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As filed with the Securities and Exchange Commission on March 10, 2021

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 20-F
(Mark One)
☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
OR
☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
Commission file number: 001-38763
MILLICOM INTERNATIONAL CELLULAR S.A.
(Exact name of Registrant as specified in its charter)
Grand Duchy of Luxembourg
(Jurisdiction of incorporation)
2, Rue du Fort Bourbon,
L-1249 Luxembourg
Grand Duchy of Luxembourg
(Address of principal executive offices)
Mauricio Ramos
President and Chief Executive Officer
Millicom International Cellular S.A.
2, Rue du Fort Bourbon,
L-1249 Luxembourg
Grand Duchy of Luxembourg
Phone: +352-277-59018; +1 786 628 5270; +1 786 628 5303
Email: investors@millicom.com
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:
1

Title of each class | Name of each exchange on which registered
Common Stock, par value $1.50 per share | The Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title of Class)
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
101,739,217 shares of Common Stock as of December 31, 2020
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☐ No x
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Yes ☐ No x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☐ No x
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes x No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer x Accelerated Filer ☐ Non-accelerated Filer ☐ Emerging growth company ☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its
Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Yes ☒ No ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
☐ U.S. GAAP
x International Financial Reporting Standards as issued by the International Accounting Standards Board
☐ Other
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
☐ Item 17 ☐ Item 18
2

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐ No x

3

TABLE OF CONTENTS

| PAGE
Presentation of Financial and other Information | 6
Forward-Looking Statements | 7
PART I | 8
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS | 8
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE | 8
ITEM 3. KEY INFORMATION | 8
A. Selected Financial Data | 8
B. Capitalization and Indebtedness | 11
C. Reasons for the Offer and Use of Proceeds | 11
D. Risk Factors | 11
ITEM 4. INFORMATION ON THE COMPANY | 34
A. History and Development of the Company | 34
B. Business Overview | 35
C. Organizational Structure | 47
D. Property, Plant and Equipment | 48
Item 4A. Unresolved Staff Comments | 50
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS | 50
A. Operating Results | 50
B. Liquidity and Capital Resources | 66
C. Research and Development, Patents and Licenses, etc | 71
D. Trend Information | 71
E. Off-Balance Sheet Arrangements | 71
F. Tabular Disclosure of Contractual Obligations | 71
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES | 72
A. Directors and Senior Management | 72
B. Compensation | 74
C. Board Practices | 92
D. Employees | 94
E. Share Ownership | 94
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS | 95
A. Major Shareholders | 95
B. Related Party Transactions | 95
C. Interests of Experts and Counsel | 98
ITEM 8. FINANCIAL INFORMATION | 98
A. Consolidated Statements and Other Financial Information | 98
B. Significant Changes | 99
ITEM 9. THE OFFER AND LISTING | 100
A. Offer and Listing Details | 100
B. Plan of Distribution | 100
C. Markets | 100

4

D. Selling Shareholders | 100
E. Dilution | 100
F. Expenses of the Issue | 100
ITEM 10. ADDITIONAL INFORMATION | 100
A. Share Capital | 100
B. Memorandum and Articles of Association | 100
C. Material Contracts | 103
D. Exchange Controls | 104
E. Taxation | 105
F. Dividends and Paying Agents | 111
G. Statement by Experts | 111
H. Documents on Display | 111
I. Subsidiary Information | 111
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK | 111
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES | 114
A. Debt Securities | 115
B. Warrants and Rights | 115
C. Other Securities | 115
D. American Depositary Shares | 115
PART II | 115
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES | 115
A. Defaults | 115
B. Arrears and Delinquencies | 115
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 115
ITEM 15. CONTROLS AND PROCEDURES | 115
A. Disclosure Controls and Procedures | 115
B. Management's Annual Report on Internal Control over Financial Reporting | 115
C. Attestation Report of Independent Registered Public Accounting Firm | 115
D. Changes in Internal Control over Financial Reporting | 115
ITEM 16. [RESERVED] | 115
Item 16A. Audit Committee Financial Expert | 118
Item 16B. Code of Ethics | 118
Item 16C. Principal Accountant Fees and Services | 118
Item 16D. Exemptions from the Listing Standards for Audit Committees | 118
Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers | 118
Item 16F. Change in Registrant's Certifying Accountant | 119
Item 16G. Corporate Governance | 119
Item 16H. Mine Safety Disclosure | 119
PART III | 119
ITEM 17. FINANCIAL STATEMENTS | 119
ITEM 18. FINANCIAL STATEMENTS | 119
ITEM 19. EXHIBITS | 120

5

PRESENTATION OF FINANCIAL AND OTHER INFORMATION
Financial statement information
We have included in this Annual Report the Millicom Group’s (as defined below) audited consolidated financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. The Millicom Group’s financial statements included herein and the accompanying notes thereto have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). We end our fiscal year on December 31. References to fiscal 2020, fiscal 2019 and fiscal 2018 refer to the years ended December 31, 2020, 2019 and 2018, respectively.
Comunicaciones Celulares, S.A. (“Comcel”), our principal Guatemala joint venture company in which we hold a 55% ownership interest but which we do not control, met the income threshold as a significant investee accounted for by the equity method for purposes of Rule 3-09 of Regulation S-X for the years ended December 31, 2020, 2019 and 2018. The financial statements for Comcel are included in Exhibit 99.1 to this Annual Report.
Our management determines operating and reportable segments based on the reports that are used by the chief operating decision maker to make strategic and operational decisions from both a business and geographic perspective. The Millicom Group’s risks and rates of return for its operations are predominantly affected by operating in different geographical regions. The Millicom Group has businesses in two main regions, Latin America and Africa, which constitute our two segments. Our Latin America segment includes our Guatemala and Honduras joint ventures as if they were fully consolidated, as this reflects the way our management reviews and uses internally reported information to make decisions about operating matters and to provide increased transparency to investors on those operations. Our Africa segment does not include our joint venture in Ghana because our management does not consider it a strategic part of our group.
Presentation of data
We present operational and financial data in this Annual Report. Operational data, such as the number of customers, unless otherwise indicated, are presented for the Millicom Group, including our subsidiaries and excluding Guatemala and Honduras joint ventures and our Ghana joint venture, unless otherwise stated. Latin America ("Latam") figures include Honduras and Guatemala as if they are fully consolidated by the Group, as this reflects the way management reviews and uses internally reported information to make decisions. We exclude Ghana joint venture from the Africa operational data because, unlike our other joint ventures, we do not consider it a strategic part of our Group. Financial data is presented either at a consolidated level or at a segmental level, as derived from our financial statements, including the notes thereto.
We have made rounding adjustments to reach some of the figures included in this Annual Report. Accordingly, numerical figures shown as totals in some tables may not be an exact arithmetic aggregation of the figures that preceded them and percentage calculations using these adjusted figures may not result in the same percentage values as are shown in this Annual Report.
Certain references
Unless the context otherwise requires, references to the “Company” or “MIC S.A.” refer only to Millicom International Cellular S.A., a public limited liability company (société anonyme) organized and established under the laws of the Grand Duchy of Luxembourg, and the terms “Millicom,” “Millicom Group,” “our Group”, “we”, “us” and “our” refer to Millicom International Cellular S.A. and its consolidated subsidiaries and, where applicable, its joint ventures in Guatemala and Honduras.
Unless otherwise indicated, all references to “U.S. dollars,” “dollars” or “$” are to the lawful currency of the United States of America; all references to “Euro” or “€” are to the lawful currency of the participating Member States in the Third Stage of European Economic and Monetary Union of the Treaty Establishing the European Community, as amended from time to time; and all references to “Swedish Krona” or “SEK” are to the lawful currency of the Kingdom of Sweden. For a list of the functional currency names and abbreviations in the markets in which we operate, see the introduction to the notes to our audited consolidated financial statements.
6

FORWARD-LOOKING STATEMENTS AND RISK FACTORS SUMMARY
This Annual Report contains statements that constitute “forward-looking” statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended. This Annual Report contains certain forward-looking statements concerning our intentions, beliefs or current expectations regarding our future financial results, plans, liquidity, prospects, growth, strategy and profitability, as well as the general economic conditions of the industries and countries in which we operate. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future sales or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, our competitive strengths and weaknesses, our business strategy and the trends we anticipate in the industries and the economic, political and legal environments in which we operate and other information that is not historical information.
Many of the forward-looking statements contained in this Annual Report can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. These statements appear in a number of places in this Annual Report and include, but are not limited to, statements regarding our intent, belief or current expectations with respect to:
•global economic conditions and foreign exchange rate fluctuations as well as local economic conditions in the markets we serve;
•potential disruption due to diseases, pandemics, political events, piracy or acts by terrorists, including the impact of the outbreak of the COVID-19 virus and the ongoing efforts throughout the world to contain it;
•telecommunications usage levels, including traffic and customer growth;
•competitive forces, including pricing pressures, the ability to connect to other operators’ networks and our ability to retain market share in the face of competition from existing and new market entrants as well as industry consolidation;
•legal or regulatory developments and changes, or changes in governmental policy, including with respect to the availability of spectrum and licenses, the level of tariffs, laws and regulations which require the provision of services to customers without charging or the ability to disconnect such services during the COVID-19 pandemic, tax matters, the terms of interconnection, customer access and international settlement arrangements;
•adverse legal or regulatory disputes or proceedings;
•the success of our business, operating and financing initiatives and strategies, including partnerships and capital expenditure plans;
•the level and timing of the growth and profitability of new initiatives, start-up costs associated with entering new markets, the successful deployment of new systems and applications to support new initiatives;
•relationships with key suppliers and costs of handsets and other equipment;
•our ability to successfully pursue acquisitions, investments or merger opportunities, integrate any acquired businesses in a timely and cost-effective manner and achieve the expected benefits of such transactions;
•the availability, terms and use of capital, the impact of regulatory and competitive developments on capital outlays, the ability to achieve cost savings and realize productivity improvements;
•technological development and evolving industry standards, including challenges in meeting customer demand for new technology and the cost of upgrading existing infrastructure;
•the capacity to upstream cash generated in operations through dividends, royalties, management fees and repayment of shareholder loans;
•other factors or trends affecting our financial condition or results of operations; and
•various other factors, including without limitation those described under “Item 3. Key Information—D. Risk Factors.”
This list of important factors is not exhaustive. You should carefully consider the foregoing factors and other uncertainties and events, especially in light of the political, economic, social and legal environments in which we operate. Forward-looking statements are only our current expectations and are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and
7

uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including, but not limited to, those identified under the section of this Annual Report entitled “Item 3. Key Information—D. Risk Factors.” These risks and uncertainties include factors relating to the markets in which we operate and global economies, securities and foreign exchange markets, which exhibit volatility and can be adversely affected by developments in other countries, factors relating to the telecommunications industry in the markets in which we operate and changes in its regulatory environment, and factors relating to the competitive markets in which we operate.
PART I
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable to Annual Report filing.
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable to Annual Report filing.
ITEM 3. KEY INFORMATION
A. Selected Financial Data
Historical financial information
The following tables present selected historical financial data for the Millicom Group. The statement of income data for the Millicom Group set forth below for the years ended December 31, 2020, 2019 and 2018 and the statements of financial position data set forth below as of December 31, 2020 and 2019 are derived from the Millicom Group’s audited consolidated financial statements included elsewhere in this Annual Report. The statement of income data for the years ended December 31, 2017 and 2016 and statement of financial position data as of December 31, 2018, 2017 and 2016 are derived from the Millicom Group’s audited consolidated financial statements not included in this Annual Report.
Our management determines operating and reportable segments based on the reports that are used by the chief operating decision maker to make strategic and operational decisions from both a business and geographic perspective. The Millicom Group’s risks and rates of return for its operations are predominantly affected by operating in different geographical regions. The Millicom Group has businesses in two main regions, Latin America and Africa, which constitute our two segments. Our Latin America segment includes the Guatemala and Honduras joint ventures as if they were fully consolidated, as this reflects the way our management reviews and uses internally reported information to make decisions about operating matters and to provide increased transparency to investors on those operations. Our Africa segment does not include our joint venture in Ghana, because our management does not consider it a strategic part of our group.
You should read this selected financial data together with “Item 5. Operating and Financial Review and Prospects” and the financial statements and accompanying notes included in this Annual Report. The historical results are not necessarily indicative of the Millicom Group’s future results of operations or financial condition.
8

Selected statement of income data

| December 31
| 2020 |  | 2019 (i) |  | 2018(i) (ii) |  | 2017(i) (ii) |  | 2016 (i) (ii)
| (U.S. dollars in millions) |  |
Revenue | 4,171 |  |  | 4,336 |  |  | 3,946 |  |  | 3,936 |  |  | 3,876 |
Cost of sales | (1,171) |  |  | (1,201) |  |  | (1,117) |  |  | (1,169) |  |  | (1,142) |
Gross profit | 3,000 |  |  | 3,135 |  |  | 2,829 |  |  | 2,767 |  |  | 2,735 |
Operating expenses | (1,505) |  |  | (1,604) |  |  | (1,616) |  |  | (1,531) |  |  | (1,552) |
Depreciation | (890) |  |  | (825) |  |  | (662) |  |  | (670) |  |  | (648) |
Amortization | (318) |  |  | (275) |  |  | (140) |  |  | (142) |  |  | (171) |
Share of profit in the joint ventures in Guatemala and Honduras | 171 |  |  | 179 |  |  | 154 |  |  | 140 |  |  | 115 |
Other operating income (expenses), net | (12) |  |  | (34) |  |  | 75 |  |  | 69 |  |  | (13) |
Operating profit | 446 |  |  | 575 |  |  | 640 |  |  | 632 |  |  | 465 |
Interest and other financial expenses | (624) |  |  | (564) |  |  | (367) |  |  | (389) |  |  | (366) |
Interest and other financial income | 13 |  |  | 20 |  |  | 21 |  |  | 16 |  |  | 21 |
Other non-operating (expenses) income, net | (106) |  |  | 227 |  |  | (39) |  |  | (2) |  |  | 21 |
Profit (loss) from other joint ventures and associates, net | (1) |  |  | (40) |  |  | (136) |  |  | (85) |  |  | (49) |
Profit (loss) before taxes from continuing operations | (271) |  |  | 218 |  |  | 119 |  |  | 172 |  |  | 92 |
Tax (charge) credit, net | (102) |  |  | (120) |  |  | (112) |  |  | (162) |  |  | (176) |
Profit (loss) from continuing operations | (373) |  |  | 97 |  |  | 7 |  |  | 10 |  |  | (84) |
Profit (loss) from discontinued operations, net of tax | (12) |  |  | 57 |  |  | (33) |  |  | 60 |  |  | (6) |
Net profit (loss) for the period | (385) |  |  | 154 |  |  | (26) |  |  | 69 |  |  | (90) |
Attributable to: |  |  |  |  |  |  |  |  |
Owners of the Company | (344) |  |  | 149 |  |  | (10) |  |  | 87 |  |  | (32) |
Non-controlling interests | (41) |  |  | 5 |  |  | (16) |  |  | (17) |  |  | (58) |
Earnings (loss) per common share for profit (loss) attributable to the owners of the Company: | (3.40) |  |  | 1.48 |  |  | (0.10) |  |  | 0.86 |  |  | (0.32) |
Earnings (loss) per common share for profit (loss) from continuing operations attributable to owners of the Company | (3.28) |  |  | 0.92 |  |  | 0.23 |  |  | 0.27 |  |  | (0.26) |

(i) IFRS 16 was adopted as of January 1, 2019, using the modified retrospective method; previous periods were therefore not restated and might not be directly comparable. See "Introduction - New and amended IFRS accounting standards" in the notes to our audited consolidated financial statements included elsewhere in this Annual Report for additional details regarding the impact of the adoptions.
2019 figures also include the impact of our acquisitions: one full year of Cable Onda acquired at the end of 2018, 8 months of Telefonia Celular de Nicaragua and 4 months of Telefonica Moviles Panama, S.A. each acquired in 2019. See note A.1.2. in the notes to our audited consolidated financial statements.
(ii) IFRS 15 and IFRS 9 were adopted as of January 1, 2018, using the modified retrospective method; previous periods were therefore not restated and might not be directly comparable.
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Selected statement of financial position data

| December 31 |  |
| 2020 |  | 2019(i) (ii) |  | 2018(ii) (iii) |  | 2017(ii) (iii) |  | 2016(ii) (iii)
| (U.S. dollars in millions) |  |
Assets |  |  |  |  |  |  |  |  |
Total non-current assets | 10,114 |  |  | 10,238 |  |  | 8,785 |  |  | 7,646 |  |  | 7,961 |
Total current assets | 2,307 |  |  | 2,652 |  |  | 1,525 |  |  | 1,585 |  |  | 1,661 |
Assets held for sale | 1 |  |  | 5 |  |  | 3 |  |  | 233 |  |  | 5 |
Total assets | 12,422 |  |  | 12,895 |  |  | 10,313 |  |  | 9,464 |  |  | 9,627 |
Equity and Liabilities |  |  |  |  |  |  |  |  |
Total non-current liabilities | 7,540 |  |  | 7,797 |  |  | 4,845 |  |  | 4,116 |  |  | 4,361 |
Total current liabilities | 2,608 |  |  | 2,417 |  |  | 2,676 |  |  | 1,989 |  |  | 1,898 |
Liabilities directly associated with assets held for sale | — |  |  | — |  |  | — |  |  | 79 |  |  | — |
Total liabilities | 10,148 |  |  | 10,215 |  |  | 7,521 |  |  | 6,183 |  |  | 6,258 |
Equity attributable to owners of the Company | 2,059 |  |  | 2,410 |  |  | 2,542 |  |  | 3,096 |  |  | 3,167 |
Non-controlling interests | 215 |  |  | 271 |  |  | 251 |  |  | 185 |  |  | 201 |
Total equity | 2,274 |  |  | 2,680 |  |  | 2,792 |  |  | 3,281 |  |  | 3,368 |
Total equity and liabilities | 12,422 |  |  | 12,895 |  |  | 10,313 |  |  | 9,464 |  |  | 9,627 |

