6-K 1 a12-16635_16k.htm 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

For the month of July, 2012.

Commission File No. 000-22828

MILLICOM INTERNATIONAL
CELLULAR S.A.

15, rue Léon Laval
L-3372 Leudelange
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 o

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): o

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): o

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

Yes o        No x

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

MILLICOM INTERNATIONAL CELLULAR S.A.

INDEX TO EXHIBITS

Item
1.		Press release dated July 18, 2012

2

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: July 18, 2012	By:	/s/ Mikael Grahne
	Name:	Mikael Grahne
	Title:	President and Chief Executive Officer

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PRESS RELEASE Stockholm July 18, 2012

Q2 2012

Results for the period ended June 30, 2012

Results for the period ended June 30, 2012

Q2 Highlights

· Organic local currency revenue growth of 9.4 % YoY to $1,181 million (8.9% underlying)

· EBITDA constant at $513 million, an increase of 3.6% YoY in local currency

· EBITDA margin of 43.4%

· Normalized earnings per common share of $1.74

· Capex of $264 million, or 22.4% of revenue, including $36 million for spectrum

· Operating Free Cash Flow of $140 million (11.8% of revenue)

HY Highlights

· Organic local currency revenues growth of 8.9% to $ 2,349 million

· EBITDA of $1,030 million  and EBITDA margin of 43.8%

· Capex of $436 million (18.6% of revenues), including $36 million for spectrum

· Operating Free Cash Flow of $450 million (19.1% of revenue)

· Dividend paid: $2.40/share

· $106 million spent repurchasing shares in H1 2012 from the announced  $300 million plan

2012 forward looking statements (updated)

In 2012 we aim again to strike the right balance between top line growth, profitability, cash flow generation and return on invested capital. We expect the full year EBITDA margin to be around 43% and operating free cash flow margin of around 20% of revenue. In 2012, we expect capex, excluding spectrum acquisition, to increase but to remain below 20% of revenue, as we invest in IT and billing platforms and add further data capacity.

Financial summary for the quarters ended June 30, 2012 and 2011

$m		Q2 2012		Q2 2011		YoY % change (local currency)		HY 2012		HY 2011		YoY % change (local currency)
Revenue		1,181		1,120		9.4		2,349		2,201		8.9
EBITDA (i)		513		513		3.6		1,030		1,022		2.7
EBITDA margin		43.4	%	45.8	%	(2.4	)pt	43.8	%	46.4	%	(2.6	)pt
Normalized Net Profit (ii)		176		187				335		370
Capex (iii)		264		151				436		236
Operating FCF (iv)		140		268				450		517

(i)	EBITDA: operating profit before interest, taxes, depreciation and amortization; derived by deducting cost of sales, sales and marketing costs and general and administrative expenses from revenues and adding other operating income
(ii)	Net profit adjusted for items such as foreign exchange movements, movements in valuation of the Honduras put option, Colombian deferred tax asset, and revaluation of previously held interests.
(iii)	Excluding towers sold to, and leased back from tower companies
(iv)	Operating FCF: EBITDA — Capex - Taxes +/- Working capital movements and includes proceeds from tower monetization

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Strengthening our Innovation Capabilities

“In a somewhat challenging environment, we continued to invest in improving our customer proposition. We are particularly pleased having started harvesting benefits of these investments in Q2 with mild acceleration of organic growth versus Q1.  Underlying revenue grew 8.9% in Q2 2012 in local currency versus 8.4% in Q1. In the first half of the year, we accelerated investments in new growth categories, including staffing, network building and handset subsidies which resulted in a dilution of our EBITDA margin.

We have fine-tuned our 2012 EBITDA margin outlook as we have now increased visibility on the level of commercial investments we will undertake in the full year. Our previously communicated outlook for organic growth, cash generation and capex remain unchanged.

In Latin America, where we generate 80% of our revenue, the top line grew by 10.4% in local currency in the second quarter (9.9% underlying growth, accelerating from Q1). In Africa, top line growth in local currency increased by 5.7% in Q2.

In the first half of 2012 the Information category was again the strongest contributor to growth, contributing more than half of the revenue growth in local currency. At the end of June, 15.5% of our customers were using mobile data services in Latin America. For the first time ever we generated more revenue from Value Added Services than from Voice in one of our markets, Paraguay, our test-bed for innovation. We reiterate our previously stated ambition to generate more than 50% of revenue from Value Added Services by 2015 in Latin America, while continuing to grow our voice revenue.

Our future success depends on our ability to innovate and seize new growth opportunities, leveraging on the strengths we have built as a mobile operator.

In the coming quarters we will continue to invest to strengthen our innovation capabilities and to accelerate growth, through both our innovative categories and potentially external opportunities should they arise.

On Monday July 16 we shared our excitement about the agreement to acquire Cablevisión Paraguay. 20 years after we started operating in the country we are confirming our commitment to bringing the best quality products and services to the Paraguayan people at home, and on the move. We expect to finance the acquisition by slightly increasing our leverage.

In the absence of additional external growth opportunities, we reiterate our commitment to return excess cash to shareholders.

With our increased focus on innovation and sustainable investment, I am confident that we have the right action plan to deliver ongoing profitable growth.”

Mikael Grahne

President and CEO,

Millicom International Cellular S.A.

2

Operational review

Total revenue for the three months ended June 30, 2012 was $1,181 million, an increase of 9.4% from Q2 2011 in local currency. Excluding exceptional items in Q2 2011, our underlying growth accelerated to 8.9% in the second quarter. In Q2 our reported revenue growth was negatively impacted by currency movements by 4 percentage points, essentially as a result of year-on-year strengthening of the US dollar versus most of our operating currencies across Latin America and Africa.

EBITDA for the quarter was $513 million, a local currency year-on-year increase of 3.6%. The EBITDA margin at 43.4% was 2.4 percentage points lower than Q2 2011. A bad debt provision related to an international reseller and one-off tax impacts in Africa and Latin America contributed 1 of the 2.4 percentage points decline. The remainder was predominantly driven by increased investments, notably in handset subsidies and in support of growth in our most innovative categories, such as Mobile Financial Services.

Subsidies in Q2 increased by 16% in local currency. In the transition from voice to data we are aiming to secure a larger market share in data than voice and have therefore increased subsidies to customers subscribing to smartphone data plans. The move from prepaid to postpaid and from voice only to voice and data packages is a trend, which brings positive outcomes such as ARPU growth and churn reduction. In Q2 we again achieved a parallel curve between revenue growth and capex growth on 3G. Moreover, pay-back on subsidies remains below one year and ROIC on 3G investment started in 2008 in Latin America is significantly above WACC.

Focus on Regions

Overall we achieved an improvement in the year-on-year local currency revenue growth rate over Q1 2012. Local currency revenue growth in Central America reached 7.9% (6.3% without the one-off revenue adjustment in Guatemala in Q2 2011) while the growth rate in South America declined slightly to 13.1% (from 14.4% in Q1 2012).

Africa reported stable single digit revenue growth as pricing pressure has yet to result in attractive elasticity. We are implementing initiatives in Africa that should improve top line growth later this year.

Revenue by Region ($m)

		Q2 12		Q2 11		YoY growth (%) Reported		YoY growth (%) LC		Contribution (%)
CAM		476		449		6.0		7.9		40.3
SAM		466		425		9.7		13.1		39.5
Africa		239		246		(2.9	)	5.7		20.2
Total		1,181		1,120		5.4		9.4		100.0

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Mobile ARPU

ARPU declined by 1.1% year-on-year in local currency whilst remaining almost flat for the fourth consecutive quarter in Latin America and declining by 3.2% in Africa.

In Q2 2012, close to 80% of our revenue was generated from 26% of our customers with ARPU in excess of $10. In Latin America, as much as 85% of our revenue came from one third of our customers.

		Year-on-year local currency mobile ARPU growth (%)
		Total		CAM		SAM		Africa
Q2 12		(1	)%	(3	)%	2	%	(3	)%
Q1 12		(3	)%	(5	)%	4	%	(7	)%
Q4 11		(3	)%	(3	)%	2	%	(5	)%
Q3 11		(3	)%	0	%	0	%	(10	)%
Q2 11		(2	)%	1	%	3	%	(6	)%

N.B. ARPU figures are based on total mobile revenue less roaming revenue.

ARPU stabilisation and growth in Latin America remains a key focus. Central America is more challenging due to pricing pressures on voice, particularly in El Salvador. Nonetheless, we remain focused on selling more data services to our customers in Central America, similar to our success in South America.

In South America, our ARPU growth remained a solid 2%. It has slowed due to some pressure on voice ARPU in Colombia. We plan a significant increase in investment in the Colombian market in both capex and device subsidies to attract an increasing number of customers with data propositions.

In Africa elasticity remained unsatisfactory. We again experienced significant differences between the various markets with some growing rapidly and some remaining challenging. On an encouraging note, subscriber intake improved in several of our markets, an early indicator of improved commercial momentum.

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Central America: 40% of group revenue

Revenue from mobile and cable operations in Central America totalled $476 million in Q2 2012, up 7.9% in local currency (6% reported). In Q2 2011 a one-off adjustment was recorded in Guatemala related to revenue recognition on hybrid plans. Excluding this adjustment, local currency revenue growth in Central America increased to 6.3% from 4.7% in Q1.

Central America reported a 3.4% year-on-year decline in mobile ARPU in local currency, mainly pulled down by ongoing pricing pressures in El Salvador.

