6-K 1 dp04726_6k.htm

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 14, 2007

Commission File Number: 000-22828

MILLICOM INTERNATIONAL

CELLULAR S.A.

75 Route de Longwy

Box 23, L-8080 Bertrange

Grand-Duchy of Luxembourg

(Address of principal executive offices)

     Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F   X   Form 40-F       

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ___

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___

     Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

         Yes        No   X  

     If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-____________

MILLICOM INTERNATIONAL CELLULAR S.A.

INDEX TO EXHIBITS

Item
1.	Press release dated February 14, 2007

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MILLICOM INTERNATIONAL CELLULAR S.A.
	(Registrant)
Date: February 14, 2007	By: /s/ Marc Beuls
	Name:	Marc Beuls
	Title:	President and Chief Executive Officer
	By: /s/ David Sach
	Name:	David Sach
	Title:	Chief Financial Officer

Item 1

MILLICOM INTERNATIONAL CELLULAR S.A.

FOR IMMEDIATE RELEASE
February 14, 2007

MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS
FOR THE PERIOD ENDED DECEMBER 31, 2006

New York and Stockholm – February 14, 2007 – Millicom International Cellular S.A. (Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC), the global telecommunications company, today announces results for the quarter and year ended December 31, 2006.

• Subscriber increase for Q4 of 99%, bringing total subscribers to 14.9m*
• 99% increase in revenues for Q4 to $544m (Q4 05: $273m) *
• 71% increase in EBITDAfor Q4 to $229m (Q4 05: $134m) *
• Profit before tax for Q4 of $99m (Q4 05: $76m) *
• Net Profit for Q4, including discontinued operations, of $50m (Q4 05: $16m)
• Basic earnings per common share for Q4 of $0.50 (Q4 05: $0.16)
  
  
• 71% increase in revenues for the full year to $1,576m (2005: $923m) *
• 64% increase in EBITDA for the full year to $717m (2005: $438m) *
• Profit before tax for the full year of $354m (2005: $171m) *
• Net Profit for the full year, including discontinued operations, of $169m (2005: $10m)
• Basic Earnings per common share of $1.68 for the year to Dec 2006 (2005: $0.10)

*Excludes discontinued operations

Chief Executive Officer’s Review

Marc Beuls, Chief Executive comments: “In the fourth quarter Millicom again delivered exceptional growth surpassing what was a record breaking third quarter. Fourth quarter revenues increased by 99% from Q4 2005 to $544m and EBITDA rose by 71% to $229m. In Q4, 3.7 million new subscribers were added, of which 1.9m came through the acquisition of Colombia Movil.

“The very high levels of subscriber intake, 7.4 million for the whole year, went in tandem with increased capex during 2006. Capex for the fourth quarter was $247 million giving a total of $616 million for the year, excluding Pakistan and other discontinued operations. This reflected strong investment in the networks in all our regions, but particularly in Colombia and the Democratic Republic of Congo. The progress made in building a new network in Congo allowed us to launch the Tigo brand this January, and with over 100,000 subscribers today, the first signs for the Congo business are encouraging. We have also launched Tigo in Sri Lanka and expect Tigo to be an important catalyst for this business too.

“Central and South America remain the key drivers of growth reflecting the success of Tigo in the second year after launch. In the fourth quarter, revenues in Central America were up 77% year on year and EBITDA was up 62%. In South America, excluding Colombia where we launched Tigo in November, underlying quarterly revenue growth was 80% and EBITDA growth was 109%. In Africa, with revenues and EBITDA up by 59% and 53%, respectively, we are already seeing the effect of the launch of Tigo and we believe that in the future our African businesses can achieve similar if not higher levels of growth than those we have enjoyed from Latin America. In the fourth quarter, we cleaned up the subscriber base in Tanzania which affected net subscriber intake for the quarter but helped increase ARPUs as these customers were inactive.

“Yesterday we completed the sale of Paktel for an enterprise value of $460 million. The number of subscribers for Pakistan was similar to that for Colombia and as such, the total number of subscribers at year-end has not been materially impacted. We believe our opportunity as the third operator in Colombia is a more attractive prospect and we expect to see Colombia Movil rise towards average group margins in the medium term. The current and prior year results have been presented to show the continuing businesses separately by segregating the discontinued operations. We have also merged the South Asia and South East Asia clusters into one Asian operation.”