(i) Restated after finalization of the purchase accounting of our acquisitions in Nicaragua and Panama (See note A.1.2.).
(ii) IFRS 16 was adopted as of January 1, 2019, using the modified retrospective method; previous periods were therefore not restated and might not be directly comparable. See "Introduction - New and amended IFRS accounting standards" in the notes to our audited consolidated financial statements included elsewhere in this Annual Report for additional details regarding the impact of the adoptions.
(iii) IFRS 15 and IFRS 9 were adopted as of January 1, 2018, using the modified retrospective method; previous periods were therefore not restated and might not be directly comparable.

| As of and for the year ended December 31, |  |
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016
Share capital | 153 |  |  | 153 |  |  | 153 |  |  | 153 |  |  | 153 |
Number of shares (in thousands) | 101,739 |  |  | 101,739 |  |  | 101,739 |  |  | 101,739 |  |  | 101,739 |
Dividend declared per share (over the period) | — |  |  | 2.64 |  |  | 2.64 |  |  | 2.64 |  |  | 2.64 |
Diluted net income (loss) per share (over the period) attributable to the owners of the Company | (3.40) |  |  | 1.48 |  |  | (0.10) |  |  | 0.86 |  |  | (0.32) |

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Other revenue data
In addition to consolidated revenue data, the following table sets forth for the periods indicated certain segment revenue data, which has been extracted from note B.3 to our audited consolidated financial statements, where segment data is reconciled to consolidated data:

| Year ended December 31, |  |
| 2020 |  | 2019 (i) |  | 2018(i) (ii) |  | 2017 (i) (ii) |  | 2016 (i) (ii)
Consolidated: |  |  |  |  |  |  |  |  |
Mobile revenue | 2,116 |  |  | 2,150 |  |  | 2,126 |  |  | 2,147 |  |  | 2,182 |
Cable and other fixed services revenue | 1,803 |  |  | 1,928 |  |  | 1,565 |  |  | 1,551 |  |  | 1,437 |
Other revenue | 52 |  |  | 51 |  |  | 43 |  |  | 38 |  |  | 36 |
Total service revenue | 3,971 |  |  | 4,130 |  |  | 3,734 |  |  | 3,737 |  |  | 3,655 |
Telephone and equipment | 201 |  |  | 206 |  |  | 212 |  |  | 199 |  |  | 221 |
Total Consolidated Revenue | 4,171 |  |  | 4,336 |  |  | 3,946 |  |  | 3,936 |  |  | 3,876 |
Latin America segment: |  |  |  |  |  |  |  |  |
Mobile revenue | 3,220 |  |  | 3,258 |  |  | 3,214 |  |  | 3,283 |  |  | 3,318 |
Cable and other fixed services revenue | 2,097 |  |  | 2,197 |  |  | 1,808 |  |  | 1,755 |  |  | 1,611 |
Other revenue | 60 |  |  | 60 |  |  | 48 |  |  | 40 |  |  | 37 |
Total service revenue | 5,377 |  |  | 5,514 |  |  | 5,069 |  |  | 5,078 |  |  | 4,966 |
Telephone and equipment | 466 |  |  | 449 |  |  | 415 |  |  | 363 |  |  | 386 |
Latin America Segment Revenue | 5,843 |  |  | 5,964 |  |  | 5,485 |  |  | 5,441 |  |  | 5,352 |
Africa segment: |  |  |  |  |  |  |  |  |
Mobile revenue | 357 |  |  | 372 |  |  | 388 |  |  | 374 |  |  | 380 |
Cable and other fixed services revenue | 8 |  |  | 9 |  |  | 10 |  |  | 9 |  |  | 15 |
Other revenue | 1 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 3 |
Total service revenue | 366 |  |  | 382 |  |  | 398 |  |  | 385 |  |  | 398 |
Telephone and equipment | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Africa Segment Revenue | 366 |  |  | 382 |  |  | 399 |  |  | 386 |  |  | 398 |

(i) IFRS 16 was adopted as of January 1, 2019, using the modified retrospective method; previous periods were therefore not restated and might not be directly comparable. See "Introduction - New and amended IFRS accounting standards" in the notes to our audited consolidated financial statements included elsewhere in this Annual Report for additional details regarding the impact of the adoptions.
(ii) IFRS 15 and IFRS 9 were adopted as of January 1, 2018, using the modified retrospective method; previous periods were therefore not restated and might not be directly comparable.
B. Capitalization and Indebtedness
Not applicable to Annual Report filing.
C. Reasons for the Offer and Use of Proceeds
Not applicable to Annual Report filing.
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D. Risk Factors
In addition to the other information contained in this Annual Report, you should carefully consider the following risk factors before investing in our shares. The risks and uncertainties we describe below are not the only ones we face. Additional risks and uncertainties of which we are not aware or that we currently believe are less material may also adversely affect the business, financial condition and results of operations, cash flows or prospects of the Millicom Group. If any of the possible events described below were to occur, the business, financial condition and results of operations of the Millicom Group could be materially and adversely affected. If that happens, the market price of our shares could decline, and you could lose all or part of your investment.
This Annual Report also contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including the risks described below and elsewhere in this Annual Report.
The risk factors described in this section have been separated into four separate but interrelated areas:
1.Risks related to the telecommunication and cable industries
2.Risks related to Millicom’s businesses in the markets in which it operates
3.Risks related to Millicom’s size, structure and leadership
4.Risks related to share ownership, governance practices, and registration with the Securities and Exchange Commission
1.Risks related to the telecommunication and cable industries
a.Evolution of the telecommunications and cable industries
The telecommunications industry is characterized by rapid technological change and continually evolving industry standards.
The telecommunications industry is characterized by rapidly changing technology and evolving industry standards. The technology we use is increasingly complex, which leads to higher risks of implementation failure or service disruption. Success in the industry is increasingly dependent on the ability of operators to adapt to the changing technological landscape. The technologies utilized today may become obsolete or subject to competition from new technologies in the future. For example, our 3G or 4G services may become obsolete when appropriate devices become available and affordable for consumers and consumers upgrade to 5G services.
Growth in internet connectivity has led to the proliferation of entrants offering Voice over Internet Protocol (“VoIP”) services and video content services delivered over the internet. Such operators could displace the services we provide by using our customers’ internet access (which may or may not be provided by us) to enable the provision of communication, entertainment and information services directly to our customers. Failure to transform to data-driven products could have a negative impact on our legacy services and impact our results from operations.
Our ability to attract and retain customers is, in part, dependent on our ability to meet customer demand for new technology at the same, or at a quicker rate, than our competitors are able to do.
Failure to adapt and evolve could harm our competitive position, render our products obsolete and cause us to incur substantial costs to replace our products or implement new technologies.
Implementing new technologies requires substantial investments which may not generate expected returns.
The introduction of new technologies may require significant capital expenditure on infrastructure and there can be no guarantee that those investments will generate expected returns. As customers reduce their use of mobile voice and short message service (“SMS”) services, there may not be a corresponding increase in their data use or revenue generated from data use.
If we cannot successfully develop and operate our mobile, cable and broadband networks and distribution systems, we will be unable to expand our customer base and may lose market share and revenue.
Our ability to increase or maintain our market share and revenue is partly dependent on the success of our efforts to expand our business, the quality of our services and the management of our networks and
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distribution systems. As new technologies are developed or upgraded, such as advanced 4G systems, including 4G LTE, 5G systems, and fiber optic cable networks, our equipment may need to be replaced or upgraded or we may need to rebuild our mobile, cable or broadband network, in whole or in part.
The initial build-out of our networks and distribution systems and sustaining sufficient network performance and reliability is a capital-intensive process that is subject to risks and uncertainties which may delay the introduction of services and increase the cost of network construction or upgrade. Such uncertainties include constraints on our ability to fund additional capital expenditures, as well as external forces, such as obtaining necessary permits and spectrum from regulatory and other local authorities.
Unforeseeable technological developments may also render our services or distribution channels unpopular with customers or obsolete. To the extent we fail to expand, upgrade and modernize our networks and distribution systems on a timely basis relative to our competitors, we may not be able to expand our customer base and we may lose customers to competitors.
b.Content and content rights
We make long-term content and service commitments in advance even though we cannot predict the popularity of the services or ratings the programming will generate and our mobile applications and cable content may not be accepted or widely used by our customers.
We acquire rights to distribute certain content or services for use by our mobile, paid TV and broadband customers, and we have strategic partnerships with major digital players, such as Amazon. We make long–term commitments in advance even though we cannot predict the popularity of the services or ratings the programming will generate. In some instances, our commitments include minimum guarantees, which means that we are required to pay a certain agreed upon amount regardless of the amount collected from the provision of such services. The commercial success of applications or content also depends on the quality and acceptance of other competing applications or content released into the marketplace at or near the same time.
The success of our pay-TV services depends on our ability to access an attractive selection of television programming from content providers.
The ability to provide movie, sports and other popular programming is a major factor that attracts customers to pay-TV services. We may not be able to obtain sufficient high-quality programming from third-party producers or exclusive sports content for our cable TV services on satisfactory terms or at all in order to offer compelling cable TV services, which could result in reduced demand for, and lower revenue and profitability from, our cable services.
Content and programming costs are rising (especially those with exclusivity rights) and we may not be able to pass the increased costs on to our customers.
In recent years, the cable and pay-TV industry has experienced a rapid escalation in the cost of content rights and programming. We expect these costs may continue to increase, particularly those related to exclusive and live broadcasts of sporting and other events. We may not be able to moderate the growth in these costs or fully pass these on to our customers in the form of price increases.
Consumers are increasingly able to choose from a variety of platforms from which to receive content and programming.
A number of content providers have begun to sell their services through alternative distribution channels including IP-based platforms, smart-TVs and other app-compatible devices. Consumers may choose to purchase on-demand content through these alternative transmission methods, which may lead to reduced demand for our pay-TV services.
We may be subject to legal liability associated with providing online services or media content.
We host and provide a wide variety of services and products that enable our customers to conduct business, and engage in various online activities. The law relating to the liability of providers of these online services and products for the activities of their customers is still unsettled in some jurisdictions. Claims may be threatened or brought against us for defamation, negligence, breaches of contract, copyright or trademark infringement, unfair competition, tort, including personal injury, fraud, or other theories based on the nature and content of information that we use and store. In addition, we may be subject to domestic or international actions alleging that certain content we have generated or third-party content that we have made available within our services violates applicable law or third-party rights.
We also offer third-party products, services and content. We may be subject to claims concerning these products, services or content by virtue of our involvement in marketing, branding, broadcasting, or providing access to them, even if we do not ourselves host, operate, provide, or provide access to these
13

