Millicom (Tigo) Q2 2023 Earnings Release
27 7월 2023 - 7:00PM
Millicom (Tigo) Q2 2023 Earnings Release
Luxembourg, July 27, 2023 –
Millicom is pleased to announce its second quarter 2023 results.
Please find below links to the Q2 2023 Earnings Release and IAS 34
Interim Condensed Consolidated Financial Statements.
Highlights*
- Revenue declined 3.8% mainly due to currency depreciation
compared to the prior year and lower telephone and equipment sales.
Excluding currency impacts, revenue declined 0.2%
year-on-year.
- Service revenue increased 1.9% organically, with growth across
all business units, including 6.1% growth in B2B and 1.7% growth in
mobile driven by 8.6% growth in postpaid, with growth in most
countries.
- Operating profit declined 19.8%, mostly reflecting currency
depreciation and lower EBITDA, which declined 7.9% organically,
impacted mainly by restructuring costs, higher non-cash share-based
compensation and legal expenses, as well as incremental costs
related to investments to protect our leadership position in
Guatemala.
- Operating cash flow increased 3.3% to $333 million, an organic
increase of 9.5%, mostly reflecting lower capital investment in our
Home business in some countries, which more than offset the decline
in EBITDA.
- Net loss of $22 million compared to net profit $129 million in
Q2 2022, which included a large gain on the sale of our Tanzania
operation.
- During Q2, our Colombia operation signed a Memorandum of
Understanding with Telefonica Colombia to create a jointly-owned
mobile infrastructure company, which is expected to produce
material synergies. Full transaction documentation is not yet
completed, and the transaction is subject to various regulatory
approvals.
Financial highlights ($ millions) |
Q2 2023 |
Q2 2022 |
% change |
Organic % Change |
H1 2023 |
H1 2022 |
% change |
Organic % Change |
Revenue |
1,393 |
1,447 |
(3.8)% |
(0.2)% |
2,762 |
2,856 |
(3.3)% |
1.0% |
Operating Profit |
198 |
247 |
(19.8)% |
|
388 |
481 |
(19.4)% |
|
Net Profit / (Loss) |
(22) |
129 |
NM |
|
(19) |
152 |
(112.5)% |
|
Non-IFRS measures (*) |
|
|
|
|
|
|
|
|
Service Revenue |
1,291 |
1,315 |
(1.8)% |
1.9% |
2,555 |
2,615 |
(2.3)% |
2.1% |
EBITDA |
515 |
577 |
(10.8)% |
(7.9)% |
1,022 |
1,141 |
(10.4)% |
(7.0)% |
Capex |
182 |
255 |
(28.5)% |
|
367 |
454 |
(19.1)% |
|
Operating Cash Flow |
333 |
322 |
3.3% |
9.5% |
655 |
687 |
(4.7)% |
0.1% |
*See page 12 of the Q2 2023 Earning Release for a description of
non-IFRS measures and for reconciliations to the nearest equivalent
IFRS measures. This information is also available at
www.millicom.com/investors/reporting-center
Millicom Chief Executive Officer
Mauricio Ramos commented:
"The second quarter saw both continued
challenges and positive trends. On the positive side, our B2B
operation continued to perform very well, with organic growth of
6%, along with postpaid, which grew almost 9% during the
quarter.
In contrast, growth in our Home business
remained challenged, especially in Colombia and Bolivia, two of our
largest Home markets, and we have adjusted our investment plans
accordingly. In Guatemala, we took additional steps to defend our
mobile market leadership, which impacted profitability during the
quarter but allowed us to maintain our customer base and market
leadership, maximizing value creation potential over the long term.
We also expect the recent acquisition of high-band spectrum will
further strengthen our competitive position as we start to utilize
it in coming months. With this, we remain optimistic about the
outlook in our most important market.
Looking ahead, our four key priorities are to:
(1) deliver the expected efficiencies from Project Everest, (2)
sustain market leadership and improve cash generation in Guatemala,
(3) accelerate cash flow improvement in Colombia via organic and
inorganic initiatives, and (4) capture value from Lati, our tower
and infrastructure company. Delivering on these priorities will
position the company to generate robust and sustainable equity free
cash flow and create significant shareholder value."
• Q2 2023 Earnings
Release
• IAS 34 Interim
Condensed Consolidated Financial Statements
Millicom is planning to host a video
conference for the global financial community on July 27,
2023, 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: 819 5108 0974:
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
Sarah Inmon, Director 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 June 30, 2023, Millicom, including its
Honduras Joint Venture, employed approximately 19,300 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 July 27,
2023.
- Press release - Q2 2023
- Millicom - Earnings Release - Q2 2023
- Millicom - IAS34 - Q2 2023
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