Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
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 $1.50 per share |
Trading Symbol | TIGO |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 172,096,305 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0000912958 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Mauricio Ramos |
Entity Address, Address Line One | 2, Rue du Fort Bourbon |
Entity Address, Postal Zip Code | -1249 |
Entity Address, City or Town | Luxembourg |
Entity Address, Country | LU |
City Area Code | 352 |
Local Phone Number | 691 750960 / +1 908 463 8588 |
Contact Personnel Email Address | investors@millicom.com |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 1367 |
Auditor Name | Ernst & Young |
Auditor Location | Luxembourg, Grand Duchy of Luxembourg |
Consolidated statement of incom
Consolidated statement of income - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | ||
Profit or loss [abstract] | |||||
Revenue | $ 5,661 | $ 5,624 | $ 4,261 | ||
Equipment, programming and other direct costs | [2] | (1,507) | (1,506) | (1,197) | |
Operating expenses | (2,043) | (1,890) | (1,546) | ||
Depreciation | (978) | (999) | (804) | ||
Amortization | (360) | (345) | (310) | ||
Share of profit in joint ventures | 42 | 32 | 210 | ||
Other operating income (expenses), net | 10 | (2) | 5 | ||
Operating profit | 826 | 915 | 619 | ||
Interest and other financial expenses | (712) | (617) | (495) | ||
Interest and other financial income | 28 | 18 | 23 | ||
Revaluation of previously held interests in Guatemala | 0 | 0 | 670 | ||
Other non-operating (expenses) income, net | 36 | (78) | (49) | ||
Profit (loss) from other joint ventures and associates, net | (3) | 0 | (40) | ||
Profit (loss) before taxes from continuing operations | 175 | 238 | 728 | ||
Tax expense | (424) | (222) | (158) | ||
Profit (loss) from continuing operations | (249) | 16 | 570 | ||
Profit (loss) from discontinued operations, net of tax | 4 | 113 | (28) | ||
Net profit (loss) for the year | (245) | 129 | 542 | ||
Attributable to: | |||||
Owners of the Company | (82) | 177 | 590 | ||
Non-controlling interests | $ (163) | $ (48) | $ (48) | ||
Earnings per common share for profit attributable to the owners of the Company | |||||
Basic (in dollars per share) | $ (0.48) | $ 1.27 | $ 4.59 | ||
Diluted (in dollars per share) | $ (0.48) | $ 1.27 | $ 4.57 | ||
[1]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
Consolidated statement of inc_2
Consolidated statement of income (Parenthetical) | Jan. 27, 2022 | Nov. 12, 2021 |
Guatemala joint ventures | ||
Condensed Income Statements, Captions [Line Items] | ||
Percentage of controlling interest acquired | 45% | 45% |
Consolidated statement of compr
Consolidated statement of comprehensive income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement of comprehensive income [abstract] | ||||
Net profit (loss) for the year | $ (245) | $ 129 | $ 542 | [1] |
Other comprehensive income (to be reclassified to statement of income in subsequent periods), net of tax: | ||||
Exchange differences on translating foreign operations | 33 | 19 | (51) | |
Change in value of cash flow hedges, net of tax effects | (10) | 9 | 17 | |
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 | (2) | (2) | 1 | |
Total comprehensive income (loss) for the year | (223) | 155 | 509 | |
Attributable to: | ||||
Owners of the Company | (35) | 204 | 566 | |
Non-controlling interests | (188) | (49) | (57) | |
Total comprehensive income (loss) for the year arises from: | ||||
Continuing operations | (228) | 42 | 536 | |
Discontinued operations | $ 4 | $ 113 | $ (27) | |
[1]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
Consolidated statement of finan
Consolidated statement of financial position - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
NON-CURRENT ASSETS | ||
Intangible assets other than goodwill | $ 7,785 | $ 7,361 |
Property, plant and equipment, net | 3,107 | 2,989 |
Right of use assets, net | 896 | 884 |
Investment in Honduras joint venture | 576 | 590 |
Contract costs, net | 12 | 10 |
Deferred tax assets | 141 | 204 |
Derivative financial instruments | 0 | 19 |
Other non-current assets | 84 | 76 |
TOTAL NON-CURRENT ASSETS | 12,601 | 12,133 |
CURRENT ASSETS | ||
Inventories | 45 | 53 |
Trade receivables, net | 443 | 379 |
Contract assets, net | 82 | 77 |
Amounts due from non-controlling interests, associates and joint ventures | 12 | 15 |
Derivative financial instruments | 6 | 0 |
Prepayments and accrued income | 168 | 117 |
Current income tax assets | 118 | 111 |
Supplier advances for capital expenditure | 21 | 21 |
Other current assets | 190 | 197 |
Restricted cash | 56 | 57 |
Cash and cash equivalents | 775 | 1,039 |
TOTAL CURRENT ASSETS | 1,915 | 2,065 |
TOTAL ASSETS | 14,516 | 14,198 |
EQUITY | ||
Share capital and premium | 1,334 | 1,343 |
Treasury shares | (8) | (47) |
Other reserves | (500) | (559) |
Retained profits | 2,785 | 2,691 |
Net profit/ (loss) for the year attributable to owners of the Company | (82) | 177 |
Equity attributable to owners of the Company | 3,529 | 3,605 |
Non-controlling interests | (84) | 29 |
TOTAL EQUITY | 3,445 | 3,634 |
NON-CURRENT LIABILITIES | ||
Debt and financing | 6,476 | 6,624 |
Lease liabilities | 854 | 853 |
Derivative financial instruments | 46 | 53 |
Amounts due to non-controlling interests, associates and joint ventures | 12 | 0 |
Payables and accruals for capital expenditure | 885 | 473 |
Provisions and other non-current liabilities | 330 | 295 |
Deferred tax liabilities | 140 | 148 |
TOTAL NON-CURRENT LIABILITIES | 8,742 | 8,445 |
CURRENT LIABILITIES | ||
Debt and financing | 221 | 180 |
Lease liabilities | 189 | 163 |
Put option liability | 86 | 0 |
Payables and accruals for capital expenditure | 314 | 428 |
Other trade payables | 390 | 400 |
Amounts due to non-controlling interests, associates and joint ventures | 62 | 58 |
Accrued interest and other expenses | 444 | 412 |
Current income tax liabilities | 93 | 86 |
Contract liabilities | 156 | 88 |
Provisions and other current liabilities | 374 | 305 |
TOTAL CURRENT LIABILITIES | 2,329 | 2,119 |
TOTAL LIABILITIES | 11,071 | 10,565 |
TOTAL EQUITY AND LIABILITIES | $ 14,516 | $ 14,198 |
Consolidated statement of cash
Consolidated statement of cash flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash flows from operating activities (including discontinued operations) | ||||
Profit before taxes from continuing operations | $ 175 | $ 238 | $ 728 | [1] |
Profit before taxes from discontinued operations | 4 | 116 | 3 | |
Profit before taxes | 179 | 354 | 731 | |
Adjustments to reconcile to net cash: | ||||
Interest expense on leases | 117 | 131 | 131 | |
Interest expense on debt and other financing | 595 | 497 | 400 | |
Interest and other financial income | (28) | (18) | (23) | |
Adjustments for non-cash items: | ||||
Depreciation and amortization | 1,338 | 1,364 | 1,196 | |
Share of profit in joint ventures | (42) | (32) | (210) | [1] |
Gain on disposal and impairment of assets, net | (10) | (122) | (6) | |
Share-based compensation | 52 | 29 | 17 | |
Revaluation of previously held interest in Guatemala | 0 | 0 | (670) | |
Loss from other associates and joint ventures, net | 3 | 0 | 39 | |
Other non-cash non-operating (income) expenses, net | (36) | 77 | 50 | |
Changes in working capital: | ||||
Decrease (increase) in trade receivables, prepayments and other current assets, net | (245) | (104) | (93) | |
Decrease (increase) in inventories | 11 | 5 | 9 | |
Increase (decrease) in trade and other payables, net | 47 | (37) | 6 | |
Changes in contract assets, liabilities and costs, net | 65 | (14) | (5) | |
Total changes in working capital | (123) | (151) | (81) | |
Interest paid on leases | (115) | (128) | (140) | |
Interest paid on debt and other financing | (505) | (411) | (355) | |
Interest received | 31 | 8 | 4 | |
Taxes paid | (233) | (316) | (127) | |
Net cash provided by operating activities | 1,223 | 1,284 | 956 | |
Cash flows from investing activities (including discontinued operations): | ||||
Acquisition of subsidiaries, joint ventures and associates, net of cash acquired | 0 | (283) | (2,000) | |
Financing exit from the Ghana joint venture | 0 | 0 | (37) | |
Proceeds from the disposal of subsidiaries and associates | 0 | 152 | 30 | |
Purchase of spectrum and licenses | (236) | (93) | (37) | |
Purchase of other intangible assets | (133) | (179) | (98) | |
Purchase of property, plant and equipment | (814) | (800) | (740) | |
Proceeds from sale of property, plant and equipment | 17 | 21 | 11 | |
Proceeds from disposal of equity investments, net of costs | 0 | 0 | 163 | |
Dividends and dividend advances received from joint ventures and associates | 63 | 10 | 13 | |
Settlement of derivative financial instruments | (26) | 11 | 0 | |
Transfer (to) / from pledge deposits, net | (6) | 33 | (33) | |
Loans granted within the Tigo Money lending activity, net | (4) | (3) | 0 | |
Cash (used in) provided by other investing activities, net | 24 | 25 | 26 | |
Net cash used in investing activities | (1,116) | (1,104) | (2,703) | |
Cash flows from financing activities (including discontinued operations): | ||||
Proceeds from debt and other financing | 362 | 1,570 | 3,113 | |
Repayment of debt and other financing | (632) | (2,127) | (1,335) | |
Loan repayment from joint venture | 0 | 0 | 193 | |
Lease capital repayment | (177) | (157) | (137) | |
Capital injection in subsidiary (Non-controlling interests' portion) | 74 | 0 | 0 | |
Proceeds from the rights offering, net of costs | 0 | 717 | 0 | |
Advances and dividends paid to non-controlling interests | 0 | (4) | (6) | |
Share repurchase program | (5) | 0 | (50) | |
Net cash from (used in) financing activities | (377) | (1) | 1,777 | |
Exchange impact on cash and cash equivalents, net | 6 | (11) | (10) | |
Net increase (decrease) in cash and cash equivalents | (264) | 168 | 20 | |
Cash and cash equivalents, beginning balance | 1,039 | 895 | 875 | |
Effect of cash in disposal group held for sale | 0 | (24) | 0 | |
Cash and cash equivalents, ending balance | $ 775 | $ 1,039 | $ 895 | |
[1]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
Consolidated statement of chang
Consolidated statement of changes in equity - USD ($) $ in Millions | Total | Total | Share capital | Share premium | Treasury shares | Retained profits | Other reserves | Non- controlling interests | |||||
Number of shares outstanding at beginning of period at Dec. 31, 2020 | 101,739,000 | [1] | (526,000) | ||||||||||
Equity, beginning of period at Dec. 31, 2020 | $ 2,274 | $ 2,059 | $ 153 | [2] | $ 478 | [2] | $ (30) | $ 2,020 | $ (562) | [2] | $ 215 | ||
Total comprehensive income/ (loss) for the year | 509 | 566 | 590 | (25) | [2] | (57) | |||||||
Dividends to non-controlling interests | (3) | (3) | |||||||||||
Purchase of treasury shares (in shares) | [3] | (1,471,000) | |||||||||||
Purchase of treasury shares | [3] | (54) | (54) | $ (56) | 2 | ||||||||
Share-based compensation | [2] | 19 | 18 | 18 | 1 | ||||||||
Issuance of shares under share-based payment schemes (in shares) | 459,000 | ||||||||||||
Issuance of shares under share-based payment schemes | 1 | 1 | (2) | [2] | $ 26 | 2 | (25) | [2] | |||||
Change in scope of consolidation | [4] | (5) | (5) | (5) | |||||||||
Number of shares, end of period (in shares) at Dec. 31, 2021 | 101,739,217 | [1] | (1,538,000) | ||||||||||
Equity, end of period at Dec. 31, 2021 | 2,740 | 2,583 | $ 153 | [2] | 476 | [2] | $ (60) | 2,609 | (594) | [2] | 157 | ||
Total comprehensive income/ (loss) for the year | 155 | 204 | 177 | 27 | [2] | (49) | |||||||
Effects of rights offering (in shares) | [1],[2] | 70,357,000 | |||||||||||
Effects of rights offering | [2] | 717 | 717 | $ 106 | 611 | ||||||||
Dividends to non-controlling interests | (2) | (2) | |||||||||||
Purchase of treasury shares (in shares) | (93,000) | ||||||||||||
Purchase of treasury shares | (3) | (3) | $ (4) | 1 | |||||||||
Share-based compensation | [2] | 26 | 25 | 25 | 1 | ||||||||
Issuance of shares under share-based payment schemes (in shares) | 419,000 | ||||||||||||
Issuance of shares under share-based payment schemes | 1 | 1 | (2) | [2] | $ 16 | 4 | (17) | [2] | |||||
Effect of buy-out of non-controlling interests | [5] | 0 | 78 | 78 | (78) | ||||||||
Number of shares, end of period (in shares) at Dec. 31, 2022 | 172,096,305 | [1] | (1,213,000) | ||||||||||
Equity, end of period at Dec. 31, 2022 | 3,634 | 3,605 | $ 258 | [2] | 1,085 | [2] | $ (47) | 2,868 | (559) | [2] | 29 | ||
Total comprehensive income/ (loss) for the year | (223) | (35) | (82) | 47 | [2] | (188) | |||||||
Transfer to legal reserve | $ 0 | (2) | 1.9 | [2] | |||||||||
Effects of rights offering | 611 | ||||||||||||
Purchase of treasury shares (in shares) | (282,724) | (604,000) | [3] | ||||||||||
Purchase of treasury shares | [3] | $ (10) | (10) | $ (18) | 7 | ||||||||
Share-based compensation | [2] | 52 | 50 | 50 | 1 | ||||||||
Issuance of shares under share-based payment schemes (in shares) | 1,447,000 | ||||||||||||
Issuance of shares under share-based payment schemes | 1 | 1 | (9) | [2] | $ 57 | (7) | (40) | [2] | |||||
Effect of buy-out of non-controlling interests | 0 | (1) | (1) | ||||||||||
Put Option reserve | [5] | (81) | (81) | (81) | |||||||||
Capital injection in subsidiary | [5] | 74 | 74 | ||||||||||
Number of shares, end of period (in shares) at Dec. 31, 2023 | 172,096,000 | [1] | (370,000) | ||||||||||
Equity, end of period at Dec. 31, 2023 | $ 3,445 | $ 3,529 | $ 258 | [2] | $ 1,076 | [2] | $ (8) | $ 2,703 | $ (500) | [2] | $ (84) | ||
[1] The authorized share capital amounts to $300 million divided into 200 million shares with a par value of $1.50 each following the extraordinary general meeting held on February 28, 2022. Share capital, share premium (including the effects of rights offering) and other reserves (including share-based compensation) – see note C.1. During the year ended December 31, 2023, Millicom repurchased 282,724 shares for a total amount of $5 million and withheld approximately 320,985 shares for the settlement of tax obligations on behalf of employees under share-based compensation plans (2022: 93,413; 2021: 1,470,875) Cloud 2 Nube S.A. was a subsidiary owned by the Group at 55% and already fully consolidated as Millicom had control over it. As a result, in accordance with IFRS 10, the acquisition of the remaining 45% in Cloud 2 Nube S.A. that occurred on November 12, 2021, has been 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 $5 million. See note C.7.4. |
Consolidated statement of cha_2
Consolidated statement of changes in equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2022 | |
Statutory reserves unavailable for distribution | $ 491 | $ 472 | $ 486 | |
Share capital, increase | $ 300 | |||
Number of shares authorised, increase (in shares) | 200,000,000 | |||
Par value per share (usd per share) | $ 1.50 | $ 1.50 | $ 1.50 | |
Purchase of treasury shares (in shares) | (282,724) | |||
Share repurchase program | $ 5 | $ 0 | $ 50 | |
Number of shares withheld (in shares) | 320,985 | 93,413 | 1,470,875 | |
Guatemala joint ventures | ||||
Proportion of ownership interest in subsidiary | 55% | |||
Payments to acquire noncontrolling interest | $ 5 |
Introduction
Introduction | 12 Months Ended |
Dec. 31, 2023 | |
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 a provider of cable and mobile services dedicated to emerging markets in Latin America. Millicom provides high speed broadband and innovation around The Digital Lifestyle® services through its principal brand Tigo. 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 March 7, 2024, the Board of Directors authorized these consolidated financial statements for issuance. Business activities Millicom operates its mobile businesses in Latin America (Bolivia, Colombia, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay). Millicom operates various cable and fixed line businesses in Latin America (Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay). Millicom also provides direct to home satellite service in most of its markets. Millicom also provides Mobile Financial Services (MFS) and tower infrastructure and services. During the latter half of 2023, Millicom implemented significant organizational changes to focus on driving profitable growth with a lean corporate structure. The Group also adopted a decentralized approach to streamline decision-making processes and enhance agility to improve profitability and shareholder value. Due to these organizational changes, and considering the information now being reviewed by the Chief Operating Decision Maker (the "CODM") to assess performance and allocate resources, Millicom's operating segments were redefined to align with its countries of operation. The Honduras joint venture - and Guatemala's joint venture up to November 12, 2021 when the acquisition of the remaining 45% equity interest completed - performance is reviewed by the CODM in a similar manner as for the Group’s fully owned operations and is therefore also shown as a separate operating segment at 100%. However, these amounts are subsequently eliminated in order to reconcile with the Group consolidated numbers, as shown in the reconciliations included in note B.3. Segmental information). Current macroeconomic environment Inflation across the region has continued to decline in line with global trends. Nevertheless, interest rates remain high, impacting the Group's variable interest rate debt and financing. This is particularly visible for the Group's operations in Colombia where inflation has remained elevated near 11% and where a significant portion of the debt is at variable interest rates. Over the past year, the Group has taken meaningful steps to mitigate these impacts, including the implementation of numerous price increases, cost efficiency and investment optimization initiatives, which position the Group to sustain positive service revenue and cash flow growth going forward. The Group continues to monitor the developments of the aforementioned events and their potential impact on performance and accounting considerations. Climate-related risks As already publicly announced and discussed elsewhere in our external reporting, our goal is to raise the bar on the Group’s contribution on environmental, societal and governance matters. In particular, the Group has committed to short-term goals validated by the Science Based Targets initiative (SBTi). The Group is also committed to the long-term goal of net zero emissions by or before 2050. Although there is no single explicit standard on climate-related matters under IFRS, climate risk and other climate-related matters may impact a number of areas of accounting. Up to now, the Group has not been significantly impacted by climate change, and, currently, management has not considered the climate-related risks as part of the Group's top twelve key risks. Nevertheless, management will continue monitoring every year the potential risks resulting from the effects of climate change in the form of natural disasters, such as extreme weather events affecting our 'Networks and infrastructure resilience'. So far, management has not identified nor considered any material impacts of climate change on assumptions used (e.g. for impairment tests, fair value measurement, etc.) and on the Group's financial reporting (e.g. provisions, fixed assets, etc.). IFRS Consolidated Financial Statements Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standard Board ("IASB") and in accordance with IFRS as adopted by the European Union. These financial statements have been prepared on a historical cost basis, except for certain items including derivative financial instruments (measured at fair value) and financial instruments that contain obligations to purchase own equity instruments (measured at the present value of the redemption price). This section contains the Group’s material accounting policies that relate to the financial statements as a whole. Material accounting policies specific to one note are included within that note. Consolidation The consolidated financial statements of the Group comprise the financial statements of the Company and its subsidiaries as of December 31 of each year. The financial statements of the subsidiaries are prepared for the same reporting year as the Company, using consistent accounting policies. All intra-group balances, transactions, income and expenses, and profits and losses resulting from intra-group transactions are eliminated. Foreign currency Financial information in these financial statements are shown in the US dollar presentation currency of the Group and rounded to the nearest million (US$ million) except where otherwise indicated. The financial statements of each of the Group’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, 2023 and 2022 and the average rates for the years ended December 31, 2023, 2022 and 2021. Exchange Rates to the US Dollar Functional Currency 2023 Year-end Rate 2022 Year-end Rate Change % 2023 Average Rate 2022 Average Rate Change % 2021 Average Rate Bolivia Boliviano (BOB) 6.91 6.91 — % 6.91 6.91 — % 6.91 Colombia Peso (COP) 3,822 4,810 25.9 % 4,313 4,254 (1.4) % 3,756 Costa Rica Costa Rican Colon (CRC) 527 602 14.3 % 550 650 18.2 % 625 El Salvador US dollar n/a n/a n/a n/a n/a n/a n/a Guatemala Quetzal (GTQ) 7.83 7.85 0.3 % 7.84 7.75 (1.1) % 7.74 Honduras Lempira (HNL) 24.71 24.66 (0.2) % 24.66 24.56 (0.4) % 24.12 Luxembourg Euro (EUR) 0.91 0.93 3.1 % 0.93 0.95 2.2 % 0.85 Nicaragua Cordoba (NIO) 36.62 36.23 (1.1) % 36.44 35.87 (1.6) % 35.17 Panama Balboa (B/.) (i) n/a n/a n/a n/a n/a n/a n/a Paraguay Guarani (PYG) 7,278 7,346 0.9 % 7,299 7,008 (4.0) % 6,790 Sweden Krona (SEK) 10.07 10.43 3.5 % 10.60 10.07 (5.0) % 8.59 United Kingdom Pound (GBP) 0.79 0.83 5.4 % 0.80 0.81 0.5 % 0.73 (i) the balboa is tied to the United States dollar at an exchange rate of 1:1. New and amended IFRS accounting standards The following changes to standards have been adopted by the Group and did not have any significant impact on the Group’s accounting policies or disclosures and did not require retrospective adjustments: ◦ Amendments to IAS 1, 'Disclosure of Accounting Policies' that are intended to help preparers in deciding which accounting policies to disclose in their financial statements. ◦ IAS 8, 'Accounting Policies, Changes in Accounting Estimates and Errors' - Definition of accounting estimates. ◦ Amendments to IAS 12, 'Income Taxes: Deferred tax related to Assets and liabilities arising from a Single Transaction' - These amendments clarify that the initial recognition exception does not apply to the initial recognition of leases and decommissioning obligations. These amendments apply prospectively to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, an entity should apply the amendments for the first time by recognizing deferred tax for all temporary differences related to leases and decommissioning obligations at the beginning of the earliest comparative period presented. The Group was already recognizing the deferred tax on leases and therefore, the adoption of these amendments did not have an impact for the Group. ◦ Amendments to IAS 12, 'Income taxes: International Tax Reform – Pillar Two Model Rules': These amendments give companies temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development’s (OECD) international tax reform. The amendments also introduce targeted disclosure requirements for affected companies. The potential impact of Pillar Two Model rules and the adoption of these amendments is further detailed below. Amendments effective for annual periods starting on or after January 1, 2024 that are not expected to have a significant impact on the Group consolidated financial statements are: ◦ Amendments to IFRS 16 'Leases: Lease Liability in a Sale and Leaseback': The amendment specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. ◦ Amendments to IAS 1, 'Presentation of Financial Statements': These amendments aim to improve the information an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within twelve months after the reporting period. ◦ Amendments to IAS 7, 'Statement of Cash Flows' and IFRS 7, 'Financial Instruments: Disclosures: Supplier Finance Arrangements' (not yet endorsed by the EU): These amendments require disclosures to enhance the transparency of supplier finance arrangements and their effects on a company’s liabilities, cash flows and exposure to liquidity risk. The disclosure requirements are the IASB’s response to investors’ concerns that some companies’ supplier finance arrangements are not sufficiently visible, hindering investors’ analysis. The following changes to standards are effective for annual periods starting on January 1, 2025 and their potential impact on the Group consolidated financial statements is currently being assessed by management: ◦ Amendments to IAS 21, 'The Effects of Changes in Foreign Exchange Rates': Lack of Exchangeability (not yet endorsed by the EU): These amendments help entities to determine whether a currency is exchangeable into another currency, and the spot exchange rate to use when it is not. Judgments and critical estimates The preparation of IFRS financial statements requires management to use judgment in applying accounting policies. It also requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. These estimates are based on management's best knowledge of current events, actions and best estimates as of a specified date, and actual results may ultimately differ from these estimates. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in each note and are summarized below: Judgments Management applies judgment in accounting treatment and accounting policies in preparation of these financial statements. In particular, a significant level of judgment is applied regarding the following items: • 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, such as current macro-economic challenges. These factors are reviewed in preparation of the financial statements although, due to inherent uncertainties in the evaluation process, actual results may differ from original estimates. Estimates are subject to change as new information becomes available and may significantly affect future operating results. Significant estimates have been applied in respect of the following items: • 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, restructuring, legal and tax risks (see notes F.4. and B.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.); • Accounting for share-based compensation in particular estimates of forfeitures and future performance criteria (see notes B.4.1., B.4.3.). Change in accounting estimate During 2023, the estimated useful lives of some property, plant and equipment were revised. As a result, the estimated useful lives of the Group's towers, poles and ducts were changed from 15 to 25 years, while the related civil works' useful lives were increased from 10 to 15 years. These changes were considered a change in accounting estimate per IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" and therefore accounted for prospectively, meaning that no changes should be accounted for past periods. This also applies to assets that are fully depreciated and for which no new cost should be reset. (i.e., they remain fully depreciated). For the full year 2023, the net effect of the changes represent a decrease in depreciation expense of approximately $27 million compared to what we expected the depreciation charge to be using previous estimated useful lives, while estimating the net effect of the changes in depreciation for future years is impracticable. This change in accounting estimate also affects the lease right-of-use assets (for those being depreciated over the shorter of useful life and lease term) and on asset retirement obligation provisions. However, the impact of the change is immaterial. International Tax reform-Pillar II Model The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the countries listed below and came into effect on January 1, 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023 and endorsed by the EU on November 8, 2023. Pillar Two legislation has been enacted from January 2024 in the following countries within the scope of the Millicom Group: Luxembourg, The Netherlands, United Kingdom and Sweden. Due to how the Pillar Two rules operate and considering that the Group has its head office in Luxembourg, all entities forming part of the Millicom Group are in scope of the rules as from January 1, 2024. Under Pillar Two legislations, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of the enacted or substantively enacted legislation is not yet reasonably estimable. Therefore, even for those entities with an accounting effective tax rate above 15%, there might still be Pillar Two tax implications. The Group has run initial testing under the OECD transitional safe harbour rules (i.e. CbC Report Safe Harbours) and it results that all jurisdictions are expected to meet one of the transitional safe harbours and hence are not expected to be subject to top-up tax. |
The Millicom Group
The Millicom Group | 12 Months Ended |
Dec. 31, 2023 | |
Interests In Other Entities [Abstract] | |
The Millicom Group | A. The Millicom Group The Group comprises a number of holding companies, operating subsidiaries and joint ventures with various combinations of mobile, fixed-line telephony, cable and wireless Pay TV, Broadband Internet and Mobile Financial Services (MFS) businesses. 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). The Group's main subsidiaries are as follows: Entity Country Activity December 31, 2023 % holding* December 31, 2022 % holding* December 31, 2021 % holding* Colombia Móvil S.A. E.S.P. Colombia Mobile 50-1 share 50-1 share 50-1 share Comunicaciones Celulares S.A. Guatemala Mobile 100 100 100 Distribuidora de Comunicaciones de Occidente, S.A. Guatemala Mobile 100 100 100 Grupo de Comunicaciones Digitales, S.A. (formerly Telefonica Moviles Panama, S.A.) Panama Mobile 100 100 80 Lati International S.A. (i) Luxembourg Holding Company ('Lati business') 100 N/A N/A Millicom Cable Costa Rica S.A. Costa Rica Cable, DTH 100 100 100 Millicom Holding B.V. Netherlands Holding Company 100 100 100 Millicom International Operations B.V. Netherlands Holding Company 100 100 100 Millicom International Services LLC USA Services Company 100 100 100 MIC Latin America B.V. Netherlands Holding Company 100 100 100 Millicom LIH S.A. Luxembourg Holding Company 100 100 100 Millicom International Operations S.A. Luxembourg Holding Company 100 100 100 Millicom Spain S.L. Spain Holding Company 100 100 100 Millicom Telecommunications S.A. (ii) Luxembourg Holding Company ('MFS business') 100 100 100 Navega.com S.A. Guatemala Cable, DTH 100 100 100 Servicios Especializados en Telecomunicaciones, S.A. Guatemala Mobile 100 100 100 Servicios Innovadores de Comunicacion y Entretenimiento, S.A. Guatemala Mobile 100 100 100 Servicios y Productos Multimedios S.A. Paraguay Pay-TV, Internet 100 100 100 Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.) Panama Cable, Pay-TV, Internet, DTH, Fixed-line 100 100 80 Telefonica Celular de Bolivia S.A. Bolivia Mobile, DTH, Cable 100 100 100 Telefonia Celular de Nicaragua S.A. Nicaragua Mobile, Cable, Internet, Fixed-line 100 100 100 Telefonica Celular del Paraguay S.A. Paraguay Mobile, Cable, Pay-TV 100 100 100 Telemovil El Salvador S.A. de C.V. El Salvador Mobile, Cable, DTH 100 100 100 UNE EPM Telecomunicaciones S.A. and subsidiaries Colombia Fixed-line, Internet, Pay-TV, Mobile 50-1 share 50-1 share 50-1 share * Also reflects the voting interest, except in Colombia where voting interest is 50% + 1 share for each of the two entities. (i) Lati International S.A. is the holding Company of the Group's tower business. (ii) Millicom Telecommunications S.A. is the holding Company of most of the Group's MFS business. A.1.1. Accounting for subsidiaries and non-controlling interests Scope changes 2023 There were no material acquisitions in 2023. Scope changes 2022 As of June 14, 2022, the Group received the formal notification from the minority shareholders of Telecomunicaciones Digitales, S.A (formerly Cable Onda S.A.) confirming the exercise of their put option right to sell their remaining 20% shareholding to Millicom for an amount of approximately $290 million. The transaction was closed on June 29, 2022 and the payment was applied against the already recorded put option liability of $290 million. As a result, the non-controlling interests' carrying value of $78 million have been transferred to the Group's equity. Scope changes 2021 On November 12, 2021, Millicom closed the agreement to acquire the remaining 45% equity interest in its joint venture business in Guatemala (collectively, "Tigo Guatemala") from its local partner for $2.2 billion in cash. The acquisition had been financed through a bridge facility fully repaid by June 2022. The acquisition has been determined as a business combination achieved in stages, requiring Millicom to remeasure its 55% previously held equity investment in Tigo Guatemala at its acquisition date fair value ($2,683 million); the resulting gain has been recognized in the 2021 statement of income under the line "Revaluation of previously held interests" and is included in the goodwill calculation. The goodwill is attributable to the workforce and the high profitability of Tigo Guatemala. It is not tax deductible. From November 12, 2021 to December 31, 2021, Tigo Guatemala contributed $223 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. During the first half of 2022, Millicom had finalized the purchase accounting and determined the fair values of Tigo Guatemala's identifiable assets and liabilities, and these were reflected in the statement of financial position as of December 31, 2021 in accordance with IFRS 3. Tanzania On April 5, 2022, Millicom completed the sale for an initial cash consideration of approximately $101 million (subject to final price adjustment). The net assets de-consolidated on the date of the disposal amounted to $79 million and the net gain on disposal was calculated at $109 million . In accordance with IFRS 5, our former operations in Tanzania are shown in a single line item on the face of the consolidated statement of income under 'Profit (loss) from discontinued operations, net of tax. As per the sale agreement, the initial sale price is adjusted to consider some outstanding tax and legal contingencies which management believes is sufficient to cover any future claims on pre-closing matters. Should the price adjustments not be sufficient, Millicom might be liable and need to make additi onal provisions that are not covered by the latter. In addition, the agreement also provides an IPO 1 adjustment clause valid until April 5, 2024, w hereby Millicom would reimburs e the buyer for any negative difference between the share price per share on the IPO date and the one implied by this sale. As of December 31, 2023, no additional provisions have been made by management in respect of the aforementioned items. (a) The net assets de-consolidated on the date of the disposal, as well as the gain on disposal, were as follows: Details of the sale of the subsidiary ($ millions) April 5, 2022 Carrying amount of net assets sold (A) (79) Initial sale consideration (B) 101 Gross gain on sale (B) - (A) 180 Other operating expenses linked to the disposal (11) Other operating income/expenses, net (5) Gain on sale before reclassification of foreign currency translation reserve 165 Reclassification of foreign currency translation reserve (56) Net gain on sale 109 (b) The operating results and cash flows of the discontinued operation for the years ended December 31, 2022 and 2021 are set out below. The figures shown below are after inter-company eliminations. Results from Discontinued Operations 2022 2021 Revenue 88 357 Equipment, programming and other direct costs (26) (104) Operating expenses (27) (131) Depreciation and amortization (21) (83) Other operating income (expenses), net 4 1 Gain/(loss) on disposal of discontinued operations 120 — Other expenses linked to the disposal of discontinued operations (11) — Operating profit (loss) 127 39 Interest income (expense), net (12) (36) Other non-operating (expenses) income, net — (1) Profit (loss) before taxes 116 3 Tax expense (3) (31) Net profit/(loss) from discontinued operations 113 (28) Cash flows from discontinued operations 2022 2021 Cash from operating activities, net 18 87 Cash from (used in) investing activities, net (10) (46) Cash from (used in) financing activities, net (9) (35) Net cash inflows (outflows) (1) 5 Other disposals The summarized financial information for material non-controlling interests in our operations in Colombia and Panama (until the purchase of the remaining 20% shareholding in June 29, 2022) is provided below. This information is based on amounts before inter-company eliminations. Colombia 2023 2022 2021 (US$ millions) Revenue 1,313 1,335 1,414 Total operating expenses (501) (492) (509) Operating profit 60 64 100 Net (loss) for the year (326) (104) (80) 50% non-controlling interest in net (loss) (163) (52) (40) Total assets (excluding goodwill) 2,470 1,942 2,336 Total liabilities 2,605 1,890 2,158 Net assets (135) 52 178 50% non-controlling interest in net assets (68) 26 89 Consolidation adjustments (17) 2 (6) Total non-controlling interest (85) 28 83 Dividends and advances paid to non-controlling interest — (2) (5) Net cash from operating activities 270 250 272 Net cash from (used in) investing activities (214) (289) (295) Net cash from (used in) financing activities (54) (133) 30 Exchange impact on cash and cash equivalents, net 2 (5) (10) Net increase (decrease) in cash and cash equivalents 5 (178) (2) Panama 2022 (i) 2021 (US$ millions) Revenue 651 633 Total operating expenses (207) (207) Operating profit 106 7 Net profit (loss) for the year 29 (37) 20% non-controlling interest in net profit (loss) 4 (7) Total assets (excluding Millicom's goodwill in Cable Onda) 1,719 1,717 Total liabilities 1,318 1,347 Net assets 401 371 20% non-controlling interest in net assets — 74 Total non-controlling interest — 74 Net cash from operating activities 148 179 Net cash from (used in) investing activities (117) (118) Net cash from (used in) financing activities (93) (43) Net increase (decrease) in cash and cash equivalents (63) 17 (i) From January 1 to June 29, 2022, until the purchase of the remaining 20% shareholding of our operations in Panama (see note A.1.2.). Joint ventures are businesses over which Millicom exercises joint control as decisions over the relevant activities, such as the ability to upstream cash from the joint ventures, require unanimous consent of shareholders. Millicom determines the existence of joint control by reference to joint venture agreements, articles of association, structures and voting protocols of the board of directors of those ventures. Our main investment in joint ventures is comprised of Honduras. At December 31, 2023, the equity accounted net assets of our joint venture in Honduras totaled $382 million (December 31, 2022: $401 million ). These net assets do not necessarily represent statutory reserves available for distribution as these include consolidation adjustments (such as goodwill and identified assets and assumed liabilities recognized as part of the purchase accounting). Out of these net assets, $3 million (December 31, 2022: $3 million) represent statutory reserves that are unavailable to be distributed to the Group. During the year ended December 31, 2023, Millicom's joint venture in Honduras repatriated cas h of $86 million under different forms (December 31, 2022: $85 million). At December 31, 2023, Millicom had $68 million payable to Honduras joint venture which were mainly comprised of advances (December 31, 2022: $48 million). In addition, as of December 31, 2023, Millicom had a total receivable from Honduras joint venture of $9 million, (December 31, 2022: $13 million) mainly corresponding to other operating receivables. Our main joint ventures are as follows: Entity Country Activity December 31, 2023 % holding December 31, 2022 % holding Telefonica Celular S.A. (i) Honduras Mobile, MFS 66.7 66.7 Navega S.A. de CV (i) Honduras Cable 66.7 66.7 (i) Millicom owns more than 50% of the shares in these entities and has the right to nominate a majority of the directors of each of these entities. However, key decisions over the relevant activities must be taken by a super majority vote. This effectively gives either shareholder the ability to veto any decision and therefore neither shareholder has sole control over the entity. Therefore, the operations of these joint ventures are accounted for under the equity method. On October 13, 2021, Millicom, along with its joint venture partner Bharti Airtel Limited, closed the disposal of AirtelTigo Ghana to the Government of Ghana. As part of the closing conditions, each partner committed and paid $37.5 million for the reimbursement of certain local bank facilities which had been provided for in the statement of income under the line "Loss from other joint ventures and associates, net". Millicom still owns 50% of the holding company Bharti Airtel Ghana Holdings B.V.. The carrying values of Millicom’s investments in joint ventures were as follows: Carrying value of investments in joint ventures The table below summarizes the movements for the year in respect of the Group’s joint ventures carrying values: Honduras (i) (US$ millions) Opening balance at January 1, 2022 596 Capital increase 3 Results for the year 32 Dividends declared during the year (35) Currency exchange differences (7) Closing balance at December 31, 2022 590 Results for the year 42 Dividends declared during the year (54) Currency exchange differences (2) Closing balance at December 31, 2023 576 (i) Includes all the companies under the Honduras group. Share of profit is recognized under ‘Share of profit in joint ventures’ in the statement of income for the year ended December 31, 2023. 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. Summarized financial information of the Honduras, Guatemala (until acquisition of the remaining 45% equity interest, see note A.1.2.) and Ghana (until disposal in 2021) operations is as follows. This information is based on amounts before inter-company eliminations. Honduras 2023 2022 2021 (US$ millions) Revenue 612 586 589 Depreciation and amortization (105) (112) (124) Operating profit 124 111 99 Financial income (expenses), net (28) (29) (34) Profit before taxes 95 80 62 Tax expense (32) (31) (22) Profit for the year 63 49 40 Net profit for the year attributable to Millicom 42 32 27 Dividends and advances paid to Millicom 63 9 — Total non-current assets (excluding goodwill) 429 404 473 Total non-current liabilities 440 384 362 Total current assets 200 182 176 Total current liabilities 223 220 305 Total net assets (35) (17) (18) Group's share in % 66.7 % 66.7 % 66.7 % Group's share in USD millions (23) (12) (12) Goodwill and consolidation adjustments 600 601 608 Carrying value of investment in joint venture 576 590 596 Cash and cash equivalents 47 27 39 Debt and financing – non-current 394 334 267 Debt and financing – current 28 23 73 Net cash from operating activities 162 162 166 Net cash from (used in) investing activities (94) (109) (89) Net cash from (used in) financing activities (48) (64) (98) Net (decrease) increase in cash and cash equivalents 21 (12) (21) Guatemala On November 12, 2021, Millicom closed the agreement to acquire the remaining 45% equity interest in its joint venture business in Guatemala. From January 1, to November 12, 2021 (US$ millions) Revenue 1,379 Depreciation and amortization (282) Operating profit 462 Financial income (expenses), net (40) Profit before taxes 432 Tax expense (99) Profit for the year 333 Net profit for the year attributable to Millicom 183 Dividends and advances paid to Millicom 13 Net cash from operating activities 611 Net cash from (used in) investing activities (192) Net cash from (used in) financing activities (406) Exchange impact on cash and cash equivalents, net 1 Net increase (decrease) in cash and cash equivalents 13 AirtelTigo Ghana Our joint investment in AirtelTigo Ghana has been disposed of in 2021. The only material effect for 2021 year's statement of income is the loss recognized on the exit financing which is further explained in note A.2.. While no impairment indicators were identified for the Group’s investments in joint ventures in 2023, according to its policy, management has completed an impairment test for its joint venture in Honduras. The Group’s investments in Honduras operations was tested for impairment by assessing the recoverable amount (using a value in use model based on discounted cash flows) against the carrying amount. The cash flow projections used were extracted from financial budgets approved by management (refer to note E.1.6. for further details on impairment testing). Cash flows beyond this period have been extrapolated using a p erpetual growth r ate of 1% (2022: 1%). Discount rate used in determining recoverable amount was 11.0% (2022: 14.2%). For the years ended December 31, 2023 and 2022, and as a result of the impairment testing described above, management concluded that the Group’s investments for its joint venture in Honduras should not be impaired. Millicom has significant influence over MKC Brillant Holding GmbH (LIH). Millicom’s 35.0% investment in LIH had been fully impaired in two stages (by $40 million in 2016 and $48 million in 2017) as a result of the annual impairment test conducted back then. The impairment test performed in 2023 confirmed this conclusion. The Group accounts for associates in the same way as it accounts for joint ventures, that is, using the equity method. In December 2022, Millicom relinquished its seat at the board of directors of Milvik AB ("Milvik") and therefore lost its significant influence in accordance with IAS 28. As a result, the Group stopped equity accounting for its investment in Milvik and classified it as a financial asset measured at fair value in accordance with IFRS 9. During 2023, the Group's investment in Milvik has been disposed of for one US dollar. A.4.1. Classification of discontinued operations Discontinued operations are those which have identifiable operations and cash flows (for both operating and management purposes) and represent a major line of business or geographic area which has been disposed of, or are held for sale. Revenue and expenses associated with discontinued operations are presented retrospectively in a separate line in the consolidated statement of income. In accordance with IFRS 5, financial information relating to discontinued operations for the years ended December 31, 2022 and 2021 is set out below. Figures shown below are after intercompany eliminations. As further explained in Note A.1.3. , the Group’s former businesses in Tanzania (sold on April 5, 2022) had been classified as discontinued operations. For the year ended December 31, 2023, the results from discontinued operations relate to operating income for $4 million. For further details on Assets held for sale, refer to note E.4. Results from discontinued operations 2022 2021 (US$ millions) Revenue 88 357 Equipment, programming and other direct costs (26) (104) Operating expenses (27) (131) Other expenses linked to the disposal of discontinued operations (11) — Depreciation and amortization (21) (83) Other operating income (expenses), net 4 1 Gain/(loss) on disposal of discontinued operations 120 — Operating profit (loss) 127 39 Interest income (expense), net (12) (36) Other non-operating (expenses) income, net — (1) Profit (loss) before taxes 116 3 Tax expense (3) (31) Net profit/(loss) from discontinued operations 113 (28) Cash flows from discontinued operations 2022 2021 (US$ millions) Cash from operating activities, net 18 87 Cash from (used in) investing activities, net (10) (46) Cash from (used in) financing activities, net (9) (35) |
Performance
Performance | 12 Months Ended |
Dec. 31, 2023 | |
