 2019 would have been $219 million and incremental net loss for that period would have been $16 million, including amortization of assets not previously recognized of $12 million (net of tax). Key assumptions used in fixed assets valuation The following valuation methods and key estimates were used for the valuation of the main classes of fixed assets: Major class of assets Valuation method Key assumption 1 Key assumption 2 Key assumption 3 Spectrum Market approach - Market comparable transactions Discount rate : 14% Terminal growth rate: 2.5% Estimated duration: 14 years Customer lists Income approach - Multi-Period Excess Earnings Method Discount rate: 14-15% Monthly Churn rate: From 1.2% for B2B to 2.9% for B2C EBITDA margin: ~ 36% to 41% Land and buildings Market approach Economic useful life (range): 10-30 years Price per square meter: from $2 to $57 N/A Core network Cost approach Economic useful life (range): 5-27 years Remaining useful life (minimum) : 1.7 years N/A b) Panama Acquisition This transaction closed on August 29, 2019 after receipt of the necessary approvals and, since that date, Cable Onda, which is 80% owned by Millicom, holds all voting rights in Grupo de Comunicaciones Digitales, S.A., formerly Telefónica Móviles Panamá, S.A. ("Panama") and controls it. On the same day, Cable Onda paid an original cash consideration of $594 million to acquire 100% of the shares of Panama, finally adjusted to $587 million during Q3 2020. No non-controlling interests are recognized at acquisition date as Cable Onda acquired 100% of the shares of Panama. However, non-controlling interests are recognized on Panama's results from the date of acquisition. For the purchase accounting, Millicom determined the fair value of Panama's identifiable assets and liabilities based on transaction and relative fair values. During 2020, the Group completed the policy alignment and evaluation in respect of the right-of-use assets and lease liabilities, the property plant and equipment, as well as their related effect on the final valuation of the other fixed assets. The goodwill is currently not tax deductible and is attributable to expected synergies and convergence with Cable Onda, as well as to the fair value of the assembled work force. For convenience purposes, the acquisition date was set on September 1, 2019. From September 1, 2019 to December 31, 2019, Panama contributed $80 million of revenue and a net profit of $6 million to the Group. If Panama had been acquired on January 1, 2019 incremental revenue for the Group for the twelve-month period ended December 31, 2019 would have been $158 million and incremental net profit for that period would have been $1 million, including amortization of assets not previously recognized of $3 million (net of tax). As mentioned above, the impact of the finalization of Panama's purchase accounting on the 2019 Group statement of income was immaterial and, therefore, no adjustments were made on comparative figures in that respect. Key assumptions used in fixed assets valuation The following valuation methods and key estimates were used for the valuation of the main classes of fixed assets: Major class of assets Valuation method Key assumption 1 Key assumption 2 Key assumption 3 Customer lists Income approach - Multi-Period Excess Earnings Method Discount rate: 9.8-10.8% Monthly Churn rate: ~3.8% in average EBITDA margin: ~ 41.5% Property, plant and equipment Cost approach Economic useful life (range): 3-27 years Remaining useful life (minimum): 3-27 years N/A 2. Tanzania restructuring In October 2019, with the view of listing the shares of MIC Tanzania Public Limited Company ('MIC Tanzania') on the local stock exchange (see note H.), Millicom completed the restructuring of its investments in different operations in the country. Mainly, MIC Tanzania acquired all the shares of Zantel, which was partially held by the Government of Zanzibar (15%). In exchange of the contribution of its 15% shares in Zantel to MIC Tanzania, the Government of Zanzibar received 1.5% of newly issued shares in MIC Tanzania. This restructuring did not result in the Group losing control in Zantel nor MIC Tanzania, and has therefore been recognized as an equity transaction. As a consequence, the Group owners’ equity decreased by a net amount of $18 million as a result of the derecognition of the 15% non-controlling interests in Zantel and the recognition of 1.5% non-controlling interests in MIC Tanzania. 3. Others During the year ended December 31, 2019, the Group also completed minor additional acquisitions and scope changes. Chad On June 26, 2019, the Group completed the disposal of its operations in Chad for a cash consideration of $110 million. In August 2020, the Group and the buyer of our operations in Chad agreed on a final price adjustment of $8 million in favor of the buyer. This price adjustment had been disbursed in September 2020 and recorded under the results from discontinued operations in the Group's statement of income. In accordance with Group practices, the Chad operation had been classified as assets held for sale and discontinued operations as from June 5, 2019 and comparative periods restated. On June 26, 2019, Chad was deconsolidated and a gain on disposal of $77 million was recognized (see also note E.4.). Rwanda On December 19, 2017, Millicom announced that it had signed an agreement for the sale of its Rwanda operations to subsidiaries of Bharti Airtel Limited for a final cash consideration of $51 million, including a deferred cash payment for an amount of $18 million, which has been finally settled in January 2020. The sale was completed on January 31, 2018. On that day, Millicom's operations in Rwanda have been deconsolidated and no material loss on disposal was recognized. However, a loss of $32 million was recognized in 2019 corresponding to the recycling of foreign currency exchange losses accumulated in equity since the creation of the local operation. This loss had been recognized under ‘Profit (loss) for the 2019 year from discontinued operations, net of tax’. Other disposals At December 31, 2021 and 2020, Millicom’s subsidiaries with material non-controlling interests were the Group’s operations in Colombia and Panama. Statement of Financial Position – non-controlling interests December 31, 2021 2020 (US$ millions) Colombia 83 133 Panama 74 81 Others — 1 Total 157 215 Profit (loss) attributable to non-controlling interests 2021 2020 2019 (US$ millions) Colombia (40) (23) 11 Panama (7) (18) (6) Others (1) — — Total (48) (41) 5 The summarized financial information for material non-controlling interests in our operations in Colombia and Panama is provided below. This information is based on amounts before inter-company eliminations. Colombia 2021 2020 2019 (US$ millions) Revenue 1,414 1,346 1,532 Total operating expenses (509) (470) (543) Operating profit 100 129 164 Net (loss) for the year (80) (46) 23 50% non-controlling interest in net (loss) (40) (23) 11 Total assets (excluding goodwill) 2,336 2,589 2,256 Total liabilities 2,158 2,303 1,891 Net assets 178 286 365 50% non-controlling interest in net assets 89 143 183 Consolidation adjustments (6) (10) (13) Total non-controlling interest 83 133 170 Dividends and advances paid to non-controlling interest (5) (4) (12) Net cash from operating activities 272 370 363 Net cash from (used in) investing activities (295) (311) (260) Net cash from (used in) financing activities 30 (47) (67) Exchange impact on cash and cash equivalents, net (10) (15) 0 Net increase (decrease) in cash and cash equivalents (2) (3) 36 Panama 2021 2020 2019 (i) (US$ millions) Revenue 633 585 475 Total operating expenses (207) (197) (148) Operating profit 7 (60) (15) Net (loss) for the year (37) (89) (31) 20% non-controlling interest in net (loss) (7) (18) (6) Total assets (excluding Millicom's goodwill in Cable Onda) 1,717 1,734 1,905 Total liabilities 1,347 1,327 1,411 Net assets 371 407 494 20% non-controlling interest in net assets 74 81 99 Total non-controlling interest 74 81 99 Net cash from operating activities 179 193 167 Net cash from (used in) investing activities (118) (100) (693) Net cash from (used in) financing activities (43) (69) 580 Net increase in cash and cash equivalents 17 24 54 (i) In 2019, Cable Onda acquired Telefónica Panama for $587 million (note A.1.2.), financed by issuing a $600 million Senior Notes due 2030 (note C.3.1.) The 2019 figures include the full year results and cash flows of Cable Onda, as well as 4 months of Telefónica Panama which was consolidated from September 1, 2019. Joint ventures are businesses over which Millicom exercises joint control as decisions over the relevant activities of each, 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. At December 31, 2021, the equity accounted net assets of our joint venture in Honduras totaled $406 million (December 31, 2020: Honduras: $422 million; Guatemala: $2,649 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 reserves, $3 million (December 31, 2020: $153 million) represent statutory reserves that are unavailable to be distributed to the Group. During the year ended December 31, 2021, Millicom's joint venture in Honduras did not pay any dividend or dividend advances to the Company while Guatemala paid $13 million during the period from January 1, 2021 until November 12, 2021 (December 31, 2020: Honduras: $24 million; Guatemala: $47 million). Our main joint ventures are as follows: Entity Country Activity December 31, 2021 % holding December 31, 2020 % 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 Comunicaciones Celulares S.A. (ii) Guatemala Mobile, MFS na 55 Navega.com S.A. (ii) Guatemala Cable, DTH na 55 Bharti Airtel Ghana Holdings B.V. (iii) Ghana Mobile, MFS 50 50 (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. (ii) On November 12, 2021 Millicom signed and closed an agreement to acquire the remaining 45% equity interest in its joint venture business in Guatemala (collectively, "Tigo Guatemala"). As a result, Millicom owns 100% equity interest in Tigo Guatemala and fully consolidates it since that date. Until November 12, 2021, Millicom owned more than 50% of the shares in these entities and had the right to nominate a majority of the directors of each of these entities. However, key decisions over the relevant activities were taken by a super majority vote. This effectively gave either shareholder the ability to veto any decision and therefore neither shareholder had sole control over the entity. Therefore, the operations of these joint ventures were accounted for under the equity method prior to the acquisition. (iii) On October 13, 2021, Millicom, along with its joint venture partner Bharti Airtel Limited, closed the disposal of AirtelTigo Ghana to the Government of Ghana (a subsidiary of Bharti Airtel Limited). Millicom still owns 50% of Bharti Airtel Ghana Holdings B.V. The carrying values of Millicom’s investments in joint ventures were as follows: Carrying value of investments in joint ventures at December 31 2021 2020 (US$ millions) Honduras operations (i) 596 610 Guatemala operations (i) — 2,031 AirtelTigo Ghana operations — — Total 596 2,642 (i) Includes all the companies under the Honduras and Guatemala groups (for Guatemala, until acquisition date - See Note A.2.1.). The table below summarizes the movements for the year in respect of the Group’s joint ventures carrying values: Guatemala(i) Honduras (i) Ghana(ii) (US$ millions) Opening balance at January 1, 2020 2,089 708 — Disposal of the Group's investment in Navega to Celtel (iii) — (83) — Results for the year 144 27 — Dividends declared during the year (199) (55) — Currency exchange differences (3) 13 — Closing balance at December 31, 2020 2,031 610 — Capital increase — — 38 Results for the year 183 27 (38) Utilization of past recognized losses — — — Dividends declared during the year (201) (34) — Currency exchange differences — (7) — Change in consolidation scope (2,013) — — Closing balance at December 31, 2021 — 596 — (i) Share of profit is recognized under ‘Share of profit joint ventures’ in the statement of income for the year ended December 31, 2021 for Honduras and for the period from January 1, 2021 until November 12, 2021 for Guatemala (see note A.1.2.) (ii) Share of profit (loss) is recognized under ‘Income (loss) from other joint ventures and associates, net’ in the statement of income. (iii) See note G.5. (iv) On October 13, 2021, Millicom, along with its joint venture partner Bharti Airtel Limited, closed the disposal of AirtelTigo Ghana to the Government of Ghana. As part of the closing conditions, each partner committed and paid $37.5 million for the reimbursement of certain local bank facilities which has been provided for during the first-nine months in the statement of income under the line "Profit (loss) from other joint ventures and associates, net Joint ventures are accounted for using the equity method of accounting and are initially recognized at cost (calculated at fair value if it was a subsidiary of the Group before becoming a joint venture). The Group’s investments in joint ventures include goodwill (net of any accumulated impairment loss) on acquisition. The Group’s share of post-acquisition profits or losses of joint ventures is recognized in the consolidated statement of income and its share of post-acquisition movements in reserves is recognized in reserves. Cumulative post-acquisition movements are adjusted against the carrying amount of the investments. When the Group’s share of losses in a joint venture equals or exceeds its interest in the joint venture, including any other unsecured receivables, the Group does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the joint ventures. Gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group’s interest in the joint ventures. Losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in joint ventures are recognized in the statement of income. Honduras 2021 2020 2019 (US$ millions) Revenue 589 552 594 Depreciation and amortization (124) (132) (132) Operating profit 99 77 102 Financial income (expenses), net (34) (24) (37) Profit before taxes 62 58 60 Charge for taxes, net (22) (19) (21) Profit for the year 40 39 39 Net profit for the year attributable to Millicom 27 27 27 Dividends and advances paid to Millicom — 24 28 Total non-current assets (excluding goodwill) 473 461 516 Total non-current liabilities 362 533 469 Total current assets 176 300 312 Total current liabilities 305 236 183 Total net assets (18) (8) 176 Group's share in % 66.7 % 66.7 % 66.7 % Group's share in USD millions (12) (5) 117 Goodwill and consolidation adjustments 608 615 591 Carrying value of investment in joint venture 596 610 708 Cash and cash equivalents 39 60 40 Debt and financing – non-current 267 390 384 Debt and financing – current 73 10 39 Net cash from operating activities 166 151 169 Net cash from (used in) investing activities (89) (145) (77) Net cash from (used in) financing activities (98) 14 (77) Net (decrease) increase in cash and cash equivalents (21) 20 15 Honduras financing On September 19, 2019, Telefónica Celular, S.A. de C.V. entered into a new credit agreement with Banco Industrial S.A. and Banco Pais S.A for an amount up to $185 million, in tranches of $100 million, $60 million and $25 million. The Loan Agreement has a 10-year maturity and an interest rate of LIBOR plus 3.80% per annum, subject to a floor of minimum 5.25%. The new credit agreement has been used to consolidate the portion of a syndicated $250 million facility with Scotiabank dated March 27, 2015, and $90 million credit agreement with Banco Industrial S.A. dated March 20, 2018. On September 19, 2019, Navega S.A. de C.V., entered into a new facility agreement with Banco Industrial S.A. for an amount of $20 million and a duration of 10 years. The new agreement bears an annual interest of LIBOR plus 3.80% , subject to a floor of 5.25%. and will be used to refinance the portion corresponding to it as borrower under the $250 million facility with Scotiabank dated March 27, 2015. On June 1, 2020, Telefónica Celular, S.A. de C.V. executed a $32 million bank loan agreement in equivalent amount in local currency for a 10-year term. Guatemala 2021(ii) 2020 (i) 2019 (US$ millions) Revenue 1,379 1,503 1,434 Depreciation and amortization (282) (323) (313) Operating profit 462 452 429 Financial income (expenses), net (i) (40) (95) (66) Profit before taxes 432 347 356 Charge for taxes, net (99) (83) (79) Profit for the year 333 264 277 Net profit for the year attributable to Millicom 183 144 152 Dividends and advances paid to Millicom 13 47 209 Total non-current assets (excluding goodwill) N/A 2,195 2,517 Total non-current liabilities N/A 751 1,216 Total current assets N/A 742 717 Total current liabilities N/A 523 251 Total net assets N/A 1,662 1,767 Group's share in % N/A 55 % 55 % Group's share in USD millions N/A 914 972 Goodwill and consolidation adjustments N/A 1,117 1,117 Carrying value of investment in joint venture N/A 2,031 2,089 Cash and cash equivalents N/A 188 189 Debt and financing – non-current N/A 619 1,152 Debt and financing – current N/A 24 21 Net cash from operating activities 611 598 588 Net cash from (used in) investing activities (192) (289) (205) Net cash from (used in) financing activities (406) (308) (412) Exchange impact on cash and cash equivalents, net 1 (2) 1 Net increase in cash and cash equivalents 13 (1) (28) (i) In 2020, Financial expenses include a $18 million charge related to early redemption of bonds - see below. (ii) Information for the statement of income and cash flows is for the period from January 1 to November 12, 2021. No information is disclosed on statement of financial position items as these are now fully consolidated in the Group numbers. Guatemala financing In 2014, Intertrust SPV (Cayman) Limited, acting as trustee of the Comcel Trust, a trust established and consolidated by Comcel for the purposes of the transaction, issued $800 million 6.875% Senior Notes to refinance existing local and MIC S.A. corporate debt. The bond was issued at 98.233% of the principal and had an effective interest rate of 7.168%. The bond was guaranteed by Comcel and listed on the Luxembourg Stock Exchange. On November 18, 2020, the $800 million aggregate principal amount of its outstanding 6.875% Senior Notes due 2024 was early redeemed at a redemption price equal to 102.292% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest of $16 million, resulting in an aggregate amount of $834 million. The redemption premium ($18 million) and additional interest ($7 million), as well as the remaining unamortized deferred costs of $8 million were recorded as financial expenses during the year. This early redemption was financed through local financing in local currency as well as by shareholder loans (see note G.5.). The impact on the Group's statement of income was a $18 million expense (at 55% ownership) reported on the line "Share of profit in joint ventures". On October 5, 2020, Comcel executed a credit agreement with Banco Industrial for GTQ 1,697 million (approximately $218 million using the exchange rate as of December 31, 2020) for a 5 year term to refinance other credit agreements with Banco Industrial and to finance and refinance working capital, capital expenditures and general corporate purposes. AirtelTigo Ghana Our joint venture in Ghana has been disposed of during the year. The only material effect for this year's statement of income is the loss recognized on the exit financing which is further explain in note A.2.. Therefore, the 2021 financial information is not disclosed in the table below. 2020 2019 Revenue 132 142 Depreciation and amortization (42) (69) Operating loss (30) (72) Financial income (expenses), net (41) (77) Loss before taxes (85) (123) Charge for taxes, net — — Loss for the period (85) (123) Net loss for the period attributable to Millicom 0 (40) Total non-current assets (excluding goodwill) 204 168 Total non-current liabilities 289 245 Total current assets 41 42 Total current liabilities 218 187 Total net assets (263) (223) Group's share in % 50 % 50 % Group's share in USD millions (132) (111) Goodwill and consolidation adjustments 89 90 Unrecognised losses (42) (22) Carrying value of investment in joint venture — 0 Cash and cash equivalents 1 5 Debt and financing – non-current 289 245 Debt and financing – cu |
Performance
Performance | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Performance | PerformanceRevenue Millicom’s revenue comprises sale of services from its mobile business (including Mobile Financial Services - MFS) and its cable and other fixed services, as well as related devices and equipment. Recurring revenue consists of monthly subscription fees, airtime and data usage fees, interconnection fees, roaming fees, TV services, B2B contracts, MFS commissions and fees from other telecommunications services such as data services, short message services and other value added services. Revenue from continuing operations by 2021 2020 2019 (US$ millions) Mobile 2,347 2,116 2,150 Cable and other fixed services 1,947 1,803 1,928 Other 60 52 51 Service revenue 4,354 3,971 4,130 Telephone and equipment 263 201 206 Total revenue 4,617 4,171 4,336 Revenue from continuing operations by country or operation (i) 2021 2020 2019 (US$ millions) Colombia 1,414 1,346 1,532 Paraguay 555 544 610 Bolivia 623 584 639 El Salvador 445 389 386 Tanzania 357 366 382 Nicaragua 238 220 157 Costa Rica 141 140 153 Panama 632 585 475 Guatemala (ii) 223 — — Other operations 2 3 4 Eliminations (13) (5) (3) Total 4,617 4,171 4,336 Revenue recognition 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 Group applies the following practical expedients foreseen in IFRS 15: • No adjustment to the transaction price for the means of a financing component 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. • Disclosure in the Group Financial Statements 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). • Application of the practical expedient not to disclose the price allocated to unsatisfied performance obligations, if the consideration from a customer corresponds to the value of the entity’s performance obligation to the customer (i.e, if billing corresponds to accounting revenue). • Application of the practical expedient to recognize 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. 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, it does not represent a distinct good or service, and therefore does not give rise to a separate performance obligation and revenue is recognized over the minimum contract duration. However, if the fee is paid by a customer to get the right to receive goods or services 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 and revenue should be 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. 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, the portion of the contract liability relating to the expiring credit is recognized as revenue, since there is no longer an obligation to provide those services. Telephone and equipment sales are recognized as revenue once the customer obtains control of the good. That criteria is fulfilled when the customer has the ability to direct the use and obtain substantially all of the remaining benefits from that good. Revenue from provision of Mobile Financial Services (MFS) is recognized once the primary service has been provided to the customer. Customer premise equipment (CPE) are provided to customers as a prerequisite to receive the subscribed Home services and shall be returned at the end of the contract duration. Since CPEs provided over the contract term do not provide benefit to the customer on their own, 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 standalone selling price of the performance obligation (e.g. sale of telecom services, revenue over time + sale of handset, revenue at a point in time). 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 “VAS”) or service providers (i.e., wholesale international traffic) where the Group neither controls a right to the provider’s 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 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 over the period of the underlying lease contracts. Finance leases revenue is apportioned between lease of tower space and interest income. Significant judgments 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 cost of sales and operating expenses incurred by the Group can be summarized as follows: Cost of sales 2021 2020 2019 (US$ millions) Direct costs of services sold (938) (847) (878) Cost of telephone, equipment and other accessories (278) (216) (230) Bad debt and obsolescence costs (86) (108) (93) Cost of sales (1,302) (1,171) (1,201) Operating expenses, net 2021 2020 2019 (US$ millions) Marketing expenses (495) (396) (402) Site and network maintenance costs (254) (234) (245) Employee related costs (B.4.) (503) (477) (496) External and other services (177) (174) (204) Rentals and leases — (1) (1) Other operating expenses (248) (225) (257) Operating expenses, net (1,677) (1,505) (1,604) The other operating income and expenses incurred by the Group can be summarized as follows: Other operating income (expenses), net Notes 2021 2020 2019 (US$ millions) Income from tower deal transactions E.3. — — 5 Impairment of intangible assets and property, plant and equipment E.1., E.2. (5) — (8) Gain (loss) on disposals of intangible assets and property, plant and equipment 6 — — Impairment of AirtelTigo's receivable G.5. (45) — Reverse earn-out in respect of Zantel's acquisition (i) 11 — — Gain (loss) on disposal of equity investments C.7.3. (15) 25 (32) Other income (expenses) (ii) 10 9 1 Other operating income (expenses), net 6 (12) (34) (i) In January 2022, Millicom received $11 million from Etisalat as earn-out income related to the purchase of Zantel in 2015. This settlement was considered as an adjusting event and recorded in 'other operating income' in the statement of income. (ii) Other income (expenses) can be mainly attributed to social obligations spectrum liability derecognition in Paraguay of $4 million and reversal provision related to Ghana of $4 million. Cost of sales Cost of sales is recorded on an accrual basis. Incremental costs of obtaining a contract Incremental costs of obtaining a contract, including dealer commissions, are capitalized as Contract Costs in the statement of financial position and amortized in operating expenses over the expected benefit period, which is based on the average duration of contracts with customer (see practical expedient in note B.1.1.). Management determines operating and reportable segments based on information used by the chief operating decision maker (CODM) to make strategic and operational decisions from both a business and geographic perspective. The Group’s risks and rates of return are predominantly affected by operating in different geographical regions. The Group has businesses in two main regions: Latin America ("Latam") and Africa. The Latam figures below include Guatemala and Honduras as if they were fully consolidated by the Group, over all periods presented, as this reflects the way management reviews and uses internally reported information to make decisions about operating matters and to provide increased transparency to investors on those operations. See also note A.1.2. on Guatemala's acquisition on November 12, 2021. This acquisition has no impact on the way we present our Latin America segment as it already included Guatemala as if fully consolidated. Finally, even prior to its formal disposal in October 2021, our Africa segment did not include our joint venture in Ghana because our management did not consider it a strategic part of our Group (See also note A.2.). Revenue, operating profit (loss), EBITDA and other segment information for the years ended December 31, 2021, 2020 and 2019, were as follows: Latin America Africa Unallocated Guatemala and Honduras (vii) (viii) Eliminations and Total (US$ millions) Year ended December 31, 2021 Mobile revenue 3,372 347 — (1,372) — 2,347 Cable and other fixed services revenue 2,275 9 — (334) (2) 1,947 Other revenue 70 — — (8) (2) 60 Service revenue (i) 5,716 357 — (1,715) (4) 4,354 Telephone and equipment and other revenue (i) 503 — — (240) — 263 Revenue 6,220 357 — (1,955) (4) 4,617 Operating profit (loss) 1,001 29 (7) (574) 210 659 Add back: Depreciation and amortization 1,504 83 12 (403) — 1,196 Share of profit in joint ventures — — — — (210) (210) Other operating income (expenses), net (8) (1) 2 — — (6) EBITDA (ii) 2,498 111 6 (977) — 1,639 EBITDA from discontinued operations — — — — — — EBITDA incl discontinued operations 2,498 111 6 (977) — 1,639 Capital expenditure (iii) (1,015) (42) (7) 238 — (827) Changes in working capital and others (iv) (200) 33 116 (13) — (65) Taxes paid (241) (20) (9) 143 — (127) Operating free cash flow (v) 1,041 81 106 (609) — 619 Total Assets (vi) 14,400 870 6,401 (6,430) (103) 15,139 Total Liabilities 8,333 937 5,081 (1,761) (191) 12,399 Latin America Africa Unallocated Guatemala and Honduras(vii) Eliminations and Total (US$ millions) Year ended December 31, 2020 Mobile revenue 3,220 357 — (1,461) — 2,116 Cable and other fixed services revenue 2,097 8 — (302) (1) 1,803 Other revenue 60 1 — (6) (2) 52 Service revenue (i) 5,377 366 — (1,769) (4) 3,971 Telephone and equipment revenue (i) 466 — — (266) — 201 Revenue 5,843 366 — (2,035) (4) 4,171 Operating profit (loss) 803 36 (32) (536) 175 446 Add back: Depreciation and amortization 1,561 89 11 (453) — 1,208 Share of profit in joint ventures — — — — (171) (171) Other operating income (expenses), net (5) — 23 (3) (4) 12 EBITDA (ii) 2,360 125 2 (992) — 1,495 EBITDA from discontinued operations — (4) — — — (4) EBITDA incl discontinued operations 2,360 121 2 (992) — 1,491 Capital expenditure (iii) (926) (42) (4) 258 — (714) Changes in working capital and others (iv) 61 11 (7) (43) — 22 Taxes paid (260) (10) (2) 131 — (142) Operating free cash flow (v) 1,234 80 (11) (645) — 657 Total Assets (vi) 13,418 926 4,052 (5,116) (859) 12,422 Total Liabilities 8,878 959 3,342 (2,044) (987) 10,148 Latin America Africa Unallocated Guatemala and Honduras(vii) Eliminations and Total (US$ millions) Year ended December 31, 2019 Mobile revenue 3,258 372 — (1,480) — 2,150 Cable and other fixed services revenue 2,197 9 — (277) — 1,928 Other revenue 60 1 — (9) — 51 Service revenue (i) 5,514 382 — (1,766) — 4,130 Telephone and equipment revenue (i) 449 — — (243) — 206 Total Revenue 5,964 382 — (2,010) — 4,336 Operating profit (loss) 980 19 (64) (540) 179 575 Add back: Depreciation and amortization 1,435 99 9 (444) — 1,100 Share of profit in joint ventures — — — — (179) (179) Other operating income (expenses), net 2 (2) 42 (8) — 34 EBITDA (ii) 2,418 117 (13) (992) — 1,530 EBITDA from discontinued operations — (3) — — — (3) EBITDA incl discontinued operations 2,418 114 (13) (992) — 1,527 Capital expenditure (iii) (1,040) (58) (9) 261 — (846) Changes in working capital and others (iv) (86) 14 (52) (18) — (143) Taxes paid (225) (10) (8) 129 — (114) Operating free cash flow (v) 1,067 59 (82) (619) — 425 Total Assets (vi) 13,859 936 3,715 (5,465) (150) 12,895 Total Liabilities 8,413 909 3,977 (2,119) (965) 10,215 (i) Service revenue is Group revenue related to the provision of ongoing services such as monthly subscription fees, airtime and data usage fees, interconnection fees, roaming fees, mobile finance service commissions, installation fees and fees from other telecommunications services such as data services, SMS and other value-added services excluding telephone and equipment sales. Revenues from other sources comprises rental, sub-lease rental income and other non-recurring revenues. The Group derives revenue from the transfer of goods and services over time and at a point in time. Refer to the table below. (ii) EBITDA is operating profit excluding impairment losses, depreciation and amortization and gains/losses on the disposal of fixed assets. EBITDA is used by the management to monitor the segmental performance and for capital management. (iii) Cash spent for capex excluding spectrum and licenses of $37 million (2020: $101 million; 2019: $59 million) and cash received on tower deals of nil (2020: nil ; 2019: $22 million). (iv) Changes in working capital and others include changes in working capital as stated in the cash flow statement, as well as share-based payments expense and non-cash bonuses. (v) Operating Free Cash Flow is EBITDA less cash capex (excluding spectrum and license costs) less change in working capital, other non-cash items (share-based payment expense and non-cash bonuses) and taxes paid. (vi) Segment assets include goodwill and other intangible assets. (vii) Including eliminations for Guatemala and Honduras as reported in the Latam segment. (viii) Our operations in Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, from the acquisition date of November 12, 2021, Guatemala's statement of income and cash flow figures are no longer deducted to reconcile to the total consolidated balances. Revenue from contracts with customers from continuing operations: Twelve months ended December 31, 2021 Twelve months ended December 31, 2020 Twelve months ended December 31, 2019 $ millions Timing of revenue recognition Latin America Africa Total Group Latin America Africa Total Group Latin America Africa Total Group Mobile Over time 1,963 233 2,196 1,728 239 1,967 1,747 261 2,007 Mobile Financial Services Point in time 37 114 150 31 118 149 31 112 143 Cable and other fixed services Over time 1,938 9 1,947 1,794 8 1,803 1,919 9 1,928 Other Over time 60 — 60 51 1 52 51 1 52 Service Revenue 3,998 357 4,354 3,604 366 3,971 3,748 382 4,130 Telephone and equipment Point in time 263 — 263 201 — 201 206 — 206 Revenue from contracts with customers 4,261 357 4,617 3,805 366 4,171 3,954 382 4,336 Number of permanent employees 2021 2020 2019 Continuing operations (i) 19,749 16,955 17,687 Joint ventures (ii) 938 4,464 4,688 Discontinued operations — — — Total 20,687 21,419 22,375 (i) Emtelco headcount are excluded from this disclosure and any internal reporting because their costs are classified as direct costs and not employee related costs. Includes Guatemala for 2021. (ii) Includes only Honduras for 2021 and also Guatemala and Ghana for 2020 and 2019. Notes 2021 2020 2019 (US$ millions) Wages and salaries (383) (356) (358) Social security (71) (66) (68) Share based compensation B.4.1. (17) (24) (27) Pension and other long-term benefit costs B.4.2. (6) (4) (4) Other employees related costs (27) (27) (39) Total (503) (477) (496) 1. Equity-settled Millicom shares granted to management and key employees includes share-based compensation in the form of long-term share incentive plans. Since 2016, Millicom has two types of annual plans, a performance share plan (PSP) and a deferred share plan (DSP). The different plans are further detailed below. Cost of share-based compensation 2021 2020 2019 (US$ millions) 2017 incentive plans — — (7) 2018 incentive plans — (2) (8) 2019 incentive plans 3 (8) (14) 2020 incentive plans (3) (13) — 2021 incentive plans (17) — — Total share based compensation (17) (24) (27) Deferred share plan (unchanged since 2014, except for vesting schedule) As from the 2019 plan, shares vest at a rate of 30% on January 1 of each of year one and two, and the remaining 40% on 1 January of year three Fair value (share price) of Millicom’s shares at grant date x number of shares expected to vest. Performance share plan (for plans issued from 2018) Shares granted under this performance share plan vest at the end of the three For the performance share plans, and in order to calculate the fair value of the TSR portion of those plans, it is necessary to make a number of assumptions which are set out below. The assumptions have been set based on an analysis of historical data as at grant date. Performance share plan (for plans issued from 2021) Shares granted under this performance share plan generally follow the same rules as for previous performance share plans. However, and to reflect the need for retention and to align more with U.S. practice, Millicom have added time vested Restricted Stock Units (“RSU’s”) as a component of the LTI 2021 representing 35% of the award. The RSU’s will vest at the end of three years depending on satisfactory service condition. The Relative TSR, which account for 20% of the award, will be measured over the 10 trading days before / after December 31 of the last year of the corresponding three-year measurement period. The Service Revenue (15%) and Operating Cash Flow after Leases ("OCFaL") (30%) performance conditions will not be measured based on a CAGR anymore but on the actual cumulative achievement against the 3-year cumulative targets to better reflect the performance over the three-year period rather than simply the end point as is the case with a CAGR target. For the performance share plans, and in order to calculate the fair value of the TSR portion of those plans, it is necessary to make a number of assumptions which are set out below. The assumptions have been set based on an analysis of historical data as at grant date. Assumptions and fair value of the shares under the TSR portion(s) Risk-free Dividend yield % Share price volatility(i) % Award term (years) Share fair value (in US$) Performance share plan 2021 (Relative TSR) 0.29 1.28 46.28 2.82 52.99 Performance share plan 2020 (Relative TSR) 0.61 1.47 24.54 2.93 55.66 Performance share plan 2019 (Relative TSR) (0.24) 3.01 26.58 2.93 49.79 Performance share plan 2018 (Relative TSR) (0.39) 3.21 30.27 2.93 57.70 (i) Historical volatility retained was determined on the basis of a three-year historic average. The cost of the long-term incentive plans which are conditional on market conditions is calculated as follows: Fair value (market value) of shares at grant date (as calculated above) x number of shares expected to vest. The cost of these plans is recognized, together with a corresponding increase in equity (share compensation 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’s best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition (such as the Relative TSR). These are treated as vested, regardless of whether or not the market conditions are satisfied, provided that all other performance conditions are satisfied. Where the terms of an equity-settled award are modified, as a minimum an expense is recognized as if the terms had not been modified. In addition, an expense is recognized for any modification that increases the total fair value of the share based payment arrangement, or is otherwise beneficial to the employee as measured at the date of modification. Plan awards and shares expected to vest 2021 plans 2020 plans 2019 plans 2018 plans PSP DSP PSP DSP PSP DSP PSP DSP (number of shares) Initial shares granted 451,363 536,890 341,897 370,131 257,601 297,856 237,196 262,317 Additional shares granted(i) — 5,824 — 5,928 — 43,115 — 3,290 Revision for forfeitures (17,469) (11,790) (264,137) (26,815) (204,649) (31,553) (78,903) (38,167) Revision for cancellations — — — — — — (4,728) — Total before issuances 433,894 530,924 77,760 349,244 52,952 309,418 153,565 227,440 Shares issued in 2018 — — — — — — (97) (18,747) Shares issued in 2019 — — — — (150) (24,294) (3,109) (54,971) Shares issued in 2020 — — — (3,571) (17) (96,629) (304) (35,125) Shares issued in 2021 (1,121) (5,760) — (113,653) — (87,141) (103,725) (118,597) Performance conditions not met — — — — — — (46,330) — Shares still expected to vest 432,773 525,164 77,760 232,020 52,785 101,354 — — Estimated cost over the vesting period (US$ millions) 16 19 4 15 3 18 12 14 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. 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 Termination plans In addition, 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, 2021, the defined benefit obligation liability amounted to $42 million (2020: $59 million ) and payments expected in the plans in future years totals $81 million (2020: $95 million ). The average duration of the defined benefit obligation at December 31, 2021 is 5 years (2020: 6 years). The termination plans apply to employees that joined UNE prior to December 30, 1996. The level of payments depends on the number of years in which the employee has worked before retirement or termination of their contract with UNE. The remuneration of the members of the Board of Directors comprises an annual fee and shares. Director remuneration is proposed by the Nomination Committee and approved by the shareholders at their Annual General Meeting (AGM). Remuneration charge for the Board (gross of withholding tax) 2021 2020 2019 (US$ ’000) Chairperson 300 300 366 Other members of the Board 1,338 1,188 1,557 Total (i) 1,638 1,488 1,923 Shares beneficially owned by the Directors 2021 2020 (number of shares) Chairperson 18,634 13,427 Other members of the Board 61,022 52,593 Total (i) 79,656 66,020 (i) Cash compensation is denominated in USD. Share based compensation based on the market value of Millicom shares on the corresponding AGM date (2021: in total 24,737 shares; 2020: in total 32,358 shares; 2019: in total 19,483 shares-includes 2,876 additional shares that were awarded for the period from the 9 January 2019 date of listing on the Nasdaq Stock Market in the US and the date of the 2019 AGM). Net remuneration comprised 73% in shares and 27% in cash (SEK) (2020: 71% in shares and 29% in cash; 2019: 73% in shares and 27% in cash). The remuneration of executive management of Millicom comprises an annual base salary, an annual bonus, share based compensation, social security contributions, pension contributions and other benefits. Bonus and share based compensation plans (see note B.4.1.) are based on actual and future performance. Share based compensation is granted once a year by the Compensation Committee of the Board. If the employment of Millicom’s senior executives is terminated, severance of up to 12 months’ salary is potentially payable. The annual base salary and other benefits of the Chief Executive Officer (CEO) and the Executive Vice Presidents (Executive team) are proposed by the Compensation Committee and approved by the Board. Remuneration charge for the Executive Team CEO CFO Executive Team (5 members) (US$ ’000) 2021 Base salary 1,185 708 2,783 Bonus 2,164 969 2,718 Pension 284 106 652 Other benefits 88 46 791 MSU (v) 991 198 545 Total before share based compensation 4,712 2,027 7,489 Share based compensation(i)(ii) in respect of 2021 LTIP (iv) 7,914 1,652 5,383 Total 12,626 3,679 12,872 CEO CFO Executive Team (9 members) (iii) (US$ ’000) 2020 Base salary 1,173 670 2,612 Bonus 1,301 509 1,837 Pension 285 100 663 Other benefits 82 38 303 Total before share based compensation 2,841 1,317 5,414 Share based compensation(i)(ii) in respect of 2020 LTIP (iv) 7,114 1,834 3,796 Total 9,955 3,151 9,210 CEO CFO Executive team (US$ ’000) 2019 Base salary 1,167 654 3,498 Bonus 1,428 626 2,098 Pension 279 98 798 Other benefits 50 260 1,521 Termination benefits — — 863 Total before share based compensation 2,924 1,639 8,779 Share based compensation(i)(ii) in respect of 2019 LTIP (iv) 5,625 1,576 5,965 Total 8,549 3,215 14,743 (i) See note B.4.1. (ii) Share awards of 196,904 and 211,578 were granted in 2021 under the 2019 LTIPs to the CEO, and Executive Team (2020: 153,894 and 135,269, respectively; 2019: 102,122 and 135,480, respectively). (iii) 'Other Executives' includes compensation paid in 2020 to Rachel Samren former Chief External Affairs Officer (departure August 31, 2020) and to HL Rogers former Chief Ethics and Compliance Officer (departure January 1, 2020). Additionally other Benefits' for 'Other Executives' include medical and dental insurance for Daniel Loria, former CHRO. (iv) Calculated based on the closing Millicom share price on the Nasdaq in the US at the grant date. (v) Represents the amount earned in 2021. Share ownership and unvested share awards granted from Company equity plans to the Executive team CEO Executive team Total (number of shares) 2021 Share ownership (vested from equity plans and otherwise acquired) 232,562 221,407 453,969 Share awards not vested 278,666 295,568 574,234 2020 Share ownership (vested from equity plans and otherwise acquired) 194,432 169,725 364,157 Share awards not vested 325,250 297,317 622,567 Non-operating items mainly comprise changes in fair value of derivatives and the impact of foreign exchange fluctuations on the results of the Group. December 31 Note 2021 2020 2019 (US$ millions) Change in fair value of derivatives C.7.2. 3 (11) 0 Change in fair value in investment in Jumia (i) — (18) (38) Change in fair value in investment in HT (ii) C.7.3. 18 (16) 312 Change in value of call option asset and put option liability C.7.4. (31) 5 (25) Exchange gains (losses), net (43) (69) (32) Other non-operating income (expenses), net 3 3 10 Total (50) (106) 227 (i) In June 2020, Millicom disposed of its entire stake in Jumia for a total net consideration of $29 million, triggering a net gain on disposal of $15 million recorded in the statement of income under ‘other operating income (expenses), net’. The changes in fair value prior to the disposal were shown under "Other non-operating (expenses) income, net" . (ii) In June 2021, Millicom disposed of its entire stake in HT for a total net consideration of $163 million, triggering a net loss on disposal of $15 million recorded in the statement of income under ‘other operating income (expenses), net’. The changes in fair value prior to the disposal were shown under "Other non-operating (expenses) income, net" Foreign exchange gains and losses Tax mainly comprises income taxes of subsidiaries and withholding taxes on intra-group dividends and royalties for use of Millicom trademarks and brands. Millicom operations are in jurisdictions with income tax rates of 10% to 35% levied on either revenue or profit before income tax (2020: 10% to 35%; 2019: 10% to 35%). Income tax relating to items recognized directly in equity is recognized in equity and not in the consolidated statement of income. Income tax charge 2021 2020 2019 (US$ millions) Income tax (charge) credit Withholding tax (56) (83) (56) Other income tax relating to the current year (112) (65) (88) Adjustments in respect of prior years (18) (29) (7) Total (186) (177) (151) Deferred tax (charge) credit Origination and reversal of temporary differences 73 99 58 Effect of change in tax rates 29 (5) (8) Tax income (expense) before valuation allowances 102 94 50 Effect of valuation allowances (87) (19) (9) Total 15 75 41 Adjustments in respect of prior years (18) — (10) (3) 75 31 Tax (charge) cred |
Capital structure and financing
Capital structure and financing | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract] | |