In the Information category, mobile data grew at a healthy rate of approximately 28% year-on-year in local currency. In fixed broadband we were pleased to see continued strong momentum in Costa Rica and El Salvador.

The Solutions category was our fastest growing category in Central America, approaching 40% local currency growth in this quarter.

Central America- Highlights

		Q2 12		Q2 11		YoY (%)
Mobile customers (m)		15.2		14.1		7.8
Mobile ARPU ($)		11.4		11.9		(4.6	)
Revenue (US$m)		476		449		6.0
EBITDA (US$m)		237		232		2.0
% of revenue		49.7	%	51.6	%	(1.9	)pt
Capex (US$m)		72		40		80.7
% of revenue		15.1	%	8.8	%	6.3	pt
Operating FCF (US$m)		109		112		(3.0	)
% of revenue		22.8	%	24.9	%	(2.1	)pt

In Central America the EBITDA margin at 49.7% in Q2 declined 1.9 percentage points from Q2 2011. We accelerated our network investments in Q2 2012 versus Q2 2011, as we see growth opportunities in the Information category in Central America. We also increased handset subsidies in Central America in Q2 year-on-year. Voice pricing pressure in El Salvador also contributed to the margin decline in Central America.

Certain taxes increased in our three Central American mobile markets. The most significant being a security tax introduced in Honduras in Q3 2011. Corporate income tax rate increased in El Salvador and Guatemala from January 2012.

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South America: 40% of group revenue

Revenue in South America in Q2 2012 amounted to $466 million, up 13.1% in local currency (9.7% reported). Adjusting for a one-off related to revenues in Q2 2011, growth in local currency was 13.5%.

South America- Highlights

		Q2 12		Q2 11		YoY (%)
Mobile customers (m)		11.7		10.7		10.0
Mobile ARPU ($)		13.0		13.2		(1.3	)
Revenue (US$m)		466		425		9.7
EBITDA (US$m)		185		182		2.0
% of revenue		39.8	%	42.8	%	(3.0	)pt
Capex (US$m)		92		62		50
% of revenue		19.8	%	14.4	%	5.4	pt
Operating FCF (US$m)		42		92		(53.7	)
% of revenue		9.1	%	21.6	%	(12.5	)pt

We added close to 210k new customers in the quarter with more than 80% of the net additions in Colombia. ARPU in local currency continued to grow in Q2, increasing by 2% versus the second quarter of 2011.

All categories reported strong growth in Q2 in South America. Communication revenue grew over 5% year-on-year, and growth in the Information category was near 50% again this quarter. In Q2, around 18% of our recurring revenue in South America was generated in the Information category, the highest level in the group.

EBITDA reached $185 million, a 2% increase year-on-year, and the EBITDA margin was 39.8%, declining by 3 percentage points. This decline was largely attributable to an increase in investments to further grow our market share in data.

With its large and developed market and a fast growing economy, opportunities in the Colombian market are very important to us. Our market share in mobile data is already more than twice the size of our market share in voice. We are committed to becoming a stronger player in Colombia, even if this requires significant short-term investment as mobile data uptake accelerates. We plan to increase network investments to improve the quality and coverage of our mobile services. We will continue to encourage and support our customer transition from voice to data, and from prepaid to postpaid by offering quality services attractively bundled with smartphone subsidies.

In South America, in particular Colombia, we are interested in acquiring additional spectrum to provide 4G services and to improve the quality of service to our customers through increased capacity. However, acquisition of spectrum, like all our investments, must deliver the expected returns. In total 225 MHz of spectrum in several spectrum bands are expected to be auctioned in Colombia in Q3 2012.

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Africa: 20% of group revenue

Consistent with Q1, revenue in Africa reached $239 million, growing 5.7% year-on-year in local currency (2.9% decline reported). Revenue growth was negatively impacted during the quarter as a result of strengthening of the USD against many of the currencies in our African markets.

Pricing remained challenging in the second quarter of the year and new players entered Ghana and Rwanda.

Despite this, we increased our net customer additions compared with Q1 2012, and stemmed our local currency ARPU decline.

Mobile ARPU declined by 3.2% in Q2 in local currency, (versus -6.8% in Q1). We anticipate further ARPU decline in 2012 as we continue to focus on the affordability of our services and as penetration growth opportunities still exist in our African footprint.

Revenue growth in the Communication category was broadly flat this quarter, a clear function of the pricing pressure we are experiencing and which is yet to yield volume elasticity.

Africa- Highlights

		Q2 12		Q2 11		YoY (%)
Mobile customers (m)		17.6		16.6		6.5
Mobile ARPU ($)		4.5		5.1		(11.9	)
Revenue (US$m)		239		246		(2.9	)
EBITDA (US$m)		91		99		(8.6	)
% of revenue		38.0	%	40.4	%	(2.4	)pt
Capex (US$m)		84		46		85.4
% of revenue		35.3	%	18.5	%	16.8	pt
Operating FCF (US$m)		1		36		(98.0	)
% of revenue		0.3	%	14.7	%	(14.4	)pt

The EBITDA margin was 38% in Q2 2012, down 2.4 percentage points year-on-year as we focused on restoring our affordability perception. We recorded a provision for bad debts of $5 million in Senegal on an international reseller.

In Q2 we continued to invest in developing new products and services in the Information, Entertainment, Solutions and MFS categories, as we believe these new services will be instrumental in differentiation and in delivering growth. We were encouraged by acceleration in local currency growth in Q2 in the Entertainment and MFS categories in Africa.

Capex in Africa amounted to $84 million in Q2, an increase of $38 million over Q2 2011. This included an investment in spectrum in DRC where we acquired 2x 4MHz of spectrum in the 900MHz band and extended the term of our existing license to 2024.  This valuable low frequency band spectrum will enable us to more efficiently expand our network to new regions of this large and populous country.  We were also granted a 3G licence and plan to launch enhanced data services as soon as possible.

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Focus on categories

In Q2 2012 we progressed further with the implementation of our new organization structure. Approximately 85% of our revenue growth in the quarter came from the four new categories in which we are investing, namely Information, Entertainment, Solutions and MFS.

Development of innovative VAS contributed to a moderate 1.1% decline in ARPU in local currency this quarter (versus 2.6% in Q1 2012). This was achieved despite competitive pressure in three African markets and in El Salvador.

Recurring revenue outside of the Communication category grew circa 31% in local currency (up from 29% in Q1) and contributed close to 27% of our recurring revenue in Q2 (31% in Latin America).

Revenue by Category ($m)

		Q2 12		Q2 11		YoY growth LC**
Communication		814		828		1.7	%
Information		161		121		35.3	%
Entertainment		92		82		15.9	%
Solutions		35		27		34.8	%
MFS		9		1		NA
Others*		70		61		17.2	%
Total revenue		1,181		1,120		8.9	%

* Others: Terminal & Equipment sales, inbound roaming, other revenue

** Underlying growth, Q2 11 adjusted for negative non-recurring revenue adjustment in Guatemala

Communication: 16% of recurring revenue growth

With 73% of our recurring revenue in the quarter, the Communication category remains our largest category by revenue and contributed 16% of our local currency growth in the quarter.

The moderate growth in this category is essentially the result of high penetration levels in Latin America combined with higher competitive pressure in El Salvador and Ghana, which has yet to be compensated by volume growth.

As in past quarters, we expect continued, although mild revenue growth in this category, despite unfavorable pricing environments in some of our markets. SMS growth, which accelerated in Q2 to 9% (8% in Q1), is expected to be instrumental in achieving this growth.

We anticipate further growth in penetration of both customers and usage (MOU, SMS penetration) particularly in Africa but also through our innovative approach to addressing the needs of customers. In depth analysis of customers’ usage patterns and further segmentation combined with relevant bundling of services should continue to support growth in this category.

Information: 49% of recurring revenue growth

In Q2 2012 Information was again the biggest single contributor to our revenue growth contributing to close to half of our revenue growth.

We now have close to 5.2 million users of data services representing around 11.7% of our total customer base.  In Latin America, we

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have 4.2 million data users, 15.5% of our customer base.

		Data users (‘000)
		Total		CAM		SAM		Africa
Q2 12		5,212		2,193		1,971		1,048
Q1 12		4,687		2,005		1,784		898

In Q2 we continued to invest in mobile data as we see the largest short to medium term revenue growth opportunities in the Information category.

We are accelerating the pace of commercial investments in subsidies in our markets in Latin America as we see unmet demand for access to the internet and rapid return on subsidies (less than one year). The growing availability of attractively priced and good quality Smartphones should as well enable acceleration of mobile internet uptake. In Q2 2012, we again grew our subsidies at almost twice the rate of our top line growth, like in Q1 2012. We expect the adoption of mobile data services to accelerate in our footprint.

We are pleased to see a high correlation between traffic and revenue growth in data as a result of our well-controlled pricing policies.

In 2011 we invested close to $250 million in capex for 3G capacity and coverage and expect to invest almost 50% more in 2012 to meet demand.

Entertainment:  15% of recurring revenue growth

Revenue for the Entertainment category increased by 16% year-on-year, a marked acceleration compared with the local currency growth rate of 12% in Q1 2012 and 8% in Q4 2011.

Revenue in Entertainment in Africa accelerated significantly in the quarter as we launched several new music products that go beyond Ring Back Tones. Year-on-year growth in local currency in Africa reached circa 38% in Q2, versus 19% in Q1.

We have now launched SMS-browsing services in most of our markets. With this service, and as we did with mobile voice, we are making access to the web affordable to all our customers, even those who cannot yet afford to purchase smartphones.