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 fixed and other services, as well as related devices and equipment. Recurring revenue consists of monthly subscription fees, airtime and data usage fees, interconnection fees, roaming fees, TV services, B2B contracts, MFS commissions and fees from other telecommunications services such as data services, short message services and other value added services. See section B.3. for details. Revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. The determination of whether or not the Group acts as principal or as an agent, when there is one or several performance obligations and the determination of the standalone selling price for contracts that involve more than one performance obligation may require significant judgment, such as when the selling price of a good or service is not readily observable. The Group determines the standalone selling price of each performance obligation in the contract in accordance to the prices that the Group would apply when selling the same services and/or telephone and equipment included in the obligation to a similar customer on a standalone basis. When standalone selling price of services and/or telephone and equipment are not directly observable, the Group maximizes the use of external input and uses the expected cost plus margin approach to estimate the standalone selling price. The Group applies the following practical expedients foreseen in IFRS 15: • No financial component adjustment to the transaction price whenever the period between the transfer of a promised good or service to a customer and the associated payment is one year or less; when the period is more than one year the financing component is adjusted, if material. • Disclosure of the transaction price allocated to unsatisfied performance obligations only for contracts that have an original expected duration of more than one year (e.g. unsatisfied performance obligations for contracts that have an original duration of one year or less are not disclosed). • 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), the price allocated to unsatisfied performance obligations is not disclosed. • Recognition of the incremental costs of obtaining a contract as an expense when incurred, if the amortization period of the asset that otherwise would have been recognized is one year or less. A summary of the timing for revenue recognition from contracts with customers, is disclosed in Note B.3. and further detailed below. Post-paid connection fees are derived from the payment of a non-refundable / one-time fee charged to customer to connect to the network (e.g. connection / installation fee). Usually,they do not represent a distinct good or service and do not give rise to a separate performance obligation and therefore revenue is recognized over the minimum contract duration. If the fee is paid by a customer without having to pay this fee again over his tenure with the Group (e.g. the customer can readily extend his contract without having to pay the same fee again), it is accounted for as a material right with revenue recognized over the customer retention period. Post-paid mobile / cable subscription fees are recognized over the relevant enforceable/subscribed service period (recurring monthly access fees that do not vary based on usage). The service provision is usually considered as a series of distinct services that have the same pattern of transfer to the customer. Remaining unrecognized subscription fees, which are not refunded to the customers, are fully recognized once the customer has been disconnected. Customer premise equipment (CPE), provided to customers as a prerequisite to receive the subscribed Home services until return at the end of the contract duration, do not provide benefit to the customer on their own as they do not give rise to separate performance obligations and therefore are accounted for as part of the service provided to the customers. Bundled offers are considered arrangements with multiple deliverables or elements, which can lead to the identification of separate performance obligations. Revenue is recognized in accordance with the transfer of goods or services to customers in an amount that reflects the relative transaction price of the performance obligation. Prepaid scratch / SIM cards are services where customers purchase a specified amount of airtime or other credit in advance. Revenue is recognized as the credit is used. Unused credit is carried in the statement of financial position as a contract liability, upon expiration of the validity period (when the portion of the contract liability relating to the expiring credit is recognized as revenue as there is no longer an obligation to provide those services). Principal-Agent, some arrangements involve two or more unrelated parties that contribute to providing a specified good or service to a customer. In these instances, the Group determines whether it has promised to provide the specified good or service itself (as a principal) or to arrange for those specified goods or services to be provided by another party (as an agent). For example, performance obligations relating to services provided by third-party content providers (i.e., mobile Value Added Services or “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 provision of Mobile Financial Services (MFS), such as commissions on peer to peer transfers, is generally recognized once the primary service has been provided to the customer. Revenue from interest earned on loans granted to customers are recognised over the period of the loan and are based on effective interest rates, with loan origination fees being treated as an adjustment to the effective interest rate. Telephone and equipment sales are recognized as revenue once the customer obtains control of the good, that is, when the customer has the ability to direct the use and obtain substantially all of the remaining benefits from that good. Revenue from the sale of cables, fiber, wavelength or capacity contracts, when part of the ordinary activities of the operation, is recognized as recurring revenue. Revenue is recognized when the cable, fiber, wavelength or capacity has been delivered to the customer, based on the amount expected to be received from the customer. Revenue from operating lease of tower space is recognized on a straight-line basis over the period of the underlying lease contracts. Finance leases revenue is apportioned between lease of tower space and interest income. Revenue from contracts with customers from continuing operations: 2023 2022 2021 $ millions Timing of revenue recognition Group Group Group Mobile Over time 2,949 2,916 1,963 Mobile Financial Services Point in time 44 40 37 Fixed and other services Over time 2,192 2,145 1,938 Other Over time 65 69 60 Service Revenue 5,250 5,171 3,997 Telephone and equipment Point in time 411 454 263 Revenue from contracts with customers 5,661 5,624 4,261 The various costs and expenses incurred by the Group can be summarized as presented below. The Group recognizes and categorizes expenses by their nature as either 'equipment, programming and other direct costs' which are those more directly related to the generation of revenue or as '(Other) operating expenses and income' which are rather indirect costs. As a result, 'equipment, programming and other direct costs' specifically excludes the following costs/expense which are further detailed below and elsewhere in the consolidated financial statements: • 'Operating expenses, net' further detailed below; • Depreciation and amortization, which are further detailed in Notes E.1.3. ‘Movements in intangible assets’, E.2.2. ‘Movements in tangible assets’ and E.3. ‘Right of use assets’. • ‘Other operating income (expenses), net’, also further detailed below. Equipment, programming and other direct costs 2023 2022 2021 (US$ millions) Cost of telephone, equipment and other accessories (386) (425) (256) TV Content and data costs (349) (361) (320) Voice airtime and transmission costs (234) (261) (202) Bad debt and obsolescence cost (141) (124) (86) Call center costs (72) (84) (90) Transmission and other costs (19) (17) (47) Other costs (306) (234) (196) Equipment, programming and other direct costs (1,507) (1,506) (1,197) Operating expenses, net Operating expenses incurred by the Group can be summarized as follows. 2023 2022 2021 (US$ millions) Marketing expenses (536) (570) (450) Site and network maintenance costs (322) (310) (233) Employee related costs (B.4.) (614) (494) (474) External and other services (281) (251) (164) Other operating expenses (290) (266) (224) Operating expenses, net (2,043) (1,890) (1,546) Other operating income (expenses), net The other operating income and expenses incurred by the Group can be summarized as follows: Notes 2023 2022 2021 (US$ millions) Impairment of intangible assets and property, plant and equipment E.1., E.2. (3) (7) (6) Gain (loss) on disposals of intangible assets and property, plant and equipment 6 1 5 Reverse earn-out in respect of Zantel's acquisition (i) — 2 11 Gain (loss) on disposal of equity investments (ii) — — (15) Other income (expenses) (iii) 8 2 10 Other operating income (expenses), net 10 (2) 5 (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 2021 statement of income. (ii) In June 2021, Millicom disposed of its entire stake in Helios Towers plc 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". (iii) In 2021, 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. In 2023 other income is mainly attributed to contract lease modification in Colombia for $2 million and social obligation spectrum liability derecognition in Paraguay for $3 million. B.2.1. Accounting for equipment, programming and other direct costs and operating expenses Equipment, programming and other direct costs Equipment, programming and other direct costs is recorded on an accrual basis. Incremental costs of obtaining a contract Incremental costs of obtaining a contract, including dealer commissions, are capitalized as Contract Costs in the statement of financial position and amortized in operating expenses over the expected benefit period, which is based on the average duration of contracts with customer (see practical expedient in note B.1.1.). As further detailed in the Introduction note, Millicom operates in a single region (Latin America), and more specifically in the following countries: Guatemala, Colombia, Panama, Honduras, Bolivia, Paraguay, El Salvador, Nicaragua and Costa Rica. During the latter half of 2023, Millicom implemented significant organizational changes to focus on driving profitable growth with a leaner corporate structure. The Group also adopted a decentralized approach to streamline decision-making processes and enhance agility to improve profitability and shareholder value. To that end, the General Managers of the operations, which primarily reported to the Group Chief Operating Officer (COO), now directly report to the Group President and COO in the case of Guatemala and Colombia and to the Group Chief Commercial and Technology Officer in the case of the rest of the operations, who, together with the Group Chief Executive Officer (CEO) and Group Chief Financial Officer (CFO) form the ‘Chief Operating Decision Maker’ (“CODM”). Due to these organizational changes, and considering the information now being reviewed by the CODM to assess performance and allocate resources, Millicom's operating segments were redefined to align with its countries of operation. The Honduras joint venture - and Guatemala's joint venture up to November 12, 2021 when the acquisition of the remaining 45% equity interest was completed - is reviewed by the CODM in a similar manner as for the Group’s controlled operations and is therefore also shown as a separate operating segment at 100% . However, these amounts are subsequently eliminated in order to reconcile with the Group consolidated numbers, as shown in the reconciliations below. Management evaluates performance and makes decisions about allocating resources to the Group's operating segments based on financial measures, such as revenue, including service revenue, and EBITDA. Capital expenditures are also a significant aspect for management and in the telecommunication industry as a whole. Management believes that service revenue and EBITDA are essential financial indicators for the CODM and investors. These measures are particularly valuable for evaluating performance over time. Management utilizes service revenue and EBITDA when making operational decisions, allocating resources, and conducting internal comparisons against historical performance and competitor benchmarks. Additionally, these metrics provide deeper insights into the Group's operating performance. Millicom's Remuneration Committee also employs service revenue and EBITDA when assessing employees' performance and compensation, including that of the Group's executives. A reconciliation of service revenue to revenue and EBITDA to profit before taxes is provided below. Before the organizational changes in the second half of 2023, the Group reported a single segment, the Group Segment. But with the new structure in place and considering the information now being reviewed by the CODM as described above, it has revised its segment presentation and information for all periods presented to separately disclose the Group's operating and reportable segments. Capital expenditures are reconciled with notes E.1. and E.2.. Revenue, Service revenue, EBITDA, capital expenditures and other segment information for the years ended December 31, 2023, 2022 and 2021, are shown on the below: December 31, 2023 Guatemala Colombia Panama Bolivia Honduras Paraguay Other reportable segments (v) Total for reportable segments Inter-segment and other eliminations(iv) Total Group (US$ millions) Service revenue(i) 1,339 1,268 669 601 572 544 847 5,842 (591) 5,250 Telephone and equipment revenue 225 45 50 11 39 24 55 450 (39) 411 Revenue 1,564 1,313 719 613 612 568 902 6,292 (631) 5,661 Inter-segment revenue 8 3 2 — 5 3 7 28 n/a n/a Revenue from external customers 1,556 1,311 717 613 607 565 895 6,264 n/a n/a EBITDA(ii) 807 420 296 224 272 236 352 2,609 (498) 2,111 Capital expenditures (iii) 183 161 100 92 103 97 148 883 (73) 809 (i) Service revenue is revenue related to the provision of ongoing services such as monthly subscription fees for mobile and broadband, airtime and data usage fees, interconnection fees, roaming fees, mobile finance service commissions and fees from other telecommunications services such as data services, short message services, installation fees and other value-added services excluding telephone and equipment sales. (ii) EBITDA is operating profit excluding impairment losses, depreciation and amortization and gains/losses on the disposal of fixed assets. (iii) Capital expenditures correspond to additions of property, plant and equipment, as well as operating intangible assets, excluding spectrum and licenses. The Group capital expenditure additions can be reconciled with notes E.1.3.. and E.2.2.for amounts of $116 million and $693 million respectively (2022: $150 million and $823 million, respectively). (iv) Includes intercompany eliminations, unallocated items and Honduras as a joint venture. (v) Includes our operations in El Salvador, Nicaragua and Costa Rica. December 31, 2022 Guatemala Colombia Panama Bolivia Honduras Paraguay Other reportable segments (v) Total for reportable segments Inter-segment and other eliminations(iv) Total Group (US$ millions) Service revenue(i) 1,373 1,253 624 608 549 530 801 5,739 (568) 5,171 Telephone and equipment revenue 245 83 27 13 37 26 60 491 (37) 454 Revenue 1,618 1,335 651 621 586 556 861 6,230 (605) 5,624 Inter-segment revenue 8 4 2 — 4 2 7 28 n/a n/a Revenue from external customers 1,611 1,331 649 621 582 554 854 6,202 n/a n/a EBITDA(ii) 857 404 298 242 262 245 330 2,638 (409) 2,228 Capital expenditures (iii) 197 277 106 124 78 107 138 1,028 (55) 973 December 31, 2021 Guatemala Colombia Panama Bolivia Honduras Paraguay Other reportable segments (v) Total for reportable segments Inter-segment and other eliminations(iv) Total Group (US$ millions) Service revenue(i) 1,365 1,319 608 612 548 526 762 5,739 (1,741) 3,997 Telephone and equipment revenue (i) 236 95 25 12 41 30 66 503 (240) 263 Revenue 1,601 1,414 633 623 589 555 827 6,242 (1,982) 4,261 Inter-segment revenue 7 4 2 — 4 2 8 27 n/a n/a Revenue from external customers(ii) 1,593 1,409 631 623 586 553 820 6,216 n/a n/a EBITDA(ii) 857 441 281 249 259 242 310 2,640 (1,123) 1,517 Capital expenditures (iii) 197 318 128 119 81 114 154 1,111 (188) 922 Reconciliation of EBITDA for reportable segments to the Group Profit before taxes: (US$ millions) 2023 2022 2021 EBITDA for reportable segments 2,609 2,638 2,640 Depreciation (978) (999) (804) Amortization (360) (345) (310) Share of profit in joint venture 42 32 210 Other operating income (expenses), net 10 (2) 5 Interest and other financial expenses (712) (617) (495) Interest and other financial income 28 18 23 Revaluation of previously held interests in Guatemala — — 670 Other non-operating (expenses) income, net 36 (78) (49) Profit (loss) from other joint ventures and associates, net (3) — (40) Honduras as joint venture (272) (262) (259) Unallocated expenses and other reconciling items (i) (225) (148) (864) Profit before taxes from continuing operations 175 238 728 (i) The unallocated expenses are primarily related to centrally managed costs. Number of permanent employees 2023 2022 2021 Subsidiaries (i) 15,742 18,534 19,749 Joint ventures (ii) 785 912 938 Total 16,527 19,446 20,687 (i) Emtelco (subsidiary of UNE EPM Telecomunicaciones S.A.) headcount are excluded from this disclosure and any internal reporting because their costs are classified as direct costs and not employee related costs. Includes Guatemala for 2021. (ii) Only Honduras for 2023, 2022 and 2021. Notes 2023 2022 2021 (US$ millions) Wages and salaries (463) (372) (361) Social security (73) (69) (66) Share based compensation B.4.1. (52) (29) (16) Pension and other long-term benefit costs B.4.2. (3) (2) (6) Other employees related costs (24) (22) (25) Total (614) (494) (474) Restructuring Costs Millicom is currently implementing a cost reduction project called 'Everest' with a focus on efficiency improvements. In 2023, Millicom recorded $87 million of severance costs and other redundancies (including the acceleration of share-based compensation and consulting costs related to this cost reduction project).. 1. Equity-settled Millicom shares granted to management and key employees includes share-based compensation in the form of long-term share incentive plans. Since 2016, Millicom has two types of annual plans, a performance share plan (PSP) and a deferred share plan (DSP). The different plans are further detailed below. Cost of share-based compensation 2023 2022 2021 (US$ millions) 2019 incentive plans — — 3 2020 incentive plans — (3) (3) 2021 incentive plans (10) (11) (17) 2022 incentive plans (10) (15) — 2023 incentive plans (32) — — Total share based compensation (52) (29) (17) Deferred share plan As from the 2019 plan, shares vest at a rate of 30% on January 1 of each of year one and two, and the remaining 40% on January 1 of year three Performance share plan (up to the 2020 plan) Shares granted under this performance share plan vest at the end of the three-year period, subject to performance conditions, 25% based on Relative Total Shareholder Return (“Relative TSR”), 25% based on the achievement of the Service Revenue target measured on a 3-year CAGRs from year one to year three of the plan (“Service Revenue”) and 50% based on the achievement of the Operating Free Cash Flow (“Operating Free Cash Flow”) target measured on a 3-year CAGRs from year one to year three of the plan. From 2020 onwards, the Operating Free Cash Flow target has been redefined to consider payments made in respect of leases. As a result, the target is since then the Operating Free Cash Flow after Leases ("OFCFaL"). Performance share plan (for plans issued from 2021) Shares granted under this performance share plan generally follow the same rules as for previous performance share plans. However, for LTI 2021 plan, Millicom had added a time vesting Restricted Stock Units (“RSU’s”)(LTI 2021: 35%) that will be vesting at the end of three years depending on satisfactory service condition. RSU's have been removed from the plan rules from 2022. For LTI 2023 plan, Millicom had added an environmental, social and governance metric ("ESG") (LTI 2023: 10%). The Service Revenue (LTI 2023: 30%; LTI 2022: 30%; LTI 2021: 15%) and Operating Cash Flow after Leases ("OCFaL") (LTI 2023: 50%; LTI 2022: 50%; LTI 2021: 30%) performance conditions are no longer measured based on a CAGR but on the actual cumulative achievement against the 3-year cumulative targets to better reflect the performance over the three-year period rather than simply the end point as is the case with a CAGR target. The Relative TSR (LTI 2023: 10%; LTI 2022: 20%; LTI 2021: 20%) is measured over the 10 trading days before / after December 31 of the last year of the corresponding three-year measurement period. Assumptions and fair value of the shares under the TSR portion(s) For the performance share plans, and in order to calculate the fair value of the TSR portion of those plans, it is necessary to make a number of assumptions which are set out below. The assumptions have been set based on an analysis of historical data as at grant date. Risk-free Dividend yield % Share price volatility(i) % Award term (years) Share fair value (in US$) Performance share plan 2023 (Relative TSR) 4.66 0.00 52.88 2.82 31.13 Performance share plan 2022 (Relative TSR) 2.01 0.00 47.94 2.80 29.12 Performance share plan 2021 (Relative TSR) 0.29 1.28 46.28 2.82 52.99 Performance share plan 2020 (Relative TSR) 0.61 1.47 24.54 2.93 55.66 Performance share plan 2019 (Relative TSR) (0.24) 3.01 26.58 2.93 49.79 (i) Historical volatility retained was determined on the basis of a three-year historic average. The cost of the long-term incentive plans which are conditional on market conditions is calculated as follows: Fair value (market value) of shares at grant date (as calculated above) x number of shares expected to vest. The cost of these plans is recognized, together with a corresponding increase in equity (equity settled transaction reserve), over the period in which the performance and/or employment conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award. Adjustments are made to the expense recorded for forfeitures, mainly due to management and employees leaving Millicom. Non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’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 2023 plans 2022 plans 2021 plans 2020 plans PSP DSP PSP DSP PSP DSP PSP DSP (number of shares) Initial shares granted 818,842 2,375,143 306,641 865,862 451,363 536,890 341,897 370,131 Additional shares granted(i) — — — 47,588 — 5,824 — 5,928 Effect of the Right Offering(ii) — — 83,926 227,947 115,575 93,375 20,862 32,526 Revision for forfeitures (101,108) (51,309) (52,623) (54,595) (63,624) (45,747) — (41,791) Total before issuances 717,734 2,323,834 337,944 1,086,802 503,314 590,342 362,759 366,794 Shares issued in 2020 — — — — — — — (3,571) Shares issued in 2021 — — — — (1,121) (5,760) — (113,653) Shares issued in 2022 — — — (13,957) (2,071) (160,596) — (100,362) Shares issued in 2023 (31,124) (354,331) (29,885) (476,256) (120,419) (234,157) — (149,208) Performance conditions not met — — — — — — (362,759) — Shares still expected to vest 686,610 1,969,503 308,059 596,589 379,703 189,829 — — Estimated cost over the vesting period (US$ millions) 11 42 6 20 18 19 — — (i) Additional shares granted represent grants made for new joiners and/or as per CEO contractual arrangements. (ii) In 2022, as per plan rules, additional shares have been granted to all participants for unvested plans as a result of the effect of the right offering (see note C.1. ). 2. Cash-settled In 2021, and in the light of the impact on future LTI awards as a consequence of the impact of COVID-19 on the Group's business, the Board awarded a one-time Retention Plan to a selected group of executives, including the CEO and CFO. The plan is based on Market Stock Units (“MSU”) and is a performance-based scheme where the outcome is dependent on the share price at the time of vesting. The number of MSUs granted to each participant was determined on the basis of a share price at inception of $33.83 for Tranche 2022 and $36.90 for Tranche 2023 (targets consider that Millicom share price at grant date - $30.75 - would appreciate 10% for Tranche 2022 and 20% for tranche 2023 from the grant price). The aforementioned share prices and number of units granted have been amended as a result of the effect of the right offering (see note C.1. ). At the vesting date, the value of the MSU were determined by the 30-trading day average share price ended on September 30, 2022 for Tranche 2022, and the 30-trading day average share price ended on June 30, 2023 for Tranche 2023. For each Tranche, the payment is made in cash 12 months after those dates, provided the participant is still employed (subject to limited allowances for good leavers). For every participant, payment is capped at 150% of their Target MSU Award Value set up for each Tranche. Participants of the Retention Plan were required to forfeit their awards under the LTI plans 2019 and 2020 in respect of the Financial targets (Service Revenue and Operating Cash flow growths), provided that the TSR component will continue to be active for these schemes. During 2023, Tranche 2022 has been paid out to participants for a total cash amount of $1.15 million. The MSU is a cash-settled share-based payment plan and Millicom measures the services acquired over the relevant service period and the liability incurred at the fair value of the liability. Until the liability is settled, Millicom is required to remeasure the fair value of the liability at the end of each reporting period and at the date of settlement, with any changes in value recognised the statement of income. As of December 31, 2023 and 2022, the fair value of the liability amounts to $1 million and $2 million, respectively, and was determined by using Millicom's share price (using a Black-Scholes model would not result in material differences). The related cost for the years ended December 31, 2023 and 2022, amounts to an expense of $1 million (as a result of the share price decrease over the year) and a credit of $1 million, respectively. Pension plans The pension plans apply to employees who meet certain criteria (including years of service, age and participation in collective agreements). Pension and other similar employee related obligations can result from either defined contribution plans or defined benefit plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity and no further payment obligations exist once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as assets to the extent that a cash refund or a reduction in future payments is available. Defined benefit pension plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the statement of financial position in respect of the defined benefit pension plan is the present value of the defined benefit obligation at the statement of financial position date less the fair value of plan assets, together with adjustments for unrecognized actuarial gains or losses and past service costs. The defined benefit obligation is calculated annually by independent actuaries. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows, using an appropriate discount rate based on maturities of the related pension liability. Re-measurement of net defined benefit liabilities are recognized in other comprehensive income and not reclassified to the statement of income in subsequent years. Past service costs are recognized in the statement of income on the earlier of the date of the plan amendment or curtailment, and the date that the Group recognizes related restructuring costs. Net interest is calculated by applying the discount rate to the net defined benefit asset/liability. Long-service plans Long-service plans apply for Colombian subsidiary UNE employees with more than five years of service whereby additional bonuses are paid to employees that reach each incremental length of service milestone (from five Termination plans UNE has a number of employee defined benefit plans. The level of benefits provided under the plans depends on collective employment agreements and Colombian labor regulations. There are no defined assets related to the plans, and UNE make payments to settle obligations under the plans out of available cash balances. At December 31, 2023, the defined benefit obligation liability amounting to $51 million (2022: $37 million), increased mainly related to interest cost ($5 million) and currency translation effect ($10 million), and payments expected in the plans in future years totals $100 million (2022: $77 million). The average duration of the defined benefit obligation at December 31, 2023 is 4 years (2022: 4 years). The termination plans apply to employees that joined UNE prior to December 30, 1996. The level of payments depends on the number of years in which the employee has worked before retirement or termination of their contract with UNE. The remuneration of the members of the Board of Directors comprises an annual fee and shares. Director remuneration is proposed by the Nomination Committee and approved by the shareholders at their Annual General Meeting (AGM). Remuneration charge for the non-executive Directors of the Board (gross of withholding tax) 2023 2022 2021 (US$ ’000) Chairperson 315 315 300 Other non-executive directors of the Board 1,360 1,408 1,338 Total (i) 1,675 1,723 1,638 Shares beneficially owned by the non-executive Directors |
Capital structure and financing
Capital structure and financing | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract] | |
Capital structure and financing | Capital structure and financing C.1. Share capital, share premium and reserves Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. Where any Group company purchases the Company’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 2023 2022 Authorized and registered share capital (number of shares) 200,000,000 200,000,000 Subscribed and fully paid up share capital (number of shares) 172,096,305 172,096,305 Par value per share 1.50 1.50 Share capital (US$ millions) 258 258 Share premium (US$ millions) 1,076 1,085 Total (US$ millions) 1,334 1,343 On May 18, 2022, the Board of Directors of Millicom resolved on a rights offering (the "Rights Offering") granting preferential subscription rights to existing holders of shares and Swedish Depositary Receipts ("SDRs") to subscribe for up to 70,357,088 shares in aggregate. The result of the Rights Offering showed that 68,822,675 shares, including those represented by SDRs, have been subscribed for by the exercise of basic subscription rights. The remaining 1,534,413 shares, including those represented by SDRs, were allotted to those investors who subscribed for them pursuant to over subscription privileges. The Rights Offering was thus fully subscribed, and Millicom received proceeds amounting to approxi mately $717 million after deducting underwriting commissions and other offering expenses of $28 million. As a result, the Rights Offering resulted in the issuance of 70,357,088 new shares, which increased the number of outstanding shares in Millicom from 101,739,217 to 172,096,305. The share capital also increased by $106 million to $258 million from $153 million. The remaining $611 million had been allocated to the Group's share premium account. Other equity reserves Legal reserve Equity settled transaction reserve Hedge reserve Currency translation reserve Pension obligation reserve Total (US$ millions) As of January 1, 2021 16 50 (19) (605) (4) (562) Share based compensation — 18 — — — 18 Issuance of shares with respect to LTIPs — (25) — — — (25) Remeasurements of post-employment benefit obligations — — — — 2 2 Cash flow hedge reserve movement — — 14 — — 14 Currency translation movement — — 1 (41) — (41) As of December 31, 2021 16 43 (3) (646) (3) (593) Share based compensation — 25 — — — 25 Issuance of shares with respect to LTIPs — (17) — — — (17) Remeasurements of post-employment benefit obligations — — — — (2) (2) Cash flow hedge reserve movement — — 8 — 1 9 Currency translation movement — — — 20 — 20 As of December 31, 2022 16 51 5 (626) (4) (559) Share based compensation — 50 — — — 50 Issuance of shares with respect to LTIPs — (40) — — — (40) Remeasurements of post-employment benefit obligations — — — — (2) (2) Transfer to legal reserves 2 — — — — 2 Cash flow hedge reserve movement — — (7) — — (7) Currency translation movement — — — 56 — 56 As of December 31, 2023 18 61 (2) (571) (6) (500) C.1.1. Legal reserve If Millicom International Cellular S.A. reports an annual net profit on a non-consolidated basis, Luxembourg law requires appropriation of an amount equal to at least 5% of the annual net profit to a legal reserve until such reserve equals 10% of the issued share capital. This reserve is not available for dividend distribution. In 2023, the AGM approved an allocation to the legal reserve for an amount of $1.9 million as a result of the capital increase which took place in 2022. No allocation was required in 2021 or 2022 as the 10% minimum level had been reached in 2011. C.1.2. Equity settled transaction reserve C.1.3. Hedge reserve C.1.4. Currency translation reserve C.2. Dividend distributions No dividend distributions were made in the last three years as the Group pivoted its shareholder's remuneration strategy to share buybacks. In addition, the ability of the Company to make dividend payments is subject to, among other things, the terms of indebtedness, legal restrictions and the ability to repatriate funds from Millicom’s various operations. At December 31, 2023, $491 million (December 31, 2022: $472 million; December 31, 2021: $486 million) C.3. Debt and financing Debt and financing by type (i) Note 2023 2022 (US$ millions) Debt and financing due after more than one year Bonds C.3.1. 4,638 4,879 Banks C.3.2. 1,832 1,776 Other financing (ii) 38 30 Total non-current financing 6,508 6,686 Less: portion payable within one year (32) (61) Total non-current financing due after more than one year 6,476 6,624 Debt and financing due within one year Bonds C.3.1. 111 101 Banks C.3.2. 59 18 Other financing 18 — Total current debt and financing 188 119 Add: portion of non-current debt payable within one year 32 61 Total 221 180 Total debt and financing 6,697 6,804 (i) See note D.1.1.. for further details on maturity profile of the Group debt and financing. (ii) In July 2018, the Company issued a COP144,054.5 million /$50 million bilateral facility with IIC (Inter-American Development Bank) for a USD indexed to COP Note. The note bears interest at 9.450% p.a.. This COP Note is used as net investment hedge of the net assets of our operations in Colombia. Debt and financing by location 2023 2022 (US$ millions) Millicom International Cellular S.A. (Luxembourg) 2,388 2,573 Guatemala 1,463 1,465 Colombia 713 605 Paraguay 665 678 Bolivia 246 260 Panama 759 773 Costa Rica 142 128 El Salvador 174 173 Nicaragua 148 147 Total debt and financing 6,697 6,804 C.3.1. Bond financing Bond financing Note Country Maturity Interest Rate % 2023 2022 (US$ millions) SEK Variable Rate Notes 1 Luxembourg 2024 STIBOR (i) + 2.350% — 191 SEK Variable Rate Notes 1 Luxembourg 2027 STIBOR (i) + 3.000% 222 214 USD 4.500% Senior Notes 2 Luxembourg 2031 4.500 % 766 779 USD 6.625% Senior Notes 3 Luxembourg 2026 6.625 % 147 147 USD 6.250% Senior Notes 4 Luxembourg 2029 6.250 % 671 670 USD 5.125% Senior Notes 5 Luxembourg 2028 5.125 % 446 446 USD 5.875% Senior Notes 6 Paraguay 2027 5.875 % 507 508 PYG 8.750% Notes (tranche A) 6 Paraguay 2024 8.750 % 16 16 PYG 9.250% Notes (tranche B) 6 Paraguay 2026 9.250 % 7 7 PYG 10.000% Notes (tranche C) 6 Paraguay 2029 10.000 % 9 9 PYG 9.250% Notes (tranche D) 6 Paraguay 2026 9.250 % 1 1 PYG 10.000% Notes (tranche E) 6 Paraguay 2029 10.000 % 3 3 PYG 9.250% Notes (tranche F) 6 Paraguay 2027 9.250 % 2 2 PYG 10.000% Notes (tranche G) 6 Paraguay 2030 10.000 % 3 3 PYG 6.000% Notes (tranche H) 6 Paraguay 2026 6.000 % 13 13 PYG 6.700% Notes (tranche I) 6 Paraguay 2028 6.700 % 20 19 PYG 7.500% Notes (tranche J) 6 Paraguay 2031 7.500 % 22 22 BOB 5.800% Notes 7 Bolivia 2026 5.800 % 29 35 BOB 4.850% Notes 7 Bolivia 2023 4.850 % — 14 BOB 3.950% Notes 7 Bolivia 2024 3.950 % 7 14 BOB 4.600% Notes 7 Bolivia 2024 4.600 % 20 41 BOB 4.300% Notes 7 Bolivia 2029 4.300 % 13 15 BOB 4.700% Notes 7 Bolivia 2024 4.700 % 10 21 BOB 5.300% Notes 7 Bolivia 2026 5.300 % 6 8 BOB 5.000% Notes 7 Bolivia 2026 5.000 % 42 48 BOB 6.000% Notes 7 Bolivia 2028 6.000 % 57 — UNE Bond 2 (tranches A and B) 8 Colombia 2023 CPI (ii) + 4.76% — 31 UNE Bond 3 (tranche A) 8 Colombia 2024 +9.35% 42 33 UNE Bond 3 (tranche B) 8 Colombia 2026 CPI (ii) + 4.15% 66 53 UNE Bond 3 (tranche C) 8 Colombia 2036 CPI (ii) + 4.89% 33 26 UNE Bond 6.600% 8 Colombia 2030 6.600 % 39 31 UNE Bond 4 (tranche A) 8 Colombia 2028 5.560 % 30 24 UNE Bond 4 (tranche B) 8 Colombia 2031 CPI (ii) +2.61% 74 59 UNE Bond 4 (tranche C) 8 Colombia 2036 CPI (ii) + 3.18% 22 18 UNE Bond 7 (tranche A) 8 Colombia 2026 CPI + 8.10% 3 — UNE Bond 7 (tranche B) 8 Colombia 2027 CPI + 8.25% 4 — USD 4.500% Senior Notes 9 Panama 2030 4.500 % 575 589 USD 5.125% Senior Notes 10 Guatemala 2032 5.125 % 823 870 Total bond financing 4,750 4,980 (i) STIBOR – Swedish Interbank Offered Rate. (ii) CPI - Colombian Consumer Price Index Luxembourg (1) SEK Notes In May 2019, MIC S.A. completed its offering of a SEK 2 billion floating rate senior unsecured sustainability bond due 2024 (the "2024 SEK bond"). The bond carried a floating coupon of 3-month Stibor+235bps. The Notes were redeemed in full on June 8, 2023 and cost of issuance fully amortized, accordingly. The 2024 SEK bond was swapped with various banks to hedge its principal and interest rate exposure, pursuant to which it effectively paid fixed-rate coupons in US dollars between 4.990% and 4.880%. The Group settled the swaps on the same date for $23 million . On January 10, 2022, Millicom placed a SEK 2.2 billion floating rate senior unsecured sustainability bond due on 2027 (the "2027 SEK bond") carrying a floating coupon priced at 3-month Stibor+300bps. Costs of issuance of $2.4 million is amortized over the five year life of the bond (the effective interest rate is 3.23%). The 2027 SEK bond is swapped to US dollars to hedge the exchange risk of its principal and interest payments (see D.1.2.). (2) (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. In November and December 2023, Millicom repurchased some of the 2031 USD 4.500% Senior Notes on the open market for a total amount of $12 million . The difference with their carrying value of $16 million has been recognized as financial income. The corresponding Notes have subsequently been cancelled. (3) (2026) USD 6.625% Senior Notes In October 2018, MIC S.A. issued $500 million aggregate principal amount of 6.625% Senior Notes due 2026. The Notes bear interest at 6.625% p.a., payable semiannually in arrears on each interest payment date. Proceeds were used to finance Cable Onda’s acquisition. Costs of issuance of $6 million were amortized over the eight-year life of the notes (the effective interest rate is 6.750%). As aforementioned, $302.1 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. Costs of issuance of $8.2 million are amortized over the ten-year life of the notes (the effective interest rate is 6.360%). On February 22, 2021, Millicom redeemed 10% of the principal outstanding of its Notes due 2026, 2028 and 2029 at a price of 103%. See above. (5) (2028) USD 5.125% Senior Notes In September 2017, MIC S.A. issued a $500 million, ten-year bond due January 2028, with an interest rate of 5.125%. Costs of issuance of $7 million are amortized over the ten year life of the notes (effective interest rate is 5.240%). On February 22, 2021, Millicom redeemed 10% of the principal outstanding of its Notes due 2026, 2028 and 2029 at a price of 103%. See above. Paraguay (6) (2027) USD 5.875% Senior Notes and (2024-2031) PYG Notes In April 2019, 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-year life of the notes (the effective interest rate is 6.04%). On January 28, 2020, Telecel issued at a premium $250 million of 5.875% Senior Notes due 2027 (the "New Notes"), representing an additional issuance from the Senior Notes described above. The New Notes are treated as a single class with the initial notes, and were priced at 106.375% for an implied yield to maturity of 4.817%. The corresponding $15 million premium received is amortized over the Senior Notes maturity. On November 4, 2022, Telecel announced a tender offer (early tender consideration for $927.5 for each $1,000 principal amount of notes) to purchase for cash up to $55 million in aggregate principal amount of the Senior Notes. On November 20, 2022, Telecel announced that approximately $47 million in principal amount of the mentioned Notes, have been accepted and settled on November 21, 2022. Late tender expired on December 6, 2022 with no further tendered Notes. Total consideration amounted to approximately $44 million with a net financial income impact of $3 million given the Notes were repurchased below their par value. 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 $41 million using December 31, 2023 exchange rate) program on the Paraguayan stock market, launched in different series from 5 years to 10 years. On October 1, 2021, Telecel issued another PYG 400,000 million bond (approximately $54 million using December 31, 2023 exchange rate) in three series with fixed interest rates between 6% to 7.5% and a repayment period from 5 to 10 years. Bolivia (7) BOB Notes In November 2015, 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 January 2023, Telefónica Celular de Bolivia S.A. fully repaid the 4.850% notes which were due in August 2023. 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 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 are 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 which were priced at 5.800% due in 2026. In November 2023, Tigo Bolivia issued a 6.00% local bond for an amount of BOB 387.5m (approximately $56 million at the time of the transaction) which is due in July 2028 to refinance some debt repayments, finance capex and general corporate purposes. Colombia (8) UNE Bonds In May 2011, UNE EPM Telecomunicaciones S.A. ("UNE") issued a COP300 billion (approximately $126 million) bond consisting of two equal tranches with five 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). On January 5, 2023, UNE issued a COP230 billion (approximately $50 million at the time of the transaction) bond consisting of two tranches with three On August 28, 2023, Millicom designated UNE, Colombia Móvil S.A. E.S.P., Edatel S.A. E.S.P., Orbitel Servicios Internacionales S.A.S., Cinco Telecom Corp., Inversiones Telco S.A.S. and Emtelco S.A.S. (collectively, the “Colombia Unrestricted Subsidiaries”), which are the entities constituting its Colombian operations as “Unrestricted Subsidiaries” under the 4.500% Notes, the 6.625% Notes, the 5.125% Notes, the 6.250% Notes, the SEK Bond, COP Bond and several of its financing agreements (see note G.6.) Panama (9) Cable Onda Bonds In November 2019, Cable Onda issued $600 million aggregate principal amount of 4.500% senior notes due 2030 payable in U.S. dollars, registered with the Superintendencia del Mercado de Valores de Panamá and listed on the Luxembourg Stock Exchange and on the Panamá Stock Exchange. The Notes bear interest from November 1, 2019 at a rate of 4.500% per annum, payable on January 30, 2020, for the first payment and thereafter semiannually in arrears on each interest payment date. The proceeds were used to fund the Panama Acquisition and to refinance certain local financing. Costs of issuance of $16 million, which include an original issue discount (OID) is amortized over the ten-year life of the notes (the effective interest rate is 4.690%). In December 2023, Cable Onda repurchased some of these Senior notes on the open market for a total amount of $13 million. The difference with their carrying value of $16 million has been recognized as a financial income. The corresponding Notes have subsequently been cancelled. Guatemala (10) (2032) USD 5.125% Senior Notes On January 27, 2022, the Group's principal subsidiary in Guatemala, Comunicaciones Celulares, S.A. ("Comcel"), completed the issuance of 10-year $900 million Senior Notes with a coupon of 5.125% per annum. The proceeds from this bond were used to repay a significant portion of the bridge financing that was used to fund the acquisition of the remaining 45% equity interest in the Tigo Guatemala operations (see note A.1.2.). On November 4, 2022, Comcel announced a tender offer (early tender consideration for $822.5 for each $1,000 principal amount of notes) to purchase for cash up to $90 million in aggregate principal amount of the Senior Notes. On November 20, 2022, Comcel announced that approximately $19 million in principal amount of the mentioned Notes, have been accepted and settled on November 21, 2022. Late tender expired on December 6, 2022 with no further tendered Notes. Total consideration amounted to approximately $16 million with a net financial income impact of $3 million given the Notes were repurchased below their par value. In November and December 2023, Comcel repurchased some of these Senior Notes on the open market for a total amount of $42 million . The difference with their carrying value of $49 million has been recognized as financial income. The corresponding Notes have subsequently been cancelled. C.3.2. Bank and Development Financial Institution financing Note Country Maturity range Interest rate 2023 2022 (US$ millions) Fixed rate loans PYG Long-term loans 1 Paraguay 2023-2028 Fixed 63 76 USD - Long-term loans 2 Panama 2025-2026 Fixed 185 185 BOB Long-term loans 3 Bolivia 2023-2028 Fixed 62 64 GTQ Long-term loans 8 Guatemala 2023-2030 Fixed 640 595 Variable rate loans USD Long-term loans 4 Costa Rica 2026 Variable 32 32 CRC Long-term loans 4 Costa Rica 2026 Variable 110 96 COP Long-term loans 5 Colombia 2025-2031 Variable 331 280 USD Long-term loans 5 Colombia 2024 Variable 50 50 USD Credit Facility / Senior Unsecured Term Loan Facility 6 El Salvador 2026-2027 Variable 174 173 USD Long-term loans 6 Nicaragua 2027 Variable 148 147 USD Revolving Credit Facility(i) 7 Luxembourg 2025 Variable (2) (3) USD DNB Bilateral 7 Luxembourg 2026 Variable 100 99 Total Bank and Development Financial Institution financing 1,891 1,794 (i) Relates to the amortized costs of the undrawn RCF that the Company entered into in October 2020 - see point 7 below. Below are some further details on the facilities disclosed in the table above. When applicable, local currency amounts are translated in USD using the exchange rate at the time of obtaining them. 1. Paraguay In July 2018, Telefónica Celular del Paraguay S.A.E. executed a seven-year loan with Regional Bank for PYG 115,000 million (approximately $18 million) with a final maturity in 2025. In January 2019, Telefónica Celular del Paraguay S.A.E. obtained a seven-year loan from BBVA Bank for PYG 177,000 million (approximately $29 million at the date of the transaction) which is due on November, 26, 2025. 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 December 2020, Telecel executed a credit agreement with Banco Continental S.A.E.C.A for PYG 200,000 million (approximately $29 million) with a duration of 2.5 years. Main aim was to refinance outstanding bank loans with maturities from 2021 to 2025. In December 2021, Telecel entered into a new loan of PYG 50,000 million (approximately $7 million) with GNB to refinance an outstanding bank loan with Banco Itaú. This loan bears fixed interest and will mature in 2024. 2. Panama In August 2019, Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.) entered into two credit agreements, one with Banco Nacional de Panama S.A , for $75 million which bears a fixed interest and has a 5 year duration and another one with the Bank of Nova Scotia (Sucursal Panama) for $75 million with a fixed interest and a five year duration to finance and refinance working capital and capital expenditures. In October 2020 and September 2021, the $75 million credit agreement with Banco Nacional de Panama S.A. has been early repaid. On July 29th, 2022 the $75 million loan with The Bank of Nova Scotia was repaid. In December 2020, Telecomunicaciones Digitales, S.A. executed a credit agreement with Bank of Nova Scotia with a 60 month duration for $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, Telecomunicaciones Digitales, S.A. 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. ("Tigo Bolivia") 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 bearing fixed interest rate. In July 2022, Tigo Bolivia signed two new loan agreements for a total amount of approximately $8 million and a repayment period of five years, bearing fixed interest rate. In February and August 2023, Tigo Bolivia signed a total of seven new bank loan agreements in local currency, all bearing fixed interest rates, for a corresponding total amount of approximately $53 million, and a repayment period between 1 and 5 years. The proceeds were used to refinance certain local financing. Out of these, approximately $20 million are guaranteed by stand-by letters of credit which were issued by Banco Latinoamericano de Comercio Exterior - Bladex S.A.. 4. Costa Rica On October 25, 2021, Millicom Cable Costa Rica S.A. executed new syndicated loan entered into by the Company and Millicom Cable Costa Rica as co-borrowers for an amount of $125 million. This loan has 2 tranches, a USD $33 million tranche with a SOFR+ margin and a local currency tranche at TBP+margin for an amount equivalent to $92 million. 5. 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 $94 million at the December 31, 2023 exchange rate) loan with a variable rate and a maturity of 7 years. On December 20, 2019, the Group's operation in Colombia executed an amendment to the $300 million loan between Colombia 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. 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 Agreement, fixing the exchange and interest rates (see note D.1.2.). On January 21, 2022, Colombia Movil S.A. repaid $100 million of the outstanding amount of the aforementioned Syndicated Loan Agreement. On January 19, 2022, the respective cross currency swaps with Bancolombia and JP Morgan for $25 million, each, were terminated. This resulted in a gain and cash settlement of $26 million (see note D.1.2.). As of December 31, 2023, there is still $50 million outstanding under the Syndicated Loan Agreement, which is covered by cross currency and interest rate swaps. On October 5, 2022 UNE EPM Telecomunicaciones S.A. entered into a credit loan with Bancolombia for COP 85,000 million loan (approximately $18 million) with a variable rate at Incremental Borrowing Rate +margin and a maturity of 1 year. The loan was extended to December 2023 when it was fully repaid. 6. El Salvador and Nicaragua On December 26, 2021, Telemovil El Salvador S.A. ("Telemovil") executed a new credit agreement for $100 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. On September 12, 2022, Telefonia Celular de Nicaragua, S.A. ("Nicaragua") and Telemovil entered into a new Credit and Guaranty Agreement with Bank of Nova Scotia as Administrative Agent and Citigroup and Bladex as Joint Lead Arrangers, and with the Company as Guarantor for $225 million Unsecured Term Loan with a 5-year maturity. The allocated portion for Telemovil is $75 million and the allocated portion for Nicaragua is $150 million. The proceeds have been used to partially repay loans with other companies within the Group. The interest rate for this loan is SOFR based plus a margin. 7. Luxembourg 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 was not drawdown so far and could be used for financing of working capital or for general corporate purposes, if needed. 