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v3.20.4

Performance (Tables) | 12 Months Ended
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Dec. 31, 2020
Analysis of income and expense [abstract] |
Disclosure of revenue | Revenue from continuing operations by category
| 2020 | 2019 | 2018
| (US$ millions)
Mobile | 2,116 |  | 2,150 |  | 2,126 |
Cable and other fixed services | 1,803 |  | 1,928 |  | 1,565 |
Other | 52 |  | 51 |  | 43 |
Service revenue | 3,971 |  | 4,130 |  | 3,734 |
Telephone and equipment and other | 201 |  | 206 |  | 212 |
Total revenue | 4,171 |  | 4,336 |  | 3,946 |
Revenue from continuing operations by country or operation (i)
| 2020 | 2019 | 2018
| (US$ millions)
Colombia | 1,346 |  | 1,532 |  | 1,661 |
Paraguay | 544 |  | 610 |  | 679 |
Bolivia | 584 |  | 639 |  | 614 |
El Salvador | 389 |  | 386 |  | 405 |
Tanzania | 366 |  | 382 |  | 399 |
Nicaragua | 220 |  | 157 |  | 13 |
Costa Rica | 140 |  | 153 |  | 155 |
Panama | 585 |  | 475 |  | 17 |
Other operations | 3 |  | 4 |  | 6 |
Eliminations | (5) |  | (3) |  | (2) |
Total | 4,171 |  | 4,336 |  | 3,946 |
(i) The revenue figures above are shown after intercompany eliminations. Revenue from contracts with customers from continuing operations:
|  | Twelve months ended December 31, 2020 | Twelve months ended December 31, 2019 | Twelve months ended December 31, 2018
$ millions | Timing of revenue recognition | Latin America | Africa | Total Group | Latin America | Africa | Total Group | Latin America | Africa | Total Group
Mobile | Over time | 1,728 |  | 239 |  | 1,967 |  | 1,747 |  | 261 |  | 2,007 |  | 1,701 |  | 280 |  | 1,981 |
Mobile Financial Services | Point in time | 31 |  | 118 |  | 149 |  | 31 |  | 112 |  | 143 |  | 37 |  | 108 |  | 145 |
Cable and other fixed services | Over time | 1,794 |  | 8 |  | 1,803 |  | 1,919 |  | 9 |  | 1,928 |  | 1,556 |  | 10 |  | 1,565 |
Other | Over time | 51 |  | 1 |  | 52 |  | 51 |  | 1 |  | 52 |  | 42 |  | 1 |  | 43 |
Service Revenue |  | 3,604 |  | 366 |  | 3,971 |  | 3,748 |  | 382 |  | 4,130 |  | 3,336 |  | 398 |  | 3,734 |
Telephone and equipment | Point in time | 201 |  | — |  | 201 |  | 206 |  | — |  | 206 |  | 212 |  | — |  | 212 |
Revenue from contracts with customers |  | 3,805 |  | 366 |  | 4,171 |  | 3,954 |  | 382 |  | 4,336 |  | 3,548 |  | 399 |  | 3,946 |
Disclosure of cost of sales | The cost of sales and operating expenses incurred by the Group can be summarized as follows: Cost of sales
| 2020 | 2019 | 2018
| (US$ millions) |
Direct costs of services sold | (847) |  | (878) |  | (799) |
Cost of telephone, equipment and other accessories | (216) |  | (230) |  | (229) |
Bad debt and obsolescence costs | (108) |  | (93) |  | (90) |
Cost of sales | (1,171) |  | (1,201) |  | (1,117) |
Disclosure of operating expenses | Operating expenses, net
| 2020 | 2019 | 2018
| (US$ millions) |
Marketing expenses | (396) |  | (402) |  | (391) |
Site and network maintenance costs | (234) |  | (245) |  | (192) |
Employee related costs (B.4.) | (477) |  | (496) |  | (500) |
External and other services | (174) |  | (204) |  | (181) |
Rentals and (operating) leases (i) | (1) |  | (1) |  | (152) |
Other operating expenses | (225) |  | (257) |  | (201) |
Operating expenses, net | (1,505) |  | (1,604) |  | (1,616) |
(i)Decrease as from the year 2019 is due to IFRS 16 application - see further explanations above in "New and amended IFRS accounting standards" section.