Solutions:  11 % of recurring revenue growth

Solutions category revenue increased in Q2 by 35% in local currency. Our most successful products in the category continue to be our airtime lending products including ‘Tigo Lends You’ which accounted for over two third of our revenue in the category in the first half of 2012.

In 2012 we are starting to accelerate the diversification of our revenue sources in this category. We have expanded our product offering services under the ‘Tigo Care’ umbrella. We have now rolled out services in this product line in Guatemala, El Salvador, Honduras, Colombia and Ghana.  For example we now offer mobile phone insurance, medical consultation call services, and, through a partner in Guatemala, certain types of health insurance.

These products, like some of our products in the Entertainment category, have structurally lower gross margins than our airtime lending products but meet the needs of our customers, increase loyalty, reduce churn, and require limited capex.

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MFS:  9% of recurring revenue growth

Our Mobile Financial Services (MFS) category continued to develop well in Q2 2012 and offers attractive potential in the medium to long term. Mobile Financial Services contributed to close to 9% of our group revenue growth and 0.8% of group revenue. To date, this achievement has been realized with three markets and with essentially one product - domestic money transfer. We have plans to expand our product offering in the coming months.

In Tanzania penetration of MFS has now reached close to 30% of our customer base. In Paraguay 18% of our customers were using the service in Q2. In partnership with Western Union we have now launched an international money transfer service for our Paraguayan customers.

In Rwanda the growth in penetration of MFS services continued to be strong in Q2. At the end of June, 12% of our customers in Rwanda were active users of MFS.

The development of MFS is highly dependent upon the specific environment in each market, which includes the regulatory framework, varying customer needs (for example local or international remittances), banking penetration, and the image of the telecom industry. Accordingly, the rate of development of MFS will vary from country to country.

We expect to launch MFS in Chad, DRC and Bolivia this year.

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Comments on Q2 financial information

Depreciation and Amortization

D&A was $199 million, $10 million higher than a year ago, primarily due to increased capex.

Financial expenses and income

The cost of financing before tax in Q2 2012 was higher than in the previous year and includes finance leases on towers sold and leased back. The main driver for the increase in financial expenses was an increase in leverage in the second quarter of 2012 through the issuance of a non recourse bond in local currency in Bolivia.

We recorded non-cash non-operating income of $89 million from the change in value of the put option granted to our partner in Honduras.

Taxes

In Q2, taxes increased by $28 million year-on-year to $85 million, negatively impacted by utilization of the Deferred Tax Asset (DTA) recorded in Colombia in H2 2011 (for a non-cash amount of $31 million in Q2 2012). This utilization is anticipated to continue and increase through to 2015.

Capex

In Q2 2012 we invested $264 million in capex, a significant increase over Q2 2011 as we anticipated our investments earlier in the year to support strong growth in our Information Category.

In Q2 2012 we invested $36 million in spectrum, primarily in the Democratic Republic of Congo where we acquired 2x 4MHz of spectrum in the 900MHz spectrum band and we extended the term of our existing license to 2024.  In addition, in July we acquired a 3G license for $15 million.

In the first half of 2012 we received close to $83 million in cash from the transfer of towers to the different Tower companies in Tanzania, DRC and Colombia, of which $15 million was received in Q2. We expect to receive $140 million in 2012 in total and $30 million in 2013.

FCF generation

Free cash flow for Q2 12 was $82 million and $326 million in H1 (13.9% of revenues).

$291 million of cash was upstreamed during Q2 2012 through a combination of dividends, management fees and royalties.

Debt structure and maturity profile

Approximately 59% of the Group’s gross debt is denominated in local currency, limiting local foreign exchange exposure. US$ denominated debt is used in countries where long term debt in local currency is either too expensive or not available.

At the end of Q2 2012, 52% of gross debt was at fixed interest rates, reducing our exposure to interest rate volatility.

In the second quarter Millicom’s Bolivian operation raised 1.26 billion of Bolivian pesos (around $180 million). The bond was issued with a coupon of 4.75% and without a group guarantee.

Net debt to EBITDA increased to 0.8x at the end of the quarter (from 0.6x at end of March 2012). Millicom has around $0.9 billion of cash on hand with approximately 65% held in US$.

Shareholder remuneration

In Q2 2012, Millicom bought back $105.8 million worth of shares as part of the share buyback program that we announced for 2012. 1,152,027 shares were acquired at an

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average price of $91.81 in the second quarter. During the quarter Millicom also distributed $244 million of dividends to its shareholders. The Board has approved a share buyback program of up to $300 million worth of shares in 2012. The share buy-back will take place in the US and in Stockholm (including on Multilateral Trading Facilities).

As in previous years, in the absence of further external growth opportunities, excess cash will be returned to shareholders later in the year.

2012 Forward looking statements (updated)

In 2012 we again aim to strike the right balance between top line growth, profitability, cash flow generation and return on invested capital.

For the full year 2012, we expect an EBITDA margin of around 43% as we decided to accelerate our commercial investments mainly in 3G and in our most promising innovative services. We still guide for an operating free cash flow margin of around 20% of revenue.

As previously communicated, we expect capex in 2012 to increase compared to 2011 but to remain below 20% of revenue, as we invest in IT and billing platforms and add further data capacity. Our capex outlook excludes potential spectrum acquisitions.

This outlook excludes the possible impact of the Cablevisión Paraguay acquisition, the closing of which is conditional on approval from the relevant regulatory authorities.

Integrity update

In this section we provide an update on performance and progress regarding compliance and corporate social and environmental responsibility, including anti-corruption and health and safety.

During Q2 Millicom was recognized for the positive social impact of its operations in its markets. The Company was awarded as a winner of the G20 Challenge on Inclusive Business Innovation. The Challenge recognizes businesses with an innovative, scalable and commercially viable way of working with individuals at the base of the socio-economic pyramid.

In Q2 corporate responsibility management, has been focused on:

1)Mapping of local practices,

2)In-country risk assessments, and

3)Engaging with a number of relevant stakeholders.

The goal of the analysis is to introduce further global guidance and policies in different specific areas in the remainder of the year.

Human Rights- In the area of freedom of expression and as a first step to harmonize practices across operations, Millicom has carried out internal reviews of legal and regulatory landscapes and internal processes relating to privacy and government requests. The Company also continued to engage a number of governmental and non-governmental stakeholders on the issue, including participation in the Stockholm Internet Forum.

Following a review of ethical purchasing polices in Q1, Millicom carried out further reviews of the procurement process and completed a supplier impact assessment in Q2.

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Labor standards- A first level review of labor condition risks has been completed in all markets. Millicom has joined ten other Swedish companies in a series of workshops and training. These activities will be carried out over two years and led by Unicef and the Playing for Change Foundation. They are designed to support companies in implementing the newly launched Children’s Rights and Business Principles. This workshop was the first of its kind since the launch of the United Nations Global Compact Principles.

Environment- A Health and Safety and Environment Integrated Management System will be piloted in two countries during the second half of the year, with the intention of rollout to other markets in 2013. In line with this development, Millicom defined a company-wide long-term strategy on energy efficiency and CO2 reduction (spanning until the year 2020). A global project on e-waste began by mapping equipment, quantities and international and local legislation as well as discussions with potential e-waste management vendors.

Anti Corruption- A Conflict of Interest tool was successfully launched in all markets during Q2. New integrity Awareness trainings took place in the operations in Q2. A specific anti-bribery training was conducted to local CFOs and financial controllers in June.

Subsequent events

On July 16, 2012, we announced the proposed acquisition of 100% of Cablevisión Paraguay for total cash consideration of $150 million. The deal is subject to review from the relevant regulatory authorities. We expect approval to be obtained and closing to take place towards the end of 2012.

On July 2, 2012, in DRC, we were granted a 3G licence and 2x15MHz of spectrum, valid for 15 years.

13

Conference call details

A presentation and conference call to discuss results of the quarter will take place at 14.00 Stockholm / 13.00 London /08.00 New York, on Wednesday, July 18, 2012.  Dial-in numbers: +46 (0)8 5052 0189, +44 (0)20 8515 2319, or +1 480 629 9866. Access code: 4551083#.

A live audio stream of the conference call can also be accessed at www.millicom.com.  Please dial in / log on 10 minutes prior to the start of the conference call to allow time for registration.

Slides to accompany the conference call are available at www.millicom.com.

Contacts
Chief Financial Officer
François-Xavier Roger	Tel: +352 27 759 327
Investor Relations
Justine Dimovic	Tel: +352 27 759 479
Emily Hunt	Tel: +44 7779 018 539
Visit our web site at http://www.millicom.com

Millicom International Cellular S.A. is a global telecommunications group with mobile telephony operations in 13 countries in Latin America and Africa. It also operates various combinations of fixed telephony, cable and broadband businesses in five countries in Central America. The Group’s mobile operations have a combined population under license of approximately 270 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 that Millicom’s actual results in the future could differ materially from those anticipated in forward-looking statements depending on 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, for a 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 or oral forward-looking statements attributable to Millicom International Cellular S.A., and Millicom International Cellular S.A. employees or representatives 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.

14

Other information

This report is unaudited.

Millicom’s financial results for the third quarter of 2012 will be published on October 17, 2012.