8. Guatemala In October 2020, Tigo Guatemala executed several credit agreements with Banco Industrial, Banco G&T Continental, Banco de America Central and Banco Agromercantil for a total amount of GTQ 3,223 million (approximately $413 million) 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) which bears a fixed interest initially due in October 2025. In April 2023, the debt maturity was extended to October 31, 2028. • two loans for a total of GTQ 500 million with Banco G&T Continental S.A. (approximately $65 million) which bear a fixed interest rate and mature in December 2026. On March 31, 2022, Comcel executed a new 5-year $150 million loan agreement with Banco de Desarrollo Rural, S.A.. Proceeds were disbursed on April 27, 2022 and were used to refinance some of the credit agreements Comcel had with Banco Industrial. In December 2023, the debt maturity was extended to March, 2028. On June 13, 2023, Comcel, executed a new 7-year loan with Banco Industrial up to GTQ 400 million (approximately $51 million), bearing a fixed interest rate, mainly to finance the acquisitions of spectrum (refer to E.1..). Right of set-off and derecognition Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. A financial asset (or a part of a financial asset or part of a group of similar financial assets) is derecognized when: • Rights to receive cash flows from the asset have expired; or • Rights to receive cash flows from the asset have been transferred to a third party or the Group has retained the contractual r |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Financial risk management | D. Financial risk management Exposure to interest rate, foreign currency, non-repatriation, liquidity, capital management and credit risks arise in the normal course of Millicom’s business. As part of the annual review of the above mentioned risks, the Group targets a strategy with respect to the use of derivatives and natural hedging instruments ranging from raising debt in local currency (where the Group targets to maintain 40% of debt in local currency) to maintaining at least a 75/25% mix between fixed and floating rate debt or agreeing to cover up to six months forward of operating costs and capex denominated in non-functional currencies through a rolling and layering strategy. Millicom’s financial risk management strategies may include the use of derivatives to the extent a market would exist in the jurisdictions where the Group operates. Millicom’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, 2023 and 2022 fair value of derivatives held by the Group can be summarized as follows: 2023 2022 (US$ millions) Derivatives Cash flow hedge derivatives (40) (34) Net derivative asset (liability) (40) (34) D.1. Interest rate risk Debt and financing issued at floating interest rates expose the Group to cash flow interest rate risk. Debt and financing issued at fixed rates expose the Group to fair value interest rate risk. The Group’s exposure to risk of changes in market interest rates relate to both of the above. To manage this risk, the Group’s policy is to maintain a combination of fixed and floating rate debt with a target that more than 75% of the debt be at fixed rate. The Group actively monitors borrowings against this target. The target mix between fixed and floating rate debt is reviewed periodically. The purpose of Millicom’s policy is to achieve an optimal balance between cost of funding and vola tility of financial results, while considering market conditions as well as our overall business strategy. At December 31, 2023, approximately 80% of the Group’s borrowings are at a fixed rate of interest or for which variable rates have been swapped for fixed rates with interest rate swaps ( D.1.1. Fixed and floating rate debt Financing at December 31, 2023 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 190 369 403 582 855 2,912 5,311 Floating rate financing 12 76 433 420 147 279 1,367 Total(i) 202 445 836 1,002 1,002 3,191 6,678 Weighted average nominal interest rate 6.85 % 6.81 % 7.93 % 6.98 % 6.75 % 5.83 % 6.56 % (i) Excluding vendor financing of $18 million, due within one year, as of December 31, 2023 Financing at December 31, 2022 Amounts due within: 1 year 1–2 years 2–3 years 3–4 years 4–5 years >5 years Total (US$ millions) Fixed rate financing 131 383 501 376 718 3,466 5,574 Floating rate financing 49 12 63 402 404 300 1,230 Total 180 394 564 777 1,122 3,766 6,804 Weighted average nominal interest rate 7.68 % 5.71 % 6.11 % 7.46 % 6.49 % 5.88 % 6.22 % A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2023 would increase or reduce profit before tax from continuing operations f D.1.2. Interest rate swap contracts From time to time, Millicom enters into currency and interest rate swap contracts to manage its exposure to fluctuations in interest rates and currency fluctuations in accordance with its Group Treasury policy. Details of these arrangements are provided below. MIC S.A. entered into swap contracts in order to hedge the foreign currency and interest rate risks in relation to the 2024 SEK 2 billion senior unsecured sustainability bond and the foreign currency risk in relation to the 2027 SEC 2.2 billion senior unsecured sustainability bond (issued in May 2019 and January 2022, corresponding to $207.6 million and $252.3 million, respectively, using the exchange rate at the time of the issuance of each bond - see note C.3.1.). These swaps are accounted for as cash flow hedges as the timing and amounts of the cash flows under the swap agreements match the cash flows under the SEK bonds. Their maturity date is May 2024 and January 2027, respectively. The hedging relationship is highly effective and related fluctuations are recorded through other comprehensive income. All swap contracts attached to the 2024 SEK 2 billion bond were terminated on May 10, 2023, after the early redemption of the bond and were settled against a cash payment of $26 million. At December 31, 2023, the fair values of the above swap amount to a liability of $46 million. (December 31, 2022: a liability of $53 million). The Group's operation in Colombia also entered into several swap agreements in order to hedge foreign currency and interest rate risks on certain long-term debts. These swaps are accounted for as cash flow hedges and related fair value changes are recorded through other comprehensive incom e.The fair value of Colombia swaps amounted to an asset of $6 million as o f December 31, 2023 (December 31, 2022: an asset of $19 million). In January 2023, MIC S.A. also entered into two currency swap agreements to hedge an intercompany receivable of COP 206 billion (approximately $41 million) owed by UNE (refer to note C.3.1.). These swaps are accounted for as cash flow hedges as hedging relationships are highly effective. As a summary, the net fair value of the derivative financial instruments for the Group, as of December 31, 2023 amounted to a liability of $40 million (December 31, 2022: a liability of $34 million ). Interest rate and currency swaps are measured with reference to Level 2 of the fair value hierarchy.There are no other derivative financial instruments with a significant fair value at December 31, 2023. D.2. Foreign currency risks The Group is exposed to foreign exchange risk arising from various currency exposures in the countries in which it operates. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. D.2.1. Debt denominated in US dollars and other currencies Debt denomination at December 31 2023 2022 (US$ millions) Debt denominated in US dollars 3,859 4,100 Debt denominated in currencies of the following countries: Guatemala 640 595 Colombia 694 605 Bolivia 246 260 Paraguay 158 171 El Salvador(i) 174 173 Panama(i) 759 773 Luxembourg (COP denominated) 38 30 Costa Rica 110 96 Total debt denominated in other currencies 2,819 2,704 Total debt (ii) 6,678 6,804 (i) El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dollar as legal tender. The Group's local debt in both countries is therefore denominated in U.S. dollars but presented as local currency (LCY). (ii) Ex cluding vendor financing of $18 million in Colombia, due within one year, as of December 31, 2023. At December 31, 2023, if the US dollar had weakened/strengthened by 10% against the other functional currencies of our operations and all other variables held constant, then profit before tax from continuing operations would hav e increased/decreased by $25 million (2022: $20 million). This increase/decrease in profit before tax would have mainly been as a result of the conversion of the USD-denomi D.2.2. Foreign currency swaps D.3. Non-repatriation risk 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 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. D.4. Credit and counterparty risk Financial instruments that subject the Group to credit and counterparty risk include cash and cash equivalents, pledged deposits, letters of credit, trade receivables, amounts due from joint venture partners and associates, vendor financing and other current assets and derivatives. Counterparties to agreements relating to the Group’s cash and cash equivalents, pledged deposits and letters of credit are financial institutions generally with investment grade ratings. Management does not believe there are significant risks of non-performance by these counterparties and maintain a diversified portfolio of banking partners. Allocation of deposits across banks are managed such that the Group’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. D.5. Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Group has significant indebtedness but also has significant cash balances. Millicom evaluates its ability to meet its obligations on an ongoing basis using a recurring liquidity planning tool. This tool considers the operating net cash flows generated from its operations and the future cash needs for borrowing, interest payments, dividend payments and capital and operating expenditures required in maintaining and developing its operating businesses. The Group manages its liquidity risk through the use of bank loans, bonds, vendor financing, Export Credit Agencies and Development Finance Institutions (DFI) loans. Millicom believes that there is sufficient liquidity available in the markets to meet ongoing liquidity needs. Additionally, Millicom is able to arrange offshore funding. Millicom has a diversified financing portfolio with commercial bank s representing about 24% of its gross financing (2022: 23%), with bonds representing 61% (2022: 64%) and leases representing 13% (2022: 13%). Maturity profile of net financial liabilities at December 31, 2023 Less than 1 year 1 to 5 years >5yrs Total (US$ millions) Outstanding debt and financing (i) (203) (3,309) (3,232) (6,744) Outstanding amortized costs undiscounted 1 24 41 66 Lease liability (189) (498) (355) (1,043) Cash and equivalents 775 — — 775 Derivative and vendor financing (12) (46) — (58) Pledged deposits 5 — — 6 Net cash (debt) including derivatives related to debt 377 (3,829) (3,547) (6,999) Future interest commitments related to debt and financing (427) (1,270) (93) (1,791) Future interest commitments related to leases (108) (286) (108) (502) Trade payables (excluding accruals) (582) — — (582) Other financial liabilities (including accruals) (957) — — (957) Trade receivables 443 — — 443 Other financial assets 224 78 — 302 Net financial liabilities (1,031) (5,306) (3,748) (10,086) (i) Excluding vendor financing of $18 million as of December 31, 2023. Maturity profile of net financial liabilities at December 31, 2022 Less than 1 year 1 to 5 years >5yrs Total (US$ millions) Outstanding debt and financing (181) (2,880) (3,813) (6,875) Outstanding amortized costs undiscounted 1 23 47 71 Lease liability (163) (478) (374) (1,016) Cash and equivalents 1,039 — — 1,039 Derivative financial instruments — (34) — (34) Net cash (debt) including derivatives related to debt 697 (3,370) (4,141) (6,814) Future interest commitments related to debt and financing (416) (1,349) (111) (1,877) Future interest commitments related to leases (106) (290) (135) (531) Trade payables (excluding accruals) (689) — — (689) Other financial liabilities (including accruals) (867) — — (867) Trade receivables 379 — — 379 Other financial assets 232 71 — 303 Net financial liabilities (770) (4,938) (4,387) (10,095) D.6. Capital management 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 (see section C.3.5.). To maintain or adjust its capital structure, the Group may make dividend payments to shareholders, return capital to shareholders through share repurchases or issue new shares. At December 31, 2023, Millicom was rated at one notch below investment grade by the independent rating agencies Moody’s (Ba1) and Fitch (BB). On February 6, 2024, Moody’s downgraded Millicom by one notch to ba2 (with a stable outlook +) basically based on quantitative metrics being below ranges than ba1 rating scale ranges. The Group primarily monitors capital using net debt to EBITDAaL. Net debt to EBITDAaL (i) Note 2023 2022 (US$ millions) EBITDA B.3. 2,111 2,228 Lease interest expense (117) (124) Right of use assets depreciation E.3. (183) (168) EBITDAaL (ii) 1,812 1,936 Net debt (iii) C.6. 5,956 5,799 Net debt to EBITDAaL (iv) 3.29 x 2.99 x (i) The Group now presents Net debt to EBITDAal (vs. Net financial obligations to EBITDA before) in order to better align with the Group's peers and expectations of investors/analysts. 2022 figures have been represented accordingly. (ii) 'EBITDA after Leases' (EBITDAaL) represents EBITDA after lease interest expense and depreciation charge (excluding Africa). (iii) 'Net debt' is debt and financial liabilities, including derivative instruments (assets and liabilities), less cash and pledged and time deposits. In 2023, the definition of Net Debt has changed to include derivative financial instruments in order to have a more comprehensive view of the Group's financial obligations. 2022 figures have also been represented accordingly. (iv) The ratio is above 3.0x on an accounting basis, however, according to the terms of the Group's indentures, this ratio is calculated on a different basis, resulting in a ratio below 3.0x for covenant purposes. Gearing ratio The Group reviews its gearing ratio (net debt divided by total capital plus net debt) periodically. Capital represents equity attributable to the equity holders of the parent. Note 2023 2022 (US$ millions) Net debt C.6. 5,956 5,799 Equity attributable to Owners of the Company C.1. 3,529 3,605 Net debt and equity 9,485 9,404 Gearing ratio 0.63 0.62 |
Long-term assets
Long-term assets | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Long-term assets | Long-term assetsIntangible assets Millicom’s intangible assets mainly consist of goodwill and customer lists arising from acquisitions, licenses and spectrum.Accounting for intangible assets Intangible assets acquired in business acquisitions are initially measured at fair value at the date of acquisition. Those which are acquired separately are measured at cost. Internally generated intangible assets, excluding capitalized development costs, are not capitalized but expensed to the statement of income in the expense category consistent with the function of the intangible assets. Subsequently intangible assets are carried at cost, less any accumulated amortization and any accumulated impairment losses. Intangible assets with finite useful lives are amortized over their estimated useful lives using the straight-line method and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for intangible assets with finite useful lives are reviewed at least at each financial year end. Changes in expected useful lives or the expected beneficial use of the assets are accounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates. Amortization expense on intangible assets with finite lives is recognized in the consolidated statement of income in the expense category consistent with the function of the intangible assets. Goodwill Goodwill represents the excess of cost of an acquisition over the Group’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. Following initial recognition, goodwill is measured at cost, less any accumulated impairment losses. Gains or losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Where goodwill forms part of a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in this manner is measured, based on the relative values of the operation disposed and the portion of the cash-generating unit retained. Goodwill on acquisition of joint ventures or associates is included in investments in joint ventures and associates. Licenses and Spectrum Licenses and spectrum are recorded at either historical cost or, if acquired in a business combination, at fair value at the date of acquisition. Cost includes cost of acquisition and other costs directly related to acquisition and retention of licenses over the license period. These costs may include up-front and deferred payments as well as estimates related to fulfillment of terms and conditions related to the licenses such as service or coverage obligations, especially when there is a clear objective evidence that the cost of fulfilling these obligations will be significantly onerous for the Group. Licenses and spectrum have a finite useful life and are carried at cost less accumulated amortization and any accumulated impairment losses. Licenses and spectrum are amortized from the date the network is available for use on a straight-line basis over the license period. Amortization is calculated using the straight-line method to allocate the cost of the licenses over their estimated useful lives. The terms of licenses, which have been awarded for various periods, are subject to periodic review for, among other things, rate setting, frequency allocation and technical standards. Licenses held, subject to certain conditions, are usually renewable and generally non-exclusive. When estimating useful lives of licenses, renewal periods are included only if there is evidence to support renewal by the Group without significant cost. Trademarks and customer lists Trademarks and customer lists are recognized as intangible assets only when acquired or gained in a business combination. Their cost represents fair value at the date of acquisition. Trademarks and customer lists have indefinite or finite useful lives. Main factors considered in the determination of the indefinite useful lives include the years that they have been and are expected to be in service and their recognition among peers in the industry. Trademarks and customer lists used by the Group for its own activities are unlikely to generate largely independent cash inflows and therefore are tested for impairment annually together with other assets at each cash-generating unit level. Finite useful life trademarks are carried at cost, less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost of the trademarks and customer lists over their estimated useful lives. The estimated useful lives for trademarks and customer lists are based on specific characteristics of the market in which they exist. Estimated useful lives are: Years Estimated useful lives Trademarks 1 to 15 Customer lists 4 to 20 Programming and content rights Programming and content master rights which are purchased or acquired in business combinations which meet certain criteria are recorded at cost as intangible assets. The rights must be exclusive, related to specific assets which are sufficiently developed, and probable to bring future economic benefits and have validity for more than one year. Cost includes consideration paid or payable and other costs directly related to the acquisition of the rights, and are recognized at the earlier of payment or commencement of the broadcasting period to which the rights relate. Programming and content rights capitalized as intangible assets have a finite useful life and are carried at cost, less accumulated amortization and any accumulated impairment losses. Amortization is calculated using the straight-line method to allocate the cost of the rights over their estimated useful lives. Non-exclusive and programming and content rights for periods less than one year are expensed over the period of the rights. Indefeasible rights of use There is no universally-accepted definition of an indefeasible rights of use (IRU). These agreements come in many forms. However, the key characteristics of a typical arrangement include: • 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 • 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. Movements in intangible assets in 2023 Goodwill Licenses and Spectrum Customer Lists IRUs Trademarks Other (i) Total (US$ millions) Opening balance, net 4,059 1,094 864 40 910 394 7,361 Additions — 406 — 1 — 115 522 Amortization charge — (116) (96) (12) — (137) (361) Impairment — — — — — (1) (1) Transfers — 4 — 1 — 11 16 Exchange rate movements 48 171 1 4 — 26 249 Closing balance, net 4,107 1,558 769 33 910 408 7,785 Cost or valuation 4,107 2,407 1,206 178 1,243 1,275 10,416 Accumulated amortization and impairment — (849) (437) (145) (333) (867) (2,631) Net 4,107 1,558 769 33 910 408 7,785 Movements in intangible assets in 2022 Goodwill Licenses and Spectrum Customer Lists IRUs Trademarks Other (i) Total (US$ millions) Opening balance, net 4,098 1,120 970 71 920 379 7,558 Additions — 195 — 1 — 150 345 Amortization charge — (96) (106) (14) (1) (130) (345) Impairment (ii) — — — — — (6) (6) Disposals, net — (9) — — — — (9) Transfer to/from held for sale (12) (18) — (17) (10) (2) (57) Transfers — (7) — 3 — 28 24 Exchange rate movements (26) (91) — (4) — (25) (147) Closing balance, net 4,059 1,094 864 40 910 394 7,361 Cost or valuation 4,059 1,786 1,199 158 1,237 1,133 9,573 Accumulated amortization and impairment — (692) (335) (118) (327) (740) (2,212) Net 4,059 1,094 864 40 910 394 7,361 (i) Other includes mainly software costs (ii) During the year ended December 31, 2022, Millicom early terminated an IT software contract and also decommissioned the existing software. As a result, Millicom recorded a settlement provision of $7 million under operating expenses and recorded a decommissioning cost of this software for a total amount of $12 million, as accelerated amortization and impairment charges. Cash used for intangible asset additions 2023 2022 2021 (US$ millions) Additions 150 258 126 Change in accruals and payables for intangibles (16) (79) (29) Cash used for additions 133 179 98 Allocation of Goodwill to cash generating units (CGUs) 2023 2022 (US$ millions) Guatemala (see note A.1.2.) 2,470 2,470 Panama 907 907 El Salvador 194 194 Costa Rica 135 118 Paraguay 44 44 Colombia 155 123 Nicaragua 197 199 Bolivia 3 3 Total 4,107 4,059 Allocation of indefinite useful life trademarks to cash generating units (CGUs) 2023 2022 (US$ millions) Guatemala 910 910 Total 910 910 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, 2023 Goodwill and indefinite useful life trademarks were tested for impairment by assessing the recoverable amount against the carrying amount of the CGU based on discounted cash flows. The recoverable amounts are based on value-in-use. The value-in-use is determined based on the method of discounted cash flows. The cash flow projections used (operating profit margins, income tax, working capital, capex and license renewal cost) are extracted from business plans approved by management, covering a ten-year planning horizon. The Group uses a ten-year planning horizon to obtain a stable business outlook, in particular due to the long investment cycles in the industry and the long-term planned and expected investments in licenses and spectrum. Cash flows beyond this period are extrapolated using a perpetual growth rate. Management validates the reasonableness of the results of the test by comparing the share price implied by the 'sum of the parts' with the market share price. Any gap is reviewed, analyzed and documented. When value-in-use results are lower than the carrying values of the CGUs, management determines the recoverable amount by using the fair value less cost of disposal (FVLCD) of the CGUs. FVLCD is usually determined by using recent offers received from third parties (Level 1). For the year ended December 31, 2023, management concluded that no impairment should be recorded in the Group consolidated financial statements. Impairment testing at December 31, 2022 For the year ended December 31, 2022, management concluded that no impairment should be recorded in the Group consolidated financial statements. Key assumptions used in value in use calculations The process of preparing the cash flow projections considers the current market condition of each CGU, analyzing the macroeconomic, competitive, regulatory and technological environments, as well as the growth opportunities of the CGUs. Therefore, a growth target is defined for each CGU, based on the appropriate allocation of operating resources and the capital investments required to achieve the target. The foregoing forecasts could differ from the results obtained through time; however, the Group prepares its estimates based on the current situation of each of the CGUs. Relevance of budgets used for the impairment test is also reviewed annually, with management performing regressive analysis between actual figures and budget/Long Range Plans (LRPs) used for previous year impairment test. The cash flow projections for all CGUs is most sensitive to the following key assumptions: • 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 2023 and 2022 impairment test are shown below: CGU Average EBITDA margin (%) (i) Average CAPEX intensity (%) (i) Perpetual growth rate (%) WACC rate after tax (%) 2023 2022 2023 2022 2023 2022 2023 2022 Bolivia 41.3 41.2 13.6 15.2 1.0 1.0 15.4 9.8 Colombia 39.6 36.0 12.3 17.2 2.0 2.0 10.7 11.4 Guatemala 53.3 51.2 11.3 11.6 1.0 1.0 9.7 10.1 Costa Rica 39.8 37.5 16.2 15.5 2.0 2.0 10.1 11.8 El Salvador 41.7 41.0 13.6 13.0 1.0 1.0 12.1 14.1 Nicaragua 47.5 46.8 13.8 14.5 3.0 2.5 15.5 15.0 Panamá 46.5 46.9 13.1 14.9 1.0 1.0 8.9 8.8 Paraguay 46.8 44.5 14.5 14.9 1.0 1.0 9.8 10.0 (i) Average is computed over the period covered by the plan. Sensitivity analysis to changes in assumptions Management performed a sensitivity analysis on key assumptions within the test. The following maximum increases or decreases, expressed in percentage points, were considered for all CGUs: Reasonable changes in key assumptions (%) Financial variables 2023 2022 WACC rates +/- 2 +/-2 Perpetual growth rates +/-1 +/-1 Operating variables EBITDA margin +/-2 +/-2 CAPEX intensity +/-1 +/-1 At December 31, 2023 the sensitivity analysis shows a comfortable headroom between the recoverable amounts and the carrying values for all CGUs, except for Nicaragua (at December 31, 2022, except for Colombia and Nicaragua). If the assumptions used in the impairment test were changed to a greater extent than as presented in the following table, the changes would, in isolation, trigger a potential impairment loss being recognised for the following CGUs in the years ended December 31, 2023 and December 31, 2022 . 2023 2022 Change required for carrying value to equal recoverable amount CGU CGU Nicaragua Colombia Nicaragua Financial variables WACC rate +154bps +82bps +117bps Perpetual growth rates n/a n/a n/a Operating variables Average EBITDA margin n/a +-107bps n/a CAPEX intensity n/a +13bps n/a Items of property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment. Historical cost includes expenditure that is directly attributable to acquisition of items. The carrying amount of replaced parts is derecognized. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset and the remaining life of the license associated with the assets, unless the renewal of the license is contractually possible. The assets’ residual value and useful life is reviewed, and adjusted if appropriate, at each statement of financial position date. As explained in the Introduction note, during 2023, the estimated useful lives of some property, plant and equipment were revised. As a result, the estimated useful lives of the Group's towers, poles and ducts were changed from 15 to 25 years, while the related civil works' useful lives were increased from 10 to 15 years. Refer to the Introduction - Estimates note for further details. Estimated useful lives Duration Buildings Up to 40 years Networks (including civil works) 5 to 25 years Other 2 to 7 years The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. An asset’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 2023 Network Equipment Land and Buildings Construction in Progress Other(i) Total (US$ millions) Opening balance, net 2,340 180 418 50 2,989 Additions 161 2 525 5 693 Impairments/reversal of impairment, net (2) — — — (2) Disposals, net (16) — (3) — (20) Depreciation charge (751) (19) — (25) (794) Asset retirement obligations 29 1 — — 30 Transfers 566 (2) (570) 13 6 Exchange rate movements 165 13 24 1 203 Other 14 (12) — — 2 Closing balance, net 2,507 162 394 44 3,107 Cost or valuation 8,924 310 394 352 9,980 Accumulated depreciation and impairment (6,417) (148) — (307) (6,873) Net at December 31, 2023 2,507 162 394 44 3,107 Movements in tangible assets in 2022 Network equipment Land and buildings Construction in progress Other(i) Total (US$ millions) Opening balance, net 2,691 200 428 63 3,382 Additions 157 3 655 9 823 Impairments/reversal of impairment, net — — — 1 — Disposals, net (16) (5) (8) — (29) Depreciation charge (791) (21) — (28) (840) Asset retirement obligations 17 — — — 18 Transfers 577 22 (632) 12 (21) Transfers from/(to) assets held for sale (141) (6) (13) (6) (166) Exchange rate movements (153) (12) (11) (2) (178) Closing balance, net 2,340 180 418 50 2,989 Cost or valuation 8,071 348 418 345 9,183 Accumulated depreciation and impairment (5,731) (168) — (296) (6,194) Net at December 31, 2022 2,340 180 418 50 2,989 (i) Other mainly includes office equipment and motor vehicles. Borrowing costs capitalized for the years ended December 31, 2023, 2022 and 2021 were not significant. Cash used for property, plant and equipment 2023 2022 2021 (US$ millions) Additions 694 823 787 Change in advances to suppliers 3 (3) (6) Change in accruals and payables for property, plant and equipment 116 (20) (40) Other — — (1) Cash used 814 800 740 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 2023 Right-of-use assets Land and buildings Sites rental Tower rental Other network equipment Capacity Other Total (US$ millions) Opening balance, net 142 181 505 16 28 13 884 Additions 4 10 42 — 7 1 63 Modifications 6 27 51 2 1 — 87 Disposals (1) (2) (1) — — — (5) Depreciation (38) (45) (90) (1) (6) (3) (183) Asset retirement obligations — (1) (2) — — — (3) Transfers 1 7 2 (2) (2) (1) 4 Exchange rate movements 16 2 31 — — — 50 Other — (2) — — — — (2) Closing balance, net 130 177 537 16 27 9 896 Cost of valuation 280 369 929 26 47 21 1,671 Accumulated depreciation and impairment (150) (192) (392) (10) (19) (12) (776) Net at 31 December 2023 130 177 537 16 27 9 896 Movements in right of use assets in 2022 Right-of-use assets Land and buildings Sites rental Tower rental Capacity Other network equipment Other Total (US$ millions) Opening balance, net 169 201 587 29 25 13 1,024 Additions 23 23 77 — 2 2 127 Modifications 11 18 104 — 1 1 135 Impairments (1) — — — — — (1) Disposals (3) (1) (5) — — — (9) Depreciation (38) (42) (83) (5) (4) (3) (176) Asset retirement obligations — 2 — — 1 — 3 Transfers — (14) 17 3 (7) — (2) Transfer to/from held for sale (3) (2) (158) — — — (163) Exchange rate movements (16) (4) (34) — — — (54) Closing balance, net 142 181 505 28 16 13 884 Cost of valuation 249 325 780 39 28 22 1,442 Accumulated depreciation and impairment (107) (144) (275) (11) (11) (9) (558) Net at 31 December 2022 142 181 505 28 16 13 884 Apart from the impact of the disposal of the Group's operations in Tanzania, there have been no unusual significant events affecting lease liabilities (and right-of-use assets) during the year ended December 31, 2022. E.4. Assets held for sale As of December 31, 2023 and 2022 no assets qualified as assets held for sale. For further details on assets held for sale and discontinued operations, please refer to note A.4. |
Other assets and liabilities
Other assets and liabilities | 12 Months Ended |
Dec. 31, 2023 | |
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. 2023 2022 (US$ millions) Gross trade receivables 851 694 Less: provisions for expected credit losses (408) (315) Trade receivables, net 443 379 Aging of trade receivables Neither past due nor impaired Past due (net of impairments) 30–90 days >90 days Total (US$ millions) 2023: Telecom operators 19 5 4 28 Own customers 263 49 51 364 Others 37 7 8 52 Total 319 61 63 443 2022: Telecom operators 7 13 5 25 Own customers 211 54 39 304 Others 39 7 5 51 Total 257 74 48 379 Trade receivables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less provision for expected credit losses. The Group recognizes an allowance for expected credit losses (ECLs) applying a simplified approach in calculating the ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime of ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The provision for expected credit losses is recognized in the consolidated statement of income within 'Equipment, programming and other direct costs'. Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Inventories 2023 2022 (US$ millions) Telephone and equipment 27 39 SIM cards 4 4 Other 14 10 Inventory at December 31, 45 53 Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method where the effect of the passage of time is material. From time to time, the Group enters i 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. Current 2023 2022 (US$ millions) Deferred revenue 96 93 Customer deposits 12 13 Current legal provisions 8 12 Tax payables 72 61 Customer and MFS distributor cash balances 45 47 Withholding tax on payments to third parties 22 15 Other current liabilities(i) 119 64 Total 374 305 (i) Includes $15 million Non-current 2023 2022 (US$ millions) Non-current legal provisions 6 16 Long-term portion of asset retirement obligations 173 155 Long-term portion of deferred income on tower sale and leasebacks recognized 31 32 Long-term employment obligations 51 37 Other non-current liabilities 68 55 Total 330 295 Non-current payables and accruals for capital expenditure include an amount o f $846 million (December 31, 2022: $414 million) in relation to spectrum and license payables in Colombia. The major part of this payable is related to: 1) the acquisition, in December 2019, of licenses granting the right to use a total of 40 MHz in the 700 MHz band in Colombia. This 20-year license will expire in 2040. During the same auction, Tigo Colombia also acquired 55 MHz in the 1900 band and 30 MHz of AWS. Tigo Colombia agreed to a total notional consideration of COP 2.45 billion (equivalent to approximately $615 million at initial date's 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 a rate corresponding to the Government Títulos de Tesorería (TES). In April and May 2020, local management received permission to operate 40 Mhz in the 700 MHz band and accounted for the spectrum as an intangible asset at an amount of $388 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. As of December 31, 2023, the outstanding payable in relation to these licenses amount to $467 million (December 31, 2022: $337 million). Using the applicable interest rate, future interest commitments on the outstanding cash consideration payable amount to $553 million. 2) in February 2023, the renewal of the spectrum license related to 1900 Mhz band for an additional period of 20 years. The total consideration amounts to COP 1.14 billion (approximately $281 million at initial date's exchange rate). The first payment representing 20% of the total consideration occurred on October 27, 2023. The remaining consideration will be paid in annual installments over the next 20 years and bears interest at the moving average of the last 24 months consumer price index (CPI) rate. As of December 31, 2023, the outstanding payable in relation to these licenses amount to $241 million. Using the applicable interest rate, future interest commitments on the outstanding cash consideration payable amount to $181 million. Contract assets, net 2023 2022 (US$ millions) Long-term portion 21 21 Short-term portion 65 61 Less: provisions for expected credit losses (4) (5) Total 82 77 Contract liabilities 2023 2022 (US$ millions) Long-term portion 74 2 Short-term portion 82 87 Total 156 88 The Group recognized reven ue for $84 million in 2023 (2022: $91 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, 2023 is $71 million ($71 million is expected to be recognized as revenue in the 2024 financial year and the remaining $1 million in the 2025 financial year or later) . This amount does not consider contracts that have an original expected duration of one year or less, neither contracts in which consideration from a customer corresponds to the value of the entity’s performance obligation to the customer (i.e. billing corresponds to accounting revenue). Contract costs, net (i) 2023 2022 (US$ millions) Net at January 1 10 8 Contract costs capitalized 5 5 Amortization of contract costs (4) (3) Net at December 31 12 10 |
Additional disclosure items
Additional disclosure items | 12 Months Ended |
Dec. 31, 2023 | |
Additional information [abstract] | |
Additional disclosure items | Additional disclosure itemsFees to auditors 2023 2022 2021 (US$ millions) Audit fees 5.6 5.1 5.2 Audit related fees 0.8 1.3 1.4 Tax fees 0.2 0.2 0.1 Other fees 0.3 0.2 0.4 Total 6.9 6.8 7.1 At December 31, 2023, the Company and its subsidiaries had fixed commitments to purchase network equipment, other fixed assets an d intangible assets of $350 million of which $254 million are due within one year (December 31, 2022: $406 million of which $259 million were due within one year). The Group’s share of commitments from the joint ventures is $18 million, of which $18 million are due within one year (December 31, 2022: $29 million, al The Company and its operations are contingently liable with respect to lawsuits, legal, regulatory, commercial and other legal risks that arise in the normal course of business. As of December 31, 2023, the total amount of claims brought against the Company and its subsidiaries is $328 million (December 31, 2022: $239 million). The Group's share of the comparable exposure for its joint venture in Honduras is $9 million (December 31, 2022: $13 million). As at December 31, 2023, $14 million has been provisioned by its subsidiaries for these risks in the consolidated statement of financial position (December 31, 2022: $25 million). The Group’s share of provisions made by the joint venture in Honduras was $1 million (December 31, 2022: $1 million). While it is not possible to ascertain the ultimate legal and financial liability with respect to these claims and risks, the ultimate outcome is not anticipated to have a material effect on the Group’s financial position and operations. On May 25, 2020, as a result of the termination of the Costa Rica acquisition, 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 damages claims for alleged breaches of contract and alleges, among other things, that the Group was required to close the transaction because the closing conditions specified in the sale and purchase agreement for the acquisition had been satisfied. On February 13, 2024, the Court granted summary judgment in favor of Telefónica, ruling in favor of Telefónica's breach of contract claim as well as its methodology for calculating pre-judgment interest. As of the time of this filing, the Court has not yet determined the exact amount of damages, and a final judgment has not yet been entered. The Group disagrees with the decision and continues to believe that the Group has strong arguments in its favor. The Group plans to file an appeal of the ruling. Other 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, 2023, the tax risks exposure of the Group's subsidiaries is estimated at $279 million, for which provisions of $52 million have been recorded in tax liabilities; representing management's assessment of the probable cash outflow of eventual claims and required payments related to those risks (December 31, 2022: $221 million of which provisions of $38 million were recorded). The Group's share of comparable tax exposure and provisions in its joint venture amounts to $118 million (December 31, 2022: $97 million) and $7 million (December 31, 2022: $7 million), respectively. Non-cash investing and financing activities from continuing operations Note 2023 2022 2021 (US$ millions) Investing activities Acquisition of property, plant and equipment E.2.2. 121 (23) (47) Acquisition of lease right of use assets obtained in exchange of lease liabilities E.3. 63 127 106 Asset retirement obligations E.2.2. 30 18 32 Financing activities Share based compensation B.4.1. 52 29 17 The Group’s significant related parties are: ▪ Xavier Niel, his subsidiaries and joint ventures, as well as his close family members. • EPM and subsidiaries (EPM), the non-controlling shareholder in our Colombian operations (see notes A.1.4. and C.7.4.); • Miffin Associates Corp and subsidiaries (Miffin), our joint venture partner in Guatemala until November 12, 2021, date on which Miffin ceased to be a related party, as Millicom signed and closed an agreement to acquire the remaining 45% equity interest in our joint venture business in Guatemala from Miffin (see note A.1.2.). • Cable Onda partners and subsidiaries, the non-controlling shareholders in Tigo Panama (see note A.1.2.), until June 29, 2022, date on which Cable Onda Partners ceased to be a related party as the non-controlling shareholders of Tigo Panama exercised their put option right to sell their remaining 20% shareholding to Millicom. Xavier Niel Xavier Niel has significant expertise in the telecoms sector with a 30 year track record of innovation in the sector. He is the owner of the Iliad group, a leading telecoms provider present in France, Italy and Poland, as well as NJJ Holding, an investor in telecoms assets including in Switzerland and Ireland. Xavier Niel has significant influence over Millicom, as holding, directly or indirectly (through NJJ Holding, Atlas Investissement and Atlas Luxco S.à.r.l. ultimately controlled by him) approximately 29.1% of Millicom's shareholding and voting rights as of December 31, 2023. Additionally, on the annual AGM held on 31 May, 2023, Xavier Niel obtained representation in Millicom’s Board of Directors with the appointment of three (out of nine) non-Executive directors. 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. Transactions with EPM represent mainly purchases in the form of leases. Miffin Associates Corp (Miffin) As mentioned above, Miffin ceased to be a related party to the Group from November 12, 2021. Transactions with Miffin represented recurring commercial operations such as purchase of handsets, and sale of airtime. The Group had the following transactions with related parties: Expenses 2023 2022 2021 (US$ millions) Purchases of goods and services from Miffin (i) — — (165) Purchases of goods and services from EPM (45) (45) (39) Other expenses (10) (18) (16) Total (55) (63) (220) Income and gains 2023 2022 2021 (US$ millions) Sale of goods and services to Miffin (i) — — 299 Sale of goods and services to EPM 12 11 14 Other revenue — 1 2 Total 12 11 314 (i) Miffin entities are not considered as related parties since November 12, 2021. The Group had the following balances with related parties: December 31 2023 2022 Liabilities (US$ millions) Payables to Honduras joint venture(ii) 68 48 Payables to EPM 33 39 Other accounts payable 2 2 Total 103 88 (ii) Mainly dividends. December 31 2023 2022 Assets (US$ millions) Receivables from EPM 2 2 Receivables from Honduras joint venture 9 13 Total 12 15 On August 28, 2023, Millicom designated Tigo-UNE, Colombia Móvil S.A. E.S.P., Edatel S.A. E.S.P., Orbitel Servicios Internacionales S.A.S., Cinco Telecom Corp., Inversiones Telco S.A.S. and Emtelco S.A.S. (collectively, the “Colombia Unrestricted Subsidiaries”), which are the entities constituting its Colombian operations as “Unrestricted Subsidiaries” under the 4.500% Notes, the 6.625% Notes, the 5.125% Notes, the 6.250% Notes, the SEK Bond, COP Bond and several of its financing agreements. The following supplemental consolidating financial information presents selected statement of income and statement of financial position information of Millicom and its Restricted Subsidiaries (as defined under its outstanding credit instruments) separately from such information for Millicom’s Unrestricted Subsidiaries. Statement of income Millicom Group Colombia Unrestricted Subsidiaries Intercompany Eliminations Millicom Restricted Group Year ended December 31, 2023 Revenue 5,661 1,313 — 4,348 Equipment, programming and other direct costs (1,507) (392) (3) (1,118) Operating expenses (2,043) (501) 3 (1,539) Depreciation (978) (269) — (709) Amortization (360) (100) — (260) Share of profit in Honduras joint venture 42 — — 42 Other operating income (expenses), net 10 9 — 1 Operating profit 826 60 1 766 Net financial expenses (684) (242) 10 (432) Other non-operating (expenses) income, net 36 32 — 4 Profit (loss) from other joint ventures and associates, net (3) — — (3) Profit (loss) before taxes from continuing operations 175 (150) 11 336 Tax expense (424) (176) — (248) Profit (loss) from continuing operations (249) (326) 11 87 Profit (loss) from discontinued operations, net of tax 4 — — 4 Net profit (loss) for the year (245) (326) 11 91 Statement of financial position Millicom Group Colombia Unrestricted Subsidiaries Intercompany Eliminations Millicom Restricted Group December 31, 2023 ASSETS NON-CURRENT ASSETS Intangible assets, net 7,785 1,152 — 6,633 Property, plant and equipment, net 3,107 884 — 2,223 Right of use assets, net 896 229 — 667 Investment in Honduras joint venture 576 — — 576 Contract costs, net 12 — — 12 Deferred tax assets 141 1 — 140 Other non-current assets 84 29 54 109 TOTAL NON-CURRENT ASSETS 12,601 2,295 54 10,359 CURRENT ASSETS Inventories 45 8 — 37 Trade receivables, net 443 128 — 314 Contract assets, net 82 7 — 75 Amounts due from non-controlling interests, associates and joint ventures 12 4 — 8 Prepayments and accrued income 168 35 — 132 Current income tax assets 118 66 — 52 Supplier advances for capital expenditure 21 1 — 20 Other current assets, including derivatives financial instruments 196 43 61 215 Restricted cash 56 1 — 55 Cash and cash equivalents 775 36 — 739 TOTAL CURRENT ASSETS 1,915 330 61 1,647 TOTAL ASSETS 14,516 2,625 115 12,006 Statement of financial position Millicom Group Colombia Unrestricted Subsidiaries Intercompany Eliminations Millicom Restricted Group EQUITY Share capital and premium 1,334 — — 1,334 Treasury shares (8) — — (8) Other reserves (500) (373) — (127) Retained profits 2,785 640 113 2,258 Net profit/ (loss) for the period/year attributable to owners of the Company (82) (163) — 81 Equity attributable to owners of the Company 3,529 105 113 3,538 Non-controlling interests (84) (85) — 1 TOTAL EQUITY 3,445 20 113 3,538 LIABILITIES NON-CURRENT LIABILITIES Debt and financing 6,476 601 — 5,875 Lease liabilities 854 226 — 628 Derivative financial instruments 46 — — 46 Amounts due to non-controlling interests, associates and joint ventures 12 54 — (42) Payables and accruals for capital expenditure 885 846 — 38 Other non-current liabilities - Total 330 166 — 163 Deferred tax liabilities 140 — — 140 TOTAL NON-CURRENT LIABILITIES 8,742 1,894 — 6,848 Debt and financing 221 111 — 109 Lease liabilities 189 65 — 124 Put option liability 86 — — 86 Payables and accruals for capital expenditure 314 112 — 202 Other trade payables 390 123 — 266 Amounts due to non-controlling interests, associates and joint ventures 62 65 — (3) Accrued interest and other expenses 444 92 — 353 Current income tax liabilities 93 1 — 93 Contract liabilities 156 5 — 151 Provisions and other current liabilities 374 137 2 239 TOTAL CURRENT LIABILITIES 2,329 711 2 1,620 TOTAL LIABILITIES 11,071 2,605 2 8,468 TOTAL EQUITY AND LIABILITIES 14,516 2,625 115 12,006 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Events After Reporting Period [Abstract] | |
Subsequent events | Subsequent Events Voluntary retirement plan in Colombia On January 19, 2024, Tigo Colombia announced a voluntary retirement plan for its employees. As of the time of issuance of this report, Millicom has incurred severance expenses related to this plan of approximately $17 million. Tower sale On January 24, 2024, Millicom announced that its subsidiary in Colombia has agreed to sell approximately 1,100 wireless communications towers to affiliates of investment funds managed by KKR. Telefonica Costa Rica legal case On February 13, 2024, the New York Supreme Court granted summary judgment in favor of a breach of contract claim filed by Telefónica after Millicom terminated the acquisition of Telefónica’s Costa Rican business in 2020. The Court also ruled in favor of Telefónica’s methodology for calculating pre-judgment interest. As of the time of the issuance of this report, the Court has not yet determined the exact amount of damages, and a final judgment has not yet been entered. Millicom disagrees with the decision and continues to believe that it has strong arguments in its favor. Millicom plans to file an appeal of the ruling. Bond repurchase Since January 1, 2024 up to the date of issuance of these consolidated financial statements, Millicom has continued to repurchase bonds in the secondary markets for total amounts of $17 million of the 2031 USD 4.5% Senior notes, $64 million of the USD 5.125% Comcel Senior Notes and $27 million of the USD 4.500% Senior Notes in Panama. Share repurchase program As part of the share repurchase program Millicom has continued to repurchase shares in 2024, acquiring an additional 1,289,776 shares since the beginning of 2024 to March 7, 2024. Mobile network combination in Colombia |
Introduction (Policies)
Introduction (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | |
Foreign currency and Foreign exchange gains and losses | Foreign currency Financial information in these financial statements are shown in the US dollar presentation currency of the Group and rounded to the nearest million (US$ 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. Foreign exchange gains and losses |
Accounting for subsidiaries and non-controlling interest | A.1.1. Accounting for subsidiaries and non-controlling interests |
Accounting for joint ventures | Accounting for joint ventures Joint ventures are accounted for using the equity method of accounting and are initially recognized at cost (calculated at fair value if it was a subsidiary of the Group before becoming a joint venture). The Group’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. |