Capital structure and financing | Capital structure and financingShare 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’s share capital, the consideration paid, including any directly attributable incremental costs, is shown under Treasury shares and deducted from equity attributable to the Company’s 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’s equity holders. Share capital, share premium 2021 (i) 2020 Authorized and registered share capital (number of shares) 133,333,200 133,333,200 Subscribed and fully paid up share capital (number of shares) 101,739,217 101,739,217 Par value per share 1.50 1.50 Share capital (US$ millions) 153 153 Share premium (US$ millions) 476 478 Total (US$ millions) 628 630 (i) On December 13, 2021, Millicom's Board of Directors proposed to increase the authorized share capital of the Company to $300 million divided into 200,000,000 shares with a par value of $1.50 each, through an extraordinary general meeting ("EGM"). The proposal has been ratified at the EGM which took place on February 28, 2022. Other equity reserves Legal reserve Equity settled transaction reserve Hedge reserve Currency translation reserve Pension obligation reserve Total (US$ millions) As of January 1, 2019 16 47 (1) (599) (3) (538) Share based compensation — 29 — — — 29 Issuance of shares – 2015, 2016, 2017 LTIPs — (25) — — — (25) Remeasurements of post-employment benefit obligations — — — — 0 0 Cash flow hedge reserve movement — — (16) — — (16) Currency translation movement — — — (2) — (2) Effect of restructuring in Tanzania — — — 9 — 9 As of December 31, 2019 16 52 (18) (593) (2) (544) Share based compensation — 24 — — — 24 Issuance of shares –2016, 2017, 2018 LTIPs — (26) — — — (26) Remeasurements of post-employment benefit obligations — — — — (2) (2) Cash flow hedge reserve movement — — (1) — — (1) Currency translation reserved recycled to statement of income — — — — — — Currency translation movement — — — (12) — (12) As of December 31, 2020 16 50 (19) (605) (4) (562) Share based compensation — 18 — — — 18 Issuance of shares –2017, 2018, 2019 LTIPs — (25) — — — (25) Remeasurements of post-employment benefit obligations — — — — 1 1 Cash flow hedge reserve movement — — 14 — — 14 Currency translation movement — — 1 (41) — (41) As of December 31, 2021 16 43 (3) (646) (3) (594) On May 4, 2021 and on June 25, 2020, as a result of the uncertainties triggered by the COVID-19 pandemic and Group's shareholders consciousness to protect the Group's liquidity, the shareholders decided not to proceed to the payment of a dividend related to 2020 and 2019 profits, respectively. On May 2, 2019, a dividend distribution of $2.64 per share from Millicom’s retained profits at December 31, 2018, was approved by the shareholders at the AGM and paid in equal portions in May and November 2019. 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’s various operations. At December 31, 2021, $486 million (December 31, 2020: $310 million ; December 31, 2019: $306 million Debt and financing by type (i) Note 2021 2020 (US$ millions) Debt and financing due after more than one year Bonds C.3.1. 4,030 4,253 Banks C.3.2. 1,851 1,337 Other financing (ii) 36 41 Total non-current financing 5,916 5,631 Less: portion payable within one year (12) (54) Total non-current financing due after more than one year 5,904 5,578 Debt and financing due within one year Bonds C.3.1. 61 44 Banks C.3.2. 1,768 15 Total current debt and financing 1,828 59 Add: portion of non-current debt payable within one year 12 54 Total 1,840 113 Total debt and financing 7,744 5,691 (i) See note D.1.1 for further details on maturity profile of the Group debt and financing. (ii) In July 2018, the Company issued a COP144,054.5 million /$50 million bilateral facility with IIC (Inter-American Development Bank) for a USD indexed to COP Note. The note bears interest at 9.450% p.a.. This COP Note is used as net investment hedge of the net assets of our operations in Colombia. Debt and financing by location 2021 2020 (US$ millions) Millicom International Cellular S.A. (Luxembourg) 4,020 2,504 Guatemala (i) 605 — Colombia 802 803 Paraguay 751 738 Bolivia 310 337 Panama 846 869 Tanzania 189 203 Costa Rica 121 119 El Salvador 100 118 Total debt and financing 7,744 5,691 (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. Bond financing Note Country Maturity Interest Rate % 2021 2020 (US$ millions) SEK Variable Rate Notes 1 Luxembourg 2024 STIBOR (i) + 2.350% 220 241 USD 4.500% Senior Notes 2 Luxembourg 2031 4.500 % 777 494 USD 6.625% Senior Notes 3 Luxembourg 2026 6.625 % 147 495 USD 6.250% Senior Notes 4 Luxembourg 2029 6.250 % 670 743 USD 5.125% Senior Notes 5 Luxembourg 2028 5.125 % 445 493 USD 5.875% Senior Notes 6 Paraguay 2027 5.875 % 556 558 PYG 8.750% Notes (tranche A) 6 Paraguay 2024 8.750 % 17 17 PYG 9.250% Notes (tranche B) 6 Paraguay 2026 9.250 % 7 7 PYG 10.000% Notes (tranche C) 6 Paraguay 2029 10.000 % 9 9 PYG 9.250% Notes (tranche D) 6 Paraguay 2026 9.250 % 1 1 PYG 10.000% Notes (tranche E) 6 Paraguay 2029 10.000 % 4 4 PYG 9.250% Notes (tranche F) 6 Paraguay 2027 9.250 % 2 2 PYG 10.000% Notes (tranche G) 6 Paraguay 2030 10.000 % 3 3 PYG 6.000% Notes (tranche H) 6 Paraguay 2026 6.000 % 14 — PYG 6.700% Notes (tranche I) 6 Paraguay 2028 6.700 % 21 — PYG 7.500% Notes (tranche J) 6 Paraguay 2031 7.500 % 23 — BOB 5.800% Notes 7 Bolivia 2026 5.800 % 50 50 BOB 4.850% Notes 7 Bolivia 2023 4.850 % 28 42 BOB 3.950% Notes 7 Bolivia 2024 3.950 % 21 29 BOB 4.600% Notes 7 Bolivia 2024 4.600 % 40 40 BOB 4.300% Notes 7 Bolivia 2029 4.300 % 17 19 BOB 4.300% Notes 7 Bolivia 2022 4.300 % 11 20 BOB 4.700% Notes 7 Bolivia 2024 4.700 % 25 28 BOB 5.300% Notes 7 Bolivia 2026 5.300 % 9 11 BOB 5.000% Notes 7 Bolivia 2026 5.000 % 54 61 UNE Bond 2 (tranches A and B) 8 Colombia 2023 CPI + 4.76% 38 44 UNE Bond 3 (tranche A) 8 Colombia 2024 9.350 % 40 47 UNE Bond 3 (tranche B) 8 Colombia 2026 CPI + 4.15% 64 74 UNE Bond 3 (tranche C) 8 Colombia 2036 CPI + 4.89% 32 37 UNE Bond 6.600% 8 Colombia 2030 6.600 % 38 44 UNE Bond 4 (tranche A) 8 Colombia 2028 5.560 % 29 — UNE Bond 4 (tranche B) 8 Colombia 2031 CPI + 2.61 71 — UNE Bond 4 (tranche C) 8 Colombia 2036 CPI + 3.18 21 — USD 4.500% Senior Notes 9 Panama 2030 4.500 % 587 586 Cable Onda Bonds 5.750% 9 Panama 2025 5.750 % — 99 Total bond financing 4,090 4,297 (i) STIBOR – Swedish Interbank Offered Rate. Luxembourg (1) SEK Notes In May 2019, MIC S.A. completed its offering of a SEK 2 billion floating rate senior unsecured sustainability bond due 2024. The bond carries a floating coupon of 3-month Stibor+235bps which we swapped with various banks to hedge its interest rate exposure, pursuant to which it will effectively pay fixed-rate coupons in US dollars between 4.990% and 4.880% (see D.1.2.). The bond has been listed and commenced trading on the Nasdaq Stockholm sustainable bond list on June 12, 2019. Millicom is using the net proceeds of the bond in accordance with the Sustainability Bond Framework which includes both environmental and social investments such as in energy efficiencies, and the expansion of its fixed and mobile networks. Costs of issuance of $2.4 million is amortized over the five (2) (2031) USD 4.500% Senior Notes On October 19, 2020, MIC S.A. issued $500 million aggregate principal amount of 4.500% Senior Notes due 2031. The Notes bear interest at 4.500% p.a., payable semiannually in arrears on each interest payment date. Proceeds were used to early redeem MIC S.A.'s $500 million 6.000% Senior Notes due 2025. Costs of issuance of $5.5 million 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 million of the 6.625% Notes due 2026 were exchanged for $307.5 million of the 4.5% Notes due 2031 (at 101.812% exchange ratio). The gain of $15 million, derived from applying the "modification accounting" under IFRS 9 to this exchange, has been recorded under "Interest and other financial income" in the statement of income during the year ended December 31, 2021. Transaction costs attributable to this exchange amount to approximately $4 million and are amortized over the remaining life of the Notes due 2031. (3) (2026) USD 6.625% Senior Notes In October 2018, MIC S.A. issued $500 million aggregate principal amount of 6.625% Senior Notes due 2026. The Notes bear interest at 6.625% p.a., payable semiannually in arrears on each interest payment date. Proceeds were used to finance Cable Onda’s acquisition. Costs of issuance of $6 million were amortized over the eight As aforementioned, $302.1 million of the 6.625% Notes due 2026 were exchanged during 2021 for $307.5 million 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’s announcement dated February 11, 2021. Total consideration of approximately $180 million was funded from cash, consistent with the Company's decision to prioritize debt reduction. The redemption premium of $5 million and the accelerated amortization of the upfront costs of $3 million, have been recorded in the line "Interest and other financial expenses" in the statement of income during the year ended December 31, 2021. (4) (2029) USD 6.250% Senior Notes In March 2019, MIC S.A. issued $750 million of 6.250% notes due 2029. The notes bear interest at 6.250% p.a., payable semi-annually in arrears on March 25 and September 25 of each year, starting on September 25, 2019. The net proceeds were used to finance, in part, the completed Telefónica CAM Acquisitions (see note A.1.2.). Costs of issuance of $8.2 million are amortized over the ten On February 22, 2021, Millicom redeemed 10% of the principal outstanding of its Notes due 2026, 2028 and 2029 at a price of 103%. See above. (5) (2028) USD 5.125% Senior Notes In September 2017, MIC S.A. issued a $500 million, ten ten On February 22, 2021, Millicom redeemed 10% of the principal outstanding of its Notes due 2026, 2028 and 2029 at a price of 103%. See above. Paraguay (6) (2027) USD 5.875% Senior Notes and (2024-2031) PYG Notes In April 2019, Telefónica Celular del Paraguay S.A.E. (Telecel) issued $300 million 5.875% senior notes due 2027. The notes bear interest at 5.875% p.a., payable semi-annually in arrears on April 15 and October 15 of each year, starting on October 15, 2019. The net proceeds were used to finance the repurchase of the Telecel 6.750% 2022 notes. Costs of issuance of $4 million are amortized over the eight In May 2020, Telefónica Celular del Paraguay, S.A.E.. completed the acquisition of another Millicom subsidiary in Paraguay - Mobile Cash Paraguay S.A , and further on June 30, 2020, the acquisition of Servicios y Productos Multimedios S.A.. Effective as of those dates, these new entities now form part of the borrower's group for the purposes of the $550 million 5.875% Senior Notes due 2027 issued by Telefónica Celular del Paraguay, S.A.E.. In addition, as of July 7, 2020 Servicios y Productos Multimedios S.A. became guarantor of the 5.875% Notes due 2027. Between June 2019 and February 2020, Telecel registered and completed the issuance of a bond program for PYG 300,000 million (approximately $43 million using December 31, 2021 exchange rate) program on the Paraguayan stock market, launched in different series from 5 years to 10 years. On October 1, 2021, Telecel issued another PYG 400,000 million bond (approximately $58 million using December 31, 2021 exchange rate) in three series with fixed interest rates between 6% to 7.5% and a repayment period from 5 to 10 years. Bolivia (7) BOB Notes In November 2015, Telefónica Celular de Bolivia S.A. issued a BOB 696 million (approximately $100 million) of notes in two series, series A for BOB 104.4 million (approximately $15 million), with a fixed annual interest rate of 4.050%, maturing in August 2020 and series B for BOB 591.6 million (approximately $85 million) with a fixed annual interest rate of 4.850%, maturing in August 2023. The bond has coupon with interest payable semi-annually in arrears in March and September during the first two years, thereafter each February and August. The effective interest rate is 4.840%. These bonds are listed on the Bolivia Stock Exchange. In August 2016, Telefónica Celular de Bolivia S.A. issued a new bond for a total amount of BOB 522 million consisting of two tranches (approximately $50 million and $25 million, respectively). Tranche A and B bear fixed interest at 3.950% and 4.300%, and will mature in June 2024 and June 2029, respectively. These bonds are listed on the Bolivia Stock Exchange. In October 2017, Telefónica Celular de Bolivia S.A placed approximately $80 million of local currency bonds in three tranches, which will mature in 2022, 2024 and 2026 with a 4.300% , 4.700% and 5.300% respectively. These bonds are listed on the Bolivia Stock Exchange. In July 2019 Telefónica Celular de Bolivia S.A issued two bonds one for BOB 420 million (approximately $61 million) with a 5.000% coupon maturing on August 2026 and another one for BOB 280 million (approximately $40 million) with a 4.600% coupon maturing on August 2024. Interest payments is semiannual and both bonds are listed on the Bolivia Stock Exchange. In December 2020, Telefónica Celular de Bolivia S.A. issued BOB 345 million (approximately $50 million) senior notes due 2026. Colombia (8) UNE Bonds In May 2011, UNE issued a COP300 billion (approximately $126 million) bond consisting of two equal tranches with five twelve In May 2016, UNE issued a COP540 billion bond (approximately $176 million) consisting of three tranches (approximately $52 million, $83 million and $41 million respectively). Interest rates are either fixed or variable depending on the tranche. Tranche A bears fixed interest at 9.350%, while tranche B and C bear variable interest, based on CPI, (respective margins of CPI + 4.150% and CPI + 4.890%), in Colombian peso. UNE applied the proceeds to finance its investment plan and repay one bond (COP150 billion tranche). Tranches A, B and C will mature in May 2024, May 2026 and May 2036, respectively. In March 2020, UNE issued local bonds for an amount of COP 150 billion (approximately $44 million) 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 million bond (approximately $138 million using the transaction date exchange rate) with 3 maturities; Series 7 years at 5.56% fixed rate, Series 10 years at CPI plus 2.61% and Series 15 years at CPI plus 3.18% margin. With the aim to improve UNE’s natural hedge against local currency, the bond proceeds were used on March 26, 2021 to partially repay 50% of the $300 million syndicated loan of Colombia Movil S.A. (originally due in December 2024). Panama (9) Cable Onda Bonds In August 2015, Cable Onda issued local bonds in Panama for a total amount of $185 million. These bonds were listed on the Panama Stock Exchange and borne a fixed annual interest of 5.750% and were initially due in August 2025. In December 2020, Cable Onda early repaid $85 million on these bonds, at par. The remaining $100 million were early repaid in 2021. ten Note Country Maturity range Interest rate 2021 2020 (US$ millions) Fixed rate loans PYG Long-term loans 1 Paraguay 2022-2026 Fixed 94 137 USD - Long-term loans 2 Panama 2022-2026 Fixed 259 185 BOB Long-term loans 3 Bolivia 2022-2026 Fixed 54 37 GTQ Long-term loans 9 Guatemala 2025-2027 Fixed 605 na Variable rate loans USD Long-term loans 4 Costa Rica 2023 Variable — 119 USD Long-term loans 4 Costa Rica 2026 Variable 33 CRC Long-term loans 4 Costa Rica 2026 Variable 88 — USD Long-term loans 5 Tanzania 2022-2025 Variable 150 162 TZS Long-term loans 5 Tanzania 2022-2025 Variable 38 41 COP Long-term loans 6 Colombia 2025-2031 Variable 322 262 USD Long-term loans 6 Colombia 2024 Variable 148 296 USD Credit Facility / Senior Unsecured Term Loan Facility 7 El Salvador 2021-2023 Variable — 118 USD Credit Facility / Senior Unsecured Term Loan Facility 7 El Salvador 2026 Variable 99 — USD Long-term loans (i) 8 Luxembourg 2025 Variable (4) (5) USD Bridge Loan 8 Luxembourg 2022 Variable 1,632 — USD DNB Bilateral 8 Luxembourg 2026 Variable 99 — Total Bank and Development Financial Institution financing 3,618 1,353 (i) Relates to the amortized costs of the undrawn RCF that the Company entered into in October 2020 - see point 8 below. 1. Paraguay In October 2015, Telefónica Celular del Paraguay S.A.E. entered into a five In July 2018, Telefónica Celular del Paraguay S.A.E. executed a seven In January 2019, Telefónica Celular del Paraguay S.A.E. obtained a seven In September 2019, Telefónica Celular del Paraguay S.A.E. executed an amended and restated agreement with Banco Continental S.A.E.C.A., to consolidate three existing loans, for a PYG 370,000 million (approximately $57 million). The new loan has a maturity of 7 years. In January 2020, Telecel refinanced its previous loan with Banco Itaú and obtained a new long-term loan from Banco Itaú Paraguay S.A., for Gs. 154.6 billion (approximately $24 million) , amortizing semi-annually and maturing on December 27, 2024. This loan was refinanced with a new loan obtained with Banco GNB on December 2021. In December 2020, Telecel executed a credit agreement with Banco Continental S.A.E.C.A for PYG 200,000 million (approximately $29 million using the exchange rate as of December 31, 2020) with a duration of 2.5 years. Main aim is to refinance outstanding bank loans with maturities from 2021 to 2025. 2. Panama In August 2019, Cable Onda S.A entered into two credit agreements, one with Banco Nacional de Panama S.A , for $75 million which bears a fixed interest and has a 5 year duration and another one with the Bank of Nova Scotia (Sucursal Panama) for $75 million with a fixed interest and a five In December 2020, Cable Onda S.A. executed a credit agreement with Bank of Nova Scotia with a 60 month duration for $110 million divided into 2 tranches. Tranche A ($85 million) was disbursed on December 2020 to partially recall the Local Bond ($85 million) and Tranche B ($25 million) was disbursed on March 1, 2021. On August 31, 2021, Cable Onda executed an agreement with Bank of Scotia for $75 million 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, Telefónica Celular de Bolivia S.A.. entered into a two tranche loan agreement with Banco BISA S.A for BOB 69.6 million (approximately $10 million) each, with a fixed interest rate. The loans have a term of 7 years. In November 2019, they executed a new loan with Banco de Crédito 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 million with a repayment period between 2.5 and 5 years and fixed interest rate of 5.5% per annum. 4. Costa Rica In April 2018, Millicom Cable Costa Rica S.A. entered into a $150 million variable rate syndicated loan with Citibank as agent. In June 2020, Millicom Cable Costa Rica S.A partially repaid an amount of $30 million of this loan. On October 25, 2021, Millicom Cable Costa Rica S.A. repaid the remaining $120 million under this syndicated loan which was initially due on 2023. This was executed with the proceeds of a new syndicated loan entered into by the Company and Millicom Cable Costa Rica as co-borrowers for an amount of $125 million. The latter has 2 tranches, a USD $33 million tranche with a LIBOR+ margin and a local currency tranche at TBP+margin for an amount equivalent to $92 million. Cross currency swaps used to hedge the interest and principal on the previous loan were terminated on the same date (see note D.1.2.). 5. Tanzania On June 2019, MIC Tanzania Public Limited Company entered into a syndicated loan facility agreement with the Standard Bank of South Africa acting as an agent and a consortium of banks acting as the original lenders, for $174.75 million (tranche A) and TZS103,000 million (tranche B - approximately $45 million) which bears variable interests: for Tranche A Libor plus a margin and for Trance B T-Bill rate plus a margin. The facility agreement has an all asset debenture securing the whole amount, as well as a pledge over the shares of the immediate holding company of the borrower. The Facility was amended and restated in December 2019 and maturity was extended to 66 months and 100% of the USD portion and TZS 34 billion (approximately $15 million) were disbursed. In January 2020, TZS 35 billion (approximately $15 million) were disbursed and the last tranche of TZS 34 billion (approximately $15 million) was disbursed in February 2020. 6. Colombia On December 14, 2021, UNE EPM Telecomunicaciones S.A. entered into an ESG Linked agreement with Bancolombia for a COP 450,000 million (approximately $111 million at the December 31, 2021 exchange rate) loan with a variable rate and a maturity of 7 years. On December 20, 2019, our operation in Colombia executed an amendment to the $300 million loan between Colombia Móvil S.A. E.S.P. as borrower and UNE EPM Telecomunicaciones S.A., as guarantor with a consortium of banks to extend the maturity for 5 years (now due on December 20, 2024) and lower the applicable margin. On March 26, 2021, $150 million were paid. See also note I. for further details on repayments subsequent to year-end. On September and November 2020, Colombia executed 4 new cross currency swaps of $25 million each with Bancolombia, JP Morgan and BBVA to complete $100 million and hedge the exposure of a portion of the $300 million syndicated loan, fixing the exchange rate on average to USD/COP 3.682 and interest rate of 5.35%. See note I for further details. 7. El Salvador On June 3, 2016, Telemóvil El Salvador, S.A. de C.V. executed a $30 million credit facility with Citibank N.A., for general corporate purposes, bearing variable interest rate per annum. The facility was guaranteed by MICSA and was repaid in July 2021. In March 2018, Telemóvil El Salvador executed a $100 million credit facility with DNB at a variable rate facility with DNB and Nordea with a 5-year bullet repayment.The facility is guaranteed by MICSA. On December 26, 2021, Telemovil El Salvador S.A. executed a new credit agreement for $100 million, which bears a variable interest, to refinance the $100 million loan agreement with DNB and Nordea, which was entirely repaid on December 29, 2021. The agreement is guaranteed by Millicom. In June 2020, Telemóvil El Salvador. S.A de C.V repaid in its entirety $150 million of the principal under a credit agreement dated January 2018 entered into with the Bank of Nova Scotia, as lender, and the Company as guarantor. On December 26, 2021, Telemovil El Salvador S.A. executed a new credit agreement for $100 million with a 5 year maturity, which bears a variable interest to refinance the $100 million loan agreement dated March 23, 2018 with DNB and Nordea, which was entirely repaid on December 29, 2021. The credit agreement is guaranteed by Millicom. 8. Luxembourg In March 2020, MICSA drew down $400 million from the $600 million revolving credit facility it entered into in January 2017 (the "RCF"). $337 million was disbursed in March 2020 and the remaining $63 million in April 2020. The draw down had an initial six-month term and Millicom had the option to extend up to January 2022 (the maturity date of the RCF). The RCF was fully repaid on June 29, 2020. In October 2020, MICSA. entered into a 5 year, $600 million ESG-linked revolving credit facility (the "Facility") with a syndicate of 11 commercial banks. This facility will be used to refinance the above existing multi-currency revolving credit facility which was due to expire in 2022 and for general corporate purposes. On November 10, 2021, Millicom executed a Bridge Loan Agreement of $2.15 billion with a consortium of banks. The proceeds were used for the acquisition of Tigo Guatemala's remaining 45% shareholding (see note A.1.2.). The Bridge Loan bears a variable interest rate with a step up every three months and has a maturity period of 6 months, extendable for an additional 6 months. The initial costs of issuance amounted to $28 million and are being amortized based on the six-month expected timing of refinancing of this Bridge Loan. [On December 29, 2021, Millicom partially repaid $500 million of this Bridge loan, partially with Millicom's own cash and partially with proceeds from the $100 million bilateral loan with DNB bank, executed on December 20, 2021, with a variable interest rate and a 5-year maturity.] For further reference, see note I. 9. Guatemala In October 2020, Comcel and Navega 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 million (approximately $420 million using the exchange rate as of December 31, 2021) 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: • a GTQ 950 million loan with Banco Industrial (approximately $123 million as at December 31, 2021) which bears a fixed interest and matures in October 2025. • two loans for a total of GTQ 500 million with Banco G&T Continental S.A. (approximately $65 million as at December 31, 2021) which bear a fixed interest rate and mature in December 2026. Right of set-off and derecognition Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. A financial asset (or a part of a financial asset or part of a group of similar financial assets) is derecognized when: • Rights to receive cash flows from the asset have expired; or • Rights to receive cash flows from the asset or obligations to pay the received cash flows in full without material delay have been transferred to a third party under a “pass-through” arrangement; and the Group has either transferred substantially all the risks and rewards of the asset or the control of the asset. When rights to receive cash flows from an asset have been transferred or a pass-through arrangement concluded, an evaluation is made if and to what extent the risks and rewards of ownership have been retained. When the Group has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the asset is recognized to the extent of the Group’s continuing involvement in the asset. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has The Group’s interest and other financial expenses comprised the following: December 31 2021 2020 2019 (US$ millions) Interest expense on bonds and bank financing (345) (386) (348) Interest expense on leases (131) (156) (157) Early redemption charges (5) (15) (10) Others (50) (67) (47) Total interest and other financial expenses (531) (624) (564) 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, 2021 As at December 31, 2020 As at December 31, 2021 As at December 31, 2020 Outstanding and Maximum exposure Outstanding and Maximum exposure 0-1 year 71 59 82 82 1-3 years 6 227 — — 3-5 years 223 — — — Total 300 287 82 82 (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, 2021, the Group’s share of total debt and financing secured by either pledged assets, pledged deposits issued to cover letters of credit, or guarantees issued was $300 million (December 31, 2020: $287 million). At December 31, 2021 and December 31, 2020 there were no assets pledged by the Group over these debts and financings. The remainder represented primarily guarantees issued by Millicom S.A. to guarantee financings raised by other Group operating entities. In addition to the above, on June 4, 2019, MIC Tanzania Public Limited Company entered into a loan facility agreement which was further amended and restated on December 12, 2019, with the Standard Bank of South Africa acting as an agent and a consortium of At December 31, 2021, lease liabilities are presented in the statement of financial position as follows: December 31, 2021 December 31, 2020 (US$ millions) Current 171 123 Non-Current 996 897 Total Lease liabilities 1,167 1,021 As permitted under IFRS 16, Millicom has elected not to recognize a lease liability for short term leases (leases with an expected term of 12 months or less) or for leases of low value assets. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are rather recognized on a straight-line basis as an expense in the statement of income. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. In addition, certain variable lease payments are not permitted to be recognized as lease liabilities and are expensed as incurred. The expenses relating to payments not included in the measurement of the lease liability are disclosed in operating expenses (note B.3.) and are as follows: 2021 2020 (US$ millions) Expense relating to short-term leases (included in cost of sales and operating expenses) 0 (1) The total cash outflow for leases in 2021 was $277 million (2020: $267 million). Lease liabilities split by maturity and future cash outflows are disclosed in note D.5.. At December 31, 2021, the Group has not committed to any material leases which had not yet commenced and has no material lease contracts with variable lease payments. The Group's leasing activities and how these are accounted for The Group leases various lands, sites, towers (including those related to towers sold and leased back), offices, warehouses, retail stores, equipment and cars. Rental contracts are typically made for fixed periods but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Financial risk management | 5yrs Total (US$ millions) Total debt and financing (1,840) (2,294) (3,610) (7,744) Lease liability (171) (591) (404) (1,167) Cash and equivalents 895 — — 895 Pledged deposits 35 — — 35 Refundable deposit — — — — Derivative financial instruments — 20 — 20 Net cash (debt) including derivatives related to debt (1,082) (2,865) (4,014) (7,961) Future interest commitments related to debt and financing (340) (1,086) (98) (1,524) Future interest commitments related to leases (144) (380) (179) (704) Trade payables (excluding accruals) (624) — — (624) Other financial liabilities (including accruals) (1,141) — — (1,141) Put option liability (290) — — (290) Trade receivables 405 — — 405 Other financial assets 344 98 — 442 Net financial liabilities (2,871) (4,234) (4,291) (11,396) Maturity profile of net financial liabilities at December 31, 2020 Less than 1 year 1 to 5 years >5yrs Total (US$ millions) Total debt and financing (113) (1,824) (3,755) (5,691) Lease liability (123) (525) (373) (1,021) Cash and equivalents 875 — — 875 Pledged deposits (related to back borrowings) — — — — Refundable deposit — — — — Derivative financial instruments — 12 — 12 Net cash (debt) including derivatives related to debt 639 (2,336) (4,128) (5,825) Future interest commitments related to debt and financing (311) (1,069) (104) (1,484) Future interest commitments related to leases (146) (410) (203) (759) Trade payables (excluding accruals) (576) — — (576) Other financial liabilities (including accruals) (1,185) (29) — (1,214) Put option liability (262) — — (262) Trade receivables 351 — — 351 Other financial assets 568 167 — 735 Net financial liabilities (922) (3,676) (4,435) (9,034) The primary objective of the Group’s 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. 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, 2021, Millicom was rated at one notch below investment grade by the independent rating agencies Moody’s (Ba1 stable) and Fitch (BB+ stable). The Group primarily monitors capital using net financial obligations to EBITDA. The Group reviews its gearing ratio (net financial obligations divided by total capital plus net financial obligations) periodically. Net financial obligations includes interest bearing debt and lease liabilities, less cash and cash equivalents (included restricted cash) and pledged and time deposits related to bank borrowings. Capital represents equity attributable to the equity holders of the parent. Net financial obligations to EBITDA Note 2021 2020 (US$ millions) Net financial obligations C.6. 7,981 5,837 EBITDA B.3. 1,639 1,495 Net financial obligations to EBITDA (i) 4.87 3.90 (i) The ratio is above 3.0x on an IFRS basis. However, according to the terms of the indenture, this ratio is calculated differently, resulting in a ratio below 3.0x for covenant purposes. Also, the ratio in 2021 is artificially high as the full debt of Tigo Guatemala has been consolidated from the acquisition date on November 12, 2021, while the Group consolidated only 1.5 months of Tigo Guatemala's EBITDA. Gearing ratio Note 2021 2020 (US$ millions) Net financial obligations C.6. 7,981 5,837 Equity attributable to Owners of the Company C.1. 2,583 2,059 Net financial obligations and equity 10,564 7,896 Gearing ratio 0.76 0.74 " id="sjs-B4" xml:space="preserve">Financial risk management Exposure to interest rate, foreign currency, non-repatriation, liquidity, capital management and credit risks arise in the normal course of Millicom’s business. Each year Group Treasury revisits and presents to the Audit committee updated Group Treasury policy. The Group analyzes each of these financial risks individually as well as on an interconnected basis and defines and implements strategies to manage the economic impact on the Group’s performance in line with its policy. This policy was last reviewed in late 2021. As part of the annual review of the above mentioned risks, the Group agrees to a strategy over the use of derivatives and natural hedging instruments ranging from raising debt in local currency (where the Company targets to reach 40% of debt in local currency over the medium term) to maintain a combination of up to 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’s risk management strategies may include the use of derivatives to the extent a market would exist in the jurisdictions where the Group operates. Millicom’s 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, 2021 and 2020 fair value of derivatives held by the Group can be summarized as follows: 2021 2020 (US$ millions) Derivatives Cash flow hedge derivatives 20 12 Net derivative asset (liability) 20 12 Financing at December 31, 2021 Amounts due within: 1 year 1–2 years 2–3 years 3–4 years 4–5 years >5 years Total (US$ millions) Fixed rate financing 91 151 460 662 372 3,219 4,956 Floating rate financing 1,750 55 26 181 386 391 2,789 Total 1,840 206 487 843 758 3,610 7,744 Weighted average nominal interest rate 1.93 % 5.97 % 5.47 % 5.86 % 5.11 % 5.34 % 5.55 % Financing at December 31, 2020 Amounts due within: 1 year 1–2 years 2–3 years 3–4 years 4–5 years >5 years Total (US$ millions) Fixed rate financing 80 90 268 561 269 3,498 4,766 Floating rate financing 33 17 171 250 197 256 926 Total 113 107 439 811 467 3,755 5,691 Weighted average nominal interest rate 4.65 % 4.95 % 5.76 % 4.15 % 5.09 % 5.21 % 4.90 % 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 Financial Risk Management policy. Details of these arrangements are provided below. MIC S.A. entered into swap contracts in order to hedge the foreign currency and interest rate risks in relation to the SEK 2 billion (approximately $208 million using the May 15, 2019) senior unsecured sustainability bond issued in May 2019 (note C.3.1.). These swaps are accounted for as cash flow hedges as the timing and amounts of the cash flows under the swap agreements match the cash flows under the SEK bond. Their maturity date is May 2024. The hedging relationship is highly effective and related fluctuations are recorded through other comprehensive income. At December 31, 2021, the fair values of the swaps amount to an asset of $6 million. (December 31, 2020: a liability of $23 million). Through our operations in Colombia, El Salvador and Costa Rica, we 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. As of December 31, 2021, the fair value of the swaps from our operations in El Salvador amount to a liability of $1 million (December 31, 2020: a liability of $3 million) and the fair value of the swaps from our operations in Colombia amounts to an asset of $15 million (December 31, 2020: a liability of $7 million). The swaps previously contracted through our operations in Costa Rica have been settled as a result of the redemption of the USD syndicated loan (see note C.3.2.) resulting in a loss of $1.6 million recorded under "Other non-operating (expenses) income, net" (December 31, 2020: liability of $5 million and an asset of $1 million). Interest rate and currency swaps are measured with reference to Level 2 of the fair value hierarchy. There are no other derivative financial instruments with a significant fair value at December 31, 2021. Debt denomination at December 31 2021 2020 (US$ millions) Debt denominated in US dollars 4,827 3,384 Debt denominated in currencies of the following countries Guatemala (ii) 605 na Colombia 699 614 Tanzania 38 40 Bolivia 310 337 Paraguay 195 180 El Salvador(i) 99 118 Panama(i) 846 869 Luxembourg (COP denominated) 36 41 Costa Rica 88 107 Total debt denominated in other currencies 2,917 2,307 Total debt 7,744 5,691 (i) El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dollar as legal tender. Our local debt in both countries is therefore denominated in U.S. dollars but presented as local currency (LCY). (ii)Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. At December 31, 2021, if the US dollar had weakened/strengthened by 10% against the other functional currencies of our operations and all other variables held constant, then profit before tax from continuing operations would have increased/decreased b y $38 million Most of Millicom’s 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’s ability to receive funds from the operations could be subsequently restricted, which would impact the Company’s 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 notional and 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. Financial instruments that subject the Group to credit risk include cash and cash equivalents, pledged deposits, letters of credit, trade receivables, amounts due from joint venture partners and associates, supplier advances and other current assets and derivatives. Counterparties to agreements relating to the Group’s cash and cash equivalents, pledged deposits and letters of credit are significant financial institutions 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’s counterparty risk with a given bank stays within limits which have been set, based on each bank’s 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. 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 use of bank overdrafts, bank loans, bonds, vendor financing, Export Credit Agencies and Development Finance Institutions (DFI) loans. Millicom believes that there is sufficient liquidity available in the markets to meet ongoing liquidity needs. Additionally, Millicom is able to arrange offshore funding. Millicom has a diversified financing portfolio with commercial banks representing about 41% of its gross financing (2020: 20%), bonds 46% (2020: 64%), Development Finance Institutions 0% (2020: 1%) and leases 13% (2020: 15%). Maturity profile of net financial liabilities at December 31, 2021 Less than 1 year 1 to 5 years >5yrs Total (US$ millions) Total debt and financing (1,840) (2,294) (3,610) (7,744) Lease liability (171) (591) (404) (1,167) Cash and equivalents 895 — — 895 Pledged deposits 35 — — 35 Refundable deposit — — — — Derivative financial instruments — 20 — 20 Net cash (debt) including derivatives related to debt (1,082) (2,865) (4,014) (7,961) Future interest commitments related to debt and financing (340) (1,086) (98) (1,524) Future interest commitments related to leases (144) (380) (179) (704) Trade payables (excluding accruals) (624) — — (624) Other financial liabilities (including accruals) (1,141) — — (1,141) Put option liability (290) — — (290) Trade receivables 405 — — 405 Other financial assets 344 98 — 442 Net financial liabilities (2,871) (4,234) (4,291) (11,396) Maturity profile of net financial liabilities at December 31, 2020 Less than 1 year 1 to 5 years >5yrs Total (US$ millions) Total debt and financing (113) (1,824) (3,755) (5,691) Lease liability (123) (525) (373) (1,021) Cash and equivalents 875 — — 875 Pledged deposits (related to back borrowings) — — — — Refundable deposit — — — — Derivative financial instruments — 12 — 12 Net cash (debt) including derivatives related to debt 639 (2,336) (4,128) (5,825) Future interest commitments related to debt and financing (311) (1,069) (104) (1,484) Future interest commitments related to leases (146) (410) (203) (759) Trade payables (excluding accruals) (576) — — (576) Other financial liabilities (including accruals) (1,185) (29) — (1,214) Put option liability (262) — — (262) Trade receivables 351 — — 351 Other financial assets 568 167 — 735 Net financial liabilities (922) (3,676) (4,435) (9,034) The primary objective of the Group’s 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. 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, 2021, Millicom was rated at one notch below investment grade by the independent rating agencies Moody’s (Ba1 stable) and Fitch (BB+ stable). The Group primarily monitors capital using net financial obligations to EBITDA. The Group reviews its gearing ratio (net financial obligations divided by total capital plus net financial obligations) periodically. Net financial obligations includes interest bearing debt and lease liabilities, less cash and cash equivalents (included restricted cash) and pledged and time deposits related to bank borrowings. Capital represents equity attributable to the equity holders of the parent. Net financial obligations to EBITDA Note 2021 2020 (US$ millions) Net financial obligations C.6. 7,981 5,837 EBITDA B.3. 1,639 1,495 Net financial obligations to EBITDA (i) 4.87 3.90 (i) The ratio is above 3.0x on an IFRS basis. However, according to the terms of the indenture, this ratio is calculated differently, resulting in a ratio below 3.0x for covenant purposes. Also, the ratio in 2021 is artificially high as the full debt of Tigo Guatemala has been consolidated from the acquisition date on November 12, 2021, while the Group consolidated only 1.5 months of Tigo Guatemala's EBITDA. Gearing ratio Note 2021 2020 (US$ millions) Net financial obligations C.6. 7,981 5,837 Equity attributable to Owners of the Company C.1. 2,583 2,059 Net financial obligations and equity 10,564 7,896 Gearing ratio 0.76 0.74 |
Long-term assets
Long-term assets | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Long-term assets | Long-term assetsIntangible assets Millicom’s intangible assets mainly consist of goodwill arising from acquisitions, customer lists acquired through acquisitions, licenses and rights to operate and use spectrum.Accounting for intangible assets Intangible assets acquired in business acquisitions are initially measured at fair value at the date of acquisition, and 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 economic 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’s 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. Goodwill on acquisition of subsidiaries is included in intangible assets, net. Goodwill on acquisition of joint ventures or associates is included in investments in joint ventures and associates. 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. Licenses Licenses 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 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 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 are initially measured at cost and are amortized from the date the network is available for use on a straight-line basis over the license period. Licenses held, subject to certain conditions, are usually renewable and generally non-exclusive. When estimating useful lives of licenses, renewal periods are included only if there is evidence to support renewal by the Group without significant cost. Trademarks and customer lists Trademarks and customer lists are recognized as intangible assets only when acquired or gained in a business combination. Their cost represents fair value at the date of acquisition. Trademarks and customer lists have indefinite or finite useful lives. Trademarks and customer lists used by the Group for its own activities are unlikely to generate largely independent cash inflows and therefore are tested for impairment annually together with other assets at each cash-generating unit level. Finite useful life trademarks are carried at cost, less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost of the trademarks and customer lists over their estimated useful lives. The estimated useful lives for trademarks and customer lists are based on specific characteristics of the market in which they exist. Trademarks and customer lists are included in Intangible assets, net. 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 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: • The right to use specified network infrastructure or capacity; • For a specified term (often the majority of the useful life of the relevant assets); • Legal title is not transferred; • A 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 • Any 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: • The purchaser has an exclusive right for a specified period and has the ability to resell (or sublet) the capacity; and • The capacity is physically limited and defined; and • The purchaser bears all costs related to the capacity (directly or not) including costs of operation, administration and maintenance; and • The 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. 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’s 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’s recoverable amount since the last impairment loss was recognized. If so, the carrying amount of the asset is increased to its recoverable amount. The increased amount 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. In December 2019, Tigo Colombia participated in an auction launched by the Ministerio de Tecnologias de la Informacion y las Comunicaciones (MINTIC), and acquired licenses granting the right to use a total of 40 MHz in the 700 MHz band. The 20-year license will expire in 2040. As a result of this auction,Tigo Colombia has strengthened its spectrum position, which also includes 55 MHz in the 1900 band and 30 MHz of AWS. Tigo Colombia agreed to a total notional consideration of COP 2.45 billion (equivalent to approximately $615 million using the December 31, 2021 exchange rate), of which approximately 55% is payable in cash and 45% in coverage obligations to be met by 2025. An initial payment of approximately $33 million 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 the Colombia-10 years Treasury Bond rate. 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 $388 million corresponding to the net present value of the future payments, plus other costs directly attributable to this acquisition. The related future interest commitments will be recognized as interest expense over the next 17 years. The remaining 45% consideration due as coverage obligations are currently being estimated and will be recognized in the statement of financial position as incurred. Movements in intangible assets in 2021 Goodwill Licenses Customer Lists IRUs Trademark Other (i) Total (US$ millions) Opening balance, net 1,659 870 423 86 77 289 3,403 Change in scope (see note A.1.2.) 3,257 319 91 6 848 25 4,546 Additions — 29 — — — 135 164 Amortization charge — (82) (56) (14) (67) (100) (320) Impairment — — — — — (1) (1) Disposals, net — — — — — (1) (1) Transfers — — — 2 1 46 49 Exchange rate movements (32) (67) (1) (5) — (15) (121) Closing balance, net 4,884 1,070 456 75 858 379 7,721 Cost or valuation 4,884 1,728 1,251 210 1,189 1,059 10,322 Accumulated amortization and impairment — (658) (795) (135) (331) (681) (2,600) Net 4,884 1,070 456 75 858 379 7,721 Movements in intangible assets in 2020 Goodwill Licenses Customer Lists IRUs Trademark Other (i) Total (US$ millions) Opening balance, net 1,684 468 470 107 183 282 3,195 Additions — 421 — — — 99 520 Amortization charge — (71) (44) (13) (106) (84) (318) Impairment — — — — — — — Disposals, net — — — 14 — — 13 Transfers — 3 — (18) — (1) (16) Transfer to/from held for sale — — — — — — — Exchange rate movements (26) 49 (3) (3) — (8) 10 Closing balance, net 1,659 870 423 86 77 289 3,403 Cost or valuation 1,659 1,305 630 196 323 840 4,953 Accumulated amortization and impairment — (435) (207) (111) (246) (550) (1,550) Net 1,659 870 423 86 77 289 3,403 Cash used for intangible asset additions 2021 2020 2019 (US$ millions) Additions 164 520 202 Change in accruals and payables for intangibles (29) (315) (32) Cash used for additions 135 202 171 Allocation of Goodwill to cash generating units (CGUs) 2021 2020 (US$ millions) Guatemala (see note A.1.2.) 3,258 — Panama (see note A.1.2.) 907 907 El Salvador 194 194 Costa Rica 110 115 Paraguay 47 47 Colombia 149 173 Tanzania 12 12 Nicaragua (see note A.1.2) 203 207 Bolivia 3 3 Total 4,884 1,659 Allocation of indefinite useful life trademarks to cash generating units (CGUs) 2021 2020 (US$ millions) Guatemala 848 — Tanzania 10 10 Total 858 10 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’s 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: • Represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and • Is 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, 2021 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 and presented to the Board, covering a fifteen-year planning horizon. The Group uses a fifteen-year planning horizon to obtain a stable business outlook, in particular due to the long investment cycles in the industry and the long-term planned and expected investments in licenses and spectrum. Cash flows beyond this period are extrapolated using a perpetual growth rate. When value-in-use results are lower than the carrying values of the CGUs, management determines the recoverable amount by using the fair value less cost of disposal (FVLCD) of the CGUs. FVLCD is usually determined by using recent offers received from third parties (Level 1). For the year ended December 31, 2021, management concluded that no impairment should be recorded in the Group consolidated financial statements. Impairment testing at December 31, 2020 For the year ended December 31, 2020, 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 Company 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: • EBITDA margin is determined by dividing EBITDA by total revenues. • CAPEX intensity is determined by dividing CAPEX by total revenues. • Perpetual growth rate does not exceed the countries' GDP. • Weighted average cost of capital (“WACC”) is used to discount the projected cash flows. The most significant estimates used for the 2021 and 2020 impairment test are shown below: CGU Average EBITDA margin (%) (i) Average CAPEX intensity (%) (i) Perpetual growth rate (%) WACC rate after tax (%) 2021 2020 2021 2020 2021 2020 2021 2020 Bolivia 42.7 39.2 16.6 16.8 1.0 1.0 11.6 11.5 Colombia 36.1 35.7 17.4 17.7 2.0 2.0 8.9 8.3 Costa Rica 35.5 32.9 15.1 17.8 2.0 2.0 11.1 12.1 El Salvador 39.3 35.4 12.9 14.0 1.0 1.0 14.7 13.8 Nicaragua (see note A.1.2) 45.9 45.6 16.0 15.9 3.0 3.0 12.5 13.8 Panamá (see note A.1.2) 47.0 48.2 17.2 17.5 1.0 1.0 7.0 7.6 Paraguay 42.6 44.3 15.4 15.6 1.0 1.0 8.3 8.4 Guatemala 54.7 53.2 12.3 12.4 1.0 1.0 8.4 8.6 Tanzania 38.0 39.5 12.5 11.7 1.0 1.0 13.2 13.8 (i) Average is computed over the period covered by the plan. Sensitivity analysis to changes in assumptions Management performed a sensitivity analysis on key assumptions within the test. The following maximum increases or decreases, expressed in percentage points, were considered for all CGUs: Reasonable changes in key assumptions (%) Financial variables WACC rates +/-1 Perpetual growth rates +/-1 Operating variables EBITDA margin +/-2 CAPEX intensity +/-1 The sensitivity analysis shows a comfortable headroom between the recoverable amounts and the carrying values for all CGUs at December 31, 2021. Items of property, plant and equipment are stated at either 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. Estimated useful lives Duration Buildings Up to 40 years Networks (including civil works) 5 to 15 years Other 2 to 7 years The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The assets’ residual value and useful life is reviewed, and adjusted if appropriate, at each statement of financial position date. An asset’s 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’s 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. Movements in tangible assets in 2021 Network Equipment (ii) Land and Buildings Construction in Progress Other(i) Total (US$ millions) Opening balance, net 2,175 185 308 87 2,755 Change in scope (see note A.1.2.) 494 9 29 11 543 Additions 30 — 752 4 787 Impairments/reversal of impairment, net — — (3) (1) (4) Disposals, net (10) — (4) — (14) Depreciation charge (651) (16) — (73) (739) Asset retirement obligations 31 1 — — 32 Transfers 572 5 (646) 41 (28) Transfer from/(to) assets held for sale (see note E.4) — — — — — Exchange rate movements (115) (10) (6) (2) (133) Closing balance, net 2,527 175 429 68 3,198 Cost or valuation 8,373 333 429 390 9,524 Accumulated amortization and impairment (5,846) (158) — (322) (6,326) Net at December 31, 2021 2,527 175 429 68 3,198 Movements in tangible assets in 2020 Network equipment Land and buildings Construction in progress Other(i) Total (US$ millions) Opening balance, net 2,212 206 355 127 2,899 Change in Scope — — — — — Additions 31 — 606 11 649 Impairments/reversal of impairment, net — — — — — Disposals, net 31 (2) (2) (41) (13) Depreciation charge (644) (22) — (83) (749) Asset retirement obligations 17 2 — — 19 Transfers 588 5 (644) 75 24 Transfers from/(to) assets held for sale 1 1 — — 3 Exchange rate movements (62) (5) (8) (2) (77) Closing balance, net 2,175 185 308 87 2,755 Cost or valuation 6,423 329 308 407 7,466 Accumulated amortization and impairment (4,248) (144) — (320) (4,711) Net at December 31, 2020 2,175 185 308 87 2,755 (i) Other mainly includes office equipment and motor vehicles. Cash used for property, plant and equipment additions 2021 2020 2019 (US$ millions) Additions 787 649 719 Change in advances to suppliers (6) (4) 1 Change in accruals and payables for property, plant and equipment (40) (22) 17 Other (1) (1) (1) Cash used for additions 740 622 736 Right-of-use assets are measured at cost comprising the following: • the amount of the initial measurement of lease liability • any lease payments made at or before the commencement date less any lease incentives received • any initial direct costs, and • restoration costs Refer to note C.4. for further details on lease accounting policies. Movements in right of use assets in 2021 Right-of-use assets Land and buildings Sites rental Tower rental Other network equipment Capacity Other Total (US$ millions) Opening balance, net 147 93 607 31 14 2 895 Change in scope (see note A.1.2.) 16 107 48 3 — 13 187 Additions 37 14 53 — — 1 106 Modifications 14 8 3 1 — (1) 25 Impairments (1) — — — — — (1) Disposals (2) (2) (2) (1) — — (7) Depreciation (36) (22) (81) (4) (1) (2) (145) Asset retirement obligations 1 — — — — — — Transfers — 4 (17) (5) (1) — (18) Exchange rate movements (9) (1) (24) — — — (34) Closing balance, net 169 201 587 25 12 13 1,008 Cost of valuation 254 317 908 40 17 21 1,557 Accumulated depreciation and impairment (85) (116) (320) (14) (5) (8) (549) Net at 31 December 2021 169 201 587 25 12 13 1,008 The following table summarizes the nature of the assets and liabilities reported under assets held for sale and liabilities directly associated with assets held for sale as at December 31, 2021 and 2020: December 31, 2021 2020 (US$ millions) Assets and liabilities reclassified as held for sale ($ millions) Towers Colombia (see note E.4.1.) — 1 Towers El Salvador (see note E.4.1.) — — Towers Zantel — — Total assets of held for sale — 1 Total liabilities directly associated with assets held for sale — — Net assets held for sale / book value — 1 In accordance with IFRS 5 and as further explained in Note A.1.3. , financial information relating to discontinued operations for the years ended December 31, 2021 , 2020 and 2019 is set out below. Figures shown below are after intercompany eliminations. Results from discontinued operations December 31 2021 2020 2019 (US$ millions) Revenue — — 50 Cost of sales — — (14) Operating expenses — (4) (2) Other expenses linked to the disposal of discontinued operations — (9) (10) Depreciation and amortization — — (11) Other operating income (expenses), net — — — Gain/(loss) on disposal of discontinued operations — — 74 Operating profit (loss) — (12) 88 Interest income (expense), net — — (2) Other non-operating (expenses) income, net — — — Profit (loss) before taxes — (12) 86 Credit (charge) for taxes, net — — (2) Net profit/(loss) from discontinuing operations — (12) 84 Cash flows from discontinued operations December 31 2021 2020 2019 (US$ millions) Cash from (used in) operating activities, net — — (8) Cash from (used in) investing activities, net — — 5 Cash from (used in) financing activities, net — — 7 |