Luxembourg — July 18, 2012

Mikael Grahne, President & CEO

Millicom International Cellular S.A

2 rue du Fort Bourbon

L-1249 Luxembourg

Luxembourg

Tel : +352 27 759 101

Registration number: R.C.S. Luxembourg B 40 630

Appendix- Financial information and tables*

· Consolidated income statements for the three months ended June 30, 2012 and 2011

· Consolidated income statements for the six months ended June 30, 2012 and 2011

· Consolidated statements of financial position as at June 30, 2012 and December 31, 2011

· Condensed consolidated statements of changes in equity for the six months ended June 30, 2012 and 2011

· Condensed consolidated statements of cash flows for the periods ended June 30, 2012 and 2011

· Quarterly analysis by region

· Cellular customers and market position by country

· Review by region

*Determined based on accounting principles consistent to those used for the 2011 consolidated financial statements of Millicom which are prepared under International Financial Reporting Standards (IFRS).

15

Millicom International Cellular S.A.

Consolidated income statements
for the three months ended June 30, 2012 and 2011

		QTR ended June 30, 2012 (Unaudited) US$ millions		QTR ended June 30, 2011* (Unaudited) US$ millions
Revenues		1,181		1,120
Operating expenses
Cost of sales (excluding depreciation and amortization)		(275	)	(247	)
Sales and marketing		(219	)	(206	)
General and administrative expenses		(176	)	(155	)
Other operating income		2		1
EBITDA		513		513
Corporate costs		(32	)	(30	)
Gain (loss) on disposal/Write down of assets, net		(3	)	(1	)
Depreciation and amortization		(199	)	(189	)
Operating profit		279		293
Interest expense		(54	)	(42	)
Interest and other financial income		2		3
Other non-operating income (expenses), net		67		(40	)
Profit before taxes from continuing operations		294		214
Taxes		(85	)	(57	)
Profit before discontinued operations and non-controlling interest		209		157
Non-controlling interest		3		(17	)
Net profit for the period		212		140
Basic earnings per common share (US$)		2.09		1.33
Weighted average number of shares outstanding in the period (‘000)		101,201		104,985
Profit for the period used to determine diluted earnings per common share		212		140
Diluted earnings per common share (US$)		2.09		1.33
Weighted average number of shares and potential dilutive shares outstanding in the period (‘000)		101,294		105,089

* Comparatives have been restated for the impact of accounting for the Honduras put option under IAS 32. Refer to the form 6-K filed with the United States Securities and Exchange Commission on January 26, 2012.

16

Millicom International Cellular S.A.

Consolidated income statements
for the six months ended June 30, 2012 and 2011

		Six months ended June 30, 2012 (Unaudited) US$ millions		Six months ended June 30, 2011* (Unaudited) US$ millions
Revenues		2,349		2,201
Operating expenses
Cost of sales (excluding depreciation and amortization)		(547	)	(481	)
Sales and marketing		(430	)	(400	)
General and administrative expenses		(346	)	(299	)
Other operating income		4		1
EBITDA		1,030		1,022
Corporate costs		(59	)	(52	)
Gain (loss) on disposal/Write down of assets, net		(2	)	—
Depreciation and amortization		(395	)	(366	)
Operating profit		574		604
Interest expense		(101	)	(91	)
Interest and other financial income		6		7
Other non-operating income (expenses), net		15		5
Profit before taxes from continuing operations		494		525
Taxes		(176	)	(139	)
Profit before discontinued operations and non-controlling interest		318		386
Result from discontinued operations		—		39
Non-controlling interest		(11	)	(26	)
Net profit for the period		307		399
Basic earnings per common share (US$)		3.02		3.79
Weighted average number of shares outstanding in the period (‘000)		101,435		105,431
Profit for the period used to determine diluted earnings per common share		307		399
Diluted earnings per common share (US$)		3.02		3.79
Weighted average number of shares and potential dilutive shares outstanding in the period (‘000)		101,530		105,542

* Comparatives have been restated for the impact of accounting for the Honduras put option under IAS 32. Refer to the form 6-K filed with the United States Securities and Exchange Commission on January 26, 2012.

17

Millicom International Cellular S.A.

Consolidated statements of financial position
as at June 30, 2012 and December 31, 2011

		June 30, 2012 (Unaudited) US$ millions		December 31, 2011 US$ millions
Assets
Non-current assets
Intangible assets, net		2,193		2,170
Property, plant and equipment, net		2,854		2,865
Investment in associates		86		63
Pledged deposits		50		50
Deferred taxation		309		317
Other non-current assets		59		37
Total non-current assets		5,551		5,502
Current assets
Inventories		87		75
Trade receivables, net		297		277
Amounts due from non-controlling interests and joint ventures		122		159
Current tax assets		34		24
Other current assets		288		298
Cash and cash equivalents		*930		*881
Total current assets		1,758		1,714
Assets held for sale		51		66
Total assets		7,360		7,282

*of which US$ 30 million (December 31, 2011: US$ 20 million) is restricted cash.

18

Millicom International Cellular S.A.

Consolidated statements of financial position

as at June 30, 2012 and December 31, 2011

		June 30, 2012 (Unaudited) US$ millions		December 31, 2011 US$ millions
Equity and liabilities
Equity
Share capital and premium (represented by 102 million shares at June 30, 2012)		642		663
Treasury shares (1.2 million shares at June 30, 2012)		(114	)	(378	)
Other reserves		(133	)	(104	)
Put option reserve		(738	)	(738	)
Accumulated profits brought forward		2,239		1,886
Net profit for the period		307		925
		2,203		2,254
Non-controlling interest		196		192
Total equity		2,399		2,446
Liabilities
Non-current liabilities
Debt and financing		2,026		1,817
Deferred taxation		183		199
Other non-current liabilities		128		122
Total non-current liabilities		2,337		2,138
Current liabilities
Debt and other financing		629		621
Put option liability		720		745
Amounts due to joint ventures		54		93
Accrued interest and other expenses		290		264
Current tax liabilities		95		105
Other current liabilities		828		861
Total current liabilities		2,616		2,689
Liabilities directly associated with assets held for sale		8		9
Total liabilities		4,961		4,836
Total equity and liabilities		7,360		7,282

19

Millicom International Cellular S.A.

Condensed consolidated statements of changes in equity

for the six months ended June 30, 2012 and 2011

		June 30, 2012 (Unaudited) US$ millions		June 30, 2011* (Unaudited) US$ millions
Equity as at January 1		2,446		2,390
Profit for the period		307		399
Stock compensation		11		7
Purchase of treasury stock		(106	)	(171	)
Dividends paid		(244	)	(189	)
Change in scope of consolidation		8		—
Shares issued via the exercise of stock options		—		1
Movement in cash flow hedge reserve		1		(1	)
Movement in currency translation reserve		(29	)	32
Sale of Amnet Honduras		—		2
Non-controlling interest		5		17
Equity as at June 30		2,399		2,487

* Comparatives have been restated for the impact of accounting for the Honduras put option under IAS 32. Refer to the form 6-K filed with the United States Securities and Exchange Commission on January 26, 2012.

20

Millicom International Cellular S.A.

Condensed consolidated statements of cash flows

for the six months ended June 30, 2012 and 2011

		June 30, 2012 (Unaudited) US$ millions		June 30, 2011 (Unaudited) US$ millions
EBITDA		1,030		1,022
Movements in working capital		(96	)	(43	)
Capex (net of disposals)		(308	)	(284	)
Taxes paid		(176	)	(178	)
Operating Free Cash Flow		450		517
Corporate costs (excluding share based compensation)		(48	)	(45	)
Interest paid, net		(76	)	(66	)
Free Cash Flow		326		406
Other investing activities		(11	)	8
Cash flow from operating and investing		315		414
Cash flow used in financing		(266	)	(488	)
Cash from discontinued operations		—		53
Cash effect of exchange rate changes		—		3
Net increase/(decrease) in cash and cash equivalents		49		(18	)
Cash and cash equivalents, beginning		881		1,023
Cash and cash equivalents, ending		930		1,005

21

Millicom International Cellular S.A.

Quarterly analysis by region
(Unaudited)

		Q2 12		Q1 12		Q4 11		Q3 11		Q2 11		Increase Q2 11 to Q2 12
Revenues (US$ millions) (i)
Central America		476		474		478		460		449		6	%
South America		466		455		450		444		425		10	%
Africa		239		239		249		247		246		(3	)%
Total Revenues		1,181		1,168		1,177		1,151		1,120		5	%
EBITDA (US$ millions) (i)
Central America		237		241		245		235		232		2	%
South America		185		186		189		190		182		2	%
Africa		91		90		102		104		99		(9	)%
Total EBITDA		513		517		536		529		513		0	%
Total mobile customers at end of period (‘000s)
Central America		15,182		15,058		14,626		14,188		14,087		8	%
South America		11,740		11,531		11,155		10,867		10,671		10	%
Africa		17,629		17,209		17,304		17,173		16,554		6	%
Total		44,551		43,798		43,085		42,228		41,312		8	%
Attributable mobile customers at end of period (‘000s)
Central America		11,874		11,774		11,421		11,097		11,044		8	%
South America		11,740		11,531		11,155		10,867		10,671		10	%
Africa		17,374		16,957		17,055		16,930		16,314		6	%
Total		40,988		40,262		39,631		38,894		38,029		8	%

(i) Excludes discontinued operations

22

Millicom International Cellular S.A.