FINANCIAL SUMMARY FOR THE PERIOD TO DECEMBER 31, 2006 AND 2005

SUBSCRIBERS		Q4			Q4			Q on Q
		2006			2005			change
- Total(i)		14,945,445			7,511,265			99	%
- Attributable(ii)		12,840,568			6,277,234			105	%
REPORTED NUMBERS		Q4			Q4			Q on Q				FY			FY			Y on Y
US$ ‘000		2006			2005			change				2006			2005			change
Revenues		543,781			273,411			99	%			1,576,100			922,780			71	%
EBITDA(iii)		229,191			134,220			71	%			717,148			438,094			64	%
EBITDA margin		42	%		49	%						46	%		47	%
Net Profit for the period		49,895			16,130							168,947			10,277

(i)	Total subscriber figures represent the worldwide total number of subscribers of mobile systems in which Millicom has an ownership interest.
(ii)	Attributable subscribers are calculated as 100% of subscribers in Millicom’s subsidiary operations and Millicom’s percentage ownership of subscribers in each joint venture operation.
(iii)	EBITDA: operating profit before interest, taxes, depreciation and amortization, is derived by deducting cost of sales, sales and marketing costs, general and administrative expenses from revenues and other operating income.

FINANCIAL AND OPERATING SUMMARY

• Strong subscriber growth with total subscribers at 14.9 million, an increase of 99% compared to Q4 2005
  
  
• 3,679,325 new total subscribers added in Q4 2006
  
  
• Record revenues of $544 million in Q4 2006, up 99% vs Q4 2005
  
  
• Record EBITDA of $229 million in Q4 2006, up 71% vs Q4 2005
  
  
• Investments include capex of $247 million for the fourth quarter and $616 million for the full year to December 2006, excluding capex of discontinued operations. Total capex, including Pakistan and other discontinued operations, amounted to$724 million for the year and $295 million for the quarter.
  
  
• Cash and cash equivalents of $657 million at end of Q4 2006
  
  
• Cash upstreaming of $361 million in the year to December 2006
  
  
• Net debt of $837 million with a Net Debt to full year EBITDA ratio of 1.2 to 1 enabling significant continuing investment
  
  
• Total cellular minutes increased by 121% for the three months ended December 31, 2006 from the same quarter in 2005 and prepaid minutes increased by 124% in the same period.
  
  
• On October 2, 2006 Millicom acquired 21.6 million new shares of Colombia Movil, representing a 50% plus 1 share controlling stake in the company for a consideration of US$125 million. Colombia Movil is fully consolidated as a Millicom subsidiary since October 2, 2006.
  
  
• On October 18, 2006, Millicom sold its broadband business in Peru.

2

SUBSEQUENT EVENTS

• On February 13, 2007 Millicom completed the sale of its 88.86% shareholding in Paktel Limited to China Mobile Communications Corporation with an implied enterprise value of US$460 million. Millicom expects a net gain of approximately $270 million on receipt of the total cash consideration. In 2006, losses from discontinued operations were some $76 million, which were mostly from Paktel.

REVIEW OF OPERATIONS

SUBSCRIBER GROWTH

In the fourth quarter of 2006 Millicom’s worldwide operations in Latin America, Africa and Asia added 3,679,325 net new total cellular subscribers.

At December 31, 2006, Millicom’s total cellular subscriber base increased by 99% to 14,945,445 cellular subscribers from 7,511,265 as at December 31, 2005. Particularly significant year on year percentage increases were recorded in Ghana (170%), Chad (105%), Guatemala (91%), El Salvador (88%), Honduras (86%) and Paraguay (84%). Millicom’s attributable subscriber base increased to 12,840,568 as at December 31, 2006 from 6,277,234 as at December 31, 2005, an increase of 105%.

Prepaid subscribers accounted for 94% or 14,069,319 of the total cellular subscribers reported at the end of the fourth quarter.