Other assets and liabilities
Other assets and liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other assets and liabilities | Other assets and liabilitiesTrade receivables Millicom’s 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. 2021 2020 (US$ millions) Gross trade receivables 722 649 Less: provisions for expected credit losses (316) (298) Trade receivables, net 405 351 Aging of trade receivables Neither past due nor impaired Past due (net of impairments) 30–90 days >90 days Total (US$ millions) 2021: Telecom operators 18 3 4 25 Own customers 210 59 34 303 Others 58 12 8 77 Total 286 74 46 405 2020: Telecom operators 15 7 3 25 Own customers 167 65 34 266 Others 34 19 8 60 Total 216 90 45 351 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 Cost of sales. 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 2021 2020 (US$ millions) Telephone and equipment 43 23 SIM cards 5 4 IRUs — — Other 15 10 Inventory at December 31, 63 37 Current 2021 2020 (US$ millions) Deferred revenue 110 78 Customer deposits 15 14 Current legal provisions 24 22 Tax payables 88 72 Customer and MFS distributor cash balances 194 186 Withholding tax on payments to third parties 11 6 Other current liabilities(i) 105 133 Total 546 511 Non-current 2021 2020 (US$ millions) Non-current legal provisions 22 30 Long-term portion of asset retirement obligations 177 107 Long-term portion of deferred income on tower sale and leasebacks recognized under IAS 17 46 57 Long-term employment obligations 56 67 Other non-current liabilities 63 67 Total 364 328 Contract assets, net 2021 2020 (US$ millions) Long-term portion 18 6 Short-term portion 54 28 Less: provisions for expected credit losses (4) (2) Total 69 31 Contract liabilities 2021 2020 (US$ millions) Long-term portion 2 2 Short-term portion 95 89 Total 97 90 The Group recognized revenue for $86 million in 2021 (2020: $82 million) that was included in the contract liability balance at the beginning of the year. The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31, 2021 is $101 million ($96 million is expected to be recognized as revenue in the 2023 financial year and the remaining $6 million in the 2024 financial year or later) (i). (i) This amount does not consider contracts that have an original expected duration of one year or less, neither contracts in which consideration from a customer corresponds to the value of the entity’s performance obligation to the customer (i.e. billing corresponds to accounting revenue). Contract costs, net (i) 2021 2020 (US$ millions) Net at January 1 5 5 Change in scope 2 — Contract costs capitalized 2 1 Amortization of contract costs (1) (1) Net at December 31 8 5 |
Additional disclosure items
Additional disclosure items | 12 Months Ended |
Dec. 31, 2021 | |
Additional information [abstract] | |
Additional disclosure items | Additional disclosure itemsFees to auditors 2021 2020 2019 (US$ millions) Audit fees 5.2 5.8 6.8 Audit related fees 1.4 0.5 1.3 Tax fees 0.1 0.1 0.1 Other fees 0.4 0.1 0.6 Total 7.1 6.4 8.8 At December 31, 2021, the Company and its subsidiaries had fixed commitments to purchase network equipment, land and buildings, other fixed assets and intangible assets of The Company and its operations are contingently liable with respect to lawsuits, legal, regulatory, commercial and other legal risks that arise in the normal course of business. As of December 31, 2021, the total amount of claims brought against Millicom and its subsidiaries is $246 million (December 31, 2020: $288 million). The Group's share of the comparable exposure for joint ventures is $13 million (December 31, 2020: $14 million). As at December 31, 2021, $36 million has been provided by its subsidiaries for these risks in the consolidated statement of financial position (December 31, 2020: $45 million). The Group’s share of provisions made by the joint ventures was $1 million (December 31, 2020: $3 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’s financial position and operations. On May 25, 2020, as a result of the termination of the Costa Rica acquisition (see Note A.1.2.), Telefónica filed a complaint, followed by an amended complaint on August 3, 2020, against us in the Supreme Court of New York. The amended complaint asserts claims for breach of contract and alleges, among other things, that we were required to close the transaction because the closing conditions specified in the sale and purchase agreement for the acquisition had been satisfied. The complaint seeks, among other relief, a declaration of Telefónica’s rights, and unspecified damages, costs, and fees. We believe the complaint is without merit and that our position will ultimately be vindicated through the judicial process. Other The Group operates in developing countries where the tax systems, regulations and enforcement processes have varying stages of development creating uncertainty regarding the application of the tax law and interpretation of tax treatments. The Group is also subject to regular tax audits in the countries where it operates. When there is uncertainty over whether the taxation authority will accept a specific tax treatment under the local tax law, that tax treatment is therefore uncertain. The resolution of tax positions taken by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in some cases, it is difficult to predict the ultimate outcome. Therefore, judgment is required to determine liabilities for taxes. In assessing whether and how an uncertain tax treatment affects the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, the Group assumes that a taxation authority with the right to examine amounts reported to it will examine those amounts and have full knowledge of all relevant information when making those examinations. The Group has a process in place, and applies significant judgment, in identifying uncertainties over income tax treatments. Management considers whether or not it is probable that a taxation authority will accept an uncertain tax treatment. On that basis, the identified risks are split into three categories (i) remote risks (risk of outflow of tax payments are up to 20%), (ii) possible risks (risk of outflow of tax payments assessed from 21% to 49%) and probable risks (risk of outflow is more than 50%). The process is repeated every quarter by the Group. If the Group concludes that it is probable or certain that the taxation authority will accept the tax treatment, the risks are categorized either as possible or remote, and it determines the taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment used or planned to be used in its income tax filings. The risks considered as possible are not provisioned but disclosed as tax contingencies in the Group consolidated financial statements while remote risks are neither provisioned nor disclosed. If the Group concludes that it is probable that the taxation authority will not accept the Group’s 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 – 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, 2021, the tax risks exposure of the Group's subsidiaries is estimated at $343 million , for which provisions o f $69 million have been recorded in tax liabilities; representing the probable amount of eventual claims and required payments related to those risks (2020: $339 million of which provisions of $77 million were recorded). The Groups' share of comparable tax exposure and provisions in its joint ventures amounts to $68 million (2020: $69 million) and $3 million (2020: $7 million), respectively. During 2021, due to tax audit closure in Tanzania, the Group has released tax risk contingencies amounting to $25 million which were considered as 'possible risks' and has also recorded the reversal of a $30 million provision for claims no longer deemed as 'probable risks'. Non-cash investing and financing activities from continuing operations Note 2021 2020 2019 (US$ millions) Investing activities Acquisition of property, plant and equipment E.2.2. (47) (27) 17 Acquisition of lease right of use assets obtained in exchange of lease liabilities E.3. 106 92 100 Asset retirement obligations E.2.2. 32 19 19 Financing activities Share based compensation B.4.1. 17 24 27 The Group’s significant related parties are: • Until November 14, 2019, date on which Millicom SDRs were paid out to the shareholders of Kinnevik (see 'Introduction' note), Kinnevik AB (Kinnevik) was Millicom’s previous principal shareholder; • Helios Towers Africa Ltd (HTA), in which Millicom held a direct or indirect equity interest - until October 15, 2019, date on which Millicom lost significant influence on HTA and started accounting for its investments at fair value under IFRS 9 (see note A.3.1.and C.7.3.). • EPM and subsidiaries (EPM), the non-controlling shareholder in our Colombian operations (see note A.1.4.); • Miffin Associates Corp and subsidiaries (Miffin), our joint venture partner in Guatemala until November 12, 2021, date on which Millicom signed and closed an agreement to acquire the remaining 45% equity interest in our joint venture business in Guatemala from Miffin (see note A.1.2.). • Cable Onda partners and subsidiaries, the non-controlling shareholders in our Panama operations (see note A.1.2.). Kinnevik Until November 14, 2019, Kinnevik was Millicom's principal shareholder, owning approximately 37% of Millicom. Kinnevik is a Swedish holding company with interests in the telecommunications, media, publishing, paper and financial services industries. During 2019, Kinnevik did not purchase any Millicom shares. There were no significant loans made by Millicom to or for the benefit of Kinnevik or Kinnevik controlled entities. During 2019, the Company purchased services from Kinnevik subsidiaries including fraud detection, procurement and professional services. Transactions and balances with Kinnevik Group companies are disclosed under 'Other' in the tables below. Helios Towers Millicom sold its tower assets and leased back a portion of space on the towers in several African countries and contracted for related operation and management services with HTA. The Group has future lease commitments in respect of the tower companies (see note E.4.). As mentioned above, Helios Towers ceased to be a related party to the Group from October 15, 2019. Empresas Públicas de Medellín (EPM) 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. Miffin Associates Corp (Miffin) The Group purchases and sells products and services from and to the Miffin Group. Transactions with Miffin represent recurring commercial operations such as purchase of handsets, and sale of airtime. As mentioned above, Miffin ceased to be a related party to the Group from November 12, 2021. Cable Onda Partners Our partners in Panama are the non-controlling shareholders of Cable Onda and own 20% of the company, and indirectly 20% of Grupo de Comunicaciones Digitales S.A. (formerly Telefónica Móviles Panamá, S.A. ) , which had been acquired by Cable Onda in August 2019. Additionally, they also hold interests in several entities which have purchasing and selling recurring commercial operations with Cable Onda (such as the sale of content costs, delivery of broadband services, etc.). Transactions and balances with Cable Onda Partners companies are disclosed under 'Other' in the tables below given their individual immateriality. Expenses from transactions with related parties 2021 2020 2019 (US$ millions) Purchases of goods and services from Miffin (i) (165) (216) (214) Purchases of goods and services from EPM (39) (37) (42) Lease of towers and related services from HTA (ii) — — (146) Other expenses (18) (57) (10) Total (221) (310) (412) Income and gains from transactions with related parties 2021 2020 2019 (US$ millions) Sale of goods and services to Miffin (i) 299 327 306 Sale of goods and services to EPM 14 15 13 Other revenue 2 2 3 Total 314 343 322 (i) Miffin entities are not considered as related parties since November 12, 2021. (ii) HTA ceased to be a related party on October 15, 2019. See note C.7.3. for further details. As at December 31, the Company had the following balances with related parties: December 31 2021 2020 (US$ millions) Liabilities Payables to Guatemala joint venture (i) — 231 Payables to Honduras joint venture (ii) 69 103 Payables to EPM 15 20 Payables to Panama non-controlling interests 1 1 Other accounts payable 2 1 Total 87 356 (i) Since November 12, 2021, Tigo Guatemala is accounted for as a subsidiary and intercompany transactions are eliminated on consolidation (see note A.1.2. to our audited consolidated financial statements). (ii) Mainly advances for dividends expected to be declared in 2022. December 31 2021 2020 (US$ millions) Assets Receivables from EPM 2 3 Receivables from Guatemala joint venture (i) — 206 Receivables from Honduras joint venture (ii) 62 84 Receivables from Panama non-controlling interests 1 1 Receivable from AirtelTigo Ghana — — Other accounts receivable 5 5 Total 70 299 (i) In 2021 and prior to the acquisition of the remaining 45% shareholding, our former joint venture in Guatemala repaid the entire $193 million Millicom shareholder loan granted in October 2020 and originally repayable by January 13, 2022, at the latest. As explained above, Tigo Guatemala is as a wholly owned subsidiary from November 12, 2021. (ii) In November 2020, our operations in Honduras completed a shareholding restructuring whereby Telefónica Celular S.A. acquired the shares of Navega S.A. de C.V. from its existing shareholders. The sale consideration will be payable in several installments with a final settlement in November 2023. As of December 31, 2021 , $24 million o ut of a total receivable of $53 million is due after more than one year and therefore disclosed in non-current assets. During 2021, our operations in Honduras repaid $30 million to Millicom. |
IPO - Millicom's operations in
IPO - Millicom's operations in Tanzania | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity [Abstract] | |
IPO - Millicom's operations in Tanzania | Millicom’s operations in Tanzania Tanzania divestiture On April 19, 2021, Millicom agreed to sell its entire operations in Tanzania to a consortium led by Axian, a pan-African group that was part of the consortium that acquired Millicom’s operations in Senegal in 2018. The Group is still awaiting the necessary regulatory approvals in order to complete the disposal. IPO – Tanzania The Tanzanian government implemented in 2016 legislation requiring telecommunications companies to list their shares on the Dar es Salaam Stock Exchange and offer 25% of their shares in a Tanzanian public offering. The Group reached an agreement with the Tanzanian government that such public offering must take place before 31 December 2025 at the latest. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Events After Reporting Period [Abstract] | |
Subsequent events | Subsequent Events Financing On January 27, 2022, our principal subsidiary in Guatemala, Comcel, completed the issuance of a new 10-year $900 million Bond with a coupon of 5.125%. Proceeds from this bond as well as cash 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 our Tigo Guatemala operations. As of Febru ary 8, 20 22, a balance of $450 million remained unpaid under the initial $2.15 billion bridge loan agreement. On January 13, 2022, we completed the issuance of a new 5-year sustainability bond raising SEK 2.25 billion (approximately $252 million) at a fully swapped rate of Secured Overnight Financing Rate plus 3.496%. Proceeds will be used to fund investments in accordance with the Company's sustainability framework. This bond has been fully hedged against foreign exchange fluctuations. In January 2022, Colombia Movil S.A. partially repaid $100 million syndicated loan, which was initially due in 2024. Cross currency swaps used to hedge the previous interest and principal on the previous loan for $50 million were terminated. The outstanding amount of $50 million remains fully swapped. Zantel's earn out In January 2022, Millicom received $11 million from Etisalat as earn-out income related to the purchase of Zantel in 2015. This settlement was considered as an adjusting event and recorded in 'other operating income' in the statement of income. Share capital |
Introduction (Policies)
Introduction (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | |
Description of accounting policy for foreign currency translation | Foreign currency Financial information in these financial statements are shown in the US dollar presentation currency of the Group and rounded to the nearest million (US$ million) except where otherwise indicated. The financial statements of each of the Group’s 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 “Other reserves”. 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. |
Description of accounting policy for subsidiaries | 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. |
Description of accounting policy for investments in joint ventures | Joint ventures are accounted for using the equity method of accounting and are initially recognized at cost (calculated at fair value if it was a subsidiary of the Group before becoming a joint venture). The Group’s investments in joint ventures include goodwill (net of any accumulated impairment loss) on acquisition. The Group’s 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’s 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’s 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. |
Description of accounting policy for investment in associates | The Group accounts for associates in the same way as it accounts for joint ventures. |
Description of accounting policy for discontinued operations | 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. |
Description of accounting policy for recognition of revenue | Revenue recognition 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 Group applies the following practical expedients foreseen in IFRS 15: • No adjustment to the transaction price for the means of a financing component 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. • Disclosure in the Group Financial Statements 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). • Application of the practical expedient not to disclose the price allocated to unsatisfied performance obligations, if the consideration from a customer corresponds to the value of the entity’s performance obligation to the customer (i.e, if billing corresponds to accounting revenue). • Application of the practical expedient to recognize 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. 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, it does not represent a distinct good or service, and therefore does not give rise to a separate performance obligation and revenue is recognized over the minimum contract duration. However, if the fee is paid by a customer to get the right to receive goods or services 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 and revenue should be 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. 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, the portion of the contract liability relating to the expiring credit is recognized as revenue, since there is no longer an obligation to provide those services. Telephone and equipment sales are recognized as revenue once the customer obtains control of the good. That criteria is fulfilled when the customer has the ability to direct the use and obtain substantially all of the remaining benefits from that good. Revenue from provision of Mobile Financial Services (MFS) is recognized once the primary service has been provided to the customer. Customer premise equipment (CPE) are provided to customers as a prerequisite to receive the subscribed Home services and shall be returned at the end of the contract duration. Since CPEs provided over the contract term do not provide benefit to the customer on their own, 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 standalone selling price of the performance obligation (e.g. sale of telecom services, revenue over time + sale of handset, revenue at a point in time). 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 “VAS”) or service providers (i.e., wholesale international traffic) where the Group neither controls a right to the provider’s 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 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 over the period of the underlying lease contracts. Finance leases revenue is apportioned between lease of tower space and interest income. Significant judgments 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. |
Description of accounting policy for expenses | Cost of sales Cost of sales is recorded on an accrual basis. Incremental costs of obtaining a contract Incremental costs of obtaining a contract, including dealer commissions, are capitalized as Contract Costs in the statement of financial position and amortized in operating expenses over the expected benefit period, which is based on the average duration of contracts with customer (see practical expedient in note B.1.1.). |
Description of accounting policy for segment reporting | Management determines operating and reportable segments based on information used by the chief operating decision maker (CODM) to make strategic and operational decisions from both a business and geographic perspective. The Group’s risks and rates of return are predominantly affected by operating in different geographical regions. The Group has businesses in two main regions: Latin America ("Latam") and Africa. The Latam figures below include Guatemala and Honduras as if they were fully consolidated by the Group, over all periods presented, as this reflects the way management reviews and uses internally reported information to make decisions about operating matters and to provide increased transparency to investors on those operations. See also note A.1.2. on Guatemala's acquisition on November 12, 2021. This acquisition has no impact on the way we present our Latin America segment as it already included Guatemala as if fully consolidated. Finally, even prior to its formal disposal in October 2021, our Africa segment did not include our joint venture in Ghana because our management did not consider it a strategic part of our Group (See also note A.2.). |
Description of accounting policy for share-based payment transactions | The cost of these plans is recognized, together with a corresponding increase in equity (share compensation 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’s best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition (such as the Relative TSR). These are treated as vested, regardless of whether or not the market conditions are |
Description of accounting policy for employee benefits | 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. 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 Termination plans In addition, 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, 2021, the defined benefit obligation liability amounted to $42 million (2020: $59 million ) and payments expected in the plans in future years totals $81 million (2020: $95 million ). The average duration of the defined benefit obligation at December 31, 2021 is 5 years (2020: 6 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. |
Description of accounting policy for deferred income 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. |
Description of accounting policy for 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. |
Description of accounting policy for treasury shares | Where any Group company purchases the Company’s share capital, the consideration paid, including any directly attributable incremental costs, is shown under Treasury shares and deducted from equity attributable to the Company’s 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’s equity holders. |
Description of accounting policy for intangible assets and goodwill | Intangible assets acquired in business acquisitions are initially measured at fair value at the date of acquisition, and 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 economic 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’s 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. Goodwill on acquisition of subsidiaries is included in intangible assets, net. Goodwill on acquisition of joint ventures or associates is included in investments in joint ventures and associates. 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. Licenses Licenses 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 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 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 are initially measured at cost and are amortized from the date the network is available for use on a straight-line basis over the license period. 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 |
Description of accounting policy for 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’s 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’s recoverable amount since the last impairment loss was recognized. If so, the carrying amount of the asset is increased to its recoverable amount. The increased amount 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. |
Description of accounting policy for impairment of assets | 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’s 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: • Represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and • Is not larger than an operating segment. |
Description of accounting policy for property, plant and equipment | Items of property, plant and equipment are stated at either 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. Estimated useful lives Duration Buildings Up to 40 years Networks (including civil works) 5 to 15 years Other 2 to 7 years The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The assets’ residual value and useful life is reviewed, and adjusted if appropriate, at each statement of financial position date. An asset’s 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’s 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. |
Description of accounting policy for non-current assets or disposal groups classified as 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.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. |
Description of accounting policy for 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 Cost of sales. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those maturing more than 12 months after the end of the reporting period. These are classified within non-current assets. Loans and receivables are carried at amortized cost using the effective interest method. Gains and losses are recognized in the statement of income when the loans and receivables are derecognized or impaired, as well as through the amortization process. |
Description of accounting policy for measuring 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. |
Description of accounting policy for trade and other 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. |
Description of accounting policy for provisions | 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. |
Description of accounting policy for leases | Right-of-use assets are measured at cost comprising the following: • the amount of the initial measurement of lease liability • any lease payments made at or before the commencement date less any lease incentives received • any initial direct costs, and • restoration costs |
Description of accounting policy for income tax | 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. The Group operates in developing countries where the tax systems, regulations and enforcement processes have varying stages of development creating uncertainty regarding the application of the tax law and interpretation of tax treatments. The Group is also subject to regular tax audits in the countries where it operates. When there is uncertainty over whether the taxation authority will accept a specific tax treatment under the local tax law, that tax treatment is therefore uncertain. The resolution of tax positions taken by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in some cases, it is difficult to predict the ultimate outcome. Therefore, judgment is required to determine liabilities for taxes. In assessing whether and how an uncertain tax treatment affects the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, the Group assumes that a taxation authority with the right to examine amounts reported to it will examine those amounts and have full knowledge of all relevant information when making those examinations. The Group has a process in place, and applies significant judgment, in identifying uncertainties over income tax treatments. Management considers whether or not it is probable that a taxation authority will accept an uncertain tax treatment. On that basis, the identified risks are split into three categories (i) remote risks (risk of outflow of tax payments are up to 20%), (ii) possible risks (risk of outflow of tax payments assessed from 21% to 49%) and probable risks (risk of outflow is more than 50%). The process is repeated every quarter by the Group. If the Group concludes that it is probable or certain that the taxation authority will accept the tax treatment, the risks are categorized either as possible or remote, and it determines the taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment used or planned to be used in its income tax filings. The risks considered as possible are not provisioned but disclosed as tax contingencies in the Group consolidated financial statements while remote risks are neither provisioned nor disclosed. If the Group concludes that it is probable that the taxation authority will not accept the Group’s 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 – 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. |
Introduction (Tables)
Introduction (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | |
Foreign exchange rates | The following table presents functional currency translation rates for the Group’s locations to the US dollar on December 31, 2021, 2020 and 2019 and the average rates for the years ended December 31, 2021, 2020 and 2019. Exchange Rates to the US Dollar Functional Currency 2021 Year-end Rate 2020 Year-end Rate Change % 2021 Average Rate 2020 Average Rate Change % 2019 Average Rate Bolivia Boliviano (BOB) 6.91 6.91 — % 6.91 6.91 — % 6.91 Colombia Peso (COP) 3,981 3,433 (13.8) % 3,756 3,695 (1.6) % 3,296 Costa Rica Costa Rican Colon (CRC) 645 617 (4.3) % 625 590 (5.6) % 588 El Salvador US dollar n/a n/a n/a n/a n/a n/a n/a Ghana Cedi (GHS) 6.18 5.87 (5.1) % 5.94 5.75 (3.2) % 5.33 Guatemala Quetzal (GTQ) 7.72 7.79 1.0 % 7.74 7.73 (0.1) % 7.71 Honduras Lempira (HNL) 24.43 24.20 (1.0) % 24.12 24.65 2.2 % 24.59 Luxembourg Euro (EUR) 0.88 0.82 (6.9) % 0.85 0.87 3.4 % 0.89 Nicaragua Cordoba (NIO) 35.52 34.82 (2.0) % 35.17 34.34 (2.4) % 33.12 Panama Balboa (B/.) (i) n/a n/a n/a n/a n/a n/a n/a Paraguay Guarani (PYG) 6,886 6,900 0.2 % 6,790 6,758 (0.5) % 6,232 Sweden Krona (SEK) 9.05 8.23 (9.1) % 8.59 9.16 6.6 % 9.43 Tanzania Shilling (TZS) 2,305 2,319 0.6 % 2,313 2,312 — % 2,304 United Kingdom Pound (GBP) 0.74 0.73 (1.0) % 0.73 0.77 6.2 % 0.78 |
The Millicom Group (Tables)
The Millicom Group (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Disclosure of main subsidiaries | Our main subsidiaries are as follows: Entity Country Activity December 31, 2021 % holding December 31, 2020 % holding December 31, 2019 % holding Latin America In % In % In % Telemovil El Salvador S.A. de C.V. El Salvador Mobile, MFS, Cable, DTH 100 100 100 Millicom Cable Costa Rica S.A. Costa Rica Cable, DTH 100 100 100 Telefonica Celular de Bolivia S.A. Bolivia Mobile, DTH, MFS, Cable 100 100 100 Telefonica Celular del Paraguay S.A. Paraguay Mobile, MFS, Cable, Pay-TV 100 100 100 Cable Onda S.A (i). Panama Cable, Pay-TV, Internet, DTH, Fixed-line 80 80 80 Grupo de Comunicaciones Digitales, S.A. (formerly Telefonica Moviles Panama, S.A.)(ii) Panama Mobile 80 80 80 Telefonia Celular de Nicaragua S.A. (ii) Nicaragua Mobile 100 100 100 Colombia Móvil S.A. E.S.P. (iii) Colombia Mobile 50-1 share 50-1 share 50-1 share UNE EPM Telecomunicaciones S.A.(iii) Colombia Fixed-line, Internet, Pay-TV, Mobile 50-1 share 50-1 share 50-1 share Edatel S.A. E.S.P. (iii) Colombia Fixed-line, Internet, Pay-TV, Cable 50-1 share 50-1 share 50-1 share Comunicaciones Celulares S.A. (iv) (v) Guatemala Mobile, MFS 100 55 55 Navega.com S.A. (iv) (v) Guatemala Cable, DTH 100 55 55 Africa MIC Tanzania Public Limited Company Tanzania Mobile, MFS 98.5 98.5 98.5 Zanzibar Telecom Limited Tanzania Mobile, MFS 98.5 98.5 98.5 Unallocated Millicom International Operations S.A. Luxembourg Holding Company 100 100 100 Millicom International Operations B.V. Netherlands Holding Company 100 100 100 Millicom LIH S.A. Luxembourg Holding Company 100 100 100 MIC Latin America B.V. Netherlands Holding Company 100 100 100 Millicom Africa B.V. Netherlands Holding Company 100 100 100 Millicom Holding B.V. Netherlands Holding Company 100 100 100 Millicom International Services LLC USA Services Company 100 100 100 Millicom Services UK Ltd UK Services Company 100 100 100 Millicom Spain S.L. Spain Holding Company 100 100 100 (i) Acquisition completed on December 13, 2018. Cable Onda S.A. is fully consolidated as Millicom has the majority of voting shares to direct the relevant activities. See note A.1.2.. (ii) Companies acquired during 2019. See note A.1.2.. (iii) Fully consolidated as Millicom has the majority of voting shares to direct the relevant activities. (iv) Acquisition completed on November 12, 2021(see Note A.1.2.). Millicom now owns 100% equity interest in Tigo Guatemala compared to 55% before the transaction. While Millicom owned more than 50% of the shares in these entities and had the right to nominate a majority of the directors of each of these entities, key decisions over the relevant activities were taken by a super majority vote. This effectively gave either shareholder the ability to veto any decision and therefore neither shareholder had sole control over the entity. Therefore, the operations of these joint ventures were accounted for under the equity method. See note A.2.1.. (v) Tigo Guatemala is made up of the 2 entities in the table above, but also by the following less material entities: Comunicaciones Corporativas S.A. (“COMCORP”), Servicios Innovadores de Comunicación y Entretenimiento S.A. (“SICESA”), Distribuidora de Comunicaciones de Occidente S.A. (“COOCSA”), Distribuidora de Comunicaciones de Oriente S.A. (“COORSA”), Distribuidora Internacional de Comunicaciones S.A. (“INTERNACOM”), Servicios Especializados en Telecomunicaciones S.A. (“SESTEL”), Distribuidora Central de Comunicaciones, S.A. (“COCENSA”) and Cloud 2 Nube S.A. ("C2N"). Statement of Financial Position – non-controlling interests December 31, 2021 2020 (US$ millions) Colombia 83 133 Panama 74 81 Others — 1 Total 157 215 Profit (loss) attributable to non-controlling interests 2021 2020 2019 (US$ millions) Colombia (40) (23) 11 Panama (7) (18) (6) Others (1) — — Total (48) (41) 5 The summarized financial information for material non-controlling interests in our operations in Colombia and Panama is provided below. This information is based on amounts before inter-company eliminations. Colombia 2021 2020 2019 (US$ millions) Revenue 1,414 1,346 1,532 Total operating expenses (509) (470) (543) Operating profit 100 129 164 Net (loss) for the year (80) (46) 23 50% non-controlling interest in net (loss) (40) (23) 11 Total assets (excluding goodwill) 2,336 2,589 2,256 Total liabilities 2,158 2,303 1,891 Net assets 178 286 365 50% non-controlling interest in net assets 89 143 183 Consolidation adjustments (6) (10) (13) Total non-controlling interest 83 133 170 Dividends and advances paid to non-controlling interest (5) (4) (12) Net cash from operating activities 272 370 363 Net cash from (used in) investing activities (295) (311) (260) Net cash from (used in) financing activities 30 (47) (67) Exchange impact on cash and cash equivalents, net (10) (15) 0 Net increase (decrease) in cash and cash equivalents (2) (3) 36 Panama 2021 2020 2019 (i) (US$ millions) Revenue 633 585 475 Total operating expenses (207) (197) (148) Operating profit 7 (60) (15) Net (loss) for the year (37) (89) (31) 20% non-controlling interest in net (loss) (7) (18) (6) Total assets (excluding Millicom's goodwill in Cable Onda) 1,717 1,734 1,905 Total liabilities 1,347 1,327 1,411 Net assets 371 407 494 20% non-controlling interest in net assets 74 81 99 Total non-controlling interest 74 81 99 Net cash from operating activities 179 193 167 Net cash from (used in) investing activities (118) (100) (693) Net cash from (used in) financing activities (43) (69) 580 Net increase in cash and cash equivalents 17 24 54 |
Disclosure of business combination | Millicom is currently determining the fair value of Tigo Guatemala identifiable assets and liabilities, however, this purchase accounting is still provisional at December 31, 2021, particularly in respect of the evaluation of the tangible, intangible assets, right of use assets and lease liabilities. For the purpose of the valuation of the intangible assets (excluding goodwill), the provisional numbers are based on the current carrying values of intangibles as identified at the date of the deconsolidation of Tigo Guatemala and the commencement of the accounting for the investment under the equity method. Out of these intangibles (excluding goodwill), the brand is currently recorded at $848 million and is expected to have an indefinite useful live (see note E.1). At acquisition date - November 12, 2021 Provisional fair values (100%) ($ millions) Intangible assets (excluding goodwill) 1,294 Property, plant and equipment 547 Right of use assets 189 Other non-current assets 5 Current assets (excluding cash) 245 Trade receivables 42 Cash and cash equivalents 199 Total assets acquired 2,521 Lease liabilities 205 Other debt and financing 417 Other liabilities 280 Total liabilities assumed 901 Fair value of assets acquired and liabilities assumed, net - A 1,620 Purchase consideration (45%) - B 2,195 Implied fair value (100% of business) - C 4,877 Carrying value of our investment in joint venture at acquisition date - D 2,013 Goodwill arising on change of control - B+D-A=E 2,588 Revaluation of previously held interests - C-B-D=F (i) 670 Total provisional goodwill - E+F=G 3,258 (i) The acquisition has been determined as a business combination achieved in stages, requiring Millicom to remeasure its 55% previously held equity investment in Tigo Guatemala at its acquisition date fair value ($2,683 million); the resulting gain has been recognized in the statement of income under the line "Revaluation of previously held interests" and is included in the goodwill calculation (see above). |
Disclosure of valuation methods and key estimates | The following valuation methods and key estimates were used for the valuation of the main classes of fixed assets: Major class of assets Valuation method Key assumption 1 Key assumption 2 Key assumption 3 Spectrum Market approach - Market comparable transactions Discount rate : 14% Terminal growth rate: 2.5% Estimated duration: 14 years Customer lists Income approach - Multi-Period Excess Earnings Method Discount rate: 14-15% Monthly Churn rate: From 1.2% for B2B to 2.9% for B2C EBITDA margin: ~ 36% to 41% Land and buildings Market approach Economic useful life (range): 10-30 years Price per square meter: from $2 to $57 N/A Core network Cost approach Economic useful life (range): 5-27 years Remaining useful life (minimum) : 1.7 years N/A The following valuation methods and key estimates were used for the valuation of the main classes of fixed assets: Major class of assets Valuation method Key assumption 1 Key assumption 2 Key assumption 3 Customer lists Income approach - Multi-Period Excess Earnings Method Discount rate: 9.8-10.8% Monthly Churn rate: ~3.8% in average EBITDA margin: ~ 41.5% Property, plant and equipment Cost approach Economic useful life (range): 3-27 years Remaining useful life (minimum): 3-27 years N/A |
Disclosure of interests in joint ventures | Our main joint ventures are as follows: Entity Country Activity December 31, 2021 % holding December 31, 2020 % 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 Comunicaciones Celulares S.A. (ii) Guatemala Mobile, MFS na 55 Navega.com S.A. (ii) Guatemala Cable, DTH na 55 Bharti Airtel Ghana Holdings B.V. (iii) Ghana Mobile, MFS 50 50 (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. (ii) On November 12, 2021 Millicom signed and closed an agreement to acquire the remaining 45% equity interest in its joint venture business in Guatemala (collectively, "Tigo Guatemala"). As a result, Millicom owns 100% equity interest in Tigo Guatemala and fully consolidates it since that date. Until November 12, 2021, Millicom owned more than 50% of the shares in these entities and had the right to nominate a majority of the directors of each of these entities. However, key decisions over the relevant activities were taken by a super majority vote. This effectively gave either shareholder the ability to veto any decision and therefore neither shareholder had sole control over the entity. Therefore, the operations of these joint ventures were accounted for under the equity method prior to the acquisition. (iii) On October 13, 2021, Millicom, along with its joint venture partner Bharti Airtel Limited, closed the disposal of AirtelTigo Ghana to the Government of Ghana (a subsidiary of Bharti Airtel Limited). Millicom still owns 50% of Bharti Airtel Ghana Holdings B.V. The carrying values of Millicom’s investments in joint ventures were as follows: Carrying value of investments in joint ventures at December 31 2021 2020 (US$ millions) Honduras operations (i) 596 610 Guatemala operations (i) — 2,031 AirtelTigo Ghana operations — — Total 596 2,642 (i) Includes all the companies under the Honduras and Guatemala groups (for Guatemala, until acquisition date - See Note A.2.1.). The table below summarizes the movements for the year in respect of the Group’s joint ventures carrying values: Guatemala(i) Honduras (i) Ghana(ii) (US$ millions) Opening balance at January 1, 2020 2,089 708 — Disposal of the Group's investment in Navega to Celtel (iii) — (83) — Results for the year 144 27 — Dividends declared during the year (199) (55) — Currency exchange differences (3) 13 — Closing balance at December 31, 2020 2,031 610 — Capital increase — — 38 Results for the year 183 27 (38) Utilization of past recognized losses — — — Dividends declared during the year (201) (34) — Currency exchange differences — (7) — Change in consolidation scope (2,013) — — Closing balance at December 31, 2021 — 596 — (i) Share of profit is recognized under ‘Share of profit joint ventures’ in the statement of income for the year ended December 31, 2021 for Honduras and for the period from January 1, 2021 until November 12, 2021 for Guatemala (see note A.1.2.) (ii) Share of profit (loss) is recognized under ‘Income (loss) from other joint ventures and associates, net’ in the statement of income. (iii) See note G.5. (iv) On October 13, 2021, Millicom, along with its joint venture partner Bharti Airtel Limited, closed the disposal of AirtelTigo Ghana to the Government of Ghana. As part of the closing conditions, each partner committed and paid $37.5 million for the reimbursement of certain local bank facilities which has been provided for during the first-nine months in the statement of income under the line "Profit (loss) from other joint ventures and associates, net |
