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*
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:
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."
• 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 Directorpress@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.
1Excluding $17 million of taxes related to the Lati carve-out transaction.
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