FINANCIAL RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2006

Total revenues for the three months ended December 31, 2006 were $543.8 million, an increase of 99% from the fourth quarter of 2005 excluding discontinued operations. The Central American market produced a 77% increase in revenues from $142.0 million for the fourth quarter of 2005 to $250.9 million for the fourth quarter of 2006, with Guatemala and Honduras both producing growth of at least 80%. South America reported the strongest year on year organic revenue growth for the quarter, with Bolivia and Paraguay combined producing an increase of 80%. Including Colombia, which was consolidated in the fourth quarter of 2006, revenues for South America were $162.3 million, up over 300% from the fourth quarter of 2005. From 2005, Millicom has been able to pursue higher value customers with value-added services following the roll-out of Tigo branded GSM services across Latin America and this has led to strong ARPU levels across the region.

Fourth quarter revenues for Africa were $92.4 million compared to $58.1 million in the fourth quarter of 2005, an increase of 59%, reflecting Millicom’s investment and increased capex in Africa to grow its networks. Excluding Chad, which grew by 297% from the fourth quarter of 2005 from a low base, the strongest market was again Ghana which grew by 147%. Revenues from Senegal and Tanzania are starting to see the benefits of the Tigo launches in those countries. The Democratic Republic of Congo grew 11% from the third quarter of 2006 and celebrated its own Tigo launch on January 18, 2007.

With Paktel now held as a discontinued operation, Sri Lanka, the remaining South Asian operation and the South East Asian operations of Cambodia and Laos have been put together into one Asian cluster. Revenues for Asia for the fourth quarter were $38.2 million, up 15% from $33.2 million for the fourth quarter of 2005.

EBITDA for the three months ended December 31, 2006 was $229.2 million, a 71% increase from the fourth quarter of 2005. Central America recorded growth in EBITDA of 62% from the fourth quarter of 2005 to $131.4 million. The equivalent increase for South America was 109%, excluding Colombia. Total EBITDA, including Colombia, was $48.9 million. EBITDA for Africa increased by 53% to $32.8 million. EBITDA for Asia was $16.1 million, an 8% increase from the fourth quarter of 2005.

The EBITDA margin in the fourth quarter of 2006 was 42%. Central and South America recorded EBITDA margins of 52% and 30% respectively in the fourth quarter of 2006. The South American EBITDA margin was impacted by the lower than average margin in Colombia Movil. For Africa, the EBITDA margin was 36%, and for Asia it was 42%. Compared to 2005, the Group EBITDA margin was lower due to the impact of Colombia and a reduction in non-recurring other operating income.

3

FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2006

Total revenues for the year ended December 31, 2006 were $1,576.1 million, an increase of 71% over 2005. Revenues for Central America were $796.1 million, an increase of 76%, and for South America, revenues were $321.0 million, up 127%. Revenues for Africa were $312.1 million, increasing by 53%. In Asia revenues were $146.9 million, up 18% year on year.

EBITDA was $717.1 million for the year ended December 31, 2006, an increase of 64% over 2005. EBITDA for Central America for the year ended December 31, 2006 increased by 74% to $415.4 million and increased by 108% for South America to $118.0 million. Africa recorded a 39% increase to $122.6 million for the year ended December 31, 2006. EBITDA for Asia was $61.1 million, up 13%.

The Group EBITDA margin for the year ended December 31, 2006 was 46%, for Central America it was 52%, for South America 37%, for Africa 39%, and for Asia 42%.

Total cellular minutes increased by 82% for the year ended December 31, 2006 compared with 2005 and prepaid minutes by 92%.

COMMENTS ON FINANCIAL STATEMENTS

• The depreciation charge in 2006 is substantially higher than 2005 due to higher capital expenditures.
  
  
• The increase in property, plant and equipment (PPE) is also primarily a result of the higher capex levels to greatly improve the quality and coverage of the networks.
  
  
• The acquisition of Colombia Movil has impacted most areas of the financial statements with particularly major impacts on the subscriber numbers, PPE, intangible assets (including goodwill) and external debt.
  
  
• Paktel has been classified as an asset held for sale and, as such, its assets and liabilities have been segregated and shown on separate lines on the balance sheet.
  