Disclosure of other operating income (expense) | The other operating income and expenses incurred by the Group can be summarized as follows: Other operating income (expenses), net
| Notes | 2020 | 2019 | 2018
|  | (US$ millions) |
Income from tower deal transactions | E.3. | — |  | 5 |  | 61 |
Impairment of intangible assets and property, plant and equipment | E.1., E.2. | — |  | (8) |  | (6) |
Gain (loss) on disposals of intangible assets and property, plant and equipment |  | — |  | — |  | 7 |
Impairment of AirtelTigo's receivable | G.5. | (45) |  | — |  | — |
Gain (loss) on disposal of equity investments | C.7.3. | 25 |  | (32) |  | — |
Other income (expenses) |  | 9 |  | 1 |  | 13 |
Other operating income (expenses), net |  | (12) |  | (34) |  | 75 |
Disclosure of operating segments | Revenue, operating profit (loss), EBITDA and other segment information for the years ended December 31, 2020, 2019 and 2018, were as follows:
| Latin America | Africa | Unallocated | Guatemala and Honduras(vii) | Eliminations and Transfers | Total
| (US$ millions)
Year ended December 31, 2020 |  |  |  |  |  |
Mobile revenue | 3,220 |  | 357 |  | — |  | (1,461) |  | — |  | 2,116 |
Cable and other fixed services revenue | 2,097 |  | 8 |  | — |  | (302) |  | (1) |  | 1,803 |
Other revenue | 60 |  | 1 |  | — |  | (6) |  | (2) |  | 52 |
Service revenue (i) | 5,377 |  | 366 |  | — |  | (1,769) |  | (4) |  | 3,971 |
Telephone and equipment and other revenue (i) | 466 |  | — |  | — |  | (266) |  | — |  | 201 |
Revenue | 5,843 |  | 366 |  | — |  | (2,035) |  | (4) |  | 4,171 |
Operating profit (loss) | 803 |  | 36 |  | (32) |  | (536) |  | 175 |  | 446 |
Add back: |  |  |  |  |  |
Depreciation and amortization | 1,561 |  | 89 |  | 11 |  | (453) |  | — |  | 1,208 |
Share of profit in joint ventures in Guatemala and Honduras | — |  | — |  | — |  | — |  | (171) |  | (171) |
Other operating income (expenses), net | (5) |  | — |  | 23 |  | (3) |  | (4) |  | 12 |
EBITDA (ii) | 2,360 |  | 125 |  | 2 |  | (992) |  | — |  | 1,495 |
EBITDA from discontinued operations | — |  | (4) |  | — |  | — |  | — |  | (4) |
EBITDA incl discontinued operations | 2,360 |  | 121 |  | 2 |  | (992) |  | — |  | 1,491 |
Capital expenditure (iii) | (926) |  | (42) |  | (4) |  | 258 |  | — |  | (714) |
Changes in working capital and others (iv) | 61 |  | 11 |  | (7) |  | (43) |  | — |  | 22 |
Taxes paid | (260) |  | (10) |  | (2) |  | 131 |  | — |  | (142) |
Operating free cash flow (v) | 1,234 |  | 80 |  | (11) |  | (645) |  | — |  | 657 |
Total Assets (vi) | 13,418 |  | 926 |  | 4,052 |  | (5,116) |  | (859) |  | 12,422 |
Total Liabilities | 8,878 |  | 959 |  | 3,342 |  | (2,044) |  | (987) |  | 10,148 |
| Latin America | Africa | Unallocated | Guatemala and Honduras(vii) | Eliminations and Transfers | Total
| (US$ millions)
Year ended December 31, 2019 |  |  |  |  |  |
Mobile revenue | 3,258 |  | 372 |  | — |  | (1,480) |  | — |  | 2,150 |
Cable and other fixed services revenue | 2,197 |  | 9 |  | — |  | (277) |  | — |  | 1,928 |
Other revenue | 60 |  | 1 |  | — |  | (9) |  | — |  | 51 |
Service revenue (i) | 5,514 |  | 382 |  | — |  | (1,766) |  | — |  | 4,130 |
Telephone and equipment revenue (i) | 449 |  | — |  | — |  | (243) |  | — |  | 206 |
Revenue | 5,964 |  | 382 |  | — |  | (2,010) |  | — |  | 4,336 |
Operating profit (loss) | 980 |  | 19 |  | (64) |  | (540) |  | 179 |  | 575 |
Add back: |  |  |  |  |  |