Cellular customers and market position by country
(Unaudited)

				Country population		MIC market				Total customers (‘000s) (iii)
Country		Equity holding		(million) (i)		position (ii)		Net adds Q2 12 (000’s)		Q2 12		Q2 11		YoY growth
CAM
El Salvador		100.0%		6		1 of 5		27		3,073		2,883		7	%
Guatemala		55.0%		14		1 of 3		53		7,353		6,760		9	%
Honduras		66.7%*		8		1 of 4		44		4,756		4,444		7	%
SAM
Bolivia		100.0%		10		2 of 3		28		2,860		2,564		12	%
Colombia		50.0% +1 share		45		3 of 3		181		5,183		4,596		13	%
Paraguay		100.0%		7		1 of 4		—		3,697		3,511		5	%
Africa
Chad		100.0%		11		1 of 3		(7	)	1,896		1,677		13	%
DRC (iv)		100.0%		74		1 of 5		247		2,554		2,319		10	%
Ghana		100.0%		25		2/3 of 6		(138	)	3,196		3,697		(14	)%
Mauritius		50.0%		1		2 of 3		6		509		479		6	%
Rwanda		87.5%		12		2 of 3		40		1,220		813		50	%
Senegal		100.0%		13		2 of 4		157		2,641		2,628		0	%
Tanzania		100.0%		44		2 of 7		115		5,613		4,941		14	%
Total cellular customers excluding discontinued operations				270				753		44,551		41,312		8	%

(i) Source: CIA World Factbook

(ii) Source: Millicom.  Market position derived from active customers based on interconnect

(iii) Millicom has a policy of reporting only those customers that have generated revenues within a period of 60 days, or in the case of new customers only those that have already started generating revenues

(iv) DRC market position relates to the Kinshasa/Bas Congo area only

* Millicom’s unconditional call option over its partner’s 33.3% shareholding enables Millicom to fully consolidate Honduras.

23

Millicom International Cellular S.A.

Review by region

Central America		Q2 12		Q1 12		Q4 11		Q3 11		Q2 11
Customers (m)		15.2		15.1		14.6		14.2		14.1
YoY growth (%)		7.8	%	9.0	%	8.5	%	8.1	%	5.4	%
Revenue ($m)		476		474		478		460		449
YoY growth (%) (reported)		6.0	%	4.3	%	6.9	%	6.4	%	3.2	%
YoY growth (%) (local currency)		7.9	%	4.7	%	6.2	%	4.9	%	3.4	%
EBITDA ($m)		237		241		245		235		232
YoY growth (%)		2.0	%	(2.1	)%	7.0	%	(1.6	)%	(5.3	)%
Margin (%)		49.7	%	50.8	%	51.3	%	51.0	%	51.6	%
Total mobile ARPU ($)*		11.4		11.6		12.0		11.8		11.9
YoY growth (%) (reported)		(4.6	)%	(4.5	)%	(1.7	)%	(0.8	)%	2.0	%
Capex ($m)		72		51		90		66		40
Capex/Revenue (%)		15.1	%	10.8	%	18.8	%	14.4	%	8.8	%

* Not adjusted for constant forex

Cable Central America		Q2 12		Q1 12		Q4 11		Q3 11		Q2 11
Revenue ($m)		70		72		69		65		62
Revenue growth (YoY %)		12	%	14	%	16	%	14	%	12	%
Homes Passed (‘000)		1,550		1,529		1,373		1,358		1,347
Broadband customers / cable TV customers		39.4	%	38.9	%	39.8	%	38.5	%	38	%
RGUs (‘000)		857		800		721		707		692

24

Millicom International Cellular S.A.

Review by region (continued)

South America		Q2 12		Q1 12		Q4 11		Q3 11		Q2 11
Customers (m)		11.7		11.5		11.2		10.9		10.7
YoY growth (%)		10.0	%	10.5	%	10.0	%	12.3	%	15.5	%
Revenue ($m)		466		455		450		444		425
YoY growth (%) (reported)		9.7	%	17.4	%	17.6	%	24.8	%	31.5	%
YoY growth (%) (local currency)		13.1	%	14.5	%	14.4	%	15.2	%	19.5	%
EBITDA ($m)		185		186		189		190		182
YoY growth (%)		2.0	%	12.6	%	12.3	%	25.6	%	31.6	%
Margin (%)		39.8	%	40.9	%	41.9	%	42.9	%	42.8	%
Total mobile ARPU ($)*		13.0		13.1		13.4		13.5		13.2
YoY growth (%) (reported)		(1.3	)%	6.4	%	5.2	%	9.1	%	13.3	%
Capex ($m)		92		69		160		74		62
Capex/Revenue (%)		19.8	%	15.2	%	35.6	%	16.6	%	14.4	%

*    Not adjusted for constant forex

** Excluding sale and leaseback of previously held towers

Africa		Q2 12		Q1 12		Q4 11		Q3 11		Q2 11
Customers (m)		17.6		17.2		17.3		17.2		16.6
YoY growth (%)		6.5	%	10.9	%	15.6	%	17.3	%	17.2	%
Revenue ($m)		239		239		249		247		246
YoY growth (%) (reported)		(2.9	)%	(0.1	)%	4.3	%	7.4	%	12.3	%
YoY growth (%) (local currency)		5.7	%	5.4	%	10.6	%	7.8	%	11.9	%
EBITDA ($m)		91		90		102		104		99
YoY growth (%)		(8.6	)%	(8.4	)%	2.4	%	10.6	%	22.8	%
Margin (%)		38.0	%	37.5	%	41.0	%	42.1	%	40.4	%
Total mobile ARPU ($)*		4.5		4.6		4.8		4.9		5.1
YoY growth (%) (reported)		(11.9	)%	(11.7	)%	(10.7	)%	(9.9	)%	(5.4	)%
Capex ($m)**		84	***	42		145		76		46
Capex/Revenue (%)		35.3	%	17.4	%	58.1	%	30.9	%	18.5	%

* Not adjusted for constant forex

** Excluding sale and leaseback of previously owned towers

*** Including spectrum in the Democratic Republic of Congo.

25

Millicom International Cellular S.A.

Review by region (continued)

Revenue growth — Forex effect by region

US$m		Revenue Q2 11		Constant currency growth		Forex		Revenue Q2 12		LC growth %
CAM		449		36		(9	)	476		7.9	%
SAM		425		56		(15	)	466		13.1	%
Africa		246		14		(21	)	239		5.7	%
Total		1,120		106		(45	)	1,181		9.4	%

Customers

		Net additional mobile customers (‘000)
		Total		CAM		SAM		Africa
Q2 12		753		124		209		420
Q1 12		713		432		376		(95	)
Q4 11		857		439		287		131
Q3 11		916		100		196		620
Q2 11		1,549		271		236		1,042

Customer market share

		Market share (%)
		Total		CAM		SAM		Africa
Q2 12		29.8	%	54.8	%	18.8	%	29.7	%
Q1 12*		29.9	%	55.1	%	18.8	%	29.8	%
Q4 11*		30.2	%	54.1	%	18.9	%	30.6	%
Q3 11		30.4	%	54.3	%	18.7	%	31.3	%
Q2 11		30.5	%	54.4	%	18.6	%	31.7	%

Source: Company data. Historical market share for Africa restated to reflect KBC market only in DRC

*Restated for industry corrections in Q4 11 and Q1 12

26

Index
	Group P&L	p 2
	Cash Flow Statement	p 3
	Balance Sheet	p 4-5
	Revenues	p 6
	EBITDA	p 7
	Capex	p 8
	Central America	p 9
	South America	p 10
	Africa	p 11
	FX rates	p 12

Contact us

Head of Investor Relations	Justine DIMOVIC	justine.dimovic@millicom.com
	Tel (F):	00 352 27 759 479
	Tel (M):	00 352 691 750 479
Investor Relations Manager	Emily HUNT	emily.hunt@millicom.com
	Tel (F):	00 44 207 321 5027
	Tel (M):	00 44 77 79 018 539

Group P&L Not reviewed by auditors		Q1 2010(i)		Q2 2010(i)		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012		Q2 2012
Revenues		954		977		1,018		1,069		4,018		1,081		1,120		1,151		1,177		4,529		1,168		1,181
Operating expenses
Cost of sales (excluding depreciation and amortization)		-198		-204		-203		-219		-824		-234		-246		-256		-270		-1,007		-272		-275
Sales and marketing		-176		-175		-193		-210		-754		-194		-206		-206		-210		-816		-211		-219
General and administrative expenses		-129		-134		-141		-144		-548		-144		-155		-166		-168		-633		-170		-176
Other operating income		0		0		3		0		4		0		1		6		7		14		2		2
EBITDA		451		464		484		497		1,896		509		513		529		536		2,087		517		513
Corporate costs		-17		-22		-36		-30		-106		-22		-30		-26		-35		-113		-27		-32
Gain (loss) on disposal/Write down of assets, net		-3		2		2		-18		-16		1		-1		5		17		22		1		-3
Depreciation and amortization		-172		-168		-184		-167		-691		-178		-189		-187		-185		-739		-196		-199
Operating profit		259		276		266		281		1,083		311		293		321		333		1,257		295		279
Interest expense		-45		-49		-62		-63		-218		-49		-42		-48		-48		-187		-47		-54
Interest and other financial income		2		3		3		6		15		4		3		5		3		15		4		2
Revaluation of previously held interest						1,060		0		1,060		0		0		0		0		0
Other non-operating income (expenses), net		5		-35		-83		50		-64		45		-39		26		-45		-14		-52		67
Profit before taxes from continuing operations		221		195		1,184		275		1,875		311		214		304		243		1,072		200		294
Taxes		-66		-64		-60		-52		-242		-82		-57		166		-9		18		-91		-85
Profit before discontinued operations and non-controlling interest		155		131		1,125		222		1,633		229		157		470		234		1,090		109		209
Result from discontinued operations		3		3		3		3		12		39		0		0		0		39		0		0
Non-controlling interest		-3		0		-3		-19		-25		-9		-17		-125		-54		-205		-14		3
Net profit for the period		156		134		1,124		206		1,620		259		140		345		180		924		95		212
Basic earnings per common share (US$)		1.43		1.23		10.37		1.93		14.95		2.45		1.33		3.32		1.77		8.88		0.93		2.09
Weighted average number of shares outstanding in the period (‘000)		108,678		108,759		108,475		106,902		108,219		105,825		104,985		103,739		102,174		104,197		101,669		101,201
Profit for the period used to determine diluted earnings per common share		156		134		1,124		206		1,620		259		140		345		180		925		98		212
Diluted earnings per common share (US$)		1.43		1.23		10.35		1.92		14.93		2.45		1.33		3.32		1.76		8.87		0.93		2.09
Weighted average number of shares and potential dilutive shares outstanding in the period (‘000)		108,869		109,040		108,666		107,046		108,396		105,943		105,089		103,837		102,271		104,301		101,767		101,294