products, services or content. Defense of any such actions could be costly and involve significant time and attention of our management and other resources, may result in monetary liabilities or penalties, and may require us to change our business in an adverse manner.
c.Licenses and spectrum
Available spectrum is limited, closely regulated and increasingly expensive.
The availability of spectrum is limited, closely regulated and can be expensive, and we may not be able to obtain it from the regulator or third parties at all or at a price that we deem to be commercially acceptable given competitive conditions. If we acquire spectrum through acquisition, regulators may require us to surrender spectrum to secure regulatory approval. We may need to incur significant capital expenditures in order to acquire or renew licenses or access infrastructure needed to continue to offer services to our customers or improve our current services.
Additional or supplemental licenses may be required to implement 5G technology in order to remain competitive, and we may be unable to acquire such licenses on reasonable terms or at all.
We may not be able to acquire or retain sufficient quantities of spectrum in our preferred band(s) which could impact the quality and efficiency of our networks and services and may negatively impact our profitability.
Our licenses may be suspended or revoked and we may be fined or penalized for alleged violations of law or regulations.
If we fail to comply with the conditions of our licenses or with the requirements established by the legislation or if we do not obtain permits for the operation of our networks and equipment, use of frequencies or additional licenses for broadcasting directly or through agreements with broadcasting companies, we may not have sufficient opportunity to cure any non-compliance. In the event that we do not cure any non-compliance, the applicable regulator may: levy fines; suspend or terminate our licenses, frequency permissions, or other governmental permissions or; refuse to renew licenses that are up for renewal. For example, legislation in Tanzania requires telecommunications companies to list their shares on the Dar es Salaam Stock Exchange and offer 25% of their shares in a public offering. We have not yet complied with this requirement and the maximum penalty for non-compliance could include a revocation of our telecommunications licenses in Tanzania.
Most of our licenses are granted for finite periods.
Most of our licenses are granted for specified terms, and we have no assurance that any license will be renewed upon expiration. Licenses due to expire in the medium-to-near term include our mobile telecommunications licenses in Paraguay (2021, 2022 and 2023), Nicaragua (2023) and Colombia (2021 and 2023). In El Salvador, we have been in the process of renewing certain portions of the 3.5 GHz band with local coverage (not at a national level), which expired in 2018-2020. However, the regulator has shown an interest in reorganizing the band to prepare it for an auction for spectrum with national coverage during the second half of 2021. Other portions of the 3.5 GHz band will expire during 2026 and 2027.
Other licenses due to expire include our license for data transmission and DTH services in Honduras (2022 and 2024), concessions to operate telephone services and pay-TV services in Panama (2022 and 2024) and spectrum licenses for fixed wireless services in Paraguay (2024). In Tanzania, our national and international applications services licenses are due to expire in 2022 and 2030, respectively.
Licenses may contain additional obligations.
Licenses may contain additional obligations, including payment obligations, requirements to cover reduced service areas or permit a more limited scope of service (for example, around prisons in El Salvador and Honduras). The cost of extending coverage to reduced service areas may exceed the revenue generated from providing such services. Licenses may also contain coverage obligations, like in Colombia where recent 700 MHz frequency acquisitions were paid partly with cash and partly by committing to provide coverage to 1,636 districts over the course of 5 years. In addition, increased regulations may impose additional obligations on operators and these obligations may affect the retention and renewal of licenses or spectrum. For more information, see “Item 4. Information on the Company—B. Business Overview—Regulation.”
d.Quality and resilience of networks and service
Equipment and network systems failures, including as a result of a natural disaster, sabotage or terrorist attack, could negatively impact our business.
Our business is dependent on certain sophisticated critical systems, including exchanges, switches, fiber, cable headends, data centers and other key network elements, physical infrastructure and billing and
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customer service systems. Our technological infrastructure is vulnerable to damage and disruptions from numerous events, including fire, flood, windstorms and other natural disasters, power outages, terrorist acts, equipment and system failures, human errors and intentional wrongdoings, including breaches of our network and information technology security. Ongoing risks to our network include state sponsored censorship, sabotage, theft and poor equipment maintenance.
Inability to manage a crisis could harm our brand and lead to increased government obligations in the future.
Telecommunications networks provide essential support to first responders and government authorities in the event of natural disasters, terrorist attacks, pandemics and other similar crises. If we fail to develop and implement detailed business continuity and crisis management plans, we may be unable to provide service at the level that is required or perceived to be required by the government, the regulator, our customers and by the public at large, and this could lead to new and burdensome regulatory obligations in the future.
e.Regulation
The telecommunications and broadcasting market is heavily regulated.
The licensing, construction, ownership and operation of mobile telephone, broadband and cable TV networks, and the grant, maintenance and renewal of the required licenses or permits, as well as radio frequency allocations and interconnection arrangements, are regulated by national, state, regional or local governmental authorities in the markets in which we operate, which can lead to disputes with government regulators. For example, the Colombian regulator previously challenged Colombia Móvil’s license fee, stating that it should be a significantly higher amount than we had recorded, although Colombia Móvil prevailed.
Certain other aspects of mobile telephone operations, including rates charged to customers, resale of mobile telephone services, and user registrations may be subject to public utility regulation in each market. Also, because of our market share, regulators could impose asymmetric interconnection or termination rates, which could undermine our competitive position in the markets in which we operate. Additionally, in light of the COVID-19 pandemic, governments in several of our markets have discussed and/or imposed obligations to provide free service or limitations on our ability to collect sums due from customers. Specifically, several countries prohibited the disconnection of customers with past due accounts for an extended period. Any such measures could once again significantly impact our revenues and/or collections.
Changes in regulations may subject us to legal proceedings and regulatory actions and may disrupt our business activities.
For example, since 2014, mobile operators in El Salvador and Honduras have been required to shut down services or reduce signal capacity in and around prisons. Similar laws have been enacted in Guatemala, although these were later nullified.
Regulations which make it commercially unviable to subsidize our mobile customers’ handsets, or set an expiry date on when our customers must use their prepaid minutes, data or SMS bundles, could reduce revenue and margins for mobile services. For example, in 2015, the regulator in Colombia determined that handsets and telecommunication services could not be bundled and had to be invoiced separately. This had a direct impact on handset affordability and caused a sharp decline in our handset sales. In 2016, the regulator in Paraguay extended the unused prepaid data allowance from 30 to 90 days, which impacted the frequency at which a portion of our prepaid customers purchase additional data allowances from us. I n 2019, the Legislative Assembly in El Salvador made a reform to the Consumer Protection Law, which required a change in the telecommunication companies' commercial activities. It demanded the maintenance for up to 90 days of unused data allowances and prohibited automatic renewals, changing our financial results. Additionally, it banned broadcasts and collection activities outside business hours, impacting our clients' churn trends and payment behavior.
Our Mobile Financial Services (“MFS”) product may be subject to new legislation and regulation.
In most markets in which we have launched MFS, the regulations governing our MFS are new and evolving, and, as they develop, regulations could become more onerous, imposing additional reporting or controls or limiting our flexibility to design new products, which may limit our ability to provide our services efficiently or at all. We may not be able to modify our service provision in time to comply with any new regulatory requirements, or new regulation may be applied retroactively.
For more information on the regulatory environment in the markets in which we operate, see “Item 4. Information on the Company—B. Business Overview—Regulation.”
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f.Cyber security and data protection
Cyber-attacks may cause equipment failures that render our networks or systems inoperable and could cause disruptions to our customers’ operations.
Cyber-attacks, including through the use of malware, computer viruses, dedicated denial of services attacks, credential harvesting, social engineering and other means for obtaining unauthorized access to or disrupting the operation of our networks and systems and those of our suppliers, vendors and other service providers, could have an adverse effect on our business. Ransomware attacks are a type of cyber-attack in which a business becomes unable to access its own information and is presented with a demand to pay a ransom in order to once again have access to its information. Cyber-attacks may cause equipment failures as well as disruptions to our or our customers' operations. Cyber-attacks against companies, including Millicom, have increased in frequency, scope and potential harm in recent years.
The inability to operate or use our networks and systems or those of our suppliers, vendors and other service providers as a result of cyber-attacks, even for a limited period of time, may result in significant expenses to Millicom and/or a loss of market share to other communications providers. The costs associated with a major cyber-attack on Millicom could include expensive incentives offered to existing customers and business partners to retain their business, increased expenditures on cybersecurity measures and the use of alternate resources and lost revenue from business interruption and litigation.
Cyber-attacks could result in data loss or other security breaches.
Our business involves the receipt, storage, and transmission of confidential information, including sensitive personal information and payment card information, confidential information about our employees and suppliers, and other sensitive information about Millicom, such as our business plans, transactions and intellectual property. Unauthorized access to confidential information may be difficult to anticipate, detect, or prevent. We may experience unauthorized access or distribution of confidential information by third parties or employees, errors or breaches by third party suppliers, or other breaches of security that compromise the integrity of confidential information. As many companies do, Millicom has experienced occurrences of denial of service, phishing, attempted ransomware attacks, and internal and external malicious actors targeting our systems and networks.
Our control environment and controls may not be sufficient to prevent or rapidly detect and respond to cyber-attacks, or identify the perpetrators of such attacks.
The perpetrators of cyber-attacks are not restricted to particular groups or persons. These attacks may be committed by company employees or external actors operating in any geography, including jurisdictions where law enforcement measures to address such attacks are unavailable or ineffective, and may even be launched by or at the behest of nation states. Cyber-attacks may occur alone or in conjunction with physical attacks, especially where disruption of service is an objective of the attacker.
We collect and process sensitive customer data.
We increasingly collect, store and use customer data that is protected by data protection laws. Data privacy laws and regulations apply broadly to the collection, use, storage, disclosure and security of personal information that identifies or may be used to identify an individual, such as names and contact information. Many countries have additional laws that regulate the processing, retention and use of communications data (both content and metadata), and in some countries, authorities can intercept communications, sometimes directly or without our knowledge. These laws and regulations are subject to frequent revisions and differing interpretations, and have generally become more stringent over time.
Requests from local law enforcement for customer data may also come into conflict with applicable data privacy laws and customer expectations, creating risks to our local businesses arising from our responses to these requests.
Since we may offer certain services accessed by, or provided to customers within, the European Union and the State of California in the United States, we may be subject to the European Union and California data protection regulations known as the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA), respectively, which impose significant penalties for non-compliance.
In addition, some of the countries in which we operate are considering or have passed legislation imposing data privacy requirements that could increase the cost and complexity of providing our services. Although we take precautions to protect data, we may fail to do so and certain data may be leaked or otherwise used inappropriately.
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g.Competition
Our industry is experiencing consolidation that may intensify competition among operators.
The telecommunications and cable industry has been characterized by increasing consolidation and a proliferation of strategic transactions. As a result, we are increasingly competing with larger competitors that may have substantially greater resources than we do. We expect this consolidation and strategic partnering to continue. Acquisitions or strategic relationships could harm us in a number of ways. For example:
•competitors could acquire or enter into relationships with companies with which we have strategic relationships and discontinue our relationship, resulting in the loss of distribution opportunities for our services or the loss of certain enhancements or value-added features to our services;
•a competitor could be acquired by a party with significant resources and experience that could increase the ability of the competitor to compete with our services, as was the case in Guatemala recently when America Movil acquired the mobile business of Telefonica; and
•other companies with related interests could combine to form new, formidable competition, which could preclude us from obtaining access to certain markets or content, or which could dramatically change the market for our services.
Consumers in our industry can change service providers relatively easily at little to no cost, which renders the competition for subscribers between operators intense.
If new competitors enter into our markets or existing competitors offer more competitively priced products or services, such as eliminating installation fees, subsidizing handsets, modems, wireless routers or set-top boxes, or offering content, channels or applications that we do not offer, our customers may move to another operator. Most of our mobile customers are prepaid, which allows them to switch operators at any time without monetary penalty, and some of our cable operator competitors incentivize customers to accept longer contracts, making it difficult to subsequently switch operators.
Some of our customers use devices with dual SIM card capability, allowing them to also utilize our competitors' services, which may negatively affect our mobile revenue. If we are unable to develop strategies to encourage customers to retain us as their primary or sole provider, we could lose a larger percentage of our revenue to our competitors. Mobile number portability in our markets removes a disincentive to changing providers and increases competition and churn. As devices with eSIMs are introduced in our markets, allowing customers to change providers without changing their SIM cards, churn and pricing competition among providers may also increase.
If we are unable to compete effectively and match or mitigate our competitors' strategies or aggressive competitive behavior, in pricing our services or acquiring new and preferred customers, or if we are unable to develop strategies to encourage customers to retain us as their primary or sole provider, we could suffer adverse revenue impacts or higher costs for customer retention, which could, individually or together, have a material adverse effect on our business, financial condition and results of operations.
Consumers in the telecommunications industry now have many alternative means of communicating.
The proliferation of VoIP offerings and other services delivered over the internet (referred to as “Over-The-Top” or “OTT” services) for voice, instant messaging, and content has significantly increased competitive risk and has driven down revenue from legacy voice and SMS services. While these alternative communication methods require usage of data, there are no guarantees that consumers will use our networks to obtain data services.
h.Environment and sustainability
Failure to comply with environmental requirements could result in monetary fines, reputation damage or other obligations.
Certain of our business operations are subject to environmental laws and regulations since they involve fuel consumption, carbon dioxide emission, and disposal of network equipment and old electronics. Environmental requirements have become more stringent over time and pending or proposed new regulations could impact our operations or costs.
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i.Supplier management
We are dependent on key suppliers to provide us with products and devices.
We rely on handset distributors, manufacturers and application developers to provide us with the handsets, hardware and services demanded by our customers. The key suppliers of our handsets and set-top boxes, in terms of both volume of sales and importance to our operations, are Samsung, Huawei, Apple, Motorola, BMobile, Alcatel, Bold, Sky, LG, Xiaomi, Commscope, and Kaon. We import directly, or we source our handsets through resellers in our markets such as Brightstar Corp.
We are dependent on key suppliers to provide us with networks and systems.
We seek to standardize our network equipment to ensure compatibility, ease equipment replacement and reduce downtime of our network and contract with a limited number of international suppliers to achieve economies of scale, which means that we rely on a limited number of manufacturers to provide network and telecommunications equipment and technical support. The key suppliers of equipment and software for our existing networks are Huawei, Arris, Ericsson, NEC, Nokia, Harmonic, Intraway and VMWare.
We have limited influence over these key suppliers and, even less over their suppliers and continuity of their supply chains, which could be disrupted in many ways. Therefore we cannot assure you that we will be able to obtain required products or services on favorable terms or at all.
International actions including trade sanctions could disrupt or otherwise negatively impact our supply chain.
In May 2019, the U.S. government announced executive action that could impact our ability to continue obtaining products or services required to operate our networks from suppliers such as Huawei. In November 2019, the U.S. Department of Commerce issued a proposed rule which does not specifically ban all purchases from these suppliers. The proposed rule has not been finalized yet. Although the extent and potential consequences of this proposed rule remain uncertain, it may have a material and adverse effect on our ability to maintain and expand our networks and business. There are a number of alternative suppliers available to us; however, if we are unable to obtain adequate alternative supplies of equipment or technical support in a timely manner, on acceptable commercial and pricing terms, our ability to maintain and expand our networks and business may be materially and adversely affected.
We rely on interconnection and capacity agreements, the terms of which could be made less favorable due to market participants or regulatory changes.
Interconnection and capacity agreements are required to transmit voice and data to and from our networks. Our ability to provide services would be hampered if our access to local interconnection and international capacity was limited, or if the commercial terms or costs of interconnect and capacity agreements with other local, domestic and international carriers of data and communications were significantly altered, or if an operator is not able to provide interconnection due to operation and maintenance issues or natural disasters.
We depend upon certain third parties to operate and maintain parts of the networks we use, including certain towers and network infrastructure, and related services.
We have sold and leased back a significant number of our towers, including in El Salvador, Colombia, Tanzania and Paraguay, as further discussed under “Item 4. Information on the Company—D. Property, Plant and Equipment—Tower infrastructure,” and we may engage in similar transactions in the future in our other markets.
We have entered into managed services agreements in certain of our markets to outsource the maintenance and replacement of our network equipment. Although the contracts impose performance obligations on the operators and tower management companies, we cannot guarantee that they will meet these obligations or implement remedial action in a timely manner, which may result in these towers or networks not being properly operated. If our managed services agreements terminate, we may be unable to find a cost-effective, suitable alternative provider and we may no longer have the necessary expertise in-house to perform comparable services.
We and our customers are dependent on third party suppliers of electricity to power transmission and customer premise equipment.
Significant failure or disruption in the supply of power to the businesses and households that subscribe to our services, or to the data centers that we operate, could have a negative impact on the
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experience of our customers, which could result in claims against us for failure to provide services and reduce our revenue.
2.Risks related to Millicom’s business in the markets in which we operate
The COVID-19 global pandemic is affecting our operations, business and financial condition, and our liquidity could be negatively impacted, particularly if the economies of the countries in which we operate remain unstable for a significant amount of time.
The outbreak of a novel and highly contagious form of coronavirus (“COVID-19”), which the World Health Organization has declared a pandemic, has resulted in numerous deaths, adversely impacted global commercial activity and contributed to significant volatility in global equity and debt markets and business uncertainty. The impact of the outbreak continues to evolve, and most countries globally, including a majority of the countries where we operate, initially reacted by implementing severe restrictions on travel and public gatherings, including the closing of offices, businesses, schools, retail stores and other public venues, and by instituting curfews or quarantines. According to data compiled by the University of Oxford, the government-imposed lockdowns in the vast majority of our markets were among the most stringent in the world. As a result, many of our stores and distribution channels were forced to close temporarily affecting our gross sales, and a majority of our markets experienced very sharp reductions in mobility during 2020.
Such measures, as well as the general uncertainty surrounding the dangers of COVID-19, have produced a significant disruption in economic activity and have had an adverse impact on transportation, hospitality, tourism, entertainment and other industries. Many of these measures remain in place, and further restrictions may be imposed in the future. In addition, many currencies globally have experienced increased volatility. In our markets, the Colombian peso and the Paraguayan guarani devalued by approximately 8% year-on-year in 2020.
Despite significant mobility restrictions imposed by governments, the virus has continued to spread rapidly in most of our markets. As a provider of essential services, we have prioritized the health and safety of our employees and customers by implementing new protocols, providing protective equipment and cleaning products, and disseminating information from the corresponding health authorities in each of our markets. These measures have had a negligible impact on our costs and allowed our customer-facing employees to continue to serve our customers safely and with confidence throughout the pandemic.
At the onset of the pandemic, governments in some countries mandated that companies such as ours avoid disconnecting clients for nonpayment, that we waive fees for late payments, and/or that we defer payments over an extended period of time, among other measures. When implemented, these measures had a very material negative impact on our collections, thus causing higher provisions for bad debt. While collections subsequently improved and returned to pre-COVID-19 levels in tandem with the implementation of lifeline services, governments may impose additional mandates that may once again have a negative impact on our collections.
These factors have negatively impacted our operating and financial performance in 2020 and we expect such factors to continue to cause a drag on our performance and financial health at least until the pandemic and its economic fallout have passed.
a.Emerging Market Risks
Most of our operations are in emerging markets that may be subject to greater risks than more developed markets, including in some cases significant political, legal and economic risks.
Emerging market governments and judiciaries often exercise broad, unchecked discretion, and are susceptible to abuse and corruption and rapid reversal of political and economic policies on which we depend. Political and economic relations among the countries in which we operate are often complex and have resulted, and may in the future result, in conflicts, which could materially harm our business.
The economies of emerging markets are vulnerable to market downturns and economic slowdowns elsewhere in the world. As has happened in the past, financial problems or an increase in the perceived risks associated with investing in emerging economies could dampen foreign investment in these markets and materially adversely affect their economies.
Turnover of political leaders or parties in emerging markets as a result of a scheduled election upon the end of a term of service or in other circumstances may also affect the legal and regulatory regime in those markets to a greater extent than turnover in established countries. Some of the emerging markets in which we operate are susceptible to social unrest, which may lead to military conflict in some cases.
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b.Strategy and strategic direction
We may not be able to successfully implement our strategic priorities.
Our strategic priorities include, among others, expansion of our high-speed data networks (4G and HFC cable), facilitation of growth in our mobile data and cable segments and implementation of technology transformation projects to improve our operating performance and efficiency. There can be no assurance that our strategy will be successfully implemented and will not cause changes in our operational efficiencies or structure. In addition, the implementation of our strategic priorities could result in increased costs, conflicts with employees, local shareholders and other stakeholders, business interruptions and difficulty in recruiting and retaining key personnel.
Lack of sufficient information or poor quality of available information regarding our industry, operations or markets may lead to missed opportunities or inefficient capital allocation.
As the factors we consider in formulating our strategy change (including information, such as customer data insights or new markets into which we may consider entering), we face the risk of not having access to sufficient industry, operational or market data inputs to properly inform our decision-making or needing to rely on poor quality information. There is also a risk that the data to which we have access will be analyzed improperly, if the relevant personnel lack appropriate experience, oversight, or relevant skill sets in data analysis, including through insufficient consideration of interrelationships of key variables such as market dynamics, trends, availability of cash and resources, agility, opportunities and risk factors affecting our business. If we are forced to make assumptions regarding key variables and are unable to consider alternatives to, and consequences of, strategic decisions on a fully informed basis, it may lead to missed opportunities or inefficient capital allocation that could have an adverse effect on our business, financial condition or results of operations.
c.Industry structure, market position and competition
We face intense competition from other larger telecommunications and cable and broadband providers.
The markets in which we operate are highly competitive. Our main mobile, cable and broadband competitors include major international and regional telecommunication providers such as America Movil, Telefonica, AT&T and Liberty Latin America. Some of our competitors are state-owned entities. Many of our main competitors have substantially greater resources than we do in terms of access to capital. In some of our markets, our competitors may have access to more spectrum and provide greater or better area coverage, and they may face fewer regulatory burdens than we do.
We have a weaker market position and face a challenging competitive environment in Colombia, our largest market.
Relative to our other markets, the telecommunications sector in Colombia is characterized by having more competitors, including America Movil and Telefonica, which are larger than us, and by having more stringent regulatory conditions. Relative to our other markets, our competitive position is also weaker in Colombia, where we are the third largest mobile operator and the second largest provider of fixed services, as measured by subscribers. Additionally, Novator Partners was recently awarded mobile spectrum and has announced plans to enter the Colombian market. Given the importance of Colombia to our results, if we are unable to sustain or improve our position, this could have a material impact on our consolidated financial results.
Competition is driven by a number of factors, most notably price and increasingly customer experience.
Within our markets, operators compete for customers principally on the basis of price, promotions, services offered, advertising and brand image, quality and reliability of service, mobile coverage and overall customer experience. Price competition is especially significant on mobile services, which represented more than half of our revenue from continuing operations in 2020. Mobile voice, SMS and data are largely commoditized services, as the ability to differentiate these services among operators is limited. Competition has resulted in pricing pressure, reduced margins and profitability, increased customer churn, and in some markets, the loss of revenue and market share.
There may be more mobile operators than the market is able to sustain.
Additional licenses may be awarded in already competitive markets, and regulators may also encourage new entrants by offering them favorable conditions, such as holding spectrum auctions in which certain blocks of spectrum are reserved for new entrants, or by capping the amount of spectrum that existing players can acquire, as in Colombia's 2019 auction.
Entry by new competitors may have a significant disruptive effect on our markets.
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New competitors may enter our markets with pricing or other product or service strategies, primarily designed to gain market share, that are significantly more competitive than our offers, leading to, for example, significant price competition and lower margins or increased churn.
In certain of our mobile markets, such as Colombia, our competitors may have a dominant market position.
Having a dominant market position may provide our competitors with various competitive advantages including from economies of scale, access to spectrum, the ability to significantly influence market dynamics and market regulation.
Our competitors may be able to provide better pay-TV services than we are able to provide.
Our pay-TV services compete with other pay-TV services that may offer a greater range of channels to a larger audience, reaching a wider area distribution (especially in rural areas) for a lower price than we charge for our pay-TV services. We also compete with satellite distribution of free-to-air television programming, which viewers can receive by purchasing a satellite dish and a set-top box without any physical cabling. Furthermore, our cable networks are subject to the risk of overbuild and our pay-TV content is subject to the possibility of wireless substitution.
Many of the mobile telecommunications markets in which we operate have high mobile penetration levels, inhibiting growth opportunities.
The markets in which we operate have mobile phone service penetration levels that typically exceed 100% of the population. Although there are some opportunities for further growth, our efforts to develop additional sources of revenue may not be successful. Therefore, high mobile penetration rates could constrain future growth and produce an intensification of pricing pressures on all of our mobile services, which could adversely affect our future profitability and return on investments.
d.Customer base and customer experience
A significant proportion of our mobile revenue is generated from prepaid customers and is short-term in nature.
Prepaid customers do not sign service contracts and are more likely than postpaid customers to switch mobile operators and take advantage of promotional offers by other operators. Many of our mobile customers also subscribe to short-term packages with lengths of one-day to one-week. As a result, we cannot be certain that prepaid customers or short-term data package customers will continue to use our services in the future. Prepaid customers represented 90% of our mobile customers as of December 31, 2020 and generated approximately 57% of our mobile service revenue and 30% of our total service revenue during 2020.
Transition to more subscription-based businesses creates new challenges.
Our transition toward an increasingly subscription-based revenue model has implications for our personnel, systems, and business procedures, as we must dedicate increasing levels of management attention and resources toward managing and mitigating risks related to accounts receivables and collections, as well as billing and customer care. If we are unable to implement and manage the information systems and to properly train our employees, we could experience elevated levels of customer churn and bad debt, which would negatively impact our financial results.
e.Political
Some of the countries in which we operate have a history of political instability.
Some of the countries in which we operate may be subject to greater political and economic risk than developed countries. Some of the countries in which we operate suffer from political instability, civil unrest, or war-like actions by anti-government insurgent groups. These problems may continue or worsen, potentially resulting in significant social unrest or civil war. For example, El Salvador and Honduras have some of the highest murder rates in the world due to violent crime, and both Nicaragua and Bolivia have recently experienced civil unrest.
Any political instability or hostilities in the markets in which we operate can hinder economic growth and reduce discretionary consumer spending on our services and may result in damage to our networks or prevent us from selling our products and services.
Current and future political or social instability may negatively affect our ability to conduct business.
We face a number of risks as a result of political and social instability in the countries in which we operate, ranging from the risk of network disruption, sometimes resulting from government requests to shut
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down our networks as well as forced and illegal abuse of our network by political forces, to the need to evacuate some or all of our key staff from certain countries, in which case there is no guarantee that we would be able to continue to operate our business as previously conducted in such countries. Any of these events would adversely affect our results of operations.
f.Legal and regulatory
The nature of legislation and rule of law in emerging markets may affect our ability to enforce our rights under licenses or contracts or defend ourselves against claims by third parties.
The nature of much of the legislation in emerging markets, the lack of consensus about the scope, content and pace of economic and political reform and the rapid evolution of the legal systems in emerging markets, place the enforceability and, possibly, the constitutionality of, laws and regulations in doubt and result in ambiguities, inconsistencies and anomalies. These factors could affect our ability to enforce our rights under our licenses or our contracts, or to defend our company against claims by other parties.
New or proposed changes to laws or new interpretations of existing laws in the markets in which we operate may harm our business.
We are subject to a variety of national and local laws and regulations in the countries in which we do business. These laws and regulations apply to many aspects of our business. Violations of applicable laws or regulations could damage our reputation or result in regulatory or private actions with substantial penalties or damages. In addition, any significant changes in such laws or regulations or their interpretation, or the introduction of higher standards or more stringent laws or regulations, could have an adverse impact on our business, financial condition, results of operations and prospects. For example, in Colombia in 2017, the regulator introduced caps to wholesale rates on mobile services, which forced us to lower our prices for both voice and data services, and it also cut interconnection rates. In 2016, the regulator in Paraguay required that mobile service providers extend to 90 days, from 30 days previously, the minimum expiration of prepaid mobile data allowances.
Developing legal systems in the countries in which we operate create a number of uncertainties for our businesses.
The legal systems in many of the countries in which we operate are less developed than those in more established markets. This creates uncertainties with respect to many of the legal and business decisions that we make, including, among others, potential for negative changes in laws, gaps and inconsistencies between the laws and regulatory structure, difficulties in enforcement, broad regulatory authority held by telecommunications regulators, and inconsistency and lack of transparency in the judicial interpretation of legislation and corruption in judicial or administrative processes or systems. We may not always have access to efficient avenues for appeal and may have to accept the decisions imposed upon us. For more information concerning the legal proceedings to which we are subject, see “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Legal Proceedings.”
g.Macro-economic and currency
The economies of emerging markets, including those in which we operate, are vulnerable to market downturns and economic slowdowns elsewhere in the world.
Telecommunications in emerging markets in general and in our markets in particular, account for a significant part of gross domestic product (“GDP”) and disposable income. As such, any change in economic activity level may impact our business. Furthermore, as consumers in emerging markets have relatively lower levels of disposable income, the demand for our products and services is significantly exposed to the risk of economic slowdown.
As has happened in the past, financial problems or an increase in the perceived risks associated with investing in emerging economies could dampen foreign investments in these markets and materially adversely affect their economies. An economic downturn, a substantial slowdown in economic growth or deterioration in consumer spending could have an adverse effect on the level of demand for our products and services and our growth. We are particularly susceptible to any deterioration in the economic environment of the countries in which we have our largest operations, namely Colombia, Guatemala, Paraguay, Honduras, Panama and Bolivia.
Changes in economic, political and regulatory conditions in the United States or in U.S. laws and policies governing foreign trade and foreign relations could have an impact on the economies in which we operate.
Any decision taken by the U.S. government that has an impact on the Latin American economy, such as reducing commercial activity between the countries in which we operate and the United States, limiting immigration, increasing interest rates or slowing direct foreign investments, could adversely affect the
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disposable income of consumers. In addition, a slowdown in the U.S. economy may have an adverse impact on the level of U.S. dollar remittances that form a large part of the GDP of many of the countries in which we operate.
Fluctuations or devaluations in local currencies in the markets in which we operate against our U.S. dollar reporting as well as our ability to convert these local currencies into U.S. dollars to make payments, including on our indebtedness, could materially adversely affect our business, financial condition and results of operations.
A significant amount of our costs, expenditures and liabilities are denominated in U.S. dollars, including capital expenditures and borrowings. We mainly collect revenue from our customers in local currencies, and there may be limits to our ability to convert these local currencies into U.S. dollars. Local currency exchange rate fluctuations in relation to the U.S. dollar may have an adverse effect on our earnings, assets and cash flows. For example, the devaluation of the Colombian peso in the fiscal year 2020 reduced our consolidated revenue by approximately $122 million. To the extent that our operations retain earnings or distribute dividends in local currencies, the amount of U.S. dollars ultimately received by MIC S.A. is also affected by currency fluctuations.
A significant amount of our debt and long-term financial commitments are denominated in U.S. dollars.
Where possible and where financially viable, we borrow in local currency to mitigate the risk of exposure to foreign currency exchange. Our ability to reduce our foreign currency exchange exposure may be limited by a lack of long-term financing in local currency or derivative instruments in the currencies in which we operate. As such, there is a risk that we may not be able to finance local capital expenditure needs or reduce our foreign exchange exposure by borrowing in local currency. For more information, see “Item 11. Quantitative and Qualitative Disclosures About Risk—Foreign currency risk.”
Due to the lack of available financial instruments in many of the countries or currencies in which we operate, we may not be able to hedge against foreign currency exposures.
We had net foreign exchange losses of $69 million in fiscal 2020 compared to net foreign exchange losses of $32 million in fiscal 2019 and net foreign exchange losses of $40 million in fiscal 2018. At the operational level we seek to match the currencies of our cash inflows and outflows, but while this practice reduces, it does not eliminate, our significant foreign exchange exposure to the U.S. dollar.