Depreciation and amortization | 1,435 |  | 99 |  | 9 |  | (444) |  | — |  | 1,100 |
Share of profit in joint ventures in Guatemala and Honduras | — |  | — |  | — |  | — |  | (179) |  | (179) |
Other operating income (expenses), net | 2 |  | (2) |  | 42 |  | (8) |  | — |  | 34 |
EBITDA (ii) | 2,418 |  | 117 |  | (13) |  | (992) |  | — |  | 1,530 |
EBITDA from discontinued operations | — |  | (3) |  | — |  | — |  | — |  | (3) |
EBITDA incl discontinued operations | 2,418 |  | 114 |  | (13) |  | (992) |  | — |  | 1,527 |
Capital expenditure (iii) | (1,040) |  | (58) |  | (9) |  | 261 |  | — |  | (846) |
Changes in working capital and others (iv) | (86) |  | 14 |  | (52) |  | (18) |  | — |  | (143) |
Taxes paid | (225) |  | (10) |  | (8) |  | 129 |  | — |  | (114) |
Operating free cash flow (v) | 1,067 |  | 59 |  | (82) |  | (619) |  | — |  | 425 |
Total Assets (vi) | 13,859 |  | 936 |  | 3,715 |  | (5,465) |  | (150) |  | 12,895 |
Total Liabilities | 8,413 |  | 909 |  | 3,977 |  | (2,119) |  | (965) |  | 10,215 |
| Latin America | Africa | Unallocated | Guatemala and Honduras(vii) | Eliminations and Transfers | Total
| (US$ millions)
Year ended December 31, 2018 |  |  |  |  |  |
Mobile revenue | 3,214 |  | 388 |  | — |  | (1,475) |  | — |  | 2,126 |
Cable and other fixed services revenue | 1,808 |  | 10 |  | — |  | (253) |  | — |  | 1,565 |
Other revenue | 48 |  | 1 |  | — |  | (6) |  | — |  | 43 |
Service revenue (i) | 5,069 |  | 398 |  | — |  | (1,734) |  | — |  | 3,734 |
Telephone and equipment revenue (i) | 415 |  | — |  | — |  | (203) |  | — |  | 212 |
Total Revenue | 5,485 |  | 399 |  | — |  | (1,937) |  | — |  | 3,946 |
Operating profit (loss) | 990 |  | 21 |  | (38) |  | (488) |  | 154 |  | 640 |
Add back: |  |  |  |  |  |
Depreciation and amortization | 1,133 |  | 80 |  | 5 |  | (416) |  | — |  | 803 |
Share of profit in joint ventures in Guatemala and Honduras | — |  | — |  | — |  | — |  | (154) |  | (154) |
Other operating income (expenses), net | (51) |  | (3) |  | (2) |  | (19) |  | — |  | (75) |
EBITDA (ii) | 2,072 |  | 98 |  | (35) |  | (922) |  | — |  | 1,213 |
EBITDA from discontinued operations | — |  | 44 |  | — |  | — |  | — |  | 44 |
EBITDA incl discontinued operations | 2,072 |  | 143 |  | (35) |  | (922) |  | — |  | 1,257 |
Capital expenditure (iii) | (872) |  | (59) |  | (2) |  | 225 |  | — |  | (708) |
Changes in working capital and others (iv) | (42) |  | 28 |  | 13 |  | (12) |  | — |  | (13) |
Taxes paid | (264) |  | (24) |  | (6) |  | 142 |  | — |  | (153) |
Operating free cash flow (v) | 894 |  | 88 |  | (30) |  | (568) |  | — |  | 383 |
Total Assets (vi) | 11,751 |  | 839 |  | 2,752 |  | (5,219) |  | 190 |  | 10,313 |
Total Liabilities | 6,127 |  | 905 |  | 2,953 |  | (1,814) |  | (650) |  | 7,521 |
(i) Service revenue is Group revenue related to the provision of ongoing services such as monthly subscription fees, airtime and data usage fees, interconnection fees, roaming fees, mobile finance service commissions and fees from other telecommunications services such as data services, SMS and other value-added services excluding telephone and equipment sales. Revenues from other sources comprises rental, sub-lease rental income and other non recurring revenues. The Group derives revenue from the transfer of goods and services over time and at a point in time. Refer to the table below. (ii) EBITDA is operating profit excluding impairment losses, depreciation and amortization and gains/losses on the disposal of fixed