(i): Restated for the full consolidation of Honduras
Normalized Net Profit		151		169		149		168		637		183		187		210		188		722		159		176
Normalized EPS		1.39		1.55		1.37		1.57		5.88		1.73		1.78		2.02		1.83		7.36		1.56		1.74

2

Cash Flow Statement Not reviewed by auditors		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012		Q2 2012
EBITDA		424		436		484		497		1,841		509		513		529		536		2,087		517		513
Movements in working capital		-48		17		-36		68		1		-67		24		18		40		15		-38		-58
Capex (net of disposals)		-103		-117		-153		-214		-587		-137		-147		-120		-227		-630		-131		-177
Taxes paid		-38		-110		-51		-41		-239		-56		-122		-41		-49		-268		-38		-138
Operating Free Cash Flow		234		227		245		310		1,016		249		268		387		300		1,204		310		140
Corporate costs (excluding share based compensation)		-14		-19		-16		-25		-75		-18		-26		-21		-30		-96		-22		-26
Interest paid, net		-20		-53		-26		-57		-156		-39		-27		-37		-22		-126		-44		-32
Free Cash Flow		200		155		203		227		785		191		215		328		248		982		244		82
Other investing activities		-14		61		10		2		59		-5		13		-28		-24		-43		8		-19
Cash flow from operating and investing		186		216		213		229		844		186		228		300		224		939		252		63
Cash flow used in financing		-171		-513		212		-863		-1,335		-45		-443		-317		-302		-1,107		-22		-244
Cash from discontinued operations		0		0		0		0		0		53		0		0		0		53		0		0
Cash effect of exchange rate changes		4		-6		7		-3		3		2		0		-13		-16		-27		6		-6
Net decrease/increase in cash and cash equivalents		20		-303		431		-637		-488		197		-216		-31		-93		-142		236		-187
Cash and cash equivalents, beginning		1,511		1,531		1,229		1,660		1,511		1,023		1,221		1,005		974		1,023		881		1,117
Cash and cash equivalents, ending		1,531		1,229		1,660		1,023		1,023		1,221		1,005		974		881		881		1,117		930

3

Balance Sheet Not reviewed by auditors		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012		Q2 2012
Assets
Non current assets
Intangible assets, net - Total		1,043		1,025		2,272		2,283		2,283		2,232		2,200		2,163		2,170		2,170		2,168		2,193
Property, plant and equipment, net - NBV - Total		2,674		2,606		2,786		2,767		2,767		2,794		2,798		2,692		2,865		2,865		2,880		2,854
Investment in associates		1		9		12		18		18		19		20		42		63		63		80		86
Pledge deposits (non-current)		51		47		52		50		50		53		54		51		50		50		53		50
Deferred taxation assets (non-current)		23		23		22		24		24		27		31		264		317		317		336		309
Other non current assets		9		10		12		18		18		30		33		33		37		37		34		59
Total non-current assets		3,801		3,720		5,157		5,160		5,160		5,155		5,135		5,245		5,502		5,502		5,551		5,551
Current assets
Inventories		51		57		55		62		62		56		58		63		75		75		73		87
Trade receivables, net		227		220		252		253		253		250		263		268		277		277		293		297
Amounts due from non controlling interests and JV		92		35		68		107		107		129		151		47		159		159		61		122
Current tax assets		22		104		120		11		11		134		135		127		24		24		40		34
Other current assets		262		150		155		194		194		129		149		206		298		298		294		288
Cash and cash equivalents - Total		1,531		1,229		1,660		1,023		1,023		1,221		1,005		974		881		881		1,117		930
Total current assets		2,185		1,794		2,311		1,650		1,650		1,919		1,762		1,686		1,714		1,714		1,878		1,758
Assets held for sale		86		78		70		185		185		111		111		144		66		66		60		51
Total assets		6,072		5,592		7,538		6,995		6,995		7,185		7,008		7,076		7,282		7,282		7,489		7,360

4

Balance Sheet Not reviewed by auditors		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012		Q2 2012
Equity and liabilities
Equity
Share capital and premium		663		679		681		682		682		686		663		662		663		663		661		642
Treasury stock		0		-7		-105		-300		-300		-300		-51		-248		-378		-378		-353		-114
Other reserves		-74		-107		-66		-55		-55		-22		-40		-75		-104		-104		-100		-133
Put options reserve		0		0		-737		-737		-737		-737		-737		-737		-738		-738		-738		-738
Accumulated profits brought forward		1,788		1,134		1,134		1,134		1,134		2,757		2,192		2,192		1,886		1,886		2,806		2,239
Net profit for the period		156		290		1,414		1,620		1,620		259		399		744		925		925		95		307
		2,533		1,989		2,322		2,344		2,344		2,643		2,425		2,537		2,254		2,254		2,371		2,203
Non controlling interest		-85		-95		12		46		46		54		62		189		192		192		204		196
Total equity		2,448		1,894		2,333		2,390		2,390		2,697		2,487		2,727		2,446		2,446		2,575		2,399
Liabities
Non current liabilities
Debt and financing		1,879		1,980		1,954		1,797		1,797		1,770		1,701		1,695		1,817		1,817		1,911		2,026
Deferred taxation		69		75		21		196		196		189		184		191		199		199		195		183
Other non current liabilities		97		107		192		98		98		84		84		72		122		122		138		128
Total non current liabilities		2,045		2,162		2,167		2,091		2,091		2,043		1,968		1,958		2,138		2,138		2,244		2,337
Current liabilities
Debt and other financing		476		536		1,140		555		555		588		650		535		621		621		567		629
Put option liability		0		0		818		769		769		740		775		719		745		745		809		720
Amounts due to JV partners		80		34		66		98		98		127		148		44		93		93		13		54
Accrued interest and other expenses		195		201		250		228		228		220		258		247		264		264		266		290
Current tax liabilities		121		64		81		80		80		109		54		101		105		105		173		95
Other current liabilities		658		656		642		724		724		648		656		722		861		861		833		828
Total current liabilities		1,530		1,492		2,997		2,454		2,454		2,432		2,540		2,367		2,689		2,689		2,661		2,616
Liabilities directly associated with assets held for sale		49		44		41		60		60		13		13		24		9		9		9		8
Total liabilities		3,624		3,698		5,205		4,605		4,605		4,488		4,521		4,349		4,836		4,836		4,914		4,961
Total equity and liabilities		6,072		5,592		7,538		6,995		6,995		7,185		7,008		7,076		7,282		7,282		7,489		7,360

5

Revenues breakdown (USDm)
Not reviewed by auditors		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012		Q2 2012
Revenues by category
Communication (voice, sms)		768		768		798		820		3,154		819		828		840		851		3,338		827		814
Information (data services)		66		73		85		95		319		106		121		131		137		495		150		161
ow mobile data		36		45		47		61		189		72		86		95		98		351		110		120
ow others		30		28		38		34		130		34		35		36		39		144		40		41
Entertainment (TV, Ringback tones, games		76		70		70		78		294		77		82		86		84		329		87		92
Solutions		2		21		24		23		70		23		27		29		31		111		33		35
MFS		0.0		0.0		0.1		0.4		0.5		0.7		1.4		2.8		4.6		9.5		6.4		8.6
Recurring revenues		912		932		977		1,016		3,837		1,026		1,060		1,089		1,108		4,284		1,103		1,111
Others		42		45		41		53		181		55		60		62		69		246		65		70
Total group revenues		954		977		1,018		1,069		4,018		1,081		1,120		1,151		1,177		4,530		1,168		1,181
Revenues by service
Voice		674		684		706		725		2,789		720		730		736		746		2,932		722		709
ow Latin America		481		489		499		515		1,984		511		514		523		532		2,080		521		514
ow Africa		193		195		207		210		805		209		216		213		214		852		201		195
VAS-SMS		92		84		91		95		362		97		98		103		105		403		104		105
ow Latin America		82		74		81		83		320		86		88		93		94		361		93		93
ow Africa		10		10		10		12		42		11		10		10		10		42		11		12
VAS- non SMS		95		112		123		141		471		152		173		189		193		707		210		229
ow Latin America		85		103		113		129		430		139		158		171		175		643		189		204
ow Africa		10		9		11		12		41		13		15		18		18		64		21		25
Other		93		98		97		109		397		112		119		123		134		488		132		138
ow Latin America		88		92		95		103		378		106		114		117		127		464		126		130
ow Africa		5		5		1		5		19		6		5		6		7		24		6		8
Total revenues		954		977		1,018		1,069		4,018		1,081		1,120		1,151		1,177		4,530		1,168		1,181
Revenues by region
Central America		424		435		432		447		1,738		455		449		460		478		1,842		475		476
South America		312		323		356		383		1,374		387		425		444		450		1,706		455		466
Africa		217		219		230		239		905		239		246		247		249		981		239		239
Others/eliminations		0		0		0		0		0		0		0		0		0		0		0		0
Total group revenues		954		977		1,018		1,069		4,018		1,081		1,120		1,151		1,177		4,530		1,168		1,181
Local currency Revenue growth		11.5	%	11.3	%	11.7	%	10.0	%	11.2	%	12.7	%	10.2	%	9.1	%	10.1	%	10.5	%	8.4	%	9.4	%
Group ARPU (USD)		9.3		9.2		9.3		9.5		9.1		9.3		9.4		9.3		9.3		9.3		9.0		9.0