The governments of the countries in which our operations are located may impose foreign exchange controls that could restrict our ability to receive funds from the operations.
Substantially all our revenue is generated by our local operations, and MIC S.A. is reliant on its subsidiaries’ and joint ventures’ ability to transfer funds to it. None of the foreign exchange controls that exist in the countries in which our companies operate significantly restrict the ability of our operating companies to pay interest, dividends, technical service fees, and royalty fees or repay loans by exporting cash, instruments of credit or securities in foreign currencies. However, foreign exchange controls may be strengthened, or introduced, which could restrict MIC S.A.’s ability to receive funds.
In addition, in some countries it may be difficult to convert local currency into foreign currency due to limited liquidity in foreign exchange markets. These restrictions may constrain the frequency for possible upstreaming of cash from our subsidiaries to MIC S.A. in the future. These and any similar controls enacted in the future may cause delays in accumulating significant amounts of foreign currency, and increase foreign exchange risk, which could have an adverse effect on our results of operations.
We are exposed to the potential impact of any alteration to, or abolition of, foreign exchange which is “pegged” at a fixed rate against the U.S. dollar.
Any “unpegging,” particularly if the currency weakens against the U.S. dollar, could have an adverse effect on our business, financial condition or results of operations. Currently Bolivia operates a fixed peg to the U.S. dollar.
h.Taxation
Unpredictable tax systems give rise to significant uncertainties and risks that could complicate our tax strategy and business decisions.
The tax laws and regulations in the markets in which we operate are complex and subject to varying interpretations. The tax authorities in the markets in which we operate are often arbitrary in their interpretation of tax laws, as well as in their enforcement and tax collection activities. Our interpretations and application of the tax and regulations could differ from that of the relevant governmental taxing authority. Tax declarations are subject to review and investigation by a number of authorities, which are empowered to impose fines and penalties on taxpayers, and in some cases criminal penalties on company personnel. Tax audits may result in additional costs to our group if the relevant tax authorities conclude that entities of the
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group did not satisfy their tax obligations in any given year. Such audits may also impose additional burdens on our group by diverting the attention of management resources. The outcome of these audits could harm our business, financial condition, results of operations, cash flows or prospects . We are currently addressing tax disputes with the local tax authorities in several jurisdictions, further described under “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Legal Proceedings—Tax disputes.”
Adverse decisions of tax authorities or changes in tax treaties, laws, rules or interpretations could have a material adverse effect on our business, results of operations, financial conditions or cash flows.
The organizational structure and business arrangements between the various legal entities in the group may give rise to taxation related risks, including relating to the pricing of services which might be challenged if not being on an arm’s-length basis.
Tax authorities could argue that some of these services are on terms more favorable than those that could be obtained from independent third parties and assess higher taxes or fines in respect of the services MIC S.A. provides.
i.Litigation and claims
Some of the litigation or claims that we face can be complex, costly, and highly disruptive to our business operations.
From time to time, in the ordinary course of our business, we are involved in legal proceedings. Some of these legal proceedings can be complex, costly, and highly disruptive to our business operations. Certain of these proceedings may be spurious in nature and may demand significant energy and attention from management and other key personnel. The assessment of the outcome of legal proceedings, including our potential liability, if any, is a highly subjective process that requires judgments about future events that are not within our control. The amounts ultimately received or paid upon settlement or pursuant to final judgment, order or decree may differ materially from amounts accrued in our financial statements. In addition, litigation or similar proceedings could impose restraints on our current or future manner of doing business.
j.Business conduct
We may not be able to fully mitigate the risk of inappropriate conduct by our employees, business partners and counterparties.
Millicom’s employees interact with customers, contractors, suppliers and counterparties, and with each other, every day. All employees are expected to respect and abide by the Company's values and Code of Conduct, commonly referred to as the “Sangre Tigo” culture. While Millicom takes numerous steps to prevent and detect inappropriate conduct by employees, contractors and suppliers that could potentially harm the Company's reputation, customers, or investors, such behavior may not always be detected, deterred or prevented. The consequences of any failure by employees to act consistently with the “Sangre Tigo” expectations could include litigation, regulatory or other governmental investigations or enforcement actions.
We are subject to anti-corruption and anti-bribery laws.
We are subject to a number of anti-corruption laws in the countries in which we operate and are located, in addition to the Foreign Corrupt Practices Act (“FCPA”) in the United States and the Bribery Act in the United Kingdom. Our failure to comply with anticorruption laws applicable to us could result in penalties, which could harm our reputation and harm our business, financial condition, results of operations, cash flows or prospects. The FCPA generally prohibits covered companies, their officers, directors and employees and their intermediaries from making improper payments to foreign officials for the purpose of obtaining or keeping business and/or other benefits. We operate in countries which pose elevated risks of corruption violations. For example, between 2017 and 2019, the Commission Against Impunity in Guatemala (“CICIG”) and Guatemalan prosecutors pursued investigations that have included the country's telecommunications sector and Comcel, our Guatemalan joint venture, and it is possible that new investigations could arise given the strong anti-corruption efforts in the country. If we are not in compliance with anti-corruption laws and other laws governing the conduct of business with government entities and/or officials (including local laws), we may be subject to criminal and civil penalties and other remedial measures. Investigations of any actual or alleged violations of such laws or policies related to us could harm our business, financial condition, results of operations, cash flows or prospects.
Our anti-corruption policies, procedures and internal controls may not be effective in complying with anti-corruption laws.
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We regularly review and update our policies, procedures and internal controls designed to provide reasonable assurance that we, our employees, joint ventures, distributors and other intermediaries comply with the anti-corruption laws to which we are subject. However, anti-corruption policies, procedures and internal controls are not always effective against this risk. We cannot assure you that such policies or procedures or internal controls work effectively at all times or protect us against liability under these or other laws for actions taken by our employees, joint ventures, distributors and other intermediaries with respect to our business or any businesses that we may acquire.
Our Mobile Financial Services (“MFS”) service is complex and increases our exposure to fraud and money laundering.
Our MFS product has been developed through different distribution channels and we could be responsible, and we may be liable, for online fraud and problems related to inadequately securing our payment systems. These services involve cash handling, exposing us to risk of fraud and money laundering. We must also keep our customers’ MFS cash in local currency demand deposits in local banks in each market and ensure customers’ access to MFS cash, exposing us to local banking risk.
Anti-money laundering laws are often complex. We endeavor to conform to the highest standards but cannot be certain that we will be able to fully meet all applicable legal and regulatory requirements at all times.
We may incur significant costs from fraud, which could adversely affect us.
Our high profile and the nature of the products and services that we offer make us a target for fraud. Many of the markets in which we operate lack fully developed legal and regulatory frameworks and have low conviction rates for fraudulent activities, decreasing deterrence for such schemes. We have been in the past and may in the future be susceptible to fraudulent activity by our employees or third-party contractors despite having robust internal control systems in place across our operations, which could have a material adverse effect on our results of operations.
We also incur costs and revenue losses associated with the unauthorized or unintended use of our networks, including administrative and capital costs associated with the unpaid use of our networks as well as with detecting, monitoring and reducing incidences of fraud. Fraud also impacts interconnection costs, capacity costs, administrative costs and payments to other carriers for unbillable fraudulent roaming charges. In 2020, our most significant impact from fraudulent activity was caused by International Bypass whereby international calls intended to a Tigo subscriber are terminated through an unauthorized channel. Any continued or new fraudulent schemes could have an adverse effect on our business, financial condition and results of operations.
Our risk management and internal controls may not prevent or detect fraud, violations of law or other inappropriate conduct.
If any of our customers, suppliers, or other business partners receive or grant inappropriate benefits or use corrupt, fraudulent or other unfair business practices, we could be subject to legal sanctions, penalties and harm to our reputation. Given our international operations, group structure, and size, our internal controls, policies and our risk management practices may not be adequate in preventing, detecting or responding to any such incidents which could have a material negative impact on our reputation, business activities, financial position and results of operations.
We may be directly or indirectly affected by U.S. or other international sanctions laws, which may place restrictions on our ability to interact with business partners or government officials.
We operate in certain countries in which international sanctions may be imposed by the U.S. or Europe and we may be required to comply with such sanctions. Such sanctions may restrict our ability to implement our strategy or conduct our business in the manner in which we expect. For example, in Nicaragua, several government officials and other key actors are currently included on the Specially Designated Nationalities list of the U.S. Office of Foreign Assets Control.
k.People, health and safety
Threats to the safety of our employees or contractors could affect our ability to provide our services.
Heightened states of danger may exist in certain of the countries in which we operate, including as a result of civil unrest, criminal activity, and the threat of natural or manmade disasters. Such events can pose significant risks to the health and safety of our employees and contractors and may impede or delay our ability to provide service to our customers or potential customers. In those locations, we may incur additional costs to maintain the safety of our personnel, customers, suppliers, and contractors. Despite the precautions,
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the safety of our personnel, customers, suppliers, and contractors in these locations may continue to be at risk.
Enforcement of standards of safety and the promotion of a culture of safety may not prevent the frequency or severity of health and safety incidents.
Although we implement and provide training on health and safety matters, particularly related to the risks of working on telecommunications towers or on TV poles, there is no guarantee that our employees or our contractors will comply with applicable safety standards. If we fail to implement these procedures or if the procedures we implement are ineffective, we may suffer the loss of, or injury, to our employees or contractors, as well as expose ourselves to possible litigation and reputational harm.
Allegations of health risks related to the use of mobile telecommunication devices and base stations could harm our business.
There have been allegations that the use of certain mobile telecommunication devices and equipment may cause serious health risks. The actual or perceived health risks of mobile devices or equipment could diminish customer growth, reduce network usage per customer, spark product liability lawsuits or limit available financing. In addition, the actual or perceived health risks may result in increased regulation of network equipment and restrictions on the construction of towers or other infrastructure. Each of these possibilities has the potential to seriously harm our business.
l.Brand and reputation
Failing to maintain our intellectual property rights and the reputation of our brands would adversely affect our business.
Our intellectual property rights, including our key trademarks and domain names, including our Tigo, UNE and Cable Onda brand names, which are well known in the markets in which we operate, are extremely important assets and contribute to our success in our markets. If we are unable to maintain the reputation of and value associated with them, we may not be able to successfully retain and attract customers. Furthermore, our reputation may be harmed if any of the risks described in this “Risk Factors” section materialize. Any damage to our reputation or to the value associated with our Tigo, UNE or Cable Onda brands could have a material adverse effect on our business, financial condition and results of operations.
Impairment of our intellectual property rights would adversely affect our business.
We rely upon a combination of trademark and copyright laws, database protections and contractual arrangements, where appropriate, to establish and protect our intellectual property rights. However, intellectual property rights are especially difficult to protect in many of the markets in which we operate. In these markets, the regulatory agencies charged to protect intellectual property rights are inadequately funded, legislation is underdeveloped, piracy is commonplace, and enforcement of court decisions is difficult. The diversion of our management's time and resources along with potentially significant expenses that could be involved in protecting our intellectual property rights in our markets, or losing any intellectual property rights, could materially adversely affect our business, financial condition and results of operations.
m.Workforce
A significant portion of our workforce is represented by labor unions, and we could incur additional costs or experience work stoppages as a result of the renegotiations of our labor contracts.
On average during 2020, approximately 17% of our of our employees (including 41% of our direct workforce in Colombia and 80% of our direct workforce in Panama) participated in collective employment agreements. While we have collective bargaining agreements in place, with subsequent negotiations we could incur significant additional labor costs and/or experience work stoppages which could adversely affect our business operations. In addition, we cannot predict what level of success labor unions or other groups representing employees may have in further organizing our workforce or the potentially negative impact it would have on our operations. Furthermore, our strategic objectives may include divestitures of certain business lines, internal restructuring and other activities that impact employees. We cannot assure you that we will be able to maintain a good relationship with our labor unions and works council. Any deterioration in our relationship with our unions and works council could result in work stoppages, strikes or threats to take such an action, which could disrupt our business and operations materially and adversely affect the quality of our services and harm our reputation.
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3.Risks related to Millicom’s size and structure and leadership
a.Size - capacity and limitations
The amount, structure and obligations connected with our debt could impair our liquidity and our ability to expand or finance our future operations.
As of December 31, 2020, our consolidated indebtedness excluding lease liabilities was $5,691 million, of which MIC S.A. incurred $2,504 million directly, and MIC S.A. guaranteed $287 million of indebtedness incurred by its subsidiaries. Including lease liabilities, our consolidated indebtedness was $6,711 million. In addition, at December 31, 2020 our joint ventures in Guatemala and Honduras, which are non-recourse to MIC S.A.. had $750 million of debt and lease liabilities of $292 million.
We may incur additional debt in the future. Although certain of our outstanding debt instruments contain restrictions on the incurring of additional indebtedness, these restrictions are subject to a number of significant qualifications and exceptions and, under certain circumstances, the amount of indebtedness that could be incurred in compliance with these restrictions could be substantial. The acquisition of additional debt could, among other things, require us to dedicate a substantial portion of our cash flow to payments on our debt, place us at a competitive disadvantage compared to competitors who might have less debt, restrict us from pursuing strategic acquisitions or reduce our ability to pay dividends and prevent us from complying with our dividend policy.
We have incurred and assumed, and expect to incur and assume, additional indebtedness in connection with recent acquisitions.
We funded our recent acquisitions in Panama and Nicaragua mainly by incurring additional indebtedness, including through the issuance of a $750 million 6.25% bond on March 25 2019, and the issuance by Cable Onda S.A. ("Cable Onda") of a $600 million 4.5% bond in November 2019.
Our increased indebtedness following consummation of these or other acquisitions could have the effect, among other things, of reducing our flexibility to respond to changing business and economic conditions as well as reducing funds available for capital expenditures, acquisitions, and creating competitive disadvantages for us relative to other companies with lower indebtedness levels.
b.Portfolio of operations
Most of our operations are in emerging markets and may be subject to greater risks than similar businesses in more developed markets.
Investors in emerging markets should be aware that these markets are subject to greater risks than more developed markets, including in some cases significant political, legal and economic risks. Investors should fully consider the significance of the risks involved in investing in a company with significant operations in emerging markets and are urged to consult with their own legal, financial and tax advisors.
We may pursue acquisitions, investments or merger opportunities, or divestitures of existing operations, which may subject us to significant risks and there is no assurance that we will be successful or that we will derive the expected benefits from these transactions.
We may pursue acquisitions of, investments in or mergers with businesses, technologies, services and/or products that complement or expand our business. Some of these potential transactions could be significant relative to the size of our business and operations. Any such transaction would involve a number of risks and could present financial, managerial and operational challenges, including: diverting management attention from running our existing business or from other viable acquisition or investment opportunities; incurring significant transaction expenses; increased costs to integrate financial and operational reporting systems, technology, personnel, customer base and business practices of the businesses involved in any such transaction with our business; not being able to integrate our businesses in a timely fashion or at all; potential exposure to material liabilities not discovered in the due diligence process or as a result of any litigation arising in connection with any such transaction; and failure to retain key management and other critical employees.
Moreover, we may not be able to successfully complete acquisitions, in light of challenges such as strong competition from our competitors and other prospective acquirers who may have substantially greater resources than we do in terms of access to capital and may be able to pay more than we can with respect to merger or acquisition opportunities, and regulatory approvals required.
Divestiture of assets and businesses may not realize expected benefits.
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We may seek to divest existing operations and/or investments. Any such divestiture could involve a number of risks and could present financial, managerial and operational challenges including: diverting management attention from running our existing business or from pursuing other strategic opportunities; incurring significant transaction expenses; maintaining certain liabilities or obligations to indemnify the buyer of the divested business as part of the sale conditions; and the possibility of failing to properly manage or time the exit to achieve an optimal return.
Furthermore, the timing of exit from the divestiture of assets and businesses may not result in optimal returns, and the amount and timing of proceeds may be lower than our initial investment, and or lower the corresponding carrying value on our balance sheet.
Our ability to make significant decisions in certain of our operations may depend in part upon the consent of independent shareholders.
We have local shareholders in our operations in various markets, including subsidiaries that are fully controlled (e.g., in Colombia, Panama and Tanzania) as well as joint-ventures with local entities in which we exercise joint-control (e.g., in Guatemala and Honduras). In these operations, our ability to make significant strategic decisions or to receive dividends or other distributions may depend in part upon the consent of independent shareholders, and our operations may be negatively affected in the event of disagreements with or breaches by our partners.
Millicom's central functions provide essential support and services to our operating subsidiaries and joint ventures.
These services include, financing, procurement, technical and management services, business support services (including a shared services center in El Salvador), digital transformation, customer experience, procurement, human resources, legal, information technology, marketing services and advisory services related to the construction, installation, operation, management and maintenance of its networks. If Millicom's central functions were unable to provide these services to our operating subsidiaries and joint ventures on a timely basis and at a level that meets our needs, our operating subsidiaries and joint ventures may be disrupted.
The majority of Millicom's operating subsidiaries and joint ventures operate under the Tigo trademark.
We take efforts to protect the Tigo trademark, but we may not always succeed in preventing others from using the trademark in countries in which we do not operate or from using similar trademarks, which could dilute the value of our trademark and result in brand confusion to consumers. The Tigo trademark could also be the subject of intellectual property infringement. Trademark protection is important because our trademark is what helps our customers differentiate our products and services from those of our competition, helps build brand loyalty, and represents our goodwill and reputation.
c.Talent acquisition and retention
We may be unable to obtain or retain adequate managerial and operational resources.
Our operating results depend, in significant part, upon the continued contributions and capacity of key senior management and technical personnel. Certain key employees possess substantial knowledge of our business and operations. We cannot assure you that we will be successful in retaining their services or that we would be successful in hiring and training suitable replacements without undue costs or delays.
Competition for personnel in our markets and certain central functions is intense due to scarcity of qualified individuals.
Millicom has been working with its local teams to build and implement talent development plans and to identify high performance individuals for future advancement or hiring, as the markets in which we operate have limited availability of talent with advanced skill sets in key areas such as the digital and technology fields. We have taken steps to reinforce our digital capabilities with an aggressive hiring plan to obtain the right personnel with the relevant competencies for the new businesses and services we launch. We cannot assure you, however, that we will be successful in these efforts.
d.Financing and cash flow generation
MIC S.A. is a holding company and is dependent on cash flow from its operating subsidiaries and joint ventures.
MIC S.A.’s primary assets consist of shares in its subsidiaries and joint ventures and cash in its bank accounts. MIC S.A. has no significant revenue generating operations of its own, and therefore its cash flow and ability to service its indebtedness and pay dividends to its shareholders will depend primarily on the
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operating performance and financial condition of its subsidiaries and joint ventures and its receipt of funds in the form of dividends or otherwise.
There are legal limits on dividends that some of MIC S.A.’s subsidiaries and joint ventures are permitted to pay. Further, some of our indebtedness imposes restrictions on dividends and other restricted payments, which are described under “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Financing.”
Our ability to generate cash depends on many factors beyond our control and we may need to resort to additional external financing.
Our ability to generate cash is dependent on our future operating and financial performance. This will be impacted by our ability to successfully implement our business strategy, as well as general economic, financial, competitive, regulatory, and technical elements and other factors beyond our control. If we cannot generate sufficient cash, we may, among other things, need to refinance all or a portion of our debt, obtain additional financing, delay capital expenditure or sell assets.
We require a significant amount of capital to operate and grow our business. We fund our capital needs in part through borrowings in the public and private credit markets. Adverse changes in the credit markets, including increases in interest rates, could increase our cost of borrowing and/or make it more difficult for us to obtain financing for our operations or refinance existing indebtedness. In addition, our borrowing costs can be affected by short- and long-term debt ratings assigned by independent rating agencies, which are based, in significant part, on our performance as measured by customary credit metrics. A decrease in these ratings would likely increase our cost of borrowing and/or make it more difficult for us to obtain financing. A severe disruption in the global financial markets could impact some of the financial institutions with which we do business, and such instability could also affect our access to financing.
In particular, periods of industry consolidation require businesses to raise debt and equity capital to remain competitive. An inability to access capital during such periods could have an adverse effect on our business, financial condition or results of operations.
The cash flow we generate is highly dependent on the dividends we receive from our joint ventures in Guatemala and Honduras.
Our joint ventures in Guatemala and Honduras have historically generated healthy cash flows and paid dividends. For the year ended December 31, 2020, the Millicom Group received dividends from these joint ventures totaling $71 million, representing our share of the total dividends paid by our joint ventures; and the Millicom Group did not pay any dividends to its own shareholders during the same year. If the financial condition of these joint ventures deteriorates or if they choose to reduce future dividend payments,or if we fail to diversify our sources of cash flow, our liquidity could suffer.
Our ability to pay dividends to our shareholders or otherwise remunerate shareholders is subject to our distributable reserves and solvency requirements.
Any determination to pay dividends or otherwise remunerate shareholders in the future will be at the discretion of our board of directors (as to interim dividends) and at the discretion of the shareholders at the annual general meeting (the "Annual General Meeting") upon recommendation of the board of directors (as to annual dividends or share repurchases) and will depend upon our results of operations, financial condition, distributable reserves, contractual restrictions, restrictions imposed by applicable law and other factors our board of directors and the shareholders at the Annual General Meeting, respectively, deem relevant.
We are not required to pay dividends on our common shares or otherwise remunerate shareholders and holders of our common shares have no recourse if dividends are not declared. Our ability to pay dividends or otherwise remunerate shareholders may be further restricted by the terms of any of our existing and future debt or preferred securities. Additionally, because we are a holding company, our ability to pay dividends on our common shares is limited by restrictions on the ability of our subsidiaries to pay dividends or make distributions to us, including restrictions on our ability to repatriate funds and under the terms of the agreements governing our indebtedness.
4.Risks related to share ownership, governance practices and registration with the SEC
a.Share price, trading volume and market volatility
The price of our common shares might fluctuate significantly, and you could lose all or part of your investment.
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Volatility in the market price of our common shares may prevent you from being able to sell our common shares at or above the price at which you purchased such shares. The trading price of our common shares may be volatile and subject to wide price fluctuations in response to various factors, including:
•market conditions in the broader stock market in general, or in our industry in particular;
•actual or anticipated fluctuations in our financial and operating results;
•introduction of new products and services by us or our competitors;
•entry to new markets or exit from existing markets;
•issuance of new or changed securities analysts’ reports or recommendations;
•sales of large blocks of our shares;
•additions or departures of key personnel;
•regulatory developments; and
•litigation and governmental investigations or actions.
These and other factors may cause the market price and demand for our common shares to fluctuate substantially, which may limit or prevent investors from readily selling common shares and may otherwise negatively affect the liquidity of our common shares.
In addition, in the past, when the market price of a stock has been volatile, holders of that stock have often instituted securities class action litigation against the company that issued the stock. If any of our shareholders brought a lawsuit against us, we could incur substantial costs defending the lawsuit. Such a lawsuit could also divert the time and attention of our management from our business.
An active trading market that will provide you with adequate liquidity may not develop.
As of December 31, 2020, approximately 91% of our issued and outstanding shares were in the form of Swedish Depository Receipts (“SDRs”) listed on the NASDAQ exchange in Stockholm. We cannot predict the extent to which investors will convert SDRs into common shares or whether the relisting of our common shares on the Nasdaq Stock Market on January 9, 2019 will lead to the development of an active trading market in the U.S. or how liquid that market might become. If an active trading market does not develop in the U.S., you may have difficulty selling the common shares that you purchase, and the value of such shares might be materially impaired.
Future sales of our common shares, or the perception in the public markets that these sales may occur, may depress our share price and future sales of our common shares may be dilutive.
Sales of substantial amounts of our common shares in the public market, or the perception that these sales could occur, could adversely affect the price of our common shares and could impair our ability to raise capital through the sale of shares. In the future, we may issue our shares, among other reasons, if we need to raise capital or in connection with merger or acquisition activity. The amount of our common shares issued in connection with a capital raise or acquisition could constitute a material portion of our then-outstanding share capital. Sales of shares in the future may be at prices below prevailing market prices, thereby having a dilutive impact on existing holders and depressing the trading price of our common stock.
If securities or industry analysts in the United States do not publish research or reports or publish unfavorable research about our business, the price and trading volume of our common shares could decline.
The trading market for our common shares in the United States will depend in part on the research and reports that securities or industry analysts publish about us, our business or our industry. We may not have significant research coverage by securities and industry analysts in the United States. If no additional securities or industry analysts commence coverage of us, or if we fail to adequately engage with analysts or the investor community, the trading price for our shares could be negatively affected. In the event we obtain additional securities or industry analyst coverage in the United States, if one or more of the analysts who covers us downgrades our common shares, their price will likely decline. If one or more of these analysts, or those who currently cover us, ceases to cover us or fails to publish regular reports on us, interest in the purchase of our shares could decrease, which could cause the price or trading volume of our common shares to decline.
b.Legal and regulatory compliance and burden
The obligations associated with being a public company in the United States require significant resources and management attention.
As a public company in the United States, we incur legal, accounting and other expenses that we did not previously incur. We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Sarbanes-Oxley Act, the listing requirements of the Nasdaq Stock Market and other applicable securities rules and regulations. The Exchange Act requires that we file annual and
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current reports with respect to our business, financial condition and results of operations. The Sarbanes-Oxley Act requires, among other things, that we establish and maintain effective internal controls and procedures for financial reporting.
Furthermore, the need to establish and maintain the corporate infrastructure demanded of a U.S. public company may divert management’s attention from implementing our strategy. We have made, and will continue to make, changes to our internal controls and procedures for financial reporting and accounting systems in order to meet our reporting obligations as a U.S. public company. However, the measures we take may not be sufficient to satisfy these obligations. In addition, compliance with these rules and regulations has increased our legal and financial compliance costs and has made some activities more time-consuming. For example, these rules and regulations make it more expensive for us to obtain director and officer liability insurance.
In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for U.S. public companies. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against us.
We are a foreign private issuer and, as a result, are not subject to U.S. proxy rules but are subject to Exchange Act reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. issuer.
We report under the Exchange Act as a non-U.S. company with “foreign private issuer” status, as such term is defined in Rule 3b-4 under the Exchange Act. Because we qualify as a foreign private issuer under the Exchange Act and although we follow Luxembourg laws and regulations with regard to such matters, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. public companies, including:
(i)the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;
(ii)the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and
(iii)the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events.
Foreign private issuers are required to file their annual report on Form 20-F by 120 days after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10-K within 75 days after the end of each fiscal year. Foreign private issuers are also exempt from the Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information. As a result of the above, even though we are contractually obligated and intend to make interim reports available to our stockholders, copies of which we are required to furnish to the SEC on a Form 6-K, and even though we are required to file reports on Form 6-K disclosing whatever information we have made or are required to make public pursuant to Luxembourg law or distribute to our stockholders and that is material to our company, you may not have the same protections afforded to stockholders of companies that are not foreign private issuers.
If we fail to maintain an effective system of internal control over financial reporting, we may be unable to accurately report our financial results or prevent fraud, and investor confidence in our company and the market price of our shares may be adversely affected.
We are subject to reporting obligations under the U.S. securities laws. The SEC, as required by Section 404 of the Sarbanes-Oxley Act, adopted rules requiring every public company to include in its annual report a management report on such company’s internal control over financial reporting containing management’s assessment of the effectiveness of its internal control over financial reporting. In addition, an independent registered public accounting firm must attest to and report on the effectiveness of such company’s internal control over financial reporting except where the company is a non-accelerated filer. We currently are a large accelerated filer.
Our management has concluded that our internal control over financial reporting was effective as of December 31, 2020. See “Item 15. Disclosure Controls and Procedures.” Our independent registered public accounting firm has issued an attestation report as of December 31, 2020. See “Item 15. Controls and Procedures-C. Attestation Report of Independent Registered Public Accounting Firm.” However, if we fail to
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maintain effective internal control over financial reporting in the future, our management and our independent registered public accounting firm may not be able to conclude that we have effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act. If we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results of operations, and lead to a decline in the trading price of our shares. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange on which we list, regulatory investigations and civil or criminal sanctions. Furthermore, we have incurred and anticipate that we will continue to incur considerable costs, management time and other resources in an effort to continue to comply with Section 404 and other requirements of the Sarbanes-Oxley Act.
We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.
As a foreign private issuer, we are not required to comply with the same periodic disclosure and current reporting requirements of the Exchange Act, and related rules and regulations, that apply to U.S. domestic issuers. Under Rule 3b-4 of the Exchange Act, the determination of foreign private issuer status is made annually on the last business day of an issuer’s most recently completed second fiscal quarter and, accordingly, we will make the next determination with respect to our foreign private issuer status based on information as of June 30, 2021.
In the future, we could lose our foreign private issuer status if, for example, a majority of our voting power were held by U.S. citizens or residents and we fail to meet additional requirements necessary to avoid loss of foreign private issuer status. The regulatory and compliance costs to us under U.S. securities laws as a domestic issuer may be significantly higher.
If we are not a foreign private issuer, we will be required to file periodic reports and registration statements on U.S. domestic issuer forms with the U.S. Securities and Exchange Commission, which are more detailed and extensive than the forms available to a foreign private issuer. We will also be required to comply with U.S. federal proxy requirements, and our officers, directors and controlling shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. We may also be required to modify certain of our policies to comply with good governance practices associated with U.S. domestic issuers. Such conversion and modifications will involve additional costs. In addition, we may lose our ability to rely upon exemptions from certain corporate governance requirements on U.S. stock exchanges that are available to foreign private issuers.
c.Shareholder protection
MIC S.A. is incorporated in Luxembourg, and Luxembourg law differs from U.S. law and may afford less protection to holders of our shares.
The Company is incorporated under and subject to Luxembourg laws. Luxembourg laws may differ in some material respects from laws generally applicable to U.S. corporations and shareholders, including the provisions relating to interested directors, mergers, sales, amalgamations and acquisitions, takeovers, shareholder lawsuits and indemnification of directors. Luxembourg laws governing the shares of Luxembourg companies may not be as extensive as those in effect in the United States, and Luxembourg law and regulations in respect of corporate governance matters might not be as protective of shareholders as state corporation laws in the United States. Therefore, our shareholders may have more difficulty in protecting their interests in connection with actions taken by our directors and officers or our principal shareholders than they would as shareholders of a corporation incorporated in the United States. For example, neither our Amended and Restated Articles of Association nor Luxembourg law provides for appraisal rights for dissenting shareholders in certain extraordinary corporate transactions that may otherwise be available to shareholders under certain U.S. state laws.
In addition, under Luxembourg law, by contrast to the laws generally applicable to U.S. corporations, the duties of directors of a company are in principle owed to the company only, rather than to its shareholders. It is possible that a company may have interests that are different from the interests of its shareholders. Shareholders of Luxembourg companies generally do not have rights to take action themselves against directors or officers of the company. Directors or officers of a Luxembourg company must, in exercising their powers and performing their duties, act in good faith and in the interests of the company as a whole and must exercise due care, skill and diligence.
Directors have a duty to disclose any personal interest in any contract or arrangement with the company in case such interest would constitute a conflict of interest. If any director has a direct or indirect financial interest in a matter which has to be considered by the board of directors which conflicts with the interests of the company, Luxembourg law provides that such director will not be entitled to take part in the
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relevant deliberations or exercise his vote with respect to the approval of such transaction. If the interest of such director does not conflict with the interests of the company, then the applicable director with such interest may participate in deliberations on, and vote on the approval of, that transaction. If a director of a Luxembourg company is found to have breached his or her duties to that company, he or she may be held personally liable to the company in respect of that breach of duty. A director may, in addition, be jointly and severally liable with other directors implicated in the same breach of duty.