Classification of discontinued operations | A.4.1. Classification of discontinued operations |
Accounting for revenue | Accounting for revenue Revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. The determination of whether or not the Group acts as principal or as an agent, when there is one or several performance obligations and the determination of the standalone selling price for contracts that involve more than one performance obligation may require significant judgment, such as when the selling price of a good or service is not readily observable. The Group determines the standalone selling price of each performance obligation in the contract in accordance to the prices that the Group would apply when selling the same services and/or telephone and equipment included in the obligation to a similar customer on a standalone basis. When standalone selling price of services and/or telephone and equipment are not directly observable, the Group maximizes the use of external input and uses the expected cost plus margin approach to estimate the standalone selling price. The Group applies the following practical expedients foreseen in IFRS 15: • No financial component adjustment to the transaction price whenever the period between the transfer of a promised good or service to a customer and the associated payment is one year or less; when the period is more than one year the financing component is adjusted, if material. • Disclosure of the transaction price allocated to unsatisfied performance obligations only for contracts that have an original expected duration of more than one year (e.g. unsatisfied performance obligations for contracts that have an original duration of one year or less are not disclosed). • 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), the price allocated to unsatisfied performance obligations is not disclosed. • Recognition of the incremental costs of obtaining a contract as an expense when incurred, if the amortization period of the asset that otherwise would have been recognized is one year or less. A summary of the timing for revenue recognition from contracts with customers, is disclosed in Note B.3. and further detailed below. Post-paid connection fees are derived from the payment of a non-refundable / one-time fee charged to customer to connect to the network (e.g. connection / installation fee). Usually,they do not represent a distinct good or service and do not give rise to a separate performance obligation and therefore revenue is recognized over the minimum contract duration. If the fee is paid by a customer without having to pay this fee again over his tenure with the Group (e.g. the customer can readily extend his contract without having to pay the same fee again), it is accounted for as a material right with revenue recognized over the customer retention period. Post-paid mobile / cable subscription fees are recognized over the relevant enforceable/subscribed service period (recurring monthly access fees that do not vary based on usage). The service provision is usually considered as a series of distinct services that have the same pattern of transfer to the customer. Remaining unrecognized subscription fees, which are not refunded to the customers, are fully recognized once the customer has been disconnected. Customer premise equipment (CPE), provided to customers as a prerequisite to receive the subscribed Home services until return at the end of the contract duration, do not provide benefit to the customer on their own as they do not give rise to separate performance obligations and therefore are accounted for as part of the service provided to the customers. Bundled offers are considered arrangements with multiple deliverables or elements, which can lead to the identification of separate performance obligations. Revenue is recognized in accordance with the transfer of goods or services to customers in an amount that reflects the relative transaction price of the performance obligation. Prepaid scratch / SIM cards are services where customers purchase a specified amount of airtime or other credit in advance. Revenue is recognized as the credit is used. Unused credit is carried in the statement of financial position as a contract liability, upon expiration of the validity period (when the portion of the contract liability relating to the expiring credit is recognized as revenue as there is no longer an obligation to provide those services). Principal-Agent, some arrangements involve two or more unrelated parties that contribute to providing a specified good or service to a customer. In these instances, the Group determines whether it has promised to provide the specified good or service itself (as a principal) or to arrange for those specified goods or services to be provided by another party (as an agent). For example, performance obligations relating to services provided by third-party content providers (i.e., mobile Value Added Services or “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 provision of Mobile Financial Services (MFS), such as commissions on peer to peer transfers, is generally recognized once the primary service has been provided to the customer. Revenue from interest earned on loans granted to customers are recognised over the period of the loan and are based on effective interest rates, with loan origination fees being treated as an adjustment to the effective interest rate. Telephone and equipment sales are recognized as revenue once the customer obtains control of the good, that is, when the customer has the ability to direct the use and obtain substantially all of the remaining benefits from that good. Revenue from the sale of cables, fiber, wavelength or capacity contracts, when part of the ordinary activities of the operation, is recognized as recurring revenue. Revenue is recognized when the cable, fiber, wavelength or capacity has been delivered to the customer, based on the amount expected to be received from the customer. Revenue from operating lease of tower space is recognized on a straight-line basis over the period of the underlying lease contracts. Finance leases revenue is apportioned between lease of tower space and interest income. Revenue from contracts with customers from continuing operations: 2023 2022 2021 $ millions Timing of revenue recognition Group Group Group Mobile Over time 2,949 2,916 1,963 Mobile Financial Services Point in time 44 40 37 Fixed and other services Over time 2,192 2,145 1,938 Other Over time 65 69 60 Service Revenue 5,250 5,171 3,997 Telephone and equipment Point in time 411 454 263 Revenue from contracts with customers 5,661 5,624 4,261 |
Accounting for equipment, programming and other direct costs and operating expenses | B.2.1. Accounting for equipment, programming and other direct costs and operating expenses Equipment, programming and other direct costs Equipment, programming and other direct costs is recorded on an accrual basis. Incremental costs of obtaining a contract Incremental costs of obtaining a contract, including dealer commissions, are capitalized as Contract Costs in the statement of financial position and amortized in operating expenses over the expected benefit period, which is based on the average duration of contracts with customer (see practical expedient in note B.1.1.). |
Segmental information | B.3. Segmental information As further detailed in the Introduction note, Millicom operates in a single region (Latin America), and more specifically in the following countries: Guatemala, Colombia, Panama, Honduras, Bolivia, Paraguay, El Salvador, Nicaragua and Costa Rica. During the latter half of 2023, Millicom implemented significant organizational changes to focus on driving profitable growth with a leaner corporate structure. The Group also adopted a decentralized approach to streamline decision-making processes and enhance agility to improve profitability and shareholder value. To that end, the General Managers of the operations, which primarily reported to the Group Chief Operating Officer (COO), now directly report to the Group President and COO in the case of Guatemala and Colombia and to the Group Chief Commercial and Technology Officer in the case of the rest of the operations, who, together with the Group Chief Executive Officer (CEO) and Group Chief Financial Officer (CFO) form the ‘Chief Operating Decision Maker’ (“CODM”). Due to these organizational changes, and considering the information now being reviewed by the CODM to assess performance and allocate resources, Millicom's operating segments were redefined to align with its countries of operation. The Honduras joint venture - and Guatemala's joint venture up to November 12, 2021 when the acquisition of the remaining 45% equity interest was completed - is reviewed by the CODM in a similar manner as for the Group’s controlled operations and is therefore also shown as a separate operating segment at 100% . However, these amounts are subsequently eliminated in order to reconcile with the Group consolidated numbers, as shown in the reconciliations below. Management evaluates performance and makes decisions about allocating resources to the Group's operating segments based on financial measures, such as revenue, including service revenue, and EBITDA. Capital expenditures are also a significant aspect for management and in the telecommunication industry as a whole. Management believes that service revenue and EBITDA are essential financial indicators for the CODM and investors. These measures are particularly valuable for evaluating performance over time. Management utilizes service revenue and EBITDA when making operational decisions, allocating resources, and conducting internal comparisons against historical performance and competitor benchmarks. Additionally, these metrics provide deeper insights into the Group's operating performance. Millicom's Remuneration Committee also employs service revenue and EBITDA when assessing employees' performance and compensation, including that of the Group's executives. A reconciliation of service revenue to revenue and EBITDA to profit before taxes is provided below. Before the organizational changes in the second half of 2023, the Group reported a single segment, the Group Segment. But with the new structure in place and considering the information now being reviewed by the CODM as described above, it has revised its segment presentation and information for all periods presented to separately disclose the Group's operating and reportable segments. |
Share-based compensation | The cost of these plans is recognized, together with a corresponding increase in equity (equity settled transaction reserve), over the period in which the performance and/or employment conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award. Adjustments are made to the expense recorded for forfeitures, mainly due to management and employees leaving Millicom. Non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’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 |
Pension and other long-term employee benefit plans | Pension and other long-term employee benefit plans Pension plans The pension plans apply to employees who meet certain criteria (including years of service, age and participation in collective agreements). Pension and other similar employee related obligations can result from either defined contribution plans or defined benefit plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity and no further payment obligations exist once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as assets to the extent that a cash refund or a reduction in future payments is available. Defined benefit pension plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the statement of financial position in respect of the defined benefit pension plan is the present value of the defined benefit obligation at the statement of financial position date less the fair value of plan assets, together with adjustments for unrecognized actuarial gains or losses and past service costs. The defined benefit obligation is calculated annually by independent actuaries. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows, using an appropriate discount rate based on maturities of the related pension liability. Re-measurement of net defined benefit liabilities are recognized in other comprehensive income and not reclassified to the statement of income in subsequent years. Past service costs are recognized in the statement of income on the earlier of the date of the plan amendment or curtailment, and the date that the Group recognizes related restructuring costs. Net interest is calculated by applying the discount rate to the net defined benefit asset/liability. Long-service plans Long-service plans apply for Colombian subsidiary UNE employees with more than five years of service whereby additional bonuses are paid to employees that reach each incremental length of service milestone (from five Termination plans UNE has a number of employee defined benefit plans. The level of benefits provided under the plans depends on collective employment agreements and Colombian labor regulations. There are no defined assets related to the plans, and UNE make payments to settle obligations under the plans out of available cash balances. At December 31, 2023, the defined benefit obligation liability amounting to $51 million (2022: $37 million), increased mainly related to interest cost ($5 million) and currency translation effect ($10 million), and payments expected in the plans in future years totals $100 million (2022: $77 million). The average duration of the defined benefit obligation at December 31, 2023 is 4 years (2022: 4 years). The termination plans apply to employees that joined UNE prior to December 30, 1996. The level of payments depends on the number of years in which the employee has worked before retirement or termination of their contract with UNE. |
Deferred tax | B.6.3. Deferred tax Deferred tax is calculated using the liability method on temporary differences at the statement of financial position date between the tax base of assets and liabilities and their carrying amount for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting, nor taxable profit or loss. Deferred tax assets are recognized for all temporary differences including unused tax credits and tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilized, except where the deferred tax assets relate to deductible temporary differences from initial recognition of an asset or liability in a transaction that is not a business combination, and, at the time of the transaction, affects neither accounting, nor taxable profit or loss. It is probable that taxable profit will be available when there are sufficient taxable temporary differences relating to the same tax authority and the same taxable entity which are expected to reverse in the same period as the expected reversal of the deductible temporary difference. The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to utilize them. Unrecognized deferred tax assets are reassessed at each statement of financial position date and are recognized to the extent it is probable that future taxable profit will enable the asset to be recovered. |
Earnings per share | B.7. Earnings per share Basic earnings (loss) per share are calculated by dividing net profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during each year. |
Share capital, share premium and reserves | C.1. Share capital, share premium and reserves Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. Where any Group company purchases the Company’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 |
Accounting for intangible assets | E.1.1. Accounting for intangible assets Intangible assets acquired in business acquisitions are initially measured at fair value at the date of acquisition. Those which are acquired separately are measured at cost. Internally generated intangible assets, excluding capitalized development costs, are not capitalized but expensed to the statement of income in the expense category consistent with the function of the intangible assets. Subsequently intangible assets are carried at cost, less any accumulated amortization and any accumulated impairment losses. Intangible assets with finite useful lives are amortized over their estimated useful lives using the straight-line method and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for intangible assets with finite useful lives are reviewed at least at each financial year end. Changes in expected useful lives or the expected beneficial use of the assets are accounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates. Amortization expense on intangible assets with finite lives is recognized in the consolidated statement of income in the expense category consistent with the function of the intangible assets. Goodwill Goodwill represents the excess of cost of an acquisition over the Group’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. Following initial recognition, goodwill is measured at cost, less any accumulated impairment losses. Gains or losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Where goodwill forms part of a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in this manner is measured, based on the relative values of the operation disposed and the portion of the cash-generating unit retained. Goodwill on acquisition of joint ventures or associates is included in investments in joint ventures and associates. Licenses and Spectrum Licenses and spectrum are recorded at either historical cost or, if acquired in a business combination, at fair value at the date of acquisition. Cost includes cost of acquisition and other costs directly related to acquisition and retention of licenses over the license period. These costs may include up-front and deferred payments as well as estimates related to fulfillment of terms and conditions related to the licenses such as service or coverage obligations, especially when there is a clear objective evidence that the cost of fulfilling these obligations will be significantly onerous for the Group. Licenses and spectrum have a finite useful life and are carried at cost less accumulated amortization and any accumulated impairment losses. Licenses and spectrum are amortized from the date the network is available for use on a straight-line basis over the license period. Amortization is calculated using the straight-line method to allocate the cost of the licenses over their estimated useful lives. The terms of licenses, which have been awarded for various periods, are subject to periodic review for, among other things, rate setting, frequency allocation and technical standards. Licenses held, subject to certain conditions, are usually renewable and generally non-exclusive. When estimating useful lives of licenses, renewal periods are included only if there is evidence to support renewal by the Group without significant cost. Trademarks and customer lists Trademarks and customer lists are recognized as intangible assets only when acquired or gained in a business combination. Their cost represents fair value at the date of acquisition. Trademarks and customer lists have indefinite or finite useful lives. Main factors considered in the determination of the indefinite useful lives include the years that they have been and are expected to be in service and their recognition among peers in the industry. Trademarks and customer lists used by the Group for its own activities are unlikely to generate largely independent cash inflows and therefore are tested for impairment annually together with other assets at each cash-generating unit level. Finite useful life trademarks are carried at cost, less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost of the trademarks and customer lists over their estimated useful lives. The estimated useful lives for trademarks and customer lists are based on specific characteristics of the market in which they exist. Estimated useful lives are: Years Estimated useful lives Trademarks 1 to 15 Customer lists 4 to 20 Programming and content rights Programming and content master rights which are purchased or acquired in business combinations which meet certain criteria are recorded at cost as intangible assets. The rights must be exclusive, related to specific assets which are sufficiently developed, and probable to bring future economic benefits and have validity for more than one year. Cost includes consideration paid or payable and other costs directly related to the acquisition of the rights, and are recognized at the earlier of payment or commencement of the broadcasting period to which the rights relate. Programming and content rights capitalized as intangible assets have a finite useful life and are carried at cost, less accumulated amortization and any accumulated impairment losses. Amortization is calculated using the straight-line method to allocate the cost of the rights over their estimated useful lives. Non-exclusive and programming and content rights for periods less than one year are expensed over the period of the rights. Indefeasible rights of use There is no universally-accepted definition of an indefeasible rights of use (IRU). These agreements come in many forms. However, the key characteristics of a typical arrangement include: • 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 • 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. |
Impairment of non-financial assets | E.1.2. Impairment of non-financial assets At each reporting date Millicom assesses whether there is an indication that a non-financial asset may be impaired. If any such indication exists, or when annual impairment testing for a non-financial asset is required, an estimate of the asset’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. |
Impairment testing of goodwill | Goodwill and indefinite useful life trademarks from CGUs are tested for impairment at least once a year and more frequently if events or changes in circumstances indicate that the carrying value may be impaired. Impairment losses on goodwill are not reversed. Goodwill arising on business combinations is allocated to each of the Group’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. |
Accounting for property, plant and equipment | E.2.1. Accounting for property, plant and equipment Items of property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment. Historical cost includes expenditure that is directly attributable to acquisition of items. The carrying amount of replaced parts is derecognized. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset and the remaining life of the license associated with the assets, unless the renewal of the license is contractually possible. The assets’ residual value and useful life is reviewed, and adjusted if appropriate, at each statement of financial position date. As explained in the Introduction note, during 2023, the estimated useful lives of some property, plant and equipment were revised. As a result, the estimated useful lives of the Group's towers, poles and ducts were changed from 15 to 25 years, while the related civil works' useful lives were increased from 10 to 15 years. Refer to the Introduction - Estimates note for further details. Estimated useful lives Duration Buildings Up to 40 years Networks (including civil works) 5 to 25 years Other 2 to 7 years The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. An asset’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. |
Right of use assets | E.3. Right of use assets 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 |
Assets held for sale and Classification | E.4. Assets held for sale E.4.1. Classification |
Trade receivables | Trade receivables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less provision for expected credit losses. The Group recognizes an allowance for expected credit losses (ECLs) applying a simplified approach in calculating the ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime of ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The provision for expected credit losses is recognized in the consolidated statement of income within 'Equipment, programming and other direct costs'. |
Inventories | F.2. Inventories |
Trade payables | F.3. Trade payables Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method where the effect of the passage of time is material. From time to time, the Group enters i |
Current and non-current provisions and other liabilities | F.4. Current and non-current provisions and other liabilities Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, if it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. |
Tax related risks and uncertain tax position and Current tax assets and liabilities | B.6.2. Current tax assets and liabilities G.3.2. Tax related risks and uncertain tax position The Group operates in developing countries where the tax systems, regulations and enforcement processes have varying stages of development creating uncertainty regarding the application of the tax law and interpretation of tax treatments. The Group is also subject to regular tax audits in the countries where it operates. When there is uncertainty over whether the taxation authority will accept a specific tax treatment under the local tax law, that tax treatment is therefore uncertain. The resolution of tax positions taken by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in some cases, it is difficult to predict the ultimate outcome. Therefore, judgment is required to determine liabilities for taxes. In assessing whether and how an uncertain tax treatment affects the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, the Group assumes that a taxation authority with the right to examine amounts reported to it will examine those amounts and have full knowledge of all relevant information when making those examinations. The Group has a process in place, and applies significant judgment, in identifying uncertainties over income tax treatments. Management considers whether or not it is probable that a taxation authority will accept an uncertain tax treatment. On that basis, the identified risks are split into three categories (i) remote risks (risk of outflow of tax payments are up to 20%), (ii) possible risks (risk of outflow of tax payments assessed from 21% to 49%) and probable risks (risk of outflow is more than 50%). The process is repeated every quarter by the Group. If the Group concludes that it is probable or certain that the taxation authority will accept the tax treatment, the risks are categorized either as possible or remote, and it determines the taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment used or planned to be used in its income tax filings. The risks considered as possible are not provisioned but disclosed as tax contingencies in the Group consolidated financial statements while remote risks are neither provisioned nor disclosed. If the Group concludes that it is probable that the taxation authority will not accept the Group’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, 2023 | |
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, 2023 and 2022 and the average rates for the years ended December 31, 2023, 2022 and 2021. Exchange Rates to the US Dollar Functional Currency 2023 Year-end Rate 2022 Year-end Rate Change % 2023 Average Rate 2022 Average Rate Change % 2021 Average Rate Bolivia Boliviano (BOB) 6.91 6.91 — % 6.91 6.91 — % 6.91 Colombia Peso (COP) 3,822 4,810 25.9 % 4,313 4,254 (1.4) % 3,756 Costa Rica Costa Rican Colon (CRC) 527 602 14.3 % 550 650 18.2 % 625 El Salvador US dollar n/a n/a n/a n/a n/a n/a n/a Guatemala Quetzal (GTQ) 7.83 7.85 0.3 % 7.84 7.75 (1.1) % 7.74 Honduras Lempira (HNL) 24.71 24.66 (0.2) % 24.66 24.56 (0.4) % 24.12 Luxembourg Euro (EUR) 0.91 0.93 3.1 % 0.93 0.95 2.2 % 0.85 Nicaragua Cordoba (NIO) 36.62 36.23 (1.1) % 36.44 35.87 (1.6) % 35.17 Panama Balboa (B/.) (i) n/a n/a n/a n/a n/a n/a n/a Paraguay Guarani (PYG) 7,278 7,346 0.9 % 7,299 7,008 (4.0) % 6,790 Sweden Krona (SEK) 10.07 10.43 3.5 % 10.60 10.07 (5.0) % 8.59 United Kingdom Pound (GBP) 0.79 0.83 5.4 % 0.80 0.81 0.5 % 0.73 |
The Millicom Group (Tables)
The Millicom Group (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interests In Other Entities [Abstract] | |
Disclosure of main subsidiaries | The Group's main subsidiaries are as follows: Entity Country Activity December 31, 2023 % holding* December 31, 2022 % holding* December 31, 2021 % holding* Colombia Móvil S.A. E.S.P. Colombia Mobile 50-1 share 50-1 share 50-1 share Comunicaciones Celulares S.A. Guatemala Mobile 100 100 100 Distribuidora de Comunicaciones de Occidente, S.A. Guatemala Mobile 100 100 100 Grupo de Comunicaciones Digitales, S.A. (formerly Telefonica Moviles Panama, S.A.) Panama Mobile 100 100 80 Lati International S.A. (i) Luxembourg Holding Company ('Lati business') 100 N/A N/A Millicom Cable Costa Rica S.A. Costa Rica Cable, DTH 100 100 100 Millicom Holding B.V. Netherlands Holding Company 100 100 100 Millicom International Operations B.V. Netherlands Holding Company 100 100 100 Millicom International Services LLC USA Services Company 100 100 100 MIC Latin America B.V. Netherlands Holding Company 100 100 100 Millicom LIH S.A. Luxembourg Holding Company 100 100 100 Millicom International Operations S.A. Luxembourg Holding Company 100 100 100 Millicom Spain S.L. Spain Holding Company 100 100 100 Millicom Telecommunications S.A. (ii) Luxembourg Holding Company ('MFS business') 100 100 100 Navega.com S.A. Guatemala Cable, DTH 100 100 100 Servicios Especializados en Telecomunicaciones, S.A. Guatemala Mobile 100 100 100 Servicios Innovadores de Comunicacion y Entretenimiento, S.A. Guatemala Mobile 100 100 100 Servicios y Productos Multimedios S.A. Paraguay Pay-TV, Internet 100 100 100 Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.) Panama Cable, Pay-TV, Internet, DTH, Fixed-line 100 100 80 Telefonica Celular de Bolivia S.A. Bolivia Mobile, DTH, Cable 100 100 100 Telefonia Celular de Nicaragua S.A. Nicaragua Mobile, Cable, Internet, Fixed-line 100 100 100 Telefonica Celular del Paraguay S.A. Paraguay Mobile, Cable, Pay-TV 100 100 100 Telemovil El Salvador S.A. de C.V. El Salvador Mobile, Cable, DTH 100 100 100 UNE EPM Telecomunicaciones S.A. and subsidiaries Colombia Fixed-line, Internet, Pay-TV, Mobile 50-1 share 50-1 share 50-1 share * Also reflects the voting interest, except in Colombia where voting interest is 50% + 1 share for each of the two entities. (i) Lati International S.A. is the holding Company of the Group's tower business. (ii) Millicom Telecommunications S.A. is the holding Company of most of the Group's MFS business. The summarized financial information for material non-controlling interests in our operations in Colombia and Panama (until the purchase of the remaining 20% shareholding in June 29, 2022) is provided below. This information is based on amounts before inter-company eliminations. Colombia 2023 2022 2021 (US$ millions) Revenue 1,313 1,335 1,414 Total operating expenses (501) (492) (509) Operating profit 60 64 100 Net (loss) for the year (326) (104) (80) 50% non-controlling interest in net (loss) (163) (52) (40) Total assets (excluding goodwill) 2,470 1,942 2,336 Total liabilities 2,605 1,890 2,158 Net assets (135) 52 178 50% non-controlling interest in net assets (68) 26 89 Consolidation adjustments (17) 2 (6) Total non-controlling interest (85) 28 83 Dividends and advances paid to non-controlling interest — (2) (5) Net cash from operating activities 270 250 272 Net cash from (used in) investing activities (214) (289) (295) Net cash from (used in) financing activities (54) (133) 30 Exchange impact on cash and cash equivalents, net 2 (5) (10) Net increase (decrease) in cash and cash equivalents 5 (178) (2) Panama 2022 (i) 2021 (US$ millions) Revenue 651 633 Total operating expenses (207) (207) Operating profit 106 7 Net profit (loss) for the year 29 (37) 20% non-controlling interest in net profit (loss) 4 (7) Total assets (excluding Millicom's goodwill in Cable Onda) 1,719 1,717 Total liabilities 1,318 1,347 Net assets 401 371 20% non-controlling interest in net assets — 74 Total non-controlling interest — 74 Net cash from operating activities 148 179 Net cash from (used in) investing activities (117) (118) Net cash from (used in) financing activities (93) (43) Net increase (decrease) in cash and cash equivalents (63) 17 |
Disclosure of discontinued operations | (a) The net assets de-consolidated on the date of the disposal, as well as the gain on disposal, were as follows: Details of the sale of the subsidiary ($ millions) April 5, 2022 Carrying amount of net assets sold (A) (79) Initial sale consideration (B) 101 Gross gain on sale (B) - (A) 180 Other operating expenses linked to the disposal (11) Other operating income/expenses, net (5) Gain on sale before reclassification of foreign currency translation reserve 165 Reclassification of foreign currency translation reserve (56) Net gain on sale 109 Results from Discontinued Operations 2022 2021 Revenue 88 357 Equipment, programming and other direct costs (26) (104) Operating expenses (27) (131) Depreciation and amortization (21) (83) Other operating income (expenses), net 4 1 Gain/(loss) on disposal of discontinued operations 120 — Other expenses linked to the disposal of discontinued operations (11) — Operating profit (loss) 127 39 Interest income (expense), net (12) (36) Other non-operating (expenses) income, net — (1) Profit (loss) before taxes 116 3 Tax expense (3) (31) Net profit/(loss) from discontinued operations 113 (28) Cash flows from discontinued operations 2022 2021 Cash from operating activities, net 18 87 Cash from (used in) investing activities, net (10) (46) Cash from (used in) financing activities, net (9) (35) Net cash inflows (outflows) (1) 5 In accordance with IFRS 5, financial information relating to discontinued operations for the years ended December 31, 2022 and 2021 is set out below. Figures shown below are after intercompany eliminations. As further explained in Note A.1.3. , the Group’s former businesses in Tanzania (sold on April 5, 2022) had been classified as discontinued operations. For the year ended December 31, 2023, the results from discontinued operations relate to operating income for $4 million. For further details on Assets held for sale, refer to note E.4. Results from discontinued operations 2022 2021 (US$ millions) Revenue 88 357 Equipment, programming and other direct costs (26) (104) Operating expenses (27) (131) Other expenses linked to the disposal of discontinued operations (11) — Depreciation and amortization (21) (83) Other operating income (expenses), net 4 1 Gain/(loss) on disposal of discontinued operations 120 — Operating profit (loss) 127 39 Interest income (expense), net (12) (36) Other non-operating (expenses) income, net — (1) Profit (loss) before taxes 116 3 Tax expense (3) (31) Net profit/(loss) from discontinued operations 113 (28) Cash flows from discontinued operations 2022 2021 (US$ millions) Cash from operating activities, net 18 87 Cash from (used in) investing activities, net (10) (46) Cash from (used in) financing activities, net (9) (35) |
Disclosure of interests in joint ventures | Our main joint ventures are as follows: Entity Country Activity December 31, 2023 % holding December 31, 2022 % holding Telefonica Celular S.A. (i) Honduras Mobile, MFS 66.7 66.7 Navega S.A. de CV (i) Honduras Cable 66.7 66.7 (i) Millicom owns more than 50% of the shares in these entities and has the right to nominate a majority of the directors of each of these entities. However, key decisions over the relevant activities must be taken by a super majority vote. This effectively gives either shareholder the ability to veto any decision and therefore neither shareholder has sole control over the entity. Therefore, the operations of these joint ventures are accounted for under the equity method. The table below summarizes the movements for the year in respect of the Group’s joint ventures carrying values: Honduras (i) (US$ millions) Opening balance at January 1, 2022 596 Capital increase 3 Results for the year 32 Dividends declared during the year (35) Currency exchange differences (7) Closing balance at December 31, 2022 590 Results for the year 42 Dividends declared during the year (54) Currency exchange differences (2) Closing balance at December 31, 2023 576 (i) Includes all the companies under the Honduras group. Share of profit is recognized under ‘Share of profit in joint ventures’ in the statement of income for the year ended December 31, 2023. |
Disclosure of summarised financial information of joint venture | Summarized financial information of the Honduras, Guatemala (until acquisition of the remaining 45% equity interest, see note A.1.2.) and Ghana (until disposal in 2021) operations is as follows. This information is based on amounts before inter-company eliminations. Honduras 2023 2022 2021 (US$ millions) Revenue 612 586 589 Depreciation and amortization (105) (112) (124) Operating profit 124 111 99 Financial income (expenses), net (28) (29) (34) Profit before taxes 95 80 62 Tax expense (32) (31) (22) Profit for the year 63 49 40 Net profit for the year attributable to Millicom 42 32 27 Dividends and advances paid to Millicom 63 9 — Total non-current assets (excluding goodwill) 429 404 473 Total non-current liabilities 440 384 362 Total current assets 200 182 176 Total current liabilities 223 220 305 Total net assets (35) (17) (18) Group's share in % 66.7 % 66.7 % 66.7 % Group's share in USD millions (23) (12) (12) Goodwill and consolidation adjustments 600 601 608 Carrying value of investment in joint venture 576 590 596 Cash and cash equivalents 47 27 39 Debt and financing – non-current 394 334 267 Debt and financing – current 28 23 73 Net cash from operating activities 162 162 166 Net cash from (used in) investing activities (94) (109) (89) Net cash from (used in) financing activities (48) (64) (98) Net (decrease) increase in cash and cash equivalents 21 (12) (21) Guatemala On November 12, 2021, Millicom closed the agreement to acquire the remaining 45% equity interest in its joint venture business in Guatemala. From January 1, to November 12, 2021 (US$ millions) Revenue 1,379 Depreciation and amortization (282) Operating profit 462 Financial income (expenses), net (40) Profit before taxes 432 Tax expense (99) Profit for the year 333 Net profit for the year attributable to Millicom 183 Dividends and advances paid to Millicom 13 Net cash from operating activities 611 Net cash from (used in) investing activities (192) Net cash from (used in) financing activities (406) Exchange impact on cash and cash equivalents, net 1 Net increase (decrease) in cash and cash equivalents 13 |
Performance (Tables)
Performance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of revenue | Revenue from contracts with customers from continuing operations: 2023 2022 2021 $ millions Timing of revenue recognition Group Group Group Mobile Over time 2,949 2,916 1,963 Mobile Financial Services Point in time 44 40 37 Fixed and other services Over time 2,192 2,145 1,938 Other Over time 65 69 60 Service Revenue 5,250 5,171 3,997 Telephone and equipment Point in time 411 454 263 Revenue from contracts with customers 5,661 5,624 4,261 |
Disclosure of cost of sales | The various costs and expenses incurred by the Group can be summarized as presented below. The Group recognizes and categorizes expenses by their nature as either 'equipment, programming and other direct costs' which are those more directly related to the generation of revenue or as '(Other) operating expenses and income' which are rather indirect costs. As a result, 'equipment, programming and other direct costs' specifically excludes the following costs/expense which are further detailed below and elsewhere in the consolidated financial statements: • 'Operating expenses, net' further detailed below; • Depreciation and amortization, which are further detailed in Notes E.1.3. ‘Movements in intangible assets’, E.2.2. ‘Movements in tangible assets’ and E.3. ‘Right of use assets’. • ‘Other operating income (expenses), net’, also further detailed below. Equipment, programming and other direct costs 2023 2022 2021 (US$ millions) Cost of telephone, equipment and other accessories (386) (425) (256) TV Content and data costs (349) (361) (320) Voice airtime and transmission costs (234) (261) (202) Bad debt and obsolescence cost (141) (124) (86) Call center costs (72) (84) (90) Transmission and other costs (19) (17) (47) Other costs (306) (234) (196) Equipment, programming and other direct costs (1,507) (1,506) (1,197) |
Disclosure of operating expenses | Operating expenses, net Operating expenses incurred by the Group can be summarized as follows. 2023 2022 2021 (US$ millions) Marketing expenses (536) (570) (450) Site and network maintenance costs (322) (310) (233) Employee related costs (B.4.) (614) (494) (474) External and other services (281) (251) (164) Other operating expenses (290) (266) (224) Operating expenses, net (2,043) (1,890) (1,546) |
Disclosure of other operating income (expense) | Other operating income (expenses), net The other operating income and expenses incurred by the Group can be summarized as follows: Notes 2023 2022 2021 (US$ millions) Impairment of intangible assets and property, plant and equipment E.1., E.2. (3) (7) (6) Gain (loss) on disposals of intangible assets and property, plant and equipment 6 1 5 Reverse earn-out in respect of Zantel's acquisition (i) — 2 11 Gain (loss) on disposal of equity investments (ii) — — (15) Other income (expenses) (iii) 8 2 10 Other operating income (expenses), net 10 (2) 5 (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 2021 statement of income. (ii) In June 2021, Millicom disposed of its entire stake in Helios Towers plc for a total net consideration of $163 million, triggering a net loss on disposal of $15 million recorded in the statement of income under ‘other operating income (expenses), net’. The changes in fair value prior to the disposal were shown under "Other non-operating (expenses) income, net". |
Disclosure of operating segments | Revenue, Service revenue, EBITDA, capital expenditures and other segment information for the years ended December 31, 2023, 2022 and 2021, are shown on the below: December 31, 2023 Guatemala Colombia Panama Bolivia Honduras Paraguay Other reportable segments (v) Total for reportable segments Inter-segment and other eliminations(iv) Total Group (US$ millions) Service revenue(i) 1,339 1,268 669 601 572 544 847 5,842 (591) 5,250 Telephone and equipment revenue 225 45 50 11 39 24 55 450 (39) 411 Revenue 1,564 1,313 719 613 612 568 902 6,292 (631) 5,661 Inter-segment revenue 8 3 2 — 5 3 7 28 n/a n/a Revenue from external customers 1,556 1,311 717 613 607 565 895 6,264 n/a n/a EBITDA(ii) 807 420 296 224 272 236 352 2,609 (498) 2,111 Capital expenditures (iii) 183 161 100 92 103 97 148 883 (73) 809 (i) Service revenue is revenue related to the provision of ongoing services such as monthly subscription fees for mobile and broadband, airtime and data usage fees, interconnection fees, roaming fees, mobile finance service commissions and fees from other telecommunications services such as data services, short message services, installation fees and other value-added services excluding telephone and equipment sales. (ii) EBITDA is operating profit excluding impairment losses, depreciation and amortization and gains/losses on the disposal of fixed assets. (iii) Capital expenditures correspond to additions of property, plant and equipment, as well as operating intangible assets, excluding spectrum and licenses. The Group capital expenditure additions can be reconciled with notes E.1.3.. and E.2.2.for amounts of $116 million and $693 million respectively (2022: $150 million and $823 million, respectively). (iv) Includes intercompany eliminations, unallocated items and Honduras as a joint venture. (v) Includes our operations in El Salvador, Nicaragua and Costa Rica. December 31, 2022 Guatemala Colombia Panama Bolivia Honduras Paraguay Other reportable segments (v) Total for reportable segments Inter-segment and other eliminations(iv) Total Group (US$ millions) Service revenue(i) 1,373 1,253 624 608 549 530 801 5,739 (568) 5,171 Telephone and equipment revenue 245 83 27 13 37 26 60 491 (37) 454 Revenue 1,618 1,335 651 621 586 556 861 6,230 (605) 5,624 Inter-segment revenue 8 4 2 — 4 2 7 28 n/a n/a Revenue from external customers 1,611 1,331 649 621 582 554 854 6,202 n/a n/a EBITDA(ii) 857 404 298 242 262 245 330 2,638 (409) 2,228 Capital expenditures (iii) 197 277 106 124 78 107 138 1,028 (55) 973 December 31, 2021 Guatemala Colombia Panama Bolivia Honduras Paraguay Other reportable segments (v) Total for reportable segments Inter-segment and other eliminations(iv) Total Group (US$ millions) Service revenue(i) 1,365 1,319 608 612 548 526 762 5,739 (1,741) 3,997 Telephone and equipment revenue (i) 236 95 25 12 41 30 66 503 (240) 263 Revenue 1,601 1,414 633 623 589 555 827 6,242 (1,982) 4,261 Inter-segment revenue 7 4 2 — 4 2 8 27 n/a n/a Revenue from external customers(ii) 1,593 1,409 631 623 586 553 820 6,216 n/a n/a EBITDA(ii) 857 441 281 249 259 242 310 2,640 (1,123) 1,517 Capital expenditures (iii) 197 318 128 119 81 114 154 1,111 (188) 922 Reconciliation of EBITDA for reportable segments to the Group Profit before taxes: (US$ millions) 2023 2022 2021 EBITDA for reportable segments 2,609 2,638 2,640 Depreciation (978) (999) (804) Amortization (360) (345) (310) Share of profit in joint venture 42 32 210 Other operating income (expenses), net 10 (2) 5 Interest and other financial expenses (712) (617) (495) Interest and other financial income 28 18 23 Revaluation of previously held interests in Guatemala — — 670 Other non-operating (expenses) income, net 36 (78) (49) Profit (loss) from other joint ventures and associates, net (3) — (40) Honduras as joint venture (272) (262) (259) Unallocated expenses and other reconciling items (i) (225) (148) (864) Profit before taxes from continuing operations 175 238 728 (i) The unallocated expenses are primarily related to centrally managed costs. |
Disclosure of number of permanent employees | Number of permanent employees 2023 2022 2021 Subsidiaries (i) 15,742 18,534 19,749 Joint ventures (ii) 785 912 938 Total 16,527 19,446 20,687 (i) Emtelco (subsidiary of UNE EPM Telecomunicaciones S.A.) headcount are excluded from this disclosure and any internal reporting because their costs are classified as direct costs and not employee related costs. Includes Guatemala for 2021. |
Disclosure of employee related costs | Notes 2023 2022 2021 (US$ millions) Wages and salaries (463) (372) (361) Social security (73) (69) (66) Share based compensation B.4.1. (52) (29) (16) Pension and other long-term benefit costs B.4.2. (3) (2) (6) Other employees related costs (24) (22) (25) Total (614) (494) (474) |
Disclosure of cost of share-based compensation | Cost of share-based compensation 2023 2022 2021 (US$ millions) 2019 incentive plans — — 3 2020 incentive plans — (3) (3) 2021 incentive plans (10) (11) (17) 2022 incentive plans (10) (15) — 2023 incentive plans (32) — — Total share based compensation (52) (29) (17) |
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) 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. Risk-free Dividend yield % Share price volatility(i) % Award term (years) Share fair value (in US$) Performance share plan 2023 (Relative TSR) 4.66 0.00 52.88 2.82 31.13 Performance share plan 2022 (Relative TSR) 2.01 0.00 47.94 2.80 29.12 Performance share plan 2021 (Relative TSR) 0.29 1.28 46.28 2.82 52.99 Performance share plan 2020 (Relative TSR) 0.61 1.47 24.54 2.93 55.66 Performance share plan 2019 (Relative TSR) (0.24) 3.01 26.58 2.93 49.79 |
Disclosure of plan awards and shares expected to vest | Plan awards and shares expected to vest 2023 plans 2022 plans 2021 plans 2020 plans PSP DSP PSP DSP PSP DSP PSP DSP (number of shares) Initial shares granted 818,842 2,375,143 306,641 865,862 451,363 536,890 341,897 370,131 Additional shares granted(i) — — — 47,588 — 5,824 — 5,928 Effect of the Right Offering(ii) — — 83,926 227,947 115,575 93,375 20,862 32,526 Revision for forfeitures (101,108) (51,309) (52,623) (54,595) (63,624) (45,747) — (41,791) Total before issuances 717,734 2,323,834 337,944 1,086,802 503,314 590,342 362,759 366,794 Shares issued in 2020 — — — — — — — (3,571) Shares issued in 2021 — — — — (1,121) (5,760) — (113,653) Shares issued in 2022 — — — (13,957) (2,071) (160,596) — (100,362) Shares issued in 2023 (31,124) (354,331) (29,885) (476,256) (120,419) (234,157) — (149,208) Performance conditions not met — — — — — — (362,759) — Shares still expected to vest 686,610 1,969,503 308,059 596,589 379,703 189,829 — — Estimated cost over the vesting period (US$ millions) 11 42 6 20 18 19 — — (i) Additional shares granted represent grants made for new joiners and/or as per CEO contractual arrangements. (ii) In 2022, as per plan rules, additional shares have been granted to all participants for unvested plans as a result of the effect of the right offering (see note C.1. ). |
Disclosure of directors renumeration charge | Remuneration charge for the non-executive Directors of the Board (gross of withholding tax) 2023 2022 2021 (US$ ’000) Chairperson 315 315 300 Other non-executive directors of the Board 1,360 1,408 1,338 Total (i) 1,675 1,723 1,638 Shares beneficially owned by the non-executive Directors 2023 2022 (number of shares) Chairperson — 43,891 Other non-executive directors of the Board 94,718 152,298 Total (i) 94,718 196,189 (i) Cash compensation is denominated in USD. Share based compensation is based on the market value of Millicom shares on the corresponding AGM date |