  
• Paktel, Pakcom, Vietnam and Peru have all been classified as discontinued operations in the financial statements. Accordingly, the current and prior year results have been amended to show these operations within a single line on the profit and loss statement.

4

OTHER INFORMATION

The amounts in the consolidated statements of profit and loss for the three months and twelve months ended December 31, 2006, the consolidated balance sheets as at December 31, 2006 and December 31, 2005, the condensed consolidated statements of cash flows and condensed consolidated changes in equity are prepared in accordance with International Financial Reporting Standards (IFRS).

This report is unaudited.

Millicom’s financial results for the first quarter of 2007 will be published on April 24, 2007.

Luxembourg, February 14, 2007.

Marc Beuls, President & Chief Executive Officer
David Sach, Chief Financial Officer

Millicom International Cellular S.A
75 Route de Longwy
L-8080 Bertrange
Luxembourg
Tel : +352 27 759 101
Registration number: R.C.S. Luxembourg B 40.630

Millicom International Cellular S.A. is a global telecommunications group with cellular operations in Asia, Latin America and It currently has cellular operations and licenses in 16 countries. The Group’s cellular operations have a combined population license of approximately 280 million people.

This press release may contain certain “forward-looking statements” with respect to Millicom’s expectations and plans, strategy, management’s objectives, future performance, costs, revenues, earnings and other trend information. It is important to note Millicom’s actual results in the future could differ materially from those anticipated in forward-looking statements depending various important factors. Please refer to the documents that Millicom has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Millicom’s most recent annual report on Form 20-F, discussion of certain of these factors.

All forward-looking statements in this press release are based on information available to Millicom on the date hereof. All written oral forward-looking statements attributable to Millicom International Cellular S.A., any Millicom International Cellular members or persons acting on Millicom’s behalf are expressly qualified in their entirety by the factors referred to above. Millicom does not intend to update these forward-looking statements.

CONTACTS:

Marc Beuls	Telephone:	+352 27 759 327
President and Chief Executive Officer
Millicom International Cellular S.A., Luxembourg
David Sach	Telephone:	+352 27 759 327
Chief Financial Officer
Millicom International Cellular S.A., Luxembourg
Andrew Best	Telephone:	+44 20 7321 5022
Investor Relations
Shared Value Ltd, London
Visit our web site at http://www.millicom.com
		5

CONFERENCE CALL DETAILS

A conference call to discuss the results will be held at 15.00 UK / 16.00 CET / 10.00 ET, on Wednesday, February 14, 2007. The dial-in numbers are: +44 (0)20 7806 1955, +46 (0)8 5352 6407 or +1 718 354 1388 and participants should quote Millicom International Cellular. A live audio stream of the conference call can also be accessed at www.millicom.com. Please dial in / log on 5 minutes prior to the start of the conference call to allow time for registration. A recording of the conference call will be available for 7 days after the conference call, commencing approximately 30 minutes after the live call has finished, on: +44 (0)20 7806 1970 / +46 (0)8 5876 9441 or +1 718 354 1112, access code: 6657480#.

APPENDICES

• Consolidated statements of profit and loss for the three months ended December 31, 2006 and 2005
  
  
• Consolidated statements of profit and loss for the years ended December 31, 2006 and 2005
  
  
• Consolidated balance sheets as at December 31, 2006 and 2005
  
  
• Condensed consolidated statements of cash flows for the years ended December 31, 2006 and 2005
  
  
• Condensed consolidated statements of changes in equity for the years ended December 31, 2006 and 2005
  
  
• Quarterly analysis by cluster
  
  
• Total subscribers and market position by country

6

     Millicom International Cellular S.A.