The ability of investors to enforce civil liabilities under U.S. securities laws may be limited.
MIC S.A. is a Luxembourg public limited liability company (société anonyme) and some of its directors and executive officers are residents of countries other than the United States. Most of the Company’s assets and the assets of some of its directors and executive officers are located outside the United States. As a result, it may not be possible for investors in our securities to effect service of process within the United States upon such persons or the Company or to enforce in U.S. courts or outside the United States judgments obtained against such persons or the Company. In addition, it may be difficult for investors to enforce, in original actions brought in courts in jurisdictions located outside the United States, liabilities predicated upon the civil liability provisions of U.S. securities laws.
We have been advised by our Luxembourg counsel, Hogan Lovells (Luxembourg) LLP that the United States and Luxembourg do not have a treaty providing for reciprocal recognition and enforcement of judgments in civil and commercial matters. Therefore, a judgment for the payment of money rendered by a U.S. federal or state court will only be recognized and enforced against MIC S.A. by a court in Luxembourg without re-examination of the merits of the case if it is a final judgment which is not subject to appeal or any other means of contestation, and if it complies with the applicable enforcement procedure (exequatur) conditions. As set out in the relevant provisions of the Luxembourg New Code of Civil Procedure (Nouveau Code de Procédure Civile) and Luxembourg case law, these conditions are:
(i)the foreign court awarding the international judgment has jurisdiction to adjudicate the respective matter under applicable foreign rules of the forum, and such jurisdiction is recognized by Luxembourg private international law;
(ii)the foreign judgment is enforceable in the foreign jurisdiction;
(iii)the foreign court has applied the substantive law as designated by the Luxembourg conflict of laws rules, or, at least, the order must not contravene the principles underlying these rules (however, based on case law (T.A. Luxembourg, 10 January 2008, no 111736) as well as legal doctrine, it is not certain that this condition would still be required for an exequatur to be granted by a Luxembourg court);
(iv)the foreign court has acted in accordance with its own procedural laws;
(v)the judgment was granted following proceedings where the counterparty had the opportunity to appear, and if appeared, to present a defense; and
(vi)the foreign judgment does not contravene international public policy (ordre public international) as understood under the laws of Luxembourg.
d.Corporate governance practices
As a foreign private issuer and as permitted by the listing requirements of the Nasdaq Stock Market (“Nasdaq”), we may rely on certain home country governance practices rather than the Nasdaq corporate governance requirements.
As are a foreign private issuer and in accordance with Nasdaq Listing Rule 5615(a)(3), we may comply with home country governance requirements and certain exemptions thereunder rather than complying with certain of the corporate governance requirements of Nasdaq. For more information regarding the Nasdaq corporate governance requirements in lieu of which we follow home country corporate governance practices, see “Item 6. Directors, Senior Management and Employees—C. Board Practices—NASDAQ corporate governance exemptions.”
Luxembourg law does not require that a majority of our board of directors consists of independent directors. While we currently have a board of directors that is independent of the Company (i.e., the board members are not members of management or employees of the Company), our board of directors may in the future include fewer independent directors than would be required if we were subject to Nasdaq Listing Rule 5605(b)(1). In addition, we are not subject to Nasdaq Listing Rule 5605(b)(2), which requires that independent directors regularly have scheduled meetings at which only independent directors are present.
Similarly, we have adopted a compensation committee, but Luxembourg law does not require that we adopt a compensation committee or that such committee be fully independent. As a result, our practice may vary from the requirements of Nasdaq Listing Rule 5605(d), which sets forth certain requirements as to the responsibilities, composition and independence of compensation committees. Luxembourg law does not require that we disclose information regarding third-party compensation of our directors or director
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nominees. As a result, our practice varies from the third-party compensation disclosure requirements of Nasdaq Listing Rule 5250(b)(3).
In addition, as permitted by home country practice and as included in our amended and restated articles of association, our nomination committee is appointed by the major shareholders of MIC S.A. and is not a committee of the MIC S.A. board of directors. Our practice therefore may vary from the independent director oversight of director nominations requirements of Nasdaq Listing Rule 5605(e).
Furthermore, our amended and restated articles of association do not provide any quorum requirement that is generally applicable to general meetings of our shareholders (other than in respect of general meetings convened for the first time in relation to amendments to the amended and restated articles of association). This absence of a quorum requirement is in accordance with Luxembourg law and generally accepted business practice in Luxembourg. This practice differs from the requirement of Nasdaq Listing Rule 5620(c), which requires an issuer to provide in its bylaws for a generally applicable quorum, and that such quorum may not be less than one-third of the outstanding voting stock. In addition, we may opt out of shareholder approval requirements for the issuance of securities in connection with certain events such as the acquisition of stock or assets of another company, the establishment of or amendments to equity-based compensation plans for employees, a change of control of us and certain private placements. To this extent, our practice will vary from the requirements of Nasdaq Listing Rule 5635, which generally requires an issuer to obtain shareholder approval for the issuance of securities in connection with such events.
ITEM 4. INFORMATION ON THE COMPANY
A. History and Development of the Company
The Company’s legal name is Millicom International Cellular S.A. ("MIC S.A." or "the Company"). The Company uses the Tigo brand in the majority of the countries in which we do business. MIC S.A. is a public limited liability company (société anonyme), organized and established under the laws of the Grand Duchy of Luxembourg on June 16, 1992. The Company’s address is: 2, Rue du Fort Bourbon, L-1249 Luxembourg, Grand Duchy of Luxembourg. The Company’s telephone number is: +352 27 759 101. The Company’s U.S. agent is: CT Corporation, 111 Eighth Avenue, 13th Floor, New York, New York 10011, United States.
MIC S.A. was formed in December 1990 when Kinnevik AB ("Kinnevik"), formerly named Industriförvaltnings AB Kinnevik, a company established in Sweden, and Millicom Incorporated, a corporation established in the United States, contributed their respective interests in international mobile joint ventures to form MIC S.A.
See “Item 4. Information on the Company—B. Business Overview” for historical information regarding the development of our principal business segments in our geographic markets. See “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Capital expenditures” for a description of our capital expenditures.
The SEC maintains an Internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov. The Company’s website address is www.millicom.com. The information contained on, or that can be accessed through, the Company’s website is not part of, and is not incorporated into, this Annual Report.
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B. Business Overview
Introduction
We are a leading provider of cable and mobile services dedicated to emerging markets. Through our main brands Tigo and Tigo Business™, we provide a wide range of digital services in nine countries in Latin America and two countries in Africa, including high-speed data, cable TV, direct-to-home satellite TV (“DTH” and when we refer to DTH together with cable TV, we use the term “pay-TV”), mobile voice, mobile data, SMS, MFS, fixed voice, and business solutions including value-added services (“VAS”). We provide services on both a business-to-consumer (“B2C”) and a business-to-business (“B2B”) basis, and we have used the Tigo brand in all our markets since 2004.
We offer the following principal categories of services:
•Mobile, including mobile data, mobile voice, and MFS to consumer, business and government customers;
•Cable and other fixed services, including broadband, pay-TV, content, and fixed voice services for residential (Home) customers, as well as voice, data and VAS and solutions to business and government customers.
In Latin America, our principal region, we provide both mobile and cable services in eight countries - Bolivia, Colombia, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay. In addition, we provide cable services in Costa Rica. In Africa, we provide mobile services in Tanzania, and our joint venture with Bharti Airtel provides mobile services in Ghana. In 2018, we completed the divestiture of our operations in Rwanda and Senegal and in 2019 we completed the sale of our operations in Chad. These divestitures are part of a broader effort by us in recent years to improve our financial performance and better invest capital, including by selling underperforming businesses in our Africa segment, which has historically produced lower returns on capital than our Latin America segment.
We conduct our operations through local holding and operating entities in various countries, which are either our subsidiaries (in which we are the sole shareholder or the controlling shareholder) or joint ventures with our local partners. For further details, see note A to our consolidated financial statements. In this Annual Report, our description of our operations includes the operations of all of these subsidiaries and joint ventures.
As of December 31, 2020, we provided services to 38.8 million mobile customers, including 13.0 million 4G customers, which we define as customers who have a data plan and use a smartphone to access our 4G network. As of that date, we also had 3.8 million customer relationships with a subscription to at least one of our fixed services. This includes 3.2 million customer relationships on our HFC networks and 0.3 million DTH subscribers. The majority of the remaining customer relationships are served by our legacy copper network.
For the year ended December 31, 2020, our revenue was $4,171 million and our net loss was $385 million. We had approximately 21,000 employees located in Latin America and Africa, including our Guatemala and Honduras joint ventures.
Our strategy
Underpinning our strategy is management’s assessment that penetration rates for both mobile and fixed broadband services in our markets are low relative to penetration rates in other markets globally, and that these have potential to increase over time. Based on our own subscriber data and based also on data from the GSMA for Costa Rica, an association representing mobile operators worldwide, mobile broadband penetration rates, as measured by the number of subscribers who use a smartphone to access mobile data services on 4G networks, were approximately 30% in Nicaragua, 47% in El Salvador, 46% in Honduras, 40% in Guatemala, 40% in Colombia, 51% in Paraguay, 51% in Panama and 62% in Bolivia as of year-e nd 2020. Based on our own customer data and market intelligence, fixed broadband penetration rates, as measured by the number of residential broadband customers as a percentage of households in the country, ranged from approximately 10% in Honduras to approximately 50% in Costa Rica. Pay TV penetration rates, as measured by the number of Pay TV customers as a percentage of households in the country, ranged from approximately 20% in Honduras to less than 60% in Costa Rica. Based on the expectation that mobile and fixed broadband penetration rates in our markets will gradually rise over time, management has defined an operational strategy based on the following four principal pillars.
Monetize Data
Our mobile networks continue to experience rapid data traffic growth, and we are very focused on making sure that incremental traffic translates into additional revenues. Our mobile data monetization strategy is built around several key drivers:
• 4G/LTE network expansion: Our 4G networks enable us to deliver high volumes of data at faster speeds in a more cost-efficient manner than with 3G networks. As of December 31, 2020, our 4G networks covered approximately 76% of the population in our markets, a significant increase from coverage of approximately 56% as of December 31, 2017.
• Smartphone adoption: More data-capable smartphone devices, particularly 4G/LTE, with a strong device portfolio and strategy to enable our customers to use data services on the move.
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• Stimulating data usage: More compelling data-centric products and services to encourage our consumers to consume more data, while maintaining price discipline.
Build Cable
We are moving quickly to meet the growing demand for high-speed data from residential and business customers alike in our Latin American markets. We are doing this by:
• Accelerating our hybrid fiber-coaxial (“HFC”) network expansion: We are rapidly deploying our high-speed HFC fixed network, and we are complementing our organic network build-out with small, targeted acquisitions. In 2017, 2018 and 2019, we significantly increased the pace of our network expansion, organically adding approximately 1 million homes-passed per year. In 2020, we continued to expand our network, passing an additional 428 thousand homes.
• Increasing our commercial efforts to fill the HFC network: As we expand the network, we also deploy commercial resources necessary to begin monetizing our investment by marketing our services to new potential customers. In addition, the HFC network allows us to sell additional services to existing customers that drive ARPU growth over time.
• Product innovation: We drive customer adoption by expanding our range of digital services and aggregating third-party content, as well as some exclusive local and international content, enabling us to differentiate ourselves from our competitors. For example, we have agreements with local soccer teams, leagues and sports channels in Bolivia, Costa Rica, El Salvador, Guatemala, Honduras, Paraguay and Panama to air matches exclusively on our pay-TV channels. We are committed to bringing the best content to our customers, and for that we partner with various players in the ecosystem, from studios to Over-the-Top providers (“OTTs”) and sports industry players.
Our cable network deployment is also critical to help prepare the company for convergence of fixed and mobile networks and services, a trend we expect will accelerate with the deployment of 5G technology in the future.
Drive convergence
Millicom has evolved from a traditional mobile operator to a provider of a comprehensive range of services through fixed line, mobile and MFS platforms.
Convergence allows us to leverage our existing tangible and intangible assets, such as our network, our brand, and our local talent and market knowledge, to capture business synergies, generate new revenue streams from existing customers, attract new customers and reduce overall churn. Our focus on convergence also reflects our expectation that future network deployments, such as 5G, will require significant fiber network capacity and capillarity, as well as the spectrum, radio and other components of today's mobile network.
Accelerate B2B
The expansion of our HFC network as well as the development of state-of-the-art data centers, analytics, Cloud and Cybersecurity services is also creating new opportunities for us to target business customers by offering a more complete suite of Information and Communications Technology (“ICT”) services. As of December 31, 2020, we had a total of 12 data centers across our Latin America footprint, including 8 data centers which are certified according international standards.
Our strategy is to selectively evolve our portfolio into ICT-managed services to avoid excessive fragmentation and operational risk, while building the Tigo Business brand and differentiating ourselves through our service model and frontline execution. We believe that the small and medium-size business (“SMB”) segment represents a particularly attractive opportunity for growth, as SMBs digitize their business and operations using digital communications, and implement Cloud and data center solutions in line with what we see in more developed markets.
Go Digital
We are focusing our digital innovation on products and customer-facing developments that drive user adoption of high-speed data services such as: Tigo Shop, Mi Tigo, Tigo Play and Tigo ONEtv.
Through Tigo ONEtv, our next-generation user experience platform, we bring a cutting-edge pay-TV entertainment experience for our customers, with advanced personalization and recommendations, seamless integration of content across linear and on-demand offerings, and robust multiscreen capabilities. We also provide a superior digital user experience through our Tigo Shop App for prepaid customers, Mi Tigo App for post-paid customers, and our Tigo Money app for mobile financial services. Our focus remains firmly set on driving the adoption and enjoyment of these digital channels by our customers.
We are evolving our strong commercial distribution network to operate digitally, which we believe will improve both customer experience and operational efficiency. To enable a seamless and integrated experience across sales and care touchpoints, we are implementing a business transformation that interlinks user experience, digital innovation, business processes, and our back-end ICT systems.
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Best customer experience
We are committed to providing the best customer service and experience possible in all of our markets. We have placed customer experience at the center of our decision-making as we continue to innovate across business lines and countries. Our focus has been simplifying how customers interact with us by implementing integrated, digital-first customer service channels.
To ensure we continue to improve our service quality, and being mindful of evolving customer demands, we use a variety of tools including customer engagement, local and regional trends, and consumption patterns to identify and improve access channels.
We have also adopted and deployed a net promoter score (“NPS”) program, designed to strengthen our customer-centric culture, and NPS is one of the metrics used to measure management performance under our incentive compensation plan.
Our services
Our services are organized into two principal categories: Mobile and Cable and other fixed services. In addition, we sell telephone and other equipment, comprised mostly of mobile handsets.
Mobile
In our Mobile category, we provide mobile services, including mobile data, mobile voice, SMS and MFS, to consumers, business, and government. Mobile is the largest part of our business and generate d 53% of consolidated service revenue (and 60% of our Latin America segment service revenue) for the year end ed December 31, 2020 and 52% of our consolidated service revenue (and 59% of our Latin America segment service revenue) for the year ended December 31, 2019 .
We provide Mobile services in every country where we operate, except Costa Rica. As of December 31, 2020, we had a total of 38.8 million Mobile customers.
Mobile data, mobile voice and SMS
We provide our mobile data, mobile voice and SMS services through 2G, 3G and 4G networks in all our mobile markets. 4G is the fourth generation of mobile technology, succeeding 3G, and it is based on Internet Protocol (IP) technology, as opposed to prior generations of mobile communications which were based on and supported circuit-switched telephone service. Our 4G networks enable us to offer new services to our customers such as video calls and mobile broadband data with richer mobile content, such as live video streaming.
The mobile market has been evolving, with consumption gradually shifting from voice and SMS to data. Our ongoing deployment of 4G networks further supports this evolution to more data-centric usage.
We provide our mobile data, mobile voice and SMS services on both prepaid and postpaid bases. In prepaid, customers pay for service in advance through the purchase of wireless airtime and data access, and they do not sign service contracts. Among various options that our customers can choose from, we offer packages that typically include a combination and voice minutes, SMS and a data allowance, with expiration dates varying in length from a few days up to a few weeks or months. In postpaid, customers pay recurring monthly fees for the right to consume up to a predetermined maximum amount of airtime, SMS and data. In most cases, new postpaid customers sign a service contract with a typical length of one year.
MFS
We provide a broad range of mobile financial services such as payments, money transfers, international remittances, savings, real-time loans and micro-insurance for critical needs through our MFS App, Tigo Money. Tigo Money allows our customers to send and receive money, without the need for a bank account. As of December 31, 2020, we provided MFS to 10.3 million Tigo and non-Tigo customers. 25.4% of our mobile customer handset base were Tigo Money users as of December 31, 2020. As of December 31, 2020, 73% of our total Tigo Money customers were in Tanzania (including Zantel), where more than one customer out of two uses our Tigo Money services. Tigo Money remains a growing business in our markets, which complements our product offering and increases customers’ satisfaction and loyalty, reducing our customer churn.
Cable and other fixed services
In our Cable and other fixed services category, we provide fixed services, including broadband, fixed voice and pay-TV, to residential (Home) consumers and to government and business (B2B) customers. Cable and other fixed services generated 45% of our consolidated service revenue (and 39% of our Latin America segment revenue) for the year ended December 31, 2020 and 47% of our consolidated service revenue (and 40% of our Latin America segment service revenue) for the year ended December 31, 2019.
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Home
Our fixed service residential customers (a “customer relationship”) generate revenue for us by purchasing one or more of our three fixed services, pay-TV, fixed broadband, and fixed telephony. We refer to each service that a customer purchases as a revenue generating unit (“RGU”), such that a single customer relationship can have up to three RGUs in countries where we are permitted to sell all three services.
We provide Home services mainly over our HFC network, but we also offer pay-TV services to rural areas via our DTH platform and broadband services using WiMAX and copper-based technologies in some markets. Although most of our customers currently choose to receive broadband speeds of less than 10 Mbps, the HFC networks we are rolling out are based on DOCSIS 3.0 and allow us to offer speeds of up to 150 Mbps on our current infrastructure, which gives us scope to significantly raise our customers’ broadband speeds over time. As we retire analog channels over time, our HFC network infrastructure will eventually allow us to offer speeds of up to 1 Gbps. Some of our markets are also compatible for DOCSIS 3.1, which could enable even higher levels of throughput on our HFC networks. In the future, we may also deploy Fiber-To-The-Home ("FTTH") in some markets.
In Latin America, we provide Home services in every country where we operate. As of December 31, 2020, we had 4.5 million customer relationships, of which 3.7 million were connected to our HFC network, and we had 8.8 million RGUs, including 3.4 million broadband RGUs, 2.9 million pay TV RGUs and 1.3 million telephony RGUs on our HFC network. We do not provide Home services in Africa.
We provide our Home services on a postpaid basis, with customers paying recurring monthly subscription fees. In most markets, we offer bundled fixed services, such as our triple-play offering of pay-TV, broadband internet and, where possible, fixed telephone. On average, our Home customers typically contract more than one fixed service from us. In some markets, we also market our services on a convergent basis, bundling both fixed and mobile services, to a very small portion of our total customer base.
B2B fixed
We offer fixed voice and data telecommunications services, managed services and cloud and security solutions to small, medium and large businesses and governmental entities. We offer B2B fixed services in all of the markets in which we operate, both in Latin America and in Africa.
We believe that B2B fixed provides a significant growth opportunity for Millicom driven by the changes in working habits and business models. These changes are creating additional growth opportunities through the adoption of cloud information technology, security and new software defined networks. We expect that the ongoing expansion of our HFC networks in Latin America will help to make us more competitive and increase our share of the B2B fixed market over time. In addition, as we expand our fixed networks throughout our markets, we can better compete for large enterprise and government contracts that typically require a national presence, and we will be better placed to offer fixed, mobile and other value-added services, such as cloud-based services and data center capacity. We already see evidence of this in Colombia in Panama, where we have a more extensive fixed network than in our other markets, and where the proportion of revenue we generate from B2B fixed is significantly larger than in our other Latin America countries.
We have already deployed approximately 170,000 kilometers of fiber in our Latin American markets, and we are expanding our product portfolio to deliver more VAS and business solutions, such as cloud-based services and ICT managed services. In 2019, we inaugurated a new Tier 3 certified data center in Honduras, which further strengthened our ability to better serve small and midsize businesses (“SMB”) and large enterprise customers that require robust infrastructure and redundancy to achieve their own operational efficiency goals and meet business continuity needs. We have also established partnerships in the area of hypercloud, virtualization and Internet of Things ("IoT"), to capture the growth in the adoption of the such technologies and help our customers accelerate their digital transformations.
Our markets
Overview
The Millicom Group’s risks and rates of return for its operations are predominantly affected by operating in different geographical regions. We have businesses in two regions: Latin America and Africa, which constitute our two segments. Our Latin America segment includes the Guatemala and Honduras joint ventures as if they were fully consolidated, as this reflects the way our management reviews and uses internally reported information to make decisions about operating matters. Our Africa segment does not include our joint venture in Ghana because our management does not consider it a strategic part of our group. See “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Our Segments.”
• Latin America. The Latin American markets we serve are Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay. We provide Mobile services in each of our Latin American markets, except for Costa Rica, and we provide Cable and other fixed services in each of our Latin American markets.
• Africa. The African market we serve is Tanzania, in which we provide Mobile and B2B. Our joint venture with Bharti Airtel provides mobile services in Ghana. We do not provide Cable and other fixed services in our African market.
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Latin America
For the years ended December 31, 2020 and 2019, revenue generated by our Latin America segment was $5,843 million and $5,964 million, respectively.
We provide mobile services in eight countries in Latin America. As of December 31, 2020, we had a total of 41.7 million Mobile customers, a 4.7% increase from December 31, 2019 mainly due to new customers as we have upgraded our networks in several countries including Colombia, El Salvador and Panama.
As of December 31, 2020, our Cable business had a network that passed 12.2 million homes and had 4.5 million customer relationships in Latin America, a 4.7% increase from December 31, 2019 mainly due to increased demand for broadband services during the COVID-19 pandemic.
An important recent trend in the Latin American telecommunications market has been the growth in fixed broadband penetration. We have significantly increased the coverage of our HFC network largely in response to demand for high-speed fixed broadband services. As of December 31, 2020, our HFC network passed 11.9 million homes, a 3.7% increase from December 31, 2019 (11.5 million), and had 3.7 million customer relationships, an 8.0% increase from December 31, 2019.
The following chart shows the relative revenue generation of each country in our Latin America segment for 2020:
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The Millicom Group’s Latin America Mobile, Broadband, and Pay-TV Operations(1)_______________
(1) The data presented here is based on subscriber numbers as of December 31, 2020 and reflects the Millicom Group’s experience and our investigation of market conditions. The number of market players in each country is based on large network operators only and excludes minor players, based on total market share by subscribers. The Millicom Group has minority partners in jurisdictions which include: Colombia (50%), Honduras (33%), Guatemala (45%) and Panama (20%).
Bolivia
We provide Mobile and Cable and other fixed services through Telefonica Celular de Bolivia S.A. (“Telecel Bolivia”), which is wholly owned by the Millicom Group. We have operated in Bolivia since 1991.
Mobile: As of December 31, 2020, we served 3.9 million subscribers and were the second largest provider of Mobile services in Bolivia, as measured by total subscribers.
Cable and other fixed: As of December 31, 2020, we were the largest provider of broadband and pay-TV services in Bolivia, as measured by subscribers, and we had 564 thousand customer relationships. We offer broadband services through HFC, and we provide pay-TV primarily through HFC and DTH in Bolivia. We also offer pay-TV services through Multichannel Multipoint Distribution Service (“MMDS”), but we have been gradually migrating our MMDS customers to HFC, which allows us to provide a better customer experience and to generate additional revenue from each customer we upgrade to HFC.
Colombia
We provide Mobile and Cable and other fixed services in Colombia through UNE, in which we own a 50% plus one voting share interest and Colombia Móvil S.A., which is a wholly-owned subsidiary of UNE. We have operated in Colombia through Colombia Móvil S.A. since 2006 and acquired our interest in UNE, with which we had previously co-owned Colombia Móvil S.A., via a merger in 2014.
Mobile: As of December 31, 2020, we served 10.0 million subscribers and were the third largest provider of Mobile services in Colombia, as measured by subscribers.
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Cable and other fixed services: Tigo is one of the principal digital cable operators in Colombia. As of December 31, 2020, we were the second largest provider of pay-TV and broadband internet services in Colombia, as measured by subscribers, with 1.7 million customer relationships. We have been investing heavily to expand the reach of our HFC network and to upgrade our copper network to HFC. By extending the reach of our HFC network in areas historically served by our copper network, we can gradually migrate our copper customers onto our HFC network, thus significantly enhancing the customer experience by expanding the range of products and services they can choose from, including the availability of faster broadband speeds. In Colombia, we also use DTH to provide pay-TV services to customers located outside of our HFC network coverage area.
Costa Rica
We provide Cable and other fixed services in Costa Rica through Millicom Cable Costa Rica S.A. (“Tigo Costa Rica”), which is wholly owned by the Millicom Group. We have operated in Costa Rica since our acquisition of Amnet in 2008. Amnet and its predecessor companies began operating in Costa Rica in 1982, and the company was the first to provide pay-TV services in the country.
Cable and other fixed services: As of December 31, 2020, we had 239 thousand customer relationships and we were the largest provider of pay-TV and the third largest provider of broadband internet services in Costa Rica, as measured by subscribers.
El Salvador
We provide Mobile and Cable and other fixed services in El Salvador through Telemóvil El Salvador, S.A. de C.V. (“Telemóvil”), which is wholly-owned by the Millicom Group. We have operated in El Salvador since 1993.
Mobile: As of December 31, 2020, we served 2.7 million subscribers and were the largest provider of Mobile services in El Salvador as measured by subscribers.
Cable and other fixed services: Telemóvil is a leading cable operator in El Salvador. As of December 31, 2020, we were the second largest provider of pay-TV and the second largest provider of broadband internet services, as measured by subscribers, with a total of 273 thousand customer relationships.
Guatemala
We provide Mobile and Cable and other fixed services in Guatemala, principally through Comunicaciones Celulares S.A. ("Comcel"), a joint venture in which Millicom holds a 55% equity interest. The remaining 45% of Comcel is owned by our local partner. See “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Guatemala and Honduras Joint Ventures” for details regarding the accounting treatment of our Guatemala operations. We have operated in Guatemala since 1990.
Mobile: As of December 31, 2020, we provided Mobile services to 11.4 million customers and were the largest provider of mobile services in Guatemala, as measured by subscribers.
Cable and other fixed services: As of December 31, 2020, our joint venture was the largest provider of pay-TV and the second largest provider of broadband internet services in Guatemala, as measured by subscribers, and it served 606 thousand customer relationships with both its HFC network and DTH services.
Honduras
We provide Mobile and Cable and other fixed services in Honduras through Telefonica Celular S.A. de C.V. (“Celtel”), a joint venture in which the Millicom Group holds a 66.67% equity interest. The remaining 33.33% of Celtel is owned by our local partner. See “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Guatemala and Honduras Joint Ventures” for details regarding the accounting treatment of our Honduras operations. We have operated in Honduras since 1996.
Mobile: As of December 31, 2020, we served 4.6 million Mobile subscribers, and we were the largest provider of Mobile services, as measured by subscribers.
Cable and other fixed services: As of December 31, 2020, we were the second largest provider of pay-TV and the largest provider of broadband internet services, as measured by subscribers, with 176 thousand customer relationships. We offer triple-play services (cable TV, internet and fixed telephone) using our HFC network in Honduras, and we also offer DTH, expanding the reach of our pay-TV offering to areas not covered by our HFC network. We continue to invest to expand and upgrade the capacity of our HFC network in Honduras.
Nicaragua
In 2019, we purchased Telefonía Celular de Nicaragua, S.A. ("Telefonía Nicaragua"), the leading provider of Mobile services in the country, based on the number of subscribers. As of December 31, 2020, we served 3.5 million mobile subscribers.
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Prior to 2019, we had a very small presence in Nicaragua, where we provided mostly B2B fixed services. Since 2018 we also provide Cable services to a small but rapidly-growing customer base.
Panama
We provide Mobile and Cable and other fixed services in Panama through Cable Onda S.A., which is 80% owned by the Millicom Group with the remaining 20% owned by our local partners. We have operated in Panama since our acquisition of Cable Onda in December 2018. Cable Onda and its predecessor companies began operating in Panama in 1982, and the company was the first to provide pay-TV services in the country. In 2019, our Cable Onda subsidiary acquired Grupo de Comunicaciones Digitales S.A. (formerly Telefonica Moviles Panama, S.A.) and started to provide Mobile services.
Mobile: As of December 31, 2020, we had 2.0 million Mobile subscribers, and we were the largest provider of Mobile services in Panama, as measured by total mobile subscribers.
Cable and other fixed services: As of December 31, 2020, we had 463 thousand customer relationships and we were the largest provider of pay-TV and the largest provider of broadband internet services in Panama, as measured by subscribers.
Paraguay
We provide Mobile and Cable and other fixed services in Paraguay through various subsidiaries which are all wholly owned by the Millicom Group. Our largest subsidiary in Paraguay is Telefonica Celular del Paraguay S.A. (“Telecel Paraguay”). We have operated in Paraguay since 1992.
Mobile: As of December 31, 2020, we had 3.6 million Mobile subscribers, and we were the largest provider of Mobile services in Paraguay, as measured by total mobile subscribers.
Cable and other fixed services: We are the largest provider of pay-TV and broadband internet services in Paraguay as measured by subscribers. As of December 31, 2020, we had 452 thousand customer relationships with our HFC network, DTH, and, to a much lesser extent, other technologies. We offer pay-TV services primarily using our HFC network, and we use our DTH license to offer pay-TV in areas not reached by our HFC network. We offer residential broadband internet services mostly using our HFC network, but we also employ fixed wireless technology to provide service beyond the reach of our HFC network. We have exclusive rights to broadcast Paraguay’s national league championship games through 2023, and we have exclusive sponsorship rights in telecommunications for the Paraguayan National Soccer Team through 2023.
Africa
For the year ended December 31, 2020, the revenue generated by our Africa segment, which consists of our operations in Tanzania, was $366.5 million. For the year ended December 31, 2019, the revenue generated by our Africa segment was $381.9 million.
As of December 31, 2020, we had 13.1 million Mobile customers in Africa. In addition to the African market described below, we own a 50% interest in a joint venture with Bharti Airtel that provides mobile services in Ghana. We do not consider our Ghana joint venture to be a strategic part of our Group.
Tanzania
We provide mostly Mobile services in Tanzania primarily through MIC Tanzania plc ("Tigo Tanzania"), a 98.5% owned subsidiary of the Millicom Group. We have operated in Tanzania since 1994.
On October 22, 2015, we acquired 85% of Zanziber Telecommunications Ltd ("Zantel"), a telecommunications provider operating mainly in Zanzibar, a semi-autonomous region of Tanzania. In 2019, we received approval to combine Tigo Tanzania and Zantel whereby Tigo Tanzania acquired 15% of the remaining shares in Zantel for a consideration representing 1.5% of its own share capital. As a result, the Group's ownership in Tigo Tanzania reduced from 100% to 98.5%, and is now also to 98.5% in Zantel (indirectly).
The Tanzanian government has implemented legislation requiring telecommunications companies to list their shares on the Dar es Salaam Stock Exchange and offer 25% of their shares in a Tanzanian public offering. We are currently planning for the IPO of our Tanzanian operation pursuant to the legislation. We have filed a draft prospectus with the Tanzania Capital Market and Securities Authority and the Regulator has since requested that we retain an underwriter to ensure the success of the IPO. Together with its investment bank advisers, we are seeking an underwriter active in the Tanzanian and Eastern African markets, a process currently underway. There can be no guarantee if or when such IPO may occur, or the ownership share of our Tanzanian operation that we may sell in the IPO.
Mobile: As of December 31, 2020, Tigo Tanzania had 13.1 million subscribers, including Zantel, and we were the second largest mobile provider in Tanzania, as measured by subscribers.
Regulation
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The licensing, construction, ownership and operation of cable TV and mobile telecommunications networks and the grant, maintenance and renewal of cable TV and mobile telecommunications licenses, as well as radio frequency allocations and interconnection arrangements, are regulated by different governmental authorities in each of the markets that Millicom serves. The regulatory regimes in the markets in which Millicom operates are less developed than in other countries such as the United States and countries in the European Union, and can therefore change quickly. See “Item 3. Key Information—D. Risk Factors—2. Risks Related to Millicom's business in the markets in which we operate—F. Legal and regulatory—Developing legal systems in the countries in which we operate create a number of uncertainties for our businesses.”
Typically, Millicom’s cable and mobile operations are regulated by the government (e.g., a ministry of communications), an independent regulatory body or a combination of both. In all of the markets in which Millicom operates, there are ongoing discussions and consultation processes involving other operators and the governing authorities regarding issues such as mobile termination rates and other interconnection rates, universal service obligations, interconnection obligations, spectrum allocations, universal service funds and other industry levies and number portability. This list is not exhaustive; such ongoing discussions are a typical part of operating in a regulated environment.
Changes in regulation can sometimes impose new burdens on the telecommunications industry and have a material impact on our business and on our financial results. For example, regulators in our markets periodically require that we reduce the interconnection fees that we charge other telecom operators to terminate voice traffic on our network. At times, such measures can have a material adverse effect on our overall results of operation. For example, in Honduras, beginning in January 2019, mobile interconnection charges were reduced by 25%. Also in 2019, new regulation enacted in El Salvador regarding the rollover of voice and data traffic affected the Company's revenues. In 2020, in light of the COVID-19 pandemic, governments in several of our markets prohibited the disconnection of customers with past due accounts for an extended period, which impacted our revenues and collections.
The mobile services we provide require the use of spectrum, for which we have various licenses in each country where we provide mobile services. Spectrum licenses have expiration dates that typically range from 10 to 20 years. Historically, we have been able to renew our licenses upon expiration by agreeing to pay additional fees. We generally expect to continue to renew our current licenses as they expire, and we expect to acquire new spectrum licenses as they become available in the future.
The table below summarizes our most important current spectrum holdings by country for the Latin America region:
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Country |  | Spectrum |  | Blocks |  | Expiration date
Bolivia |  | 700MHz |  | 2x12MHz |  | 2028
Bolivia |  | 850MHz |  | 2x12.5MHz |  | 2030
Bolivia |  | AWS |  | 2x15MHz |  | 2028
Bolivia |  | 1900MHz |  | 2x10MHz |  | 2028
Colombia |  | 700MHz |  | 2x20MHz |  | 2040
Colombia |  | AWS |  | 2x15MHz |  | 2023
Colombia |  | 1900MHz |  | 2x5MHz |  | 2029
Colombia |  | 1900MHz |  | 2x2.5MHz |  | 2021
Colombia |  | 1900MHz |  | 2x20MHz |  | 2023
El Salvador |  | 850MHz |  | 2x12.5MHz |  | 2038
El Salvador |  | AWS |  | 2x25MHz |  | 2040
El Salvador |  | 1900MHz |  | 2x5MHz |  | 2041
El Salvador |  | 1900MHz |  | 2x5MHz |  | 2028
Guatemala |  | 850MHz |  | 2x24MHz |  | 2032
Guatemala |  | 2600MHz |  | 2x10MHz |  | 2032
Guatemala |  | 2600MHz |  | 1x25 MHz |  | 2033
Guatemala |  | 2600MHz |  | 1x3.3 MHz |  | 2034
Honduras |  | 850MHz |  | 2x25MHz |  | 2028
Honduras |  | AWS |  | 2x20MHz |  | 2028
Nicaragua |  | 700MHz |  | 2x20MHz |  | 2023
Nicaragua |  | 850MHz |  | 2x12.5MHz |  | 2023
Nicaragua |  | 1900MHz |  | 2x30MHz |  | 2023
Nicaragua |  | AWS |  | 2x20MHz |  | 2023
Panama |  | 700MHz |  | 2x10MHz |  | 2036
Panama |  | 850MHz |  | 2x12.5MHz |  | 2036
Panama |  | 1900MHz |  | 2x10MHz |  | 2036
Paraguay |  | 850MHz |  | 2x12.5MHz |  | 2021
Paraguay |  | 700MHz |  | 2x15MHz |  | 2023
Paraguay |  | AWS |  | 2x15Mz |  | 2021
Paraguay |  | 1900MHz |  | 2x15MHz |  | 2022