Disclosure of executive team renumeration charge | Remuneration charge for the Executive Team Mr. Mauricio Ramos Mr. Sheldon Bruha Other Executive Team Members (6 members) (i) (US$ ’000) 2023 Base salary 1,225 644 3,034 Bonus 1,249 493 1,525 Pension 293 173 727 Other benefits 88 140 301 MSU (amount earned) — — — Termination benefits — — 804 Total before share based compensation 2,856 1,450 6,391 Share based compensation(ii) 11,831 2,449 7,383 Total 14,687 3,898 13,774 Mr. Mauricio Ramos Mr. Sheldon Bruha Mr. Tim Pennington Other Executive Team Members (5 members) (i) (US$ ’000) 2022 Base salary 1,216 598 581 2,883 Bonus 1,650 541 — 2,044 Pension 287 144 87 663 Other benefits 82 67 40 312 MSU (amount earned) 373 — 67 174 Termination benefits — — 877 — Total before share based compensation 3,608 1,351 1,653 6,076 Share based compensation(ii) 5,567 688 888 4,927 Total 9,175 2,039 2,540 11,004 Mr. Mauricio Ramos Mr. Tim Pennington Other Executive Team Members (5 members) (i) (US$ ’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 (amount earned) 991 198 545 Total before share based compensation 4,712 2,027 7,489 Share based compensation(ii) 7,914 1,652 5,383 Total 12,626 3,679 12,872 (i) 'For 2023, 'Other Executives' includes compensation paid to Mr. Maxime Lombardini (who joint the Group in September 2023). For 2023, 2022 and 2021, Other Executives' includes also compensation paid to Mr. Esteban Iriarte, former Chief Operating Officer (departed in May, 2023) and Ms Susy Bobenrieth (departed in December, 2023). (ii) See note B.4.1. for further details on share-based compensation. Calculated based on the closing Millicom share price on the Nasdaq in the US at the grant dat |
Disclosure of vested and unvested share awards beneficially granted to the Executive team | CEO Executive team Total (number of shares) 2023 Share ownership (vested from equity plans and otherwise acquired) 459,948 259,694 719,642 Share awards not vested 1,082,451 490,736 1,573,187 2022 Share ownership (vested from equity plans and otherwise acquired) 426,607 297,061 723,668 Share awards not vested 519,006 593,765 1,112,771 |
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. Note 2023 2022 2021 (US$ millions) Change in fair value of derivatives C.7.2. 4 12 3 Change in fair value in investment in Milvik (i) — (6) — Change in fair value in investment in HT (ii) C.7.3. — — 18 Change in value of call option asset and put option liability (iii) C.7.4. (2) (1) (31) Exchange gains (losses), net 31 (84) (42) Other 3 1 2 Total other non-operating (expenses) income, net 36 (78) (49) ( i) (Milvik) Please see note A.3. (ii) In June 2021, Millicom disposed of its entire stake in Helios Towers (HT) for a total net consideration of $163 million, triggering a net loss on disposal of $15 million recorded in the statement of income under ‘other operating income (expenses), net’. The changes in fair value prior to the disposal were shown under "Other non-operating (expenses) income, net" (iii) Until June 29, 2022, date on which the non-controlling shareholders of Tigo Panama exercised their put option right to sell their remaining 20% |
Disclosure of income tax charge | Income tax charge 2023 2022 2021 (US$ millions) Income tax (charge) credit Withholding tax (81) (70) (56) Other income tax relating to the current year (170) (165) (106) Adjustments in respect of prior years (10) (39) (13) Total (261) (274) (175) Deferred tax (charge) credit Origination and reversal of temporary differences 44 168 72 Effect of change in tax rates 1 — 29 Tax income (expense) before valuation allowances 45 168 101 (Increase)/decrease in unrecognised deferred tax assets and impairment(i) (209) (114) (81) Total (164) 54 20 Adjustments in respect of prior years 1 (2) (3) (163) 52 17 Tax (charge) credit on continuing operations (424) (222) (158) Tax (charge) credit on discontinuing operations — (3) (31) Tax expense (424) (225) (189) |
Disclosure of income tax calculation | Reconciliation between the tax expense and tax at the weighted average statutory tax rate is as follows: Income tax calculation 2023 2022 2021 Continuing operations Discontinued operations Total Continuing operations Discontinued operations Total Continuing operations Discontinued operations Total (US$ millions) Profit before tax 175 4 179 238 116 354 728 3 731 Tax at the weighted average statutory rate (27) (1) (28) (47) (27) (74) (153) (1) (154) Effect of: Items taxed at a different rate 10 — 10 37 — 37 9 — 9 Change in tax rates on deferred tax balances 1 — 1 — — — 29 — 29 Expenditure not deductible and income not taxable (121) 1 (120) 1 26 27 83 (4) 79 Unrelieved withholding tax (80) — (80) (68) — (68) (55) — (55) Accounting for associates and joint ventures 13 — 13 9 — 9 41 — 41 Movement in deferred tax on unremitted earnings (2) — (2) 1 — 1 (15) — (15) Unrecognized deferred tax assets and impairment of deferred tax assets (209) — (209) (114) (2) (116) (138) (6) (144) Recognition of previously unrecognized deferred tax assets — — — — — — 57 — 57 Adjustments in respect of prior years (9) — (9) (41) — (41) (16) (20) (36) Tax expense (424) — (424) (222) (3) (225) (158) (31) (189) Weighted average statutory tax rate 15.4% 15.6% 19.7% 20.9% 21.0% 21.1% Effective tax rate 242.3% 236.9% 93.3% 63.6% 21.7% 25.9% Tax expense increase from December 31, 2022, is mainly due to the impairment of tax credits and deferred tax assets in Colombia, resulting from the application of IAS12 over their recognition. |
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, 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) Transfers to Assets Held for Sale 57 — — (9) — 48 (Charge)/credit to income statement 29 (131) 1 153 — 52 Charge to Other Comprehensive Income — — — 1 — 1 Exchange differences — (3) — (8) — (11) Balance at December 31, 2022 (44) 22 (25) 103 — 56 Deferred tax assets 109 22 — 104 (31) 204 Deferred tax liabilities (153) — (25) (1) 31 (148) Balance at December 31, 2022 (44) 22 (25) 103 — 56 (Charge)/credit to income statement (92) (24) (2) (47) — (165) Charge to Other Comprehensive Income — — — (1) — (1) Reclassification from other accounts (i) 96 — — — — 96 Exchange differences 7 2 1 4 — 14 Balance at December 31, 2023 (33) — (26) 60 — 1 Deferred tax assets 88 — — 64 (11) 141 Deferred tax liabilities (121) — (26) (4) 11 (140) Balance at December 31, 2023 (33) — (26) 60 — 1 (i) Reclassification of certain tax credits from current tax assets to deferred tax assets in Colombia, resulting from the application of IAS12. Deferred tax assets have not been recognized in respect of the following deductible temporary differences: Fixed assets Unused tax losses Other Total (US$ millions) At December 31, 2023 122 5,623 518 6,263 At December 31, 2022 90 5,535 71 5,696 |
Disclosure of unrecognized loss carryforwards | Unrecognized tax losses carryforward related to continuing operations expire as follows: 2023 2022 (US$ millions) Expiry: Within one year 1 — Within one to five years 15 3 After five years 1,612 1,598 No expiry 3,995 3,934 Total 5,623 5,535 The Group has unrecognized tax losses in the following jurisdictions: 2023 2022 Jurisdiction: (US$ millions) Luxembourg 5,108 5,197 Colombia 479 222 Sweden 16 16 Panama 12 — The Netherlands 3 4 Bolivia 3 2 Curacao 1 94 United Kingdom 1 — Unrecognized tax losses 5,623 5,535 |
Disclosure of earnings per share | Net profit/(loss) used in the earnings (loss) per share computation 2023 2022 2021(ii) (US$ millions) Basic and Diluted Net profit (loss) attributable to equity holders from continuing operations (86) 64 618 Net profit (loss) attributable to equity holders from discontinued operations 4 113 (28) Net profit (loss) attributable to all equity holders to determine the profit (loss) per share (82) 177 590 in thousands Weighted average number of ordinary shares for basic earnings per share 171,397 139,049 128,571 Effect of dilutive share-based compensation plans — 640 549 Weighted average number of ordinary shares (excluding treasury shares) adjusted for the effect of dilution (i) 171,397 139,690 129,120 (U.S. dollars) Basic Earnings (loss) per common share for profit (loss) from continuing operations attributable to owners of the Company (0.50) 0.46 4.81 Earnings (loss) per common share for profit (loss) from discontinued operations attributable to owners of the Company 0.02 0.81 (0.22) Earnings (loss) per common share for profit (loss) for the period attributable to owners of the Company (0.48) 1.27 4.59 Diluted Earnings (loss) per common share for profit (loss) from continuing operations attributable to owners of the Company (0.50) 0.46 4.79 Earnings (loss) per common share for profit (loss) from discontinued operations attributable to owners of the Company 0.02 0.81 (0.22) Earnings (loss) per common share for profit (loss) for the period attributable to owners of the Company (0.48) 1.27 4.57 (i) For the purpose of calculating the diluted earnings (loss) per common share, the weighted average outstanding shares used for the basic earnings (loss) per common share were increased only by the portion of the shares which have a dilutive effect on the earnings (loss) per common share. As a result, for years in which the Group has reported net loss, diluted net loss per share is the same as the basic net loss per share, because dilutive ordinary shares are not assumed to have been issued if their effect is anti-dilutive. Accordingly, 1,433 thousand potential ordinary shares as a result of share-based compensation plans were not considered in 2023 EPS as their impact was anti-dilutive. (ii) As required by IAS 33 ‘Earnings per share’ the impact of the bonus element included within the rights offering (see note C.1. ) has been included in the calculations of the basic and diluted earnings per share for 2022 and comparative figures have been re-presented accordingly. |
Capital structure and financi_2
Capital structure and financing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract] | |
Disclosure of share capital, share premium | Share capital, share premium 2023 2022 Authorized and registered share capital (number of shares) 200,000,000 200,000,000 Subscribed and fully paid up share capital (number of shares) 172,096,305 172,096,305 Par value per share 1.50 1.50 Share capital (US$ millions) 258 258 Share premium (US$ millions) 1,076 1,085 Total (US$ millions) 1,334 1,343 |
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, 2021 16 50 (19) (605) (4) (562) Share based compensation — 18 — — — 18 Issuance of shares with respect to LTIPs — (25) — — — (25) Remeasurements of post-employment benefit obligations — — — — 2 2 Cash flow hedge reserve movement — — 14 — — 14 Currency translation movement — — 1 (41) — (41) As of December 31, 2021 16 43 (3) (646) (3) (593) Share based compensation — 25 — — — 25 Issuance of shares with respect to LTIPs — (17) — — — (17) Remeasurements of post-employment benefit obligations — — — — (2) (2) Cash flow hedge reserve movement — — 8 — 1 9 Currency translation movement — — — 20 — 20 As of December 31, 2022 16 51 5 (626) (4) (559) Share based compensation — 50 — — — 50 Issuance of shares with respect to LTIPs — (40) — — — (40) Remeasurements of post-employment benefit obligations — — — — (2) (2) Transfer to legal reserves 2 — — — — 2 Cash flow hedge reserve movement — — (7) — — (7) Currency translation movement — — — 56 — 56 As of December 31, 2023 18 61 (2) (571) (6) (500) |
Disclosure of detailed information about borrowings | Debt and financing by type (i) Note 2023 2022 (US$ millions) Debt and financing due after more than one year Bonds C.3.1. 4,638 4,879 Banks C.3.2. 1,832 1,776 Other financing (ii) 38 30 Total non-current financing 6,508 6,686 Less: portion payable within one year (32) (61) Total non-current financing due after more than one year 6,476 6,624 Debt and financing due within one year Bonds C.3.1. 111 101 Banks C.3.2. 59 18 Other financing 18 — Total current debt and financing 188 119 Add: portion of non-current debt payable within one year 32 61 Total 221 180 Total debt and financing 6,697 6,804 (i) See note D.1.1.. for further details on maturity profile of the Group debt and financing. (ii) In July 2018, the Company issued a COP144,054.5 million /$50 million bilateral facility with IIC (Inter-American Development Bank) for a USD indexed to COP Note. The note bears interest at 9.450% p.a.. This COP Note is used as net investment hedge of the net assets of our operations in Colombia. Debt and financing by location 2023 2022 (US$ millions) Millicom International Cellular S.A. (Luxembourg) 2,388 2,573 Guatemala 1,463 1,465 Colombia 713 605 Paraguay 665 678 Bolivia 246 260 Panama 759 773 Costa Rica 142 128 El Salvador 174 173 Nicaragua 148 147 Total debt and financing 6,697 6,804 Bond financing Note Country Maturity Interest Rate % 2023 2022 (US$ millions) SEK Variable Rate Notes 1 Luxembourg 2024 STIBOR (i) + 2.350% — 191 SEK Variable Rate Notes 1 Luxembourg 2027 STIBOR (i) + 3.000% 222 214 USD 4.500% Senior Notes 2 Luxembourg 2031 4.500 % 766 779 USD 6.625% Senior Notes 3 Luxembourg 2026 6.625 % 147 147 USD 6.250% Senior Notes 4 Luxembourg 2029 6.250 % 671 670 USD 5.125% Senior Notes 5 Luxembourg 2028 5.125 % 446 446 USD 5.875% Senior Notes 6 Paraguay 2027 5.875 % 507 508 PYG 8.750% Notes (tranche A) 6 Paraguay 2024 8.750 % 16 16 PYG 9.250% Notes (tranche B) 6 Paraguay 2026 9.250 % 7 7 PYG 10.000% Notes (tranche C) 6 Paraguay 2029 10.000 % 9 9 PYG 9.250% Notes (tranche D) 6 Paraguay 2026 9.250 % 1 1 PYG 10.000% Notes (tranche E) 6 Paraguay 2029 10.000 % 3 3 PYG 9.250% Notes (tranche F) 6 Paraguay 2027 9.250 % 2 2 PYG 10.000% Notes (tranche G) 6 Paraguay 2030 10.000 % 3 3 PYG 6.000% Notes (tranche H) 6 Paraguay 2026 6.000 % 13 13 PYG 6.700% Notes (tranche I) 6 Paraguay 2028 6.700 % 20 19 PYG 7.500% Notes (tranche J) 6 Paraguay 2031 7.500 % 22 22 BOB 5.800% Notes 7 Bolivia 2026 5.800 % 29 35 BOB 4.850% Notes 7 Bolivia 2023 4.850 % — 14 BOB 3.950% Notes 7 Bolivia 2024 3.950 % 7 14 BOB 4.600% Notes 7 Bolivia 2024 4.600 % 20 41 BOB 4.300% Notes 7 Bolivia 2029 4.300 % 13 15 BOB 4.700% Notes 7 Bolivia 2024 4.700 % 10 21 BOB 5.300% Notes 7 Bolivia 2026 5.300 % 6 8 BOB 5.000% Notes 7 Bolivia 2026 5.000 % 42 48 BOB 6.000% Notes 7 Bolivia 2028 6.000 % 57 — UNE Bond 2 (tranches A and B) 8 Colombia 2023 CPI (ii) + 4.76% — 31 UNE Bond 3 (tranche A) 8 Colombia 2024 +9.35% 42 33 UNE Bond 3 (tranche B) 8 Colombia 2026 CPI (ii) + 4.15% 66 53 UNE Bond 3 (tranche C) 8 Colombia 2036 CPI (ii) + 4.89% 33 26 UNE Bond 6.600% 8 Colombia 2030 6.600 % 39 31 UNE Bond 4 (tranche A) 8 Colombia 2028 5.560 % 30 24 UNE Bond 4 (tranche B) 8 Colombia 2031 CPI (ii) +2.61% 74 59 UNE Bond 4 (tranche C) 8 Colombia 2036 CPI (ii) + 3.18% 22 18 UNE Bond 7 (tranche A) 8 Colombia 2026 CPI + 8.10% 3 — UNE Bond 7 (tranche B) 8 Colombia 2027 CPI + 8.25% 4 — USD 4.500% Senior Notes 9 Panama 2030 4.500 % 575 589 USD 5.125% Senior Notes 10 Guatemala 2032 5.125 % 823 870 Total bond financing 4,750 4,980 (i) STIBOR – Swedish Interbank Offered Rate. (ii) CPI - Colombian Consumer Price Index Note Country Maturity range Interest rate 2023 2022 (US$ millions) Fixed rate loans PYG Long-term loans 1 Paraguay 2023-2028 Fixed 63 76 USD - Long-term loans 2 Panama 2025-2026 Fixed 185 185 BOB Long-term loans 3 Bolivia 2023-2028 Fixed 62 64 GTQ Long-term loans 8 Guatemala 2023-2030 Fixed 640 595 Variable rate loans USD Long-term loans 4 Costa Rica 2026 Variable 32 32 CRC Long-term loans 4 Costa Rica 2026 Variable 110 96 COP Long-term loans 5 Colombia 2025-2031 Variable 331 280 USD Long-term loans 5 Colombia 2024 Variable 50 50 USD Credit Facility / Senior Unsecured Term Loan Facility 6 El Salvador 2026-2027 Variable 174 173 USD Long-term loans 6 Nicaragua 2027 Variable 148 147 USD Revolving Credit Facility(i) 7 Luxembourg 2025 Variable (2) (3) USD DNB Bilateral 7 Luxembourg 2026 Variable 100 99 Total Bank and Development Financial Institution financing 1,891 1,794 |
Disclosure of interest and other financial expenses | The Group’s interest and other financial expenses comprised the following: 2023 2022 2021 (US$ millions) Interest expense on bonds and bank financing (477) (434) (329) Interest expense on leases (117) (124) (113) Early redemption charges (1) — (5) Others (117) (59) (47) Total interest and other financial expenses (712) (617) (495) |
Disclosure of contingent liabilities | Maturity of guarantees Bank and financing guarantees (i) Supplier guarantees Terms As at December 31, 2023 As at December 31, 2022 As at December 31, 2023 As at December 31, 2022 Outstanding and Maximum exposure Outstanding and Maximum exposure 0-1 year 15 13 1 2 1-3 years 322 70 — — 3-5 years 169 418 — — Total 505 501 1 2 |
Disclosure of leases | At December 31, 2023, lease liabilities are presented in the statement of financial position as follows: December 31, 2023 December 31, 2022 (US$ millions) Current 189 163 Non-Current 854 853 Total Lease liabilities 1,043 1,016 The expenses relating to payments not included in the measurement of the lease liability are disclosed in operating expenses and are as follows: 2023 2022 2021 (US$ millions) Expense relating to short-term leases (included in cost of goods sold and services rendered and operating expenses) 0 0 0 |
Schedule of cash and cash equivalents | 2023 2022 (US$ millions) Cash and cash equivalents in USD 531 820 Cash and cash equivalents in other currencies 244 220 Total cash and cash equivalents 775 1,039 |
Schedule of restricted cash | 2023 2022 (US$ millions) Mobile Financial Services 49 50 Others 8 6 Restricted cash 56 57 |
Disclosure of net debt | Net debt 'Net debt' is debt and financial liabilities, including derivative instruments (assets and liabilities), less cash and pledged and time deposits. In 2023, the definition of Net Debt has changed to include derivative financial instruments in order to have a more comprehensive view of our financial obligations. 2022 figures have also been represented accordingly. 2023 2022 (US$ millions) Gross debt (i) 6,678 6,804 Add (less) derivatives & vendor financing related to debt (note D.1.2.) 58 34 Less: Cash and cash equivalents (775) (1,039) Pledged deposits (6) — Net debt 5,956 5,799 (i) Excluding vendor financing of $18 million as of December 31, 2023. Net financing obligations 'Net financing obligations' is Net debt plus lease liabilities. Assets Liabilities from financing and other activities Cash and cash equivalents Other Bond and bank debt and financing Derivatives and Vendor Financing Lease liabilities Total Net financial obligations as at January 1, 2022 895 35 7,744 (20) 1,167 7,961 Cash flows 179 (35) (557) (14) (157) (872) Recognition / Remeasurement — — — — 251 251 Interest accretion — — 9 — — 9 Foreign exchange movements (11) — (197) 69 (63) (181) Transfers to/from assets held for sale (24) — (189) — (184) (349) Transfers — — 1 — 2 4 Other non-cash movements — — (8) — — (8) Net financial obligations as at December 31, 2022 1,039 — 6,804 34 1,016 6,814 Cash flows (270) 5 (288) 14 (177) (185) Recognition / Remeasurement — — — — 142 142 Interest accretion — — (1) — — (1) Foreign exchange movements 6 — 163 10 61 229 Net financial obligations as at December 31, 2023 775 6 6,678 58 1,043 6,999 |
Disclosure of fair value measurement of assets | Fair values of financial instruments at December 31, Carrying value Fair value Note 2023 2022 2023 2022 (US$ millions) Financial assets Derivative financial instruments 6 19 6 19 Other non-current assets 84 76 84 76 Trade receivables, net 443 379 443 379 Amounts due from non-controlling interests, associates and joint venture partners G.5. 12 15 12 15 Supplier advances for capital expenditures 21 21 21 21 Other current assets 190 197 190 197 Restricted cash C.5.2. 56 57 56 57 Cash and cash equivalents C.5.1. 775 1,039 775 1,039 Total financial assets 1,587 1,803 1,587 1,803 Current 1,503 1,708 1,503 1,708 Non-current 84 95 84 95 Financial liabilities Debt and financing (i) C.3. 6,678 6,804 6,086 6,327 Trade payables 390 400 390 400 Payables and accruals for capital expenditure 314 428 314 428 Derivative financial instruments 46 53 46 53 Put option liability C.7.4. 86 — 86 — Amounts due to non-controlling interests, associates and joint venture partners G.5. 74 58 74 58 Accrued interest and other expenses 444 412 444 412 Other liabilities 1,128 658 1,128 658 Total financial liabilities 9,161 8,812 8,569 8,335 Current 1,670 1,602 1,689 1,602 Non-current 7,491 7,210 6,881 6,733 (i) Fair values are measured with reference to Level 1 (for listed bonds) or level 2. |
Disclosure of fair value measurement of liabilities | Fair values of financial instruments at December 31, Carrying value Fair value Note 2023 2022 2023 2022 (US$ millions) Financial assets Derivative financial instruments 6 19 6 19 Other non-current assets 84 76 84 76 Trade receivables, net 443 379 443 379 Amounts due from non-controlling interests, associates and joint venture partners G.5. 12 15 12 15 Supplier advances for capital expenditures 21 21 21 21 Other current assets 190 197 190 197 Restricted cash C.5.2. 56 57 56 57 Cash and cash equivalents C.5.1. 775 1,039 775 1,039 Total financial assets 1,587 1,803 1,587 1,803 Current 1,503 1,708 1,503 1,708 Non-current 84 95 84 95 Financial liabilities Debt and financing (i) C.3. 6,678 6,804 6,086 6,327 Trade payables 390 400 390 400 Payables and accruals for capital expenditure 314 428 314 428 Derivative financial instruments 46 53 46 53 Put option liability C.7.4. 86 — 86 — Amounts due to non-controlling interests, associates and joint venture partners G.5. 74 58 74 58 Accrued interest and other expenses 444 412 444 412 Other liabilities 1,128 658 1,128 658 Total financial liabilities 9,161 8,812 8,569 8,335 Current 1,670 1,602 1,689 1,602 Non-current 7,491 7,210 6,881 6,733 (i) Fair values are measured with reference to Level 1 (for listed bonds) or level 2. |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information derivatives | On December 31, 2023 and 2022 fair value of derivatives held by the Group can be summarized as follows: 2023 2022 (US$ millions) Derivatives Cash flow hedge derivatives (40) (34) Net derivative asset (liability) (40) (34) |
Disclosure of nature and extent of risks arising from financial instruments | D.1.1. Fixed and floating rate debt Financing at December 31, 2023 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 190 369 403 582 855 2,912 5,311 Floating rate financing 12 76 433 420 147 279 1,367 Total(i) 202 445 836 1,002 1,002 3,191 6,678 Weighted average nominal interest rate 6.85 % 6.81 % 7.93 % 6.98 % 6.75 % 5.83 % 6.56 % (i) Excluding vendor financing of $18 million, due within one year, as of December 31, 2023 Financing at December 31, 2022 Amounts due within: 1 year 1–2 years 2–3 years 3–4 years 4–5 years >5 years Total (US$ millions) Fixed rate financing 131 383 501 376 718 3,466 5,574 Floating rate financing 49 12 63 402 404 300 1,230 Total 180 394 564 777 1,122 3,766 6,804 Weighted average nominal interest rate 7.68 % 5.71 % 6.11 % 7.46 % 6.49 % 5.88 % 6.22 % A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2023 would increase or reduce profit before tax from continuing operations f or the year by approximately $14 million (2022: $12 million). Debt denomination at December 31 2023 2022 (US$ millions) Debt denominated in US dollars 3,859 4,100 Debt denominated in currencies of the following countries: Guatemala 640 595 Colombia 694 605 Bolivia 246 260 Paraguay 158 171 El Salvador(i) 174 173 Panama(i) 759 773 Luxembourg (COP denominated) 38 30 Costa Rica 110 96 Total debt denominated in other currencies 2,819 2,704 Total debt (ii) 6,678 6,804 (i) El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dollar as legal tender. The Group's local debt in both countries is therefore denominated in U.S. dollars but presented as local currency (LCY). (ii) Ex cluding vendor financing of $18 million in Colombia, due within one year, as of December 31, 2023. |
Disclosure of maturity analysis for derivative financial liabilities | Maturity profile of net financial liabilities at December 31, 2023 Less than 1 year 1 to 5 years >5yrs Total (US$ millions) Outstanding debt and financing (i) (203) (3,309) (3,232) (6,744) Outstanding amortized costs undiscounted 1 24 41 66 Lease liability (189) (498) (355) (1,043) Cash and equivalents 775 — — 775 Derivative and vendor financing (12) (46) — (58) Pledged deposits 5 — — 6 Net cash (debt) including derivatives related to debt 377 (3,829) (3,547) (6,999) Future interest commitments related to debt and financing (427) (1,270) (93) (1,791) Future interest commitments related to leases (108) (286) (108) (502) Trade payables (excluding accruals) (582) — — (582) Other financial liabilities (including accruals) (957) — — (957) Trade receivables 443 — — 443 Other financial assets 224 78 — 302 Net financial liabilities (1,031) (5,306) (3,748) (10,086) (i) Excluding vendor financing of $18 million as of December 31, 2023. Maturity profile of net financial liabilities at December 31, 2022 Less than 1 year 1 to 5 years >5yrs Total (US$ millions) Outstanding debt and financing (181) (2,880) (3,813) (6,875) Outstanding amortized costs undiscounted 1 23 47 71 Lease liability (163) (478) (374) (1,016) Cash and equivalents 1,039 — — 1,039 Derivative financial instruments — (34) — (34) Net cash (debt) including derivatives related to debt 697 (3,370) (4,141) (6,814) Future interest commitments related to debt and financing (416) (1,349) (111) (1,877) Future interest commitments related to leases (106) (290) (135) (531) Trade payables (excluding accruals) (689) — — (689) Other financial liabilities (including accruals) (867) — — (867) Trade receivables 379 — — 379 Other financial assets 232 71 — 303 Net financial liabilities (770) (4,938) (4,387) (10,095) |
Disclosure of maturity analysis for non-derivative financial liabilities | Maturity profile of net financial liabilities at December 31, 2023 Less than 1 year 1 to 5 years >5yrs Total (US$ millions) Outstanding debt and financing (i) (203) (3,309) (3,232) (6,744) Outstanding amortized costs undiscounted 1 24 41 66 Lease liability (189) (498) (355) (1,043) Cash and equivalents 775 — — 775 Derivative and vendor financing (12) (46) — (58) Pledged deposits 5 — — 6 Net cash (debt) including derivatives related to debt 377 (3,829) (3,547) (6,999) Future interest commitments related to debt and financing (427) (1,270) (93) (1,791) Future interest commitments related to leases (108) (286) (108) (502) Trade payables (excluding accruals) (582) — — (582) Other financial liabilities (including accruals) (957) — — (957) Trade receivables 443 — — 443 Other financial assets 224 78 — 302 Net financial liabilities (1,031) (5,306) (3,748) (10,086) (i) Excluding vendor financing of $18 million as of December 31, 2023. Maturity profile of net financial liabilities at December 31, 2022 Less than 1 year 1 to 5 years >5yrs Total (US$ millions) Outstanding debt and financing (181) (2,880) (3,813) (6,875) Outstanding amortized costs undiscounted 1 23 47 71 Lease liability (163) (478) (374) (1,016) Cash and equivalents 1,039 — — 1,039 Derivative financial instruments — (34) — (34) Net cash (debt) including derivatives related to debt 697 (3,370) (4,141) (6,814) Future interest commitments related to debt and financing (416) (1,349) (111) (1,877) Future interest commitments related to leases (106) (290) (135) (531) Trade payables (excluding accruals) (689) — — (689) Other financial liabilities (including accruals) (867) — — (867) Trade receivables 379 — — 379 Other financial assets 232 71 — 303 Net financial liabilities (770) (4,938) (4,387) (10,095) |
Disclosure of detailed information about managing capital | Net debt to EBITDAaL (i) Note 2023 2022 (US$ millions) EBITDA B.3. 2,111 2,228 Lease interest expense (117) (124) Right of use assets depreciation E.3. (183) (168) EBITDAaL (ii) 1,812 1,936 Net debt (iii) C.6. 5,956 5,799 Net debt to EBITDAaL (iv) 3.29 x 2.99 x (i) The Group now presents Net debt to EBITDAal (vs. Net financial obligations to EBITDA before) in order to better align with the Group's peers and expectations of investors/analysts. 2022 figures have been represented accordingly. (ii) 'EBITDA after Leases' (EBITDAaL) represents EBITDA after lease interest expense and depreciation charge (excluding Africa). (iii) 'Net debt' is debt and financial liabilities, including derivative instruments (assets and liabilities), less cash and pledged and time deposits. In 2023, the definition of Net Debt has changed to include derivative financial instruments in order to have a more comprehensive view of the Group's financial obligations. 2022 figures have also been represented accordingly. (iv) The ratio is above 3.0x on an accounting basis, however, according to the terms of the Group's indentures, this ratio is calculated on a different basis, resulting in a ratio below 3.0x for covenant purposes. Gearing ratio The Group reviews its gearing ratio (net debt divided by total capital plus net debt) periodically. Capital represents equity attributable to the equity holders of the parent. Note 2023 2022 (US$ millions) Net debt C.6. 5,956 5,799 Equity attributable to Owners of the Company C.1. 3,529 3,605 Net debt and equity 9,485 9,404 Gearing ratio 0.63 0.62 |
Long-term assets (Tables)
Long-term assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 Goodwill Licenses and Spectrum Customer Lists IRUs Trademarks Other (i) Total (US$ millions) Opening balance, net 4,059 1,094 864 40 910 394 7,361 Additions — 406 — 1 — 115 522 Amortization charge — (116) (96) (12) — (137) (361) Impairment — — — — — (1) (1) Transfers — 4 — 1 — 11 16 Exchange rate movements 48 171 1 4 — 26 249 Closing balance, net 4,107 1,558 769 33 910 408 7,785 Cost or valuation 4,107 2,407 1,206 178 1,243 1,275 10,416 Accumulated amortization and impairment — (849) (437) (145) (333) (867) (2,631) Net 4,107 1,558 769 33 910 408 7,785 Movements in intangible assets in 2022 Goodwill Licenses and Spectrum Customer Lists IRUs Trademarks Other (i) Total (US$ millions) Opening balance, net 4,098 1,120 970 71 920 379 7,558 Additions — 195 — 1 — 150 345 Amortization charge — (96) (106) (14) (1) (130) (345) Impairment (ii) — — — — — (6) (6) Disposals, net — (9) — — — — (9) Transfer to/from held for sale (12) (18) — (17) (10) (2) (57) Transfers — (7) — 3 — 28 24 Exchange rate movements (26) (91) — (4) — (25) (147) Closing balance, net 4,059 1,094 864 40 910 394 7,361 Cost or valuation 4,059 1,786 1,199 158 1,237 1,133 9,573 Accumulated amortization and impairment — (692) (335) (118) (327) (740) (2,212) Net 4,059 1,094 864 40 910 394 7,361 (i) Other includes mainly software costs |
Cash used for purchases of long-term assets | Cash used for intangible asset additions 2023 2022 2021 (US$ millions) Additions 150 258 126 Change in accruals and payables for intangibles (16) (79) (29) Cash used for additions 133 179 98 Cash used for property, plant and equipment 2023 2022 2021 (US$ millions) Additions 694 823 787 Change in advances to suppliers 3 (3) (6) Change in accruals and payables for property, plant and equipment 116 (20) (40) Other — — (1) Cash used 814 800 740 |
Allocation of goodwill to cash generating units | Allocation of Goodwill to cash generating units (CGUs) 2023 2022 (US$ millions) Guatemala (see note A.1.2.) 2,470 2,470 Panama 907 907 El Salvador 194 194 Costa Rica 135 118 Paraguay 44 44 Colombia 155 123 Nicaragua 197 199 Bolivia 3 3 Total 4,107 4,059 Allocation of indefinite useful life trademarks to cash generating units (CGUs) 2023 2022 (US$ millions) Guatemala 910 910 Total 910 910 CGU Average EBITDA margin (%) (i) Average CAPEX intensity (%) (i) Perpetual growth rate (%) WACC rate after tax (%) 2023 2022 2023 2022 2023 2022 2023 2022 Bolivia 41.3 41.2 13.6 15.2 1.0 1.0 15.4 9.8 Colombia 39.6 36.0 12.3 17.2 2.0 2.0 10.7 11.4 Guatemala 53.3 51.2 11.3 11.6 1.0 1.0 9.7 10.1 Costa Rica 39.8 37.5 16.2 15.5 2.0 2.0 10.1 11.8 El Salvador 41.7 41.0 13.6 13.0 1.0 1.0 12.1 14.1 Nicaragua 47.5 46.8 13.8 14.5 3.0 2.5 15.5 15.0 Panamá 46.5 46.9 13.1 14.9 1.0 1.0 8.9 8.8 Paraguay 46.8 44.5 14.5 14.9 1.0 1.0 9.8 10.0 (i) Average is computed over the period covered by the plan. Management performed a sensitivity analysis on key assumptions within the test. The following maximum increases or decreases, expressed in percentage points, were considered for all CGUs: Reasonable changes in key assumptions (%) Financial variables 2023 2022 WACC rates +/- 2 +/-2 Perpetual growth rates +/-1 +/-1 Operating variables EBITDA margin +/-2 +/-2 CAPEX intensity +/-1 +/-1 At December 31, 2023 the sensitivity analysis shows a comfortable headroom between the recoverable amounts and the carrying values for all CGUs, except for Nicaragua (at December 31, 2022, except for Colombia and Nicaragua). If the assumptions used in the impairment test were changed to a greater extent than as presented in the following table, the changes would, in isolation, trigger a potential impairment loss being recognised for the following CGUs in the years ended December 31, 2023 and December 31, 2022 . 2023 2022 Change required for carrying value to equal recoverable amount CGU CGU Nicaragua Colombia Nicaragua Financial variables WACC rate +154bps +82bps +117bps Perpetual growth rates n/a n/a n/a Operating variables Average EBITDA margin n/a +-107bps n/a CAPEX intensity n/a +13bps n/a |
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 25 years Other 2 to 7 years Movements in tangible assets in 2023 Network Equipment Land and Buildings Construction in Progress Other(i) Total (US$ millions) Opening balance, net 2,340 180 418 50 2,989 Additions 161 2 525 5 693 Impairments/reversal of impairment, net (2) — — — (2) Disposals, net (16) — (3) — (20) Depreciation charge (751) (19) — (25) (794) Asset retirement obligations 29 1 — — 30 Transfers 566 (2) (570) 13 6 Exchange rate movements 165 13 24 1 203 Other 14 (12) — — 2 Closing balance, net 2,507 162 394 44 3,107 Cost or valuation 8,924 310 394 352 9,980 Accumulated depreciation and impairment (6,417) (148) — (307) (6,873) Net at December 31, 2023 2,507 162 394 44 3,107 Movements in tangible assets in 2022 Network equipment Land and buildings Construction in progress Other(i) Total (US$ millions) Opening balance, net 2,691 200 428 63 3,382 Additions 157 3 655 9 823 Impairments/reversal of impairment, net — — — 1 — Disposals, net (16) (5) (8) — (29) Depreciation charge (791) (21) — (28) (840) Asset retirement obligations 17 — — — 18 Transfers 577 22 (632) 12 (21) Transfers from/(to) assets held for sale (141) (6) (13) (6) (166) Exchange rate movements (153) (12) (11) (2) (178) Closing balance, net 2,340 180 418 50 2,989 Cost or valuation 8,071 348 418 345 9,183 Accumulated depreciation and impairment (5,731) (168) — (296) (6,194) Net at December 31, 2022 2,340 180 418 50 2,989 |
Disclosure of movement in right of use assets | Movements in right of use assets in 2023 Right-of-use assets Land and buildings Sites rental Tower rental Other network equipment Capacity Other Total (US$ millions) Opening balance, net 142 181 505 16 28 13 884 Additions 4 10 42 — 7 1 63 Modifications 6 27 51 2 1 — 87 Disposals (1) (2) (1) — — — (5) Depreciation (38) (45) (90) (1) (6) (3) (183) Asset retirement obligations — (1) (2) — — — (3) Transfers 1 7 2 (2) (2) (1) 4 Exchange rate movements 16 2 31 — — — 50 Other — (2) — — — — (2) Closing balance, net 130 177 537 16 27 9 896 Cost of valuation 280 369 929 26 47 21 1,671 Accumulated depreciation and impairment (150) (192) (392) (10) (19) (12) (776) Net at 31 December 2023 130 177 537 16 27 9 896 Movements in right of use assets in 2022 Right-of-use assets Land and buildings Sites rental Tower rental Capacity Other network equipment Other Total (US$ millions) Opening balance, net 169 201 587 29 25 13 1,024 Additions 23 23 77 — 2 2 127 Modifications 11 18 104 — 1 1 135 Impairments (1) — — — — — (1) Disposals (3) (1) (5) — — — (9) Depreciation (38) (42) (83) (5) (4) (3) (176) Asset retirement obligations — 2 — — 1 — 3 Transfers — (14) 17 3 (7) — (2) Transfer to/from held for sale (3) (2) (158) — — — (163) Exchange rate movements (16) (4) (34) — — — (54) Closing balance, net 142 181 505 28 16 13 884 Cost of valuation 249 325 780 39 28 22 1,442 Accumulated depreciation and impairment (107) (144) (275) (11) (11) (9) (558) Net at 31 December 2022 142 181 505 28 16 13 884 Apart from the impact of the disposal of the Group's operations in Tanzania, there have been no unusual significant events affecting lease liabilities (and right-of-use assets) during the year ended December 31, 2022. |
Other assets and liabilities (T
Other assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade receivables | 2023 2022 (US$ millions) Gross trade receivables 851 694 Less: provisions for expected credit losses (408) (315) Trade receivables, net 443 379 |
Aging of trade receivables | Aging of trade receivables Neither past due nor impaired Past due (net of impairments) 30–90 days >90 days Total (US$ millions) 2023: Telecom operators 19 5 4 28 Own customers 263 49 51 364 Others 37 7 8 52 Total 319 61 63 443 2022: Telecom operators 7 13 5 25 Own customers 211 54 39 304 Others 39 7 5 51 Total 257 74 48 379 |
Inventories | Inventories 2023 2022 (US$ millions) Telephone and equipment 27 39 SIM cards 4 4 Other 14 10 Inventory at December 31, 45 53 |
Contract assets | Contract assets, net 2023 2022 (US$ millions) Long-term portion 21 21 Short-term portion 65 61 Less: provisions for expected credit losses (4) (5) Total 82 77 Contract costs, net (i) 2023 2022 (US$ millions) Net at January 1 10 8 Contract costs capitalized 5 5 Amortization of contract costs (4) (3) Net at December 31 12 10 |
Contract liabilities | Contract liabilities 2023 2022 (US$ millions) Long-term portion 74 2 Short-term portion 82 87 Total 156 88 |
Provisions and other liabilities | Current 2023 2022 (US$ millions) Deferred revenue 96 93 Customer deposits 12 13 Current legal provisions 8 12 Tax payables 72 61 Customer and MFS distributor cash balances 45 47 Withholding tax on payments to third parties 22 15 Other current liabilities(i) 119 64 Total 374 305 (i) Includes $15 million Non-current 2023 2022 (US$ millions) Non-current legal provisions 6 16 Long-term portion of asset retirement obligations 173 155 Long-term portion of deferred income on tower sale and leasebacks recognized 31 32 Long-term employment obligations 51 37 Other non-current liabilities 68 55 Total 330 295 |
Additional disclosure items (Ta
Additional disclosure items (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Additional information [abstract] | |
Disclosure of fees to auditors | 2023 2022 2021 (US$ millions) Audit fees 5.6 5.1 5.2 Audit related fees 0.8 1.3 1.4 Tax fees 0.2 0.2 0.1 Other fees 0.3 0.2 0.4 Total 6.9 6.8 7.1 |
Non-cash investing and financing activities from continuing operations | Non-cash investing and financing activities from continuing operations Note 2023 2022 2021 (US$ millions) Investing activities Acquisition of property, plant and equipment E.2.2. 121 (23) (47) Acquisition of lease right of use assets obtained in exchange of lease liabilities E.3. 63 127 106 Asset retirement obligations E.2.2. 30 18 32 Financing activities Share based compensation B.4.1. 52 29 17 |
Disclosure of transactions between related parties | The Group had the following transactions with related parties: Expenses 2023 2022 2021 (US$ millions) Purchases of goods and services from Miffin (i) — — (165) Purchases of goods and services from EPM (45) (45) (39) Other expenses (10) (18) (16) Total (55) (63) (220) Income and gains 2023 2022 2021 (US$ millions) Sale of goods and services to Miffin (i) — — 299 Sale of goods and services to EPM 12 11 14 Other revenue — 1 2 Total 12 11 314 (i) Miffin entities are not considered as related parties since November 12, 2021. The Group had the following balances with related parties: December 31 2023 2022 Liabilities (US$ millions) Payables to Honduras joint venture(ii) 68 48 Payables to EPM 33 39 Other accounts payable 2 2 Total 103 88 December 31 2023 2022 Assets (US$ millions) Receivables from EPM 2 2 Receivables from Honduras joint venture 9 13 Total 12 15 |
Disclosure of subsidiaries | The following supplemental consolidating financial information presents selected statement of income and statement of financial position information of Millicom and its Restricted Subsidiaries (as defined under its outstanding credit instruments) separately from such information for Millicom’s Unrestricted Subsidiaries. Statement of income Millicom Group Colombia Unrestricted Subsidiaries Intercompany Eliminations Millicom Restricted Group Year ended December 31, 2023 Revenue 5,661 1,313 — 4,348 Equipment, programming and other direct costs (1,507) (392) (3) (1,118) Operating expenses (2,043) (501) 3 (1,539) Depreciation (978) (269) — (709) Amortization (360) (100) — (260) Share of profit in Honduras joint venture 42 — — 42 Other operating income (expenses), net 10 9 — 1 Operating profit 826 60 1 766 Net financial expenses (684) (242) 10 (432) Other non-operating (expenses) income, net 36 32 — 4 Profit (loss) from other joint ventures and associates, net (3) — — (3) Profit (loss) before taxes from continuing operations 175 (150) 11 336 Tax expense (424) (176) — (248) Profit (loss) from continuing operations (249) (326) 11 87 Profit (loss) from discontinued operations, net of tax 4 — — 4 Net profit (loss) for the year (245) (326) 11 91 Statement of financial position Millicom Group Colombia Unrestricted Subsidiaries Intercompany Eliminations Millicom Restricted Group December 31, 2023 ASSETS NON-CURRENT ASSETS Intangible assets, net 7,785 1,152 — 6,633 Property, plant and equipment, net 3,107 884 — 2,223 Right of use assets, net 896 229 — 667 Investment in Honduras joint venture 576 — — 576 Contract costs, net 12 — — 12 Deferred tax assets 141 1 — 140 Other non-current assets 84 29 54 109 TOTAL NON-CURRENT ASSETS 12,601 2,295 54 10,359 CURRENT ASSETS Inventories 45 8 — 37 Trade receivables, net 443 128 — 314 Contract assets, net 82 7 — 75 Amounts due from non-controlling interests, associates and joint ventures 12 4 — 8 Prepayments and accrued income 168 35 — 132 Current income tax assets 118 66 — 52 Supplier advances for capital expenditure 21 1 — 20 Other current assets, including derivatives financial instruments 196 43 61 215 Restricted cash 56 1 — 55 Cash and cash equivalents 775 36 — 739 TOTAL CURRENT ASSETS 1,915 330 61 1,647 TOTAL ASSETS 14,516 2,625 115 12,006 Statement of financial position Millicom Group Colombia Unrestricted Subsidiaries Intercompany Eliminations Millicom Restricted Group EQUITY Share capital and premium 1,334 — — 1,334 Treasury shares (8) — — (8) Other reserves (500) (373) — (127) Retained profits 2,785 640 113 2,258 Net profit/ (loss) for the period/year attributable to owners of the Company (82) (163) — 81 Equity attributable to owners of the Company 3,529 105 113 3,538 Non-controlling interests (84) (85) — 1 TOTAL EQUITY 3,445 20 113 3,538 LIABILITIES NON-CURRENT LIABILITIES Debt and financing 6,476 601 — 5,875 Lease liabilities 854 226 — 628 Derivative financial instruments 46 — — 46 Amounts due to non-controlling interests, associates and joint ventures 12 54 — (42) Payables and accruals for capital expenditure 885 846 — 38 Other non-current liabilities - Total 330 166 — 163 Deferred tax liabilities 140 — — 140 TOTAL NON-CURRENT LIABILITIES 8,742 1,894 — 6,848 Debt and financing 221 111 — 109 Lease liabilities 189 65 — 124 Put option liability 86 — — 86 Payables and accruals for capital expenditure 314 112 — 202 Other trade payables 390 123 — 266 Amounts due to non-controlling interests, associates and joint ventures 62 65 — (3) Accrued interest and other expenses 444 92 — 353 Current income tax liabilities 93 1 — 93 Contract liabilities 156 5 — 151 Provisions and other current liabilities 374 137 2 239 TOTAL CURRENT LIABILITIES 2,329 711 2 1,620 TOTAL LIABILITIES 11,071 2,605 2 8,468 TOTAL EQUITY AND LIABILITIES 14,516 2,625 115 12,006 |
Introduction - Business activit
Introduction - Business activities (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2021 | Nov. 12, 2021 | |
Guatemala joint ventures | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 55% | |
Guatemala joint ventures | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of controlling interest acquired | 45% |
Introduction - Foreign exchange
Introduction - Foreign exchange rates (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Bolivia | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 6,910 | 6,910 | |
Change % | 0 | ||
Average foreign exchange rate | 6,910 | 6,910 | 6,910 |
Change % | 0 | ||
Colombia | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 3,822,000 | 4,810,000 | |
Change % | 0.259 | ||
Average foreign exchange rate | 4,313,000 | 4,254,000 | 3,756,000 |
Change % | (0.014) | ||
Costa Rica | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 527,000 | 602,000 | |
Change % | 0.143 | ||
Average foreign exchange rate | 550,000 | 650,000 | 625,000 |
Change % | 0.182 | ||
Guatemala | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 7,830 | 7,850 | |
Change % | 0.003 | ||
Average foreign exchange rate | 7,840 | 7,750 | 7,740 |
Change % | (0.011) | ||
Honduras | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 24,710 | 24,660 | |
Change % | (0.002) | ||
Average foreign exchange rate | 24,660 | 24,560 | 24,120 |
Change % | (0.004) | ||
Luxembourg | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 910 | 930 | |
Change % | 0.031 | ||
Average foreign exchange rate | 930 | 950 | 850 |
Change % | 0.022 | ||
Nicaragua | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 36,620 | 36,230 | |
Change % | (0.011) | ||
Average foreign exchange rate | 36,440 | 35,870 | 35,170 |
Change % | (0.016) | ||
Paraguay | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 7,278,000 | 7,346,000 | |
Change % | 0.009 | ||
Average foreign exchange rate | 7,299,000 | 7,008,000 | 6,790,000 |
Change % | (0.040) | ||
Sweden | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 10,070 | 10,430 | |
Change % | 0.035 | ||
Average foreign exchange rate | 10,600 | 10,070 | 8,590 |
Change % | (0.050) | ||
United Kingdom | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 790 | 830 | |
Change % | 0.054 | ||
Average foreign exchange rate | 800 | 810 | 730 |
Change % | 0.005 | ||
Panama | |||
Foreign Exchange Rate [Line Items] | |||
Closing foreign exchange rate | 1 |
Introduction - Change in accoun
Introduction - Change in accounting estimate (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation | $ 978 | $ 999 | $ 804 | |
Change In Useful Life | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation | $ (27) | |||
Towers, Poles And Ducts | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Estimated useful lives | 25 years | 15 years | ||
Civil Works Of Towers, Poles And Ducts | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Estimated useful lives | 15 years | 10 years | ||
[1]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
The Millicom Group - A.1. Subsi
The Millicom Group - A.1. Subsidiaries (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Colombia Movil S.A. E.S.P. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 5,000% | ||
Comunicaciones Celulares S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Distribuidora de Comunicaciones de Occidente, S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Grupo de Comunicaciones Digitales, S.A. (formerly Telefonica Moviles Panama, S.A.) | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 80% |
Lati International S.A. (i) | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | ||
Millicom Cable Costa Rica S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Millicom Holding B.V. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Millicom International Operations B.V. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Millicom International Services LLC | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
MIC Latin America B.V. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Millicom LIH S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Millicom International Operations S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Millicom Spain S.L. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Millicom Telecommunications S.A. (ii) | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Navega.com S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Servicios Especializados en Telecomunicaciones, S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Servicios Innovadores de Comunicacion y Entretenimiento, S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Servicios y Productos Multimedios S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.) | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 80% |
Telefonica Celular de Bolivia S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Telefonia Celular de Nicaragua S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Telefonica Celular del Paraguay S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
Telemovil El Salvador S.A. de C.V. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% |
UNE EPM Telecomunicaciones S.A. and subsidiaries | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 5,000% |
The Millicom Group - A.1.2. Acq
The Millicom Group - A.1.2. Acquisition of subsidiaries and changes in non-controlling interests in subsidiaries Narrative (Details) - USD ($) $ in Millions | 2 Months Ended | 12 Months Ended | |||||
Jun. 29, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 12, 2021 | ||
Disclosure of detailed information about business combination [line items] | |||||||
Put option liability | $ 86 | $ 0 | |||||
Capital injection in subsidiary | 0 | 0 | [1] | ||||
Total | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Capital injection in subsidiary | $ 78 | $ (1) | $ 78 | [1] | |||
Guatemala joint ventures | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Proportion of ownership interest in subsidiary | 100% | 55% | |||||
Telecomunicaciones Digitales, S.A. | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Percentage of controlling interest acquired | 20% | ||||||
Acquisition price | $ 290 | ||||||
Put option liability | $ 290 | ||||||
Guatemala joint ventures | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Percentage of controlling interest acquired | 45% | ||||||
Acquisition price | $ 2,200 | ||||||
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 | ||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 147 | ||||||
[1] See note C.7.4. |
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) - USD ($) $ in Millions | 12 Months Ended | ||||||
Apr. 05, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2016 | |||
Disclosure of analysis of single amount of discontinued operations [abstract] | |||||||
Revenue | $ 5,661 | $ 5,624 | $ 4,261 | ||||
Equipment, programming and other direct costs | [1] | (1,507) | (1,506) | (1,197) | [2] | ||
Operating expenses | (2,043) | (1,890) | (1,546) | [2] | |||
Other operating income (expenses), net | 10 | (2) | 5 | [2] | |||
Operating profit | 826 | 915 | 619 | [2] | |||
Financial income (expenses), net | (684) | ||||||
Other non-operating (expenses) income, net | 36 | (78) | (49) | [2] | |||
