GlobeNewswire by notified

Millicom (Tigo) Q4 2023 Earnings Release

Share

Millicom (Tigo) Q4 2023 Earnings Release

Luxembourg, February 27, 2024 –Millicom is pleased to announce its fourth quarter 2023 results. Please find below links to the Q4 2023 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.

Highlights*

  • Revenue grew 6.8% driven by Service revenue up 7.7%, reflecting the effect of stronger currencies and organic growth of 3.2%, up from 1.8% in Q3 thanks mostly to large B2B contracts in Panama, as well as faster growth in Colombia and Bolivia.
  • Operating profit declined 3.8%, while EBITDA grew 1.6%, and both were impacted by $42 million of one-off severance costs in the quarter.
  • Excluding severance and the benefit of stronger currencies, EBITDA grew 5.3% organically, with Colombia up 24.5%, as margins continued to expand in the country.
  • Operating cash flow was $294 million in Q4 and $1.3 billion for the full year, up 12.3% organically excluding severance and other one-offs thanks largely to improved performance in our Colombia operation.
  • For the full year 2023, Equity free cash flow was negative $18 million1 and was impacted by $106 million in severance and other one-off costs, as well as increased spectrum renewal and purchase activity.
Financial highlights ($ millions)Q4 2023Q4 2022% changeOrganic % ChangeFY 2023FY 2022% changeOrganic % Change
Revenue 1,475 1,381 6.8% 2.5% 5,661 5,624 0.7% 1.5%
Operating Profit 228 238 (3.8)% 826 915 (9.8)%
Net Profit / (Loss) (63) 57 NM (82) 177 NM
Non-IFRS measures (*)
Service Revenue 1,375 1,276 7.7% 3.2% 5,250 5,171 1.5% 2.3%
EBITDA 557 548 1.6% (2.2)% 2,111 2,228 (5.2)% (4.6)%
Capex 262 266 (1.2)% 809 973 (16.8)%
Operating Cash Flow 294 282 4.2% (3.1)% 1,302 1,255 3.7% 4.4%
Equity free cash flow** 39 206 (81.0)% (18) 171 NM

*See page 11 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures. **Excluding Africa and Lati taxes.

Millicom Chief Executive Officer Mauricio Ramos commented:

"During Q4, we put in place the last remaining building blocks to position the company to drive a material and sustainable increase in annual equity free cash flow generation beginning in 2024. Specifically:

  • we implemented Phase 2 of Project Everest, which we anticipate will drive significantly higher EBITDA from each country and lower centrally-managed costs going forward;
  • we acquired 5G spectrum jointly with Telefonica's Colombia subsidiary and we advanced a mobile network combination, marking another important step to optimize our capital investment, improve profitability, and increase free cash flow generation in this country;
  • we sustained market leadership and saw encouraging pricing and growth trends in Guatemala, and we started to utilize recently-acquired spectrum to optimize our network investment in that country;
  • we maintained our B rating from CDP, demonstrating Millicom’s commitment to climate change mitigation; 
  • we launched the Lati monetization process, aimed at optimizing Millicom's investment and capital structure.

As a result of these actions and considering also many other initiatives implemented in recent years, we are well positioned to achieve our target equity free cash flow of around $550 million in 2024.

Finally and on behalf of the board and the entire Tigo team, I wish to express our heartfelt sorrow following the untimely passing of Nicolas Jaeger, our esteemed Board member, colleague, and friend."

• Q4 2023 Earnings Release

• IAS 34 Interim Condensed Consolidated Financial Statements

Millicom is planning to host a video conference for the global financial community on February 27, 2024, at 14:00 (Stockholm) / 13:00 (London) / 08:00 (Miami).

Registration for the interactive event is required at the following link. After registering, you will receive a confirmation email containing details about joining the video conference. Participants who wish to ask a question during the live event must notify the Investor Relations team via email to investors@millicom.com after the start of the event.

Participants may also join the conference in listen-only mode by dialing any of the following numbers and entering the Webinar ID: 831 6130 4429:

US: +1 929 205 6099                                                   Sweden: +46 850 539 728

UK: +44 330 088 5830                                                Luxembourg: +352 342 080 9265

Additional international numbers are available at the following link. Accompanying slides and a replay of the event will be available on the Millicom investor's website.

For further information, please contact:

Press:
Sofía Corral, Communications Director
press@millicom.com
Investors:
Michel Morin, VP Investor Relations
investors@millicom.com

About Millicom

Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of December 31, 2023, Millicom, including its Honduras Joint Venture, employed approximately 16,500 people and provided mobile and fiber-cable services through its digital highways to more than 45 million customers, with a fiber-cable footprint over 13 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.

Regulatory Statement

This information was prior to this release inside information and is information that Millicom is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 12:00 CET on February 27, 2024.