assets. EBITDA is used by the management to monitor the segmental performance and for capital management. EBITDA for the year ended December 31, 2018 is not fully comparable to EBITDA for the years ended December 31, 2019 and December 31, 2020 because of the application of IFRS 16 which had a positive impact as compared to what our EBITDA was under IAS 17 standard. (iii) Cash spent for capex excluding spectrum and licenses of $101 million (2019: $59 million; 2018: $61 million) and cash received on tower deals of nil (2019: $22 million; 2018: $141 million). (iv) Changes in working capital and others include changes in working capital as stated in the cash flow statement, as well as share-based payments expense and non-cash bonuses. (v) Operating Free Cash Flow is EBITDA less cash capex (excluding spectrum and license costs) less change in working capital, other non-cash items (share-based payment expense and non-cash bonuses) and taxes paid. (vi) Segment assets include goodwill and other intangible assets. (vii) Including eliminations for Guatemala and Honduras as reported in the Latam segment.
Disclosure of number of permanent employees | Number of permanent employees
| 2020 | 2019 | 2018
Continuing operations(i) | 16,955 |  | 17,687 |  | 16,725 |
Joint ventures (Guatemala, Honduras and Ghana) | 4,464 |  | 4,688 |  | 4,416 |
Discontinued operations | — |  | — |  | 262 |
Total | 21,419 |  | 22,375 |  | 21,403 |
(i) Emtelco headcount are excluded from this disclosure and any internal reporting because their costs are classified as direct costs and not employee related costs.
Disclosure of employee related costs |
| Notes | 2020 | 2019 | 2018
|  | (US$ millions) |
Wages and salaries |  | (356) |  | (358) |  | (346) |
Social security |  | (66) |  | (68) |  | (60) |
Share based compensation | B.4.1. | (24) |  | (27) |  | (21) |
Pension and other long-term benefit costs | B.4.2. | (4) |  | (4) |  | (7) |
Other employees related costs |  | (27) |  | (39) |  | (67) |
Total |  | (477) |  | (496) |  | (500) |
Disclosure of cost of share-based compensation | Cost of share based compensation
| 2020 | 2019 | 2018
| (US$ millions) |
2016 incentive plans | — |  | — |  | (4) |
2017 incentive plans | — |  | (7) |  | (8) |
2018 incentive plans | (2) |  | (8) |  | (11) |
2019 incentive plans | (8) |  | (14) |  | — |
2020 incentive plans | (13) |  | — |  | — |
Total share based compensation | (24) |  | (27) |  | (21) |
Disclosure of assumptions and fair value of the shares under the TSR portion | Assumptions and fair value of the shares under the TSR portion(s)
| Risk-free rate % | Dividend yield % | Share price volatility(i) % | Award term (years) | Share fair value (in US$)
Performance share plan 2020 (Relative TSR) | 0.61 |  | 1.47 |  | 24.54 |  | 2.93 |  | 55.66 |
Performance share plan 2019 (Relative TSR) | (0.24) |  | 3.01 |  | 26.58 |  | 2.93 |  | 49.79 |
Performance share plan 2018 (Relative TSR) | (0.39) |  | 3.21 |  | 30.27 |  | 2.93 |  | 57.70 |
Performance share plan 2017 (Relative TSR) | (0.40) |  | 3.80 |  | 22.50 |  | 2.92 |  | 27.06 |
Performance share plan 2017 (Absolute TSR) | (0.40) |  | 3.80 |  | 22.50 |  | 2.92 |  | 29.16 |
Performance share plan 2016 (Relative TSR) | (0.65) |  | 3.49 |  | 30.00 |  | 2.61 |  | 43.35 |
Performance share plan 2016 (Absolute TSR) | (0.65) |  | 3.49 |  | 30.00 |  | 2.61 |  | 45.94 |
(i) Historical volatility retained was determined on the basis of a three-year historic average.