Profit (loss) before taxes from continuing operations | 175 | 238 | 728 | [2] | |||
Net profit/(loss) from discontinued operations | 4 | 113 | (28) | [2] | |||
Cash Flow from Discontinued Operations [Abstract] | |||||||
Tazania legislation requirement, OPA, percentage of shares (in percent) | 25% | ||||||
Discontinued operations | |||||||
Disclosure of analysis of single amount of discontinued operations [abstract] | |||||||
Operating profit | $ 4 | ||||||
Discontinued operations | Discontinued Operations - Tanzania | |||||||
Disclosure of subsidiaries [line items] | |||||||
Total net assets | $ (79) | ||||||
Consideration for disposal of operations | 101 | ||||||
Gross gain on sale | 180 | ||||||
Other operating expenses linked to the disposal | (11) | ||||||
Other operating income/expenses, net | (5) | ||||||
Gain on sale before reclassification of foreign currency translation reserve | 165 | ||||||
Reclassification of foreign currency translation reserve | (56) | ||||||
Net gain on sale | $ 109 | ||||||
Disclosure of analysis of single amount of discontinued operations [abstract] | |||||||
Revenue | 88 | 357 | |||||
Equipment, programming and other direct costs | (26) | (104) | |||||
Operating expenses | (27) | (131) | |||||
Depreciation and amortization | (21) | (83) | |||||
Other operating income (expenses), net | 4 | 1 | |||||
Gain/(loss) on disposal of discontinued operations | 120 | 0 | |||||
Other expenses linked to the disposal of discontinued operations | (11) | 0 | |||||
Operating profit | 127 | 39 | |||||
Financial income (expenses), net | (12) | (36) | |||||
Other non-operating (expenses) income, net | 0 | (1) | |||||
Profit (loss) before taxes from continuing operations | 116 | 3 | |||||
Tax expense | (3) | (31) | |||||
Net profit/(loss) from discontinued operations | 113 | (28) | |||||
Cash Flow from Discontinued Operations [Abstract] | |||||||
Cash from operating activities, net | 18 | 87 | |||||
Cash from (used in) investing activities, net | (10) | (46) | |||||
Cash from (used in) financing activities, net | (9) | (35) | |||||
Increase (decrease) in cash and cash equivalents, discontinued operations | $ (1) | $ 5 | |||||
[1]The presentation of the statement of income for all periods presented has been amended as follows to provide more relevant information: (a) the sub-total 'Gross Profit' has been removed, and (b) the line 'Cost of sales' has been renamed as 'Equipment, programming and other direct costs'.[2]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 29, 2022 | ||
Disclosure of subsidiaries [line items] | |||||
Revenue | $ 5,661 | $ 5,624 | $ 4,261 | ||
Operating profit (loss) | 826 | 915 | 619 | [1] | |
Net (loss) for the year | (245) | 129 | 542 | [1] | |
Non-controlling interest in net (loss) | (163) | (48) | (48) | [1] | |
Total assets (excluding goodwill) | 14,516 | 14,198 | |||
Total liabilities | 11,071 | 10,565 | |||
Non-controlling interests | (84) | 29 | |||
Net cash from operating activities | 1,223 | 1,284 | 956 | ||
Net cash from (used in) investing activities | (1,116) | (1,104) | (2,703) | ||
Net cash from (used in) financing activities | (377) | (1) | 1,777 | ||
Exchange impact on cash and cash equivalents, net | 6 | (11) | (10) | ||
Net increase (decrease) in cash and cash equivalents | (264) | 168 | 20 | ||
Telecomunicaciones Digitales, S.A. | |||||
Disclosure of subsidiaries [line items] | |||||
Percentage of controlling interest acquired | 20% | ||||
Colombia | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 1,313 | 1,335 | 1,414 | ||
Total operating expenses | (501) | (492) | (509) | ||
Operating profit (loss) | 60 | 64 | 100 | ||
Net (loss) for the year | (326) | (104) | (80) | ||
Non-controlling interest in net (loss) | (163) | (52) | (40) | ||
Total assets (excluding goodwill) | 2,470 | 1,942 | 2,336 | ||
Total liabilities | 2,605 | 1,890 | 2,158 | ||
Net assets | (135) | 52 | 178 | ||
Non-controlling interests | (85) | 28 | 83 | ||
Dividends and advances paid to non-controlling interest | 0 | (2) | (5) | ||
Net cash from operating activities | 270 | 250 | 272 | ||
Net cash from (used in) investing activities | (214) | (289) | (295) | ||
Net cash from (used in) financing activities | (54) | (133) | 30 | ||
Exchange impact on cash and cash equivalents, net | 2 | (5) | (10) | ||
Net increase (decrease) in cash and cash equivalents | 5 | (178) | (2) | ||
Panama | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue | 651 | 633 | |||
Total operating expenses | (207) | (207) | |||
Operating profit (loss) | 106 | 7 | |||
Net (loss) for the year | 29 | (37) | |||
Non-controlling interest in net (loss) | 4 | (7) | |||
Total assets (excluding goodwill) | 1,719 | 1,717 | |||
Total liabilities | 1,318 | 1,347 | |||
Net assets | 401 | 371 | |||
Non-controlling interests | 0 | ||||
Net cash from operating activities | 148 | 179 | |||
Net cash from (used in) investing activities | (117) | (118) | |||
Net cash from (used in) financing activities | (93) | (43) | |||
Net increase (decrease) in cash and cash equivalents | (63) | 17 | |||
Before Consolidation Adjustments | Colombia | |||||
Disclosure of subsidiaries [line items] | |||||
Non-controlling interests | (68) | 26 | 89 | ||
Before Consolidation Adjustments | Panama | |||||
Disclosure of subsidiaries [line items] | |||||
Non-controlling interests | 0 | 74 | |||
Consolidation adjustments | Colombia | |||||
Disclosure of subsidiaries [line items] | |||||
Non-controlling interests | $ (17) | $ 2 | $ (6) | ||
[1]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
The Millicom Group - A.2. Joint
The Millicom Group - A.2. Joint Ventures (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 13, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of joint ventures [line items] | ||||
Statutory reserves unavailable for distribution | $ 491 | $ 472 | $ 486 | |
Total | 103 | 88 | ||
Amounts receivable | 12 | 15 | ||
Joint ventures where entity is venturer | Honduras joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Total | 68 | 48 | ||
Amounts receivable | $ 9 | 13 | ||
Honduras joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Proportion of ownership interest in joint venture | 50% | |||
Joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Total net assets | $ 382 | 401 | ||
Statutory reserves unavailable for distribution | 3 | 3 | ||
Honduras joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Total net assets | (35) | (17) | $ (18) | |
Cash repatriated from joint venture | $ 86 | $ 85 | ||
Proportion of ownership interest in joint venture | 66.70% | 66.70% | 66.70% | |
Increase (Decrease) Joint Ventures [Roll Forward] | ||||
Investments in joint ventures | $ 590 | $ 596 | ||
Capital increase | 3 | |||
Results for the year | 42 | 32 | $ 27 | |
Dividends declared during the year | (54) | (35) | ||
Currency exchange differences | (2) | (7) | ||
Investments in joint ventures | $ 576 | $ 590 | $ 596 | |
Telefonica Celular S.A | ||||
Disclosure of joint ventures [line items] | ||||
Proportion of ownership interest in joint venture | 66.70% | 66.70% | ||
Navega S.A. de CV | ||||
Disclosure of joint ventures [line items] | ||||
Proportion of ownership interest in joint venture | 66.70% | 66.70% | ||
Bharti Airtel Ghana Holdings B.V. | ||||
Disclosure of joint ventures [line items] | ||||
Proportion of ownership interest in joint venture | 50% | |||
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 - Honduras and Guatemala (Details) - USD ($) $ in Millions | 10 Months Ended | 12 Months Ended | |||||
Nov. 12, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 27, 2022 | Dec. 31, 2020 | ||
Disclosure of joint ventures [line items] | |||||||
Revenue | $ 5,661 | $ 5,624 | $ 4,261 | ||||
Operating profit (loss) | 826 | 915 | 619 | [1] | |||
Financial income (expenses), net | (684) | ||||||
Profit before taxes from continuing operations | 175 | 238 | 728 | [1] | |||
Tax expense | (424) | (222) | (158) | [1] | |||
Net profit (loss) for the year | (245) | 129 | 542 | [1] | |||
Total non-current assets (excluding goodwill) | 12,601 | 12,133 | |||||
Total non-current liabilities | 8,742 | 8,445 | |||||
Carrying value of investment in joint venture | 576 | 590 | |||||
Cash and cash equivalents | 775 | 1,039 | 895 | $ 875 | |||
Debt and financing – non-current | 6,476 | 6,624 | |||||
Debt and financing – current | 221 | 180 | |||||
Net cash from operating activities | 1,223 | 1,284 | 956 | ||||
Net cash from (used in) investing activities | (1,116) | (1,104) | (2,703) | ||||
Net cash from (used in) financing activities | (377) | (1) | 1,777 | ||||
Exchange impact on cash and cash equivalents, net | 6 | (11) | (10) | ||||
Net increase (decrease) in cash and cash equivalents | (264) | 168 | 20 | ||||
Guatemala joint ventures | |||||||
Disclosure of joint ventures [line items] | |||||||
Percentage of controlling interest acquired | 45% | ||||||
Honduras joint ventures | |||||||
Disclosure of joint ventures [line items] | |||||||
Revenue | 612 | 586 | 589 | ||||
Depreciation and amortization | (105) | (112) | (124) | ||||
Operating profit (loss) | 124 | 111 | 99 | ||||
Financial income (expenses), net | (28) | (29) | (34) | ||||
Profit before taxes from continuing operations | 95 | 80 | 62 | ||||
Tax expense | (32) | (31) | (22) | ||||
Net profit (loss) for the year | 63 | 49 | 40 | ||||
Results for the year | 42 | 32 | 27 | ||||
Dividends and advances paid to Millicom | 63 | 9 | 0 | ||||
Total non-current assets (excluding goodwill) | 429 | 404 | 473 | ||||
Total non-current liabilities | 440 | 384 | 362 | ||||
Total current assets | 200 | 182 | 176 | ||||
Total current liabilities | 223 | 220 | 305 | ||||
Total net assets | $ (35) | $ (17) | $ (18) | ||||
Group's share in % | 66.70% | 66.70% | 66.70% | ||||
Group's share in USD millions | $ (23) | $ (12) | $ (12) | ||||
Goodwill and consolidation adjustments | 600 | 601 | 608 | ||||
Carrying value of investment in joint venture | 576 | 590 | 596 | ||||
Cash and cash equivalents | 47 | 27 | 39 | ||||
Debt and financing – non-current | 394 | 334 | 267 | ||||
Debt and financing – current | 28 | 23 | 73 | ||||
Net cash from operating activities | 162 | 162 | 166 | ||||
Net cash from (used in) investing activities | (94) | (109) | (89) | ||||
Net cash from (used in) financing activities | (48) | (64) | (98) | ||||
Net increase (decrease) in cash and cash equivalents | $ 21 | $ (12) | $ (21) | ||||
Guatemala joint ventures | |||||||
Disclosure of joint ventures [line items] | |||||||
Percentage of controlling interest acquired | 45% | 45% | |||||
Revenue | $ 1,379 | ||||||
Depreciation and amortization | (282) | ||||||
Operating profit (loss) | 462 | ||||||
Financial income (expenses), net | (40) | ||||||
Profit before taxes from continuing operations | 432 | ||||||
Tax expense | (99) | ||||||
Net profit (loss) for the year | 333 | ||||||
Results for the year | 183 | ||||||
Dividends and advances paid to Millicom | 13 | ||||||
Net cash from operating activities | 611 | ||||||
Net cash from (used in) investing activities | (192) | ||||||
Net cash from (used in) financing activities | (406) | ||||||
Exchange impact on cash and cash equivalents, net | 1 | ||||||
Net increase (decrease) in cash and cash equivalents | $ 13 | ||||||
[1]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
The Millicom Group - A.2.3 Impa
The Millicom Group - A.2.3 Impairment of Investments in Joint Ventures (Details) - Honduras joint ventures | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of joint ventures [line items] | ||
Growth rate used to extrapolate cash flow projections | 1% | 1% |
Discount rate applied to cash flow projections | 11% | 14.20% |
The Millicom Group - A.3. Inves
The Millicom Group - A.3. Investments in associates (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of associates [line items] | |||||
Proceeds from disposal of equity investments, net of costs | $ 0 | $ 0 | $ 163,000,000 | ||
Milvik AB | |||||
Disclosure of associates [line items] | |||||
Proceeds from disposal of equity investments, net of costs | $ 1 | ||||
MKC Brilliant Holding GmbH (LIH) | |||||
Disclosure of associates [line items] | |||||
Proportion of ownership interest in associate | 35% | ||||
Impairment loss | $ 48,000,000 | $ 40,000,000 |
The Millicom Group - A.4.2 Disc
The Millicom Group - A.4.2 Discontinued Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Revenue | $ 5,661 | $ 5,624 | $ 4,261 | ||
Equipment, programming and other direct costs | [1] | (1,507) | (1,506) | (1,197) | [2] |
Operating expenses | (2,043) | (1,890) | (1,546) | [2] | |
Other operating income (expenses), net | 10 | (2) | 5 | [2] | |
Operating profit (loss) | 826 | 915 | 619 | [2] | |
Financial income (expenses), net | (684) | ||||
Other non-operating (expenses) income, net | 36 | (78) | (49) | [2] | |
Profit before taxes from continuing operations | 175 | 238 | 728 | [2] | |
Profit (loss) from discontinued operations, net of tax | 4 | 113 | (28) | [2] | |
Discontinued operations | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Operating profit (loss) | $ 4 | ||||
Discontinued operations | Discontinued Operations - Tanzania | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Revenue | 88 | 357 | |||
Equipment, programming and other direct costs | (26) | (104) | |||
Operating expenses | (27) | (131) | |||
Other expenses linked to the disposal of discontinued operations | (11) | 0 | |||
Depreciation and amortization | (21) | (83) | |||
Other operating income (expenses), net | 4 | 1 | |||
Gain/(loss) on disposal of discontinued operations | 120 | 0 | |||
Operating profit (loss) | 127 | 39 | |||
Financial income (expenses), net | (12) | (36) | |||
Other non-operating (expenses) income, net | 0 | (1) | |||
Profit before taxes from continuing operations | 116 | 3 | |||
Tax expense | (3) | (31) | |||
Profit (loss) from discontinued operations, net of tax | 113 | (28) | |||
Cash from operating activities, net | 18 | 87 | |||
Cash from (used in) investing activities, net | (10) | (46) | |||
Cash from (used in) financing activities, net | $ (9) | $ (35) | |||
[1]The presentation of the statement of income for all periods presented has been amended as follows to provide more relevant information: (a) the sub-total 'Gross Profit' has been removed, and (b) the line 'Cost of sales' has been renamed as 'Equipment, programming and other direct costs'.[2]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
Performance B.1.1 Accounting fo
Performance B.1.1 Accounting for revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | $ 5,661 | $ 5,624 | $ 4,261 | [1] |
Service Revenue | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 5,250 | 5,171 | 3,997 | |
Mobile Services | Over time | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 2,949 | 2,916 | 1,963 | |
Mobile Services | Point in time | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 44 | 40 | 37 | |
Cable And Other Fixed Services | Over time | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 2,192 | 2,145 | 1,938 | |
Other Services | Over time | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 65 | 69 | 60 | |
Telephone and equipment | Point in time | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | $ 411 | $ 454 | $ 263 | |
[1]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
Performance B.2. Expenses (Deta
Performance B.2. Expenses (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2022 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Cost of sales: | |||||||
Cost of telephone, equipment and other accessories | $ (386) | $ (425) | $ (256) | ||||
TV Content and data costs | (349) | (361) | (320) | ||||
Voice airtime and transmission costs | (234) | (261) | (202) | ||||
Bad debt and obsolescence cost | (141) | (124) | (86) | ||||
Call center costs | (72) | (84) | (90) | ||||
Transmission and other costs | (19) | (17) | (47) | ||||
Other costs | (306) | (234) | (196) | ||||
Equipment, programming and other direct costs | [1] | (1,507) | (1,506) | (1,197) | [2] | ||
Operating expenses, net | |||||||
Marketing expenses | (536) | (570) | (450) | ||||
Site and network maintenance costs | (322) | (310) | (233) | ||||
Employee related costs | (614) | (494) | (474) | ||||
External and other services | (281) | (251) | (164) | ||||
Other operating expenses | (290) | (266) | (224) | ||||
Operating expenses, net | (2,043) | (1,890) | (1,546) | [2] | |||
Other operating income (expenses), net: | |||||||
Impairment of intangible assets and property, plant and equipment | (3) | (7) | (6) | ||||
Gain (loss) on disposals of intangible assets and property, plant and equipment | 6 | 1 | 5 | ||||
Reverse earn-out in respect of Zantel's acquisition | 0 | 2 | 11 | ||||
Gain (loss) on disposal of equity investments | 0 | 0 | (15) | ||||
Other income (expenses) | 8 | 2 | 10 | ||||
Other operating income (expenses), net | 10 | $ (2) | 5 | [2] | |||
Equity Investment In HTA | |||||||
Other operating income (expenses), net: | |||||||
Gain (loss) on disposal of equity investments | $ (15) | ||||||
Proceeds from sales of investments accounted for using equity method | 163 | ||||||
Gain (loss) on disposal of equity method investment | $ (15) | ||||||
Paraguay | |||||||
Other operating income (expenses), net: | |||||||
Amount presented in other comprehensive income realised at derecognition of financial liability | 3 | 4 | |||||
Ghana | |||||||
Other operating income (expenses), net: | |||||||
Other reversals of provisions | $ 4 | ||||||
Colombia | |||||||
Other operating income (expenses), net: | |||||||
Increase (decrease) through cumulative catch-up adjustments to revenue arising from contract modification, contract liabilities | $ 2 | ||||||
Zantel | |||||||
Other operating income (expenses), net: | |||||||
Proceeds from earn-out income settlement | $ 11 | ||||||
[1]The presentation of the statement of income for all periods presented has been amended as follows to provide more relevant information: (a) the sub-total 'Gross Profit' has been removed, and (b) the line 'Cost of sales' has been renamed as 'Equipment, programming and other direct costs'.[2]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
Performance B.3. Segment Inform
Performance B.3. Segment Information - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2021 | Nov. 12, 2021 | |
Guatemala joint ventures | |||
Disclosure of operating segments [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 55% | |
Guatemala joint ventures | |||
Disclosure of operating segments [line items] | |||
Percentage of controlling interest acquired | 45% |
Performance B.3. Segmental Info
Performance B.3. Segmental Information - Revenue, operating profit (loss), EBITDA, and other (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of operating segments [line items] | ||||
Revenue | $ 5,661 | $ 5,624 | $ 4,261 | |
Revenue from external customers | 5,661 | 5,624 | 4,261 | [1] |
EBITDA | 2,111 | 2,228 | 1,517 | |
Capital expenditures | 809 | 973 | 922 | |
Additions | 116 | 150 | ||
Additions | 693 | 823 | ||
Depreciation | (978) | (999) | (804) | [1] |
Amortization | (360) | (345) | (310) | [1] |
Share of profit in joint ventures | 42 | 32 | 210 | [1] |
Other operating income (expenses), net | 10 | (2) | 5 | [1] |
Interest and other financial expenses | (712) | (617) | (495) | [1] |
Interest and other financial income | 28 | 18 | 23 | [1] |
Revaluation of previously held interests in Guatemala | 0 | 0 | 670 | [1] |
Other non-operating (expenses) income, net | 36 | (78) | (49) | [1] |
Profit (loss) from other joint ventures and associates, net | (3) | 0 | (40) | [1] |
Profit (loss) before taxes from continuing operations | 175 | 238 | 728 | [1] |
Service Revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 5,250 | 5,171 | 3,997 | |
Revenue from external customers | 5,250 | 5,171 | 3,997 | |
Telephone and equipment | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 411 | 454 | 263 | |
Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 6,292 | 6,230 | 6,242 | |
Inter-segment revenue | 28 | 28 | 27 | |
Revenue from external customers | 6,264 | 6,202 | 6,216 | |
EBITDA | 2,609 | 2,638 | 2,640 | |
Capital expenditures | 883 | 1,028 | 1,111 | |
Depreciation | (978) | (999) | (804) | |
Amortization | (360) | (345) | (310) | |
Share of profit in joint ventures | 42 | 32 | 210 | |
Other operating income (expenses), net | 10 | (2) | 5 | |
Interest and other financial expenses | (712) | (617) | (495) | |
Interest and other financial income | 28 | 18 | 23 | |
Revaluation of previously held interests in Guatemala | 0 | 0 | 670 | |
Other non-operating (expenses) income, net | 36 | (78) | (49) | |
Profit (loss) from other joint ventures and associates, net | (3) | 0 | (40) | |
Unallocated expenses and other reconciling items | (225) | (148) | (864) | |
Profit (loss) before taxes from continuing operations | 175 | 238 | 728 | |
Operating segments | Honduras | ||||
Disclosure of operating segments [line items] | ||||
Profit (loss) from other joint ventures and associates, net | (272) | (262) | (259) | |
Operating segments | Service Revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 5,842 | 5,739 | 5,739 | |
Operating segments | Telephone and equipment | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 450 | 491 | 503 | |
Operating segments | Reportable segments | Guatemala | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 1,564 | 1,618 | 1,601 | |
Inter-segment revenue | 8 | 8 | 7 | |
Revenue from external customers | 1,556 | 1,611 | 1,593 | |
EBITDA | 807 | 857 | 857 | |
Capital expenditures | 183 | 197 | 197 | |
Operating segments | Reportable segments | Colombia | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 1,313 | 1,335 | 1,414 | |
Inter-segment revenue | 3 | 4 | 4 | |
Revenue from external customers | 1,311 | 1,331 | 1,409 | |
EBITDA | 420 | 404 | 441 | |
Capital expenditures | 161 | 277 | 318 | |
Operating segments | Reportable segments | Panama | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 719 | 651 | 633 | |
Inter-segment revenue | 2 | 2 | 2 | |
Revenue from external customers | 717 | 649 | 631 | |
EBITDA | 296 | 298 | 281 | |
Capital expenditures | 100 | 106 | 128 | |
Operating segments | Reportable segments | Bolivia | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 613 | 621 | 623 | |
Inter-segment revenue | 0 | 0 | 0 | |
Revenue from external customers | 613 | 621 | 623 | |
EBITDA | 224 | 242 | 249 | |
Capital expenditures | 92 | 124 | 119 | |
Operating segments | Reportable segments | Honduras | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 612 | 586 | 589 | |
Inter-segment revenue | 5 | 4 | 4 | |
Revenue from external customers | 607 | 582 | 586 | |
EBITDA | 272 | 262 | 259 | |
Capital expenditures | 103 | 78 | 81 | |
Operating segments | Reportable segments | Paraguay | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 568 | 556 | 555 | |
Inter-segment revenue | 3 | 2 | 2 | |
Revenue from external customers | 565 | 554 | 553 | |
EBITDA | 236 | 245 | 242 | |
Capital expenditures | 97 | 107 | 114 | |
Operating segments | Reportable segments | Service Revenue | Guatemala | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 1,339 | 1,373 | 1,365 | |
Operating segments | Reportable segments | Service Revenue | Colombia | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 1,268 | 1,253 | 1,319 | |
Operating segments | Reportable segments | Service Revenue | Panama | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 669 | 624 | 608 | |
Operating segments | Reportable segments | Service Revenue | Bolivia | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 601 | 608 | 612 | |
Operating segments | Reportable segments | Service Revenue | Honduras | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 572 | 549 | 548 | |
Operating segments | Reportable segments | Service Revenue | Paraguay | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 544 | 530 | 526 | |
Operating segments | Reportable segments | Telephone and equipment | Guatemala | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 225 | 245 | 236 | |
Operating segments | Reportable segments | Telephone and equipment | Colombia | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 45 | 83 | 95 | |
Operating segments | Reportable segments | Telephone and equipment | Panama | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 50 | 27 | 25 | |
Operating segments | Reportable segments | Telephone and equipment | Bolivia | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 11 | 13 | 12 | |
Operating segments | Reportable segments | Telephone and equipment | Honduras | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 39 | 37 | 41 | |
Operating segments | Reportable segments | Telephone and equipment | Paraguay | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 24 | 26 | 30 | |
Operating segments | Other reportable segments | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 902 | 861 | 827 | |
Inter-segment revenue | 7 | 7 | 8 | |
Revenue from external customers | 895 | 854 | 820 | |
EBITDA | 352 | 330 | 310 | |
Capital expenditures | 148 | 138 | 154 | |
Operating segments | Other reportable segments | Service Revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 847 | 801 | 762 | |
Operating segments | Other reportable segments | Telephone and equipment | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 55 | 60 | 66 | |
Elimination of intersegment amounts | ||||
Disclosure of operating segments [line items] | ||||
Revenue | (631) | (605) | (1,982) | |
EBITDA | (498) | (409) | (1,123) | |
Capital expenditures | (73) | (55) | (188) | |
Elimination of intersegment amounts | Service Revenue | ||||
Disclosure of operating segments [line items] | ||||
Revenue | (591) | (568) | (1,741) | |
Elimination of intersegment amounts | Telephone and equipment | ||||
Disclosure of operating segments [line items] | ||||
Revenue | $ (39) | $ (37) | $ (240) | |
[1]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
Performance B.4. People (Detail
Performance B.4. People (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) employee | Dec. 31, 2022 USD ($) employee | Dec. 31, 2021 USD ($) employee | |
Number of permanent employees: | |||
Continuing operations (employees) | employee | 15,742,000 | 18,534,000 | 19,749,000 |
Joint ventures (Guatemala, Honduras and Ghana) (employees) | employee | 785,000 | 912,000 | 938,000 |
Total (employees) | employee | 16,527,000 | 19,446,000 | 20,687,000 |
Classes of employee benefits expense: | |||
Wages and salaries | $ (463) | $ (372) | $ (361) |
Social security | (73) | (69) | (66) |
Share based compensation | (52) | (29) | (16) |
Pension and other long-term benefit costs | (3) | (2) | (6) |
Other employees related costs | (24) | (22) | (25) |
Total | (614) | $ (494) | $ (474) |
Severance costs | $ 87 |
Performance B.4.1. Share-based
Performance B.4.1. Share-based compensation - Cost of share based compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cost of share based compensation | $ (52) | $ (29) | $ (17) |
2019 incentive plans | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cost of share based compensation | 0 | 0 | 3 |
2020 incentive plans | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cost of share based compensation | 0 | (3) | (3) |
2021 incentive plans | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cost of share based compensation | (10) | (11) | (17) |
2022 incentive plans | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cost of share based compensation | (10) | (15) | 0 |
2023 incentive plans | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cost of share based compensation | $ (32) | $ 0 | $ 0 |
Performance B.4.1. Share-base_2
Performance B.4.1. Share-based compensation - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) plan $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 | Dec. 31, 2019 | |
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 | |||
2020 incentive plans | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 3 years | |||
Compound annual growth rate term | 3 years | |||
Performance share plan 2021 (Relative TSR) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Social and governance metric performance conditions percent | 0.10 | |||
Service revenue performance conditions percent | 30% | 30% | 15% | |
Operating cash flow after leases performance conditions percent | 50% | 50% | 30% | |
Cumulative achievement for cumulative targets, period | 3 years | |||
Measurement period | 3 years | |||
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 | |||
Restricted stock units performance conditions percent | 0.35 | |||
Performance share plan 2021 (Relative TSR) | Relative TSR | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Service revenue performance conditions percent | 10% | 20% | 20% | |
Measurement period | 3 years | |||
Number of trading days | 10 days | |||
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) | $ / shares | $ 30.75 | |||
Payment threshold of target award value | 150% | |||
Financial liabilities, at fair value | $ | $ 1,000 | $ 2,000 | ||
Gains (losses) on financial liabilities at fair value through profit or loss | $ | $ (1,000) | $ 1,000 | ||
Tranche One | Deferred share plans | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 30% | |||
Tranche One | 2020 incentive plans | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 25% | |||
Tranche Three | Deferred share plans | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 40% | |||
Tranche Three | 2020 incentive plans | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 50% | |||
Tranche Two | 2020 incentive plans | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 25% | |||
Tranche 2022 | Performance share plan 2021 (Relative TSR) | 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) | $ / shares | $ 33.83 | |||
Share price appreciation percent | 10% | |||
Value determination, trading day average share price period | 30 days | |||
Cash payments | $ | $ 1,150 | |||
Tranche 2023 | Performance share plan 2021 (Relative TSR) | 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) | $ / shares | $ 36.90 | |||
Share price appreciation percent | 20% | |||
Value determination, trading day average share price period | 30 days |
Performance B.4.1. Share-base_3
Performance B.4.1. Share-based compensation - Assumptions (Details) | 12 Months Ended |
Dec. 31, 2023 yr $ / shares | |
Performance share plan 2023 (Relative TSR) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Risk-free rate % | 4.66% |
Dividend yield % | 0% |
Share price volatility % | 52.88% |
Award term (years) | yr | 2.82 |
Share fair value (in usd per share) | $ / shares | $ 31.13 |
Performance share plan 2022 (Relative TSR) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Risk-free rate % | 2.01% |
Dividend yield % | 0% |
Share price volatility % | 47.94% |
Award term (years) | yr | 2.80 |
Share fair value (in usd per share) | $ / shares | $ 29.12 |
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) | yr | 2.82 |
Share fair value (in usd per share) | $ / 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) | yr | 2.93 |
Share fair value (in usd per share) | $ / 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) | yr | 2.93 |
Share fair value (in usd per share) | $ / shares | $ 49.79 |
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, 2023 USD ($) shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Shares issued (in shares) | (719,642) | (723,668) | ||
Shares still expected to vest (in shares) | 1,573,187 | 1,112,771 | ||
2023 Performance Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Initial shares granted (in shares) | 818,842 | |||
Additional shares granted (in shares) | 0 | |||
Number of shares for rights offering, in share-based payment arrangement (in shares) | 0 | |||
Revision for forfeitures (in shares) | (101,108) | |||
Total before issuances (in shares) | 717,734 | |||
Shares issued (in shares) | (31,124) | 0 | 0 | 0 |
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 686,610 | |||
Estimated cost over the vesting period | $ | $ 11,000 | |||
2023 Deferred Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Initial shares granted (in shares) | 2,375,143 | |||
Additional shares granted (in shares) | 0 | |||
Number of shares for rights offering, in share-based payment arrangement (in shares) | 0 | |||
Revision for forfeitures (in shares) | (51,309) | |||
Total before issuances (in shares) | 2,323,834 | |||
Shares issued (in shares) | (354,331) | 0 | 0 | 0 |
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 1,969,503 | |||
Estimated cost over the vesting period | $ | $ 42,000 | |||
2022 Performance Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Initial shares granted (in shares) | 306,641 | |||
Additional shares granted (in shares) | 0 | |||
Number of shares for rights offering, in share-based payment arrangement (in shares) | 83,926 | |||
Revision for forfeitures (in shares) | (52,623) | |||
Total before issuances (in shares) | 337,944 | |||
Shares issued (in shares) | (29,885) | 0 | 0 | 0 |
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 308,059 | |||
Estimated cost over the vesting period | $ | $ 6,000 | |||
2022 Deferred Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Initial shares granted (in shares) | 865,862 | |||
Additional shares granted (in shares) | 47,588 | |||
Number of shares for rights offering, in share-based payment arrangement (in shares) | 227,947 | |||
Revision for forfeitures (in shares) | (54,595) | |||
Total before issuances (in shares) | 1,086,802 | |||
Shares issued (in shares) | (476,256) | (13,957) | 0 | 0 |
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 596,589 | |||
Estimated cost over the vesting period | $ | $ 20,000 | |||
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 | |||
Number of shares for rights offering, in share-based payment arrangement (in shares) | 115,575 | |||
Revision for forfeitures (in shares) | (63,624) | |||
Total before issuances (in shares) | 503,314 | |||
Shares issued (in shares) | (120,419) | (2,071) | (1,121) | 0 |
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 379,703 | |||
Estimated cost over the vesting period | $ | $ 18,000 | |||
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 | |||
Number of shares for rights offering, in share-based payment arrangement (in shares) | 93,375 | |||
Revision for forfeitures (in shares) | (45,747) | |||
Total before issuances (in shares) | 590,342 | |||
Shares issued (in shares) | (234,157) | (160,596) | (5,760) | 0 |
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 189,829 | |||
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 | |||
Number of shares for rights offering, in share-based payment arrangement (in shares) | 20,862 | |||
Revision for forfeitures (in shares) | 0 | |||
Total before issuances (in shares) | 362,759 | |||
Shares issued (in shares) | 0 | 0 | 0 | 0 |
Performance conditions (in shares) | (362,759) | |||
Shares still expected to vest (in shares) | 0 | |||
Estimated cost over the vesting period | $ | $ 0 | |||
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 | |||
Number of shares for rights offering, in share-based payment arrangement (in shares) | 32,526 | |||
Revision for forfeitures (in shares) | (41,791) | |||
Total before issuances (in shares) | 366,794 | |||
Shares issued (in shares) | (149,208) | (100,362) | (113,653) | (3,571) |
Performance conditions (in shares) | 0 | |||
Shares still expected to vest (in shares) | 0 | |||
Estimated cost over the vesting period | $ | $ 0 |
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, 2023 | Dec. 31, 2022 | |
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 | $ 51 | $ 37 |
Interest expense (income), defined benefit plans | 5 | |
Currency translation effect, defined benefit plans | 10 | |
Estimate of contributions expected to be paid to plan in future years | $ 100 | $ 77 |
Weighted average duration of defined benefit obligation | 4 years | 4 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefits Expense [Line Items] | |||
Remuneration charge for the Board (gross of withholding tax) | $ 1,675 | $ 1,723 | $ 1,638 |
Shares beneficially owned by the Directors | 94,718 | 196,189 | |
Remuneration charge (in shares) | 42,141 | 41,167 | 24,737 |
Remuneration expense, percent shares | 75% | 73% | 73% |
Remuneration expense, percent cash | 25% | 27% | 27% |
Classes of employee benefits expense: | |||
Base salary | $ 463,000 | $ 372,000 | $ 361,000 |
Pension | 3,000 | 2,000 | 6,000 |
Other benefits | 24,000 | 22,000 | 25,000 |
Share based compensation | 52,000 | 29,000 | 16,000 |
Employee benefits expense | $ 614,000 | $ 494,000 | 474,000 |
Shares awards vested (in shares) | 719,642 | 723,668 | |
Shares not yet vested (in shares) | 1,573,187 | 1,112,771 | |
Chairperson | |||
Employee Benefits Expense [Line Items] | |||
Remuneration charge for the Board (gross of withholding tax) | $ 315 | $ 315 | 300 |
Shares beneficially owned by the Directors | 0 | 43,891 | |
Other non-executive directors of the Board | |||
Employee Benefits Expense [Line Items] | |||
Remuneration charge for the Board (gross of withholding tax) | $ 1,360 | $ 1,408 | 1,338 |
Shares beneficially owned by the Directors | 94,718 | 152,298 | |
Mr. Mauricio Ramos | |||
Classes of employee benefits expense: | |||
Base salary | $ 1,225 | $ 1,216 | 1,185 |
Bonus | 1,249 | 1,650 | 2,164 |
Pension | 293 | 287 | 284 |
Other benefits | 88 | 82 | 88 |
MSU | 0 | 373 | 991 |
Termination benefits | 0 | 0 | |
Total before share based compensation | 2,856 | 3,608 | 4,712 |
Share based compensation | 11,831 | 5,567 | 7,914 |
Employee benefits expense | $ 14,687 | $ 9,175 | $ 12,626 |
Number of shares granted (in shares) | 1,132,654 | 290,049 | 196,904 |
Shares awards vested (in shares) | 459,948 | 426,607 | |
Shares not yet vested (in shares) | 1,082,451 | 519,006 | |
Mr. Sheldon Bruha | |||
Classes of employee benefits expense: | |||
Base salary | $ 644 | $ 598 | |
Bonus | 493 | 541 | |
Pension | 173 | 144 | |
Other benefits | 140 | 67 | |
MSU | 0 | 0 | |
Termination benefits | 0 | 0 | |
Total before share based compensation | 1,450 | 1,351 | |
Share based compensation | 2,449 | 688 | |
Employee benefits expense | $ 3,898 | 2,039 | |
Mr. Tim Pennington | |||
Classes of employee benefits expense: | |||
Base salary | 581 | ||
Bonus | 0 | ||
Pension | 87 | ||
Other benefits | 40 | ||
MSU | 67 | ||
Termination benefits | 877 | ||
Total before share based compensation | 1,653 | ||
Share based compensation | 888 | ||
Employee benefits expense | 2,540 | ||
Executive team | |||
Classes of employee benefits expense: | |||
Base salary | 2,883 | $ 2,783 | |
Bonus | 2,044 | 2,718 | |
Pension | 663 | 652 | |
Other benefits | 312 | 791 | |
MSU | 174 | 545 | |
Termination benefits | 0 | ||
Total before share based compensation | 6,076 | 7,489 | |
Share based compensation | 4,927 | 5,383 | |
Employee benefits expense | $ 11,004 | $ 12,872 | |
Number of shares granted (in shares) | 916,219 | 338,171 | 211,578 |
Shares awards vested (in shares) | 259,694 | 297,061 | |
Shares not yet vested (in shares) | 490,736 | 593,765 | |
Mr. Tim Pennington | |||
Classes of employee benefits expense: | |||
Base salary | $ 708 | ||
Bonus | 969 | ||
Pension | 106 | ||
Other benefits | 46 | ||
MSU | 198 | ||
Total before share based compensation | 2,027 | ||
Share based compensation | 1,652 | ||
Employee benefits expense | $ 3,679 | ||
Other Executive Team Members | |||
Classes of employee benefits expense: | |||
Base salary | $ 3,034 | ||
Bonus | 1,525 | ||
Pension | 727 | ||
Other benefits | 301 | ||
MSU | 0 | ||
Termination benefits | 804 | ||
Total before share based compensation | 6,391 | ||
Share based compensation | 7,383 | ||
Employee benefits expense | $ 13,774 |
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 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 29, 2022 | ||
Disclosure of fair value measurement of assets [line items] | ||||||
Change in fair value of derivatives | $ 4 | $ 12 | $ 3 | |||
Change in value of put option liability | (2) | (1) | (31) | |||
Exchange gains (losses), net | 31 | (84) | (42) | |||
Other | 3 | 1 | 2 | |||
Total other non-operating (expenses) income, net | 36 | (78) | (49) | [1] | ||
Proceeds from disposal of equity investments, net of costs | 0 | 0 | 163 | |||
Gains (losses) on disposals of investments | 0 | 0 | 15 | |||
Telecomunicaciones Digitales, S.A. | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Percentage of controlling interest acquired | 20% | |||||
Equity Investment In Jumia | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Change in fair value in investment | 0 | (6) | 0 | |||
Equity Investment In HTA | ||||||
Disclosure of fair value measurement of assets [line items] | ||||||
Change in fair value in investment | $ 0 | $ 0 | $ 18 | |||
Proceeds from disposal of equity investments, net of costs | $ 163 | |||||
Gains (losses) on disposals of investments | $ 15 | |||||
[1]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
Performance B.6.1 Income tax ex
Performance B.6.1 Income tax expense (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income tax (charge) credit | ||||
Withholding tax | $ (81) | $ (70) | $ (56) | |
Other income tax relating to the current year | (170) | (165) | (106) | |
Adjustments in respect of prior years | (10) | (39) | (13) | |
Current tax expense (income) and adjustments | (261) | (274) | (175) | |
Deferred tax (charge) credit | ||||
Origination and reversal of temporary differences | 44 | 168 | 72 | |
Effect of change in tax rates | 1 | 0 | 29 | |
Tax income (expense) before valuation allowances | 45 | 168 | 101 | |
(Increase)/decrease in unrecognised deferred tax assets and impairment | (209) | (114) | (81) | |
Deferred tax expense (income) | (164) | 54 | 20 | |
Adjustments in respect of prior years | 1 | (2) | (3) | |
Deferred tax expense (income) and adjustments | (163) | 52 | 17 | |
Income Tax Calculation: | ||||
Profit before tax | 175 | 238 | 728 | |
Tax at the weighted average statutory rate | (27) | (47) | (153) | |
Effect of: | ||||
Items taxed at a different rate | 10 | 37 | 9 | |
Change in tax rates on deferred tax balances | 1 | 0 | 29 | |
Expenditure not deductible and income not taxable | (121) | 1 | 83 | |
Unrelieved withholding tax | (80) | (68) | (55) | |
Accounting for associates and joint ventures | 13 | 9 | 41 | |
Movement in deferred tax on unremitted earnings | (2) | 1 | (15) | |
Unrecognized deferred tax assets and impairment of deferred tax assets | (209) | (114) | (138) | |
Recognition of previously unrecognized deferred tax assets | 0 | 0 | 57 | |
Adjustments in respect of prior years | (9) | (41) | (16) | |
Tax expense | $ (424) | $ (222) | $ (158) | [1] |
Weighted average statutory tax rate | 15.40% | 19.70% | 21% | |
Effective tax rate | 242.30% | 93.30% | 21.70% | |
Discontinued operations | ||||
Income Tax Calculation: | ||||
Profit before tax | $ 4 | $ 116 | $ 3 | |
Tax at the weighted average statutory rate | (1) | (27) | (1) | |
Effect of: | ||||
Items taxed at a different rate | 0 | 0 | 0 | |
Change in tax rates on deferred tax balances | 0 | 0 | 0 | |
Expenditure not deductible and income not taxable | 1 | 26 | (4) | |
Unrelieved withholding tax | 0 | 0 | 0 | |
Accounting for associates and joint ventures | 0 | 0 | 0 | |
Movement in deferred tax on unremitted earnings | 0 | 0 | 0 | |
Unrecognized deferred tax assets and impairment of deferred tax assets | 0 | (2) | (6) | |
Recognition of previously unrecognized deferred tax assets | 0 | 0 | 0 | |
Adjustments in respect of prior years | 0 | 0 | (20) | |
Tax expense | 0 | (3) | (31) | |
Aggregate continuing and discontinued operations | ||||
Income Tax Calculation: | ||||
Profit before tax | 179 | 354 | 731 | |
Tax at the weighted average statutory rate | (28) | (74) | (154) | |
Effect of: | ||||
Items taxed at a different rate | 10 | 37 | 9 | |
Change in tax rates on deferred tax balances | 1 | 0 | 29 | |
Expenditure not deductible and income not taxable | (120) | 27 | 79 | |
Unrelieved withholding tax | (80) | (68) | (55) | |
Accounting for associates and joint ventures | 13 | 9 | 41 | |
Movement in deferred tax on unremitted earnings | (2) | 1 | (15) | |
Unrecognized deferred tax assets and impairment of deferred tax assets | (209) | (116) | (144) | |
Recognition of previously unrecognized deferred tax assets | 0 | 0 | 57 | |
Adjustments in respect of prior years | (9) | (41) | (36) | |
Tax expense | $ (424) | $ (225) | $ (189) | |
Weighted average statutory tax rate | 15.60% | 20.90% | 21.10% | |
Effective tax rate | 236.90% | 63.60% | 25.90% | |
Bottom of range | ||||
Effect of: | ||||
Weighted average statutory tax rate | 10% | 10% | 10% | |
Top of range | ||||
Effect of: | ||||
Weighted average statutory tax rate | 35% | 35% | 35% | |
[1]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
Performance B.6.3 Deferred tax
Performance B.6.3 Deferred tax (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning of period | $ 56,000,000 | $ (34,000,000) | |
Deferred tax assets | 141,000,000 | 204,000,000 | $ 180,000,000 |
Deferred tax liabilities | 140,000,000 | 148,000,000 | 214,000,000 |
Transfers to Assets Held for Sale | (165,000,000) | 48,000,000 | |
(Charge)/credit to income statement | 52,000,000 | ||
Charge to Other Comprehensive Income | (1,000,000) | (1,000,000) | |
Reclassification from other accounts | 96,000,000 | ||
Exchange differences | 14,000,000 | (11,000,000) | |
End of period | 1,000,000 | 56,000,000 | |
Deductible temporary differences | 6,263,000,000 | 5,696,000,000 | |
Unrecognized tax losses | 5,623,000,000 | 5,535,000,000 | |
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | 672,000,000 | ||
Deferred tax assets, intragroup dividends | 26,000,000 | 25,000,000 | 26,000,000 |
Luxembourg | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Unrecognized tax losses | 5,108,000,000 | 5,197,000,000 | |
Colombia | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Unrecognized tax losses | 479,000,000 | 222,000,000 | |
Sweden | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Unrecognized tax losses | 16,000,000 | 16,000,000 | |
Panama | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Unrecognized tax losses | 12,000,000 | 0 | |
The Netherlands | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Unrecognized tax losses | 3,000,000 | 4,000,000 | |
Bolivia | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Unrecognized tax losses | 3,000,000 | 2,000,000 | |
Curacao | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Unrecognized tax losses | 1,000,000 | 94,000,000 | |
United Kingdom | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Unrecognized tax losses | 1,000,000 | 0 | |
Offset | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax assets | 11,000,000 | 31,000,000 | 235,000,000 |
Deferred tax liabilities | 11,000,000 | 31,000,000 | 235,000,000 |
Fixed assets | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning of period | (44,000,000) | (130,000,000) | |
Transfers to Assets Held for Sale | (92,000,000) | 57,000,000 | |
(Charge)/credit to income statement | 29,000,000 | ||
Charge to Other Comprehensive Income | 0 | 0 | |
Reclassification from other accounts | 96,000,000 | ||
Exchange differences | 7,000,000 | 0 | |
End of period | (33,000,000) | (44,000,000) | |
Deductible temporary differences | 122,000,000 | 90,000,000 | |
Fixed assets | Before Offset | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax assets | 88,000,000 | 109,000,000 | 97,000,000 |
Deferred tax liabilities | 121,000,000 | 153,000,000 | 227,000,000 |
Unused tax losses | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning of period | 22,000,000 | 156,000,000 | |
Transfers to Assets Held for Sale | (24,000,000) | 0 | |
(Charge)/credit to income statement | (131,000,000) | ||
Charge to Other Comprehensive Income | 0 | 0 | |
Reclassification from other accounts | 0 | ||
Exchange differences | 2,000,000 | (3,000,000) | |
End of period | 0 | 22,000,000 | |
Deductible temporary differences | 5,623,000,000 | 5,535,000,000 | |
Unused tax losses | Before Offset | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax assets | 0 | 22,000,000 | 156,000,000 |
Deferred tax liabilities | 0 | 0 | 0 |
Unremitted earnings | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning of period | (25,000,000) | (26,000,000) | |
Deferred tax liabilities | 0 | 640,000,000 | 725,000,000 |
Transfers to Assets Held for Sale | (2,000,000) | 0 | |
(Charge)/credit to income statement | 1,000,000 | ||
Charge to Other Comprehensive Income | 0 | 0 | |
Reclassification from other accounts | 0 | ||
Exchange differences | 1,000,000 | 0 | |
End of period | (26,000,000) | (25,000,000) | |
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 | 25,000,000 | 26,000,000 |
Other | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning of period | 103,000,000 | (34,000,000) | |
Transfers to Assets Held for Sale | (47,000,000) | (9,000,000) | |
(Charge)/credit to income statement | 153,000,000 | ||
Charge to Other Comprehensive Income | (1,000,000) | (1,000,000) | |
Reclassification from other accounts | 0 | ||
Exchange differences | 4,000,000 | (8,000,000) | |
End of period | 60,000,000 | 103,000,000 | |
Deductible temporary differences | 518,000,000 | 71,000,000 | |
Other | Before Offset | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax assets | 64,000,000 | 104,000,000 | 162,000,000 |
Deferred tax liabilities | 4,000,000 | 1,000,000 | $ 196,000,000 |
Less than 1 year | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Unrecognized tax losses | 1,000,000 | 0 | |
1 to 5 years | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Unrecognized tax losses | 15,000,000 | 3,000,000 | |
After five years | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Unrecognized tax losses | 1,612,000,000 | 1,598,000,000 | |
No expiry | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Unrecognized tax losses | $ 3,995,000,000 | $ 3,934,000,000 |
Performance B.7. Earnings Per S
Performance B.7. Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Basic and Diluted | ||||
Net profit (loss) attributable to equity holders from continuing operations | $ (86) | $ 64 | $ 618 | |
Net profit (loss) attributable to equity holders from discontinued operations | 4 | 113 | (28) | |
Net profit (loss) attributable to all equity holders to determine the profit (loss) per share | (82) | 177 | 590 | |
Net profit (loss) attributable to equity holders from continuing operations | (86) | 64 | 618 | |
Net profit (loss) attributable to equity holders from discontinued operations | 4 | 113 | (28) | |