Consolidated statements of profit and loss
for the three months ended December 31, 2006 and 2005

		Quarter ended			Quarter ended
		Dec 31, 2006			Dec 31, 2005
		(Unaudited)			(Unaudited)
		US$’000			US$’000
Revenues		543,781			273,411
Operating expenses
Cost of sales (excluding depreciation and amortization)		(152,354	)		(78,397	)
Sales and marketing		(95,646	)		(40,030	)
General and administrative expenses		(68,858	)		(33,860	)
Other operating income		2,268			13,096
EBITDA		229,191			134,220
Corporate costs		(9,970	)		(4,681	)
Stock compensation		(3,419	)		(703	)
Write-back / (write-down) of assets, net		(5,662	)		11,046
Gain from sale of subsidiaries and joint ventures, net		2,263			493
Depreciation and amortization		(86,693	)		(44,058	)
Operating profit		125,710			96,317
Interest expense		(44,285	)		(29,581	)
Interest and other income		15,054			8,101
Other, net		2,198			186
Profit from associated companies		511			845
Profit before taxes		99,188			75,868
Taxes		(41,651	)		(23,948	)
Net Profit after taxes		57,537			51,920
Result from discontinued operations		(18,832	)		(37,377	)
Minority interest		11,190			1,587
Net Profit for the period		49,895			16,130
Basic earnings per common share (US$)		0.50			0.16
Weighted average number of shares
outstanding in the period (in thousands)		100,650			98,937
Profit for the period used to determine diluted earnings per
common share		49,895			16,130
Diluted earnings per common share (US$)		0.49			0.16
Weighted average number of shares and potential
dilutive shares outstanding in the period (in thousands)		101,759			99,927

7

     Millicom International Cellular S.A.

Consolidated statements of profit and loss
for the years ended December 31, 2006 and 2005

		Year ended			Year ended
		Dec 31, 2006			Dec 31, 2005
		(Unaudited)			(Unaudited)
		US$’000			US$’000
Revenues		1,576,100			922,780
Operating expenses
Cost of sales (excluding depreciation and amortization)		(433,878	)		(263,807	)
Sales and marketing		(246,591	)		(124,187	)
General and administrative expenses		(182,519	)		(112,104	)
Other operating income		4,036			15,412
EBITDA		717,148			438,094
Corporate costs		(37,613	)		(23,137	)
Stock compensation		(12,850	)		(3,075	)
Write-back / (write-down) of assets, net		(4,455	)		2,193
Gain from sale of subsidiaries and joint ventures, net		8,099			2,437
Depreciation and amortization		(229,041	)		(141,143	)
Operating profit		441,288			275,369
Interest expense		(123,969	)		(116,031	)
Interest and other income		36,385			23,373
Other, net		(1,186	)		(12,807	)
Profit from associated companies		1,483			1,296
Profit before taxes		354,001			171,200
Taxes		(118,205	)		(68,795	)
Net Profit after taxes		235,796			102,405
Result from discontinued operations		(75,813	)		(98,260	)
Minority interest		8,964			6,132
Net profit for the year		168,947			10,277
Basic earnings per common share (US$)		1.68			0.10
Weighted average number of shares
outstanding in the year (in thousands)		100,361			98,803
Profit for the year used to determine diluted earnings per
common share		168,947			10,277
Diluted earnings per common share (US$)		1.67			0.10
Weighted average number of shares and potential
dilutive shares outstanding in the year (in thousands)		101,371			99,920

8

Millicom International Cellular S.A.
Consolidated balance sheets
as at December 31, 2006 and 2005

		Dec 31,		Dec 31,
		2006		2005*
		(Unaudited)
		US$’000		US$’000
Assets
Non-current assets
Intangible assets, net		482,775		370,742
Property, plant and equipment, net		1,267,159		671,774
Investment in associates		6,838		5,367
Financial assets:
Financial assets available for sale		-		6,307
Pledged deposits		4,512		6,500
Other non-current assets		21,713		2,745
Deferred taxation		3,706		4,817
Total non-current assets		1,786,703		1,068,252
Current assets
Financial assets:
Financial assets at fair value through profit or loss		-		327,803
Financial assets held to maturity		-		7,687
Pledged deposits		45,402		47,035
Inventories		54,245		16,369
Trade receivables, net		185,455		109,165
Amounts due from joint ventures and joint venture partners		37,346		19,244
Amounts due from other related parties		1,221		1,781
Prepayments and accrued income		58,429		48,046
Current tax assets		4,916		14,716
Other current assets		83,512		52,796
Time deposits		-		108
Cash and cash equivalents		656,692		596,567
Total current assets		1,127,218		1,241,317
Assets held for sale		407,073		250,087
Total assets		3,320,994		2,559,656

*Intangible assets have been amended to reflect the final purchase price allocation for Millicom’s acquisition of its operation in the Democratic Republic of Congo.