Below, we provide further regulatory details in respect of certain of our countries of operation in Latin America.
Bolivia: We hold a license to provide telecommunication services in Bolivia until 2051, mobile service authorization and spectrum licenses until 2030, and cable and VOIP and internet authorizations until 2028.
Colombia: Colombia Móvil has three separate nationwide spectrum licenses in the 1900 MHz band. In June 2013, Colombia Móvil, acquired spectrum in the AWS (1700/2100 MHz) band, which we use to offer 4G services. In order to reduce the cost and accelerate the deployment of the 4G network, we entered into a network sharing agreement with our competitor, Telefónica Colombia. Colombia Móvil also has an indefinite license (Habilitación General) that allows the company to offer several nationwide telecommunication services. In August 2019, the President of Colombia sanctioned the Law of Modernization of the Information Technology and Communications sector which, among other changes, changed the duration of spectrum permits from 10 to 20 years. During 2019, the regulator announced the auction of the 700MHz, 1900MHz and 2500MHz bands, which took place in December 2019, and through which we were awarded the right to use two blocks of 20 MHz in the 700 MHz band. In 2019, our cable TV license was successfully migrated to the General Authorization to provide telecommunication services in Colombia, in accordance with the new law.
Costa Rica: We hold two cable licenses which expire in 2029 and a license to operate telecommunications services which expires in 2024.
El Salvador: In 2017 and 2018, Telemóvil successfully renewed all of its spectrum licenses. In December 2019, the regulator completed an auction for AWS spectrum in which we acquired 5 blocks totaling 2x25MHz of bandwidth.
Guatemala: Comcel operates a nationwide mobile network, and it holds spectrum licenses that expire in 2034. In recent years, the regulator has discussed the possibility of auctioning additional spectrum and the government recently
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announced its intent to move forward with an auction in the 700MHz band during 2021, but specific plans have not yet been announced.
Honduras: Celtel owns spectrum licenses in the 850 MHz and AWS bands, and these expire in 2028. The Honduran government is planning a multi-band spectrum auction of frequencies in the 700 MHz, 900 MHz and 2500 MHz bands. The auction has been delayed several times since its approval in 2016, most recently due to the COVID-19 pandemic. Exact terms and timing are still uncertain, but it could potentially take place during latter half of 2021.
Panama: We hold six telephone licenses that expire in 2022, two cable TV licenses that expire in 2024, a radio license that expires in 2025 and two commercial data transmission license and an Internet for public access license that expire in 2038.
Paraguay: We own licenses for four blocks of spectrum in Paraguay to provide mobile services, and these give us access to low, mid, and high frequencies, which provide an optimal mix to allow us to offer high-quality network coverage and give us the ability to increase network capacity to meet growing traffic demand needs.
Below, we provide further regulatory details in respect of our operations in Africa.
Tanzania: Millicom Tanzania has licenses for national and international network facilities services that expire in 2032, national and international network services licenses that expire in 2032 and 2035, respectively, and licenses for national and international application services that expire in 2022 and 2020, respectively. In 2019, Millicom Tanzania purchased the right to use 2x10 MHz of spectrum in the 800 MHz band for a period of 15 years and this is currently being used to offer 4G services. Zantel has licenses for national and international network facilities and national and international network services that expire in 2031 and national and international application licenses that expire in 2026. Zantel also has a radio frequency spectrum license authorizing the use of 900,1800 and 2100 spectrum that expires in 2031. Following the acquisition of Zantel by Millicom Tanzania, an application has been made to merge the licenses so they are co-terminus.
Trademarks and licenses
We own or have rights to some registered trademarks in our business, including Tigo®, Tigo Business®; Tigo Sports®, Mi Tigo®,, Tigo Shop®,, Tigo Money®, Tigo OneTv ®, Cable Onda®, Zantel®, Millicom® and The Digital Lifestyle®, among others. Under a number of trademark license agreements and letters of consent, certain operating subsidiaries are authorized to use the Tigo and Millicom trademarks under the applicable terms and conditions.
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C. Organizational Structure
The parent company, Millicom International Cellular S.A. ("MIC S.A."), is a Luxembourg public limited liability company (société anonyme). The following table identifies MIC S.A.’s main subsidiaries as of December 31, 2020:

Entity | Country | Activity | Ownership Interest* (%)
Latin America |  |  |
Telemovil El Salvador S.A. de C.V. | El Salvador | Mobile, MFS, Cable, DTH | 100 |
Millicom Cable Costa Rica S.A. | Costa Rica | Cable, DTH | 100 |
Telefonica Celular de Bolivia S.A. | Bolivia | Mobile, DTH, MFS, Cable | 100 |
Telefonica Celular del Paraguay S.A. | Paraguay | Mobile, MFS, Cable, PayTV | 100 |
Cable Onda S.A. | Panama | Cable, PayTV, Internet, DTH, Fixed-line | 80 |
Grupo de Comunicaciones Digitales S.A. (formerly Telefonica Moviles Panama, S.A.) | Panama | Mobile | 80 |
Telefonia Cellular de Nicaragua S.A. | Nicaragua | Mobile | 100 |
Colombia Móvil S.A. E.S.P. | Colombia | Mobile | 50-1 share
UNE EPM Telecomunicaciones S.A. | Colombia | Fixed-line, Internet, PayTV, Mobile | 50-1 share
Edatel S.A. E.S.P. | Colombia | Fixed-line, Internet, PayTV, Cable | 50-1 share
Africa |  |  |
MIC Tanzania Public Limited Company | Tanzania | Mobile, MFS | 98.5 |
Zanzibar Telecom Limited | Tanzania | Mobile, MFS | 98.5 |
Unallocated |  |  |
Millicom International Operations S.A. | Luxembourg | Holding Company | 100 |
Millicom International Operations B.V. | Netherlands | Holding Company | 100 |
Millicom LIH S.A. | Luxembourg | Holding Company | 100 |
MIC Latin America B.V. | Netherlands | Holding Company | 100 |
Millicom Africa B.V. | Netherlands | Holding Company | 100 |
Millicom Holding B.V. | Netherlands | Holding Company | 100 |
Millicom International Services LLC | USA | Services Company | 100 |
Millicom Services UK Ltd | UK | Services Company | 100 |
Millicom Spain S.L. | Spain | Holding Company | 100 |
* Also reflects the voting interest, except in Colombia where voting interest is 50% + 1 share for each of the three entities