Disclosure of summarised financial information of joint venture | Summarized financial information for the years ended December 31, 2021, 2020 and 2019 of the Guatemala (until acquisition), Honduras and Ghana (until disposal) operations is as follows. This information is based on amounts before inter-company eliminations. Honduras 2021 2020 2019 (US$ millions) Revenue 589 552 594 Depreciation and amortization (124) (132) (132) Operating profit 99 77 102 Financial income (expenses), net (34) (24) (37) Profit before taxes 62 58 60 Charge for taxes, net (22) (19) (21) Profit for the year 40 39 39 Net profit for the year attributable to Millicom 27 27 27 Dividends and advances paid to Millicom — 24 28 Total non-current assets (excluding goodwill) 473 461 516 Total non-current liabilities 362 533 469 Total current assets 176 300 312 Total current liabilities 305 236 183 Total net assets (18) (8) 176 Group's share in % 66.7 % 66.7 % 66.7 % Group's share in USD millions (12) (5) 117 Goodwill and consolidation adjustments 608 615 591 Carrying value of investment in joint venture 596 610 708 Cash and cash equivalents 39 60 40 Debt and financing – non-current 267 390 384 Debt and financing – current 73 10 39 Net cash from operating activities 166 151 169 Net cash from (used in) investing activities (89) (145) (77) Net cash from (used in) financing activities (98) 14 (77) Net (decrease) increase in cash and cash equivalents (21) 20 15 Honduras financing On September 19, 2019, Telefónica Celular, S.A. de C.V. entered into a new credit agreement with Banco Industrial S.A. and Banco Pais S.A for an amount up to $185 million, in tranches of $100 million, $60 million and $25 million. The Loan Agreement has a 10-year maturity and an interest rate of LIBOR plus 3.80% per annum, subject to a floor of minimum 5.25%. The new credit agreement has been used to consolidate the portion of a syndicated $250 million facility with Scotiabank dated March 27, 2015, and $90 million credit agreement with Banco Industrial S.A. dated March 20, 2018. On September 19, 2019, Navega S.A. de C.V., entered into a new facility agreement with Banco Industrial S.A. for an amount of $20 million and a duration of 10 years. The new agreement bears an annual interest of LIBOR plus 3.80% , subject to a floor of 5.25%. and will be used to refinance the portion corresponding to it as borrower under the $250 million facility with Scotiabank dated March 27, 2015. On June 1, 2020, Telefónica Celular, S.A. de C.V. executed a $32 million bank loan agreement in equivalent amount in local currency for a 10-year term. Guatemala 2021(ii) 2020 (i) 2019 (US$ millions) Revenue 1,379 1,503 1,434 Depreciation and amortization (282) (323) (313) Operating profit 462 452 429 Financial income (expenses), net (i) (40) (95) (66) Profit before taxes 432 347 356 Charge for taxes, net (99) (83) (79) Profit for the year 333 264 277 Net profit for the year attributable to Millicom 183 144 152 Dividends and advances paid to Millicom 13 47 209 Total non-current assets (excluding goodwill) N/A 2,195 2,517 Total non-current liabilities N/A 751 1,216 Total current assets N/A 742 717 Total current liabilities N/A 523 251 Total net assets N/A 1,662 1,767 Group's share in % N/A 55 % 55 % Group's share in USD millions N/A 914 972 Goodwill and consolidation adjustments N/A 1,117 1,117 Carrying value of investment in joint venture N/A 2,031 2,089 Cash and cash equivalents N/A 188 189 Debt and financing – non-current N/A 619 1,152 Debt and financing – current N/A 24 21 Net cash from operating activities 611 598 588 Net cash from (used in) investing activities (192) (289) (205) Net cash from (used in) financing activities (406) (308) (412) Exchange impact on cash and cash equivalents, net 1 (2) 1 Net increase in cash and cash equivalents 13 (1) (28) (i) In 2020, Financial expenses include a $18 million charge related to early redemption of bonds - see below. (ii) Information for the statement of income and cash flows is for the period from January 1 to November 12, 2021. No information is disclosed on statement of financial position items as these are now fully consolidated in the Group numbers. Guatemala financing In 2014, Intertrust SPV (Cayman) Limited, acting as trustee of the Comcel Trust, a trust established and consolidated by Comcel for the purposes of the transaction, issued $800 million 6.875% Senior Notes to refinance existing local and MIC S.A. corporate debt. The bond was issued at 98.233% of the principal and had an effective interest rate of 7.168%. The bond was guaranteed by Comcel and listed on the Luxembourg Stock Exchange. On November 18, 2020, the $800 million aggregate principal amount of its outstanding 6.875% Senior Notes due 2024 was early redeemed at a redemption price equal to 102.292% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest of $16 million, resulting in an aggregate amount of $834 million. The redemption premium ($18 million) and additional interest ($7 million), as well as the remaining unamortized deferred costs of $8 million were recorded as financial expenses during the year. This early redemption was financed through local financing in local currency as well as by shareholder loans (see note G.5.). The impact on the Group's statement of income was a $18 million expense (at 55% ownership) reported on the line "Share of profit in joint ventures". On October 5, 2020, Comcel executed a credit agreement with Banco Industrial for GTQ 1,697 million (approximately $218 million using the exchange rate as of December 31, 2020) for a 5 year term to refinance other credit agreements with Banco Industrial and to finance and refinance working capital, capital expenditures and general corporate purposes. AirtelTigo Ghana Our joint venture in Ghana has been disposed of during the year. The only material effect for this year's statement of income is the loss recognized on the exit financing which is further explain in note A.2.. Therefore, the 2021 financial information is not disclosed in the table below. 2020 2019 Revenue 132 142 Depreciation and amortization (42) (69) Operating loss (30) (72) Financial income (expenses), net (41) (77) Loss before taxes (85) (123) Charge for taxes, net — — Loss for the period (85) (123) Net loss for the period attributable to Millicom 0 (40) Total non-current assets (excluding goodwill) 204 168 Total non-current liabilities 289 245 Total current assets 41 42 Total current liabilities 218 187 Total net assets (263) (223) Group's share in % 50 % 50 % Group's share in USD millions (132) (111) Goodwill and consolidation adjustments 89 90 Unrecognised losses (42) (22) Carrying value of investment in joint venture — 0 Cash and cash equivalents 1 5 Debt and financing – non-current 289 245 Debt and financing – current 40 27 Net cash from operating activities (8) (5) Net cash from (used in) investing activities — — Net cash from (used in) financing activities 4 (6) Net increase in cash and cash equivalents (4) (11) |
Disclosure of interests in associates | December 31, 2021 December 31, 2020 Entity Country Activity(ies) % holding % holding Africa West Indian Ocean Cable Company Limited (WIOCC) Republic of Mauritius Telecommunication carriers’ carrier 9.1 9.1 Latin America MKC Brilliant Holding GmbH (LIH) Germany Online marketplace, retail and services 35.0 35.0 Unallocated Milvik AB Sweden Other 9.7 9.7 At December 31, 2021 and 2020, the carrying value of Millicom’s main associates was as follows: Carrying value of investments in associates at December 31 2021 2020 (US$ millions) Milvik AB 8 10 West Indian Ocean Cable Company Limited (WIOCC) 14 14 Total 22 24 |
Performance (Tables)
Performance (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Disclosure of revenue | Revenue from continuing operations by 2021 2020 2019 (US$ millions) Mobile 2,347 2,116 2,150 Cable and other fixed services 1,947 1,803 1,928 Other 60 52 51 Service revenue 4,354 3,971 4,130 Telephone and equipment 263 201 206 Total revenue 4,617 4,171 4,336 Revenue from continuing operations by country or operation (i) 2021 2020 2019 (US$ millions) Colombia 1,414 1,346 1,532 Paraguay 555 544 610 Bolivia 623 584 639 El Salvador 445 389 386 Tanzania 357 366 382 Nicaragua 238 220 157 Costa Rica 141 140 153 Panama 632 585 475 Guatemala (ii) 223 — — Other operations 2 3 4 Eliminations (13) (5) (3) Total 4,617 4,171 4,336 (i) The revenue figures above are shown after intercompany eliminations. (ii) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. Revenue from contracts with customers from continuing operations: Twelve months ended December 31, 2021 Twelve months ended December 31, 2020 Twelve months ended December 31, 2019 $ millions Timing of revenue recognition Latin America Africa Total Group Latin America Africa Total Group Latin America Africa Total Group Mobile Over time 1,963 233 2,196 1,728 239 1,967 1,747 261 2,007 Mobile Financial Services Point in time 37 114 150 31 118 149 31 112 143 Cable and other fixed services Over time 1,938 9 1,947 1,794 8 1,803 1,919 9 1,928 Other Over time 60 — 60 51 1 52 51 1 52 Service Revenue 3,998 357 4,354 3,604 366 3,971 3,748 382 4,130 Telephone and equipment Point in time 263 — 263 201 — 201 206 — 206 Revenue from contracts with customers 4,261 357 4,617 3,805 366 4,171 3,954 382 4,336 |
Disclosure of cost of sales | The cost of sales and operating expenses incurred by the Group can be summarized as follows: Cost of sales 2021 2020 2019 (US$ millions) Direct costs of services sold (938) (847) (878) Cost of telephone, equipment and other accessories (278) (216) (230) Bad debt and obsolescence costs (86) (108) (93) Cost of sales (1,302) (1,171) (1,201) |
Disclosure of operating expenses | Operating expenses, net 2021 2020 2019 (US$ millions) Marketing expenses (495) (396) (402) Site and network maintenance costs (254) (234) (245) Employee related costs (B.4.) (503) (477) (496) External and other services (177) (174) (204) Rentals and leases — (1) (1) Other operating expenses (248) (225) (257) Operating expenses, net (1,677) (1,505) (1,604) |
Disclosure of other operating income (expense) | The other operating income and expenses incurred by the Group can be summarized as follows: Other operating income (expenses), net Notes 2021 2020 2019 (US$ millions) Income from tower deal transactions E.3. — — 5 Impairment of intangible assets and property, plant and equipment E.1., E.2. (5) — (8) Gain (loss) on disposals of intangible assets and property, plant and equipment 6 — — Impairment of AirtelTigo's receivable G.5. (45) — Reverse earn-out in respect of Zantel's acquisition (i) 11 — — Gain (loss) on disposal of equity investments C.7.3. (15) 25 (32) Other income (expenses) (ii) 10 9 1 Other operating income (expenses), net 6 (12) (34) (i) In January 2022, Millicom received $11 million from Etisalat as earn-out income related to the purchase of Zantel in 2015. This settlement was considered as an adjusting event and recorded in 'other operating income' in the statement of income. |
Disclosure of operating segments | Revenue, operating profit (loss), EBITDA and other segment information for the years ended December 31, 2021, 2020 and 2019, were as follows: Latin America Africa Unallocated Guatemala and Honduras (vii) (viii) Eliminations and Total (US$ millions) Year ended December 31, 2021 Mobile revenue 3,372 347 — (1,372) — 2,347 Cable and other fixed services revenue 2,275 9 — (334) (2) 1,947 Other revenue 70 — — (8) (2) 60 Service revenue (i) 5,716 357 — (1,715) (4) 4,354 Telephone and equipment and other revenue (i) 503 — — (240) — 263 Revenue 6,220 357 — (1,955) (4) 4,617 Operating profit (loss) 1,001 29 (7) (574) 210 659 Add back: Depreciation and amortization 1,504 83 12 (403) — 1,196 Share of profit in joint ventures — — — — (210) (210) Other operating income (expenses), net (8) (1) 2 — — (6) EBITDA (ii) 2,498 111 6 (977) — 1,639 EBITDA from discontinued operations — — — — — — EBITDA incl discontinued operations 2,498 111 6 (977) — 1,639 Capital expenditure (iii) (1,015) (42) (7) 238 — (827) Changes in working capital and others (iv) (200) 33 116 (13) — (65) Taxes paid (241) (20) (9) 143 — (127) Operating free cash flow (v) 1,041 81 106 (609) — 619 Total Assets (vi) 14,400 870 6,401 (6,430) (103) 15,139 Total Liabilities 8,333 937 5,081 (1,761) (191) 12,399 Latin America Africa Unallocated Guatemala and Honduras(vii) Eliminations and Total (US$ millions) Year ended December 31, 2020 Mobile revenue 3,220 357 — (1,461) — 2,116 Cable and other fixed services revenue 2,097 8 — (302) (1) 1,803 Other revenue 60 1 — (6) (2) 52 Service revenue (i) 5,377 366 — (1,769) (4) 3,971 Telephone and equipment revenue (i) 466 — — (266) — 201 Revenue 5,843 366 — (2,035) (4) 4,171 Operating profit (loss) 803 36 (32) (536) 175 446 Add back: Depreciation and amortization 1,561 89 11 (453) — 1,208 Share of profit in joint ventures — — — — (171) (171) Other operating income (expenses), net (5) — 23 (3) (4) 12 EBITDA (ii) 2,360 125 2 (992) — 1,495 EBITDA from discontinued operations — (4) — — — (4) EBITDA incl discontinued operations 2,360 121 2 (992) — 1,491 Capital expenditure (iii) (926) (42) (4) 258 — (714) Changes in working capital and others (iv) 61 11 (7) (43) — 22 Taxes paid (260) (10) (2) 131 — (142) Operating free cash flow (v) 1,234 80 (11) (645) — 657 Total Assets (vi) 13,418 926 4,052 (5,116) (859) 12,422 Total Liabilities 8,878 959 3,342 (2,044) (987) 10,148 Latin America Africa Unallocated Guatemala and Honduras(vii) Eliminations and Total (US$ millions) Year ended December 31, 2019 Mobile revenue 3,258 372 — (1,480) — 2,150 Cable and other fixed services revenue 2,197 9 — (277) — 1,928 Other revenue 60 1 — (9) — 51 Service revenue (i) 5,514 382 — (1,766) — 4,130 Telephone and equipment revenue (i) 449 — — (243) — 206 Total Revenue 5,964 382 — (2,010) — 4,336 Operating profit (loss) 980 19 (64) (540) 179 575 Add back: Depreciation and amortization 1,435 99 9 (444) — 1,100 Share of profit in joint ventures — — — — (179) (179) Other operating income (expenses), net 2 (2) 42 (8) — 34 EBITDA (ii) 2,418 117 (13) (992) — 1,530 EBITDA from discontinued operations — (3) — — — (3) EBITDA incl discontinued operations 2,418 114 (13) (992) — 1,527 Capital expenditure (iii) (1,040) (58) (9) 261 — (846) Changes in working capital and others (iv) (86) 14 (52) (18) — (143) Taxes paid (225) (10) (8) 129 — (114) Operating free cash flow (v) 1,067 59 (82) (619) — 425 Total Assets (vi) 13,859 936 3,715 (5,465) (150) 12,895 Total Liabilities 8,413 909 3,977 (2,119) (965) 10,215 (i) Service revenue is Group revenue related to the provision of ongoing services such as monthly subscription fees, airtime and data usage fees, interconnection fees, roaming fees, mobile finance service commissions, installation fees and fees from other telecommunications services such as data services, SMS and other value-added services excluding telephone and equipment sales. Revenues from other sources comprises rental, sub-lease rental income and other non-recurring revenues. The Group derives revenue from the transfer of goods and services over time and at a point in time. Refer to the table below. (ii) EBITDA is operating profit excluding impairment losses, depreciation and amortization and gains/losses on the disposal of fixed assets. EBITDA is used by the management to monitor the segmental performance and for capital management. (iii) Cash spent for capex excluding spectrum and licenses of $37 million (2020: $101 million; 2019: $59 million) and cash received on tower deals of nil (2020: nil ; 2019: $22 million). (iv) Changes in working capital and others include changes in working capital as stated in the cash flow statement, as well as share-based payments expense and non-cash bonuses. (v) Operating Free Cash Flow is EBITDA less cash capex (excluding spectrum and license costs) less change in working capital, other non-cash items (share-based payment expense and non-cash bonuses) and taxes paid. (vi) Segment assets include goodwill and other intangible assets. (vii) Including eliminations for Guatemala and Honduras as reported in the Latam segment. (viii) Our operations in Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, from the acquisition date of November 12, 2021, Guatemala's statement of income and cash flow figures are no longer deducted to reconcile to the total consolidated balances. |
Disclosure of number of permanent employees | Number of permanent employees 2021 2020 2019 Continuing operations (i) 19,749 16,955 17,687 Joint ventures (ii) 938 4,464 4,688 Discontinued operations — — — Total 20,687 21,419 22,375 (i) Emtelco headcount are excluded from this disclosure and any internal reporting because their costs are classified as direct costs and not employee related costs. Includes Guatemala for 2021. |
Disclosure of employee related costs | Notes 2021 2020 2019 (US$ millions) Wages and salaries (383) (356) (358) Social security (71) (66) (68) Share based compensation B.4.1. (17) (24) (27) Pension and other long-term benefit costs B.4.2. (6) (4) (4) Other employees related costs (27) (27) (39) Total (503) (477) (496) |
Disclosure of cost of share-based compensation | Cost of share-based compensation 2021 2020 2019 (US$ millions) 2017 incentive plans — — (7) 2018 incentive plans — (2) (8) 2019 incentive plans 3 (8) (14) 2020 incentive plans (3) (13) — 2021 incentive plans (17) — — Total share based compensation (17) (24) (27) |
Disclosure of assumptions and fair value of the shares under the TSR portion | Assumptions and fair value of the shares under the TSR portion(s) Risk-free Dividend yield % Share price volatility(i) % Award term (years) Share fair value (in US$) Performance share plan 2021 (Relative TSR) 0.29 1.28 46.28 2.82 52.99 Performance share plan 2020 (Relative TSR) 0.61 1.47 24.54 2.93 55.66 Performance share plan 2019 (Relative TSR) (0.24) 3.01 26.58 2.93 49.79 Performance share plan 2018 (Relative TSR) (0.39) 3.21 30.27 2.93 57.70 |
Disclosure of plan awards and shares expected to vest | Plan awards and shares expected to vest 2021 plans 2020 plans 2019 plans 2018 plans PSP DSP PSP DSP PSP DSP PSP DSP (number of shares) Initial shares granted 451,363 536,890 341,897 370,131 257,601 297,856 237,196 262,317 Additional shares granted(i) — 5,824 — 5,928 — 43,115 — 3,290 Revision for forfeitures (17,469) (11,790) (264,137) (26,815) (204,649) (31,553) (78,903) (38,167) Revision for cancellations — — — — — — (4,728) — Total before issuances 433,894 530,924 77,760 349,244 52,952 309,418 153,565 227,440 Shares issued in 2018 — — — — — — (97) (18,747) Shares issued in 2019 — — — — (150) (24,294) (3,109) (54,971) Shares issued in 2020 — — — (3,571) (17) (96,629) (304) (35,125) Shares issued in 2021 (1,121) (5,760) — (113,653) — (87,141) (103,725) (118,597) Performance conditions not met — — — — — — (46,330) — Shares still expected to vest 432,773 525,164 77,760 232,020 52,785 101,354 — — Estimated cost over the vesting period (US$ millions) 16 19 4 15 3 18 12 14 |
Disclosure of directors renumeration charge | Remuneration charge for the Board (gross of withholding tax) 2021 2020 2019 (US$ ’000) Chairperson 300 300 366 Other members of the Board 1,338 1,188 1,557 Total (i) 1,638 1,488 1,923 Shares beneficially owned by the Directors 2021 2020 (number of shares) Chairperson 18,634 13,427 Other members of the Board 61,022 52,593 Total (i) 79,656 66,020 (i) Cash compensation is denominated in USD. Share based compensation based on the market value of Millicom shares on the corresponding AGM date (2021: in total |
Disclosure of executive team renumeration charge | Remuneration charge for the Executive Team CEO CFO Executive Team (5 members) (US$ ’000) 2021 Base salary 1,185 708 2,783 Bonus 2,164 969 2,718 Pension 284 106 652 Other benefits 88 46 791 MSU (v) 991 198 545 Total before share based compensation 4,712 2,027 7,489 Share based compensation(i)(ii) in respect of 2021 LTIP (iv) 7,914 1,652 5,383 Total 12,626 3,679 12,872 CEO CFO Executive Team (9 members) (iii) (US$ ’000) 2020 Base salary 1,173 670 2,612 Bonus 1,301 509 1,837 Pension 285 100 663 Other benefits 82 38 303 Total before share based compensation 2,841 1,317 5,414 Share based compensation(i)(ii) in respect of 2020 LTIP (iv) 7,114 1,834 3,796 Total 9,955 3,151 9,210 CEO CFO Executive team (US$ ’000) 2019 Base salary 1,167 654 3,498 Bonus 1,428 626 2,098 Pension 279 98 798 Other benefits 50 260 1,521 Termination benefits — — 863 Total before share based compensation 2,924 1,639 8,779 Share based compensation(i)(ii) in respect of 2019 LTIP (iv) 5,625 1,576 5,965 Total 8,549 3,215 14,743 (i) See note B.4.1. (ii) Share awards of 196,904 and 211,578 were granted in 2021 under the 2019 LTIPs to the CEO, and Executive Team (2020: 153,894 and 135,269, respectively; 2019: 102,122 and 135,480, respectively). (iii) 'Other Executives' includes compensation paid in 2020 to Rachel Samren former Chief External Affairs Officer (departure August 31, 2020) and to HL Rogers former Chief Ethics and Compliance Officer (departure January 1, 2020). Additionally other Benefits' for 'Other Executives' include medical and dental insurance for Daniel Loria, former CHRO. (iv) Calculated based on the closing Millicom share price on the Nasdaq in the US at the grant date. (v) Represents the amount earned in 2021. |
Disclosure of vested and unvested share awards beneficially granted to the Executive team | CEO Executive team Total (number of shares) 2021 Share ownership (vested from equity plans and otherwise acquired) 232,562 221,407 453,969 Share awards not vested 278,666 295,568 574,234 2020 Share ownership (vested from equity plans and otherwise acquired) 194,432 169,725 364,157 Share awards not vested 325,250 297,317 622,567 |
Disclosure of other non-operating (expenses) income, net | Non-operating items mainly comprise changes in fair value of derivatives and the impact of foreign exchange fluctuations on the results of the Group. December 31 Note 2021 2020 2019 (US$ millions) Change in fair value of derivatives C.7.2. 3 (11) 0 Change in fair value in investment in Jumia (i) — (18) (38) Change in fair value in investment in HT (ii) C.7.3. 18 (16) 312 Change in value of call option asset and put option liability C.7.4. (31) 5 (25) Exchange gains (losses), net (43) (69) (32) Other non-operating income (expenses), net 3 3 10 Total (50) (106) 227 |
Disclosure of income tax charge | Income tax charge 2021 2020 2019 (US$ millions) Income tax (charge) credit Withholding tax (56) (83) (56) Other income tax relating to the current year (112) (65) (88) Adjustments in respect of prior years (18) (29) (7) Total (186) (177) (151) Deferred tax (charge) credit Origination and reversal of temporary differences 73 99 58 Effect of change in tax rates 29 (5) (8) Tax income (expense) before valuation allowances 102 94 50 Effect of valuation allowances (87) (19) (9) Total 15 75 41 Adjustments in respect of prior years (18) — (10) (3) 75 31 Tax (charge) credit on continuing operations (189) (102) (120) Tax (charge) credit on discontinuing operations — (2) (2) Total tax (charge) credit (189) (104) (122) |
Disclosure of income tax calculation | Income tax calculation 2021 2020 2019 Total Continuing operations Discontinued operations Total Continuing operations Discontinued operations Total (US$ millions) Profit before tax 732 (271) (11) (282) 218 59 277 Tax at the weighted average statutory rate (154) 82 3 85 (37) (11) (48) Effect of: Items taxed at a different rate 9 1 — 1 (1) — (1) Change in tax rates on deferred tax balances 29 (5) — (5) (8) — (8) Expenditure not deductible and income not taxable 79 (106) (3) (109) (37) 9 (28) Unrelieved withholding tax (55) (83) — (83) (56) — (56) Accounting for associates and joint ventures 41 42 — 42 36 — 36 Movement in deferred tax on unremitted earnings (15) 15 — 15 9 — 9 Unrecognized deferred tax assets (144) (27) — (27) (20) — (20) Recognition of previously unrecognized deferred tax assets 57 8 — 8 11 — 11 Adjustments in respect of prior years (36) (29) (2) (31) (17) — (17) Total tax (charge) credit (189) (102) (2) (104) (120) (2) (122) Weighted average statutory tax rate 21.0 % 30.3 % 30.1 % 17.0 % 17.3 % Effective tax rate 25.8 % -37.5 % -36.8 % 55.0 % 44.0 % |
Disclosure of deferred taxes and deductible temporary differences | Deferred tax Fixed assets Unused tax losses Unremitted earnings Other Offset Total (US$ millions) Balance at December 31, 2019 (223) 34 (25) 129 — (85) Deferred tax assets 84 34 — 134 (52) 200 Deferred tax liabilities (307) — (25) (5) 52 (285) Balance at December 31, 2019 (223) 34 (25) 129 — (85) (Charge)/credit to income statement 81 150 15 (171) — 75 Change in scope — — — — — — Exchange differences — 3 (1) (4) — (2) Balance at December 31, 2020 (142) 187 (11) (46) — (12) Deferred tax assets 97 187 — 102 (189) 197 Deferred tax liabilities (239) — (11) (148) 189 (209) Balance at December 31, 2020 (142) 187 (11) (46) — (12) Change in scope (9) — — 3 — (6) (Charge)/credit to income statement (i) 23 (27) (15) 16 — (3) Charge to Other Comprehensive Income — — — (1) — (1) Exchange differences (2) (4) — (6) — (12) Balance at Balance at 31 December 2021 (130) 156 (26) (34) — (34) Deferred tax assets 97 156 — 162 (235) 180 Deferred tax liabilities (227) — (26) (196) 235 (214) Balance at December 31, 2021 (130) 156 (26) (34) — (34) (i) The movement in the deferred tax balance includes the net effect of the derecognition and recognition of certain deferred tax assets in Colombia (a net negative movement of $30 million). Deferred tax assets have not been recognized in respect of the following deductible temporary differences: Fixed assets Unused tax losses Other Total (US$ millions) At December 31, 2021 117 4,856 103 5,076 At December 31, 2020 57 4,668 218 4,943 |
Disclosure of unrecognized loss carryforwards | Unrecognized tax losses carryforward related to continuing operations expire as follows: 2021 2020 2019 (US$ millions) Expiry: Within one year 1 3 1 Within one to five years 2 3 2 After five years 1,232 1,089 493 No expiry 3,621 3,573 4,209 Total 4,856 4,668 4,705 |
Disclosure of earnings per share | Net profit/(loss) used in the earnings (loss) per share computation 2021 2020 2019 (US$ millions) Basic and Diluted Net profit (loss) attributable to equity holders from continuing operations 591 (332) 93 Net profit (loss) attributable to equity holders from discontinued operations — (12) 57 Net profit/(loss) attributable to all equity holders to determine the basic profit (loss) per share 590 (344) 149 Weighted average number of shares in the earnings (loss) per share computation 2021 2020 2019 (thousands of shares) Weighted average number of ordinary shares (excluding treasury shares) for basic earnings (loss) per share 101,129 101,172 101,144 Potential incremental shares — — — Weighted average number of ordinary shares (excluding treasury shares) adjusted for the effect of dilution 101,129 101,172 101,144 |
Capital structure and financi_2
Capital structure and financing (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract] | |
Disclosure of share capital, share premium | Share capital, share premium 2021 (i) 2020 Authorized and registered share capital (number of shares) 133,333,200 133,333,200 Subscribed and fully paid up share capital (number of shares) 101,739,217 101,739,217 Par value per share 1.50 1.50 Share capital (US$ millions) 153 153 Share premium (US$ millions) 476 478 Total (US$ millions) 628 630 |
Disclosure of other equity reserves | Other equity reserves Legal reserve Equity settled transaction reserve Hedge reserve Currency translation reserve Pension obligation reserve Total (US$ millions) As of January 1, 2019 16 47 (1) (599) (3) (538) Share based compensation — 29 — — — 29 Issuance of shares – 2015, 2016, 2017 LTIPs — (25) — — — (25) Remeasurements of post-employment benefit obligations — — — — 0 0 Cash flow hedge reserve movement — — (16) — — (16) Currency translation movement — — — (2) — (2) Effect of restructuring in Tanzania — — — 9 — 9 As of December 31, 2019 16 52 (18) (593) (2) (544) Share based compensation — 24 — — — 24 Issuance of shares –2016, 2017, 2018 LTIPs — (26) — — — (26) Remeasurements of post-employment benefit obligations — — — — (2) (2) Cash flow hedge reserve movement — — (1) — — (1) Currency translation reserved recycled to statement of income — — — — — — Currency translation movement — — — (12) — (12) As of December 31, 2020 16 50 (19) (605) (4) (562) Share based compensation — 18 — — — 18 Issuance of shares –2017, 2018, 2019 LTIPs — (25) — — — (25) Remeasurements of post-employment benefit obligations — — — — 1 1 Cash flow hedge reserve movement — — 14 — — 14 Currency translation movement — — 1 (41) — (41) As of December 31, 2021 16 43 (3) (646) (3) (594) |
Disclosure of detailed information about borrowings | Debt and financing by type (i) Note 2021 2020 (US$ millions) Debt and financing due after more than one year Bonds C.3.1. 4,030 4,253 Banks C.3.2. 1,851 1,337 Other financing (ii) 36 41 Total non-current financing 5,916 5,631 Less: portion payable within one year (12) (54) Total non-current financing due after more than one year 5,904 5,578 Debt and financing due within one year Bonds C.3.1. 61 44 Banks C.3.2. 1,768 15 Total current debt and financing 1,828 59 Add: portion of non-current debt payable within one year 12 54 Total 1,840 113 Total debt and financing 7,744 5,691 (i) See note D.1.1 for further details on maturity profile of the Group debt and financing. (ii) In July 2018, the Company issued a COP144,054.5 million /$50 million bilateral facility with IIC (Inter-American Development Bank) for a USD indexed to COP Note. The note bears interest at 9.450% p.a.. This COP Note is used as net investment hedge of the net assets of our operations in Colombia. Debt and financing by location 2021 2020 (US$ millions) Millicom International Cellular S.A. (Luxembourg) 4,020 2,504 Guatemala (i) 605 — Colombia 802 803 Paraguay 751 738 Bolivia 310 337 Panama 846 869 Tanzania 189 203 Costa Rica 121 119 El Salvador 100 118 Total debt and financing 7,744 5,691 (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. Bond financing Note Country Maturity Interest Rate % 2021 2020 (US$ millions) SEK Variable Rate Notes 1 Luxembourg 2024 STIBOR (i) + 2.350% 220 241 USD 4.500% Senior Notes 2 Luxembourg 2031 4.500 % 777 494 USD 6.625% Senior Notes 3 Luxembourg 2026 6.625 % 147 495 USD 6.250% Senior Notes 4 Luxembourg 2029 6.250 % 670 743 USD 5.125% Senior Notes 5 Luxembourg 2028 5.125 % 445 493 USD 5.875% Senior Notes 6 Paraguay 2027 5.875 % 556 558 PYG 8.750% Notes (tranche A) 6 Paraguay 2024 8.750 % 17 17 PYG 9.250% Notes (tranche B) 6 Paraguay 2026 9.250 % 7 7 PYG 10.000% Notes (tranche C) 6 Paraguay 2029 10.000 % 9 9 PYG 9.250% Notes (tranche D) 6 Paraguay 2026 9.250 % 1 1 PYG 10.000% Notes (tranche E) 6 Paraguay 2029 10.000 % 4 4 PYG 9.250% Notes (tranche F) 6 Paraguay 2027 9.250 % 2 2 PYG 10.000% Notes (tranche G) 6 Paraguay 2030 10.000 % 3 3 PYG 6.000% Notes (tranche H) 6 Paraguay 2026 6.000 % 14 — PYG 6.700% Notes (tranche I) 6 Paraguay 2028 6.700 % 21 — PYG 7.500% Notes (tranche J) 6 Paraguay 2031 7.500 % 23 — BOB 5.800% Notes 7 Bolivia 2026 5.800 % 50 50 BOB 4.850% Notes 7 Bolivia 2023 4.850 % 28 42 BOB 3.950% Notes 7 Bolivia 2024 3.950 % 21 29 BOB 4.600% Notes 7 Bolivia 2024 4.600 % 40 40 BOB 4.300% Notes 7 Bolivia 2029 4.300 % 17 19 BOB 4.300% Notes 7 Bolivia 2022 4.300 % 11 20 BOB 4.700% Notes 7 Bolivia 2024 4.700 % 25 28 BOB 5.300% Notes 7 Bolivia 2026 5.300 % 9 11 BOB 5.000% Notes 7 Bolivia 2026 5.000 % 54 61 UNE Bond 2 (tranches A and B) 8 Colombia 2023 CPI + 4.76% 38 44 UNE Bond 3 (tranche A) 8 Colombia 2024 9.350 % 40 47 UNE Bond 3 (tranche B) 8 Colombia 2026 CPI + 4.15% 64 74 UNE Bond 3 (tranche C) 8 Colombia 2036 CPI + 4.89% 32 37 UNE Bond 6.600% 8 Colombia 2030 6.600 % 38 44 UNE Bond 4 (tranche A) 8 Colombia 2028 5.560 % 29 — UNE Bond 4 (tranche B) 8 Colombia 2031 CPI + 2.61 71 — UNE Bond 4 (tranche C) 8 Colombia 2036 CPI + 3.18 21 — USD 4.500% Senior Notes 9 Panama 2030 4.500 % 587 586 Cable Onda Bonds 5.750% 9 Panama 2025 5.750 % — 99 Total bond financing 4,090 4,297 (i) STIBOR – Swedish Interbank Offered Rate. Note Country Maturity range Interest rate 2021 2020 (US$ millions) Fixed rate loans PYG Long-term loans 1 Paraguay 2022-2026 Fixed 94 137 USD - Long-term loans 2 Panama 2022-2026 Fixed 259 185 BOB Long-term loans 3 Bolivia 2022-2026 Fixed 54 37 GTQ Long-term loans 9 Guatemala 2025-2027 Fixed 605 na Variable rate loans USD Long-term loans 4 Costa Rica 2023 Variable — 119 USD Long-term loans 4 Costa Rica 2026 Variable 33 CRC Long-term loans 4 Costa Rica 2026 Variable 88 — USD Long-term loans 5 Tanzania 2022-2025 Variable 150 162 TZS Long-term loans 5 Tanzania 2022-2025 Variable 38 41 COP Long-term loans 6 Colombia 2025-2031 Variable 322 262 USD Long-term loans 6 Colombia 2024 Variable 148 296 USD Credit Facility / Senior Unsecured Term Loan Facility 7 El Salvador 2021-2023 Variable — 118 USD Credit Facility / Senior Unsecured Term Loan Facility 7 El Salvador 2026 Variable 99 — USD Long-term loans (i) 8 Luxembourg 2025 Variable (4) (5) USD Bridge Loan 8 Luxembourg 2022 Variable 1,632 — USD DNB Bilateral 8 Luxembourg 2026 Variable 99 — Total Bank and Development Financial Institution financing 3,618 1,353 |
Disclosure of interest and other financial expenses | Interest and other financial expenses The Group’s interest and other financial expenses comprised the following: December 31 2021 2020 2019 (US$ millions) Interest expense on bonds and bank financing (345) (386) (348) Interest expense on leases (131) (156) (157) Early redemption charges (5) (15) (10) Others (50) (67) (47) Total interest and other financial expenses (531) (624) (564) |
Disclosure of contingent liabilities | Maturity of guarantees Bank and financing guarantees (i) Supplier guarantees Terms As at December 31, 2021 As at December 31, 2020 As at December 31, 2021 As at December 31, 2020 Outstanding and Maximum exposure Outstanding and Maximum exposure 0-1 year 71 59 82 82 1-3 years 6 227 — — 3-5 years 223 — — — Total 300 287 82 82 |
Disclosure of leases | lease liabilities are presented in the statement of financial position as follows: December 31, 2021 December 31, 2020 (US$ millions) Current 171 123 Non-Current 996 897 Total Lease liabilities 1,167 1,021 The expenses relating to payments not included in the measurement of the lease liability are disclosed in operating expenses (note B.3.) and are as follows: 2021 2020 (US$ millions) Expense relating to short-term leases (included in cost of sales and operating expenses) 0 (1) |
Schedule of cash and cash equivalents | 2021 2020 (US$ millions) Cash and cash equivalents in USD 526 619 Cash and cash equivalents in other currencies 369 256 Total cash and cash equivalents 895 875 |
Schedule of restricted cash | 2021 2020 (US$ millions) Mobile Financial Services 197 192 Others 7 7 Restricted cash 203 199 |
Disclosure of net debt | Net financial obligations 2021 2020 (US$ millions) Total debt and financing 7,744 5,691 Lease liabilities 1,167 1,021 Gross financial obligations 8,911 6,711 Less: Cash and cash equivalents (895) (875) Pledged deposits (35) — Time deposits related to bank borrowings — — Net financial obligations at the end of the year 7,981 5,837 Add (less) derivatives related to debt (note D.1.2.) (20) (12) Net financial obligations including derivatives related to debt 7,961 5,825 Assets Liabilities from financing activities Cash and cash equivalents Other Bond and bank debt and financing Lease liabilities Total Net financial obligations as at January 1, 2020 1,164 2 5,972 1,096 5,902 Cash flows (272) (2) (274) (116) (117) Recognition / Remeasurement — — — 68 68 Interest accretion — — 16 1 17 Foreign exchange movements (17) — (10) (34) (26) Transfers — — (3) 6 3 Other non-cash movements — — (10) — (10) Net financial obligations as at December 31, 2020 875 — 5,691 1,021 5,837 Cash flows (169) 31 1,779 (137) 1,780 Scope changes 199 4 413 204 414 Recognition / Remeasurement — — — 123 123 Interest accretion — — 20 — 20 Foreign exchange movements (10) — (108) (44) (142) Transfers — — (15) 1 (14) Other non-cash movements — — (36) — (36) Net financial obligations as at December 31, 2021 895 35 7,744 1,167 7,981 |
Disclosure of fair value measurement of assets | Fair values of financial instruments at December 31, Carrying value Fair value Note 2021 2020 2021 2020 (US$ millions) Financial assets Derivative financial instruments 21 24 21 24 Other non-current assets 74 77 74 77 Trade receivables, net 405 351 405 351 Amounts due from non-controlling interests, associates and joint venture partners G.5. 65 296 65 296 Prepayments and accrued income 168 149 168 149 Supplier advances for capital expenditures 35 21 35 21 Call option (ii) C.7.4. — 3 — 3 Equity Investments C.7.3. — 160 — 160 Other current assets 302 181 302 181 Restricted cash C.5.2. 203 199 203 199 Cash and cash equivalents C.5.1. 895 875 895 875 Total financial assets 2,169 2,337 2,169 2,337 Current 2,051 2,143 2,051 2,143 Non-current 119 194 119 194 Financial liabilities Debt and financing (i) C.3. 7,744 5,691 7,817 5,572 Trade payables 347 334 347 334 Payables and accruals for capital expenditure 452 345 452 345 Derivative financial instruments 1 16 1 16 Put option liability C.7.4. 290 262 290 262 Amounts due to non-controlling interests, associates and joint venture partners G.5. 74 339 74 339 Accrued interest and other expenses 539 445 539 445 Other liabilities 812 885 812 885 Total financial liabilities 10,259 8,317 10,332 8,198 Current 3,856 2,145 3,856 2,145 Non-current 6,403 6,173 6,476 6,054 (i) Fair values are measured with reference to Level 1 (for listed bonds) or level 2. |
Disclosure of fair value measurement of liabilities | Carrying value Fair value Note 2021 2020 2021 2020 (US$ millions) Financial assets Derivative financial instruments 21 24 21 24 Other non-current assets 74 77 74 77 Trade receivables, net 405 351 405 351 Amounts due from non-controlling interests, associates and joint venture partners G.5. 65 296 65 296 Prepayments and accrued income 168 149 168 149 Supplier advances for capital expenditures 35 21 35 21 Call option (ii) C.7.4. — 3 — 3 Equity Investments C.7.3. — 160 — 160 Other current assets 302 181 302 181 Restricted cash C.5.2. 203 199 203 199 Cash and cash equivalents C.5.1. 895 875 895 875 Total financial assets 2,169 2,337 2,169 2,337 Current 2,051 2,143 2,051 2,143 Non-current 119 194 119 194 Financial liabilities Debt and financing (i) C.3. 7,744 5,691 7,817 5,572 Trade payables 347 334 347 334 Payables and accruals for capital expenditure 452 345 452 345 Derivative financial instruments 1 16 1 16 Put option liability C.7.4. 290 262 290 262 Amounts due to non-controlling interests, associates and joint venture partners G.5. 74 339 74 339 Accrued interest and other expenses 539 445 539 445 Other liabilities 812 885 812 885 Total financial liabilities 10,259 8,317 10,332 8,198 Current 3,856 2,145 3,856 2,145 Non-current 6,403 6,173 6,476 6,054 (i) Fair values are measured with reference to Level 1 (for listed bonds) or level 2. |
Disclosure of investments in equity instruments | As at December 31, 2021 and 2020, Millicom has the following investments in equity instruments: 2021 2020 (US$ millions) Investment in HT — 160 Equity investment - total — 160 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information derivatives | On December 31, 2021 and 2020 fair value of derivatives held by the Group can be summarized as follows: 2021 2020 (US$ millions) Derivatives Cash flow hedge derivatives 20 12 Net derivative asset (liability) 20 12 |
Disclosure of nature and extent of risks arising from financial instruments | Financing at December 31, 2021 Amounts due within: 1 year 1–2 years 2–3 years 3–4 years 4–5 years >5 years Total (US$ millions) Fixed rate financing 91 151 460 662 372 3,219 4,956 Floating rate financing 1,750 55 26 181 386 391 2,789 Total 1,840 206 487 843 758 3,610 7,744 Weighted average nominal interest rate 1.93 % 5.97 % 5.47 % 5.86 % 5.11 % 5.34 % 5.55 % Financing at December 31, 2020 Amounts due within: 1 year 1–2 years 2–3 years 3–4 years 4–5 years >5 years Total (US$ millions) Fixed rate financing 80 90 268 561 269 3,498 4,766 Floating rate financing 33 17 171 250 197 256 926 Total 113 107 439 811 467 3,755 5,691 Weighted average nominal interest rate 4.65 % 4.95 % 5.76 % 4.15 % 5.09 % 5.21 % 4.90 % Debt denomination at December 31 2021 2020 (US$ millions) Debt denominated in US dollars 4,827 3,384 Debt denominated in currencies of the following countries Guatemala (ii) 605 na Colombia 699 614 Tanzania 38 40 Bolivia 310 337 Paraguay 195 180 El Salvador(i) 99 118 Panama(i) 846 869 Luxembourg (COP denominated) 36 41 Costa Rica 88 107 Total debt denominated in other currencies 2,917 2,307 Total debt 7,744 5,691 (i) El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dollar as legal tender. Our local debt in both countries is therefore denominated in U.S. dollars but presented as local currency (LCY). |
Disclosure of maturity analysis for derivative financial liabilities | Maturity profile of net financial liabilities at December 31, 2021 Less than 1 year 1 to 5 years >5yrs Total (US$ millions) Total debt and financing (1,840) (2,294) (3,610) (7,744) Lease liability (171) (591) (404) (1,167) Cash and equivalents 895 — — 895 Pledged deposits 35 — — 35 Refundable deposit — — — — Derivative financial instruments — 20 — 20 Net cash (debt) including derivatives related to debt (1,082) (2,865) (4,014) (7,961) Future interest commitments related to debt and financing (340) (1,086) (98) (1,524) Future interest commitments related to leases (144) (380) (179) (704) Trade payables (excluding accruals) (624) — — (624) Other financial liabilities (including accruals) (1,141) — — (1,141) Put option liability (290) — — (290) Trade receivables 405 — — 405 Other financial assets 344 98 — 442 Net financial liabilities (2,871) (4,234) (4,291) (11,396) Maturity profile of net financial liabilities at December 31, 2020 Less than 1 year 1 to 5 years >5yrs Total (US$ millions) Total debt and financing (113) (1,824) (3,755) (5,691) Lease liability (123) (525) (373) (1,021) Cash and equivalents 875 — — 875 Pledged deposits (related to back borrowings) — — — — Refundable deposit — — — — Derivative financial instruments — 12 — 12 Net cash (debt) including derivatives related to debt 639 (2,336) (4,128) (5,825) Future interest commitments related to debt and financing (311) (1,069) (104) (1,484) Future interest commitments related to leases (146) (410) (203) (759) Trade payables (excluding accruals) (576) — — (576) Other financial liabilities (including accruals) (1,185) (29) — (1,214) Put option liability (262) — — (262) Trade receivables 351 — — 351 Other financial assets 568 167 — 735 Net financial liabilities (922) (3,676) (4,435) (9,034) |
Disclosure of maturity analysis for non-derivative financial liabilities | Maturity profile of net financial liabilities at December 31, 2021 Less than 1 year 1 to 5 years >5yrs Total (US$ millions) Total debt and financing (1,840) (2,294) (3,610) (7,744) Lease liability (171) (591) (404) (1,167) Cash and equivalents 895 — — 895 Pledged deposits 35 — — 35 Refundable deposit — — — — Derivative financial instruments — 20 — 20 Net cash (debt) including derivatives related to debt (1,082) (2,865) (4,014) (7,961) Future interest commitments related to debt and financing (340) (1,086) (98) (1,524) Future interest commitments related to leases (144) (380) (179) (704) Trade payables (excluding accruals) (624) — — (624) Other financial liabilities (including accruals) (1,141) — — (1,141) Put option liability (290) — — (290) Trade receivables 405 — — 405 Other financial assets 344 98 — 442 Net financial liabilities (2,871) (4,234) (4,291) (11,396) Maturity profile of net financial liabilities at December 31, 2020 Less than 1 year 1 to 5 years >5yrs Total (US$ millions) Total debt and financing (113) (1,824) (3,755) (5,691) Lease liability (123) (525) (373) (1,021) Cash and equivalents 875 — — 875 Pledged deposits (related to back borrowings) — — — — Refundable deposit — — — — Derivative financial instruments — 12 — 12 Net cash (debt) including derivatives related to debt 639 (2,336) (4,128) (5,825) Future interest commitments related to debt and financing (311) (1,069) (104) (1,484) Future interest commitments related to leases (146) (410) (203) (759) Trade payables (excluding accruals) (576) — — (576) Other financial liabilities (including accruals) (1,185) (29) — (1,214) Put option liability (262) — — (262) Trade receivables 351 — — 351 Other financial assets 568 167 — 735 Net financial liabilities (922) (3,676) (4,435) (9,034) |
Disclosure of detailed information about managing capital | Net financial obligations to EBITDA Note 2021 2020 (US$ millions) Net financial obligations C.6. 7,981 5,837 EBITDA B.3. 1,639 1,495 Net financial obligations to EBITDA (i) 4.87 3.90 (i) The ratio is above 3.0x on an IFRS basis. However, according to the terms of the indenture, this ratio is calculated differently, resulting in a ratio below 3.0x for covenant purposes. Also, the ratio in 2021 is artificially high as the full debt of Tigo Guatemala has been consolidated from the acquisition date on November 12, 2021, while the Group consolidated only 1.5 months of Tigo Guatemala's EBITDA. Gearing ratio Note 2021 2020 (US$ millions) Net financial obligations C.6. 7,981 5,837 Equity attributable to Owners of the Company C.1. 2,583 2,059 Net financial obligations and equity 10,564 7,896 Gearing ratio 0.76 0.74 |
Long-term assets (Tables)
Long-term assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of intangible assets useful lives | Estimated useful lives are: Years Estimated useful lives Trademarks 1 to 15 Customer lists 4 to 20 |
Movements in intangible assets and goodwill | Movements in intangible assets in 2021 Goodwill Licenses Customer Lists IRUs Trademark Other (i) Total (US$ millions) Opening balance, net 1,659 870 423 86 77 289 3,403 Change in scope (see note A.1.2.) 3,257 319 91 6 848 25 4,546 Additions — 29 — — — 135 164 Amortization charge — (82) (56) (14) (67) (100) (320) Impairment — — — — — (1) (1) Disposals, net — — — — — (1) (1) Transfers — — — 2 1 46 49 Exchange rate movements (32) (67) (1) (5) — (15) (121) Closing balance, net 4,884 1,070 456 75 858 379 7,721 Cost or valuation 4,884 1,728 1,251 210 1,189 1,059 10,322 Accumulated amortization and impairment — (658) (795) (135) (331) (681) (2,600) Net 4,884 1,070 456 75 858 379 7,721 Movements in intangible assets in 2020 Goodwill Licenses Customer Lists IRUs Trademark Other (i) Total (US$ millions) Opening balance, net 1,684 468 470 107 183 282 3,195 Additions — 421 — — — 99 520 Amortization charge — (71) (44) (13) (106) (84) (318) Impairment — — — — — — — Disposals, net — — — 14 — — 13 Transfers — 3 — (18) — (1) (16) Transfer to/from held for sale — — — — — — — Exchange rate movements (26) 49 (3) (3) — (8) 10 Closing balance, net 1,659 870 423 86 77 289 3,403 Cost or valuation 1,659 1,305 630 196 323 840 4,953 Accumulated amortization and impairment — (435) (207) (111) (246) (550) (1,550) Net 1,659 870 423 86 77 289 3,403 |
Cash used for purchases of long-term assets | Cash used for intangible asset additions 2021 2020 2019 (US$ millions) Additions 164 520 202 Change in accruals and payables for intangibles (29) (315) (32) Cash used for additions 135 202 171 Cash used for property, plant and equipment additions 2021 2020 2019 (US$ millions) Additions 787 649 719 Change in advances to suppliers (6) (4) 1 Change in accruals and payables for property, plant and equipment (40) (22) 17 Other (1) (1) (1) Cash used for additions 740 622 736 |
Allocation of goodwill to cash generating units | Allocation of Goodwill to cash generating units (CGUs) 2021 2020 (US$ millions) Guatemala (see note A.1.2.) 3,258 — Panama (see note A.1.2.) 907 907 El Salvador 194 194 Costa Rica 110 115 Paraguay 47 47 Colombia 149 173 Tanzania 12 12 Nicaragua (see note A.1.2) 203 207 Bolivia 3 3 Total 4,884 1,659 Allocation of indefinite useful life trademarks to cash generating units (CGUs) 2021 2020 (US$ millions) Guatemala 848 — Tanzania 10 10 Total 858 10 CGU Average EBITDA margin (%) (i) Average CAPEX intensity (%) (i) Perpetual growth rate (%) WACC rate after tax (%) 2021 2020 2021 2020 2021 2020 2021 2020 Bolivia 42.7 39.2 16.6 16.8 1.0 1.0 11.6 11.5 Colombia 36.1 35.7 17.4 17.7 2.0 2.0 8.9 8.3 Costa Rica 35.5 32.9 15.1 17.8 2.0 2.0 11.1 12.1 El Salvador 39.3 35.4 12.9 14.0 1.0 1.0 14.7 13.8 Nicaragua (see note A.1.2) 45.9 45.6 16.0 15.9 3.0 3.0 12.5 13.8 Panamá (see note A.1.2) 47.0 48.2 17.2 17.5 1.0 1.0 7.0 7.6 Paraguay 42.6 44.3 15.4 15.6 1.0 1.0 8.3 8.4 Guatemala 54.7 53.2 12.3 12.4 1.0 1.0 8.4 8.6 Tanzania 38.0 39.5 12.5 11.7 1.0 1.0 13.2 13.8 (i) Average is computed over the period covered by the plan. Reasonable changes in key assumptions (%) Financial variables WACC rates +/-1 Perpetual growth rates +/-1 Operating variables EBITDA margin +/-2 CAPEX intensity +/-1 The sensitivity analysis shows a comfortable headroom between the recoverable amounts and the carrying values for all CGUs at December 31, 2021. |
Schedule of property, plant and equipment and movements in tangible assets | Estimated useful lives Duration Buildings Up to 40 years Networks (including civil works) 5 to 15 years Other 2 to 7 years Movements in tangible assets in 2021 Network Equipment (ii) Land and Buildings Construction in Progress Other(i) Total (US$ millions) Opening balance, net 2,175 185 308 87 2,755 Change in scope (see note A.1.2.) 494 9 29 11 543 Additions 30 — 752 4 787 Impairments/reversal of impairment, net — — (3) (1) (4) Disposals, net (10) — (4) — (14) Depreciation charge (651) (16) — (73) (739) Asset retirement obligations 31 1 — — 32 Transfers 572 5 (646) 41 (28) Transfer from/(to) assets held for sale (see note E.4) — — — — — Exchange rate movements (115) (10) (6) (2) (133) Closing balance, net 2,527 175 429 68 3,198 Cost or valuation 8,373 333 429 390 9,524 Accumulated amortization and impairment (5,846) (158) — (322) (6,326) Net at December 31, 2021 2,527 175 429 68 3,198 Movements in tangible assets in 2020 Network equipment Land and buildings Construction in progress Other(i) Total (US$ millions) Opening balance, net 2,212 206 355 127 2,899 Change in Scope — — — — — Additions 31 — 606 11 649 Impairments/reversal of impairment, net — — — — — Disposals, net 31 (2) (2) (41) (13) Depreciation charge (644) (22) — (83) (749) Asset retirement obligations 17 2 — — 19 Transfers 588 5 (644) 75 24 Transfers from/(to) assets held for sale 1 1 — — 3 Exchange rate movements (62) (5) (8) (2) (77) Closing balance, net 2,175 185 308 87 2,755 Cost or valuation 6,423 329 308 407 7,466 Accumulated amortization and impairment (4,248) (144) — (320) (4,711) Net at December 31, 2020 2,175 185 308 87 2,755 |