Net profit (loss) attributable to all equity holders to determine the profit (loss) per share | $ (82) | $ 177 | $ 590 | |
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract] | ||||
Weighted average number of ordinary shares for basic and diluted earnings per share (in shares) | 171,397 | 139,049 | 128,571 | |
Potential shares as a result of long term incentive plans (in shares) | 0 | 640 | 549 | |
Weighted average number of ordinary shares (excluding treasury shares) adjusted for the effect of dilution (in shares) | 171,397 | 139,690 | 129,120 | |
Basic | ||||
Earnings (loss) per common share for profit (loss) from continuing operations attributable to owners of the Company (in dollars per share) | $ (0.50) | $ 0.46 | $ 4.81 | |
Earnings (loss) per common share for profit (loss) from discontinued operations attributable to owners of the Company (in dollars per share) | 0.02 | 0.81 | (0.22) | |
Earnings (loss) per common share for profit (loss) for the period attributable to owners of the Company (in dollars per share) | (0.48) | 1.27 | 4.59 | [1] |
Diluted | ||||
Earnings (loss) per common share for profit (loss) from continuing operations attributable to owners of the Company (in dollars per share) | (0.50) | 0.46 | 4.79 | |
Earnings (loss) per common share for profit (loss) from discontinued operations attributable to owners of the Company (in dollars per share) | 0.02 | 0.81 | (0.22) | |
Earnings (loss) per common share for profit (loss) for the period attributable to owners of the Company (in dollars per share) | $ (0.48) | $ 1.27 | $ 4.57 | [1] |
Number of instruments that are antidilutive in period presented (in shares) | 1,433 | |||
[1]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
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 | |||||||
May 18, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2022 | Dec. 31, 2020 | |||
Disclosure of reserves within equity [line items] | ||||||||
Authorized and registered share capital (in shares) | 200,000,000 | 200,000,000 | ||||||
Subscribed and fully paid up share capital (in shares) | 172,096,305 | 172,096,305 | ||||||
Par value per share (usd per share) | $ 1.50 | $ 1.50 | $ 1.50 | |||||
Share capital | $ 258 | $ 258 | $ 153 | |||||
Share premium | 1,076 | 1,085 | ||||||
Share capital and premium | 1,334 | 1,343 | ||||||
Effects of rights offering (in shares) | 70,357,088 | |||||||
Subscribed by exercise of basic subscription rights (in shares) | 68,822,675 | |||||||
Allotment to investors who subscribed over subscription privileges (in shares) | 1,534,413 | |||||||
Effects of rights offering | [1] | 717 | ||||||
Underwriting commissions and other offering expenses | $ 28 | |||||||
Other Reserves [Roll Forward] | ||||||||
Other equity reserves, beginning balance | (559) | |||||||
Share based compensation | [1] | 52 | 26 | 19 | ||||
Issuance of shares with respect to LTIPs | 1 | 1 | 1 | |||||
Remeasurements of post-employment benefit obligations | (2) | (2) | 1 | |||||
Transfer to legal reserve | 0 | |||||||
Cash flow hedge reserve movement | (10) | 9 | 17 | |||||
Currency translation movement | 33 | 19 | (51) | |||||
Other equity reserves, ending balance | (500) | (559) | ||||||
Legal reserve | ||||||||
Other Reserves [Roll Forward] | ||||||||
Other equity reserves, beginning balance | 16 | 16 | 16 | |||||
Transfer to legal reserve | 2 | |||||||
Other equity reserves, ending balance | 18 | 16 | 16 | |||||
Equity settled transaction reserve | ||||||||
Other Reserves [Roll Forward] | ||||||||
Other equity reserves, beginning balance | 51 | 43 | 50 | |||||
Share based compensation | 50 | 25 | 18 | |||||
Issuance of shares with respect to LTIPs | (40) | (17) | (25) | |||||
Other equity reserves, ending balance | 61 | 51 | 43 | |||||
Hedge reserve | ||||||||
Other Reserves [Roll Forward] | ||||||||
Other equity reserves, beginning balance | 5 | (3) | (19) | |||||
Cash flow hedge reserve movement | (7) | 8 | 14 | |||||
Currency translation movement | 1 | |||||||
Other equity reserves, ending balance | (2) | 5 | (3) | |||||
Currency translation reserve | ||||||||
Other Reserves [Roll Forward] | ||||||||
Other equity reserves, beginning balance | (626) | (646) | (605) | |||||
Currency translation movement | 56 | 20 | (41) | |||||
Other equity reserves, ending balance | (571) | (626) | (646) | |||||
Pension obligation reserve | ||||||||
Other Reserves [Roll Forward] | ||||||||
Other equity reserves, beginning balance | (4) | (3) | (4) | |||||
Remeasurements of post-employment benefit obligations | (2) | (2) | 2 | |||||
Cash flow hedge reserve movement | 1 | |||||||
Other equity reserves, ending balance | (6) | (4) | (3) | |||||
Total | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Effects of rights offering | $ 717 | 717 | [1] | |||||
Other Reserves [Roll Forward] | ||||||||
Share based compensation | [1] | 50 | 25 | 18 | ||||
Issuance of shares with respect to LTIPs | $ 1 | $ 1 | $ 1 | |||||
Share capital | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Effects of rights offering (in shares) | [1],[2] | 70,357,000 | ||||||
Effects of rights offering | [1] | $ 106 | ||||||
Number of shares (in shares) | [2] | 172,096,000 | 172,096,305 | 101,739,217 | 101,739,000 | |||
Other reserves | ||||||||
Other Reserves [Roll Forward] | ||||||||
Other equity reserves, beginning balance | $ (559) | $ (593) | $ (562) | |||||
Share based compensation | [1] | 50 | 25 | 18 | ||||
Issuance of shares with respect to LTIPs | [1] | (40) | (17) | (25) | ||||
Remeasurements of post-employment benefit obligations | (2) | (2) | 2 | |||||
Transfer to legal reserve | [1] | 1.9 | ||||||
Cash flow hedge reserve movement | (7) | 9 | 14 | |||||
Currency translation movement | 56 | 20 | (41) | |||||
Other equity reserves, ending balance | (500) | (559) | (593) | |||||
Share premium | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Effects of rights offering | 611 | 611 | [1] | |||||
Other Reserves [Roll Forward] | ||||||||
Issuance of shares with respect to LTIPs | [1] | (9) | (2) | (2) | ||||
Retained profits | ||||||||
Other Reserves [Roll Forward] | ||||||||
Issuance of shares with respect to LTIPs | (7) | $ 4 | $ 2 | |||||
Transfer to legal reserve | $ (2) | |||||||
[1] Share capital, share premium (including the effects of rights offering) and other reserves (including share-based compensation) – see note C.1. The authorized share capital amounts to $300 million divided into 200 million shares with a par value of $1.50 each following the extraordinary general meeting held on February 28, 2022. |
Capital structure and financi_4
Capital structure and financing - C.2. Dividend distributions (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract] | |||
Statutory reserves unavailable for distribution | $ 491 | $ 472 | $ 486 |
Capital structure and financi_5
Capital structure and financing - C.3. Debt and financing (Details) $ in Millions, $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jul. 31, 2018 USD ($) | Jul. 31, 2018 COP ($) |
Disclosure of detailed information about borrowings [line items] | ||||
Total non-current financing | $ 6,508 | $ 6,686 | ||
Less: portion payable within one year | (32) | (61) | ||
Debt and financing – non-current | 6,476 | 6,624 | ||
Total non-current financing due after more than one year | 188 | 119 | ||
Total | 221 | 180 | ||
Borrowings | 6,697 | 6,804 | ||
Millicom International Cellular S.A. (Luxembourg) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 2,388 | 2,573 | ||
Guatemala | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 1,463 | 1,465 | ||
Colombia | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 713 | 605 | ||
Paraguay | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 665 | 678 | ||
Bolivia | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 246 | 260 | ||
Panama | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 759 | 773 | ||
Costa Rica | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 142 | 128 | ||
El Salvador | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 174 | 173 | ||
Nicaragua | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 148 | 147 | ||
Bonds | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total non-current financing | 4,638 | 4,879 | ||
Total non-current financing due after more than one year | 111 | 101 | ||
Banks | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total non-current financing | 1,832 | 1,776 | ||
Total non-current financing due after more than one year | 59 | 18 | ||
Other financing | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total non-current financing | 38 | 30 | ||
Total non-current financing due after more than one year | $ 18 | $ 0 | ||
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% |
Capital structure and financi_6
Capital structure and financing - C.3.1. Bond financing (Details) | 1 Months Ended | 2 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Jan. 05, 2023 USD ($) | Nov. 21, 2022 USD ($) | Jan. 27, 2022 USD ($) | Jan. 10, 2022 USD ($) | Oct. 01, 2021 USD ($) | Sep. 22, 2021 USD ($) | Mar. 26, 2021 USD ($) | Feb. 22, 2021 USD ($) | Feb. 16, 2021 USD ($) | Oct. 19, 2020 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2020 USD ($) | Nov. 30, 2019 USD ($) | May 31, 2019 USD ($) | Apr. 30, 2019 USD ($) | Mar. 31, 2019 USD ($) | Oct. 31, 2018 USD ($) | Apr. 30, 2018 | Sep. 30, 2017 USD ($) | May 31, 2016 COP ($) | May 31, 2011 USD ($) | Dec. 31, 2023 USD ($) | Feb. 29, 2020 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 01, 2023 USD ($) | Nov. 30, 2023 USD ($) | Nov. 30, 2023 BOB (Bs.) | Nov. 01, 2023 USD ($) | May 10, 2023 SEK (kr) | Jan. 05, 2023 COP ($) | Nov. 04, 2022 USD ($) | Jan. 10, 2022 SEK (kr) | Nov. 12, 2021 | Oct. 01, 2021 PYG (₲) | Feb. 16, 2021 COP ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 BOB (Bs.) | Mar. 31, 2020 COP ($) | Feb. 29, 2020 PYG (₲) | Jan. 28, 2020 USD ($) | Jul. 31, 2019 USD ($) bond | Jul. 31, 2019 BOB (Bs.) bond | May 31, 2019 SEK (kr) | Oct. 31, 2017 USD ($) | Aug. 31, 2016 USD ($) | Aug. 31, 2016 BOB (Bs.) | May 31, 2016 USD ($) | May 31, 2016 COP ($) | Nov. 30, 2015 USD ($) | Nov. 30, 2015 BOB (Bs.) | May 31, 2011 COP ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 4,750,000,000 | $ 4,750,000,000 | $ 4,750,000,000 | $ 4,980,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of derivative financial instruments | (26,000,000) | 11,000,000 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of bonds issued | bond | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of non-current borrowings | 32,000,000 | 32,000,000 | 32,000,000 | 61,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Guatemala joint ventures | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of controlling interest acquired | 45% | 45% | |||||||||||||||||||||||||||||||||||||||||||||||||||
SEK Variable Rate Notes | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 0 | $ 0 | $ 0 | 191,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 207,600,000 | kr 2,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of derivative financial instruments | $ 23,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 2.35% | 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% | 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% | 4.88% | |||||||||||||||||||||||||||||||||||||||||||||||||||
SEK Variable Rate Notes | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 222,000,000 | $ 222,000,000 | $ 222,000,000 | 214,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 252,300,000 | kr 2,000,000,000 | kr 2,200,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing costs capitalised | $ 2,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SEK Variable Rate Notes | Stockholm Inter Bank Offered Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to interest rate basis | 3% | 3% | |||||||||||||||||||||||||||||||||||||||||||||||||||
SEK Variable Rate Notes | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3% | 3% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||||||
SEK Variable Rate Notes | Effective interest rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.23% | 3.23% | |||||||||||||||||||||||||||||||||||||||||||||||||||
USD 4.500% Senior Notes Due 2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.50% | 4.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 766,000,000 | $ 766,000,000 | $ 766,000,000 | 779,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 307,500,000 | $ 500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing costs capitalised | $ 5,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 11 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price, percentage | 101.812% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on borrowings exchange | $ 15,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings exchange, transaction costs | $ 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount, repayments of noncurrent borrowings | $ 16,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | $ 12,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD 4.500% Senior Notes Due 2031 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.50% | 4.50% | 4.50% | 4.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
USD 4.500% Senior Notes Due 2031 | Effective interest rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.80% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD 6% Senior Notes | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 500,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD 6% Senior Notes | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD 6.625% Senior Notes Due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.625% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 147,000,000 | $ 147,000,000 | $ 147,000,000 | 147,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 Due 2026 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.625% | 6.625% | 6.625% | 6.625% | |||||||||||||||||||||||||||||||||||||||||||||||||
USD 6.625% Senior Notes Due 2026 | Effective interest rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD notes due 2026, 2028 and 2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price, percentage | 103% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Percent of borrowings redeemed | 10% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments to redeem borrowings | $ 180,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption premium | 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Upfront costs | $ 3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD 6.25% Senior Notes Due 2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 671,000,000 | $ 671,000,000 | $ 671,000,000 | 670,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 750,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing costs capitalised | $ 8,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 10 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD 6.25% Senior Notes Due 2029 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.25% | 6.25% | 6.25% | 6.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
USD 6.25% Senior Notes Due 2029 | Effective interest rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.36% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD 5.125% Senior Notes Due 2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 446,000,000 | $ 446,000,000 | $ 446,000,000 | 446,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 500,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing costs capitalised | $ 7,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 10 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD 5.125% Senior Notes Due 2028 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.125% | 5.125% | 5.125% | 5.125% | |||||||||||||||||||||||||||||||||||||||||||||||||
USD 5.125% Senior Notes Due 2028 | Effective interest rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.24% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD 5.875% Senior Notes Due 2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 507,000,000 | $ 507,000,000 | $ 507,000,000 | 508,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 300,000,000 | $ 250,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing costs capitalised | $ 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 8 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings premium | $ 15,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tender offer, consideration per $1,000 principal amount | $ 927.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tender offer, aggregate maximum principal amount | 55,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of debt | $ (47,000,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | 44,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net financial impact of repurchase below par value | 3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD 5.875% Senior Notes Due 2027 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | ||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 550,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance premium, percent | 106.375% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD 5.875% Senior Notes Due 2027 | Effective interest rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.04% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD 5.875% Senior Notes Due 2027 | Implied Yield to Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.817% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PYG 8.750% Notes Tranche A Due 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 16,000,000 | $ 16,000,000 | $ 16,000,000 | 16,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
PYG 8.750% Notes Tranche A Due 2024 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 8.75% | 8.75% | 8.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||
PYG 9.250% Notes Due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 7,000,000 | $ 7,000,000 | $ 7,000,000 | 7,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
PYG 9.250% Notes Due 2026 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 9.25% | 9.25% | 9.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||
PYG 10.000% Notes Tranche C Due 2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 9,000,000 | $ 9,000,000 | $ 9,000,000 | 9,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
PYG 10.000% Notes Tranche C Due 2029 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 10% | 10% | 10% | ||||||||||||||||||||||||||||||||||||||||||||||||||
PYG 9.250% Notes Tranche B Due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
PYG 9.250% Notes Tranche B Due 2026 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 9.25% | 9.25% | 9.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||
PYG 10.000% Notes Tranche E Due 2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
PYG 10.000% Notes Tranche E Due 2029 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 10% | 10% | 10% | ||||||||||||||||||||||||||||||||||||||||||||||||||
PYG 9.250% Notes Tranche F Due 2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
PYG 9.250% Notes Tranche F Due 2027 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 9.25% | 9.25% | 9.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||
PYG 10.000% Notes, Tranche G, Due 2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
PYG 10.000% Notes, Tranche G, Due 2030 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 10% | 10% | 10% | ||||||||||||||||||||||||||||||||||||||||||||||||||
PYG 6.000% Notes, Tranche H, Due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 13,000,000 | $ 13,000,000 | $ 13,000,000 | 13,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
PYG 6.000% Notes, Tranche H, Due 2026 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6% | 6% | 6% | ||||||||||||||||||||||||||||||||||||||||||||||||||
PYG 6.700% Notes, Tranche I, Due 2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | 19,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
PYG 6.700% Notes, Tranche I, Due 2028 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.70% | 6.70% | 6.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||
PYG 7.500% Notes, Tranche J, Due 2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 22,000,000 | $ 22,000,000 | $ 22,000,000 | 22,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
PYG 7.500% Notes, Tranche J, Due 2031 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 7.50% | 7.50% | 7.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||
BOB 5.800% Notes Due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 29,000,000 | $ 29,000,000 | $ 29,000,000 | 35,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
BOB 5.800% Notes Due 2026 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.80% | 5.80% | 5.80% | ||||||||||||||||||||||||||||||||||||||||||||||||||
USD 6.75% Senior Notes Due 2022 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Telefonica Celular del Paraguay S.A.E. Notes Program | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 54,000,000 | $ 41,000,000 | ₲ 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% | 6% | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 4.05% Notes Due 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 15,000,000 | Bs. 104,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
BOB 4.05% Notes Due 2020 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.05% | 4.05% | |||||||||||||||||||||||||||||||||||||||||||||||||||
BOB 4.85% Notes Due 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 0 | $ 0 | $ 0 | 14,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 85,000,000 | Bs. 591,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
BOB 4.85% Notes Due 2023 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.85% | 4.85% | 4.85% | 4.85% | 4.85% | ||||||||||||||||||||||||||||||||||||||||||||||||
BOB Notes Issued April 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | Bs. | Bs. 522,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BOB 3.95% Notes Due 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 7,000,000 | $ 7,000,000 | $ 7,000,000 | 14,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BOB 3.95% Notes Due 2024 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.95% | 3.95% | 3.95% | 3.95% | 3.95% | ||||||||||||||||||||||||||||||||||||||||||||||||
BOB 4.600% Notes Due 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | 41,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
BOB 4.600% Notes Due 2024 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.60% | 4.60% | 4.60% | ||||||||||||||||||||||||||||||||||||||||||||||||||
BOB 4.30% Notes Due 2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 13,000,000 | $ 13,000,000 | $ 13,000,000 | 15,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
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% | 4.30% | ||||||||||||||||||||||||||||||||||||||||||||||||
BOB 4.70% Notes Due 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | 21,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
BOB 4.70% Notes Due 2024 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.70% | 4.70% | 4.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||
BOB 5.30% Notes Due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | 8,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
BOB 5.30% Notes Due 2026 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.30% | 5.30% | 5.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||
BOB 5.000% Notes Due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 42,000,000 | $ 42,000,000 | $ 42,000,000 | 48,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
BOB 5.000% Notes Due 2026 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5% | 5% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BOB 4.6% Notes Due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 61,000,000 | Bs. 420,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
BOB 4.6% Notes Due 2026 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5% | 5% | |||||||||||||||||||||||||||||||||||||||||||||||||||
BOB 5% Notes Due 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Telefonica Celular De Bolivia S.A. Notes Due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.80% | 5.80% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 50,000,000 | Bs. 345,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
BOB 6.000% Notes Due 2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 57,000,000 | $ 57,000,000 | $ 57,000,000 | 0 | $ 56,000,000 | Bs. 387,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||
BOB 6.000% Notes Due 2028 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6% | 6% | 6% | 6% | 6% | ||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 2 (tranches A and B) Due 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 0 | $ 0 | $ 0 | 31,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 126,000,000 | $ 300,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 2 (tranches A and B) Due 2023 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.76% | 4.76% | 4.76% | ||||||||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 3 (tranche A) Due 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 9.35% | 9.35% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 42,000,000 | $ 42,000,000 | $ 42,000,000 | 33,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 52,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 3 (tranche A) Due 2024 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 9.35% | 9.35% | 9.35% | ||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 3 (tranche B) Due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 66,000,000 | $ 66,000,000 | $ 66,000,000 | 53,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 83,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to interest rate basis | 4.15% | 4.15% | |||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 3 (tranche B) Due 2026 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.15% | 4.15% | 4.15% | ||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 3 (tranche C) Due 2036 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 33,000,000 | $ 33,000,000 | $ 33,000,000 | 26,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 41,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to interest rate basis | 4.89% | 4.89% | |||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 3 (tranche C) Due 2036 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.89% | 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 | $ 39,000,000 | $ 39,000,000 | $ 39,000,000 | 31,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
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% | 6.60% | ||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 138,000,000 | $ 485,680,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 4 (Tranche A) Due 2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.56% | 5.56% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 30,000,000 | $ 30,000,000 | $ 30,000,000 | 24,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
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% | 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 | $ 74,000,000 | $ 74,000,000 | $ 74,000,000 | 59,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 10 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 4 (Tranche B) Due 2031 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 2.61% | 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 | $ 22,000,000 | $ 22,000,000 | $ 22,000,000 | 18,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 15 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 4 (Tranche C) Due 2036 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.18% | 3.18% | 3.18% | ||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 7 (Tranche A) Due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 7 (Tranche A) Due 2026 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 8.10% | 8.10% | 8.10% | ||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 7 (Tranche B) Due 2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 4,000,000 | $ 4,000,000 | $ 4,000,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond 7 (Tranche B) Due 2027 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 8.25% | 8.25% | 8.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||
USD 4.5% Senior Notes Due 2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 575,000,000 | $ 575,000,000 | $ 575,000,000 | 589,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
USD 4.5% Senior Notes Due 2030 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.50% | 4.50% | 4.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Colombia Movil S.A. Loan | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | $ 300,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Percent of borrowings repaid | 50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cable Onda 4.5% Senior Notes Due 2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 600,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing costs capitalised | $ 16,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount, repayments of noncurrent borrowings | $ 16,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | $ 13,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Comcel Senior Notes Due 2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 900,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 10 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount, repayments of noncurrent borrowings | $ 49,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tender offer, consideration per $1,000 principal amount | 822.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tender offer, aggregate maximum principal amount | $ 90,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of debt | (19,000,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | 16,000,000 | $ 42,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net financial impact of repurchase below par value | $ 3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Comcel Senior Notes Due 2032 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.125% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond Issued On January 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 50,000,000 | $ 230,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond Issued On January 5, First Trache | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
UNE Bond Issued On January 5, Second Trache | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 4 years 6 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD 5.125% Senior Notes Due 2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds issued | $ 823,000,000 | $ 823,000,000 | $ 823,000,000 | $ 870,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
USD 5.125% Senior Notes Due 2032 | Fixed rate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.125% | 5.125% | 5.125% |
Capital structure and financi_7
Capital structure and financing - C.3.2. Bank and Development Financial Institution financing (Details) Q in Millions | 1 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 13, 2023 USD ($) | Sep. 12, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jan. 21, 2022 USD ($) | Dec. 26, 2021 USD ($) | Dec. 14, 2021 USD ($) | Mar. 26, 2021 USD ($) | Mar. 01, 2021 USD ($) | Dec. 20, 2019 USD ($) | Jul. 31, 2022 USD ($) | Oct. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) tranche | Oct. 31, 2020 USD ($) bank | Nov. 30, 2019 USD ($) | Sep. 30, 2019 USD ($) | Aug. 31, 2019 USD ($) agreement | Jan. 31, 2019 USD ($) | Jul. 31, 2018 USD ($) | Jun. 30, 2018 USD ($) | Aug. 31, 2023 USD ($) instument | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 13, 2023 GTQ (Q) | Oct. 05, 2022 USD ($) | Oct. 05, 2022 COP ($) | Jul. 29, 2022 USD ($) | Jan. 19, 2022 USD ($) | Dec. 31, 2021 PYG (₲) | Dec. 14, 2021 COP ($) | Dec. 09, 2021 USD ($) loan | Dec. 09, 2021 GTQ (Q) loan | Oct. 25, 2021 USD ($) tranche | Aug. 31, 2021 USD ($) | Dec. 31, 2020 PYG (₲) tranche | Nov. 30, 2020 USD ($) instument | Oct. 31, 2020 GTQ (Q) bank | Nov. 30, 2019 BOB (Bs.) | Sep. 30, 2019 PYG (₲) | Jan. 31, 2019 PYG (₲) | Jul. 31, 2018 PYG (₲) | Jun. 30, 2018 BOB (Bs.) | Mar. 23, 2018 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 6,697,000,000 | $ 6,804,000,000 | |||||||||||||||||||||||||||||||||||||||||
Repayments of borrowings, classified as financing activities | 632,000,000 | 2,127,000,000 | $ 1,335,000,000 | ||||||||||||||||||||||||||||||||||||||||
Settlement of derivative financial instruments | (26,000,000) | 11,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
PYG Long-term loans | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 7,000,000 | ₲ 50,000,000,000 | |||||||||||||||||||||||||||||||||||||||||
BOB Long-term loans | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | 7 years | |||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 8,000,000 | $ 26,000,000 | $ 10,000,000 | Bs. 69,600,000 | |||||||||||||||||||||||||||||||||||||||
Number of instruments | instument | 7 | ||||||||||||||||||||||||||||||||||||||||||
BOB Long-term loans | Minimum | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 1 year | ||||||||||||||||||||||||||||||||||||||||||
BOB Long-term loans | Maximum | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | ||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
Unsecured Term Loan Nicaragua Due 2027 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Total Bank and Development Financial Institution financing | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | 1,891,000,000 | 1,794,000,000 | |||||||||||||||||||||||||||||||||||||||||
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 | $ 29,000,000 | ₲ 177,000,000,000 | |||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | ||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 75,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Number of instruments | agreement | 2 | ||||||||||||||||||||||||||||||||||||||||||
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 | $ 75,000,000 | |||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
USD Long-Term Loans, Costa Rica | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 125,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Number of tranches | tranche | 2 | ||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
Bancolombia Loan 2021 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 7 years | ||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 94,000,000 | $ 450,000,000,000 | |||||||||||||||||||||||||||||||||||||||||
Columbia Loan Due 2024 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | ||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 300,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | $ 100,000,000 | $ 150,000,000 | |||||||||||||||||||||||||||||||||||||||||
Bancolombia Loan 2022 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 18,000,000 | $ 85,000,000,000 | |||||||||||||||||||||||||||||||||||||||||
USD Credit Facility, El Salvador, Due 2023 - 1 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | ||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 100,000,000 | $ 100,000,000 | |||||||||||||||||||||||||||||||||||||||||
Unsecured Term Loan Due 2027 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | ||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 225,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Unsecured Term Loan Due 2027 Telemovil | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 75,000,000 | ||||||||||||||||||||||||||||||||||||||||||
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 | 11 | |||||||||||||||||||||||||||||||||||||||||
Banco Industrial, Banco G&T Continental, Banco De America Central And Banco Agromercantil | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 413,000,000 | Q 3,223 | |||||||||||||||||||||||||||||||||||||||||
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 term | 7 years | ||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 51,000,000 | Q 400 | $ 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 | |||||||||||||||||||||||||||||||||||||||||
Banco De Desarrollo Rural Loan | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings term | 5 years | ||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Currency swap contract | Columbia Loan Due 2024 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings face amount | $ 25,000,000 | $ 300,000,000 | |||||||||||||||||||||||||||||||||||||||||
Currency swap contract | 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 | ||||||||||||||||||||||||||||||||||||||||||
Currency swap contract | 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 | ||||||||||||||||||||||||||||||||||||||||||
Fixed rate loans | PYG Long-term loans | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | 63,000,000 | 76,000,000 | |||||||||||||||||||||||||||||||||||||||||
Fixed rate loans | USD - Long-term loans | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | 185,000,000 | 185,000,000 | |||||||||||||||||||||||||||||||||||||||||
Fixed rate loans | BOB Long-term loans | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 53,000,000 | 62,000,000 | 64,000,000 | ||||||||||||||||||||||||||||||||||||||||
Fixed rate loans | GTQ Long-term loans | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | 640,000,000 | 595,000,000 | |||||||||||||||||||||||||||||||||||||||||
Fixed rate loans | BOB Long-term Loans, Guaranteed | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD Long Term Loans, Costa Rica, Variable Rate Due 2026 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | 32,000,000 | 32,000,000 | |||||||||||||||||||||||||||||||||||||||||
Variable rate loans | CRC Long Term Loans, Costa Rica, Variable Rate Due 2026 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | 110,000,000 | 96,000,000 | |||||||||||||||||||||||||||||||||||||||||
Variable rate loans | COP Long-Term Loans, Colombia | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | 331,000,000 | 280,000,000 | |||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD Long-Term Loans, Colombia | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | 50,000,000 | 50,000,000 | |||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD Credit Facility/Senior Unsecured Term Loan Facility, El Salvador, Due 2026 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | 174,000,000 | 173,000,000 | |||||||||||||||||||||||||||||||||||||||||
Variable rate loans | Unsecured Term Loan Nicaragua Due 2027 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | 148,000,000 | 147,000,000 | |||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD Revolving Credit Facility, Luxembourg, Due 2025 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Amortized costs | (2,000,000) | (3,000,000) | |||||||||||||||||||||||||||||||||||||||||
Variable rate loans | USD DNB, Luxembourg, Due 2026 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 100,000,000 | $ 99,000,000 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Interest and other financial expenses: | ||||
Interest expense on bonds and bank financing | $ (477) | $ (434) | $ (329) | |
Interest expense on leases | (117) | (124) | (113) | |
Early redemption charges | (1) | 0 | (5) | |
Others | (117) | (59) | (47) | |
Total interest and other financial expenses | $ (712) | $ (617) | $ (495) | [1] |
[1]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
Capital structure and financi_9
Capital structure and financing - C.3.4. Guarantees and pledged assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of contingent liabilities [line items] | ||
Pledged deposits | $ 6 | $ 0 |
Bank and financing guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 505 | 501 |
Supplier guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 1 | 2 |
Less than 1 year | Bank and financing guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 15 | 13 |
Less than 1 year | Supplier guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 1 | 2 |
Later than one year and not later than three years | Bank and financing guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 322 | 70 |
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 | Bank and financing guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 169 | 418 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract] | |||
Current | $ 189 | $ 163 | |
Non-Current | 854 | 853 | |
Total Lease liabilities | 1,043 | 1,016 | |
Expense relating to short-term leases (included in cost of goods sold and services rendered and operating expenses) | 0 | 0 | $ 0 |
Total cash outflow for leases | $ (292) | $ (285) | $ (277) |
Capital structure and financ_11
Capital structure and financing - C.5. Cash and deposits (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 775 | $ 1,039 | $ 895 | $ 875 |
Restricted cash | 56 | 57 | ||
Pledged deposits | 6 | 0 | ||
Mobile Financial Services | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash | 49 | 50 | ||
Other Banks | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash | 8 | 6 | ||
Debt denominated in US dollars | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 531 | 820 | ||
Total debt denominated in other currencies | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 244 | $ 220 |
Capital structure and financ_12
Capital structure and financing - C.6. Net financial obligations, table 1 (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract] | ||||
Borrowings | $ 6,678 | $ 6,804 | ||
Add (less) derivatives & vendor financing related to debt (note D.1.2.) | 58 | 34 | ||
Cash and cash equivalents | (775) | (1,039) | $ (895) | $ (875) |
Financial assets pledged as collateral for liabilities or contingent liabilities | (6) | 0 | ||
Net debt | $ 5,956 | $ 5,799 |
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, 2023 | Dec. 31, 2022 | |
Changes in liabilities arising from financing activities [abstract] | ||
Interest accretion, liabilities arising form financing activities | $ (1) | $ 9 |
Transfers, liabilities arising form financing activities | 4 | |
Other non-cash movements, liabilities arising form financing activities | (8) | |
Changes In Net Debt [Abstract] | ||
Net debt | 6,814 | 7,961 |
Cash flows, net debt | (185) | (872) |
Additions/acquisitions, net debt | 142 | 251 |
Foreign exchange movements, net debt | 229 | (181) |
Transfers (to)/from assets held for sale, net debt | (349) | |
Net debt | 6,999 | 6,814 |
Bond and bank debt and financing | ||
Changes in liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, beginning of period | 6,804 | 7,744 |
Cash flows, liabilities arising form financing activities | (288) | (557) |
Acquisition of subsidiaries, joint ventures and associates, net of cash acquired | 0 | 0 |
Interest accretion, liabilities arising form financing activities | (1) | 9 |
Foreign exchange movements, liabilities arising form financing activities | 163 | (197) |
Transfers (to)/from assets held for sale, liabilities arising form financing activities | (189) | |
Transfers, liabilities arising form financing activities | 1 | |
Other non-cash movements, liabilities arising form financing activities | (8) | |
Liabilities arising from financing activities, end of period | 6,678 | 6,804 |
Derivatives and Vendor Financing | ||
Changes in liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, beginning of period | 34 | (20) |
Cash flows, liabilities arising form financing activities | 14 | (14) |
Acquisition of subsidiaries, joint ventures and associates, net of cash acquired | 0 | |
Interest accretion, liabilities arising form financing activities | 0 | 0 |
Foreign exchange movements, liabilities arising form financing activities | 10 | 69 |
Transfers (to)/from assets held for sale, liabilities arising form financing activities | 0 | |
Transfers, liabilities arising form financing activities | 0 | |
Other non-cash movements, liabilities arising form financing activities | 0 | |
Liabilities arising from financing activities, end of period | 58 | 34 |
Lease liabilities | ||
Changes in liabilities arising from financing activities [abstract] | ||
Liabilities arising from financing activities, beginning of period | 1,016 | 1,167 |
Cash flows, liabilities arising form financing activities | (177) | (157) |
Acquisition of subsidiaries, joint ventures and associates, net of cash acquired | 142 | 251 |
Interest accretion, liabilities arising form financing activities | 0 | 0 |
Foreign exchange movements, liabilities arising form financing activities | 61 | (63) |
Transfers (to)/from assets held for sale, liabilities arising form financing activities | (184) | |
Transfers, liabilities arising form financing activities | 2 | |
Other non-cash movements, liabilities arising form financing activities | 0 | |
Liabilities arising from financing activities, end of period | 1,043 | 1,016 |
Cash and cash equivalents | ||
Assets For Calculation Of Net Debt [Abstract] | ||
Assets, beginning of period | 1,039 | 895 |
Cash flows, assets | (270) | 179 |
Additions/acquisitions, assets | 0 | 0 |
Foreign exchange movements, assets | 6 | (11) |
Transfers (to)/from assets held for sale. assets | (24) | |
Assets, end of period | 775 | 1,039 |
Other | ||
Assets For Calculation Of Net Debt [Abstract] | ||
Assets, beginning of period | 0 | 35 |
Cash flows, assets | 5 | (35) |
Additions/acquisitions, assets | 0 | 0 |
Foreign exchange movements, assets | 0 | 0 |
Transfers (to)/from assets held for sale. assets | 0 | |
Assets, end of period | $ 6 | $ 0 |
Capital structure and financ_14
Capital structure and financing - C.7.2. Fair value of financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | $ 1,587 | $ 1,803 |
Current financial assets | 1,503 | 1,708 |
Non-current financial assets | 84 | 95 |
Financial assets at amortised cost | Derivative financial instruments | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 6 | 19 |
Financial assets at amortised cost | Other non-current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 84 | 76 |
Financial assets at amortised cost | Trade receivables, net | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 443 | 379 |
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 | 12 | 15 |
Financial assets at amortised cost | Supplier advances for capital expenditures | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 21 | 21 |
Financial assets at amortised cost | Other current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 190 | 197 |
Financial assets at amortised cost | Restricted cash | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 56 | 57 |
Financial assets at amortised cost | Cash and cash equivalents | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 775 | 1,039 |
Financial assets at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 1,587 | 1,803 |
Current financial assets | 1,503 | 1,708 |
Non-current financial assets | 84 | 95 |
Financial assets at fair value | Derivative financial instruments | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 6 | 19 |
Financial assets at fair value | Other non-current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 84 | 76 |
Financial assets at fair value | Trade receivables, net | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 443 | 379 |
Financial assets at fair value | Amounts due from non-controlling interests, associates and joint venture partners | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 12 | 15 |
Financial assets at fair value | Supplier advances for capital expenditures | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 21 | 21 |
Financial assets at fair value | Other current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 190 | 197 |
Financial assets at fair value | Restricted cash | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 56 | 57 |
Financial assets at fair value | Cash and cash equivalents | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 775 | 1,039 |
Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 9,161 | 8,812 |
Current financial liabilities | 1,670 | 1,602 |
Non-current financial liabilities | 7,491 | 7,210 |
Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 8,569 | 8,335 |
Current financial liabilities | 1,689 | 1,602 |
Non-current financial liabilities | 6,881 | 6,733 |
Debt and financing | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 6,678 | 6,804 |
Debt and financing | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 6,086 | 6,327 |
Trade payables | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 390 | 400 |
Trade payables | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 390 | 400 |
Payables and accruals for capital expenditure | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 314 | 428 |
Payables and accruals for capital expenditure | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 314 | 428 |
Derivative financial instruments | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 46 | 53 |
Derivative financial instruments | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 46 | 53 |
Put option liability | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 86 | 0 |
Put option liability | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 86 | 0 |
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 | 58 |
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 | 58 |
Accrued interest and other expenses | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 444 | 412 |
Accrued interest and other expenses | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 444 | 412 |
Other liabilities | Financial liabilities at amortised cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 1,128 | 658 |
Other liabilities | Financial liabilities at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | $ 1,128 | $ 658 |
Capital structure and financ_15
Capital structure and financing - C.7.4. Call and put options (Details) $ in Millions, $ in Billions | Oct. 12, 2023 USD ($) | Oct. 12, 2023 COP ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 29, 2022 USD ($) |
Disclosure of detailed information about business combination [line items] | |||||
Put option liability | $ 86 | $ 0 | |||
Tigo-UNE | |||||
Disclosure of detailed information about business combination [line items] | |||||
Proportion of voting rights held in joint venture | 50% | 50% | |||
Other cash payments to acquire interests in joint ventures, classified as investing activities | $ 74 | $ 300 | |||
Undiscounted cash outflow required to repurchase derecognised financial assets | $ 330 | ||||
Telecomunicaciones Digitales, S.A. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of controlling interest acquired | 20% | ||||
Acquisition price | $ 290 | ||||
Put option liability | $ 290 |
Financial risk management - D.
