Millicom (Tigo) Q3 2023 Earnings Release
26 10월 2023 - 7:00PM
Luxembourg, October 26, 2023 –
Millicom is pleased to announce its third quarter 2023 results.
Please find below links to the Q3 2023 Earnings Release and IAS 34
Interim Condensed Consolidated Financial Statements.
Highlights*
- Revenue grew 2.6%, reflecting both organic growth and the
effect of stronger currencies. Excluding currency impacts, revenue
increased 1.4% year-on-year.
- Service revenue increased 1.8% organically, as Mobile
accelerated to 3.0% in Q3 fueled by improved ARPU trends, while
Fixed and other services was flat.
- Operating profit increased 6.8%, as increased profit from joint
ventures and other income more than offset a 1.2% decline in
EBITDA, which was impacted by $33 million of one-off severance
costs and a legal ruling. Excluding one-off items in both years,
organic EBITDA growth was 2.6%, in excess of service revenue
growth.
- Operating cash flow increased 23.3% to $353 million, as a
result of capital allocation and price discipline in our Home
business in some countries.
- Equity free cash flow of $100 million in the quarter, up
strongly from $26 million in Q3 2022. We reiterate our guidance of
cumulative EFCF of at least $500 million for the 2022-2024
period.
Financial highlights ($ millions) |
Q3 2023 |
Q3 2022 |
% change |
Organic % Change |
9M 2023 |
9M 2022 |
% change |
Organic % Change |
Revenue |
1,424 |
1,388 |
2.6% |
1.4% |
4,186 |
4,243 |
(1.4)% |
1.1% |
Operating Profit |
209 |
196 |
6.8% |
|
597 |
678 |
(11.8)% |
|
Net Profit / (Loss) |
— |
(32) |
(100.2)% |
|
(19) |
120 |
(115.7)% |
|
Non-IFRS measures (*) |
|
|
|
|
|
|
|
|
Service Revenue |
1,320 |
1,280 |
3.2% |
1.8% |
3,875 |
3,895 |
(0.5)% |
2.0% |
EBITDA |
533 |
539 |
(1.2)% |
(2.0)% |
1,555 |
1,680 |
(7.5)% |
(5.4)% |
Capex |
180 |
253 |
(29.0)% |
|
547 |
707 |
(22.6)% |
|
Operating Cash Flow |
353 |
286 |
23.3% |
22.3% |
1,008 |
973 |
3.6% |
6.7% |
*See page 11 for a description of non-IFRS measures and for
reconciliations to the nearest equivalent IFRS measures.
Millicom Chief Executive Officer Mauricio Ramos
commented:
"During the third quarter, we continued to advance on the four
key priorities I outlined last quarter:
- Colombia: performance was solid with 9% EBITDA local currency
growth, record EBITDA margins, and OCF growth of more than 70%
year-to-date; we obtained regulatory approval to share our mobile
network and spectrum with Telefonica's; and in October, we reached
an agreement with our partner EPM to jointly capitalize the
business to tap the growth and value creation potential we see in
that market;
- Guatemala: we have achieved our objective of sustaining our
market share and leadership; we acquired spectrum critical to
preserving our brand quality; we took price action to mitigate the
effects of inflation, and we saw signs of stabilization during the
quarter;
- Project Everest: during Q3, we significantly increased the
scope and accelerated the implementation of our efficiency program;
the actions taken in Q3 are expected to add $35 million to our
original $100 million target, with more initiatives planned for
Q4.
- Lati, our Tower and Infrastructure company: we began
transferring tower assets to Lati in October, and we expect to
launch a monetization process in Q4.
The steps we are taking position the company to achieve its
equity free cash flow target of at least $500 million in the
2022-2024 period"
• Q3 2023 Earnings
Release
• IAS 34 Interim
Condensed Consolidated Financial Statements
Millicom is planning to host a video
conference for the global financial community on October
26, 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: 878 9840 3093
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 investors 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 September 30, 2023, Millicom, including
its Honduras Joint Venture, employed approximately 19,000 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 October 26,
2023.
- Press release - Q3 2023
- Millicom - IAS34 - Q3 2023
- Millicom - Earnings Release - Q3 2023
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