Disclosure of movement in right of use assets | Movements in right of use assets in 2021 Right-of-use assets Land and buildings Sites rental Tower rental Other network equipment Capacity Other Total (US$ millions) Opening balance, net 147 93 607 31 14 2 895 Change in scope (see note A.1.2.) 16 107 48 3 — 13 187 Additions 37 14 53 — — 1 106 Modifications 14 8 3 1 — (1) 25 Impairments (1) — — — — — (1) Disposals (2) (2) (2) (1) — — (7) Depreciation (36) (22) (81) (4) (1) (2) (145) Asset retirement obligations 1 — — — — — — Transfers — 4 (17) (5) (1) — (18) Exchange rate movements (9) (1) (24) — — — (34) Closing balance, net 169 201 587 25 12 13 1,008 Cost of valuation 254 317 908 40 17 21 1,557 Accumulated depreciation and impairment (85) (116) (320) (14) (5) (8) (549) Net at 31 December 2021 169 201 587 25 12 13 1,008 There have been no unusual significant events affecting lease liabilities (and right-of-use assets) during the year ended December 31, 2021. Movements in right of use assets in 2020 Right-of-use assets Land and buildings Sites rental Tower rental Capacity Other network equipment Other Total (US$ millions) Opening balance, net 148 101 729 15 16 3 1,012 Change in scope — — — — — — — Additions 41 2 23 1 18 1 86 Modifications (i) 9 10 (27) — (1) — (8) Impairments (1) — — — — — (1) Disposals (10) (1) — — (1) — (12) Depreciation (38) (17) (88) (1) (8) (2) (155) Asset retirement obligations — 1 — — — (1) — Transfers — — (2) — 5 1 4 Transfers to/from assets held for sale — — — — — — — Exchange rate movements (3) (2) (27) — — — (32) Closing balance, net 147 93 607 14 31 2 895 Cost of valuation 206 127 839 18 42 6 1,238 Accumulated depreciation and impairment (59) (34) (232) (4) (12) (3) (343) Net at 31 December 2020 147 93 607 14 31 2 895 (i) In early 2020, and following a change in regulation in Colombia, future lease payments for the use of certain public assets have been significantly decreased. This triggered a lease modification and a decrease of the related lease liabilities (and right-of-use assets) of approximately $45 million. |
Schedule of assets and liabilities reclassified as held for sale | The following table summarizes the nature of the assets and liabilities reported under assets held for sale and liabilities directly associated with assets held for sale as at December 31, 2021 and 2020: December 31, 2021 2020 (US$ millions) Assets and liabilities reclassified as held for sale ($ millions) Towers Colombia (see note E.4.1.) — 1 Towers El Salvador (see note E.4.1.) — — Towers Zantel — — Total assets of held for sale — 1 Total liabilities directly associated with assets held for sale — — Net assets held for sale / book value — 1 |
Schedule of discontinued operations | Results from discontinued operations December 31 2021 2020 2019 (US$ millions) Revenue — — 50 Cost of sales — — (14) Operating expenses — (4) (2) Other expenses linked to the disposal of discontinued operations — (9) (10) Depreciation and amortization — — (11) Other operating income (expenses), net — — — Gain/(loss) on disposal of discontinued operations — — 74 Operating profit (loss) — (12) 88 Interest income (expense), net — — (2) Other non-operating (expenses) income, net — — — Profit (loss) before taxes — (12) 86 Credit (charge) for taxes, net — — (2) Net profit/(loss) from discontinuing operations — (12) 84 Cash flows from discontinued operations December 31 2021 2020 2019 (US$ millions) Cash from (used in) operating activities, net — — (8) Cash from (used in) investing activities, net — — 5 Cash from (used in) financing activities, net — — 7 |
Other assets and liabilities (T
Other assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade receivables | 2021 2020 (US$ millions) Gross trade receivables 722 649 Less: provisions for expected credit losses (316) (298) Trade receivables, net 405 351 |
Aging of trade receivables | Aging of trade receivables Neither past due nor impaired Past due (net of impairments) 30–90 days >90 days Total (US$ millions) 2021: Telecom operators 18 3 4 25 Own customers 210 59 34 303 Others 58 12 8 77 Total 286 74 46 405 2020: Telecom operators 15 7 3 25 Own customers 167 65 34 266 Others 34 19 8 60 Total 216 90 45 351 |
Inventories | Inventories 2021 2020 (US$ millions) Telephone and equipment 43 23 SIM cards 5 4 IRUs — — Other 15 10 Inventory at December 31, 63 37 |
Provisions and other liabilities | Current 2021 2020 (US$ millions) Deferred revenue 110 78 Customer deposits 15 14 Current legal provisions 24 22 Tax payables 88 72 Customer and MFS distributor cash balances 194 186 Withholding tax on payments to third parties 11 6 Other current liabilities(i) 105 133 Total 546 511 Non-current 2021 2020 (US$ millions) Non-current legal provisions 22 30 Long-term portion of asset retirement obligations 177 107 Long-term portion of deferred income on tower sale and leasebacks recognized under IAS 17 46 57 Long-term employment obligations 56 67 Other non-current liabilities 63 67 Total 364 328 |
Contract assets | Contract assets, net 2021 2020 (US$ millions) Long-term portion 18 6 Short-term portion 54 28 Less: provisions for expected credit losses (4) (2) Total 69 31 Contract costs, net (i) 2021 2020 (US$ millions) Net at January 1 5 5 Change in scope 2 — Contract costs capitalized 2 1 Amortization of contract costs (1) (1) Net at December 31 8 5 |
Contract liabilities | Contract liabilities 2021 2020 (US$ millions) Long-term portion 2 2 Short-term portion 95 89 Total 97 90 |
Additional disclosure items (Ta
Additional disclosure items (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Additional information [abstract] | |
Disclosure of fees to auditors | 2021 2020 2019 (US$ millions) Audit fees 5.2 5.8 6.8 Audit related fees 1.4 0.5 1.3 Tax fees 0.1 0.1 0.1 Other fees 0.4 0.1 0.6 Total 7.1 6.4 8.8 |
Non-cash investing and financing activities from continuing operations | Non-cash investing and financing activities from continuing operations Note 2021 2020 2019 (US$ millions) Investing activities Acquisition of property, plant and equipment E.2.2. (47) (27) 17 Acquisition of lease right of use assets obtained in exchange of lease liabilities E.3. 106 92 100 Asset retirement obligations E.2.2. 32 19 19 Financing activities Share based compensation B.4.1. 17 24 27 |
Disclosure of transactions between related parties | Transactions and balances with Cable Onda Partners companies are disclosed under 'Other' in the tables below given their individual immateriality. Expenses from transactions with related parties 2021 2020 2019 (US$ millions) Purchases of goods and services from Miffin (i) (165) (216) (214) Purchases of goods and services from EPM (39) (37) (42) Lease of towers and related services from HTA (ii) — — (146) Other expenses (18) (57) (10) Total (221) (310) (412) Income and gains from transactions with related parties 2021 2020 2019 (US$ millions) Sale of goods and services to Miffin (i) 299 327 306 Sale of goods and services to EPM 14 15 13 Other revenue 2 2 3 Total 314 343 322 As at December 31, the Company had the following balances with related parties: December 31 2021 2020 (US$ millions) Liabilities Payables to Guatemala joint venture (i) — 231 Payables to Honduras joint venture (ii) 69 103 Payables to EPM 15 20 Payables to Panama non-controlling interests 1 1 Other accounts payable 2 1 Total 87 356 (i) Since November 12, 2021, Tigo Guatemala is accounted for as a subsidiary and intercompany transactions are eliminated on consolidation (see note A.1.2. to our audited consolidated financial statements). (ii) Mainly advances for dividends expected to be declared in 2022. December 31 2021 2020 (US$ millions) Assets Receivables from EPM 2 3 Receivables from Guatemala joint venture (i) — 206 Receivables from Honduras joint venture (ii) 62 84 Receivables from Panama non-controlling interests 1 1 Receivable from AirtelTigo Ghana — — Other accounts receivable 5 5 Total 70 299 (i) In 2021 and prior to the acquisition of the remaining 45% shareholding, our former joint venture in Guatemala repaid the entire $193 million Millicom shareholder loan granted in October 2020 and originally repayable by January 13, 2022, at the latest. As explained above, Tigo Guatemala is as a wholly owned subsidiary from November 12, 2021. (ii) In November 2020, our operations in Honduras completed a shareholding restructuring whereby Telefónica Celular S.A. acquired the shares of Navega S.A. de C.V. from its existing shareholders. The sale consideration will be payable in several installments with a final settlement in November 2023. As of December 31, 2021 , $24 million o ut of a total receivable of $53 million is due after more than one year and therefore disclosed in non-current assets. During 2021, our operations in Honduras repaid $30 million to Millicom. |
Introduction - Foreign exchange
Introduction - Foreign exchange rates (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Bolivia | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 6,910 | 6,910 | |
Change in closing foreign exchange rate | 0 | ||
Average foreign exchange rate | 6,910 | 6,910 | 6,910 |
Change in average foreign exchange rate | 0 | ||
Colombia | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 3,981,000 | 3,433,000 | |
Change in closing foreign exchange rate | (0.138) | ||
Average foreign exchange rate | 3,756,000 | 3,695,000 | 3,296,000 |
Change in average foreign exchange rate | (0.016) | ||
Costa Rica, Colones | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 645,000 | 617,000 | |
Change in closing foreign exchange rate | (0.043) | ||
Average foreign exchange rate | 625,000 | 590,000 | 588,000 |
Change in average foreign exchange rate | (0.056) | ||
Ghanaian cedi | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 6,180 | 5,870 | |
Change in closing foreign exchange rate | (0.051) | ||
Average foreign exchange rate | 5,940 | 5,750 | 5,330 |
Change in average foreign exchange rate | (0.032) | ||
Guatemala, Quetzales | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 7,720 | 7,790 | |
Change in closing foreign exchange rate | 0.010 | ||
Average foreign exchange rate | 7,740 | 7,730 | 7,710 |
Change in average foreign exchange rate | (0.001) | ||
Honduras, Lempiras | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 24,430 | 24,200 | |
Change in closing foreign exchange rate | (0.010) | ||
Average foreign exchange rate | 24,120 | 24,650 | 24,590 |
Change in average foreign exchange rate | 0.022 | ||
Euro Member Countries, Euro | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 880 | 820 | |
Change in closing foreign exchange rate | (0.069) | ||
Average foreign exchange rate | 850 | 870 | 890 |
Change in average foreign exchange rate | 0.034 | ||
Nicaragua, Cordobas | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 35,520 | 34,820 | |
Change in closing foreign exchange rate | (0.020) | ||
Average foreign exchange rate | 35,170 | 34,340 | 33,120 |
Change in average foreign exchange rate | (0.024) | ||
Paraguay | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 6,886,000 | 6,900,000 | |
Change in closing foreign exchange rate | 0.002 | ||
Average foreign exchange rate | 6,790,000 | 6,758,000 | 6,232,000 |
Change in average foreign exchange rate | (0.005) | ||
Sweden, Kronor | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 9,050 | 8,230 | |
Change in closing foreign exchange rate | (0.091) | ||
Average foreign exchange rate | 8,590 | 9,160 | 9,430 |
Change in average foreign exchange rate | 0.066 | ||
Tanzania | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 2,305,000 | 2,319,000 | |
Change in closing foreign exchange rate | 0.006 | ||
Average foreign exchange rate | 2,313,000 | 2,312,000 | 2,304,000 |
Change in average foreign exchange rate | 0 | ||
United Kingdom, Pounds | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 740 | 730 | |
Change in closing foreign exchange rate | (0.010) | ||
Average foreign exchange rate | 730 | 770 | 780 |
Change in average foreign exchange rate | 0.062 | ||
Panama | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 1 |
Introduction - Initial applicat
Introduction - Initial application of standards (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 14, 2019 | ||
Disclosure of initial application of standards or interpretations [line items] | |||||
Receivables from contracts with customers | $ 3.9 | ||||
Lease liabilities | 1,167 | $ 1,021 | |||
Lease liabilities | 171 | [1] | 123 | ||
Non-current lease liabilities | 996 | [1] | 897 | ||
ASSETS | |||||
Property, plant and equipment, net | 3,198 | [1] | 2,755 | $ 2,899 | |
Right of use assets | 1,008 | [1] | 895 | ||
Investments in joint ventures | 596 | [1] | 2,642 | ||
Contract costs, net | 8 | [1] | 5 | ||
Deferred tax assets | 180 | [1] | 197 | 200 | |
Other non-current assets | 74 | [1] | 77 | ||
Trade receivables, net | 405 | [1] | 351 | ||
Contract assets, net | 69 | [1] | 31 | ||
LIABILITIES | |||||
Debt and financing – non-current | 5,904 | [1] | 5,578 | ||
Debt and financing – current | 1,840 | [1] | 113 | ||
Contract liabilities | 97 | [1] | 90 | ||
Provisions and other current liabilities | 546 | [1] | 511 | ||
Current income tax liabilities | 128 | [1] | 71 | ||
Deferred tax liabilities | 214 | [1] | 209 | 285 | |
EQUITY | |||||
Non-controlling interests | 157 | [1] | 215 | ||
Revenue | 4,617 | [2] | 4,171 | 4,336 | |
Cost of sales | (1,302) | [2] | (1,171) | (1,201) | |
Operating expenses | (1,677) | [2] | (1,505) | (1,604) | |
Share of profit in joint ventures | 210 | [2],[3] | 171 | 179 | |
Tax (charge) credit, net | $ (189) | [2] | (102) | (120) | |
Increase (decrease) due to application of IFRS 16 | |||||
ASSETS | |||||
Right of use assets | $ 895 | $ 1,012 | |||
Principal shareholder | Kinnevik | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Shareholder ownership percentage | 37.00% | ||||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[2] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[3] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
The Millicom Group - A.1. Subsi
The Millicom Group - A.1. Subsidiaries (Details) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Telemovil El Salvador S.A. de C.V. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Millicom Cable Costa Rica S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Telefonica Celular de Bolivia S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Telefonica Celular del Paraguay S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Cable Onda S.A | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 80.00% | 80.00% | 80.00% | |
Telefonica Moviles Panama | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 80.00% | 80.00% | 80.00% | |
Telefonia Cellular de Nicaragua sa | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Colombia Movil S.A. E.S.P. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 50.00% | 50.00% | 50.00% | |
UNE EPM Telecommunicaciones SA | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 50.00% | 50.00% | 50.00% | |
Edatel S.A. E.S.P. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 50.00% | 50.00% | 50.00% | |
Comunicaciones Celulares S.A | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 55.00% | 55.00% | |
Navega.com S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 55.00% | 55.00% | |
MIC Tanzania Public Limited Company | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 98.50% | 98.50% | 98.50% | |
Zanzibar Telecom Limited | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 98.50% | 98.50% | 98.50% | |
Millicom International Operations S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Millicom International Operations B.V. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Millicom LIH S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
MIC Latin America B.V. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Millicom Africa B.V. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Millicom Holding B.V. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Millicom International Services LLC | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Millicom Services UK Ltd | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Millicom Spain S.L. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Guatemala joint ventures | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 55.00% | 50.00% |
The Millicom Group - A.1.2. Acq
The Millicom Group - A.1.2. Acquisition of subsidiaries and changes in non-controlling interests in subsidiaries (Details) $ in Millions | Aug. 29, 2019USD ($) | Oct. 31, 2019USD ($) | Dec. 31, 2019USD ($)$ / m | Dec. 31, 2019USD ($)$ / m | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)$ / m | Dec. 31, 2018 | Nov. 12, 2021USD ($) | Sep. 30, 2020USD ($) | May 16, 2019USD ($) | Feb. 20, 2019USD ($) |
Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract] | ||||||||||||
Goodwill | $ 4,884 | $ 1,659 | ||||||||||
MIC Tanzania | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Equity decrease by net amount | $ 18 | |||||||||||
Non-controlling interests derecognized | 15.00% | |||||||||||
MIC Tanzania | Government of Zanzibar | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Percentage of controlling interest acquired | 1.50% | |||||||||||
Proportion of ownership interest in subsidiary | 15.00% | |||||||||||
Guatemala joint ventures | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Proportion of ownership interest in subsidiary | 55.00% | 50.00% | ||||||||||
Guatemala joint ventures | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Percentage of controlling interest acquired | 45.00% | |||||||||||
Consideration transferred, acquisition-date fair value | $ 2,195 | |||||||||||
Acquisition-date fair value | 2,683 | |||||||||||
Revenue of acquiree since acquisition date | 223 | |||||||||||
Net profit (loss) of acquiree since acquisition date | 43 | |||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 1,380 | |||||||||||
Net profit (loss) of combined entity as if combination occurred at beginning of period | (147) | |||||||||||
Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract] | ||||||||||||
Intangible assets (excluding goodwill), net | 1,294 | |||||||||||
Property, plant and equipment, net | 547 | |||||||||||
Right of use assets | 189 | |||||||||||
Other non-current assets | 5 | |||||||||||
Current assets (excluding cash) | 245 | |||||||||||
Trade receivables | 42 | |||||||||||
Cash and cash equivalents | 199 | |||||||||||
Assets Recognised As Of Acquisition Date | 2,521 | |||||||||||
Lease liabilities | 205 | |||||||||||
Other debt and financing | 417 | |||||||||||
Other liabilities | 280 | |||||||||||
Liabilities Recognised As Of Acquisition Date | 901 | |||||||||||
Identifiable assets acquired (liabilities assumed) | 1,620 | |||||||||||
Acquisition price | 2,195 | |||||||||||
Implied fair value | 4,877 | |||||||||||
Carrying value of investment in joint venture | 2,013 | |||||||||||
Goodwill recognised as of acquisition date | 2,588 | |||||||||||
Revaluation of previously held interests | 670 | |||||||||||
Goodwill | $ 3,258 | |||||||||||
Guatemala joint ventures | Trademarks | ||||||||||||
Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract] | ||||||||||||
Intangible assets (excluding goodwill), net | $ 848 | |||||||||||
Telefonia Celular de Nicaragua, S.A. | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Percentage of controlling interest acquired | 100.00% | |||||||||||
Cash consideration | $ 437 | |||||||||||
Cash consideration, provisionally adjusted | $ 430 | $ 430 | $ 426 | $ 430 | ||||||||
Revenue of acquiree since acquisition date | 144 | |||||||||||
Net profit (loss) of acquiree since acquisition date | $ 5 | |||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 219 | |||||||||||
Net profit (loss) of combined entity as if combination occurred at beginning of period | (16) | |||||||||||
Amortisation of combined entity | $ 12 | |||||||||||
Telefonia Celular de Nicaragua, S.A. | Market approach | Useful Life, Measurement Input | Land and Buildings | Bottom of range | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable inputs, assets, duration | 10 years | |||||||||||
Telefonia Celular de Nicaragua, S.A. | Market approach | Useful Life, Measurement Input | Land and Buildings | Top of range | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable inputs, assets, duration | 30 years | |||||||||||
Telefonia Celular de Nicaragua, S.A. | Market approach | Land and Buildings, Price per Square Meter, Measurement Input | Land and Buildings | Bottom of range | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable inputs, assets, price per square meter | $ / m | 2 | 2 | 2 | |||||||||
Telefonia Celular de Nicaragua, S.A. | Market approach | Land and Buildings, Price per Square Meter, Measurement Input | Land and Buildings | Top of range | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable inputs, assets, price per square meter | $ / m | 57 | 57 | 57 | |||||||||
Telefonia Celular de Nicaragua, S.A. | Cost approach | Useful Life, Measurement Input | Core Network | Bottom of range | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable inputs, assets, duration | 5 years | |||||||||||
Telefonia Celular de Nicaragua, S.A. | Cost approach | Useful Life, Measurement Input | Core Network | Top of range | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable inputs, assets, duration | 27 years | |||||||||||
Telefonia Celular de Nicaragua, S.A. | Cost approach | Remaining Useful Life, Measurement Input | Core Network | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable inputs, assets, estimated duration | 1 year 8 months 12 days | |||||||||||
Telefonia Celular de Nicaragua, S.A. | Market approach - Market comparable transactions | Spectrum | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable inputs, assets, estimated duration | 14 years | |||||||||||
Telefonia Celular de Nicaragua, S.A. | Market approach - Market comparable transactions | Discount rate | Spectrum | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable input, assets | 0.14 | 0.14 | 0.14 | |||||||||
Telefonia Celular de Nicaragua, S.A. | Market approach - Market comparable transactions | Terminal Growth Rate, Measurement Input | Spectrum | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable input, assets | 0.025 | 0.025 | 0.025 | |||||||||
Telefonia Celular de Nicaragua, S.A. | Income approach - Multi-Period Excess Earnings Method | Monthly Churn Rate, B2B, Measurement Input | Customer Lists | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable input, assets | 0.012 | 0.012 | 0.012 | |||||||||
Telefonia Celular de Nicaragua, S.A. | Income approach - Multi-Period Excess Earnings Method | Monthly Churn Rate, B2C, Measurement Input | Customer Lists | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable input, assets | 0.029 | 0.029 | 0.029 | |||||||||
Telefonia Celular de Nicaragua, S.A. | Income approach - Multi-Period Excess Earnings Method | Discount rate | Bottom of range | Customer Lists | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable input, assets | 0.14 | 0.14 | 0.14 | |||||||||
Telefonia Celular de Nicaragua, S.A. | Income approach - Multi-Period Excess Earnings Method | Discount rate | Top of range | Customer Lists | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable input, assets | 0.15 | 0.15 | 0.15 | |||||||||
Telefonia Celular de Nicaragua, S.A. | Income approach - Multi-Period Excess Earnings Method | EBITDA Margin, Measurement Input | Bottom of range | Customer Lists | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable input, assets | 0.36 | 0.36 | 0.36 | |||||||||
Telefonia Celular de Nicaragua, S.A. | Income approach - Multi-Period Excess Earnings Method | EBITDA Margin, Measurement Input | Top of range | Customer Lists | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable input, assets | 0.41 | 0.41 | 0.41 | |||||||||
Telefonica Moviles Panama | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Percentage of controlling interest acquired | 100.00% | 100.00% | ||||||||||
Consideration transferred, acquisition-date fair value | $ 587 | $ 587 | $ 587 | |||||||||
Cash consideration | $ 594 | |||||||||||
Cash consideration, provisionally adjusted | $ 587 | |||||||||||
Revenue of acquiree since acquisition date | 80 | |||||||||||
Net profit (loss) of acquiree since acquisition date | 6 | |||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 158 | |||||||||||
Net profit (loss) of combined entity as if combination occurred at beginning of period | 1 | |||||||||||
Amortisation of combined entity | 3 | |||||||||||
Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract] | ||||||||||||
Acquisition price | $ 587 | $ 587 | 587 | |||||||||
Telefonica Moviles Panama | Cost approach | Useful Life, Measurement Input | Property, Plant and Equipment | Bottom of range | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable inputs, assets, duration | 3 years | |||||||||||
Telefonica Moviles Panama | Cost approach | Useful Life, Measurement Input | Property, Plant and Equipment | Top of range | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable inputs, assets, duration | 27 years | |||||||||||
Telefonica Moviles Panama | Cost approach | Remaining Useful Life, Measurement Input | Property, Plant and Equipment | Bottom of range | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable inputs, assets, duration | 3 years | |||||||||||
Telefonica Moviles Panama | Cost approach | Remaining Useful Life, Measurement Input | Property, Plant and Equipment | Top of range | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable inputs, assets, duration | 27 years | |||||||||||
Telefonica Moviles Panama | Market approach - Market comparable transactions | EBITDA Margin, Measurement Input | Customer Lists | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable input, assets | 0.415 | |||||||||||
Telefonica Moviles Panama | Income approach - Multi-Period Excess Earnings Method | Monthly Churn Rate, B2B, Measurement Input | Customer Lists | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable input, assets | 0.038 | |||||||||||
Telefonica Moviles Panama | Income approach - Multi-Period Excess Earnings Method | Discount rate | Bottom of range | Customer Lists | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable input, assets | 0.098 | |||||||||||
Telefonica Moviles Panama | Income approach - Multi-Period Excess Earnings Method | Discount rate | Top of range | Customer Lists | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Significant unobservable input, assets | 0.108 | |||||||||||
Telefonica de Costa Rica TC, S.A. | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Percentage of controlling interest acquired | 100.00% | |||||||||||
Telefonica CAM Acquisitions | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Consideration transferred, acquisition-date fair value | $ 1,080 | |||||||||||
Acquisition-related costs recognised as expense for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | $ 16 | |||||||||||
Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract] | ||||||||||||
Acquisition price | $ 1,080 | |||||||||||
Cable Onda S.A | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Proportion of ownership interest in subsidiary | 80.00% |
The Millicom Group - A.1.3. Dis
The Millicom Group - A.1.3. Disposal of subsidiaries and decreases in non-controlling interests of subsidiaries (Details) - Discontinued operations - USD ($) $ in Millions | Jun. 26, 2019 | Aug. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 19, 2017 |
Disclosure of subsidiaries [line items] | ||||||
Gain (loss) on disposal of discontinued operations | $ 0 | $ 0 | $ 74 | |||
Discontinued Operations - Chad | ||||||
Disclosure of subsidiaries [line items] | ||||||
Cash consideration for disposal of operations | $ 110 | |||||
Disposal group, price adjustment | $ 8 | |||||
Gain (loss) on disposal of discontinued operations | $ 77 | |||||
Discontinued Operations - Rwanda | ||||||
Disclosure of subsidiaries [line items] | ||||||
Gain (loss) on disposal of discontinued operations | $ (32) | |||||
Consideration for disposal of operations | $ 51 | |||||
Deferred cash payment due | $ 18 |
The Millicom Group - A.1.4. Sum
The Millicom Group - A.1.4. Summarized financial information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 01, 2019 | ||
Disclosure of subsidiaries [line items] | |||||
Operating profit (loss) | $ 659 | [1] | $ 446 | $ 575 | |
Net (loss) for the year | 542 | [1],[2] | (385) | 154 | |
Non-controlling interest in net (loss) | (48) | [1] | (41) | 5 | |
Total assets (excluding goodwill) | 15,139 | [3] | 12,422 | 12,895 | |
Total liabilities | 12,399 | [3] | 10,148 | 10,215 | |
Non-controlling interests | 157 | [3] | 215 | ||
Net cash from operating activities | 956 | [4] | 821 | 801 | |
Net cash from (used in) investing activities | (2,703) | [4] | (495) | (1,502) | |
Net cash from (used in) financing activities | 1,777 | [4] | (598) | 1,355 | |
Exchange impact on cash and cash equivalents, net | (10) | [4] | (17) | (8) | |
Net (decrease) increase in cash and cash equivalents | 20 | [4] | (289) | 645 | |
Operating profit (loss) | 659 | [1] | 446 | 575 | |
Net profit (loss) for the year | 542 | [1],[2] | (385) | 154 | |
Non-controlling interests | (48) | [1] | (41) | 5 | |
Total assets (excluding goodwill) | 15,139 | [3] | 12,422 | 12,895 | |
Total liabilities | 12,399 | [3] | 10,148 | 10,215 | |
Non-controlling interests | 157 | [3] | 215 | ||
Net cash from operating activities | 956 | [4] | 821 | 801 | |
Net cash from (used in) investing activities | (2,703) | [4] | (495) | (1,502) | |
Net cash from (used in) financing activities | 1,777 | [4] | (598) | 1,355 | |
Exchange impact on cash and cash equivalents, net | (10) | [4] | (17) | (8) | |
Increase (decrease) in cash and cash equivalents | 20 | [4] | (289) | 645 | |
Colombia | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 1,414 | 1,346 | 1,532 | ||
Total operating expenses | (509) | (470) | (543) | ||
Operating profit (loss) | 100 | 129 | 164 | ||
Net (loss) for the year | (80) | (46) | 23 | ||
Non-controlling interest in net (loss) | (40) | (23) | 11 | ||
Total assets (excluding goodwill) | 2,336 | 2,589 | 2,256 | ||
Total liabilities | 2,158 | 2,303 | 1,891 | ||
Net assets | 178 | 286 | 365 | ||
Non-controlling interests | 83 | 133 | 170 | ||
Dividends and advances paid to non-controlling interest | (5) | (4) | (12) | ||
Net cash from operating activities | 272 | 370 | 363 | ||
Net cash from (used in) investing activities | (295) | (311) | (260) | ||
Net cash from (used in) financing activities | 30 | (47) | (67) | ||
Exchange impact on cash and cash equivalents, net | (10) | (15) | 0 | ||
Net (decrease) increase in cash and cash equivalents | (2) | (3) | 36 | ||
Revenue | 1,414 | 1,346 | 1,532 | ||
Operating expense | 509 | 470 | 543 | ||
Operating profit (loss) | 100 | 129 | 164 | ||
Net profit (loss) for the year | (80) | (46) | 23 | ||
Non-controlling interests | (40) | (23) | 11 | ||
Total assets (excluding goodwill) | 2,336 | 2,589 | 2,256 | ||
Total liabilities | 2,158 | 2,303 | 1,891 | ||
Total net assets | 178 | 286 | 365 | ||
Non-controlling interests | 83 | 133 | 170 | ||
Dividends paid to non-controlling interests | 5 | 4 | 12 | ||
Net cash from operating activities | 272 | 370 | 363 | ||
Net cash from (used in) investing activities | (295) | (311) | (260) | ||
Net cash from (used in) financing activities | 30 | (47) | (67) | ||
Exchange impact on cash and cash equivalents, net | (10) | (15) | 0 | ||
Increase (decrease) in cash and cash equivalents | (2) | (3) | 36 | ||
Panama | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 633 | 585 | 475 | ||
Total operating expenses | (207) | (197) | (148) | ||
Operating profit (loss) | 7 | (60) | (15) | ||
Net (loss) for the year | (37) | (89) | (31) | ||
Non-controlling interest in net (loss) | (7) | (18) | (6) | ||
Total assets (excluding goodwill) | 1,717 | 1,734 | 1,905 | ||
Total liabilities | 1,347 | 1,327 | 1,411 | ||
Net assets | 371 | 407 | 494 | ||
Non-controlling interests | 74 | 81 | |||
Net cash from operating activities | 179 | 193 | 167 | ||
Net cash from (used in) investing activities | (118) | (100) | (693) | ||
Net cash from (used in) financing activities | (43) | (69) | 580 | ||
Net (decrease) increase in cash and cash equivalents | 17 | 24 | 54 | ||
Revenue | 633 | 585 | 475 | ||
Operating expense | 207 | 197 | 148 | ||
Operating profit (loss) | 7 | (60) | (15) | ||
Net profit (loss) for the year | (37) | (89) | (31) | ||
Non-controlling interests | (7) | (18) | (6) | ||
Total assets (excluding goodwill) | 1,717 | 1,734 | 1,905 | ||
Total liabilities | 1,347 | 1,327 | 1,411 | ||
Total net assets | 371 | 407 | 494 | ||
Non-controlling interests | 74 | 81 | |||
Net cash from operating activities | 179 | 193 | 167 | ||
Net cash from (used in) investing activities | (118) | (100) | (693) | ||
Net cash from (used in) financing activities | (43) | (69) | 580 | ||
Increase (decrease) in cash and cash equivalents | 17 | 24 | 54 | ||
Other | |||||
Disclosure of subsidiaries [line items] | |||||
Non-controlling interest in net (loss) | (1) | 0 | 0 | ||
Non-controlling interests | 0 | 1 | |||
Non-controlling interests | (1) | 0 | 0 | ||
Non-controlling interests | 0 | 1 | |||
Before Consolidation Adjustments | Colombia | |||||
Disclosure of subsidiaries [line items] | |||||
Non-controlling interests | 89 | 143 | 183 | ||
Non-controlling interests | 89 | 143 | 183 | ||
Before Consolidation Adjustments | Panama | |||||
Disclosure of subsidiaries [line items] | |||||
Non-controlling interests | 74 | 81 | 99 | ||
Non-controlling interests | 74 | 81 | 99 | ||
Consolidation adjustments | Colombia | |||||
Disclosure of subsidiaries [line items] | |||||
Non-controlling interests | (6) | (10) | (13) | ||
Non-controlling interests | $ (6) | $ (10) | (13) | ||
Telefonica Moviles Panama | |||||
Disclosure of subsidiaries [line items] | |||||
Consideration transferred, acquisition-date fair value | 587 | ||||
Cable Onda 4.5% Senior Notes Due 2030 | |||||
Disclosure of subsidiaries [line items] | |||||
Notional amount | $ 600 | $ 600 | |||
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[2] | Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[3] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[4] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
The Millicom Group - A.2. Joint
The Millicom Group - A.2. Joint Ventures (Details) - USD ($) $ in Millions | Oct. 13, 2021 | Nov. 18, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 12, 2021 |
Disclosure of joint ventures [line items] | ||||||
Statutory reserves unavailable for distribution | $ 486 | $ 310 | $ 306 | |||
Increase (Decrease) Joint Ventures [Roll Forward] | ||||||
Investments in joint ventures | 2,642 | |||||
Investments in joint ventures | 596 | 2,642 | ||||
Guatemala joint ventures | ||||||
Disclosure of joint ventures [line items] | ||||||
Percentage of controlling interest acquired | 45.00% | |||||
Joint ventures | ||||||
Disclosure of joint ventures [line items] | ||||||
Total net assets | 406 | 422 | 2,649 | |||
Statutory reserves unavailable for distribution | 3 | $ 153 | ||||
Dividends and advances paid to Millicom | $ 0 | |||||
Telefonica Celular S.A | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 66.70% | 66.70% | ||||
Honduras joint ventures | ||||||
Disclosure of joint ventures [line items] | ||||||
Total net assets | $ (18) | $ (8) | 176 | |||
Dividends and advances paid to Millicom | $ 0 | $ 24 | $ 28 | |||
Proportion of ownership interest in joint venture | 66.70% | 66.70% | 66.70% | |||
Increase (Decrease) Joint Ventures [Roll Forward] | ||||||
Investments in joint ventures | $ 610 | $ 708 | ||||
Disposal of the Group's investments in Navega to Celtel | (83) | |||||
Results for the year | 27 | 27 | $ 27 | |||
Dividends declared during the year | (34) | (55) | ||||
Currency exchange differences | (7) | 13 | ||||
Capital increase | 0 | |||||
Results for the year | 27 | 27 | 27 | |||
Utilization of past recognized losses | 0 | |||||
Change in consolidation scope | 0 | |||||
Investments in joint ventures | $ 596 | $ 610 | 708 | |||
Navega S.A. de CV | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 66.70% | 66.70% | ||||
Guatemala joint ventures | ||||||
Disclosure of joint ventures [line items] | ||||||
Total net assets | $ 1,662 | 1,767 | ||||
Dividends and advances paid to Millicom | $ 13 | $ 47 | $ 209 | |||
Proportion of ownership interest in joint venture | 55.00% | 55.00% | 55.00% | |||
Percentage of controlling interest acquired | 45.00% | |||||
Increase (Decrease) Joint Ventures [Roll Forward] | ||||||
Investments in joint ventures | 2,031 | $ 2,089 | ||||
Disposal of the Group's investments in Navega to Celtel | 0 | |||||
Results for the year | 183 | 144 | $ 152 | |||
Dividends declared during the year | (201) | (199) | ||||
Currency exchange differences | 0 | (3) | ||||
Capital increase | 0 | |||||
Results for the year | 183 | 144 | 152 | |||
Utilization of past recognized losses | 0 | |||||
Change in consolidation scope | (2,013) | |||||
Investments in joint ventures | 0 | $ 2,031 | 2,089 | |||
Comunicaciones Celulares S.A | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 55.00% | |||||
Navega.com S.A. | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 55.00% | |||||
Ghana joint ventures | ||||||
Increase (Decrease) Joint Ventures [Roll Forward] | ||||||
Investments in joint ventures | 0 | |||||
Investments in joint ventures | 0 | $ 0 | ||||
Ghana | ||||||
Disclosure of joint ventures [line items] | ||||||
Total net assets | $ (263) | $ (223) | ||||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | ||||
Increase (Decrease) Joint Ventures [Roll Forward] | ||||||
Investments in joint ventures | 0 | $ 0 | ||||
Disposal of the Group's investments in Navega to Celtel | 0 | |||||
Results for the year | (38) | 0 | $ (40) | |||
Dividends declared during the year | 0 | 0 | ||||
Currency exchange differences | 0 | 0 | ||||
Capital increase | 38 | |||||
Results for the year | (38) | 0 | (40) | |||
Utilization of past recognized losses | 0 | |||||
Change in consolidation scope | 0 | |||||
Investments in joint ventures | $ 0 | $ 0 | $ 0 | |||
Bharti Airtel Ghana Holdings B.V. (iii) | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | ||||
Increase (Decrease) Joint Ventures [Roll Forward] | ||||||
Payments for reimbursements of certain bank facilities | $ 37.5 |
The Millicom Group - A.2.2. Mat
The Millicom Group - A.2.2. Material Joint Ventures - Guatemala and Honduras (Details) | Nov. 18, 2020USD ($) | Oct. 05, 2020USD ($) | Jun. 01, 2020USD ($) | Sep. 19, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 05, 2020GTQ (Q) | Dec. 31, 2018USD ($) | Dec. 31, 2014USD ($) | ||
Disclosure of joint ventures [line items] | ||||||||||||
Depreciation and amortization | $ (1,196,000,000) | $ (1,208,000,000) | $ (1,100,000,000) | |||||||||
Operating profit (loss) | 659,000,000 | [1] | 446,000,000 | 575,000,000 | ||||||||
Profit (loss) before taxes from continuing operations | 732,000,000 | [1],[2] | (271,000,000) | 218,000,000 | ||||||||
Tax (charge) credit, net | (189,000,000) | [1] | (102,000,000) | (120,000,000) | ||||||||
Net profit (loss) for the period | 542,000,000 | [1],[3] | (385,000,000) | 154,000,000 | ||||||||
Total non-current assets (excluding goodwill) | 12,852,000,000 | [4] | 10,114,000,000 | |||||||||
Total non-current liabilities | 7,914,000,000 | [4] | 7,540,000,000 | |||||||||
Carrying value of investment in joint venture | 596,000,000 | [4] | 2,642,000,000 | |||||||||
Cash and cash equivalents | 895,000,000 | [2],[4] | 875,000,000 | [2] | 1,164,000,000 | $ 528,000,000 | ||||||
Debt and financing – non-current | 5,904,000,000 | [4] | 5,578,000,000 | |||||||||
Debt and financing – current | 1,840,000,000 | [4] | 113,000,000 | |||||||||
Net cash from operating activities | 956,000,000 | [2] | 821,000,000 | 801,000,000 | ||||||||
Net cash from (used in) investing activities | (2,703,000,000) | [2] | (495,000,000) | (1,502,000,000) | ||||||||
Net cash from (used in) financing activities | 1,777,000,000 | [2] | (598,000,000) | 1,355,000,000 | ||||||||
Exchange impact on cash and cash equivalents, net | (10,000,000) | [2] | (17,000,000) | (8,000,000) | ||||||||
Net (decrease) increase in cash and cash equivalents | 20,000,000 | [2] | (289,000,000) | 645,000,000 | ||||||||
Impairments/reversal of impairment, net | 4,000,000 | 0 | ||||||||||
Interest expense on borrowings | 345,000,000 | 386,000,000 | 348,000,000 | |||||||||
Guatemala joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Revenue | 1,379,000,000 | 1,503,000,000 | 1,434,000,000 | |||||||||
Depreciation and amortization | (282,000,000) | (323,000,000) | (313,000,000) | |||||||||
Operating profit (loss) | 462,000,000 | 452,000,000 | 429,000,000 | |||||||||
Financial income (expenses), net (i) | (40,000,000) | (95,000,000) | (66,000,000) | |||||||||
Profit (loss) before taxes from continuing operations | 432,000,000 | 347,000,000 | 356,000,000 | |||||||||
Tax (charge) credit, net | (99,000,000) | (83,000,000) | (79,000,000) | |||||||||
Net profit (loss) for the period | 333,000,000 | 264,000,000 | 277,000,000 | |||||||||
Results for the year | 183,000,000 | 144,000,000 | 152,000,000 | |||||||||
Dividends and advances paid to Millicom | 13,000,000 | 47,000,000 | 209,000,000 | |||||||||
Total non-current assets (excluding goodwill) | 2,195,000,000 | 2,517,000,000 | ||||||||||
Total non-current liabilities | 751,000,000 | 1,216,000,000 | ||||||||||
Total current assets | 742,000,000 | 717,000,000 | ||||||||||
Current liabilities | 523,000,000 | 251,000,000 | ||||||||||
Total net assets | $ 1,662,000,000 | $ 1,767,000,000 | ||||||||||
Group's share in % | 55.00% | 55.00% | 55.00% | |||||||||
Group's share in USD millions | $ 914,000,000 | $ 972,000,000 | ||||||||||
Goodwill and consolidation adjustments | 1,117,000,000 | 1,117,000,000 | ||||||||||
Carrying value of investment in joint venture | 2,031,000,000 | 2,089,000,000 | ||||||||||
Cash and cash equivalents | 188,000,000 | 189,000,000 | ||||||||||
Debt and financing – non-current | 619,000,000 | 1,152,000,000 | ||||||||||
Debt and financing – current | 24,000,000 | 21,000,000 | ||||||||||
Net cash from operating activities | 611,000,000 | 598,000,000 | 588,000,000 | |||||||||
Net cash from (used in) investing activities | (192,000,000) | (289,000,000) | (205,000,000) | |||||||||
Net cash from (used in) financing activities | (406,000,000) | (308,000,000) | (412,000,000) | |||||||||
Exchange impact on cash and cash equivalents, net | 1,000,000 | (2,000,000) | 1,000,000 | |||||||||
Net (decrease) increase in cash and cash equivalents | 13,000,000 | (1,000,000) | $ (28,000,000) | |||||||||
Borrowings, redemption | 18,000,000 | $ 18,000,000 | ||||||||||
Proportion of ownership interest in joint venture | 55.00% | 55.00% | 55.00% | |||||||||
Honduras joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Revenue | 589,000,000 | $ 552,000,000 | $ 594,000,000 | |||||||||
Depreciation and amortization | (124,000,000) | (132,000,000) | (132,000,000) | |||||||||
Operating profit (loss) | 99,000,000 | 77,000,000 | 102,000,000 | |||||||||
Financial income (expenses), net (i) | (34,000,000) | (24,000,000) | (37,000,000) | |||||||||
Profit (loss) before taxes from continuing operations | 62,000,000 | 58,000,000 | 60,000,000 | |||||||||
Tax (charge) credit, net | (22,000,000) | (19,000,000) | (21,000,000) | |||||||||
Net profit (loss) for the period | 40,000,000 | 39,000,000 | 39,000,000 | |||||||||
Results for the year | 27,000,000 | 27,000,000 | 27,000,000 | |||||||||
Dividends and advances paid to Millicom | 0 | 24,000,000 | 28,000,000 | |||||||||
Total non-current assets (excluding goodwill) | 473,000,000 | 461,000,000 | 516,000,000 | |||||||||
Total non-current liabilities | 362,000,000 | 533,000,000 | 469,000,000 | |||||||||
Total current assets | 176,000,000 | 300,000,000 | 312,000,000 | |||||||||
Current liabilities | 305,000,000 | 236,000,000 | 183,000,000 | |||||||||
Total net assets | $ (18,000,000) | $ (8,000,000) | $ 176,000,000 | |||||||||
Group's share in % | 66.70% | 66.70% | 66.70% | |||||||||
Group's share in USD millions | $ (12,000,000) | $ (5,000,000) | $ 117,000,000 | |||||||||
Goodwill and consolidation adjustments | 608,000,000 | 615,000,000 | 591,000,000 | |||||||||
Carrying value of investment in joint venture | 596,000,000 | 610,000,000 | 708,000,000 | |||||||||
Cash and cash equivalents | 39,000,000 | 60,000,000 | 40,000,000 | |||||||||
Debt and financing – non-current | 267,000,000 | 390,000,000 | 384,000,000 | |||||||||
Debt and financing – current | 73,000,000 | 10,000,000 | 39,000,000 | |||||||||
Net cash from operating activities | 166,000,000 | 151,000,000 | 169,000,000 | |||||||||
Net cash from (used in) investing activities | (89,000,000) | (145,000,000) | (77,000,000) | |||||||||
Net cash from (used in) financing activities | (98,000,000) | 14,000,000 | (77,000,000) | |||||||||
Net (decrease) increase in cash and cash equivalents | $ (21,000,000) | $ 20,000,000 | $ 15,000,000 | |||||||||
Proportion of ownership interest in joint venture | 66.70% | 66.70% | 66.70% | |||||||||
6.875% Senior Notes | Guatemala joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Notional amount | $ 800,000,000 | |||||||||||
Redemption price, percentage | 102.292% | |||||||||||
Payments to redeem borrowings | $ 834,000,000 | |||||||||||
Interest expense on borrowings | 16,000,000 | |||||||||||
Redemption premium | 18,000,000 | |||||||||||
Redemption, interest | 7,000,000 | |||||||||||
Unamortized deferred costs | $ 8,000,000 | |||||||||||
Issuance price | 98.233% | |||||||||||
Telefonica Celular, S.A. de C.V. Credit Agreement | Honduras joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Notional amount | $ 185,000,000 | |||||||||||
Borrowings term | 10 years | |||||||||||
Telefonica Celular, S.A. de C.V. Credit Agreement, Tranche A | Honduras joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Notional amount | $ 100,000,000 | |||||||||||
Telefonica Celular, S.A. de C.V. Credit Agreement, Tranche B | Honduras joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Notional amount | 60,000,000 | |||||||||||
Telefonica Celular, S.A. de C.V. Credit Agreement, Tranche C | Honduras joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Notional amount | 25,000,000 | |||||||||||
Navega S.A. de C.V. | Honduras joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Notional amount | $ 20,000,000 | |||||||||||
Borrowings term | 10 years | |||||||||||
Scotiabank Facility March 27, 2015 | Honduras joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Notional amount | $ 250,000,000 | |||||||||||
Banco Industrial S.A. Credit Agreement | Guatemala joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Notional amount | $ 218,000,000 | Q 1,697,000,000 | ||||||||||
Borrowings term | 5 years | |||||||||||
Banco Industrial S.A. Credit Agreement | Honduras joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Notional amount | $ 90,000,000 | |||||||||||
Telefonica Celular, S.A. de C.V. Bank Loan Agreement | Honduras joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Notional amount | $ 32,000,000 | |||||||||||
Borrowings term | 10 years | |||||||||||
Fixed rate loans | 6.875% Senior Notes | Guatemala joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Borrowings, interest rate | 6.875% | |||||||||||
Effective interest rate | 6.875% Senior Notes | Guatemala joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Borrowings, interest rate | 7.168% | |||||||||||
LIBOR | Telefonica Celular, S.A. de C.V. Credit Agreement | Honduras joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Adjustment to interest rate basis | 3.80% | |||||||||||
LIBOR | Navega S.A. de C.V. | Honduras joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Adjustment to interest rate basis | 3.80% | |||||||||||
Floor | Telefonica Celular, S.A. de C.V. Credit Agreement | Honduras joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Borrowings, interest rate | 5.25% | |||||||||||
Floor | Navega S.A. de C.V. | Honduras joint ventures | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Borrowings, interest rate | 5.25% | |||||||||||
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||||||||
[2] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||||||||
[3] | Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||||||||
[4] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
The Millicom Group - A.2.2. M_2
The Millicom Group - A.2.2. Material Joint Ventures - Ghana (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Financial Results Of Joint Venture [Abstract] | ||||||
Depreciation and amortization | $ (1,196) | $ (1,208) | $ (1,100) | |||
Operating profit (loss) | 659 | [1] | 446 | 575 | ||
Profit (loss) before taxes from continuing operations | 732 | [1],[2] | (271) | 218 | ||
Tax (charge) credit, net | (189) | [1] | (102) | (120) | ||
Net profit (loss) for the period | 542 | [1],[3] | (385) | 154 | ||
Total non-current assets (excluding goodwill) | 12,852 | [4] | 10,114 | |||
Total non-current liabilities | 7,914 | [4] | 7,540 | |||
Carrying value of investment in joint venture | 596 | [4] | 2,642 | |||
Cash and cash equivalents | 895 | [2],[4] | 875 | [2] | 1,164 | $ 528 |
Debt and financing – non-current | 5,904 | [4] | 5,578 | |||