Financial risk management - D. Financial risk management (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Instruments [Abstract] | ||
Target percent debt in local currency | 40% | |
Target percent of debt fixed rate | 75% | |
Target percent of debt floating rate | 25% | |
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative financial liabilities | $ (40) | $ (34) |
Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative financial liabilities | $ (40) | $ (34) |
Financial risk management - D.1
Financial risk management - D.1. Interest rate risk (Details) - Fixed rate loans - Interest rate risk | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Percentage of debt | 75% | |
Concentration percentage | 80% | 82% |
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, 2023 | Dec. 31, 2022 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 6,697 | $ 6,804 |
Reasonably possible change in risk variable, percent | 1% | |
Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 6,678 | 6,804 |
Reasonably possible change in risk variable, impact on profit before tax | 14 | 12 |
Interest rate risk | Vendor Financing | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 18 | |
1 year | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 202 | 180 |
1–2 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 445 | 394 |
2–3 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 836 | 564 |
3–4 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 1,002 | 777 |
4–5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 1,002 | 1,122 |
Greater than 5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 3,191 | $ 3,766 |
Weighted average | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings, interest rate | 6.56% | 6.22% |
Weighted average | 1 year | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings, interest rate | 6.85% | 7.68% |
Weighted average | 1–2 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings, interest rate | 6.81% | 5.71% |
Weighted average | 2–3 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings, interest rate | 7.93% | 6.11% |
Weighted average | 3–4 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings, interest rate | 6.98% | 7.46% |
Weighted average | 4–5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings, interest rate | 6.75% | 6.49% |
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 | 5.83% | 5.88% |
Fixed rate loans | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 5,311 | $ 5,574 |
Fixed rate loans | 1 year | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 190 | 131 |
Fixed rate loans | 1–2 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 369 | 383 |
Fixed rate loans | 2–3 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 403 | 501 |
Fixed rate loans | 3–4 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 582 | 376 |
Fixed rate loans | 4–5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 855 | 718 |
Fixed rate loans | Greater than 5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 2,912 | 3,466 |
Variable rate loans | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 1,367 | 1,230 |
Variable rate loans | 1 year | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 12 | 49 |
Variable rate loans | 1–2 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 76 | 12 |
Variable rate loans | 2–3 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 433 | 63 |
Variable rate loans | 3–4 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 420 | 402 |
Variable rate loans | 4–5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 147 | 404 |
Variable rate loans | Greater than 5 years | Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 279 | $ 300 |
Financial risk management - D_3
Financial risk management - D.1.2. Interest rate swap contracts (Details) $ in Millions, $ in Billions | 1 Months Ended | 12 Months Ended | ||||||||
May 31, 2019 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | May 10, 2023 SEK (kr) | Jan. 31, 2023 USD ($) | Jan. 31, 2023 COP ($) | Jan. 10, 2022 USD ($) | Jan. 10, 2022 SEK (kr) | May 31, 2019 SEK (kr) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||
Settlement of derivative financial instruments | $ (26) | $ 11 | $ 0 | |||||||
Derivative financial liabilities | (40) | (34) | ||||||||
Cash flow hedges | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||
Derivative financial liabilities | (40) | (34) | ||||||||
SEK Variable Rate Notes | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||
Derivative notional amount | $ 207.6 | kr 2,000,000,000 | ||||||||
Settlement of derivative financial instruments | $ 23 | |||||||||
SEK Variable Rate Notes | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||
Derivative notional amount | kr 2,000,000,000 | $ 252.3 | kr 2,200,000,000 | |||||||
Interest rate swap | Interest rate risk | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||
Derivative financial liabilities held for hedging | 46 | 53 | ||||||||
Currency swap contract | Cash flow hedges | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||
Derivative notional amount | $ 41 | $ 206 | ||||||||
Colombia | Interest rate swap | Interest rate risk | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||
Derivative financial assets held for hedging | $ 6 | $ 19 |
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, 2023 | Dec. 31, 2022 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 6,697 | $ 6,804 |
Reasonably possible change in risk variable, percent | 1% | |
Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 6,678 | 6,804 |
Reasonably possible change in risk variable, percent | 10% | |
Reasonably possible increase (decrease) in risk variable, impact on profit before tax | $ 25 | 20 |
Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 6,678 | 6,804 |
Interest rate risk | Vendor Financing | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 18 | |
Debt denominated in US dollars | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 3,859 | 4,100 |
Total debt denominated in other currencies | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 2,819 | 2,704 |
Guatemala | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 640 | 595 |
Colombia | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 694 | 605 |
Colombia | Interest rate risk | Vendor Financing | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 18 | |
Bolivia | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 246 | 260 |
Paraguay | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 158 | 171 |
El Salvador | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 174 | 173 |
Panama | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 759 | 773 |
Luxembourg (COP denominated) | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | 38 | 30 |
Costa Rica | Foreign currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Debt | $ 110 | $ 96 |
Financial risk management - D.5
Financial risk management - D.5. Liquidity risk (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Debt and financing | $ (6,697) | $ (6,804) | ||
Lease liability | (1,043) | (1,016) | ||
Cash and cash equivalents | 775 | 1,039 | $ 895 | $ 875 |
Pledged deposits | 6 | 0 | ||
Net cash (debt) including derivatives related to debt | (5,956) | (5,799) | ||
Trade payables (excluding accruals) | (26) | (17) | ||
Trade receivables | 443 | 379 | ||
Liquidity risk | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Debt and financing | (6,744) | (6,875) | ||
Lease liability | (1,043) | (1,016) | ||
Cash and cash equivalents | 775 | 1,039 | ||
Derivative and vendor financing | (58) | (34) | ||
Pledged deposits | 6 | |||
Net cash (debt) including derivatives related to debt | (6,999) | (6,814) | ||
Future interest commitments related to debt and financing | (1,791) | (1,877) | ||
Future interest commitments related to leases | (502) | (531) | ||
Trade payables (excluding accruals) | (582) | (689) | ||
Other financial liabilities (including accruals) | (957) | (867) | ||
Trade receivables | 443 | 379 | ||
Other financial assets | 302 | 303 | ||
Net financial liabilities | $ (10,086) | $ (10,095) | ||
Liquidity risk | Commercial Banks | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Concentration risk percentage | 24% | 23% | ||
Liquidity risk | Bonds | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Concentration risk percentage | 61% | 64% | ||
Liquidity risk | Finance lease liabilities | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Concentration risk percentage | 13% | 13% | ||
Liquidity risk | Deferred Financing Costs Netting | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Debt and financing | $ 66 | $ 71 | ||
Liquidity risk | Less than 1 year | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Debt and financing | (203) | (181) | ||
Lease liability | (189) | (163) | ||
Cash and cash equivalents | 775 | 1,039 | ||
Derivative and vendor financing | (12) | 0 | ||
Pledged deposits | 5 | |||
Net cash (debt) including derivatives related to debt | 377 | 697 | ||
Future interest commitments related to debt and financing | (427) | (416) | ||
Future interest commitments related to leases | (108) | (106) | ||
Trade payables (excluding accruals) | (582) | (689) | ||
Other financial liabilities (including accruals) | (957) | (867) | ||
Trade receivables | 443 | 379 | ||
Other financial assets | 224 | 232 | ||
Net financial liabilities | (1,031) | (770) | ||
Liquidity risk | Less than 1 year | Deferred Financing Costs Netting | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Debt and financing | 1 | 1 | ||
Liquidity risk | 1 to 5 years | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Debt and financing | (3,309) | (2,880) | ||
Lease liability | (498) | (478) | ||
Cash and cash equivalents | 0 | 0 | ||
Derivative and vendor financing | (46) | (34) | ||
Pledged deposits | 0 | |||
Net cash (debt) including derivatives related to debt | (3,829) | (3,370) | ||
Future interest commitments related to debt and financing | (1,270) | (1,349) | ||
Future interest commitments related to leases | (286) | (290) | ||
Trade payables (excluding accruals) | 0 | 0 | ||
Other financial liabilities (including accruals) | 0 | 0 | ||
Trade receivables | 0 | 0 | ||
Other financial assets | 78 | 71 | ||
Net financial liabilities | (5,306) | (4,938) | ||
Liquidity risk | 1 to 5 years | Deferred Financing Costs Netting | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Debt and financing | 24 | 23 | ||
Liquidity risk | Greater than 5 years | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Debt and financing | (3,232) | (3,813) | ||
Lease liability | (355) | (374) | ||
Cash and cash equivalents | 0 | 0 | ||
Derivative and vendor financing | 0 | 0 | ||
Pledged deposits | 0 | |||
Net cash (debt) including derivatives related to debt | (3,547) | (4,141) | ||
Future interest commitments related to debt and financing | (93) | (111) | ||
Future interest commitments related to leases | (108) | (135) | ||
Trade payables (excluding accruals) | 0 | 0 | ||
Other financial liabilities (including accruals) | 0 | 0 | ||
Trade receivables | 0 | 0 | ||
Other financial assets | 0 | 0 | ||
Net financial liabilities | (3,748) | (4,387) | ||
Liquidity risk | Greater than 5 years | Deferred Financing Costs Netting | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Debt and financing | 41 | 47 | ||
Interest rate risk | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Debt and financing | (6,678) | (6,804) | ||
Interest rate risk | Vendor Financing | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Debt and financing | (18) | |||
Interest rate risk | Less than 1 year | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Debt and financing | (202) | (180) | ||
Interest rate risk | Greater than 5 years | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Debt and financing | $ (3,191) | $ (3,766) |
Financial risk management - D.6
Financial risk management - D.6. Capital management (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments [Abstract] | |||
EBITDA | $ 2,111 | $ 2,228 | |
Lease interest expense | (117) | (124) | $ (113) |
Depreciation | (183) | (168) | |
EBITDAaL | 1,812 | 1,936 | |
Net debt | $ 5,956 | $ 5,799 | |
Net debt to EBITDAaL | 329% | 299% | |
Covenant, net debt to EBITDAaL ratio | 3 | ||
Equity attributable to Owners of the Company | $ 3,529 | $ 3,605 | |
Net debt and equity | $ 9,485 | $ 9,404 | |
Gearing ratio | 63% | 62% |
Long-term assets - E.1.1. Accou
Long-term assets - E.1.1. Accounting for intangible assets (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | $ 7,361 | $ 7,558 |
Additions | 522 | 345 |
Amortization charge | (361) | (345) |
Impairment | (1) | (6) |
Disposals, net | (9) | |
Transfer to/from held for sale | 57 | |
Transfers | 16 | 24 |
Exchange rate movements | 249 | (147) |
Closing balance, net | 7,785 | 7,361 |
Settlement provision | (7) | |
Impairment charges | 12 | |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | 4,059 | 4,098 |
Additions | 0 | 0 |
Amortization charge | 0 | 0 |
Impairment | 0 | 0 |
Disposals, net | 0 | |
Transfer to/from held for sale | 12 | |
Transfers | 0 | 0 |
Exchange rate movements | 48 | (26) |
Closing balance, net | 4,107 | 4,059 |
Licenses and Spectrum | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | 1,094 | 1,120 |
Additions | 406 | 195 |
Amortization charge | (116) | (96) |
Impairment | 0 | 0 |
Disposals, net | (9) | |
Transfer to/from held for sale | 18 | |
Transfers | 4 | (7) |
Exchange rate movements | 171 | (91) |
Closing balance, net | 1,558 | 1,094 |
Customer Lists | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | 864 | 970 |
Additions | 0 | 0 |
Amortization charge | (96) | (106) |
Impairment | 0 | 0 |
Disposals, net | 0 | |
Transfer to/from held for sale | 0 | |
Transfers | 0 | 0 |
Exchange rate movements | 1 | 0 |
Closing balance, net | 769 | 864 |
IRUs | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | 40 | 71 |
Additions | 1 | 1 |
Amortization charge | (12) | (14) |
Impairment | 0 | 0 |
Disposals, net | 0 | |
Transfer to/from held for sale | 17 | |
Transfers | 1 | 3 |
Exchange rate movements | 4 | (4) |
Closing balance, net | 33 | 40 |
Trademarks | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | 910 | 920 |
Additions | 0 | 0 |
Amortization charge | 0 | (1) |
Impairment | 0 | 0 |
Disposals, net | 0 | |
Transfer to/from held for sale | 10 | |
Transfers | 0 | 0 |
Exchange rate movements | 0 | 0 |
Closing balance, net | 910 | 910 |
Other | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | 394 | 379 |
Additions | 115 | 150 |
Amortization charge | (137) | (130) |
Impairment | (1) | (6) |
Disposals, net | 0 | |
Transfer to/from held for sale | 2 | |
Transfers | 11 | 28 |
Exchange rate movements | 26 | (25) |
Closing balance, net | 408 | 394 |
Cost or valuation | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | 9,573 | |
Closing balance, net | 10,416 | 9,573 |
Cost or valuation | Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | 4,059 | |
Closing balance, net | 4,107 | 4,059 |
Cost or valuation | Licenses and Spectrum | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | 1,786 | |
Closing balance, net | 2,407 | 1,786 |
Cost or valuation | Customer Lists | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | 1,199 | |
Closing balance, net | 1,206 | 1,199 |
Cost or valuation | IRUs | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | 158 | |
Closing balance, net | 178 | 158 |
Cost or valuation | Trademarks | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | 1,237 | |
Closing balance, net | 1,243 | 1,237 |
Cost or valuation | Other | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | 1,133 | |
Closing balance, net | 1,275 | 1,133 |
Accumulated amortization and impairment | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | (2,212) | |
Closing balance, net | (2,631) | (2,212) |
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 and Spectrum | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | (692) | |
Closing balance, net | (849) | (692) |
Accumulated amortization and impairment | Customer Lists | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | (335) | |
Closing balance, net | (437) | (335) |
Accumulated amortization and impairment | IRUs | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | (118) | |
Closing balance, net | (145) | (118) |
Accumulated amortization and impairment | Trademarks | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | (327) | |
Closing balance, net | (333) | (327) |
Accumulated amortization and impairment | Other | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Opening balance, net | (740) | |
Closing balance, net | $ (867) | $ (740) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Additions | $ 150 | $ 258 | $ 126 |
Change in accruals and payables for intangibles | (16) | (79) | (29) |
Cash used for additions | $ 133 | $ 179 | $ 98 |
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, 2023 | Dec. 31, 2022 |
Disclosure of information for cash-generating units [line items] | ||
Goodwill | $ 4,107 | $ 4,059 |
Intangible assets, net | 910 | 910 |
Guatemala | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 2,470 | 2,470 |
Intangible assets, net | 910 | 910 |
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 | 135 | 118 |
Paraguay | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 44 | 44 |
Colombia | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 155 | 123 |
Nicaragua | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 197 | 199 |
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, 2023 | Dec. 31, 2022 | |
Disclosure of information for cash-generating units [line items] | ||
Goodwill impairment testing, period of planning horizon | 10 years | |
Colombia | ||
Disclosure of information for cash-generating units [line items] | ||
WACC rate, impairment loss test, Bits Per Second | 0.82% | |
Average EBITDA margin, impairment loss test, Bits Per Second | (1.07%) | |
CAPEX intensity, impairment loss test, Bits Per Second | 0.13% | |
Nicaragua | ||
Disclosure of information for cash-generating units [line items] | ||
WACC rate, impairment loss test, Bits Per Second | 1.54% | 1.17% |
Minimum | ||
Disclosure of information for cash-generating units [line items] | ||
WACC rates, sensitivity analysis, changes in key assumptions (in percent) | (2.00%) | (2.00%) |
Perpetual growth rate, , sensitivity analysis, changes in key assumptions (in percent) | (1.00%) | (1.00%) |
EBITDA margin, sensitivity analysis, changes in key assumptions (in percent) | (2.00%) | (2.00%) |
CAPEX intensity, sensitivity analysis, changes in key assumptions (in percent) | (1.00%) | (1.00%) |
Maximum | ||
Disclosure of information for cash-generating units [line items] | ||
WACC rates, sensitivity analysis, changes in key assumptions (in percent) | 2% | 2% |
Perpetual growth rate, , sensitivity analysis, changes in key assumptions (in percent) | 1% | 1% |
EBITDA margin, sensitivity analysis, changes in key assumptions (in percent) | 2% | 2% |
CAPEX intensity, sensitivity analysis, changes in key assumptions (in percent) | 1% | 1% |
Bolivia | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 41.30% | 41.20% |
Average CAPEX intensity | 13.60% | 15.20% |
Perpetual growth rate | 1% | 1% |
WACC rate after tax | 15.40% | 9.80% |
Colombia | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 39.60% | 36% |
Average CAPEX intensity | 12.30% | 17.20% |
Perpetual growth rate | 2% | 2% |
WACC rate after tax | 10.70% | 11.40% |
Guatemala | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 53.30% | 51.20% |
Average CAPEX intensity | 11.30% | 11.60% |
Perpetual growth rate | 1% | 1% |
WACC rate after tax | 9.70% | 10.10% |
Costa Rica | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 39.80% | 37.50% |
Average CAPEX intensity | 16.20% | 15.50% |
Perpetual growth rate | 2% | 2% |
WACC rate after tax | 10.10% | 11.80% |
El Salvador | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 41.70% | 41% |
Average CAPEX intensity | 13.60% | 13% |
Perpetual growth rate | 1% | 1% |
WACC rate after tax | 12.10% | 14.10% |
Nicaragua | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 47.50% | 46.80% |
Average CAPEX intensity | 13.80% | 14.50% |
Perpetual growth rate | 3% | 2.50% |
WACC rate after tax | 15.50% | 15% |
Panama | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 46.50% | 46.90% |
Average CAPEX intensity | 13.10% | 14.90% |
Perpetual growth rate | 1% | 1% |
WACC rate after tax | 8.90% | 8.80% |
Paraguay | ||
Disclosure of information for cash-generating units [line items] | ||
Average EBITDA margin | 46.80% | 44.50% |
Average CAPEX intensity | 14.50% | 14.90% |
Perpetual growth rate | 1% | 1% |
WACC rate after tax | 9.80% | 10% |
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, 2023 | Dec. 31, 2022 | |
Buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 40 years | |
Towers, Poles And Ducts | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 25 years | 15 years |
Civil Works Of Towers, Poles And Ducts | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 15 years | 10 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 | 25 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, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance, net | $ 2,989 | $ 3,382 |
Additions | 693 | 823 |
Impairments/reversal of impairment, net | (2) | 0 |
Disposals, net | (20) | (29) |
Depreciation charge | (794) | (840) |
Asset retirement obligations | 30 | 18 |
Transfers | 6 | (21) |
Transfer to/from held for sale | (166) | |
Exchange rate movements | 203 | (178) |
Other | 2 | |
Closing balance, net | 3,107 | 2,989 |
Cost or valuation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance, net | 9,183 | |
Closing balance, net | 9,980 | 9,183 |
Accumulated amortization and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance, net | (6,194) | |
Closing balance, net | (6,873) | (6,194) |
Networks (including civil works) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance, net | 2,340 | 2,691 |
Additions | 161 | 157 |
Impairments/reversal of impairment, net | (2) | 0 |
Disposals, net | (16) | (16) |
Depreciation charge | (751) | (791) |
Asset retirement obligations | 29 | 17 |
Transfers | 566 | 577 |
Transfer to/from held for sale | (141) | |
Exchange rate movements | 165 | (153) |
Other | 14 | |
Closing balance, net | 2,507 | 2,340 |
Networks (including civil works) | Cost or valuation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance, net | 8,071 | |
Closing balance, net | 8,924 | 8,071 |
Networks (including civil works) | Accumulated amortization and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance, net | (5,731) | |
Closing balance, net | (6,417) | (5,731) |
Land and Buildings | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance, net | 180 | 200 |
Additions | 2 | 3 |
Impairments/reversal of impairment, net | 0 | 0 |
Disposals, net | 0 | (5) |
Depreciation charge | (19) | (21) |
Asset retirement obligations | 1 | 0 |
Transfers | (2) | 22 |
Transfer to/from held for sale | (6) | |
Exchange rate movements | 13 | (12) |
Other | (12) | |
Closing balance, net | 162 | 180 |
Land and Buildings | Cost or valuation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance, net | 348 | |
Closing balance, net | 310 | 348 |
Land and Buildings | Accumulated amortization and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance, net | (168) | |
Closing balance, net | (148) | (168) |
Construction in Progress | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance, net | 418 | 428 |
Additions | 525 | 655 |
Impairments/reversal of impairment, net | 0 | 0 |
Disposals, net | (3) | (8) |
Depreciation charge | 0 | 0 |
Asset retirement obligations | 0 | 0 |
Transfers | (570) | (632) |
Transfer to/from held for sale | (13) | |
Exchange rate movements | 24 | (11) |
Other | 0 | |
Closing balance, net | 394 | 418 |
Construction in Progress | Cost or valuation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance, net | 418 | |
Closing balance, net | 394 | 418 |
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 | 50 | 63 |
Additions | 5 | 9 |
Impairments/reversal of impairment, net | 0 | 1 |
Disposals, net | 0 | 0 |
Depreciation charge | (25) | (28) |
Asset retirement obligations | 0 | 0 |
Transfers | 13 | 12 |
Transfer to/from held for sale | (6) | |
Exchange rate movements | 1 | (2) |
Other | 0 | |
Closing balance, net | 44 | 50 |
Other | Cost or valuation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance, net | 345 | |
Closing balance, net | 352 | 345 |
Other | Accumulated amortization and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Opening balance, net | (296) | |
Closing balance, net | $ (307) | $ (296) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Additions | $ 694 | $ 823 | $ 787 |
Change in advances to suppliers | 3 | (3) | (6) |
Change in accruals and payables for property, plant and equipment | 116 | (20) | (40) |
Finance leases | 0 | 0 | (1) |
Cash used | $ 814 | $ 800 | $ 740 |
Long-term assets - E.3 Right of
Long-term assets - E.3 Right of use assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | $ 884 | $ 1,024 |
Additions | 63 | 127 |
Modifications | 87 | 135 |
Impairments | (1) | |
Disposals | (5) | (9) |
Depreciation | (183) | (176) |
Asset retirement obligations | (3) | 3 |
Transfers | 4 | (2) |
Transfer to/from held for sale | (163) | |
Exchange rate movements | 50 | (54) |
Other | (2) | |
Closing balance, net | 896 | 884 |
Land and buildings | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | 142 | 169 |
Additions | 4 | 23 |
Modifications | 6 | 11 |
Impairments | (1) | |
Disposals | (1) | (3) |
Depreciation | (38) | (38) |
Asset retirement obligations | 0 | 0 |
Transfers | 1 | 0 |
Transfer to/from held for sale | (3) | |
Exchange rate movements | 16 | (16) |
Other | 0 | |
Closing balance, net | 130 | 142 |
Sites rental | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | 181 | 201 |
Additions | 10 | 23 |
Modifications | 27 | 18 |
Impairments | 0 | |
Disposals | (2) | (1) |
Depreciation | (45) | (42) |
Asset retirement obligations | (1) | 2 |
Transfers | 7 | (14) |
Transfer to/from held for sale | (2) | |
Exchange rate movements | 2 | (4) |
Other | (2) | |
Closing balance, net | 177 | 181 |
Tower rental | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | 505 | 587 |
Additions | 42 | 77 |
Modifications | 51 | 104 |
Impairments | 0 | |
Disposals | (1) | (5) |
Depreciation | (90) | (83) |
Asset retirement obligations | (2) | 0 |
Transfers | 2 | 17 |
Transfer to/from held for sale | (158) | |
Exchange rate movements | 31 | (34) |
Other | 0 | |
Closing balance, net | 537 | 505 |
Other network equipment | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | 16 | 25 |
Additions | 0 | 2 |
Modifications | 2 | 1 |
Impairments | 0 | |
Disposals | 0 | 0 |
Depreciation | (1) | (4) |
Asset retirement obligations | 0 | 1 |
Transfers | (2) | (7) |
Transfer to/from held for sale | 0 | |
Exchange rate movements | 0 | 0 |
Other | 0 | |
Closing balance, net | 16 | 16 |
Capacity | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | 28 | 29 |
Additions | 7 | 0 |
Modifications | 1 | 0 |
Impairments | 0 | |
Disposals | 0 | 0 |
Depreciation | (6) | (5) |
Asset retirement obligations | 0 | 0 |
Transfers | (2) | 3 |
Transfer to/from held for sale | 0 | |
Exchange rate movements | 0 | 0 |
Other | 0 | |
Closing balance, net | 27 | 28 |
Other | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | 13 | 13 |
Additions | 1 | 2 |
Modifications | 0 | 1 |
Impairments | 0 | |
Disposals | 0 | 0 |
Depreciation | (3) | (3) |
Asset retirement obligations | 0 | 0 |
Transfers | (1) | 0 |
Transfer to/from held for sale | 0 | |
Exchange rate movements | 0 | 0 |
Other | 0 | |
Closing balance, net | 9 | 13 |
Cost or valuation | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | 1,442 | |
Closing balance, net | 1,671 | 1,442 |
Cost or valuation | Land and buildings | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | 249 | |
Closing balance, net | 280 | 249 |
Cost or valuation | Sites rental | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | 325 | |
Closing balance, net | 369 | 325 |
Cost or valuation | Tower rental | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | 780 | |
Closing balance, net | 929 | 780 |
Cost or valuation | Other network equipment | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | 28 | |
Closing balance, net | 26 | 28 |
Cost or valuation | Capacity | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | 39 | |
Closing balance, net | 47 | 39 |
Cost or valuation | Other | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | 22 | |
Closing balance, net | 21 | 22 |
Accumulated depreciation and impairment | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | (558) | |
Closing balance, net | (776) | (558) |
Accumulated depreciation and impairment | Land and buildings | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | (107) | |
Closing balance, net | (150) | (107) |
Accumulated depreciation and impairment | Sites rental | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | (144) | |
Closing balance, net | (192) | (144) |
Accumulated depreciation and impairment | Tower rental | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | (275) | |
Closing balance, net | (392) | (275) |
Accumulated depreciation and impairment | Other network equipment | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | (11) | |
Closing balance, net | (10) | (11) |
Accumulated depreciation and impairment | Capacity | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | (11) | |
Closing balance, net | (19) | (11) |
Accumulated depreciation and impairment | Other | ||
Right-of-Use Assets [Roll Forward] | ||
Opening balance, net | (9) | |
Closing balance, net | $ (12) | $ (9) |
Other assets and liabilities F.
Other assets and liabilities F.1. Trade receivables (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables, net | $ 443 | $ 379 |
Neither past due nor impaired | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables, net | 319 | 257 |
Gross | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables, net | 851 | 694 |
Provisions | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables, net | (408) | (315) |
30–90 days | Past due (net of impairments) | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables, net | 61 | 74 |
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 | 63 | 48 |
Telecom operators | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables, net | 28 | 25 |
Telecom operators | Neither past due nor impaired | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables, net | 19 | 7 |
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 | 5 | 13 |
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 | 5 |
Own customers | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables, net | 364 | 304 |
Own customers | Neither past due nor impaired | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables, net | 263 | 211 |
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 | 49 | 54 |
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 | 51 | 39 |
Others | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables, net | 52 | 51 |
Others | Neither past due nor impaired | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables, net | 37 | 39 |
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 | 7 | 7 |
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 | $ 5 |
Other assets and liabilities _2
Other assets and liabilities F.2. Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Telephone and equipment | $ 27 | $ 39 |
SIM cards | 4 | 4 |
Other | 14 | 10 |
Inventory | $ 45 | $ 53 |
Other assets and liabilities _3
Other assets and liabilities F.3. Trade payables (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables | $ 26 | $ 17 |
Other assets and liabilities _4
Other assets and liabilities F.4.1. Current provisions and other liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Deferred revenue | $ 96 | $ 93 |
Customer deposits | 12 | 13 |
Current legal provisions | 8 | 12 |
Tax payables | 72 | 61 |
Customer and MFS distributor cash balances | 45 | 47 |
Withholding tax on payments to third parties | 22 | 15 |
Other current liabilities | 119 | 64 |
Total | 374 | 305 |
Provision for tax risk not related to income tax | $ 15 | $ 8 |
Other assets and liabilities _5
Other assets and liabilities F.4.2. Non-current provisions and other liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Non-current legal provisions | $ 6 | $ 16 |
Long-term portion of asset retirement obligations | 173 | 155 |
Long-term portion of deferred income on tower sale and leasebacks recognized | 31 | 32 |
Long-term employment obligations | 51 | 37 |
Other non-current liabilities | 68 | 55 |
Non-current provisions | $ 330 | $ 295 |
Other assets and liabilities _6
Other assets and liabilities F.4.3. Non-current payables and accruals for capital expenditure (Details) $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Feb. 28, 2023 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) installment | Feb. 28, 2023 COP ($) | Dec. 31, 2019 COP ($) | |
Disclosure of detailed information about intangible assets [line items] | |||||||
Payables and accruals for capital expenditure | $ 885 | $ 473 | |||||
Future commitments | 350 | 406 | |||||
Initial payment | 522 | 345 | |||||
Intangible assets other than goodwill | 7,785 | 7,361 | |||||
Spectrum and Licenses | |||||||
Disclosure of detailed information about intangible assets [line items] | |||||||
Payables and accruals for capital expenditure | 846 | 414 | |||||
Spectrum 40 MHz | |||||||
Disclosure of detailed information about intangible assets [line items] | |||||||
Payables and accruals for capital expenditure | 467 | $ 337 | |||||
Future commitments | 553 | ||||||
Useful life measured as period of time, intangible assets other than goodwill | 20 years | ||||||
Total notional consideration | $ 615 | $ 2,450 | |||||
Percentage payable in cash | 55% | 55% | 55% | ||||
Percentage to be met by coverage obligations | 45% | 45% | 45% | ||||
Initial payment | $ 33 | ||||||
Number of payment installments | installment | 12 | ||||||
Intangible assets other than goodwill | $ 388 | ||||||
Future interest commitments, period of recognition | 17 years | ||||||
Spectrum 1900 MHz | |||||||
Disclosure of detailed information about intangible assets [line items] | |||||||
Payables and accruals for capital expenditure | 241 | ||||||
Future commitments | $ 181 | ||||||
Total notional consideration | $ 281 | $ 1,140 | |||||
Future interest commitments, period of recognition | 20 years | ||||||
Initial payment (as a percent) | 0.20 | 0.20 |
Other assets and liabilities _7
Other assets and liabilities F.5. Assets and liabilities related to contract with customers (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Contract Assets [Line Items] | ||
Contract assets, net | $ 82 | $ 77 |
Contract liabilities [abstract] | ||
Short-term portion | 156 | 88 |
Revenue that was included in contract liability balance at beginning of period | 84 | 91 |
Transaction price allocated to remaining performance obligations | 71 | |
Contract Costs, Net [Roll Forward] | ||
Contract costs, net, beginning of period | 12 | 10 |
Contract costs capitalized | 5 | 5 |
Amortization of contract costs | (4) | (3) |
Contract costs, net, end of period | 10 | 8 |
Long-term portion | ||
Contract Assets [Line Items] | ||
Contract assets, net | 21 | 21 |
Short-term portion | ||
Contract Assets [Line Items] | ||
Contract assets, net | 65 | 61 |
Provisions | ||
Contract Assets [Line Items] | ||
Contract assets, net | (4) | (5) |
Current contract liabilities | ||
Contract liabilities [abstract] | ||
Long-term portion | 74 | 2 |
Short-term portion | 82 | 87 |
Total | 156 | $ 88 |
1 year | ||
Contract liabilities [abstract] | ||
Transaction price allocated to remaining performance obligations | 71 | |
Later than 1 year | ||
Contract liabilities [abstract] | ||
Transaction price allocated to remaining performance obligations | $ 1 |
Additional disclosure items G.1
Additional disclosure items G.1 Fees to auditors (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Auditor's remuneration [abstract] | |||
Audit fees | $ 5.6 | $ 5.1 | $ 5.2 |
Audit related fees | 0.8 | 1.3 | 1.4 |
Tax fees | 0.2 | 0.2 | 0.1 |
Other fees | 0.3 | 0.2 | 0.4 |
Total | $ 6.9 | $ 6.8 | $ 7.1 |
Additional disclosure items G.2
Additional disclosure items G.2.1. Capital commitments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Capital Commitments [Line Items] | ||
Capital commitments | $ 350 | $ 406 |
1 year | ||
Capital Commitments [Line Items] | ||
Capital commitments | 254 | 259 |
Joint ventures | ||
Capital Commitments [Line Items] | ||
Capital commitments | 18 | $ 29 |
Joint ventures | 1 year | ||
Capital Commitments [Line Items] | ||
Capital commitments | $ 18 |
Additional disclosure items G.3
Additional disclosure items G.3.1. Litigation and legal risks (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of contingent liabilities [line items] | ||
Legal proceedings provision | $ 14 | $ 25 |
Joint ventures | ||
Disclosure of contingent liabilities [line items] | ||
Legal proceedings provision | 1 | 1 |
Legal proceedings contingent liability | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | 328 | 239 |
Legal proceedings contingent liability | Joint ventures | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | $ 9 | $ 13 |
Additional disclosure items G_2
Additional disclosure items G.3.2. Tax related risks and uncertain tax position (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of other provisions [line items] | ||
Uncertain tax positions, remote risk | 20% | |
Uncertain tax positions, probable risk | 50% | |
Provision for taxes other than income tax | ||
Disclosure of other provisions [line items] | ||
Other provisions | $ 52 | $ 38 |
Tax contingent liability | ||
Disclosure of other provisions [line items] | ||
Estimated financial effect of contingent liabilities | 279 | 221 |
Joint ventures | Provision for taxes other than income tax | ||
Disclosure of other provisions [line items] | ||
Other provisions | 7 | 7 |
Joint ventures | Tax contingent liability | ||
Disclosure of other provisions [line items] | ||
Estimated financial effect of contingent liabilities | $ 118 | $ 97 |
Bottom of range | ||
Disclosure of other provisions [line items] | ||
Uncertain tax positions, possible risk | 21% | |
Top of range | ||
Disclosure of other provisions [line items] | ||
Uncertain tax positions, possible risk | 49% |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional information [abstract] | |||
Acquisition of property, plant and equipment | $ 121 | $ (23) | $ (47) |
Acquisition of lease right of use assets obtained in exchange of lease liabilities | 63 | 127 | 106 |
Asset retirement obligations | 30 | 18 | 32 |
Share based compensation | $ 52 | $ 29 | $ 17 |
Additional disclosure items G.5
Additional disclosure items G.5. Related party balances and transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 27, 2022 | Nov. 12, 2021 | |
Expenses | |||||
Other expenses | $ (10) | $ (18) | $ (16) | ||
Total | (55) | (63) | (220) | ||
Income and gains | |||||
Other revenue | 0 | 1 | 2 | ||
Total | 12 | 11 | 314 | ||
LIABILITIES | |||||
Total | 103 | 88 | |||
Amounts receivable | 12 | 15 | |||
Guatemala joint ventures | |||||
Disclosure of transactions between related parties [line items] | |||||
Percentage of controlling interest acquired | 45% | 45% | |||
Other related parties | |||||
LIABILITIES | |||||
Total | $ 2 | 2 | |||
Xavier Niel | |||||
Disclosure of transactions between related parties [line items] | |||||
Percentage of controlling interest acquired | 29.10% | ||||
Miffin | Entities with joint control or significant influence over entity | |||||
Expenses | |||||
Purchases of goods and services | $ 0 | 0 | (165) | ||
Income and gains | |||||
Sale of goods and services | 12 | 11 | 14 | ||
Honduras joint ventures | Joint ventures where entity is venturer | |||||
LIABILITIES | |||||
Total | 68 | 48 | |||
Amounts receivable | 9 | 13 | |||
EPM | Entities with joint control or significant influence over entity | |||||
LIABILITIES | |||||
Total | 33 | 39 | |||
Amounts receivable | 2 | 2 | |||
EPM | Joint ventures where entity is venturer | |||||
Expenses | |||||
Purchases of goods and services | (45) | (45) | (39) | ||
Income and gains | |||||
Sale of goods and services | $ 0 | $ 0 | $ 299 | ||
Colombia | EPM | |||||
Disclosure of transactions between related parties [line items] | |||||
Percentage ownership held by non-controlling interest | 50% |
Additional disclosure items G.6
Additional disclosure items G.6. Colombia Unrestricted Subsidiaries (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 22, 2021 | Dec. 31, 2020 | Oct. 19, 2020 | Mar. 31, 2019 | Oct. 31, 2018 | Sep. 30, 2017 | |||
Statement of profit or loss and other comprehensive income [abstract] | |||||||||||
Revenue | $ 5,661 | $ 5,624 | $ 4,261 | [1] | |||||||
Equipment, programming and other direct costs | [2] | (1,507) | (1,506) | (1,197) | [1] | ||||||
Operating expenses | (2,043) | (1,890) | (1,546) | [1] | |||||||
Depreciation | (978) | (999) | (804) | [1] | |||||||
Amortization | (360) | (345) | (310) | [1] | |||||||
Share of profit in joint ventures | 42 | 32 | 210 | [1] | |||||||
Other operating income (expenses), net | 10 | (2) | 5 | [1] | |||||||
Operating profit | 826 | 915 | 619 | [1] | |||||||
Financial income (expenses), net | (684) | ||||||||||
Other non-operating (expenses) income, net | 36 | (78) | (49) | [1] | |||||||
Profit (loss) from other joint ventures and associates, net | (3) | 0 | (40) | [1] | |||||||
Profit (loss) before taxes from continuing operations | 175 | 238 | 728 | [1] | |||||||
Tax expense | (424) | (222) | (158) | [1] | |||||||
Profit (loss) from continuing operations | (249) | 16 | 570 | [1] | |||||||
Profit (loss) from discontinued operations, net of tax | 4 | 113 | (28) | [1] | |||||||
Net profit (loss) for the year | (245) | 129 | 542 | [1] | |||||||
NON-CURRENT ASSETS | |||||||||||
Intangible assets other than goodwill | 7,785 | 7,361 | |||||||||
Property, plant and equipment, net | 3,107 | 2,989 | 3,382 | ||||||||
Right of use assets, net | 896 | 884 | 1,024 | ||||||||
Investment in Honduras joint venture | 576 | 590 | |||||||||
Contract costs, net | 12 | 10 | |||||||||
Deferred tax assets | 141 | 204 | 180 | ||||||||
Other non-current assets | 84 | 76 | |||||||||
TOTAL NON-CURRENT ASSETS | 12,601 | 12,133 | |||||||||
CURRENT ASSETS | |||||||||||
Inventories | 45 | 53 | |||||||||
Trade receivables, net | 443 | 379 | |||||||||
Contract assets, net | 82 | 77 | |||||||||
Amounts due from non-controlling interests, associates and joint ventures | 12 | 15 | |||||||||
Prepayments and accrued income | 168 | 117 | |||||||||
Current income tax assets | 118 | 111 | |||||||||
Supplier advances for capital expenditure | 21 | 21 | |||||||||
Other current assets | 196 | ||||||||||
Restricted cash | 56 | 57 | |||||||||
Cash and cash equivalents | 775 | 1,039 | 895 | $ 875 | |||||||
TOTAL CURRENT ASSETS | 1,915 | 2,065 | |||||||||
TOTAL ASSETS | 14,516 | 14,198 | |||||||||
EQUITY | |||||||||||
Share capital and premium | 1,334 | 1,343 | |||||||||
Treasury shares | (8) | (47) | |||||||||
Other reserves | (500) | (559) | |||||||||
Retained profits | 2,785 | 2,691 | |||||||||
Net profit/ (loss) for the year attributable to owners of the Company | (82) | 177 | |||||||||
Equity attributable to owners of the Company | 3,529 | 3,605 | |||||||||
Non-controlling interests | (84) | 29 | |||||||||
TOTAL EQUITY | 3,445 | 3,634 | 2,740 | $ 2,274 | |||||||
NON-CURRENT LIABILITIES | |||||||||||
Debt and financing | 6,476 | 6,624 | |||||||||
Lease liabilities | 854 | 853 | |||||||||
Derivative financial instruments | 46 | 53 | |||||||||
Amounts due to non-controlling interests, associates and joint ventures | 12 | 0 | |||||||||
Payables and accruals for capital expenditure | 885 | 473 | |||||||||
Provisions and other non-current liabilities | 330 | 295 | |||||||||
Deferred tax liabilities | 140 | 148 | $ 214 | ||||||||
TOTAL NON-CURRENT LIABILITIES | 8,742 | 8,445 | |||||||||
Debt and financing | 221 | 180 | |||||||||
Lease liabilities | 189 | 163 | |||||||||
Put option liability | 86 | 0 | |||||||||
Payables and accruals for capital expenditure | 314 | 428 | |||||||||
Other trade payables | 390 | 400 | |||||||||
Amounts due to non-controlling interests, associates and joint ventures | 62 | 58 | |||||||||
Accrued interest and other expenses | 444 | 412 | |||||||||
Current income tax liabilities | 93 | 86 | |||||||||
Contract liabilities | 156 | 88 | |||||||||
Provisions and other current liabilities | 374 | 305 | |||||||||
TOTAL CURRENT LIABILITIES | 2,329 | 2,119 | |||||||||
TOTAL LIABILITIES | 11,071 | 10,565 | |||||||||
TOTAL EQUITY AND LIABILITIES | 14,516 | $ 14,198 | |||||||||
Colombia Unrestricted Subsidiaries | |||||||||||
Statement of profit or loss and other comprehensive income [abstract] | |||||||||||
Revenue | 1,313 | ||||||||||
Equipment, programming and other direct costs | (392) | ||||||||||
Operating expenses | (501) | ||||||||||
Depreciation | (269) | ||||||||||
Amortization | (100) | ||||||||||
Share of profit in joint ventures | 0 | ||||||||||
Other operating income (expenses), net | 9 | ||||||||||
Operating profit | 60 | ||||||||||
Financial income (expenses), net | (242) | ||||||||||
Other non-operating (expenses) income, net | 32 | ||||||||||
Profit (loss) from other joint ventures and associates, net | 0 | ||||||||||
Profit (loss) before taxes from continuing operations | (150) | ||||||||||
Tax expense | (176) | ||||||||||
Profit (loss) from continuing operations | (326) | ||||||||||
Profit (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net profit (loss) for the year | (326) | ||||||||||
NON-CURRENT ASSETS | |||||||||||
Intangible assets other than goodwill | 1,152 | ||||||||||
Property, plant and equipment, net | 884 | ||||||||||
Right of use assets, net | 229 | ||||||||||
Investment in Honduras joint venture | 0 | ||||||||||
Contract costs, net | 0 | ||||||||||
Deferred tax assets | 1 | ||||||||||
Other non-current assets | 29 | ||||||||||
TOTAL NON-CURRENT ASSETS | 2,295 | ||||||||||
CURRENT ASSETS | |||||||||||
Inventories | 8 | ||||||||||
Trade receivables, net | 128 | ||||||||||
Contract assets, net | 7 | ||||||||||
Amounts due from non-controlling interests, associates and joint ventures | 4 | ||||||||||
Prepayments and accrued income | 35 | ||||||||||
Current income tax assets | 66 | ||||||||||
Supplier advances for capital expenditure | 1 | ||||||||||
Other current assets | 43 | ||||||||||
Restricted cash | 1 | ||||||||||
Cash and cash equivalents | 36 | ||||||||||
TOTAL CURRENT ASSETS | 330 | ||||||||||
TOTAL ASSETS | 2,625 | ||||||||||
EQUITY | |||||||||||
Share capital and premium | 0 | ||||||||||
Treasury shares | 0 | ||||||||||
Other reserves | (373) | ||||||||||
Retained profits | 640 | ||||||||||
Net profit/ (loss) for the year attributable to owners of the Company | (163) | ||||||||||
Equity attributable to owners of the Company | 105 | ||||||||||
Non-controlling interests | (85) | ||||||||||
TOTAL EQUITY | 20 | ||||||||||
NON-CURRENT LIABILITIES | |||||||||||
Debt and financing | 601 | ||||||||||
Lease liabilities | 226 | ||||||||||
Derivative financial instruments | 0 | ||||||||||
Amounts due to non-controlling interests, associates and joint ventures | 54 | ||||||||||
Payables and accruals for capital expenditure | 846 | ||||||||||
Provisions and other non-current liabilities | 166 | ||||||||||
Deferred tax liabilities | 0 | ||||||||||
TOTAL NON-CURRENT LIABILITIES | 1,894 | ||||||||||
Debt and financing | 111 | ||||||||||
Lease liabilities | 65 | ||||||||||
Put option liability | 0 | ||||||||||
Payables and accruals for capital expenditure | 112 | ||||||||||
Other trade payables | 123 | ||||||||||
Amounts due to non-controlling interests, associates and joint ventures | 65 | ||||||||||
Accrued interest and other expenses | 92 | ||||||||||
Current income tax liabilities | 1 | ||||||||||
Contract liabilities | 5 | ||||||||||
Provisions and other current liabilities | 137 | ||||||||||
TOTAL CURRENT LIABILITIES | 711 | ||||||||||
TOTAL LIABILITIES | 2,605 | ||||||||||
TOTAL EQUITY AND LIABILITIES | 2,625 | ||||||||||
Intercompany Eliminations | |||||||||||
Statement of profit or loss and other comprehensive income [abstract] | |||||||||||
Revenue | 0 | ||||||||||
Equipment, programming and other direct costs | (3) | ||||||||||
Operating expenses | 3 | ||||||||||
Depreciation | 0 | ||||||||||
Amortization | 0 | ||||||||||
Share of profit in joint ventures | 0 | ||||||||||
Other operating income (expenses), net | 0 | ||||||||||
Operating profit | 1 | ||||||||||
Financial income (expenses), net | 10 | ||||||||||
Other non-operating (expenses) income, net | 0 | ||||||||||
Profit (loss) from other joint ventures and associates, net | 0 | ||||||||||
Profit (loss) before taxes from continuing operations | 11 | ||||||||||
Tax expense | 0 | ||||||||||
Profit (loss) from continuing operations | 11 | ||||||||||
Profit (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net profit (loss) for the year | 11 | ||||||||||
NON-CURRENT ASSETS | |||||||||||
Intangible assets other than goodwill | 0 | ||||||||||
Property, plant and equipment, net | 0 | ||||||||||
Right of use assets, net | 0 | ||||||||||
Investment in Honduras joint venture | 0 | ||||||||||
Contract costs, net | 0 | ||||||||||
Deferred tax assets | 0 | ||||||||||
Other non-current assets | 54 | ||||||||||
TOTAL NON-CURRENT ASSETS | 54 | ||||||||||
CURRENT ASSETS | |||||||||||
Inventories | 0 | ||||||||||
Trade receivables, net | 0 | ||||||||||
Contract assets, net | 0 | ||||||||||
Amounts due from non-controlling interests, associates and joint ventures | 0 | ||||||||||
Prepayments and accrued income | 0 | ||||||||||
Current income tax assets | 0 | ||||||||||
Supplier advances for capital expenditure | 0 | ||||||||||
Other current assets | 61 | ||||||||||
Restricted cash | 0 | ||||||||||
Cash and cash equivalents | 0 | ||||||||||
TOTAL CURRENT ASSETS | 61 | ||||||||||
TOTAL ASSETS | 115 | ||||||||||
EQUITY | |||||||||||
Share capital and premium | 0 | ||||||||||
Treasury shares | 0 | ||||||||||
Other reserves | 0 | ||||||||||
Retained profits | 113 | ||||||||||
Net profit/ (loss) for the year attributable to owners of the Company | 0 | ||||||||||
Equity attributable to owners of the Company | 113 | ||||||||||
Non-controlling interests | 0 | ||||||||||
TOTAL EQUITY | 113 | ||||||||||
NON-CURRENT LIABILITIES | |||||||||||
Debt and financing | 0 | ||||||||||
Lease liabilities | 0 | ||||||||||
Derivative financial instruments | 0 | ||||||||||
Amounts due to non-controlling interests, associates and joint ventures | 0 | ||||||||||
Payables and accruals for capital expenditure | 0 | ||||||||||
Provisions and other non-current liabilities | 0 | ||||||||||
Deferred tax liabilities | 0 | ||||||||||
TOTAL NON-CURRENT LIABILITIES | 0 | ||||||||||
Debt and financing | 0 | ||||||||||
Lease liabilities | 0 | ||||||||||
Put option liability | 0 | ||||||||||
Payables and accruals for capital expenditure | 0 | ||||||||||
Other trade payables | 0 | ||||||||||
Amounts due to non-controlling interests, associates and joint ventures | 0 | ||||||||||
Accrued interest and other expenses | 0 | ||||||||||
Current income tax liabilities | 0 | ||||||||||
Contract liabilities | 0 | ||||||||||
Provisions and other current liabilities | 2 | ||||||||||
TOTAL CURRENT LIABILITIES | 2 | ||||||||||
TOTAL LIABILITIES | 2 | ||||||||||
TOTAL EQUITY AND LIABILITIES | 115 | ||||||||||
Millicom Restricted Group | |||||||||||
Statement of profit or loss and other comprehensive income [abstract] | |||||||||||
Revenue | 4,348 | ||||||||||
Equipment, programming and other direct costs | (1,118) | ||||||||||
Operating expenses | (1,539) | ||||||||||
Depreciation | (709) | ||||||||||
Amortization | (260) | ||||||||||
Share of profit in joint ventures | 42 | ||||||||||
Other operating income (expenses), net | 1 | ||||||||||
Operating profit | 766 | ||||||||||
Financial income (expenses), net | (432) | ||||||||||
Other non-operating (expenses) income, net | 4 | ||||||||||
Profit (loss) from other joint ventures and associates, net | (3) | ||||||||||
Profit (loss) before taxes from continuing operations | 336 | ||||||||||
Tax expense | (248) | ||||||||||
Profit (loss) from continuing operations | 87 | ||||||||||
Profit (loss) from discontinued operations, net of tax | 4 | ||||||||||
Net profit (loss) for the year | 91 | ||||||||||
NON-CURRENT ASSETS | |||||||||||
Intangible assets other than goodwill | 6,633 | ||||||||||
Property, plant and equipment, net | 2,223 | ||||||||||
Right of use assets, net | 667 | ||||||||||
Investment in Honduras joint venture | 576 | ||||||||||
Contract costs, net | 12 | ||||||||||
Deferred tax assets | 140 | ||||||||||
Other non-current assets | 109 | ||||||||||
TOTAL NON-CURRENT ASSETS | 10,359 | ||||||||||
CURRENT ASSETS | |||||||||||
Inventories | 37 | ||||||||||
Trade receivables, net | 314 | ||||||||||
Contract assets, net | 75 | ||||||||||
Amounts due from non-controlling interests, associates and joint ventures | 8 | ||||||||||
Prepayments and accrued income | 132 | ||||||||||
Current income tax assets | 52 | ||||||||||
Supplier advances for capital expenditure | 20 | ||||||||||
Other current assets | 215 | ||||||||||
Restricted cash | 55 | ||||||||||
Cash and cash equivalents | 739 | ||||||||||
TOTAL CURRENT ASSETS | 1,647 | ||||||||||
TOTAL ASSETS | 12,006 | ||||||||||
EQUITY | |||||||||||
Share capital and premium | 1,334 | ||||||||||
Treasury shares | (8) | ||||||||||
Other reserves | (127) | ||||||||||
Retained profits | 2,258 | ||||||||||
Net profit/ (loss) for the year attributable to owners of the Company | 81 | ||||||||||
Equity attributable to owners of the Company | 3,538 | ||||||||||
Non-controlling interests | 1 | ||||||||||
TOTAL EQUITY | 3,538 | ||||||||||
NON-CURRENT LIABILITIES | |||||||||||
Debt and financing | 5,875 | ||||||||||
Lease liabilities | 628 | ||||||||||
Derivative financial instruments | 46 | ||||||||||
Amounts due to non-controlling interests, associates and joint ventures | (42) | ||||||||||
Payables and accruals for capital expenditure | 38 | ||||||||||
Provisions and other non-current liabilities | 163 | ||||||||||
Deferred tax liabilities | 140 | ||||||||||
TOTAL NON-CURRENT LIABILITIES | 6,848 | ||||||||||
Debt and financing | 109 | ||||||||||
Lease liabilities | 124 | ||||||||||
Put option liability | 86 | ||||||||||
Payables and accruals for capital expenditure | 202 | ||||||||||
Other trade payables | 266 | ||||||||||
Amounts due to non-controlling interests, associates and joint ventures | (3) | ||||||||||
Accrued interest and other expenses | 353 | ||||||||||
Current income tax liabilities | 93 | ||||||||||
Contract liabilities | 151 | ||||||||||
Provisions and other current liabilities | 239 | ||||||||||
TOTAL CURRENT LIABILITIES | 1,620 | ||||||||||
TOTAL LIABILITIES | 8,468 | ||||||||||
TOTAL EQUITY AND LIABILITIES | $ 12,006 | ||||||||||
USD 4.500% Senior Notes Due 2031 | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Borrowings, interest rate | 4.50% | 4.50% | |||||||||
USD 4.500% Senior Notes Due 2031 | Fixed rate loans | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Borrowings, interest rate | 4.50% | 4.50% | |||||||||
USD 6.625% Senior Notes Due 2026 | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Borrowings, interest rate | 6.625% | ||||||||||
USD 6.625% Senior Notes Due 2026 | Fixed rate loans | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Borrowings, interest rate | 6.625% | 6.625% | |||||||||
USD 5.125% Senior Notes Due 2028 | Fixed rate loans | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Borrowings, interest rate | 5.125% | 5.125% | |||||||||
USD 6.25% Senior Notes Due 2029 | Fixed rate loans | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Borrowings, interest rate | 6.25% | 6.25% | |||||||||
[1]2023 and 2022 yearly figures are not directly comparable with 2021 yearly figures as Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details. |
Subsequent events (Details)
Subsequent events (Details) $ in Millions | 2 Months Ended | 12 Months Ended | |||||||||||
Jan. 19, 2024 USD ($) | Mar. 12, 2024 USD ($) | Mar. 07, 2024 shares | Dec. 31, 2023 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | [1] | Jan. 24, 2024 tower | Sep. 22, 2021 | Oct. 19, 2020 | Nov. 30, 2019 | Sep. 30, 2017 | ||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of treasury shares repurchased (in shares) | shares | 282,724 | ||||||||||||
Treasury shares | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of treasury shares repurchased (in shares) | shares | 604,000 | [1] | 93,000 | 1,471,000 | |||||||||
Entering into significant commitments or contingent liabilities | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Severance expense | $ 17 | ||||||||||||
Announcement of plan to discontinue operation | Columbia Financing | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of wireless communication towers | tower | 1,100 | ||||||||||||
Potential ordinary share transactions | Treasury shares | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of treasury shares repurchased (in shares) | shares | 1,289,776 | ||||||||||||
USD 4.500% Senior Notes Due 2031 | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Borrowings, interest rate | 4.50% | 4.50% | |||||||||||
USD 4.500% Senior Notes Due 2031 | Fixed rate loans | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Borrowings, interest rate | 4.50% | 4.50% | |||||||||||
USD 4.500% Senior Notes Due 2031 | Entering into significant commitments or contingent liabilities | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Repayments of bonds, notes and debentures | $ 17 | ||||||||||||
USD 5.125% Senior Notes Due 2028 | Fixed rate loans | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Borrowings, interest rate | 5.125% | 5.125% | |||||||||||
USD 5.125% Senior Notes Due 2028 | Entering into significant commitments or contingent liabilities | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Repayments of bonds, notes and debentures | 64 | ||||||||||||
Cable Onda 4.5% Senior Notes Due 2030 | Fixed rate loans | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Borrowings, interest rate | 4.50% | ||||||||||||
Cable Onda 4.5% Senior Notes Due 2030 | Entering into significant commitments or contingent liabilities | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Repayments of bonds, notes and debentures | $ 27 | ||||||||||||
[1] During the year ended December 31, 2023, Millicom repurchased 282,724 shares for a total amount of $5 million and withheld approximately 320,985 shares for the settlement of tax obligations on behalf of employees under share-based compensation plans (2022: 93,413; 2021: 1,470,875) |