9

Millicom International Cellular S.A.
Consolidated balance sheets
as at December 31, 2006 and 2005

		Dec 31, 2006			Dec 31, 2005*
		(Unaudited)
		US$’000			US$’000
Equity and liabilities
Equity
Share capital and premium (represented by 100,683,880 shares as of December 31, 2006)		372,526			465,157
Treasury stock		-			(8,833	)
Other reserves		2,966			(15,217	)
Retained losses brought forward		(39,565	)		(151,779	)
Net Profit for the year		168,947			10,277
		504,874			299,605
Minority Interest		77,514			34,179
Total equity		582,388			333,784
Liabilities
Non-current liabilities
Debt and other financing:
10% Senior Notes		538,673			537,599
4% Convertible Notes – Debt component		171,169			163,284
Other debt and financing		649,153			120,041
Other non-current liabilities		49,353			203,988
Deferred taxation		34,368			45,228
Total non-current liabilities		1,442,716			1,070,140
Current liabilities
Debt and other financing:
5% Mandatory Exchangeable Notes – Debt component		-			315,359
Other debt and financing		134,661			96,340
Capex payables		276,850			110,336
Other trade payables		151,454			100,204
Amounts due to joint ventures and joint venture partners		32,017			14,122
Amounts due to related parties		5,184			4,780
Accrued interest and other expenses		113,316			61,236
Current tax liabilities		89,077			67,815
Other current liabilities		99,292			138,816
Total current liabilities		901,851			909,008
Liabilities directly associated with assets held for sale		394,039			246,724
Total liabilities		2,738,606			2,225,872
Total equity and liabilities		3,320,994			2,559,656

* Equity has been amended to reflect the final purchase price allocation for Millicom’s acquisition of its operation in the DRC.

10

     Millicom International Cellular S.A.
Condensed consolidated statements of cash flows
for the years ended December 31, 2006 and 2005

		Dec 31, 2006			Dec 31, 2005
		(Unaudited)			(Unaudited)
		US$’000			US$’000
EBITDA		717,148			438,094
Movements in working capital		20,054			51,191
Cash generated from continuing operations		737,202			489,285
Corporate costs		(33,067	)		(21,454	)
Net interest paid		(80,042	)		(70,830	)
Taxes paid		(102,599	)		(71,612	)
Net cash provided by operating activities		521,494			325,389
Cash flow used by investing activities		(541,112	)		(280,696	)
Cash flow provided by financing activities		164,149			206,238
Cash from continuing operations		144,531			250,931
Cash transferred to assets held for sale		(7,135	)		(3,013	)
Cash flow of discontinued operations		(12,524	)		10,799
Investments in discontinued operations, net		(57,322	)		(73,812	)
Cash effect of exchange rate changes		(7,425	)		(1,719	)
Net increase in cash and cash equivalents		60,125			183,186
Cash and cash equivalents, beginning		596,567			413,381
Cash and cash equivalents, ending		656,692			596,567

     Millicom International Cellular S.A.
Condensed consolidated statements of changes in equity
for the years ended December 31, 2006 and 2005

		Dec 31, 2006			Dec 31, 2005
		(Unaudited)			(Unaudited)
		US$’000			US$’000
Equity as at January 1		333,784			280,437
Derecognition of negative goodwill on January 1		-			8,202
Profit for the year		168,947			10,277
Stock compensation		12,850			3,075
Fair value gain on available for sale financial assets		(3,308	)		3,308
Shares issued via the exercise of stock options		14,227			3,553
Equity component of 4% Convertible Bonds		-			39,109
Movement in currency translation reserve		12,553			(5,005	)
Minority interest		43,335			(9,172	)
Equity as at December 31		582,388			333,784

11

Millicom International Cellular S.A.
Quarterly analysis by cluster
(Unaudited)

