Millicom (Tigo) Q4 2023 Earnings Release
27 2월 2024 - 8:00PM
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 2023 |
Q4 2022 |
% change |
Organic % Change |
FY 2023 |
FY 2022 |
% change |
Organic % 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.
- Millicom - Earnings Release - Q4 2023_vFinal
- Millicom - IAS34 - Q4 2023 (V2 to Sofia Milestone February 27,
1024 am)
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