Disclosure of plan awards and shares expected to vest | Plan awards and shares expected to vest
| 2020 plans | 2019 plans | 2018 plans | 2017 plans
| Performance plan | Deferred plan | Performance plan | Deferred plan | Performance plan | Deferred plan | Performance plan | Deferred plan
|  |  | (number of shares)
Initial shares granted | 341,897 |  | 370,131 |  | 257,601 |  | 297,856 |  | 237,196 |  | 262,317 |  | 279,807 |  | 438,505 |
Additional shares granted(i) | — |  | 5,928 |  | — |  | 43,115 |  | — |  | 3,290 |  | 2,868 |  | 29,406 |
Revision for forfeitures | (13,008) |  | (9,880) |  | (35,558) |  | (22,636) |  | (43,639) |  | (37,433) |  | (50,279) |  | (89,011) |
Revision for cancellations | — |  | — |  | — |  | — |  | (4,728) |  | — |  | — |  | — |
Total before issuances | 328,889 |  | 366,179 |  | 222,043 |  | 318,335 |  | 188,829 |  | 228,174 |  | 232,396 |  | 378,900 |
Shares issued in 2017 | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (2,686) |
Shares issued in 2018 | — |  | — |  | — |  | — |  | (97) |  | (18,747) |  | (2,724) |  | (99,399) |
Shares issued in 2019 | — |  | — |  | (150) |  | (24,294) |  | (3,109) |  | (54,971) |  | (19,143) |  | (82,486) |
Shares issued in 2020 | — |  | (3,571) |  | (17) |  | (96,629) |  | (304) |  | (35,125) |  | (158,394) |  | (194,329) |
Performance conditions | — |  | — |  | — |  | — |  | — |  | — |  | (52,135) |  | — |
Shares still expected to vest | 328,889 |  | 362,608 |  | 221,876 |  | 197,412 |  | 185,319 |  | 119,331 |  | — |  | — |
Estimated cost over the vesting period (US$ millions) | 13 |  | 15 |  | 11 |  | 18 |  | 12 |  | 14 |  | 10 |  | 20 |
(i) Additional shares granted represent grants made for new joiners and/or as per CEO contractual arrangements.
Disclosure of directors renumeration charge | Remuneration charge for the Board (gross of withholding tax)
| 2020 | 2019 | 2018
| (US$ ’000)
Chairperson | 300 |  | 366 |  | 169 |
Other members of the Board | 1,188 |  | 1,557 |  | 774 |
Total (i) | 1,488 |  | 1,923 |  | 943 |
Shares beneficially owned by the Directors
| 2020 | 2019
| (number of shares)
Chairperson | 13,427 |  | 5,814 |
Other members of the Board | 52,593 |  | 32,279 |
Total (i) | 66,020 |  | 38,093 |
(i)Cash compensation converted from SEK to USD at exchange rates on payment dates for 2018. In 2019 and 2020 cash compensation was denominated in USD. Share based compensation based on the market value of Millicom shares on the corresponding AGM date (2020: in total 32,358 shares; 2019: in total 19,483 shares-includes 2,876 additional shares that were awarded for the period from the 9 January 2019 date of listing on the Nasdaq Stock Market in the US and the date of the 2019 AGM; 2018: in total 6,591 shares). Net remuneration comprised 71% in shares and 29% in cash (SEK) (2019: 73% in shares and 27% in cash; 2018: 51% in shares and 49% in cash).