Debt and financing – current | 1,840 | [4] | 113 | |||
Net cash from operating activities | 956 | [2] | 821 | 801 | ||
Net cash from (used in) investing activities | (2,703) | [2] | (495) | (1,502) | ||
Net cash from (used in) financing activities | 1,777 | [2] | (598) | 1,355 | ||
Increase (decrease) in cash and cash equivalents | 20 | [2] | (289) | 645 | ||
Ghana | ||||||
Financial Results Of Joint Venture [Abstract] | ||||||
Revenue | 132 | 142 | ||||
Depreciation and amortization | (42) | (69) | ||||
Operating profit (loss) | (30) | (72) | ||||
Financial income (expenses), net (i) | (41) | (77) | ||||
Profit (loss) before taxes from continuing operations | (85) | (123) | ||||
Tax (charge) credit, net | 0 | 0 | ||||
Net profit (loss) for the period | (85) | (123) | ||||
Results for the year | (38) | 0 | (40) | |||
Total non-current assets (excluding goodwill) | 204 | 168 | ||||
Total non-current liabilities | 289 | 245 | ||||
Total current assets | 41 | 42 | ||||
Current liabilities | 218 | 187 | ||||
Total net assets | $ (263) | $ (223) | ||||
Group's share in % | 50.00% | 50.00% | ||||
Group's share in USD millions | $ (132) | $ (111) | ||||
Goodwill and consolidation adjustments | 89 | 90 | ||||
Unrecognised losses | (42) | (22) | ||||
Carrying value of investment in joint venture | 0 | 0 | ||||
Cash and cash equivalents | 1 | 5 | ||||
Debt and financing – non-current | 289 | 245 | ||||
Debt and financing – current | 40 | 27 | ||||
Net cash from operating activities | (8) | (5) | ||||
Net cash from (used in) investing activities | 0 | 0 | ||||
Net cash from (used in) financing activities | 4 | (6) | ||||
Increase (decrease) in cash and cash equivalents | (4) | (11) | ||||
Honduras joint ventures | ||||||
Financial Results Of Joint Venture [Abstract] | ||||||
Revenue | 589 | 552 | 594 | |||
Depreciation and amortization | (124) | (132) | (132) | |||
Operating profit (loss) | 99 | 77 | 102 | |||
Financial income (expenses), net (i) | (34) | (24) | (37) | |||
Profit (loss) before taxes from continuing operations | 62 | 58 | 60 | |||
Tax (charge) credit, net | (22) | (19) | (21) | |||
Net profit (loss) for the period | 40 | 39 | 39 | |||
Results for the year | 27 | 27 | 27 | |||
Dividends and advances paid to Millicom | 0 | 24 | 28 | |||
Total non-current assets (excluding goodwill) | 473 | 461 | 516 | |||
Total non-current liabilities | 362 | 533 | 469 | |||
Total current assets | 176 | 300 | 312 | |||
Current liabilities | 305 | 236 | 183 | |||
Total net assets | $ (18) | $ (8) | $ 176 | |||
Group's share in % | 66.70% | 66.70% | 66.70% | |||
Group's share in USD millions | $ (12) | $ (5) | $ 117 | |||
Goodwill and consolidation adjustments | 608 | 615 | 591 | |||
Carrying value of investment in joint venture | 596 | 610 | 708 | |||
Cash and cash equivalents | 39 | 60 | 40 | |||
Debt and financing – non-current | 267 | 390 | 384 | |||
Debt and financing – current | 73 | 10 | 39 | |||
Net cash from operating activities | 166 | 151 | 169 | |||
Net cash from (used in) investing activities | (89) | (145) | (77) | |||
Net cash from (used in) financing activities | (98) | 14 | (77) | |||
Increase (decrease) in cash and cash equivalents | $ (21) | $ 20 | $ 15 | |||
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||
[2] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||
[3] | Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||
[4] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
The Millicom Group - A.2.3 Impa
The Millicom Group - A.2.3 Impairment of Investments in Joint Ventures (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Guatemala and Honduras Joint Ventures | ||
Disclosure of joint ventures [line items] | ||
Growth rate used to extrapolate cash flow projections | 1.00% | 1.00% |
Honduras joint ventures | ||
Disclosure of joint ventures [line items] | ||
Discount rate applied to cash flow projections | 8.90% | 9.00% |
Bottom of range | Guatemala and Honduras Joint Ventures | ||
Disclosure of joint ventures [line items] | ||
Growth rate used to extrapolate cash flow projections | 1.10% | |
Top of range | Guatemala and Honduras Joint Ventures | ||
Disclosure of joint ventures [line items] | ||
Growth rate used to extrapolate cash flow projections | 1.20% |
The Millicom Group - A.3. Inves
The Millicom Group - A.3. Investments in associates (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of associates [line items] | ||||
Investments in associates | $ 22 | [1] | $ 24 | |
West Indian Ocean Cable Company Limited (WIOCC) | ||||
Disclosure of associates [line items] | ||||
Proportion of ownership interest in associate | 9.10% | 9.10% | ||
Investments in associates | $ 14 | $ 14 | ||
MKC Brilliant Holding GmbH (LIH) | ||||
Disclosure of associates [line items] | ||||
Proportion of ownership interest in associate | 35.00% | 35.00% | 35.00% | |
Milvik AB | ||||
Disclosure of associates [line items] | ||||
Proportion of ownership interest in associate | 9.70% | 9.70% | ||
Investments in associates | $ 8 | $ 10 | ||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
The Millicom Group - A.3.2. Imp
The Millicom Group - A.3.2. Impairment of interests in associates (Details) - MKC Brilliant Holding GmbH (LIH) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of associates [line items] | |||||
Proportion of ownership interest in associate | 35.00% | 35.00% | 35.00% | ||
Impairment loss | $ 48 | $ 40 |
Performance B.1. Revenue (Detai
Performance B.1. Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 12, 2021 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | $ 4,617 | [1] | $ 4,171 | $ 4,336 | |
Guatemala joint ventures | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Percentage of controlling interest acquired | 45.00% | ||||
Eliminations | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | (4) | (4) | |||
Colombia | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 1,414 | 1,346 | 1,532 | ||
Paraguay | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 555 | 544 | 610 | ||
Bolivia | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 623 | 584 | 639 | ||
El Salvador | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 445 | 389 | 386 | ||
Tanzania | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 357 | 366 | 382 | ||
Nicaragua | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 238 | 220 | 157 | ||
Costa Rica | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 141 | 140 | 153 | ||
Panama | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 632 | 585 | 475 | ||
Guatemala | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 223 | 0 | 0 | ||
Guatemala | Guatemala joint ventures | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Percentage of controlling interest acquired | 45.00% | ||||
Other operations | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 2 | 3 | 4 | ||
Other operations | Eliminations | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | (13) | (5) | (3) | ||
Service revenue | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 4,354 | 3,971 | 4,130 | ||
Service revenue | Eliminations | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | (4) | (4) | |||
Mobile | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 2,347 | 2,116 | 2,150 | ||
Cable and other fixed services | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 1,947 | 1,803 | 1,928 | ||
Cable and other fixed services | Eliminations | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | (2) | (1) | |||
Other | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 60 | 52 | 51 | ||
Other | Eliminations | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | (2) | (2) | |||
Telephone and equipment | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 263 | 201 | 206 | ||
Total revenue | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | $ 4,617 | $ 4,171 | $ 4,336 | ||
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Performance B.2. Expenses (Deta
Performance B.2. Expenses (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cost of sales: | |||||
Direct costs of services sold | $ (938) | $ (847) | $ (878) | ||
Cost of telephone, equipment and other accessories | (278) | (216) | (230) | ||
Bad debt and obsolescence costs | (86) | (108) | (93) | ||
Cost of sales | (1,302) | [1] | (1,171) | (1,201) | |
Operating expenses, net | |||||
Marketing expenses | (495) | (396) | (402) | ||
Site and network maintenance costs | (254) | (234) | (245) | ||
Employee related costs | (503) | (477) | (496) | ||
External and other services | (177) | (174) | (204) | ||
Rentals and (operating) leases | 0 | (1) | (1) | ||
Other operating expenses | (248) | (225) | (257) | ||
Operating expenses, net | (1,677) | [1] | (1,505) | (1,604) | |
Other operating income (expenses), net: | |||||
Income from tower deal transactions | 0 | 0 | 5 | ||
Impairment of intangible assets and property, plant and equipment | (5) | 0 | (8) | ||
Gain (loss) on disposals of intangible assets and property, plant and equipment | 6 | 0 | 0 | ||
Impairment of AirtelTigo's receivable | (45) | 0 | |||
Reverse earn-out in respect of Zantel's acquisition | 11 | 0 | 0 | ||
Gain (loss) on disposal of equity investments | (15) | 25 | (32) | ||
Other income (expenses) (ii) | 10 | 9 | 1 | ||
Other operating income (expenses), net | 6 | [1] | $ (12) | $ (34) | |
Paraguay | |||||
Other operating income (expenses), net: | |||||
Amount presented in other comprehensive income realised at derecognition of financial liability | 4 | ||||
Ghana | |||||
Other operating income (expenses), net: | |||||
Other reversals of provisions | $ 4 | ||||
Zantel | Earn Out Income Settlement | |||||
Other operating income (expenses), net: | |||||
Proceeds from earn-out income settlement | $ 11 | ||||
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Performance B.3. Segmental Info
Performance B.3. Segmental Information - Revenue, operating profit (loss), EBITDA, and other (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($)region | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 12, 2021 | ||
Disclosure of operating segments [line items] | |||||
Number of regions | region | 2 | ||||
Revenue | $ 4,617 | [1] | $ 4,171 | $ 4,336 | |
Operating profit (loss) | 659 | [1] | 446 | 575 | |
Depreciation and amortization | 1,196 | 1,208 | 1,100 | ||
Share of net profit in joint ventures | (210) | [1],[2] | (171) | (179) | |
Other operating income (expenses), net | (6) | [1] | 12 | 34 | |
EBITDA | 1,639 | 1,495 | 1,530 | ||
EBITDA from discontinued operations | 0 | (4) | (3) | ||
EBITDA incl discontinued operations | 1,639 | 1,491 | 1,527 | ||
Capital expenditure | (827) | (714) | (846) | ||
Changes in working capital and others | (65) | 22 | (143) | ||
Taxes paid | (127) | [2] | (142) | (114) | |
Operating free cash flow | 619 | 657 | 425 | ||
Total assets (excluding goodwill) | 15,139 | [3] | 12,422 | 12,895 | |
Total liabilities | 12,399 | [3] | 10,148 | 10,215 | |
Purchase of spectrum and licenses | 37 | 101 | 59 | ||
Income from tower deal transactions | 0 | 0 | 22 | ||
Guatemala joint ventures | |||||
Disclosure of operating segments [line items] | |||||
Percentage of controlling interest acquired | 45.00% | ||||
Mobile | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2,347 | 2,116 | 2,150 | ||
Cable and other fixed services | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 1,947 | 1,803 | 1,928 | ||
Other | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 60 | 52 | 51 | ||
Service revenue | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 4,354 | 3,971 | 4,130 | ||
Telephone and equipment | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 263 | 201 | 206 | ||
Latin America | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 4,261 | 3,805 | 3,954 | ||
Latin America | Service revenue | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 3,998 | 3,604 | 3,748 | ||
Africa | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 357 | 366 | 382 | ||
Africa | Service revenue | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 357 | 366 | 382 | ||
Operating segments | Latin America | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 6,220 | 5,843 | 5,964 | ||
Operating profit (loss) | 1,001 | 803 | 980 | ||
Depreciation and amortization | 1,504 | 1,561 | 1,435 | ||
Share of net profit in joint ventures | 0 | 0 | 0 | ||
Other operating income (expenses), net | (8) | (5) | 2 | ||
EBITDA | 2,498 | 2,360 | 2,418 | ||
EBITDA from discontinued operations | 0 | 0 | 0 | ||
EBITDA incl discontinued operations | 2,498 | 2,360 | 2,418 | ||
Capital expenditure | (1,015) | (926) | (1,040) | ||
Changes in working capital and others | (200) | 61 | (86) | ||
Taxes paid | (241) | (260) | (225) | ||
Operating free cash flow | 1,041 | 1,234 | 1,067 | ||
Total assets (excluding goodwill) | 14,400 | 13,418 | 13,859 | ||
Total liabilities | 8,333 | 8,878 | 8,413 | ||
Operating segments | Latin America | Mobile | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 3,372 | 3,220 | 3,258 | ||
Operating segments | Latin America | Cable and other fixed services | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2,275 | 2,097 | 2,197 | ||
Operating segments | Latin America | Other | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 70 | 60 | 60 | ||
Operating segments | Latin America | Service revenue | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 5,716 | 5,377 | 5,514 | ||
Operating segments | Latin America | Telephone and equipment | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 503 | 466 | 449 | ||
Operating segments | Africa | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 357 | 366 | 382 | ||
Operating profit (loss) | 29 | 36 | 19 | ||
Depreciation and amortization | 83 | 89 | 99 | ||
Share of net profit in joint ventures | 0 | 0 | 0 | ||
Other operating income (expenses), net | (1) | 0 | (2) | ||
EBITDA | 111 | 125 | 117 | ||
EBITDA from discontinued operations | 0 | (4) | (3) | ||
EBITDA incl discontinued operations | 111 | 121 | 114 | ||
Capital expenditure | (42) | (42) | (58) | ||
Changes in working capital and others | 33 | 11 | 14 | ||
Taxes paid | (20) | (10) | (10) | ||
Operating free cash flow | 81 | 80 | 59 | ||
Total assets (excluding goodwill) | 870 | 926 | 936 | ||
Total liabilities | 937 | 959 | 909 | ||
Operating segments | Africa | Mobile | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 347 | 357 | 372 | ||
Operating segments | Africa | Cable and other fixed services | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 9 | 8 | 9 | ||
Operating segments | Africa | Other | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 0 | 1 | 1 | ||
Operating segments | Africa | Service revenue | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 357 | 366 | 382 | ||
Operating segments | Africa | Telephone and equipment | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 0 | 0 | 0 | ||
Unallocated | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 0 | 0 | 0 | ||
Operating profit (loss) | (7) | (32) | (64) | ||
Depreciation and amortization | 12 | 11 | 9 | ||
Share of net profit in joint ventures | 0 | 0 | 0 | ||
Other operating income (expenses), net | 2 | 23 | 42 | ||
EBITDA | 6 | 2 | (13) | ||
EBITDA from discontinued operations | 0 | 0 | 0 | ||
EBITDA incl discontinued operations | 6 | 2 | (13) | ||
Capital expenditure | (7) | (4) | (9) | ||
Changes in working capital and others | 116 | (7) | (52) | ||
Taxes paid | (9) | (2) | (8) | ||
Operating free cash flow | 106 | (11) | (82) | ||
Total assets (excluding goodwill) | 6,401 | 4,052 | 3,715 | ||
Total liabilities | 5,081 | 3,342 | 3,977 | ||
Unallocated | Mobile | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 0 | 0 | 0 | ||
Unallocated | Cable and other fixed services | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 0 | 0 | 0 | ||
Unallocated | Other | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 0 | 0 | 0 | ||
Unallocated | Service revenue | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 0 | 0 | 0 | ||
Unallocated | Telephone and equipment | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 0 | 0 | 0 | ||
Eliminations and Transfers | |||||
Disclosure of operating segments [line items] | |||||
Revenue | (4) | (4) | |||
Operating profit (loss) | 210 | 175 | 179 | ||
Share of net profit in joint ventures | (210) | (171) | (179) | ||
Other operating income (expenses), net | 0 | (4) | 0 | ||
EBITDA | 0 | 0 | 0 | ||
EBITDA from discontinued operations | 0 | 0 | 0 | ||
EBITDA incl discontinued operations | 0 | 0 | 0 | ||
Capital expenditure | 0 | 0 | 0 | ||
Changes in working capital and others | 0 | 0 | 0 | ||
Taxes paid | 0 | 0 | 0 | ||
Operating free cash flow | 0 | 0 | 0 | ||
Total assets (excluding goodwill) | (103) | (859) | (150) | ||
Total liabilities | (191) | (987) | (965) | ||
Eliminations and Transfers | Cable and other fixed services | |||||
Disclosure of operating segments [line items] | |||||
Revenue | (2) | (1) | |||
Eliminations and Transfers | Other | |||||
Disclosure of operating segments [line items] | |||||
Revenue | (2) | (2) | |||
Eliminations and Transfers | Service revenue | |||||
Disclosure of operating segments [line items] | |||||
Revenue | (4) | (4) | |||
Eliminations and Transfers | Latam Segment | |||||
Disclosure of operating segments [line items] | |||||
Revenue | (1,955) | (2,035) | (2,010) | ||
Operating profit (loss) | (574) | (536) | (540) | ||
Depreciation and amortization | (403) | (453) | (444) | ||
Share of net profit in joint ventures | 0 | 0 | 0 | ||
Other operating income (expenses), net | 0 | (3) | (8) | ||
EBITDA | (977) | (992) | (992) | ||
EBITDA from discontinued operations | 0 | 0 | 0 | ||
EBITDA incl discontinued operations | (977) | (992) | (992) | ||
Capital expenditure | 238 | 258 | 261 | ||
Changes in working capital and others | (13) | (43) | (18) | ||
Taxes paid | 143 | 131 | 129 | ||
Operating free cash flow | (609) | (645) | (619) | ||
Total assets (excluding goodwill) | (6,430) | (5,116) | (5,465) | ||
Total liabilities | (1,761) | (2,044) | (2,119) | ||
Eliminations and Transfers | Latam Segment | Mobile | |||||
Disclosure of operating segments [line items] | |||||
Revenue | (1,372) | (1,461) | (1,480) | ||
Eliminations and Transfers | Latam Segment | Cable and other fixed services | |||||
Disclosure of operating segments [line items] | |||||
Revenue | (334) | (302) | (277) | ||
Eliminations and Transfers | Latam Segment | Other | |||||
Disclosure of operating segments [line items] | |||||
Revenue | (8) | (6) | (9) | ||
Eliminations and Transfers | Latam Segment | Service revenue | |||||
Disclosure of operating segments [line items] | |||||
Revenue | (1,715) | (1,769) | (1,766) | ||
Eliminations and Transfers | Latam Segment | Telephone and equipment | |||||
Disclosure of operating segments [line items] | |||||
Revenue | $ (240) | $ (266) | $ (243) | ||
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[2] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[3] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Performance B.3. Segmental In_2
Performance B.3. Segmental Information - Revenue from contracts with customers (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | $ 4,617 | [1] | $ 4,171 | $ 4,336 |
Mobile | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 2,347 | 2,116 | 2,150 | |
Cable and other fixed services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 1,947 | 1,803 | 1,928 | |
Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 60 | 52 | 51 | |
Service revenue | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 4,354 | 3,971 | 4,130 | |
Telephone and equipment | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 263 | 201 | 206 | |
Latin America | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 4,261 | 3,805 | 3,954 | |
Latin America | Service revenue | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 3,998 | 3,604 | 3,748 | |
Africa | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 357 | 366 | 382 | |
Africa | Service revenue | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 357 | 366 | 382 | |
Over time | Mobile | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 2,196 | 1,967 | 2,007 | |
Over time | Cable and other fixed services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 1,947 | 1,803 | 1,928 | |
Over time | Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 60 | 52 | 52 | |
Over time | Latin America | Mobile | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 1,963 | 1,728 | 1,747 | |
Over time | Latin America | Cable and other fixed services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 1,938 | 1,794 | 1,919 | |
Over time | Latin America | Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 60 | 51 | 51 | |
Over time | Africa | Mobile | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 233 | 239 | 261 | |
Over time | Africa | Cable and other fixed services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 9 | 8 | 9 | |
Over time | Africa | Other | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 0 | 1 | 1 | |
Point in time | Mobile | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 150 | 149 | 143 | |
Point in time | Telephone and equipment | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 263 | 201 | 206 | |
Point in time | Latin America | Mobile | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 37 | 31 | 31 | |
Point in time | Latin America | Telephone and equipment | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 263 | 201 | 206 | |
Point in time | Africa | Mobile | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 114 | 118 | 112 | |
Point in time | Africa | Telephone and equipment | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | |
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Performance B.4. People (Detail
Performance B.4. People (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)employee | Dec. 31, 2020USD ($)employee | Dec. 31, 2019USD ($)employee | |
Number of permanent employees: | |||
Continuing operations (employees) | employee | 19,749,000 | 16,955,000 | 17,687,000 |
Joint ventures (Guatemala, Honduras and Ghana) (employees) | employee | 938,000 | 4,464,000 | 4,688,000 |
Discontinued operations (employees) | employee | 0 | 0 | 0 |
Total (employees) | employee | 20,687,000 | 21,419,000 | 22,375,000 |
Classes of employee benefits expense: | |||
Wages and salaries | $ (383) | $ (356) | $ (358) |
Social security | (71) | (66) | (68) |
Share based compensation | (17) | (24) | (27) |
Pension and other long-term benefit costs | (6) | (4) | (4) |
Other employees related costs | (27) | (27) | (39) |
Total | $ (503) | $ (477) | $ (496) |
Performance B.4.1. Share-based
Performance B.4.1. Share-based compensation - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2019plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of plans | plan | 2 | |
Deferred share plans | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | 3 years | |
Deferred share plans | Tranche One | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting percentage | 30.00% | |
Deferred share plans | Tranche Three | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting percentage | 40.00% | |
2018 Performance Plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | 3 years | |
2018 Performance Plan | Tranche One | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting percentage | 25.00% | |
2018 Performance Plan | Tranche Two | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting percentage | 25.00% | |
2018 Performance Plan | Tranche Three | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting percentage | 50.00% | |
Performance share plan 2021 (Relative TSR) | Restricted Stock Units | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | 3 years | |
Shares granted as percent of total award | 35.00% | |
Performance share plan 2021 (Relative TSR) | Relative TSR | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Shares granted as percent of total award | 20.00% | |
Measurement period | 3 years | |
Number of trading days | 10 days | |
Service revenue performance conditions percent | 15.00% | |
Cumulative achievement for cumulative targets, period | 3 years | |
Share Based Payment Arrangements, Operating Cash Flow After Leases, Performance Conditions Percent | 30.00% | |
Performance share plan 2021 (Relative TSR) | Market Stock Units (MSU) | Executive Officer | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Target share price (in dollars per share) | $ 39.17 | |
Payment threshold of target award value | 150.00% | |
Financial liabilities, at fair value | $ | $ 3 | |
Performance share plan 2021 (Relative TSR) | Tranche 2022 | Market Stock Units (MSU) | Executive Officer | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share price at inception (in dollars per share) | $ 43.09 | |
Share price appreciation percent | 10.00% | |
Value determination, trading day average share price period | 30 days | |
Performance share plan 2021 (Relative TSR) | Tranche 2023 | Market Stock Units (MSU) | Executive Officer | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share price at inception (in dollars per share) | $ 47 | |
Share price appreciation percent | 20.00% | |
Value determination, trading day average share price period | 30 days |
Performance B.4.1. Share-base_2
Performance B.4.1. Share-based compensation - Cost of share based compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cost of share based compensation | $ (17) | $ (24) | $ (27) |
2017 incentive plans | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cost of share based compensation | 0 | 0 | (7) |
2018 incentive plans | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cost of share based compensation | 0 | (2) | (8) |
2019 incentive plans | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cost of share based compensation | 3 | (8) | (14) |
2020 incentive plans | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cost of share based compensation | (3) | (13) | 0 |
2021 incentive plans | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cost of share based compensation | $ (17) | $ 0 | $ 0 |
Performance B.4.1. Share-base_3
Performance B.4.1. Share-based compensation - Assumptions (Details) | 12 Months Ended |
Dec. 31, 2021year$ / shares | |
Performance share plan 2021 (Relative TSR) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Risk-free rate % | 0.29% |
Dividend yield % | 1.28% |
Share price volatility % | 46.28% |
Award term (years) | year | 2.82 |
Share fair value | $ / shares | $ 52.99 |
Performance share plan 2020 (Relative TSR) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Risk-free rate % | 0.61% |
Dividend yield % | 1.47% |
Share price volatility % | 24.54% |
Award term (years) | year | 2.93 |
Share fair value | $ / shares | $ 55.66 |
Performance share plan 2019 (Relative TSR) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Risk-free rate % | (0.24%) |
Dividend yield % | 3.01% |
Share price volatility % | 26.58% |
Award term (years) | year | 2.93 |
Share fair value | $ / shares | $ 49.79 |
Performance share plan 2018 (Relative TSR) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Risk-free rate % | (0.39%) |
Dividend yield % | 3.21% |
Share price volatility % | 30.27% |
Award term (years) | year | 2.93 |
Share fair value | $ / shares | $ 57.70 |
Performance B.4.1. Share-base_4
Performance B.4.1. Share-based compensation - Plan awards and shares expected to vest (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)shares | Dec. 31, 2020shares | Dec. 31, 2019shares | Dec. 31, 2018shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Shares issued (in shares) | (453,969) | (364,157) | ||
Shares still expected to vest (in shares) | 574,234 | 622,567 | ||
2021 Performance Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Initial shares granted (in shares) | 451,363 | |||
Additional shares granted (in shares) | 0 | |||
Revision for forfeitures (in shares) | (17,469) | |||
Revision for cancellations (in shares) | 0 | |||
Total before issuances (in shares) | 433,894 | |||
Shares issued (in shares) | (1,121) | |||
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 432,773 | |||
Estimated cost over the vesting period | $ | $ 16,000 | |||
2021 Deferred Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Initial shares granted (in shares) | 536,890 | |||
Additional shares granted (in shares) | 5,824 | |||
Revision for forfeitures (in shares) | (11,790) | |||
Revision for cancellations (in shares) | 0 | |||
Total before issuances (in shares) | 530,924 | |||
Shares issued (in shares) | (5,760) | |||
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 525,164 | |||
Estimated cost over the vesting period | $ | $ 19,000 | |||
2020 Performance Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Initial shares granted (in shares) | 341,897 | |||
Additional shares granted (in shares) | 0 | |||
Revision for forfeitures (in shares) | (264,137) | |||
Revision for cancellations (in shares) | 0 | |||
Total before issuances (in shares) | 77,760 | |||
Shares issued (in shares) | 0 | 0 | ||
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 77,760 | |||
Estimated cost over the vesting period | $ | $ 4,000 | |||
2020 Deferred Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Initial shares granted (in shares) | 370,131 | |||
Additional shares granted (in shares) | 5,928 | |||
Revision for forfeitures (in shares) | (26,815) | |||
Revision for cancellations (in shares) | 0 | |||
Total before issuances (in shares) | 349,244 | |||
Shares issued (in shares) | (113,653) | (3,571) | ||
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 232,020 | |||
Estimated cost over the vesting period | $ | $ 15,000 | |||
2019 Performance Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Initial shares granted (in shares) | 257,601 | |||
Additional shares granted (in shares) | 0 | |||
Revision for forfeitures (in shares) | (204,649) | |||
Revision for cancellations (in shares) | 0 | |||
Total before issuances (in shares) | 52,952 | |||
Shares issued (in shares) | 0 | (17) | (150) | |
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 52,785 | |||
Estimated cost over the vesting period | $ | $ 3,000 | |||
2019 Deferred Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Initial shares granted (in shares) | 297,856 | |||
Additional shares granted (in shares) | 43,115 | |||
Revision for forfeitures (in shares) | (31,553) | |||
Revision for cancellations (in shares) | 0 | |||
Total before issuances (in shares) | 309,418 | |||
Shares issued (in shares) | (87,141) | (96,629) | (24,294) | |
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 101,354 | |||
Estimated cost over the vesting period | $ | $ 18,000 | |||
2018 Performance Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Initial shares granted (in shares) | 237,196 | |||
Additional shares granted (in shares) | 0 | |||
Revision for forfeitures (in shares) | (78,903) | |||
Revision for cancellations (in shares) | (4,728) | |||
Total before issuances (in shares) | 153,565 | |||
Shares issued (in shares) | (103,725) | (304) | (3,109) | (97) |
Performance conditions (in shares) | (46,330) | |||
Shares still expected to vest (in shares) | 0 | |||
Estimated cost over the vesting period | $ | $ 12,000 | |||
2018 Deferred Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Initial shares granted (in shares) | 262,317 | |||
Additional shares granted (in shares) | 3,290 | |||
Revision for forfeitures (in shares) | (38,167) | |||
Revision for cancellations (in shares) | 0 | |||
Total before issuances (in shares) | 227,440 | |||
Shares issued (in shares) | (118,597) | (35,125) | (54,971) | (18,747) |
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 0 | |||
Estimated cost over the vesting period | $ | $ 14,000 |
Performance B.4.2. Pension and
Performance B.4.2. Pension and other long-term employee benefit plans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Long-Service Plans | ||
Disclosure of defined benefit plans [line items] | ||
Requisite service period | 5 years | |
Termination Plans | ||
Disclosure of defined benefit plans [line items] | ||
Net defined benefit liability | $ 42 | $ 59 |
Estimate of contributions expected to be paid to plan in future years | $ 81 | $ 95 |
Weighted average duration of defined benefit obligation | 5 years | 6 years |
Bottom of range | Long-Service Plans | ||
Disclosure of defined benefit plans [line items] | ||
Requisite service period, additional bonus | 5 years | |
Top of range | Long-Service Plans | ||
Disclosure of defined benefit plans [line items] | ||
Requisite service period, additional bonus | 40 years |
Performance B.4.3. Directors an
Performance B.4.3. Directors and executive management (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | |
Employee Benefits Expense [Line Items] | ||||
Remuneration charge for the Board (gross of withholding tax) | $ 1,638 | $ 1,488 | $ 1,923 | |
Remuneration charge (in shares) | 24,737 | 32,358 | 2,876 | 19,483 |
Remuneration expense, percent shares | 73.00% | 71.00% | 73.00% | |
Remuneration expense, percent cash | 27.00% | 29.00% | 27.00% | |
Shares beneficially owned by the Directors | 79,656 | 66,020 | ||
Classes of employee benefits expense: | ||||
Base salary | $ 383,000 | $ 356,000 | $ 358,000 | |
Pension | 6,000 | 4,000 | 4,000 | |
Other benefits | 27,000 | 27,000 | 39,000 | |
Share based compensation(i)(ii) in respect of 2021 LTIP | 17,000 | 24,000 | 27,000 | |
Employee benefits expense | $ 503,000 | $ 477,000 | 496,000 | |
Shares awards vested (in shares) | 453,969 | 364,157 | ||
Shares not yet vested (in shares) | 574,234 | 622,567 | ||
Chairperson | ||||
Employee Benefits Expense [Line Items] | ||||
Remuneration charge for the Board (gross of withholding tax) | $ 300 | $ 300 | 366 | |
Shares beneficially owned by the Directors | 18,634 | 13,427 | ||
Other members of the Board | ||||
Employee Benefits Expense [Line Items] | ||||
Remuneration charge for the Board (gross of withholding tax) | $ 1,338 | $ 1,188 | 1,557 | |
Shares beneficially owned by the Directors | 61,022 | 52,593 | ||
CEO | ||||
Classes of employee benefits expense: | ||||
Base salary | $ 1,185 | $ 1,173 | 1,167 | |
Bonus | 2,164 | 1,301 | 1,428 | |
Pension | 284 | 285 | 279 | |
Other benefits | 88 | 82 | 50 | |
MSU | 991 | |||
Termination benefits | 0 | |||
Total before share based compensation | 4,712 | 2,841 | 2,924 | |
Share based compensation(i)(ii) in respect of 2021 LTIP | 7,914 | 7,114 | 5,625 | |
Employee benefits expense | $ 12,626 | $ 9,955 | $ 8,549 | |
Number of shares granted (in shares) | 196,904 | 153,894 | 102,122 | |
Shares awards vested (in shares) | 232,562 | 194,432 | ||
Shares not yet vested (in shares) | 278,666 | 325,250 | ||
CFO | ||||
Classes of employee benefits expense: | ||||
Base salary | $ 708 | $ 670 | $ 654 | |
Bonus | 969 | 509 | 626 | |
Pension | 106 | 100 | 98 | |
Other benefits | 46 | 38 | 260 | |
MSU | 198 | |||
Termination benefits | 0 | |||
Total before share based compensation | 2,027 | 1,317 | 1,639 | |
Share based compensation(i)(ii) in respect of 2021 LTIP | 1,652 | 1,834 | 1,576 | |
Employee benefits expense | 3,679 | 3,151 | 3,215 | |
Executive team | ||||
Classes of employee benefits expense: | ||||
Base salary | 2,783 | 2,612 | 3,498 | |
Bonus | 2,718 | 1,837 | 2,098 | |
Pension | 652 | 663 | 798 | |
Other benefits | 791 | 303 | 1,521 | |
MSU | 545 | |||
Termination benefits | 863 | |||
Total before share based compensation | 7,489 | 5,414 | 8,779 | |
Share based compensation(i)(ii) in respect of 2021 LTIP | 5,383 | 3,796 | 5,965 | |
Employee benefits expense | $ 12,872 | $ 9,210 | $ 14,743 | |
Number of shares granted (in shares) | 211,578 | 135,269 | 135,480 | |
Shares awards vested (in shares) | 221,407 | 169,725 | ||
Shares not yet vested (in shares) | 295,568 | 297,317 |
Performance B.5. Other non-oper
Performance B.5. Other non-operating (expenses) income, net (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of fair value measurement of assets [line items] | ||||||
Change in fair value of derivatives | $ 3 | $ (11) | $ 0 | |||
Change in value of put option liability | (31) | 5 | (25) | |||
Exchange gains (losses), net | (43) | (69) | (32) | |||
Other non-operating income (expenses), net | 3 | 3 | 10 | |||
Total | (50) | [1] | (106) | 227 | ||
Proceeds from disposal of equity investments, net of costs | 163 | [2] | 197 | 25 | ||
Gain (loss) on disposal of equity investments | (15) | 25 | (32) | |||
Equity Investment In Jumia | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Change in fair value in investment | 0 | (18) | (38) | |||
Proceeds from disposal of equity investments, net of costs | $ 29 | |||||
Gain (loss) on disposal of equity investments | $ 15 | |||||
Equity Investment In HTA | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Change in fair value in investment | $ 18 | $ (16) | $ 312 | |||
Proceeds from disposal of equity investments, net of costs | $ 163 | |||||
Gain (loss) on disposal of equity investments | $ (15) | |||||
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||
[2] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Performance B.6.1 Income tax ex
Performance B.6.1 Income tax expense (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Income tax (charge) credit | ||||
Withholding tax | $ (56) | $ (83) | $ (56) | |
Other income tax relating to the current year | (112) | (65) | (88) | |
Adjustments in respect of prior years | (18) | (29) | (7) | |
Current tax expense (income) and adjustments | (186) | (177) | (151) | |
Deferred tax (charge) credit | ||||
Origination and reversal of temporary differences | 73 | 99 | 58 | |
Effect of change in tax rates | 29 | (5) | (8) | |
Tax income (expense) before valuation allowances | 102 | 94 | 50 | |
Effect of valuation allowances | (87) | (19) | (9) | |
Deferred tax expense (income) | 15 | 75 | 41 | |
Adjustments in respect of prior years | (18) | 0 | (10) | |
Deferred tax expense (income) and adjustments | (3) | 75 | 31 | |
Income Tax Calculation: | ||||
Profit before tax | (271) | 218 | ||
Tax at the weighted average statutory rate | 82 | (37) | ||
Effect of: | ||||
Items taxed at a different rate | 1 | (1) | ||
Change in tax rates on deferred tax balances | (5) | (8) | ||
Expenditure not deductible and income not taxable | (106) | (37) | ||
Unrelieved withholding tax | (83) | (56) | ||
Accounting for associates and joint ventures | 42 | 36 | ||
Movement in deferred tax on unremitted earnings | 15 | 9 | ||
Unrecognized deferred tax assets | (27) | (20) | ||
Recognition of previously unrecognized deferred tax assets | 8 | 11 | ||
Adjustments in respect of prior years | (29) | (17) | ||
Total tax (charge) credit | (189) | [1] | $ (102) | $ (120) |
Weighted average statutory tax rate | 30.30% | 17.00% | ||
Effective tax rate | (37.50%) | 55.00% | ||
Discontinued operations | ||||
Income Tax Calculation: | ||||
Profit before tax | $ (11) | $ 59 | ||
Tax at the weighted average statutory rate | 3 | (11) | ||
Effect of: | ||||
Items taxed at a different rate | 0 | 0 | ||
Change in tax rates on deferred tax balances | 0 | 0 | ||
Expenditure not deductible and income not taxable | (3) | 9 | ||
Unrelieved withholding tax | 0 | 0 | ||
Accounting for associates and joint ventures | 0 | 0 | ||
Movement in deferred tax on unremitted earnings | 0 | 0 | ||
Unrecognized deferred tax assets | 0 | 0 | ||
Recognition of previously unrecognized deferred tax assets | 0 | 0 | ||
Adjustments in respect of prior years | (2) | 0 | ||
Total tax (charge) credit | 0 | (2) | (2) | |
Aggregate continuing and discontinued operations | ||||
Income Tax Calculation: | ||||
Profit before tax | 732 | (282) | 277 | |
Tax at the weighted average statutory rate | (154) | 85 | (48) | |
Effect of: | ||||
Items taxed at a different rate | 9 | 1 | (1) | |
Change in tax rates on deferred tax balances | 29 | (5) | (8) | |
Expenditure not deductible and income not taxable | 79 | (109) | (28) | |
Unrelieved withholding tax | (55) | (83) | (56) | |
Accounting for associates and joint ventures | 41 | 42 | 36 | |
Movement in deferred tax on unremitted earnings | (15) | 15 | 9 | |
Unrecognized deferred tax assets | (144) | (27) | (20) | |
Recognition of previously unrecognized deferred tax assets | 57 | 8 | 11 | |
Adjustments in respect of prior years | (36) | (31) | (17) | |
Total tax (charge) credit | $ (189) | $ (104) | $ (122) | |
Weighted average statutory tax rate | 21.00% | 30.10% | 17.30% | |
Effective tax rate | 25.80% | (36.80%) | 44.00% | |
Bottom of range | ||||
Effect of: | ||||
Weighted average statutory tax rate | 10.00% | 10.00% | 10.00% | |
Top of range | ||||
Effect of: | ||||
Weighted average statutory tax rate | 35.00% | 35.00% | 37.00% | |
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Performance B.6.3 Deferred tax
Performance B.6.3 Deferred tax (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Beginning of period | $ (12,000,000) | $ (85,000,000) | ||
(Charge)/credit to income statement | (3,000,000) | 75,000,000 | ||
Charge to Other Comprehensive Income | (1,000,000) | |||
Change in scope | (6,000,000) | 0 | ||
Exchange differences | (12,000,000) | (2,000,000) | ||
End of period | (34,000,000) | (12,000,000) | ||
Deferred tax assets | (180,000,000) | [1] | (197,000,000) | $ (200,000,000) |
Deferred tax liabilities | 214,000,000 | [1] | 209,000,000 | 285,000,000 |
Deductible temporary differences | 5,076,000,000 | 4,943,000,000 | ||
Unrecognized tax losses | 4,856,000,000 | 4,668,000,000 | 4,705,000,000 | |
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | 725,000,000 | |||
Deferred tax assets, intragroup dividends | 26,000,000 | 11,000,000 | 26,000,000 | |
Colombia | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Negative movement in deferred tax assets | 30,000,000 | |||
Offset | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets | (235,000,000) | (189,000,000) | (52,000,000) | |
Deferred tax liabilities | 235,000,000 | 189,000,000 | 52,000,000 | |
Fixed assets | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Beginning of period | (142,000,000) | (223,000,000) | ||
(Charge)/credit to income statement | 23,000,000 | 81,000,000 | ||
Charge to Other Comprehensive Income | 0 | |||
Change in scope | (9,000,000) | 0 | ||
Exchange differences | (2,000,000) | 0 | ||
End of period | (130,000,000) | (142,000,000) | ||
Deductible temporary differences | 117,000,000 | 57,000,000 | ||
Fixed assets | Before Offset | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets | (97,000,000) | (97,000,000) | (84,000,000) | |
Deferred tax liabilities | 227,000,000 | 239,000,000 | 307,000,000 | |
Unused tax losses | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Beginning of period | 187,000,000 | 34,000,000 | ||
(Charge)/credit to income statement | (27,000,000) | 150,000,000 | ||
Charge to Other Comprehensive Income | 0 | |||
Change in scope | 0 | 0 | ||
Exchange differences | (4,000,000) | 3,000,000 | ||
End of period | 156,000,000 | 187,000,000 | ||
Deductible temporary differences | 4,856,000,000 | 4,668,000,000 | ||
Unused tax losses | Before Offset | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets | (156,000,000) | (187,000,000) | (34,000,000) | |
Deferred tax liabilities | 0 | 0 | 0 | |
Unremitted earnings | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Beginning of period | (11,000,000) | (25,000,000) | ||
(Charge)/credit to income statement | (15,000,000) | 15,000,000 | ||
Charge to Other Comprehensive Income | 0 | |||
Change in scope | 0 | 0 | ||
Exchange differences | 0 | (1,000,000) | ||
End of period | (26,000,000) | (11,000,000) | ||
Deferred tax liabilities | 0 | 621,000,000 | 697,000,000 | |
Unremitted earnings | Before Offset | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets | 0 | 0 | 0 | |
Deferred tax liabilities | 26,000,000 | 11,000,000 | 25,000,000 | |
Other | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Beginning of period | (46,000,000) | 129,000,000 | ||
(Charge)/credit to income statement | 16,000,000 | (171,000,000) | ||
Charge to Other Comprehensive Income | (1,000,000) | |||
Change in scope | 3,000,000 | 0 | ||
Exchange differences | (6,000,000) | (4,000,000) | ||
End of period | (34,000,000) | (46,000,000) | ||
Deductible temporary differences | 103,000,000 | 218,000,000 | ||
Other | Before Offset | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets | (162,000,000) | (102,000,000) | (134,000,000) | |
Deferred tax liabilities | 196,000,000 | 148,000,000 | 5,000,000 | |
Less than 1 year | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Unrecognized tax losses | 1,000,000 | 3,000,000 | 1,000,000 | |
1 to 5 years | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Unrecognized tax losses | 2,000,000 | 3,000,000 | 2,000,000 | |
After five years | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Unrecognized tax losses | 1,232,000,000 | 1,089,000,000 | 493,000,000 | |
No expiry | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Unrecognized tax losses | $ 3,621,000,000 | $ 3,573,000,000 | $ 4,209,000,000 | |
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Performance B.7. Earnings Per S
Performance B.7. Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Earnings (loss) per common share for profit (loss) attributable to the owners of the Company | ||||
Net profit (loss) attributable to equity holders from continuing operations | $ 591 | $ (332) | $ 93 | |
Net profit (loss) attributable to equity holders from discontinued operations | 0 | (12) | 57 | |
Net profit/(loss) attributable to all equity holders to determine the basic profit (loss) per share | $ 590 | [1] | $ (344) | $ 149 |
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract] | ||||
Weighted average number of ordinary shares (excluding treasury shares) for basic earnings per share) (in shares) | 101,129 | 101,172 | 101,144 | |
Potential incremental shares as a result of share options (in shares) | 0 | 0 | 0 | |
Weighted average number of ordinary shares (excluding treasury shares) adjusted for the effect of dilution (in shares) | 101,129 | 101,172 | 101,144 | |
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Capital structure and financi_3
Capital structure and financing - C.1. Share capital and other equity reserves (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 13, 2021 | |||||
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract] | ||||||||
Number of shares authorised (in shares) | 133,333,200 | 133,333,200 | ||||||
Number of shares issued and fully paid (in shares) | 101,739,217 | 101,739,217 | ||||||
Par value per share (usd per share) | $ 1.50 | $ 1.50 | $ 1.50 | |||||
Share capital | $ 153 | $ 153 | ||||||
Share premium | 476 | 478 | ||||||
Share capital and premium | 628 | [1] | 630 | |||||
Share capital, increase | $ 300 | |||||||
Number of shares authorised, increase | 200,000,000 | |||||||
Disclosure of reserves within equity [line items] | ||||||||
Other equity reserves | (562) | |||||||
Share based compensation | 19 | [2] | 24 | [2] | $ 30 | |||
Issuance of shares | 1 | 1 | 1 | [2] | ||||
Remeasurements of post-employment benefit obligations | 1 | [3] | (2) | 0 | ||||
Cash flow hedge reserve movement | 18 | [3] | (1) | (16) | ||||
Currency translation movement | (52) | [3] | (19) | (4) | ||||
Effect of restructuring in Tanzania | [4] | 0 | ||||||
Other equity reserves | (594) | [1] | (562) | |||||
Legal reserve | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Other equity reserves | 16 | 16 | 16 | |||||
Other equity reserves | 16 | 16 | 16 | |||||
Equity settled transaction reserve | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Other equity reserves | 50 | 52 | 47 | |||||
Share based compensation | 18 | 24 | 29 | |||||
Issuance of shares | (25) | (26) | (25) | |||||
Other equity reserves | 43 | 50 | 52 | |||||
Hedge reserve | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Other equity reserves | (19) | (18) | (1) | |||||
Cash flow hedge reserve movement | 14 | (1) | (16) | |||||
Other equity reserves | (3) | (19) | (18) | |||||
Currency translation reserve | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Other equity reserves | (605) | (593) | (599) | |||||
Currency translation movement | (41) | (12) | (2) | |||||
Effect of restructuring in Tanzania | 9 | |||||||
Other equity reserves | (646) | (605) | (593) | |||||
Pension obligation reserve | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Other equity reserves | (4) | (2) | (3) | |||||
Remeasurements of post-employment benefit obligations | 1 | (2) | 0 | |||||
Other equity reserves | (3) | (4) | (2) | |||||
Other reserves | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Other equity reserves | (562) | (544) | (538) | |||||
Share based compensation | [5] | 18 | [2] | 24 | [2] | 29 | ||
Issuance of shares | [5] | (25) | (26) | (25) | [2] | |||
Remeasurements of post-employment benefit obligations | 1 | (2) | 0 | |||||
Cash flow hedge reserve movement | 14 | (1) | (16) | |||||
Currency translation movement | (41) | (12) | (2) | |||||
Effect of restructuring in Tanzania | [4],[5] | 9 | ||||||
Other equity reserves | $ (594) | $ (562) | $ (544) | |||||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||||
[2] | Share-based compensation – see note C.1. | |||||||
[3] | Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||||
[4] | Effect of the restructuring in Tanzania A.1.2. | |||||||
[5] | Other reserves – see note C.1. |
Capital structure and financi_4
Capital structure and financing - C.2. Dividend distributions (Details) - USD ($) $ / shares in Units, $ in Millions | May 02, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract] | ||||