6

EBITDA breakdown (USDm) Not reviewed by auditors		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012		Q2 2012
Central America		236		245		239		229		950		246		232		235		245		958		241		237
South America		132		138		151		168		590		165		182		190		189		726		186		185
Africa		83		81		94		100		358		98		100		104		102		403		90		91
Total EBITDA Group		451		464		484		497		1,896		509		513		529		536		2,087		517		513
Local currency EBITDA growth		15.9	%	14.8	%	14.6	%	9.1	%	10.7	%	12.4	%	6.4	%	3.6	%	7.3	%	7.5	%	2.2	%	3.6	%

7

CAPEX breakdown (USDm) Not reviewed by auditors		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012		Q2 2012
Central America		35		50		55		82		222		26		40		66		90		222		51		72
South America		22		42		68		112		244		28		62		74		160		323		69		92
Africa		43		41		73		78		235		26		46		76		145		293		42		84
others/eliminations		0		1		-9		0		3		5		4		1		1		10		10		16
Total Capex		101		134		187		272		704		85		151		217		396		848		172		264

8

		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012		Q2 2012
CENTRAL AMERICA
Operational highlights
Mobile
Population (m)		28		28		28		28		28		28		28		28		28		28		28		28
El Salvador		7		7		7		6		6		6		6		6		6		6		6		6
Guatemala		13		13		13		14		14		14		14		14		14		14		14		14
Honduras		8		8		8		8		8		8		8		8		8		8		8		8
Mobile penetration estimated (%)
El Salvador		102.0	%	101.2	%	99.2	%	101.7	%	101.7	%	102.1	%	104.8	%	105.2	%	111.6	%	111.6	%	116.2	%	117.3	%
Guatemala		81.0	%	82.7	%	81.8	%	83.7	%	83.7	%	84.7	%	85.7	%	86.2	%	89.4	%	89.4	%	86.9	%	88.0	%
Honduras		92.0	%	91.0	%	84.8	%	85.7	%	85.7	%	84.1	%	85.0	%	85.4	%	85.2	%	85.2	%	83.8	%	82.9	%
Mobile customers ‘000		13,221		13,370		13,120		13,485		13,485		13,817		14,088		14,188		14,626		14,626		15,059		15,182
El Salvador		2,816		2,786		2,693		2,728		2,728		2,793		2,883		2,913		3,027		3,027		3,047		3,073
Guatemala		5,580		5,836		5,978		6,309		6,309		6,596		6,760		6,865		7,123		7,123		7,300		7,353
Honduras		4,825		4,749		4,448		4,448		4,448		4,428		4,445		4,410		4,477		4,477		4,712		4,756
Customers’ market share (%)
El Salvador		46.3	%	45.9	%	45.2	%	44.4	%	44.4	%	44.2	%	44.3	%	44.6	%	43.6	%	43.6	%	42.0	%	41.8	%
Guatemala		49.0	%	50.4	%	51.5	%	52.5	%	52.5	%	53.9	%	54.3	%	54.5	%	54.4	%	54.4	%	55.4	%	54.7	%
Honduras		66.1	%	65.4	%	65.3	%	64.3	%	64.3	%	64.9	%	64.2	%	63.1	%	63.8	%	63.8	%	68.0	%	69.1	%
Blended ARPU (USD)- reported		11.5		11.7		11.7		12.2		11.9		12.1		11.9		11.8		12.0		11.9		11.6		11.3
ARPU YoY change (local currency) %		-13.0	%	-11.0	%	-8	%	-1	%	-7	%	3	%	1	%	0	%	-3	%	-1	%	-5	%	-3	%
Cable
Homes passed ‘000		1,294		1,309		1,320		1,332		1,332		1,342		1,347		1,358		1,373		1,373		1,529		1,550
Broadband customers/cable TV customers		35.0	%	36.0	%	38.0	%	38.0	%	38.0	%	38.0	%	38.0	%	38.5	%	39.8	%	39.8	%	38.9	%	39.4	%
RGUs (‘000)		645		642		650		670		670		682		692		707		721		721		800		857
Cable revenues (USDm)		54		56		57		59		226		61		62		65		69		257		72		70
Quarterly highlights
Total revenues		424		435		432		447		1,738		455		449		460		478		1,842		474		476
YoY growth %		1.0	%	0.4	%	1.3	%	3.5	%	1.5	%	7.2	%	3.3	%	6.5	%	6.9	%	6.0	%	4.3	%	6.0	%
YoY growth (pf for FX)		0.9	%	0.3	%	0.4	%	1.4	%	0.7	%	5.3	%	1.6	%	4.9	%	6.2	%	4.6	%	4.7	%	7.9	%
EBITDA		236		245		239		229		950		246		232		235		245		958		241		237
EBITDA margin (%)		55.6	%	56.5	%	55.2	%	51.3	%	54.6	%	54.1	%	51.6	%	51.0	%	51.3	%	52.0	%	50.8	%	49.7	%
YoY growth %		4.8	%	1.9	%	3.4	%	-2.2	%	2.0	%	4.0	%	-5.0	%	-2.0	%	7.0	%	0.8	%	-2.1	%	2.0	%
YoY growth (pf for FX)		2.4	%	1.6	%	1.1	%	-5.2	%	0.0	%	3.0	%	-7.1	%	-2.8	%	6.3	%	7.4	%	-1.1	%	4.1	%
Capex		35		50		55		82		222		26		40		66		90		222		51		72
in % of revenues		8.3	%	11.5	%	12.7	%	18.3	%	12.8	%	5.7	%	8.8	%	14.4	%	18.8	%	12.0	%	10.8	%	15.1	%
opFCF		169		113		148		55		615		130		112		168		131		541		121		109
% of revenues		39.8	%	25.9	%	34.2	%	41.5	%	35.4	%	28.6	%	24.9	%	36.5	%	27.3	%	29.4	%	25.5	%	22.8	%

9

		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012		Q2 2012
SOUTH AMERICA
Operational highlights
Mobile
Population (m)		63		63		63		60		60		60		61		61		61		61		62		62
Bolivia		10		10		10		10		10		10		10		10		10		10		10		10
Colombia		46		46		46		44		44		44		45		45		45		45		45		45
Paraguay		7		7		7		6		6		6		6		6		6		6		7		7
Mobile penetration estimated (%)
Bolivia		55.8	%	56.5	%	59.8	%	64.5	%	64.5	%	66.4	%	64.9	%	66.0	%	68.4	%	68.4	%	69.6	%	68.7	%
Colombia		93.9	%	92.0	%	95.2	%	95.1	%	95.1	%	96.5	%	96.3	%	96.5	%	103.1	%	103.1	%	107.0	%	104.1	%
Paraguay		86.4	%	87.0	%	90.2	%	92.6	%	92.6	%	93.0	%	92.9	%	94.6	%	95.8	%	95.8	%	95.8	%	98.4	%
Mobile customers ‘000		9,027		9,239		9,678		10,139		10,139		10,435		10,671		10,867		11,155		11,155		11,531		11,740
Bolivia		2,085		2,117		2,249		2,404		2,404		2,501		2,564		2,580		2,687		2,687		2,832		2,860
Colombia		3,815		3,941		4,129		4,293		4,293		4,442		4,596		4,713		4,854		4,854		5,002		5,183
Paraguay		3,128		3,181		3,300		3,441		3,441		3,491		3,511		3,574		3,614		3,614		3,697		3,697
Customers’ market share (%)
Bolivia		36.4	%	36.3	%	36.3	%	35.7	%	35.7	%	35.8	%	35.7	%	35.1	%	35.1	%	35.1	%	36.1	%	36.7	%
Colombia		8.9	%	9.4	%	9.5	%	9.9	%	9.9	%	10.0	%	10.4	%	10.6	%	10.2	%	10.2	%	10.1	%	10.7	%
Paraguay		57.3	%	57.6	%	57.3	%	58.0	%	58.0	%	58.2	%	58.3	%	58.0	%	57.7	%	57.7	%	58.7	%	56.8	%
Blended ARPU (USD)- reported		11.5		11.7		12.4		12.7		11.9		12.3		13.2		13.5		13.4		13.1		13.1		13.1
ARPU YoY change (local currency) %		0	%	2	%	3	%	3	%	2	%	3	%	3	%	0	%	2	%	4	%	4	%	2	%
Quarterly highlights
Total revenues		312		323		356		383		1,374		387		425		444		450		1,706		455		466
YoY growth %		31.9	%	29.7	%	28.3	%	22.4	%	27.7	%	24.0	%	31.5	%	24.8	%	17.6	%	24.2	%	17.4	%	9.7	%
YoY growth (pf for FX)		17.0	%	19.0	%	21.0	%	19.0	%	19.1	%	20.0	%	19.5	%	15.2	%	14.4	%	17.1	%	14.5	%	13.5	%
EBITDA		132		138		151		168		590		165		182		190		189		726		186		185
EBITDA margin (%)		42.4	%	42.7	%	42.4	%	43.9	%	42.9	%	42.6	%	42.8	%	42.9	%	41.9	%	42.5	%	40.9	%	39.8	%
YoY growth %		41.3	%	41.5	%	34.2	%	24.8	%	34.5	%	24.9	%	31.6	%	25.7	%	12.3	%	23.1	%	12.6	%	2.0	%
YoY growth (pf for FX)		29.0	%	32.0	%	28.0	%	22.0	%	27.0	%	20.7	%	18.4	%	13.4	%	8.4	%	14.4	%	10.4	%	6.8	%
Capex		22		42		68		112		244		28		62		74		160		323		69		92
in % of revenues		7.1	%	13.0	%	19.1	%	29.2	%	17.8	%	7.2	%	14.5	%	16.6	%	35.6	%	19.0	%	15.2	%	19.8	%
opFCF		74		65		103		69		311		102		92		139		92		425		131		42
% of revenues		23.8	%	20.1	%	29.0	%	18.0	%	22.7	%	26.4	%	21.6	%	31.3	%	20.4	%	24.9	%	28.8	%	9.3	%