Disclosure of executive team renumeration charge | Remuneration charge for the Executive Team
| CEO | CFO | Executive Team (8 members)(iii)
| (US$ ’000)
2020 |  |  |
Base salary | 1,173 |  | 670 |  | 2,612 |
Bonus | 1,301 |  | 509 |  | 1,837 |
Pension | 285 |  | 100 |  | 663 |
Other benefits | 82 |  | 38 |  | 303 |
Termination benefits | — |  | — |  | — |
Total before share based compensation | 2,841 |  | 1,317 |  | 5,414 |
Share based compensation(i)(ii) in respect of 2020 LTIP | 7,114 |  | 1,834 |  | 3,796 |
Total | 9,955 |  | 3,151 |  | 9,210 |
| CEO | CFO | Executive Team (9 members)
| (US$ ’000)
2019 |  |  |
Base salary | 1,167 |  | 654 |  | 3,498 |
Bonus | 1,428 |  | 626 |  | 2,098 |
Pension | 279 |  | 98 |  | 798 |
Other benefits | 50 |  | 260 |  | 1,521 |
Termination benefits | — |  | — |  | 863 |
Total before share based compensation | 2,924 |  | 1,639 |  | 8,779 |
Share based compensation(i)(ii) in respect of 2019 LTIP | 5,625 |  | 1,576 |  | 5,965 |
Total | 8,549 |  | 3,215 |  | 14,743 |
| CEO | CFO | Executive team (9 members)
| (US$ ’000)
2018 |  |  |
Base salary | 1,112 |  | 673 |  | 3,930 |
Bonus | 1,492 |  | 557 |  | 2,445 |
Pension | 247 |  | 101 |  | 962 |
Other benefits | 66 |  | 63 |  | 805 |
Termination benefits | — |  | — |  | 301 |
Total before share based compensation | 2,918 |  | 1,393 |  | 8,444 |
Share based compensation(i)(ii) in respect of 2018 LTIP | 5,027 |  | 1,567 |  | 4,957 |
Total | 7,945 |  | 2,960 |  | 13,401 |
(i) See note B.4.1. (ii) Share awards of 153,894 and 135,269 were granted in 2020 under the 2019 LTIPs to the CEO, and Executive Team (2019: 102,122 and 135,480, respectively; 2018: 80,264 and 112,472, respectively). (iii) 'Other Executives' includes compensation paid in 2020 to Rachel Samren former Chief External Affairs Officer (departure August 31, 2020) and to HL Rogers former Chief Ethics and Compliance Officer (departure January 1, 2020). Additionally other Benefits' for 'Other Executives' include medical and dental insurance for Daniel Loria, former CHRO.
Disclosure of vested and unvested share awards beneficially granted to the Executive team |
| CEO | Executive team | Total
| (number of shares)
2020 |  |  |
Share ownership (vested from equity plans and otherwise acquired) | 194,432 |  | 169,725 |  | 364,157 |
Share awards not vested | 325,250 |  | 297,317 |  | 622,567 |
2019 |  |  |
Share ownership (vested from equity plans and otherwise acquired) | 190,577 |  | 136,306 |  | 326,883 |
Share awards not vested | 236,211 |  | 334,193 |  | 570,404 |
Disclosure of other non-operating (expenses) income, net | Non-operating items mainly comprise changes in fair value of derivatives and the impact of foreign exchange fluctuations on the results of the Group.