																Increase
		Q4 06			Q3 06			Q2 06			Q1 06			Q4 05		Q4 05 to Q4 06
Total cellular subs(1)
Central America		5,164,167			4,247,941			3,647,697			3,166,682			2,737,126		89	%
South America		4,329,973			1,966,614			1,715,347			1,521,356			1,337,739		224	%
Africa		3,425,680			3,215,415			2,689,513			2,271,157			2,006,634		71	%
Asia		2,025,625			1,836,150			1,707,344			1,532,874			1,429,766		42	%
Total		14,945,445			11,266,120			9,759,901			8,492,069			7,511,265		99	%
Attributable cellular subs(1)
Central America		3,645,886			2,985,925			2,567,464			2,229,018			1,935,272		88	%
South America		4,329,973			1,966,614			1,715,347			1,521,356			1,337,739		224	%
Africa		3,286,083			3,092,132			2,571,130			2,156,391			1,896,084		73	%
Asia		1,578,626			1,425,027			1,328,349			1,181,278			1,108,139		42	%
Total		12,840,568			9,469,698			8,182,290			7,088,043			6,277,234		105	%
Revenues (US$’000) (1)
Central America		250,866			207,258			181,420			156,567			141,986		77	%
South America		162,344			62,308			51,576			44,810			40,131		305	%
Africa		92,405			80,291			72,719			66,690			58,067		59	%
Asia(1)		38,166			38,214			35,617			34,849			33,227		15	%
Total Revenues		543,781			388,071			341,332			302,916			273,411		99	%
Discontinued operations		12,124			14,432			20,299			19,285			20,656
(incl. Pakistan)
EBITDA (US$’000) (1)
Central America		131,431			110,874			94,110			79,015			81,370		62	%
South America		48,856			28,393			22,278			18,491			16,536		195	%
Africa		32,831			31,095			28,944			29,702			21,446		53	%
Asia(1)		16,073			15,150			14,178			15,727			14,868		8	%
Total EBITDA		229,191			185,512			159,510			142,935			134,220		71	%
Discontinued operations		(3,610	)		(5,697	)		(2,884	)		(733	)		2,248
(incl. Pakistan)

(1) Excludes discontinued operations.

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Millicom International Cellular S.A.
Total subscribers and market position by country
(Unaudited)

	Country and Equity Holding				Country Population (millions)(i)		MIC Market Position(ii)		Total Subscribers
									06 Q4			05 Q4			y-o-y
															Growth
	Central America
	El Salvador	(100.0%)			6.8		1 of 5		1,387,395			738,980			88	%
	Guatemala	(55.0%)			12.3		2 of 3		2,223,059			1,164,050			91	%
	Honduras	(66.7%)			7.3		1 of 2		1,553,713			834,096			86	%
									5,164,167			2,737,126			89	%
	South America
	Bolivia	(100.0%)			9.0		2 of 3		936,374			645,418			45	%
	Colombia	(50.0% + 1 share)			43.6		3 of 3		2,120,284			-			-
	Paraguay	(100.0%)			6.5		1 of 4		1,273,315			692,321			84	%
									4,329,973			1,337,739			224	%
	Africa
	Chad	(87.5%)			9.9		2 of 2		186,700			91,159			105	%
	DRC	(100.0%)			62.7		4 of 4		50,337			60,638			-17	%
	Ghana	(100.0%)			22.4		2 of 4		1,211,904			448,838			170	%
	Mauritius	(50.0%)			1.2		2 of 3		279,193			221,100			26	%
	Senegal	(100.0%)			12.0		2 of 2		894,617			679,914			32	%
	Sierra Leone	(100.0%)			6.0		4 of 5		42,055			29,606			42	%
	Tanzania	(100.0%)			37.4		3 of 4		760,874			475,379			60	%
									3,425,680			2,006,634			71	%
	Asia
	Cambodia	(58.4%)			13.9		1 of 4		1,075,162			773,608			39	%
	Laos	(74.1%)			6.4		3 of 5		87,228			76,728			14	%
	Sri Lanka	(100.0%)			20.2		2 of 4		863,235			579,430			49	%
									2,025,625			1,429,766			42	%
	Total Subscribers								14,945,445			7,511,265			99	%

(i)	Source: CIA The World Fact Book
(ii)	Source: Millicom. Market share derived from active subscribers based on interconnect
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