Dividends recognised as distributions | $ 2.64 | |||
Statutory reserves unavailable for distribution | $ 486 | $ 310 | $ 306 |
Capital structure and financi_5
Capital structure and financing - C.3. Debt and financing (Details) $ in Millions, $ in Millions | Dec. 31, 2021USD ($) | Nov. 12, 2021 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 31, 2018USD ($) | Jul. 31, 2018COP ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||
Total non-current financing | $ 5,916 | $ 5,631 | |||||
Less: portion payable within one year | (12) | (54) | |||||
Debt and financing – non-current | 5,904 | [1] | 5,578 | ||||
Total non-current financing due after more than one year | 1,828 | 59 | |||||
Debt and financing – current | 1,840 | [1] | 113 | ||||
Borrowings | 7,744 | 5,691 | |||||
Guatemala joint ventures | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Debt and financing – non-current | 619 | $ 1,152 | |||||
Debt and financing – current | 24 | $ 21 | |||||
Percentage of controlling interest acquired | 45.00% | ||||||
Millicom International Cellular S.A. (Luxembourg) | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 4,020 | 2,504 | |||||
Guatemala | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 605 | 0 | |||||
Colombia | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 802 | 803 | |||||
Paraguay | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 751 | 738 | |||||
Bolivia | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 310 | 337 | |||||
Panama | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 846 | 869 | |||||
Tanzania | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 189 | 203 | |||||
Costa Rica | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 121 | 119 | |||||
El Salvador | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 100 | 118 | |||||
Bilateral Facility With IIC | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings face amount | $ 50 | $ 144,054.5 | |||||
Borrowings, interest rate | 9.45% | 9.45% | |||||
Bonds | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Total non-current financing | 4,030 | 4,253 | |||||
Total non-current financing due after more than one year | 61 | 44 | |||||
Banks | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Total non-current financing | 1,851 | 1,337 | |||||
Total non-current financing due after more than one year | 1,768 | 15 | |||||
Other Borrowings | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Total non-current financing | $ 36 | $ 41 | |||||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Capital structure and financi_6
Capital structure and financing - C.3.1. Bond financing (Details) | Oct. 01, 2021USD ($) | Sep. 22, 2021USD ($) | Mar. 26, 2021USD ($) | Feb. 22, 2021USD ($) | Feb. 16, 2021USD ($) | Oct. 19, 2020USD ($) | Nov. 01, 2019USD ($) | May 15, 2019USD ($) | Mar. 25, 2019USD ($) | Oct. 16, 2018USD ($) | Sep. 20, 2017USD ($) | Mar. 31, 2020 | Apr. 30, 2019USD ($) | Apr. 30, 2018 | May 31, 2016USD ($) | May 31, 2011USD ($) | Feb. 29, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021BOB (Bs.) | Oct. 01, 2021PYG (₲) | Mar. 31, 2021USD ($) | Mar. 31, 2021COP ($) | Feb. 16, 2021COP ($) | Feb. 29, 2020PYG (₲) | Jan. 28, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 03, 2019USD ($) | Jul. 03, 2019BOB (Bs.) | Oct. 12, 2017USD ($) | Aug. 11, 2016USD ($) | Aug. 11, 2016BOB (Bs.) | May 31, 2016COP ($) | Nov. 30, 2015USD ($) | Nov. 30, 2015BOB (Bs.) | Aug. 04, 2015USD ($) | Mar. 17, 2015USD ($) | May 31, 2011COP ($) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 4,090,000,000 | $ 4,297,000,000 | ||||||||||||||||||||||||||||||||||||
SEK Variable Rate Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 220,000,000 | 241,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 2,000,000,000 | |||||||||||||||||||||||||||||||||||||
Borrowing costs capitalised | $ 2,400,000 | |||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | |||||||||||||||||||||||||||||||||||||
SEK Variable Rate Notes | Effective interest rate | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 2.60% | |||||||||||||||||||||||||||||||||||||
SEK Variable Rate Notes | Stockholm Inter Bank Offered Rate | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Adjustment to interest rate basis | 2.35% | 2.35% | ||||||||||||||||||||||||||||||||||||
SEK Variable Rate Notes | Bottom of range | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.99% | |||||||||||||||||||||||||||||||||||||
SEK Variable Rate Notes | Top of range | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.88% | |||||||||||||||||||||||||||||||||||||
USD 4.500% Senior Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.50% | 4.50% | ||||||||||||||||||||||||||||||||||||
Bonds issued | $ 777,000,000 | 494,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 307,500,000 | $ 500,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowing costs capitalised | $ 5,500,000 | |||||||||||||||||||||||||||||||||||||
Borrowings term | 11 years | |||||||||||||||||||||||||||||||||||||
Gain on borrowings exchange | 15,000,000 | |||||||||||||||||||||||||||||||||||||
Borrowings exchange, transaction costs | $ 4,000,000 | |||||||||||||||||||||||||||||||||||||
Redemption price, percentage | 101.812% | |||||||||||||||||||||||||||||||||||||
USD 4.500% Senior Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.50% | 4.50% | ||||||||||||||||||||||||||||||||||||
USD 4.500% Senior Notes | Effective interest rate | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.80% | |||||||||||||||||||||||||||||||||||||
USD 6.625% Senior Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.625% | |||||||||||||||||||||||||||||||||||||
Bonds issued | $ 147,000,000 | 495,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 500,000,000 | |||||||||||||||||||||||||||||||||||||
Borrowing costs capitalised | $ 6,000,000 | |||||||||||||||||||||||||||||||||||||
Borrowings term | 8 years | |||||||||||||||||||||||||||||||||||||
Borrowings exchanged | $ 302,100,000 | |||||||||||||||||||||||||||||||||||||
USD 6.625% Senior Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.625% | 6.625% | 6.625% | |||||||||||||||||||||||||||||||||||
USD 6.625% Senior Notes | Effective interest rate | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.75% | |||||||||||||||||||||||||||||||||||||
USD 6.250% Senior Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 670,000,000 | 743,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 750,000,000 | |||||||||||||||||||||||||||||||||||||
Borrowing costs capitalised | $ 8,200,000 | |||||||||||||||||||||||||||||||||||||
Borrowings term | 10 years | |||||||||||||||||||||||||||||||||||||
USD 6.250% Senior Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.25% | 6.25% | 6.25% | |||||||||||||||||||||||||||||||||||
USD 6.250% Senior Notes | Effective interest rate | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.36% | |||||||||||||||||||||||||||||||||||||
USD 5.125% Senior Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 445,000,000 | 493,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 500,000,000 | |||||||||||||||||||||||||||||||||||||
Borrowing costs capitalised | $ 7,000,000 | |||||||||||||||||||||||||||||||||||||
Borrowings term | 10 years | |||||||||||||||||||||||||||||||||||||
USD 5.125% Senior Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.125% | 5.125% | 5.125% | |||||||||||||||||||||||||||||||||||
USD 5.125% Senior Notes | Effective interest rate | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.24% | |||||||||||||||||||||||||||||||||||||
USD 5.875% Senior Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 556,000,000 | 558,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 300,000,000 | $ 250,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowing costs capitalised | $ 4,000,000 | |||||||||||||||||||||||||||||||||||||
Borrowings term | 8 years | |||||||||||||||||||||||||||||||||||||
Borrowings premium | $ 15,000,000 | |||||||||||||||||||||||||||||||||||||
USD 5.875% Senior Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.875% | 5.875% | 5.875% | |||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 550,000,000 | |||||||||||||||||||||||||||||||||||||
Issuance premium, percent | 106.375% | |||||||||||||||||||||||||||||||||||||
USD 5.875% Senior Notes | Effective interest rate | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.00% | |||||||||||||||||||||||||||||||||||||
USD 5.875% Senior Notes | Implied Yield To Maturity | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.817% | |||||||||||||||||||||||||||||||||||||
PYG 8.750% Notes (tranche A) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 17,000,000 | 17,000,000 | ||||||||||||||||||||||||||||||||||||
PYG 8.750% Notes (tranche A) | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 8.75% | 8.75% | ||||||||||||||||||||||||||||||||||||
PYG 9.250% Notes (tranche B) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 7,000,000 | 7,000,000 | ||||||||||||||||||||||||||||||||||||
PYG 9.250% Notes (tranche B) | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 9.25% | 9.25% | ||||||||||||||||||||||||||||||||||||
PYG 10.000% Notes (tranche C) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 9,000,000 | 9,000,000 | ||||||||||||||||||||||||||||||||||||
PYG 10.000% Notes (tranche C) | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||
PYG 9.250% Notes (tranche D) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 1,000,000 | 1,000,000 | ||||||||||||||||||||||||||||||||||||
PYG 9.250% Notes (tranche D) | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 9.25% | 9.25% | ||||||||||||||||||||||||||||||||||||
PYG 10.000% Notes (tranche E) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 4,000,000 | 4,000,000 | ||||||||||||||||||||||||||||||||||||
PYG 10.000% Notes (tranche E) | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||
PYG 9.250% Notes (tranche F) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 2,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||||||||
PYG 9.250% Notes (tranche F) | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 9.25% | 9.25% | ||||||||||||||||||||||||||||||||||||
PYG 10.000% Notes (tranche G) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||||||||
PYG 10.000% Notes (tranche G) | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||
PYG 6.000% Notes (tranche H) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 14,000,000 | 0 | ||||||||||||||||||||||||||||||||||||
PYG 6.000% Notes (tranche H) | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.00% | 6.00% | ||||||||||||||||||||||||||||||||||||
PYG 6.700% Notes (tranche I) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 21,000,000 | 0 | ||||||||||||||||||||||||||||||||||||
PYG 6.700% Notes (tranche I) | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.70% | 6.70% | ||||||||||||||||||||||||||||||||||||
PYG 7.500% Notes (tranche J) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 23,000,000 | 0 | ||||||||||||||||||||||||||||||||||||
PYG 7.500% Notes (tranche J) | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 7.50% | 7.50% | ||||||||||||||||||||||||||||||||||||
BOB 5.800% Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 50,000,000 | 50,000,000 | ||||||||||||||||||||||||||||||||||||
BOB 5.800% Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.80% | 5.80% | ||||||||||||||||||||||||||||||||||||
BOB 4.850% Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 28,000,000 | 42,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 85,000,000 | Bs. 591,600,000 | ||||||||||||||||||||||||||||||||||||
BOB 4.850% Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.85% | 4.85% | 4.85% | 4.85% | ||||||||||||||||||||||||||||||||||
BOB 3.950% Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 21,000,000 | 29,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 50,000,000 | |||||||||||||||||||||||||||||||||||||
BOB 3.950% Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.95% | 3.95% | 3.95% | 3.95% | ||||||||||||||||||||||||||||||||||
BOB 4.600% Notes Due 2024 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 40,000,000 | 40,000,000 | ||||||||||||||||||||||||||||||||||||
BOB 4.600% Notes Due 2024 | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.60% | 4.60% | ||||||||||||||||||||||||||||||||||||
BOB 4.30% Notes Due 2029 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 17,000,000 | 19,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 25,000,000 | |||||||||||||||||||||||||||||||||||||
BOB 4.30% Notes Due 2029 | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.30% | 4.30% | 4.30% | 4.30% | ||||||||||||||||||||||||||||||||||
BOB 4.300% Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 11,000,000 | 20,000,000 | ||||||||||||||||||||||||||||||||||||
BOB 4.300% Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.30% | 4.30% | ||||||||||||||||||||||||||||||||||||
BOB 4.700% Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 25,000,000 | 28,000,000 | ||||||||||||||||||||||||||||||||||||
BOB 4.700% Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.70% | 4.70% | ||||||||||||||||||||||||||||||||||||
BOB 5.300% Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 9,000,000 | 11,000,000 | ||||||||||||||||||||||||||||||||||||
BOB 5.300% Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.30% | 5.30% | ||||||||||||||||||||||||||||||||||||
BOB 5.000% Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 54,000,000 | 61,000,000 | ||||||||||||||||||||||||||||||||||||
BOB 5.000% Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.00% | 5.00% | ||||||||||||||||||||||||||||||||||||
UNE Bond 2 (tranches A and B) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 38,000,000 | 44,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 126,000,000 | $ 300,000,000,000 | ||||||||||||||||||||||||||||||||||||
UNE Bond 2 (tranches A and B) | Consumer Price Index | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Adjustment to interest rate basis | 4.76% | 4.76% | ||||||||||||||||||||||||||||||||||||
UNE Bond 3 (tranche A) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 9.35% | 9.35% | ||||||||||||||||||||||||||||||||||||
Bonds issued | $ 40,000,000 | 47,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 52,000,000 | |||||||||||||||||||||||||||||||||||||
UNE Bond 3 (tranche A) | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 9.35% | 9.35% | ||||||||||||||||||||||||||||||||||||
UNE Bond 3 (tranche B) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Adjustment to interest rate basis | 4.15% | 4.15% | ||||||||||||||||||||||||||||||||||||
Bonds issued | $ 64,000,000 | 74,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 83,000,000 | |||||||||||||||||||||||||||||||||||||
UNE Bond 3 (tranche B) | Consumer Price Index | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Adjustment to interest rate basis | 4.15% | 4.15% | ||||||||||||||||||||||||||||||||||||
UNE Bond 3 (tranche C) | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Adjustment to interest rate basis | 4.89% | 4.89% | ||||||||||||||||||||||||||||||||||||
Bonds issued | $ 32,000,000 | 37,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 41,000,000 | |||||||||||||||||||||||||||||||||||||
UNE Bond 3 (tranche C) | Consumer Price Index | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Adjustment to interest rate basis | 4.89% | 4.89% | ||||||||||||||||||||||||||||||||||||
UNE Bond 6.600% Due 2030 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.60% | 6.60% | ||||||||||||||||||||||||||||||||||||
Bonds issued | $ 38,000,000 | 44,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 44,000,000 | $ 150,000,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings term | 10 years | |||||||||||||||||||||||||||||||||||||
UNE Bond 6.600% Due 2030 | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.60% | 6.60% | ||||||||||||||||||||||||||||||||||||
UNE Bond 4 (Tranche A) Due 2028 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.56% | 5.56% | ||||||||||||||||||||||||||||||||||||
Bonds issued | $ 29,000,000 | 0 | ||||||||||||||||||||||||||||||||||||
Borrowings term | 7 years | |||||||||||||||||||||||||||||||||||||
UNE Bond 4 (Tranche A) Due 2028 | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.56% | 5.56% | ||||||||||||||||||||||||||||||||||||
UNE Bond 4 (Tranche B) Due 2031 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 2.61% | 2.61% | ||||||||||||||||||||||||||||||||||||
Bonds issued | $ 71,000,000 | 0 | ||||||||||||||||||||||||||||||||||||
Borrowings term | 10 years | |||||||||||||||||||||||||||||||||||||
UNE Bond 4 (Tranche B) Due 2031 | Consumer Price Index | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Adjustment to interest rate basis | 2.61% | 2.61% | ||||||||||||||||||||||||||||||||||||
UNE Bond 4 (Tranche C) Due 2036 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.18% | 3.18% | ||||||||||||||||||||||||||||||||||||
Bonds issued | $ 21,000,000 | 0 | ||||||||||||||||||||||||||||||||||||
Borrowings term | 15 years | |||||||||||||||||||||||||||||||||||||
UNE Bond 4 (Tranche C) Due 2036 | Consumer Price Index | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Adjustment to interest rate basis | 3.18% | 3.18% | ||||||||||||||||||||||||||||||||||||
USD 4.500% Senior Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 587,000,000 | 586,000,000 | ||||||||||||||||||||||||||||||||||||
USD 4.500% Senior Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.50% | 4.50% | ||||||||||||||||||||||||||||||||||||
Cable Onda Bonds 5.750% | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.75% | |||||||||||||||||||||||||||||||||||||
Bonds issued | $ 0 | 99,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 185,000,000 | |||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | $ 100,000,000 | $ 85,000,000 | ||||||||||||||||||||||||||||||||||||
Cable Onda Bonds 5.750% | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.75% | 5.75% | ||||||||||||||||||||||||||||||||||||
Cable Onda 4.5% Senior Notes Due 2030 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 600,000,000 | $ 600,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowing costs capitalised | $ 16,000,000 | |||||||||||||||||||||||||||||||||||||
Borrowings amortization period | 10 years | |||||||||||||||||||||||||||||||||||||
Cable Onda 4.5% Senior Notes Due 2030 | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.50% | |||||||||||||||||||||||||||||||||||||
Cable Onda 4.5% Senior Notes Due 2030 | Effective interest rate | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.69% | |||||||||||||||||||||||||||||||||||||
Telefonica Celular De Bolivia S.A. Notes Due 2026 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 50,000,000 | Bs. 345,000,000 | ||||||||||||||||||||||||||||||||||||
USD 6.75% Senior Notes Due 2022 [Member] | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.75% | |||||||||||||||||||||||||||||||||||||
BOB 5.000% Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 61,000,000 | Bs. 420,000,000 | ||||||||||||||||||||||||||||||||||||
BOB 5.000% Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.00% | 5.00% | ||||||||||||||||||||||||||||||||||||
BOB 5.300% Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.60% | 4.60% | ||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 40,000,000 | Bs. 280,000,000 | ||||||||||||||||||||||||||||||||||||
USD 6% Senior Notes [Member] | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 500,000,000 | |||||||||||||||||||||||||||||||||||||
USD 6% Senior Notes [Member] | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.00% | |||||||||||||||||||||||||||||||||||||
USD Notes Due 2026, 2028 And 2029 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Percent of borrowings redeemed | 10.00% | |||||||||||||||||||||||||||||||||||||
Payments to redeem borrowings | $ 180,000,000 | |||||||||||||||||||||||||||||||||||||
Redemption premium | 5,000,000 | |||||||||||||||||||||||||||||||||||||
Upfront costs | $ 3,000,000 | |||||||||||||||||||||||||||||||||||||
Redemption price, percentage | 103.00% | |||||||||||||||||||||||||||||||||||||
Telefonica Celular del Paraguay S.A.E. Notes Program | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 58,000,000 | $ 43,000,000 | ₲ 400,000,000,000 | ₲ 300,000,000,000 | ||||||||||||||||||||||||||||||||||
Telefonica Celular del Paraguay S.A.E. Notes Program | Bottom of range | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.00% | 6.00% | ||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | 5 years | ||||||||||||||||||||||||||||||||||||
Telefonica Celular del Paraguay S.A.E. Notes Program | Top of range | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 7.50% | 7.50% | ||||||||||||||||||||||||||||||||||||
Borrowings term | 10 years | 10 years | ||||||||||||||||||||||||||||||||||||
UNE Bond 4 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 138,000,000 | $ 485,680,000,000 | ||||||||||||||||||||||||||||||||||||
Colombia Movil S.A. Loan | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Percent of borrowings repaid | 50.00% | |||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | $ 300,000,000 | |||||||||||||||||||||||||||||||||||||
BOB Notes Issued November 2015 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 100,000,000 | Bs. 696,000,000 | ||||||||||||||||||||||||||||||||||||
BOB Notes Issued November 2015 | Effective interest rate | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.84% | 4.84% | ||||||||||||||||||||||||||||||||||||
BOB 5.800% Notes | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 15,000,000 | Bs. 104,400,000 | ||||||||||||||||||||||||||||||||||||
BOB 5.800% Notes | Fixed rate loans | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.05% | 4.05% | ||||||||||||||||||||||||||||||||||||
BOB Notes Issued April 2016 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings face amount | Bs. | Bs. 522,000,000 | |||||||||||||||||||||||||||||||||||||
BOB Notes Issued October 2017 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 80,000,000 | |||||||||||||||||||||||||||||||||||||
BOB Notes Issued October 2017, Tranche A | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.30% | |||||||||||||||||||||||||||||||||||||
BOB Notes Issued October 2017, Tranche B | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.70% | |||||||||||||||||||||||||||||||||||||
BOB Notes Issued October 2017, Tranche C | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.30% | |||||||||||||||||||||||||||||||||||||
UNE Bond 2 - Tranche A | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | |||||||||||||||||||||||||||||||||||||
UNE Bond 2 - Tranche B | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings term | 12 years | |||||||||||||||||||||||||||||||||||||
UNE Bond 3 | ||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||
Borrowings face amount | 176,000,000 | $ 540,000,000,000 | ||||||||||||||||||||||||||||||||||||
Extinguishment of debt | $ 150,000,000,000 |
Capital structure and financi_7
Capital structure and financing - C.3.2. Bank and Development Financial Institution financing (Details) Tsh in Millions, Q in Millions | Dec. 29, 2021USD ($) | Dec. 26, 2021USD ($) | Dec. 20, 2021USD ($) | Dec. 14, 2021USD ($) | Nov. 10, 2021USD ($) | Oct. 31, 2021USD ($) | Oct. 25, 2021USD ($)tranche | Mar. 26, 2021USD ($) | Mar. 01, 2021USD ($) | Dec. 20, 2019USD ($) | Dec. 12, 2019 | Nov. 19, 2019USD ($) | Aug. 27, 2019USD ($) | Oct. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Oct. 31, 2020USD ($)bank | Jun. 30, 2020USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Feb. 29, 2020TZS (Tsh) | Jan. 31, 2020USD ($) | Jan. 31, 2020TZS (Tsh) | Dec. 31, 2019USD ($) | Dec. 31, 2019TZS (Tsh) | Sep. 30, 2019 | Jan. 31, 2019PYG (₲) | Jul. 31, 2018USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Oct. 31, 2015USD ($) | Nov. 30, 2020USD ($)instument | Dec. 31, 2021USD ($)tranche | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021PYG (₲)tranche | Dec. 14, 2021COP ($) | Dec. 09, 2021USD ($)loan | Dec. 09, 2021GTQ (Q)loan | Nov. 12, 2021 | Oct. 31, 2021GTQ (Q) | Aug. 13, 2021USD ($) | Jun. 30, 2020BOB (Bs.) | Jan. 31, 2020PYG (₲) | Nov. 19, 2019BOB (Bs.) | Aug. 31, 2019agreement | Jun. 04, 2019USD ($) | Jun. 04, 2019TZS (Tsh) | Feb. 25, 2019USD ($) | Feb. 25, 2019PYG (₲) | Jul. 31, 2018PYG (₲) | Apr. 30, 2018USD ($) | Jan. 31, 2017USD ($) | Apr. 15, 2016USD ($) | Oct. 31, 2015PYG (₲) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 5,691,000,000 | $ 7,744,000,000 | $ 5,691,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of borrowings, classified as financing activities | 1,335,000,000 | [1] | 1,744,000,000 | $ 1,157,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guatemala joint ventures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | 193,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of controlling interest acquired | 45.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOB Long-term loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 7 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 26,000,000 | $ 26,000,000 | $ 10,000,000 | Bs. 69,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.50% | 5.50% | 5.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
BOB Long-term loans | Bottom of range | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 2 years 6 months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOB Long-term loans | Top of range | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD Long-Term Loans, Costa Rica | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 125,000,000 | $ 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of tranches | tranche | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | $ 120,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of borrowings, classified as financing activities | 30,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD Long-Term Loans, Costa Rica | Tranche A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | 33,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD Long-Term Loans, Costa Rica | Tranche B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 92,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Bank and Development Financial Institution financing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 1,353,000,000 | 3,618,000,000 | $ 1,353,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Itau Bank Loan Facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 40,000,000 | ₲ 257,700,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD Credit Agreement, Bank of Nova Scotia | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 75,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PYG Long-Term Loan, 9% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 7 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 57,000,000 | ₲ 370,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
PYG Long-Term Loan, 8.90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 7 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 18,000,000 | ₲ 115,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
PYG Long-Term Loan, Paraguay, 8.94% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 7 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | ₲ | ₲ 177,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banco Itau Paraguay S.A. Long Term Loan Maturing December 27, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 24,000,000 | ₲ 154,600,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banco Continental S.A.EC.A Credit Agreement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 2 years 6 months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | 29,000,000 | ₲ 200,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD Credit Agreement, Banco Nacional de Panama S.A. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 75,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of instruments | agreement | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Of Nova Scotia Credit Agreement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 60 months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 110,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of tranches | tranche | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 85,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Of Nova Scotia Credit Agreement | Tranche A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from current borrowings | $ 85,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Of Nova Scotia Credit Agreement | Tranche B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from current borrowings | $ 25,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Of Scotia Credit Agreement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 75,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.75% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bs. Newloan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 4 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 11,000,000 | Bs. 78,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
MIC S.A. Loan Facility Tranche A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 174,750,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
MIC S.A. Loan Facility Tranche B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 45,000,000 | Tsh 103,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
MIC S.A. Term Facility Agreement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 66 months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, disbursement percent | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from current borrowings | $ 15,000,000 | Tsh 34,000 | $ 15,000,000 | Tsh 35,000 | $ 15,000,000 | Tsh 34,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bancolombia Loan 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 7 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 111,000,000 | $ 450,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Loan Due 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 300,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | $ 150,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD Credit Facility, El Salvador Due 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 30,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD Credit Facility, El Salvador, Due 2023 - 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 Credit Agreement With Bank Of Nova Scotia | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 150,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 MIC S.A. Revolving Credit Facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 400,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 6 months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 600,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from current borrowings | $ 63,000,000 | $ 337,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2020 MIC S.A. ESG Linked Revolving Credit Facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 600,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of commercial banks in transaction | bank | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bridge Loan Agreement With Consortium Of Banks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 6 months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 2,150,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | $ 500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing costs incurred | $ 28,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bilateral Loan, DNB Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 100,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banco Industrial, Banco G&T Continental, Banco De America Central And Banco Agromercantil | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 420,000,000 | $ 420,000,000 | Q 3,223 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Banco Industrial, Banco G&T Continental, Banco De America Central And Banco Agromercantil | Bottom of range | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banco Industrial, Banco G&T Continental, Banco De America Central And Banco Agromercantil | Top of range | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 7 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banco Industrial Loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 123,000,000 | Q 950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banco G&T Continental S.A. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 65,000,000 | Q 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | loan | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate loans | PYG Long-term loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 137,000,000 | $ 94,000,000 | $ 137,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate loans | USD - Long-term loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 185,000,000 | 259,000,000 | 185,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate loans | BOB Long-term loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 37,000,000 | 54,000,000 | 37,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate loans | GTQ Long-term loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 605,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD Long-Term Loans, Costa Rica | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 119,000,000 | 0 | 119,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD Long Term Loans, Costa Rica, Variable Rate Due 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 33,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate loans | CRC Long Term Loans, Costa Rica, Variable Rate Due 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 0 | 88,000,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD Long-Term Loans, Tanzania | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 162,000,000 | 150,000,000 | 162,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD Long-Term Loans, Tanzania (Zantel) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 41,000,000 | 38,000,000 | 41,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate loans | COP Long-Term Loans, Colombia | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 262,000,000 | 322,000,000 | 262,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD Long-Term Loans, Colombia | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 296,000,000 | 148,000,000 | 296,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD Credit Facility / Senior Unsecured Term Loan Facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 118,000,000 | 0 | 118,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD Credit Facility/Senior Unsecured Term Loan Facility, El Salvador, Due 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 0 | 99,000,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD Long Term Loans, Luxembourg, Due 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized costs | (5,000,000) | (4,000,000) | (5,000,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD Bridge Loan, Luxembourg, Due 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 0 | 1,632,000,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD DNB, Luxembourg, Due 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 0 | $ 99,000,000 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency Swap | Columbia Loan Due 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 300,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency Swap | 2020 Bancolombia, JP Morgan And BBVA Cross Currency Swaps | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 100,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of instruments | instument | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average foreign exchange rate | 3.682 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency Swap | 2020 Bancolombia, JP Morgan And BBVA Cross Currency Swaps, Individual Value Of Four | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 25,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Capital structure and financi_8
Capital structure and financing - C.3.3. Interest and other financial expenses (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Interest and other financial expenses: | ||||
Interest expense on bonds and bank financing | $ (345) | $ (386) | $ (348) | |
Interest expense on leases | (131) | (156) | (157) | |
Early redemption charges | (5) | (15) | (10) | |
Others | (50) | (67) | (47) | |
Total interest and other financial expenses | $ (531) | [1] | $ (624) | $ (564) |
[1] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Capital structure and financi_9
Capital structure and financing - C.3.4. Guarantees and pledged assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of contingent liabilities [line items] | ||
Pledged deposits | $ 35 | $ 0 |
Contingent liability for guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 300 | 287 |
Supplier Guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 82 | 82 |
1 year | Contingent liability for guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 71 | 59 |
1 year | Supplier Guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 82 | 82 |
Later than one year and not later than three years | Contingent liability for guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 6 | 227 |
Later than one year and not later than three years | Supplier Guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 0 | 0 |
Later than three years and not later than five years | Contingent liability for guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 223 | 0 |
Later than three years and not later than five years | Supplier Guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | $ 0 | $ 0 |
Capital structure and financ_10
Capital structure and financing - C.4. Lease liability (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of share capital, reserves and other equity interest [Abstract] | |||
Current | $ 171 | [1] | $ 123 |
Non-Current | 996 | [1] | 897 |
Lease liabilities | 1,167 | 1,021 | |
Expense relating to short-term leases (included in cost of sales and operating expenses) | 0 | (1) | |
Total cash outflow for leases | $ (277) | $ (267) | |
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Capital structure and financ_11
Capital structure and financing - C.5. Cash and deposits (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | $ 895,000,000 | [1],[2] | $ 875,000,000 | [2] | $ 1,164,000,000 | $ 528,000,000 |
Restricted cash | 203,000,000 | [1] | 199,000,000 | |||
Non-current financial assets pledged as collateral for contingent liabilities | 0 | |||||
Debt denominated in US dollars | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | 526,000,000 | 619,000,000 | ||||
Total debt denominated in other currencies | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | 369,000,000 | 256,000,000 | ||||
Mobile Financial Services | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Restricted cash | 197,000,000 | 192,000,000 | ||||
Other Banks | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Restricted cash | $ 7,000,000 | $ 7,000,000 | ||||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||
[2] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Capital structure and financ_12
Capital structure and financing - C.6. Net financial obligations, table 1 (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract] | ||||||
Total debt and financing | $ 7,744 | $ 5,691 | ||||
Lease liabilities | 1,167 | 1,021 | ||||
Gross financial obligations | 8,911 | 6,711 | ||||
Cash and cash equivalents | (895) | [1],[2] | (875) | [2] | $ (1,164) | $ (528) |
Pledged deposits | (35) | 0 | ||||
Time deposits related to bank borrowings | 0 | 0 | ||||
Net financial obligations at the end of the year | 7,981 | 5,837 | $ 5,902 | |||
Add (less) derivatives related to debt (note D.1.2.) | (20) | (12) | ||||
Net financial obligations including derivatives related to debt | 7,961 | 5,825 | ||||
Restricted cash | $ 203 | [1] | $ 199 | |||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||
[2] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Capital structure and financ_13
Capital structure and financing - C.6. Net finnacial obligations, table 2 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in liabilities arising from financing activities [abstract] | ||
Interest accretion, liabilities arising form financing activities | $ 20 | $ 17 |
Transfers, liabilities arising form financing activities | (14) | 3 |
Other non-cash movements, liabilities arising form financing activities | (36) | (10) |
Changes In Net Debt [Abstract] | ||
Net debt | 5,837 | 5,902 |
Cash flows, net debt | 1,780 | (117) |
Scope changes, net debt | 414 | |
Additions/acquisitions, net debt | 123 | 68 |
Foreign exchange movements, net debt | (142) | (26) |
Net debt | 7,981 | 5,837 |
Bond and bank debt and financing | ||
Changes in liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, beginning of period | 5,691 | 5,972 |
Cash flows, liabilities arising form financing activities | 1,779 | (274) |
Scope changes, liabilities arising form financing activities | 413 | |
Acquisition of subsidiaries, joint ventures and associates, net of cash acquired | 0 | 0 |
Interest accretion, liabilities arising form financing activities | 20 | 16 |
Foreign exchange movements, liabilities arising form financing activities | (108) | (10) |
Transfers, liabilities arising form financing activities | (15) | (3) |
Other non-cash movements, liabilities arising form financing activities | (36) | (10) |
Liabilities arising from financing activities, end of period | 7,744 | 5,691 |
Lease liabilities [member] | ||
Changes in liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, beginning of period | 1,021 | 1,096 |
Cash flows, liabilities arising form financing activities | (137) | (116) |
Scope changes, liabilities arising form financing activities | 204 | |
Acquisition of subsidiaries, joint ventures and associates, net of cash acquired | 123 | 68 |
Interest accretion, liabilities arising form financing activities | 0 | 1 |
Foreign exchange movements, liabilities arising form financing activities | (44) | (34) |
Transfers, liabilities arising form financing activities | 1 | 6 |
Other non-cash movements, liabilities arising form financing activities | 0 | 0 |
Liabilities arising from financing activities, end of period | 1,167 | 1,021 |
Cash and cash equivalents | ||
Assets For Calculation Of Net Debt [Abstract] | ||
Assets, beginning of period | 875 | 1,164 |
Cash flows, assets | (169) | (272) |
Additions/acquisitions, assets | 0 | 0 |
Foreign exchange movements, assets | (10) | (17) |
Assets, end of period | 895 | 875 |
Changes In Net Debt [Abstract] | ||
Scope changes, net debt | 199 | |
Other | ||
Assets For Calculation Of Net Debt [Abstract] | ||
Assets, beginning of period | 0 | 2 |
Cash flows, assets | 31 | (2) |
Foreign exchange movements, assets | 0 | |
Assets, end of period | 35 | $ 0 |
Changes In Net Debt [Abstract] | ||
Scope changes, net debt | $ 4 |
Capital structure and financ_14
Capital structure and financing - C.7.2. Fair value of financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | $ 2,169 | $ 2,337 |
Current financial assets | 2,051 | 2,143 |
Non-current financial assets | 119 | 194 |
Financial assets at amortised cost | Derivative financial instruments | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 21 | 24 |
Financial assets at amortised cost | Other non-current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 74 | 77 |
Financial assets at amortised cost | Trade receivables, net | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 405 | 351 |
Financial assets at amortised cost | Amounts due from non-controlling interests, associates and joint venture partners | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 65 | 296 |
Financial assets at amortised cost | Prepayments and accrued income | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 168 | 149 |
Financial assets at amortised cost | Supplier advances for capital expenditures | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 35 | 21 |
Financial assets at amortised cost | Call option | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 0 | 3 |
Financial assets at amortised cost | Equity Investments | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 0 | 160 |
Financial assets at amortised cost | Other current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 302 | 181 |
Financial assets at amortised cost | Restricted cash | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 203 | 199 |
Financial assets at amortised cost | Cash and cash equivalents | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 895 | 875 |
Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 10,259 | 8,317 |
Current financial liabilities | 3,856 | 2,145 |
Non-current financial liabilities | 6,403 | 6,173 |
Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 10,332 | 8,198 |
Current financial liabilities | 3,856 | 2,145 |
Non-current financial liabilities | 6,476 | 6,054 |
Debt and financing | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 7,744 | 5,691 |
Debt and financing | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 7,817 | 5,572 |
Trade payables | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 347 | 334 |
Trade payables | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 347 | 334 |
Payables and accruals for capital expenditure | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 452 | 345 |
Payables and accruals for capital expenditure | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 452 | 345 |
Derivative financial instruments | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 1 | 16 |
Derivative financial instruments | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 1 | 16 |
Put option liability | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 290 | 262 |
Put option liability | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 290 | 262 |
Amounts due to non-controlling interests, associates and joint venture partners | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 74 | 339 |
Amounts due to non-controlling interests, associates and joint venture partners | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 74 | 339 |
Accrued interest and other expenses | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 539 | 445 |
Accrued interest and other expenses | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 539 | 445 |
Other liabilities | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 812 | 885 |
Other liabilities | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | $ 812 | $ 885 |
Capital structure and financ_15
Capital structure and financing - C.7.3. Equity investments (Details) £ / shares in Units, $ / shares in Units, £ in Millions, shares in Millions, $ in Millions | Oct. 17, 2019USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2021GBP (£)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2021GBP (£)shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Jul. 01, 2021USD ($)shares | Jul. 01, 2021GBP (£)shares | Oct. 31, 2019USD ($) | Oct. 31, 2019£ / shares | Oct. 17, 2019£ / shares |
Disclosure of fair value measurement of assets [line items] | ||||||||||||
Investments accounted for using equity method | $ 0 | $ 160 | ||||||||||
Equity Investment In HTA | ||||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||||
Investments accounted for using equity method | $ 292 | $ 0 | $ 160 | |||||||||
Offer price per share (usd per share) | £ / shares | £ 1.15 | £ 1.15 | ||||||||||
Enterprise value | $ 2,000 | |||||||||||
Market capitalization | $ 1,450 | |||||||||||
IPO option rights (as a percentage) | 4.00% | |||||||||||
Net dilution gain (loss) | $ (3) | |||||||||||
Gain on investment | $ 208 | |||||||||||
Disposal of proportion of ownership interest (as a percentage) | 20.00% | |||||||||||
Gross proceeds from disposal | $ 57 | |||||||||||
Net proceeds from disposal | 25 | |||||||||||
Share in tax escrow | 30 | |||||||||||
Loss on disposal | $ 32 | |||||||||||
Number of shares sold (in shares) | shares | 76 | 76 | 85 | 85 | 162 | 162 | ||||||
Proceeds from sales of investments accounted for using equity method | $ 163 | £ 115 | $ 169 | £ 130 | $ 383 | £ 244 | ||||||
Gain (loss) on disposal of equity method investment | $ 15 | (6) | ||||||||||
Percentage ownership held by non-controlling interest | 7.60% | |||||||||||
Change in fair value in investment | $ 18 | $ (16) | $ 312 | |||||||||
Closing price (in dollars per share) | $ / shares | $ 1.53 |
Capital structure and financ_16
Capital structure and financing - C.7.4. Call and put options (Details) - USD ($) $ in Millions | Aug. 29, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 13, 2018 | |
Disclosure of detailed information about business combination [line items] | |||||
Add (less) derivatives related to debt (note D.1.2.) | $ 20 | $ 12 | |||
Put option liability | 290 | [1] | 262 | ||
Option contract | |||||
Disclosure of detailed information about business combination [line items] | |||||
Notional amount | $ 0.3 | $ 3 | |||
Cable Onda S.A | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage ownership held by non-controlling interest | 20.00% | ||||
Add (less) derivatives related to debt (note D.1.2.) | $ 239 | ||||
Threshold for ownership percentage of counterparty to make call option exercisable | 10.00% | ||||
Enterprise value of acquired entity | $ 1,460 | ||||
Interest rate on put option | 5.00% | ||||
Interest rate on call option | 10.00% | ||||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Financial risk management - D.