10

AFRICA		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012		Q2 2012
Operational highlights
Mobile
Population (m)		169		169		169		172		172		172		176		176		176		176		180		180
Chad		10		10		10		11		11		11		11		11		11		11		11		11
DRC		69		69		69		71		71		71		72		72		72		72		74		74
Ghana		24		24		24		24		24		24		25		25		25		25		25		25
Mauritius		1		1		1		1		1		1		1		1		1		1		1		1
Rwanda		10		10		10		11		11		11		11		11		11		11		12		12
Senegal		14		14		14		12		12		12		13		13		13		13		13		13
Tanzania		41		41		41		42		42		42		43		43		43		43		44		44
Mobile penetration estimated (%)
Chad		19.5	%	20.2	%	20.4	%	22.6	%	22.6	%	24.3	%	25.8	%	26.2	%	29.2	%	29.2	%	28.9	%	30.5	%
DRC		30.8	%	32.4	%	36.4	%	40.9	%	40.9	%	42.4	%	45.3	%	50.7	%	49.6	%	49.6	%	50.2	%	54.8	%
Ghana		51.8	%	53.2	%	53.2	%	57.3	%	57.3	%	58.0	%	61.9	%	62.7	%	66.1	%	66.1	%	67.6	%	68.7	%
Mauritius		80.4	%	81.4	%	83.0	%	86.1	%	86.1	%	86.8	%	87.2	%	88.9	%	93.0	%	93.0	%	93.2	%	93.0	%
Rwanda		21.0	%	28.1	%	33.3	%	26.2	%	26.2	%	33.3	%	23.2	%	29.0	%	30.4	%	30.4	%	29.0	%	31.0	%
Senegal		48.0	%	50.3	%	51.7	%	58.4	%	58.4	%	62.0	%	63.8	%	63.6	%	64.5	%	64.5	%	66.2	%	64.8	%
Tanzania		31.5	%	33.3	%	33.4	%	33.6	%	33.6	%	35.6	%	38.0	%	40.2	%	40.4	%	40.4	%	40.4	%	40.6	%
Mobile customers ‘000		12,846		14,119		14,646		14,965		14,965		15,512		16,554		17,173		17,304		17,304		17,209		17,628
Chad		1,129		1,223		1,257		1,429		1,429		1,545		1,677		1,692		1,894		1,894		1,903		1,896
DRC		1,605		1,822		2,012		2,156		2,156		2,150		2,319		2,474		2,382		2,382		2,307		2,554
Ghana		3,100		3,406		3,379		3,525		3,525		3,573		3,697		3,628		3,508		3,508		3,334		3,196
Mauritius		447		450		450		472		472		478		479		486		498		498		503		508
Rwanda		114		374		548		550		550		570		813		1,089		1,192		1,192		1,180		1,220
Senegal		2,376		2,451		2,424		2,356		2,356		2,526		2,628		2,540		2,379		2,379		2,484		2,641
Tanzania		4,076		4,394		4,576		4,478		4,478		4,671		4,941		5,263		5,451		5,451		5,498		5,613
Customers’ market share (%)
Chad		52.1	%	54.5	%	55.6	%	56.9	%	56.9	%	57.2	%	57.7	%	57.4	%	57.5	%	57.5	%	58.5	%	55.1	%
DRC		39.7	%	42.7	%	41.7	%	39.4	%	39.4	%	37.6	%	37.7	%	35.7	%	34.9	%	34.9	%	33.1	%	33.3	%
Ghana		24.8	%	26.4	%	26.1	%	25.2	%	25.2	%	25.1	%	24.2	%	23.4	%	21.3	%	21.3	%	19.8	%	18.5	%
Mauritius		43.0	%	42.7	%	42.3	%	42.6	%	42.6	%	42.8	%	42.6	%	42.4	%	41.5	%	41.5	%	41.8	%	42.4	%
Rwanda		n/a		12.0	%	15.3	%	15.0	%	15.0	%	15.1	%	30.8	%	33.0	%	34.5	%	34.5	%	34.8	%	33.7	%
Senegal		35.7	%	35.2	%	33.9	%	32.7	%	32.7	%	33.1	%	33.4	%	32.4	%	29.9	%	29.9	%	28.9	%	31.4	%
Tanzania		31.6	%	32.0	%	33.1	%	31.5	%	31.5	%	30.8	%	30.4	%	30.5	%	31.3	%	31.3	%	31.4	%	31.7	%
Blended ARPU (USD)- reported		5.8		5.4		5.4		5.4		5.6		5.2		5.1		4.9		4.8		5.1		4.6		4.5
ARPU YoY change (local currency) %		-3.0	%	-7.0	%	-7.0	%	-13	%	-9	%	-6.0	%	-6	%	-10	%	-5	%	-9	%	-7	%	-3	%
Quarterly highlights
Total revenues		217		219		230		239		905		239		246		247		249		981		239		239
YoY growth %		26.8	%	19.6	%	14.6	%	5.1	%	15.7	%	10.2	%	12.3	%	7.4	%	4.3	%	8.4	%	-0.1	%	-2.9	%
YoY growth (pf for FX)		26.0	%	24.0	%	22.0	%	12.0	%	20.3	%	15.0	%	11.9	%	7.8	%	10.6	%	11.3	%	5.4	%	5.7	%
EBITDA		83		81		94		100		358		98		100		104		102		403		90		91
EBITDA margin (%)		38.4	%	36.9	%	40.7	%	41.7	%	39.6	%	40.9	%	40.4	%	42.1	%	41.0	%	41.1	%	37.5	%	38.0	%
YoY growth %		41.5	%	31.2	%	25.6	%	11.6	%	25.7	%	17.5	%	22.8	%	10.6	%	2.4	%	12.7	%	-8.4	%	-8.6	%
YoY growth (pf for FX)		47.0	%	34.0	%	34.0	%	20.0	%	30.9	%	22.8	%	22.1	%	4.0	%	7.7	%	15.8	%	-3.5	%	-1.5	%
Capex		43		41		73		78		235		26		46		76		145		293		42		84
in % of revenues		20.0	%	18.7	%	31.7	%	32.5	%	26.0	%	11.0	%	18.5	%	30.9	%	58.1	%	29.8	%	17.4	%	35.3	%
opFCF		17		45		0.5		72		135		33		36		116		83		268		66		1
% of revenues		7.9	%	20.5	%	0.2	%	30.3	%	14.9	%	13.6	%	14.7	%	47.2	%	33.3	%	27.3	%	27.4	%	0.3	%

11

Average FX rates
Not reviewed by auditors		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012		Q2 2012
Central America
Guatemala		8.22		8.01		8.06		8.03		8.09		7.83		7.71		7.83		7.84		7.81		7.77		7.79
Honduras		18.90		18.89		18.90		18.89		18.90		18.90		18.90		18.87		18.97		18.91		19.22		19.45
Nicaragua		20.96		21.23		21.49		21.75		21.35		22.01		22.28		22.56		22.84		22.42		23.12		23.39
Costa Rica		550.57		527.06		517.36		510.41		527.51		505.19		502.25		508.68		511.99		507.32		514.32		508.58
South America
Bolivia		7.02		7.02		7.02		7.01		7.02		6.99		6.96		6.92		6.92		6.95		6.91		6.91
Colombia		1961.05		1946.29		1840.89		1880.98		1912.97		1891.70		1801.95		1814.11		1926.42		1858.95		1829.42		1796.68
Paraguay		4736.43		4746.81		4784.27		4797.58		4760.38		4497.50		4025.63		3955.25		4315.50		4226.12		4450.50		4424.00
Africa
Ghana		1.43		1.43		1.43		1.45		1.44		1.52		1.51		1.54		1.60		1.54		1.70		1.87
Mauritius		30.45		31.94		30.94		30.29		30.87		29.69		28.16		28.26		29.00		28.81		29.04		29.56
Senegal/Chad		474.74		511.74		509.24		486.91		494.26		477.05		453.65		463.39		489.51		471.65		498.51		509.13
Rwanda		572.43		580.22		588.37		591.81		583.00		598.38		600.75		600.39		602.16		600.29		605.45		609.26
Tanzania		1349.13		1419.81		1508.33		1487.60		1437.89		1485.69		1538.63		1622.50		1672.76		1576.83		1591.54		1586.75

12