|  | December 31
| Note | 2020 | 2019 | 2018
|  | (US$ millions) |
Change in fair value of derivatives | C.7.2. | (11) |  | — |  | (1) |
Change in fair value in investment in Jumia | C.7.3. | (18) |  | (38) |  | — |
Change in fair value in investment in HT | C.7.3. | (16) |  | 312 |  | — |
Change in value of call option asset and put option liability | C.7.4. | 5 |  | (25) |  | — |
Exchange gains (losses), net |  | (69) |  | (32) |  | (40) |
Other non-operating income (expenses), net |  | 3 |  | 10 |  | 2 |
Total |  | (106) |  | 227 |  | (39) |
Disclosure of income tax charge | Income tax charge
| 2020 | 2019 | 2018
| (US$ millions)
Income tax (charge) credit |  |  |
Withholding tax | (83) |  | (56) |  | (64) |
Other income tax relating to the current year | (65) |  | (88) |  | (82) |
Adjustments in respect of prior years | (29) |  | (7) |  | 1 |
Total | (177) |  | (151) |  | (145) |
Deferred tax (charge) credit |  |  |
Origination and reversal of temporary differences | 99 |  | 58 |  | 32 |
Effect of change in tax rates | (5) |  | (8) |  | (10) |
Tax income (expense) before valuation allowances | 94 |  | 50 |  | 22 |
Effect of valuation allowances | (19) |  | (9) |  | (8) |
Total | 75 |  | 41 |  | 14 |
Adjustments in respect of prior years | — |  | (10) |  | 19 |
| 75 |  | 31 |  | 33 |
Tax (charge) credit on continuing operations | (102) |  | (120) |  | (112) |
Tax (charge) credit on discontinuing operations | (2) |  | (2) |  | (4) |
Total tax (charge) credit | (104) |  | (122) |  | (116) |
Disclosure of income tax calculation | Income tax calculation
| 2020 | 2019 | 2018
| Continuing operations | Discontinued operations | Total | Continuing operations | Discontinued operations | Total | Continuing operations | Discontinued operations | Total
| (US$ millions)
Profit before tax | (271) |  | (11) |  | (282) |  | 218 |  | 59 |  | 277 |  | 119 |  | (29) |  | 90 |
Tax at the weighted average statutory rate | 82 |  | 3 |  | 85 |  | (37) |  | (11) |  | (48) |  | (1) |  | — |  | (1) |
Effect of: |  |  |  |  |  |  |  |  |
Items taxed at a different rate | 1 |  | — |  | 1 |  | (1) |  | — |  | (1) |  | 7 |  | — |  | 7 |
Change in tax rates on deferred tax balances | (5) |  | — |  | (5) |  | (8) |  | — |  | (8) |  | (10) |  | — |  | (10) |
Expenditure not deductible and income not taxable | (106) |  | (3) |  | (109) |  | (37) |  | 9 |  | (28) |  | (59) |  | (2) |  | (61) |
Unrelieved withholding tax | (83) |  | — |  | (83) |  | (56) |  | — |  | (56) |  | (64) |  | — |  | (64) |
Accounting for associates and joint ventures | 42 |  | — |  | 42 |  | 36 |  | — |  | 36 |  | 5 |  | — |  | 5 |
Movement in deferred tax on unremitted earnings | 15 |  | — |  | 15 |  | 9 |  | — |  | 9 |  | (2) |  | — |  | (2) |
Unrecognized deferred tax assets | (27) |  | — |  | (27) |  | (20) |  | — |  | (20) |  | (8) |  | (2) |  | (10) |
Recognition of previously unrecognized deferred tax assets | 8 |  | — |  | 8 |  | 11 |  | — |  | 11 |  | — |  | — |  | — |
Adjustments in respect of prior years | (29) |  | (2) |  | (31) |  | (17) |  | — |  | (17) |  | 20 |  | — |  | 20 |
Total tax (charge) credit | (102) |  | (2) |  | (104) |  | (120) |  | (2) |  | (122) |  | (112) |  | (4) |  | (116) |
Weighted average statutory tax rate | 30.3 | % |  | 30.1 | % | 17.0 | % |  | 17.3 | % | 0.8 | % |  | 1.1 | %