Financial risk management - D. Financial risk management (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Instruments [Abstract] | ||
Target percent debt in local currency | 40.00% | |
Target percent of debt fixed rate | 75.00% | |
Target percent of debt floating rate | 25.00% | |
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative financial liabilities | $ (20) | $ (12) |
Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative financial assets | $ 20 | |
Derivative financial liabilities | $ 12 |
Financial risk management - D.1
Financial risk management - D.1. Interest rate risk (Details) - Interest rate risk | Dec. 31, 2021 | Dec. 31, 2020 |
Fixed rate loans | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Percentage of debt | 75.00% | |
Concentration percentage | 64.00% | 84.00% |
Variable rate loans | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Percentage of debt |
Financial risk management - D_2
Financial risk management - D.1.1. Fixed and floating rate debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 7,744 | $ 5,691 |
Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 7,744 | 5,691 |
Reasonably possible change in risk variable, percent | 1.00% | |
Reasonably possible change in risk variable, impact on profit before tax | $ 28 | 9 |
1 year | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 1,840 | 113 |
1–2 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 206 | 107 |
2–3 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 487 | 439 |
3–4 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 843 | 811 |
4–5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 758 | 467 |
Greater than 5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 3,610 | $ 3,755 |
Weighted average | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings, interest rate | 5.55% | 4.90% |
Weighted average | 1 year | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings, interest rate | 1.93% | 4.65% |
Weighted average | 1–2 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings, interest rate | 5.97% | 4.95% |
Weighted average | 2–3 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings, interest rate | 5.47% | 5.76% |
Weighted average | 3–4 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings, interest rate | 5.86% | 4.15% |
Weighted average | 4–5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings, interest rate | 5.11% | 5.09% |
Weighted average | Greater than 5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings, interest rate | 5.34% | 5.21% |
Fixed rate loans | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 4,956 | $ 4,766 |
Fixed rate loans | 1 year | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 91 | 80 |
Fixed rate loans | 1–2 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 151 | 90 |
Fixed rate loans | 2–3 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 460 | 268 |
Fixed rate loans | 3–4 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 662 | 561 |
Fixed rate loans | 4–5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 372 | 269 |
Fixed rate loans | Greater than 5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 3,219 | 3,498 |
Variable rate loans | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 2,789 | 926 |
Variable rate loans | 1 year | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 1,750 | 33 |
Variable rate loans | 1–2 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 55 | 17 |
Variable rate loans | 2–3 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 26 | 171 |
Variable rate loans | 3–4 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 181 | 250 |
Variable rate loans | 4–5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 386 | 197 |
Variable rate loans | Greater than 5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 391 | $ 256 |
Financial risk management - D_3
Financial risk management - D.1.2. Interest rate swap contracts (Details) - Interest rate swap - Interest rate risk $ in Millions, kr in Billions | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2021SEK (kr) | Dec. 31, 2020USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Derivative notional amount | $ 208 | kr 2 | |
Derivative financial assets held for hedging | 6 | ||
Derivative financial liabilities held for hedging | $ (23) | ||
El Salvador | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Derivative financial liabilities held for hedging | (1) | (3) | |
Costa Rica | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Derivative financial assets held for hedging | (1) | ||
Derivative financial liabilities held for hedging | (5) | ||
Loss on settlement of derivative | 1.6 | ||
Colombia | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Derivative financial assets held for hedging | $ 15 | ||
Derivative financial liabilities held for hedging | $ (7) |
Financial risk management - D.2
Financial risk management - D.2.1. Debt denominated in US Dollars and other currencies (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 7,744 | $ 5,691 |
Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 7,744 | 5,691 |
Reasonably possible change in risk variable, percent | 10.00% | |
Reasonably possible increase (decrease) in risk variable, impact on profit before tax | $ 38 | 45 |
Debt denominated in US dollars | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 4,827 | 3,384 |
Total debt denominated in other currencies | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 2,917 | 2,307 |
Guatemala | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 605 | |
Colombia | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 699 | 614 |
Tanzania | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 38 | 40 |
Bolivia | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 310 | 337 |
Paraguay | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 195 | 180 |
El Salvador | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 99 | 118 |
Panama | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 846 | 869 |
Luxembourg (COP denominated) | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 36 | 41 |
Costa Rica | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 88 | $ 107 |
Financial risk management - D.5
Financial risk management - D.5. Liquidity risk (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Debt and financing | $ (7,744) | $ (5,691) | ||||
Lease liabilities | (1,167) | (1,021) | ||||
Cash and cash equivalents | 895 | [1],[2] | 875 | [2] | $ 1,164 | $ 528 |
Pledged deposits | 35 | 0 | ||||
Net cash (debt) including derivatives related to debt | (7,961) | (5,825) | ||||
Trade payables (excluding accruals) | (38) | (46) | ||||
Derivative financial liabilities | (20) | (12) | ||||
Put option liability | (290) | [1] | (262) | |||
Trade receivables | 405 | [1] | 351 | |||
Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Debt and financing | (7,744) | (5,691) | ||||
Lease liabilities | (1,167) | (1,021) | ||||
Cash and cash equivalents | 895 | 875 | ||||
Pledged deposits | 35 | 0 | ||||
Refundable deposit | 0 | 0 | ||||
Derivative financial instruments | 20 | 12 | ||||
Net cash (debt) including derivatives related to debt | (7,961) | (5,825) | ||||
Future interest commitments related to debt and financing | (1,484) | |||||
Future interest commitments related to debt and financing | (1,524) | |||||
Future interest commitments related to leases | (704) | (759) | ||||
Trade payables (excluding accruals) | (624) | (576) | ||||
Other financial liabilities (including accruals) | (1,141) | (1,214) | ||||
Put option liability | (290) | (262) | ||||
Trade receivables | 405 | 351 | ||||
Other financial assets | 442 | 735 | ||||
Net financial liabilities | (11,396) | (9,034) | ||||
Liquidity risk | Less than 1 year | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Debt and financing | (1,840) | (113) | ||||
Lease liabilities | (171) | (123) | ||||
Cash and cash equivalents | 895 | 875 | ||||
Pledged deposits | 35 | 0 | ||||
Refundable deposit | 0 | 0 | ||||
Derivative financial instruments | 0 | 0 | ||||
Net cash (debt) including derivatives related to debt | (1,082) | 639 | ||||
Future interest commitments related to debt and financing | (311) | |||||
Future interest commitments related to debt and financing | (340) | |||||
Future interest commitments related to leases | (144) | (146) | ||||
Trade payables (excluding accruals) | (624) | (576) | ||||
Other financial liabilities (including accruals) | (1,141) | (1,185) | ||||
Put option liability | (290) | (262) | ||||
Trade receivables | 405 | 351 | ||||
Other financial assets | 344 | 568 | ||||
Net financial liabilities | (2,871) | (922) | ||||
Liquidity risk | 1 to 5 years | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Debt and financing | (2,294) | (1,824) | ||||
Lease liabilities | (591) | (525) | ||||
Cash and cash equivalents | 0 | 0 | ||||
Pledged deposits | 0 | 0 | ||||
Refundable deposit | 0 | 0 | ||||
Derivative financial instruments | 20 | 12 | ||||
Net cash (debt) including derivatives related to debt | (2,865) | (2,336) | ||||
Future interest commitments related to debt and financing | (1,069) | |||||
Future interest commitments related to debt and financing | (1,086) | |||||
Future interest commitments related to leases | (380) | (410) | ||||
Trade payables (excluding accruals) | 0 | 0 | ||||
Other financial liabilities (including accruals) | 0 | (29) | ||||
Put option liability | 0 | 0 | ||||
Trade receivables | 0 | 0 | ||||
Other financial assets | 98 | 167 | ||||
Net financial liabilities | (4,234) | (3,676) | ||||
Liquidity risk | Greater than 5 years | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Debt and financing | (3,610) | (3,755) | ||||
Lease liabilities | (404) | (373) | ||||
Cash and cash equivalents | 0 | 0 | ||||
Pledged deposits | 0 | 0 | ||||
Refundable deposit | 0 | 0 | ||||
Derivative financial instruments | 0 | 0 | ||||
Net cash (debt) including derivatives related to debt | (4,014) | (4,128) | ||||
Future interest commitments related to debt and financing | (104) | |||||
Future interest commitments related to debt and financing | (98) | |||||
Future interest commitments related to leases | (179) | (203) | ||||
Trade payables (excluding accruals) | 0 | 0 | ||||
Other financial liabilities (including accruals) | 0 | 0 | ||||
Put option liability | 0 | 0 | ||||
Trade receivables | 0 | 0 | ||||
Other financial assets | 0 | 0 | ||||
Net financial liabilities | $ (4,291) | $ (4,435) | ||||
Commercial Banks | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Concentration risk percentage | 41.00% | 20.00% | ||||
Bonds | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Concentration risk percentage | 46.00% | 64.00% | ||||
Development Finance Institutions | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Concentration risk percentage | 0.00% | 1.00% | ||||
Leases | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Concentration risk percentage | 13.00% | 15.00% | ||||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | |||||
[2] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Financial risk management - D.6
Financial risk management - D.6. Capital management (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Financial Instruments [Abstract] | ||||
Net financial obligations | $ 7,981 | $ 5,837 | $ 5,902 | |
EBITDA | $ 1,639 | $ 1,495 | ||
Net financial obligations to EBITDA | 487.00% | 390.00% | ||
Equity attributable to Owners of the Company | $ 2,583 | [1] | $ 2,059 | |
Net financial obligations and equity | $ 10,564 | $ 7,896 | ||
Gearing ratio | 76.00% | 74.00% | ||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Long-term assets - E.1.1. Accou
Long-term assets - E.1.1. Accounting for intangible assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | |
Period for which item is expensed (less than) | 1 year |
Bottom of range | Trademarks | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful lives | 1 year |
Bottom of range | Customer Lists | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful lives | 4 years |
Top of range | Trademarks | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful lives | 15 years |
Top of range | Customer Lists | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful lives | 20 years |
Long-term assets - E.1.3. Movem
Long-term assets - E.1.3. Movement in intangible assets (Details) $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)installment | Dec. 31, 2019COP ($) | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets, net | $ 7,721 | [1] | $ 3,403 | ||
Additions | 164 | 520 | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 3,403 | 3,195 | |||
Change in scope | 4,546 | ||||
Additions | 164 | 520 | |||
Amortization charge | (320) | (318) | |||
Impairment | (1) | 0 | |||
Disposals, net | (1) | (13) | |||
Transfers | 49 | (16) | |||
Transfers to/from assets held for sale | 0 | ||||
Exchange rate movements | (121) | 10 | |||
Closing balance, net | $ 3,195 | 7,721 | 3,403 | ||
Spectrum | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Useful life measured as period of time, intangible assets other than goodwill | 20 years | ||||
Intangible assets, net | $ 388 | ||||
Number of payment installments | installment | 12 | ||||
Additions | $ 33 | ||||
Total notional consideration | $ 615 | $ 2,450 | |||
Percentage payable in cash | 55.00% | 55.00% | 55.00% | ||
Percentage to be met by coverage obligations | 45.00% | 45.00% | 45.00% | ||
Future interest commitments, period of recognition | 17 years | ||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Additions | $ 33 | ||||
Goodwill | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Additions | 0 | 0 | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 1,659 | 1,684 | |||
Change in scope | 3,257 | ||||
Additions | 0 | 0 | |||
Impairment | 0 | 0 | |||
Disposals, net | 0 | 0 | |||
Transfers | 0 | 0 | |||
Transfers to/from assets held for sale | 0 | ||||
Exchange rate movements | (32) | (26) | |||
Closing balance, net | $ 1,684 | 4,884 | 1,659 | ||
Licenses | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Additions | 29 | 421 | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 870 | 468 | |||
Change in scope | 319 | ||||
Additions | 29 | 421 | |||
Amortization charge | (82) | (71) | |||
Impairment | 0 | 0 | |||
Disposals, net | 0 | 0 | |||
Transfers | 0 | 3 | |||
Transfers to/from assets held for sale | 0 | ||||
Exchange rate movements | (67) | 49 | |||
Closing balance, net | 468 | 1,070 | 870 | ||
Customer Lists | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Additions | 0 | 0 | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 423 | 470 | |||
Change in scope | 91 | ||||
Additions | 0 | 0 | |||
Amortization charge | (56) | (44) | |||
Impairment | 0 | 0 | |||
Disposals, net | 0 | 0 | |||
Transfers | 0 | 0 | |||
Transfers to/from assets held for sale | 0 | ||||
Exchange rate movements | (1) | (3) | |||
Closing balance, net | 470 | 456 | 423 | ||
IRUs | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Additions | 0 | 0 | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 86 | 107 | |||
Change in scope | 6 | ||||
Additions | 0 | 0 | |||
Amortization charge | (14) | (13) | |||
Impairment | 0 | 0 | |||
Disposals, net | 0 | (14) | |||
Transfers | 2 | (18) | |||
Transfers to/from assets held for sale | 0 | ||||
Exchange rate movements | (5) | (3) | |||
Closing balance, net | 107 | 75 | 86 | ||
Trademark | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Additions | 0 | 0 | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 77 | 183 | |||
Change in scope | 848 | ||||
Additions | 0 | 0 | |||
Amortization charge | (67) | (106) | |||
Impairment | 0 | 0 | |||
Disposals, net | 0 | 0 | |||
Transfers | 1 | 0 | |||
Transfers to/from assets held for sale | 0 | ||||
Exchange rate movements | 0 | 0 | |||
Closing balance, net | 183 | 858 | 77 | ||
Other | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Additions | 135 | 99 | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 289 | 282 | |||
Change in scope | 25 | ||||
Additions | 135 | 99 | |||
Amortization charge | (100) | (84) | |||
Impairment | (1) | 0 | |||
Disposals, net | (1) | 0 | |||
Transfers | 46 | (1) | |||
Transfers to/from assets held for sale | 0 | ||||
Exchange rate movements | (15) | (8) | |||
Closing balance, net | $ 282 | 379 | 289 | ||
Cost or valuation | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 4,953 | ||||
Closing balance, net | 10,322 | 4,953 | |||
Cost or valuation | Goodwill | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 1,659 | ||||
Closing balance, net | 4,884 | 1,659 | |||
Cost or valuation | Licenses | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 1,305 | ||||
Closing balance, net | 1,728 | 1,305 | |||
Cost or valuation | Customer Lists | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 630 | ||||
Closing balance, net | 1,251 | 630 | |||
Cost or valuation | IRUs | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 196 | ||||
Closing balance, net | 210 | 196 | |||
Cost or valuation | Trademark | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 323 | ||||
Closing balance, net | 1,189 | 323 | |||
Cost or valuation | Other | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 840 | ||||
Closing balance, net | 1,059 | 840 | |||
Accumulated amortization and impairment | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | (1,550) | ||||
Closing balance, net | (2,600) | (1,550) | |||
Accumulated amortization and impairment | Goodwill | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | 0 | ||||
Closing balance, net | 0 | 0 | |||
Accumulated amortization and impairment | Licenses | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | (435) | ||||
Closing balance, net | (658) | (435) | |||
Accumulated amortization and impairment | Customer Lists | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | (207) | ||||
Closing balance, net | (795) | (207) | |||
Accumulated amortization and impairment | IRUs | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | (111) | ||||
Closing balance, net | (135) | (111) | |||
Accumulated amortization and impairment | Trademark | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | (246) | ||||
Closing balance, net | (331) | (246) | |||
Accumulated amortization and impairment | Other | |||||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||||
Opening balance, net | (550) | ||||
Closing balance, net | $ (681) | $ (550) | |||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Long-term assets - E.1.4. Cash
Long-term assets - E.1.4. Cash used for the purchase of intangible assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Subclassifications of assets, liabilities and equities [abstract] | ||||
Additions | $ 164 | $ 520 | $ 202 | |
Change in accruals and payables for intangibles | (29) | (315) | (32) | |
Cash used for additions | $ 135 | [1] | $ 202 | $ 171 |
[1] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Long-term assets - E.1.5. Goodw
Long-term assets - E.1.5. Goodwill and indefinite useful life trademarks (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of information for cash-generating units [line items] | ||
Goodwill | $ 4,884 | $ 1,659 |
Intangible assets, net | 858 | 10 |
Guatemala | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 3,258 | 0 |
Intangible assets, net | 848 | 0 |
Panama | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 907 | 907 |
El Salvador | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 194 | 194 |
Costa Rica | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 110 | 115 |
Paraguay | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 47 | 47 |
Colombia | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 149 | 173 |
Tanzania (Zantel) | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 12 | 12 |
Intangible assets, net | 10 | 10 |
Nicaragua | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 203 | 207 |
Bolivia | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | $ 3 | $ 3 |
Long-term assets - E.1.6. Impai
Long-term assets - E.1.6. Impairment testing of goodwill (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of information for cash-generating units [line items] | ||
Goodwill impairment testing, period of planning horizon | 15 years | |
Bolivia | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 42.70% | 39.20% |
Average CAPEX intensity | 16.60% | 16.80% |
Perpetual growth rate | 1.00% | 1.00% |
WACC rate after tax | 11.60% | 11.50% |
Colombia | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 36.10% | 35.70% |
Average CAPEX intensity | 17.40% | 17.70% |
Perpetual growth rate | 2.00% | 2.00% |
WACC rate after tax | 8.90% | 8.30% |
Costa Rica | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 35.50% | 32.90% |
Average CAPEX intensity | 15.10% | 17.80% |
Perpetual growth rate | 2.00% | 2.00% |
WACC rate after tax | 11.10% | 12.10% |
El Salvador | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 39.30% | 35.40% |
Average CAPEX intensity | 12.90% | 14.00% |
Perpetual growth rate | 1.00% | 1.00% |
WACC rate after tax | 14.70% | 13.80% |
Nicaragua | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 45.90% | 45.60% |
Average CAPEX intensity | 16.00% | 15.90% |
Perpetual growth rate | 3.00% | 3.00% |
WACC rate after tax | 12.50% | 13.80% |
Panama | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 47.00% | 48.20% |
Average CAPEX intensity | 17.20% | 17.50% |
Perpetual growth rate | 1.00% | 1.00% |
WACC rate after tax | 7.00% | 7.60% |
Paraguay | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 42.60% | 44.30% |
Average CAPEX intensity | 15.40% | 15.60% |
Perpetual growth rate | 1.00% | 1.00% |
WACC rate after tax | 8.30% | 8.40% |
Guatemala | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 54.70% | 53.20% |
Average CAPEX intensity | 12.30% | 12.40% |
Perpetual growth rate | 1.00% | 1.00% |
WACC rate after tax | 8.40% | 8.60% |
Tanzania (Zantel) | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 38.00% | 39.50% |
Average CAPEX intensity | 12.50% | 11.70% |
Perpetual growth rate | 1.00% | 1.00% |
WACC rate after tax | 13.20% | 13.80% |
Perpetual growth rate, measurement input | Goodwill Impairment Risk | ||
Disclosure of information for cash-generating units [line items] | ||
Reasonably possible change in risk variable, percent | 1.00% | |
Weighted average cost of capital and perpetual growth rate, measurement input | Goodwill Impairment Risk | ||
Disclosure of information for cash-generating units [line items] | ||
Reasonably possible change in risk variable, percent | 1.00% | |
Weighted average cost of capital, measurement input | Goodwill Impairment Risk | ||
Disclosure of information for cash-generating units [line items] | ||
Reasonably possible change in risk variable, percent | 1.00% | |
EBITDA Margin, Measurement Input | Goodwill Impairment Risk | ||
Disclosure of information for cash-generating units [line items] | ||
Reasonably possible change in risk variable, percent | 2.00% |
Long-term assets - E.2.1. Accou
Long-term assets - E.2.1. Accounting for property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 40 years |
Bottom of range | Networks (including civil works) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Bottom of range | Other | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 2 years |
Top of range | Networks (including civil works) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 15 years |
Top of range | Other | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 7 years |
Long-term assets - E.2.2. Movem
Long-term assets - E.2.2. Movements in tangible assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | $ 2,755 | $ 2,899 | |
Change in scope (see note A.1.2.) | 543 | 0 | |
Additions | 787 | 649 | |
Impairments/reversal of impairment, net | (4) | 0 | |
Disposals, net | (14) | (13) | |
Depreciation charge | (739) | (749) | |
Asset retirement obligations | 32 | 19 | |
Transfers | (28) | 24 | |
Transfers from/(to) assets held for sale | 0 | 3 | |
Exchange rate movements | (133) | (77) | |
Closing balance, net | 3,198 | [1] | 2,755 |
Cost or valuation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | 7,466 | ||
Closing balance, net | 9,524 | 7,466 | |
Accumulated amortization and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | (4,711) | ||
Closing balance, net | (6,326) | (4,711) | |
Networks (including civil works) | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | 2,175 | 2,212 | |
Change in scope (see note A.1.2.) | 494 | 0 | |
Additions | 30 | 31 | |
Impairments/reversal of impairment, net | 0 | 0 | |
Disposals, net | (10) | 31 | |
Depreciation charge | (651) | (644) | |
Asset retirement obligations | 31 | 17 | |
Transfers | 572 | 588 | |
Transfers from/(to) assets held for sale | 0 | 1 | |
Exchange rate movements | (115) | (62) | |
Closing balance, net | 2,527 | 2,175 | |
Networks (including civil works) | Cost or valuation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | 6,423 | ||
Closing balance, net | 8,373 | 6,423 | |
Networks (including civil works) | Accumulated amortization and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | (4,248) | ||
Closing balance, net | (5,846) | (4,248) | |
Land and Buildings | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | 185 | 206 | |
Change in scope (see note A.1.2.) | 9 | 0 | |
Additions | 0 | 0 | |
Impairments/reversal of impairment, net | 0 | 0 | |
Disposals, net | 0 | (2) | |
Depreciation charge | (16) | (22) | |
Asset retirement obligations | 1 | 2 | |
Transfers | 5 | 5 | |
Transfers from/(to) assets held for sale | 0 | 1 | |
Exchange rate movements | (10) | (5) | |
Closing balance, net | 175 | 185 | |
Land and Buildings | Cost or valuation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | 329 | ||
Closing balance, net | 333 | 329 | |
Land and Buildings | Accumulated amortization and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | (144) | ||
Closing balance, net | (158) | (144) | |
Construction in Progress | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | 308 | 355 | |
Change in scope (see note A.1.2.) | 29 | 0 | |
Additions | 752 | 606 | |
Impairments/reversal of impairment, net | (3) | 0 | |
Disposals, net | (4) | (2) | |
Depreciation charge | 0 | 0 | |
Asset retirement obligations | 0 | 0 | |
Transfers | (646) | (644) | |
Transfers from/(to) assets held for sale | 0 | 0 | |
Exchange rate movements | (6) | (8) | |
Closing balance, net | 429 | 308 | |
Construction in Progress | Cost or valuation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | 308 | ||
Closing balance, net | 429 | 308 | |
Construction in Progress | Accumulated amortization and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | 0 | ||
Closing balance, net | 0 | 0 | |
Other | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | 87 | 127 | |
Change in scope (see note A.1.2.) | 11 | 0 | |
Additions | 4 | 11 | |
Impairments/reversal of impairment, net | (1) | 0 | |
Disposals, net | 0 | (41) | |
Depreciation charge | (73) | (83) | |
Asset retirement obligations | 0 | 0 | |
Transfers | 41 | 75 | |
Transfers from/(to) assets held for sale | 0 | 0 | |
Exchange rate movements | (2) | (2) | |
Closing balance, net | 68 | 87 | |
Other | Cost or valuation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | 407 | ||
Closing balance, net | 390 | 407 | |
Other | Accumulated amortization and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance, net | (320) | ||
Closing balance, net | $ (322) | $ (320) | |
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Long-term assets - E.2.3. Cash
Long-term assets - E.2.3. Cash used for the purchase of tangible assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Subclassifications of assets, liabilities and equities [abstract] | ||||
Additions | $ 787 | $ 649 | $ 719 | |
Change in advances to suppliers | (6) | (4) | 1 | |
Change in accruals and payables for property, plant and equipment | (40) | (22) | 17 | |
Finance leases | (1) | (1) | (1) | |
Cash used for additions | $ 740 | [1] | $ 622 | $ 736 |
[1] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Long-term assets - E.3 Leases (
Long-term assets - E.3 Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | $ 895 | |||
Change in scope (see note A.1.2.) | 187 | $ 0 | ||
Additions | 106 | 86 | ||
Modifications | 25 | (8) | ||
Impairments | (1) | (1) | ||
Disposals | (7) | (12) | ||
Depreciation | (145) | (155) | ||
Asset retirement obligations | 0 | 0 | ||
Transfers | (18) | 4 | ||
Transfers to/from assets held for sale | 0 | |||
Exchange rate movements | (34) | (32) | ||
Closing balance, net | 1,008 | [1] | 895 | |
Gains or losses arising from sale and leaseback transactions | 0 | 0 | $ 5 | |
Income from tower deal transactions | 0 | 0 | 22 | |
Colombia | ||||
Right-of-Use Assets [Roll Forward] | ||||
Decrease in lease liabilities | 45 | |||
Decrease in right-of-use assets | 45 | |||
Land and buildings | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 147 | |||
Change in scope (see note A.1.2.) | 16 | 0 | ||
Additions | 37 | 41 | ||
Modifications | 14 | 9 | ||
Impairments | (1) | (1) | ||
Disposals | (2) | (10) | ||
Depreciation | (36) | (38) | ||
Asset retirement obligations | 1 | 0 | ||
Transfers | 0 | 0 | ||
Transfers to/from assets held for sale | 0 | |||
Exchange rate movements | (9) | (3) | ||
Closing balance, net | 169 | 147 | ||
Sites rental | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 93 | |||
Change in scope (see note A.1.2.) | 107 | 0 | ||
Additions | 14 | 2 | ||
Modifications | 8 | 10 | ||
Impairments | 0 | 0 | ||
Disposals | (2) | (1) | ||
Depreciation | (22) | (17) | ||
Asset retirement obligations | 0 | 1 | ||
Transfers | 4 | 0 | ||
Transfers to/from assets held for sale | 0 | |||
Exchange rate movements | (1) | (2) | ||
Closing balance, net | 201 | 93 | ||
Tower rental | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 607 | |||
Change in scope (see note A.1.2.) | 48 | 0 | ||
Additions | 53 | 23 | ||
Modifications | 3 | (27) | ||
Impairments | 0 | 0 | ||
Disposals | (2) | 0 | ||
Depreciation | (81) | (88) | ||
Asset retirement obligations | 0 | 0 | ||
Transfers | (17) | (2) | ||
Transfers to/from assets held for sale | 0 | |||
Exchange rate movements | (24) | (27) | ||
Closing balance, net | 587 | 607 | ||
Other network equipment | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 14 | |||
Change in scope (see note A.1.2.) | 3 | 0 | ||
Additions | 0 | 1 | ||
Modifications | 1 | 0 | ||
Impairments | 0 | 0 | ||
Disposals | (1) | 0 | ||
Depreciation | (4) | (1) | ||
Asset retirement obligations | 0 | 0 | ||
Transfers | (5) | 0 | ||
Transfers to/from assets held for sale | 0 | |||
Exchange rate movements | 0 | 0 | ||
Closing balance, net | 25 | 14 | ||
Capacity | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 31 | |||
Change in scope (see note A.1.2.) | 0 | 0 | ||
Additions | 0 | 18 | ||
Modifications | 0 | (1) | ||
Impairments | 0 | 0 | ||
Disposals | 0 | (1) | ||
Depreciation | (1) | (8) | ||
Asset retirement obligations | 0 | 0 | ||
Transfers | (1) | 5 | ||
Transfers to/from assets held for sale | 0 | |||
Exchange rate movements | 0 | 0 | ||
Closing balance, net | 12 | 31 | ||
Other | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 2 | |||
Change in scope (see note A.1.2.) | 13 | 0 | ||
Additions | 1 | 1 | ||
Modifications | (1) | 0 | ||
Impairments | 0 | 0 | ||
Disposals | 0 | 0 | ||
Depreciation | (2) | (2) | ||
Asset retirement obligations | 0 | (1) | ||
Transfers | 0 | 1 | ||
Transfers to/from assets held for sale | 0 | |||
Exchange rate movements | 0 | 0 | ||
Closing balance, net | 13 | 2 | ||
Cost or valuation | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 1,238 | |||
Closing balance, net | 1,557 | 1,238 | ||
Cost or valuation | Land and buildings | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 206 | |||
Closing balance, net | 254 | 206 | ||
Cost or valuation | Sites rental | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 127 | |||
Closing balance, net | 317 | 127 | ||
Cost or valuation | Tower rental | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 839 | |||
Closing balance, net | 908 | 839 | ||
Cost or valuation | Other network equipment | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 18 | |||
Closing balance, net | 40 | 18 | ||
Cost or valuation | Capacity | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 42 | |||
Closing balance, net | 17 | 42 | ||
Cost or valuation | Other | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 6 | |||
Closing balance, net | 21 | 6 | ||
Accumulated depreciation and impairment | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | (343) | |||
Closing balance, net | (549) | (343) | ||
Accumulated depreciation and impairment | Land and buildings | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | (59) | |||
Closing balance, net | (85) | (59) | ||
Accumulated depreciation and impairment | Sites rental | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | (34) | |||
Closing balance, net | (116) | (34) | ||
Accumulated depreciation and impairment | Tower rental | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | (232) | |||
Closing balance, net | (320) | (232) | ||
Accumulated depreciation and impairment | Other network equipment | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | (4) | |||
Closing balance, net | (14) | (4) | ||
Accumulated depreciation and impairment | Capacity | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | (12) | |||
Closing balance, net | (5) | (12) | ||
Accumulated depreciation and impairment | Other | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | (3) | |||
Closing balance, net | (8) | (3) | ||
Increase (decrease) due to application of IFRS 16 | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 895 | 1,012 | ||
Closing balance, net | 895 | 1,012 | ||
Increase (decrease) due to application of IFRS 16 | Land and buildings | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 147 | 148 | ||
Closing balance, net | 147 | 148 | ||
Increase (decrease) due to application of IFRS 16 | Sites rental | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 93 | 101 | ||
Closing balance, net | 93 | 101 | ||
Increase (decrease) due to application of IFRS 16 | Tower rental | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 607 | 729 | ||
Closing balance, net | 607 | 729 | ||
Increase (decrease) due to application of IFRS 16 | Other network equipment | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 31 | 15 | ||
Closing balance, net | 31 | 15 | ||
Increase (decrease) due to application of IFRS 16 | Capacity | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | 14 | 16 | ||
Closing balance, net | 14 | 16 | ||
Increase (decrease) due to application of IFRS 16 | Other | ||||
Right-of-Use Assets [Roll Forward] | ||||
Opening balance, net | $ 2 | 3 | ||
Closing balance, net | $ 2 | $ 3 | ||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Long-term assets - E.4.2. Milli
Long-term assets - E.4.2. Millicom's assets held for sale (Details) - USD ($) $ in Millions | Jun. 26, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Detailed Information About Assets Classified As Held For Sale [Line Items] | |||||
Liabilities included in disposal groups classified as held for sale | $ 0 | [1] | $ 0 | ||
Foreign exchange gain (loss) | (43) | (69) | $ (32) | ||
Cash and cash equivalents classified as part of disposal group held for sale | 0 | [2] | 0 | 9 | |
Discontinued operations [Abstract] | |||||
Cost of sales | (1,302) | [3] | (1,171) | (1,201) | |
Operating expenses | (1,677) | [3] | (1,505) | (1,604) | |
Depreciation and amortization | (1,196) | (1,208) | (1,100) | ||
Other operating income (expenses), net | 6 | [3] | (12) | (34) | |
Operating profit | 659 | [3] | 446 | 575 | |
Other non-operating (expenses) income, net | (50) | [3] | (106) | 227 | |
Profit (loss) before taxes from continuing operations | 732 | [2],[3] | (271) | 218 | |
Net profit/(loss) from discontinuing operations | 0 | [3] | (12) | 57 | |
Total assets of held for sale | |||||
Disclosure Of Detailed Information About Assets Classified As Held For Sale [Line Items] | |||||
Non-current assets or disposal groups classified as held for sale | 0 | 1 | |||
Liabilities included in disposal groups classified as held for sale | 0 | 0 | |||
Assets (Liabilities) Classified As Held For Sale | 0 | 1 | |||
Discontinued operations | |||||
Discontinued operations [Abstract] | |||||
Revenue | 0 | 0 | 50 | ||
Cost of sales | 0 | 0 | (14) | ||
Operating expenses | 0 | (4) | (2) | ||
Depreciation and amortization | 0 | 0 | (11) | ||
Other operating income (expenses), net | 0 | 0 | 0 | ||
Gain (loss) on disposal of discontinued operations | 0 | 0 | (74) | ||
Other expenses linked to the disposal of discontinued operations | 0 | (9) | (10) | ||
Operating profit | 0 | (12) | 88 | ||
Interest income (expense), net | 0 | 0 | (2) | ||
Other non-operating (expenses) income, net | 0 | 0 | 0 | ||
Profit (loss) before taxes from continuing operations | 0 | (12) | 86 | ||
Credit (charge) for taxes, net | 0 | 0 | (2) | ||
Net profit/(loss) from discontinuing operations | 0 | (12) | 84 | ||
Cash flows from discontinued operations [abstract] | |||||
Cash from (used in) operating activities, net | 0 | 0 | (8) | ||
Cash from (used in) investing activities, net | 0 | 0 | 5 | ||
Cash from (used in) financing activities, net | 0 | 0 | 7 | ||
Discontinued operations | Discontinued Operations - Chad | |||||
Discontinued operations [Abstract] | |||||
Gain (loss) on disposal of discontinued operations | $ (77) | ||||
Discontinued operations | Discontinued Operations - Rwanda | |||||
Discontinued operations [Abstract] | |||||
Gain (loss) on disposal of discontinued operations | $ 32 | ||||
Discontinued operations | Total assets of held for sale | Discontinued Operations, Towers Colombia | |||||
Disclosure Of Detailed Information About Assets Classified As Held For Sale [Line Items] | |||||
Non-current assets or disposal groups classified as held for sale | 0 | 1 | |||
Discontinued operations | Total assets of held for sale | Discontinued Operations, Towers El Salvador | |||||
Disclosure Of Detailed Information About Assets Classified As Held For Sale [Line Items] | |||||
Non-current assets or disposal groups classified as held for sale | 0 | 0 | |||
Discontinued operations | Total assets of held for sale | Discontinued Operations, Towers Zantel | |||||
Disclosure Of Detailed Information About Assets Classified As Held For Sale [Line Items] | |||||
Non-current assets or disposal groups classified as held for sale | $ 0 | $ 0 | |||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[2] | The cash flows of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. | ||||
[3] | (i) Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Other assets and liabilities F.
Other assets and liabilities F.1. Trade receivables (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | $ 405 | [1] | $ 351 |
Neither past due nor impaired | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 286 | 216 | |
Gross | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 722 | 649 | |
Provisions | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | (316) | (298) | |
30–90 days | Past due (net of impairments) | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 74 | 90 | |
Greater than 90 days | Past due (net of impairments) | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 46 | 45 | |
Telecom operators | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 25 | 25 | |
Telecom operators | Neither past due nor impaired | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 18 | 15 | |
Telecom operators | 30–90 days | Past due (net of impairments) | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 3 | 7 | |
Telecom operators | Greater than 90 days | Past due (net of impairments) | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 4 | 3 | |
Own customers | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 303 | 266 | |
Own customers | Neither past due nor impaired | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 210 | 167 | |
Own customers | 30–90 days | Past due (net of impairments) | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 59 | 65 | |
Own customers | Greater than 90 days | Past due (net of impairments) | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 34 | 34 | |
Others | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 77 | 60 | |
Others | Neither past due nor impaired | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 58 | 34 | |
Others | 30–90 days | Past due (net of impairments) | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | 12 | 19 | |
Others | Greater than 90 days | Past due (net of impairments) | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables, net | $ 8 | $ 8 | |
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Other assets and liabilities _2
Other assets and liabilities F.2. Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Telephone and equipment | $ 43 | $ 23 | |
SIM cards | 5 | 4 | |
IRUs | 0 | 0 | |
Other | 15 | 10 | |
Inventory | $ 63 | [1] | $ 37 |
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Other assets and liabilities _3
Other assets and liabilities F.3. Trade payables (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables | $ 38 | $ 46 |
Other assets and liabilities _4
Other assets and liabilities F.4.1. Current provisions and other liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Deferred revenue | $ 110 | $ 78 | |
Customer deposits | 15 | 14 | |
Current legal provisions | 24 | 22 | |
Tax payables | 88 | 72 | |
Customer and MFS distributor cash balances | 194 | 186 | |
Withholding tax on payments to third parties | 11 | 6 | |
Other current liabilities | 105 | 133 | |
Total | 546 | [1] | 511 |
Provision for tax risk not related to income tax | $ 44 | $ 25 | |
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Other assets and liabilities _5
Other assets and liabilities F.4.2. Non-current provisions and other liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Non-current legal provisions | $ 22 | $ 30 | |
Long-term portion of asset retirement obligations | 177 | 107 | |
Long-term portion of deferred income on tower sale and leasebacks recognized under IAS 17 | 46 | 57 | |
Long-term employment obligations | 56 | 67 | |
Other non-current liabilities | 63 | 67 | |
Non-current provisions | $ 364 | [1] | $ 328 |
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Other assets and liabilities _6
Other assets and liabilities F.5. Assets and liabilities related to contract with customers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Contract Assets [Line Items] | |||
Contract assets, net | $ 69 | [1] | $ 31 |
Contract liabilities [abstract] | |||
Short-term portion | 97 | [1] | 90 |
Revenue that was included in contract liability balance at beginning of period | 86 | 82 | |
Transaction price allocated to remaining performance obligations | 101 | ||
Contract Costs, Net [Roll Forward] | |||
Contract costs, net, beginning of period | 8 | 5 | |
Change in scope | 2 | 0 | |
Contract costs capitalized | 2 | 1 | |
Amortization of contract costs | (1) | (1) | |
Contract costs, net, end of period | 5 | 5 | |
Gross Carrying Amount, Non-current | |||
Contract Assets [Line Items] | |||
Contract assets, net | 18 | 6 | |
Gross Carrying Amount, Current | |||
Contract Assets [Line Items] | |||
Contract assets, net | 54 | 28 | |
Provisions | |||
Contract Assets [Line Items] | |||
Contract assets, net | (4) | (2) | |
Current contract liabilities | |||
Contract liabilities [abstract] | |||
Long-term portion | 2 | 2 | |
Short-term portion | 95 | 89 | |
Total | 97 | $ 90 | |
2020 | |||
Contract liabilities [abstract] | |||
Transaction price allocated to remaining performance obligations | 96 | ||
2021 | |||
Contract liabilities [abstract] | |||
Transaction price allocated to remaining performance obligations | $ 6 | ||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
Additional disclosure items G.1
Additional disclosure items G.1 Fees to auditors (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Auditor's remuneration [abstract] | |||
Audit fees | $ 5.2 | $ 5.8 | $ 6.8 |
Audit related fees | 1.4 | 0.5 | 1.3 |
Tax fees | 0.1 | 0.1 | 0.1 |
Other fees | 0.4 | 0.1 | 0.6 |
Total | $ 7.1 | $ 6.4 | $ 8.8 |
Additional disclosure items G.2
Additional disclosure items G.2.1. Capital commitments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Capital Commitments [Line Items] | ||
Capital commitments | $ 761 | $ 564 |
1 year | ||
Capital Commitments [Line Items] | ||
Capital commitments | 428 | 400 |
Joint ventures | ||
Capital Commitments [Line Items] | ||
Capital commitments | 41 | 69 |
Joint ventures | 1 year | ||
Capital Commitments [Line Items] | ||
Capital commitments | $ 41 | $ 52 |
Additional disclosure items G.3
Additional disclosure items G.3.1. Litigation and legal risks (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of contingent liabilities [line items] | ||
Legal proceedings provision | $ 36 | $ 45 |
Joint ventures | ||
Disclosure of contingent liabilities [line items] | ||
Legal proceedings provision | 1 | 3 |
Legal proceedings contingent liability | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 246 | 288 |
Legal proceedings contingent liability | Joint ventures | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | $ 13 | $ 14 |
Additional disclosure items G_2
Additional disclosure items G.3.2. Tax related risks and uncertain tax position (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of other provisions [line items] | ||
Uncertain tax positions, remote risk | 20.00% | |
Uncertain tax positions, probable risk | 50.00% | |
Provision for taxes other than income tax | ||
Disclosure of other provisions [line items] | ||
Other provisions | $ 69 | $ 77 |
Tax contingent liability | ||
Disclosure of other provisions [line items] | ||
Estimated financial effect of contingent liabilities | 343 | 339 |
Contingent liabilities released | 25 | |
Reversal of provisions for claims | 30 | |
Joint ventures | Provision for taxes other than income tax | ||
Disclosure of other provisions [line items] | ||
Other provisions | 3 | 7 |
Joint ventures | Tax contingent liability | ||
Disclosure of other provisions [line items] | ||
Estimated financial effect of contingent liabilities | $ 68 | $ 69 |
Bottom of range | ||
Disclosure of other provisions [line items] | ||
Uncertain tax positions, possible risk | 21.00% | |
Top of range | ||
Disclosure of other provisions [line items] | ||
Uncertain tax positions, possible risk | 49.00% |
Additional disclosure items G.4
Additional disclosure items G.4. Non-cash investing and financing activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Additional information [abstract] | |||
Acquisition of property, plant and equipment | $ (47) | $ (27) | $ 17 |
Asset retirement obligations | 32 | 19 | 19 |
Acquisition of subsidiaries, joint ventures and associates, net of cash acquired | 106 | 92 | 100 |
Share based compensation | $ 17 | $ 24 | $ 27 |
Additional disclosure items G.5
Additional disclosure items G.5. Related party balances and transactions (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 12, 2021 | Nov. 14, 2019 | Dec. 31, 2014 | ||
Expenses from transactions with related parties | |||||||
Other expenses | $ (18,000,000) | $ (57,000,000) | $ (10,000,000) | ||||
Total | (221,000,000) | (310,000,000) | (412,000,000) | ||||
Income and gains from transactions with related parties | |||||||
Other revenue | 2,000,000 | 2,000,000 | 3,000,000 | ||||
Total | 314,000,000 | 343,000,000 | 322,000,000 | ||||
LIABILITIES | |||||||
Total | 87,000,000 | 356,000,000 | |||||
Amounts due to non-controlling interests, associates and joint ventures | 0 | [1] | 29,000,000 | ||||
Amounts receivable | 70,000,000 | 299,000,000 | |||||
Amounts due from non-controlling interests, associates and joint ventures | 24,000,000 | [1] | 90,000,000 | ||||
Current receivables due from related parties | 42,000,000 | [1] | 206,000,000 | ||||
Non-current receivables due from related parties | 24,000,000 | [1] | 90,000,000 | ||||
Gain (loss) on disposal of equity investments | (15,000,000) | 25,000,000 | (32,000,000) | ||||
Guatemala joint ventures | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Percentage of controlling interest acquired | 45.00% | ||||||
LIABILITIES | |||||||
Repayments of non-current borrowings | 193,000,000 | ||||||
6.875% Senior Notes | Guatemala joint ventures | |||||||
LIABILITIES | |||||||
Borrowings face amount | $ 800,000,000 | ||||||
6.875% Senior Notes | Guatemala joint ventures | Fixed rate loans | |||||||
LIABILITIES | |||||||
Borrowings, interest rate | 6.875% | ||||||
Other related parties | |||||||
LIABILITIES | |||||||
Total | 2,000,000 | 1,000,000 | |||||
Amounts receivable | 5,000,000 | 5,000,000 | |||||
Kinnevik | Principal shareholder | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Shareholder ownership percentage | 37.00% | ||||||
LIABILITIES | |||||||
Shareholder ownership percentage | 37.00% | ||||||
Miffin | Entities with joint control or significant influence over entity | |||||||
Expenses from transactions with related parties | |||||||
Purchases of goods and services | (165,000,000) | (216,000,000) | (214,000,000) | ||||
Income and gains from transactions with related parties | |||||||
Sale of goods and services | 14,000,000 | 15,000,000 | 13,000,000 | ||||
Guatemala joint ventures | Joint ventures where entity is venturer | |||||||
LIABILITIES | |||||||
Total | 0 | 231,000,000 | |||||
Amounts receivable | 0 | 206,000,000 | |||||
Honduras joint ventures | Joint ventures where entity is venturer | |||||||
LIABILITIES | |||||||
Total | 69,000,000 | 103,000,000 | |||||
Amounts receivable | 62,000,000 | 84,000,000 | |||||
Honduras joint ventures | Joint ventures where entity is venturer | Sale Of Shares Consideration Receivable | |||||||
LIABILITIES | |||||||
Amounts due from non-controlling interests, associates and joint ventures | 24,000,000 | ||||||
Receivables due from related parties | 53,000,000 | ||||||
Cash receipts from repayment of advances and loans made to related parties | 30,000,000 | ||||||
Receivables due from related parties | 53,000,000 | ||||||
Non-current receivables due from related parties | 24,000,000 | ||||||
EPM | Entities with joint control or significant influence over entity | |||||||
LIABILITIES | |||||||
Total | 15,000,000 | 20,000,000 | |||||
Amounts receivable | 2,000,000 | 3,000,000 | |||||
EPM | Joint ventures where entity is venturer | |||||||
Expenses from transactions with related parties | |||||||
Purchases of goods and services | (39,000,000) | (37,000,000) | (42,000,000) | ||||
Income and gains from transactions with related parties | |||||||
Sale of goods and services | 299,000,000 | 327,000,000 | 306,000,000 | ||||
Panama Non-Controlling Interest | Entities with joint control or significant influence over entity | |||||||
LIABILITIES | |||||||
Total | 1,000,000 | 1,000,000 | |||||
Helios Towers Africa Ltd (HTA) | Joint ventures where entity is venturer | |||||||
Expenses from transactions with related parties | |||||||
Lease of towers and related services from HTA | 0 | 0 | $ (146,000,000) | ||||
Panama | |||||||
LIABILITIES | |||||||
Amounts receivable | 1,000,000 | 1,000,000 | |||||
Ghana | |||||||
LIABILITIES | |||||||
Amounts receivable | $ 0 | $ 0 | |||||
Colombia | EPM | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Percentage ownership held by non-controlling interest | 50.00% | ||||||
LIABILITIES | |||||||
Percentage ownership held by non-controlling interest | 50.00% | ||||||
Cable Onda S.A | Cable Onda Partners | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Percentage ownership held by non-controlling interest | 20.00% | ||||||
LIABILITIES | |||||||
Percentage ownership held by non-controlling interest | 20.00% | ||||||
Telefonica Moviles Panama | Cable Onda Partners | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Percentage ownership held by non-controlling interest | 20.00% | ||||||
LIABILITIES | |||||||
Percentage ownership held by non-controlling interest | 20.00% | ||||||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |
IPO - Millicom's operations i_2
IPO - Millicom's operations in Tanzania (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Tigo Tanzania | |
Disclosure of classes of share capital [line items] | |
Percentage of outstanding capital required to be sold in public offering | 25.00% |
Subsequent events (Details)
Subsequent events (Details) | Jan. 27, 2022USD ($) | Jan. 13, 2022USD ($) | Dec. 29, 2021USD ($) | Nov. 10, 2021USD ($) | Jan. 31, 2022USD ($) | Dec. 31, 2021USD ($)$ / sharesshares | Feb. 28, 2022USD ($)$ / sharesshares | Feb. 27, 2022USD ($)shares | Jan. 13, 2022SEK (kr) | Dec. 13, 2021USD ($)$ / sharesshares | Nov. 12, 2021 | Dec. 31, 2020USD ($)$ / sharesshares | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Bonds issued | $ 4,090,000,000 | $ 4,297,000,000 | |||||||||||
Borrowings | 7,744,000,000 | 5,691,000,000 | |||||||||||
Derivative financial instruments | 0 | [1] | 1,000,000 | ||||||||||
Share capital | $ 153,000,000 | $ 153,000,000 | |||||||||||
Number of shares authorised (in shares) | shares | 133,333,200 | 133,333,200 | |||||||||||
Par value per share (usd per share) | $ / shares | $ 1.50 | $ 1.50 | $ 1.50 | ||||||||||
Share capital, increase | $ 300,000,000 | ||||||||||||
Number of shares authorised, increase | shares | 200,000,000 | ||||||||||||
Guatemala joint ventures | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Percentage of controlling interest acquired | 45.00% | ||||||||||||
Repayments of non-current borrowings | $ 193,000,000 | ||||||||||||
Financing | Guatemala joint ventures | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Percentage of controlling interest acquired | 45.00% | ||||||||||||
Earn Out Income Settlement | Zantel | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Proceeds from earn-out income settlement | $ 11,000,000 | ||||||||||||
Share Capital Increase | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Share capital | $ 199,999,800 | ||||||||||||
Number of shares authorised (in shares) | shares | 133,333,200 | ||||||||||||
Par value per share (usd per share) | $ / shares | $ 1.50 | $ 1.50 | |||||||||||
Share capital, increase | $ 300,000,000 | ||||||||||||
Number of shares authorised, increase | shares | 200,000,000 | ||||||||||||
5.125% 10 Year Bond | Financing | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Borrowings term | 10 years | ||||||||||||
Bonds issued | $ 900,000,000 | ||||||||||||
Borrowings, interest rate | 5.125% | ||||||||||||
Bridge Loan Agreement With Consortium Of Banks | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Borrowings term | 6 months | ||||||||||||
Borrowings face amount | $ 2,150,000,000 | ||||||||||||
Repayments of non-current borrowings | $ 500,000,000 | ||||||||||||
Bridge Loan Agreement With Consortium Of Banks | Financing | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Borrowings | $ 450,000,000 | ||||||||||||
Borrowings face amount | $ 2,150,000,000 | ||||||||||||
5 Year Sustainability Bond | Financing | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Borrowings term | 5 years | ||||||||||||
Bonds issued | $ 252,000,000 | kr 2,250,000,000 | |||||||||||
Adjustment to interest rate basis | 3.496% | 3.496% | |||||||||||
Colombia Movil S.A. Syndicated Loan | Financing | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Repayments of non-current borrowings | 100,000,000 | ||||||||||||
Colombia Movil S.A. Syndicated Loan | Financing | Currency swap contract | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Derivative financial instruments | 50,000,000 | ||||||||||||
Cross currency swaps terminated | $ 50,000,000 | ||||||||||||
[1] | The assets and liabilities of Tigo Guatemala are fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. As a result, numbers might not be directly comparable with previous years' figures. |