1 Excluding $17 million of taxes related to the Lati carve-out transaction.



Attachments

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

C.K. McWhorter Endows Wimbledon Championships With Esteemed McWhorter Family Trust Warrant Of Excellence13.4.2024 23:39:06 CEST | Press release

LONDON, April 13, 2024 (GLOBE NEWSWIRE) -- C.K. McWhorter and the McWhorter Family Trust are thrilled to announce the endowment of a Warrant of Excellence to The Wimbledon Championships. This prestigious award recognizes Wimbledon's steadfast commitment to Environmental, Social, and Governance (ESG) principles alongside its celebrated tradition in the realm of tennis since 1877. Located at the All England Lawn Tennis and Croquet Club, Wimbledon is noted not only for its championship legacy but also for its progressive environmental stewardship. The tournament has implemented sustainable practices that reduce its carbon footprint, promote recycling, and conserve energy. Furthermore, its engagement in community and social initiatives exemplifies its commitment to social responsibility. "The integration of ESG values within Wimbledon's operations mirrors the ethos of the McWhorter Family Trust, which champions sustainable and responsible practices in all our endorsements," said C.K. McWho

C.K. McWhorter Endows Maison Goyard With Esteemed McWhorter Family Trust Warrant Of Excellence13.4.2024 22:46:26 CEST | Press release

PARIS, April 13, 2024 (GLOBE NEWSWIRE) -- C.K. McWhorter and the McWhorter Family Trust announce the endowment of the prestigious McWhorter Family Warrant of Recognition to Maison Goyard, in celebration of its exceptional commitment to Environmental, Social, and Governance (ESG) practices within the luxury sector. This accolade underscores Goyard's significant contributions to sustainable luxury, mirroring the McWhorter Family Trust’s ethos of promoting environmentally and socially responsible investments. Celebrating Over a Century of Excellence and Heritage Founded in 1853 in Paris, Goyard is one of the oldest and most revered names in luxury, renowned for its exquisite craftsmanship and enduring dedication to quality. The Maison’s commitment to maintaining its storied heritage while advancing modern sustainable practices has set a standard in the merging of tradition with innovation. Maison Goyard’s Commitment to Sustainability Goyard's dedication to sustainability is reflected in i

Correction, Clarification, Disclaimer, Disclosure and Forward-Looking Information on Previously Released Statements by C.K. McWhorter, McWhorter Foundation, McWhorter Foundation Inc. & CTRL USA, CTRL USA LLC, McWhorter Trust, McWhorter Family Trust, Carter Kennedy Equity Partners, Commitment to Transparency13.4.2024 13:59:53 CEST | Press release

PALM BEACH, Fla., April 13, 2024 (GLOBE NEWSWIRE) -- In our previous communications, particularly the statements dated Nov 13, 2019, Nov 23, 2020, Nov 27, 2020, July 14, 2020, Mon, Apr 12, 2021, June 07, 2021, March 29, 2021, March 31, 2021, April 20, 2023, March 17, 2024 information was provided concerning events & or residential real estate transactions. It has come to our attention that some of these statements were inaccurately presented as completed events and also included projections that have not yet been realized. Correction and Clarification: We regret any confusion caused by the inaccuracies and the premature or accidental announcement of mock releases & or future plans. We are issuing this statement to correct and clarify. The events described as having occurred have not yet taken place. The forward-looking statements regarding were intended to be held in house as mock press releasesForward-Looking Statements: This press release contains forward-looking statements within th

Nokia Corporation: Repurchase of own shares on 12.04.202412.4.2024 21:30:00 CEST | Press release

Nokia Corporation Stock Exchange Release 12 April 2024 at 22:30 EEST Nokia Corporation: Repurchase of own shares on 12.04.2024 Espoo, Finland – On 12 April 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL557,4733.19CEUX--BATE--AQEU--TQEX--Total557,4733.19 * Rounded to two decimals On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 4 April 2023 started on 20 March 2024 and ends by 18 December 2024 with a maximum aggregate purchase price of EUR 300 million. Total cost of

EPH European Property Holdings PLC Suggests Amendments to the Terms of its Listed Bonds ISIN CH117734830212.4.2024 20:00:00 CEST | Press release

12th April 2024, Limassol, Cyprus I Ad hoc announcement pursuant to Art. 53 LR EPH European Property Holdings PLC (the “Company” or “EPH”) has decided to suggest to the holders of the Company’s bonds with ISIN CH1177348302 and with a total nominal value of EUR 122,175,000 to amend certain terms of these bonds: Replacement of the current interest rate of 2.25 % p.a. with an interest rate of 3.50% p.a.; andA term prolongation of 5 years of the Bonds until 31 May 2029 The bondholders are requested to consent or reject the suggested amendments until 13th May 2024. Subject to having received consents by all bondholders the amendments to the Terms of the Bonds shall become effective on 1st June 2024. EPH EUROPEAN PROPERTY HOLDINGS PLC is an investment company listed on SIX Swiss Exchange and holds a commercial property portfolio with a total value of approx. EUR 900 million, including real estate assets in Berlin, Hamburg, Stuttgart, Dresden, Switzerland and Vienna. Additional information on

HiddenA line styled icon from Orion Icon Library.Eye