Effective tax rate | (37.5) | % |  | (36.8) | % | 55.0 | % |  | 44.0 | % | 94.1 | % |  | 128.9 | %
Disclosure of deferred taxes and deductible temporary differences | Deferred tax
| Fixed assets | Unused tax losses | Unremitted earnings | Other | Offset | Total
| (US$ millions)
Balance at December 31, 2018 | (178) |  | 44 |  | (34) |  | 134 |  | — |  | (34) |
(Charge)/credit to income statement | 41 |  | (15) |  | 8 |  | (3) |  | — |  | 31 |
Change in scope | (88) |  | 5 |  | — |  | 4 |  | — |  | (73) |
Exchange differences | 2 |  | — |  | 1 |  | (3) |  | — |  | — |
Balance at December 31, 2019 | (223) |  | 34 |  | (25) |  | 129 |  | — |  | (85) |
Deferred tax assets | 84 |  | 34 |  | — |  | 134 |  | (52) |  | 200 |
Deferred tax liabilities | (307) |  | — |  | (25) |  | (5) |  | 52 |  | (285) |
Balance at December 31, 2019 | (223) |  | 34 |  | (25) |  | 129 |  | — |  | (85) |
(Charge)/credit to income statement | 81 |  | 150 |  | 15 |  | (171) |  | — |  | 75 |
Change in scope | — |  | — |  | — |  | — |  | — |  | — |
Transfers to assets held for sale | — |  | — |  | — |  | — |  | — |  | — |
Exchange differences | — |  | 3 |  | (1) |  | (4) |  | — |  | (2) |
Balance at December 31, 2020 | (142) |  | 187 |  | (11) |  | (46) |  | — |  | (12) |
Deferred tax assets | 97 |  | 187 |  | — |  | 102 |  | (189) |  | 197 |
Deferred tax liabilities | (239) |  | — |  | (11) |  | (148) |  | 189 |  | (209) |
Balance at December 31, 2020 | (142) |  | 187 |  | (11) |  | (46) |  | — |  | (12) |
Deferred tax assets have not been recognized in respect of the following deductible temporary differences:
| Fixed assets | Unused tax losses | Other | Total
| (US$ millions)
At December 31, 2020 | 57 |  | 4,668 |  | 218 |  | 4,943 |
At December 31, 2019 | 92 |  | 4,705 |  | 126 |  | 4,923 |
Disclosure of unrecognized loss carryforwards | Unrecognized tax losses carryforward related to continuing operations expire as follows:
| 2020 | 2019 | 2018
| (US$ millions)
Expiry: |  |  |
Within one year | 3 |  | 1 |  | — |
Within one to five years | 3 |  | 2 |  | 3 |
After five years | 1,089 |  | 493 |  | 493 |
No expiry | 3,573 |  | 4,209 |  | 4,390 |
Total | 4,668 |  | 4,705 |  | 4,886 |
Disclosure of earnings per share | Net profit/(loss) used in the earnings (loss) per share computation
| 2020 | 2019 | 2018
| (US$ millions)
Basic and Diluted |  |  |
Net profit (loss) attributable to equity holders from continuing operations | (332) |  | 93 |  | 23 |
Net profit (loss) attributable to equity holders from discontinued operations | (12) |  | 57 |  | (33) |
Net profit/(loss) attributable to all equity holders to determine the basic earnings (loss) per share | (344) |  | 149 |  | (10) |
Weighted average number of shares in the earnings (loss) per share computation
| 2020 | 2019 | 2018
| (thousands of shares)
Weighted average number of ordinary shares (excluding treasury shares) for basic earnings (loss) per share | 101,172 |  | 101,144 |  | 100,793 |
Potential incremental shares as a result of share options | — |  | — |  | — |
Weighted average number of ordinary shares (excluding treasury shares) adjusted for the effect of dilution | 101,172 |  | 101,144 |  | 100,793 |

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