In addition, we provide services in Guatemala primarily through Comcel, a joint venture in which MIC S.A. indirectly holds a 55% equity interest. In Honduras, we provide services through Celtel, a joint venture in which MIC S.A. indirectly holds a 66.67% equity interest. In both Guatemala and Honduras, we entered into our joint ventures at inception of these businesses in the 1990s. At that time, Millicom had limited sources of capital and was investing heavily to deploy mobile operations in many countries around the world; these partners provided local market expertise and reduced Millicom’s overall capital needs. Despite the fact that Millicom owns more than 50% of the shares of these entities and has the right to nominate a majority of the directors of each of these entities, all decisions taken by the boards or the shareholders of these companies must be taken by a super majority vote. This effectively gives either shareholder the ability to veto any decision and therefore neither shareholder has sole control over either entity.
We also own a 50% interest in Bharti Airtel Ghana Holdings B.V, a joint venture with Bharti Airtel to provide mobile services in Ghana. We entered into our joint venture in Ghana in 2017, when we agreed to combine our operations with those of Bharti Airtel, with the objective of gaining scale and to improve both our competitiveness and the profitability of our business in that country. Millicom has the right to nominate half of the directors of this joint venture, but as with the other joint ventures all decisions taken by the board or the shareholders must be taken by a super majority vote.
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D. Property, Plant and Equipment
Overview
We own, or have the right to access and use through long-term leases, telecommunications sites and related infrastructure and equipment in all of our markets. In addition, we own, or have the right to access and use through long-term finance leases, tower space, warehouses, office buildings and related telecommunications facilities in all of our markets. We are also party to several site sharing agreements whereby we share our owned telecommunications sites and related infrastructure and equipment, or lease such property from our counterparties in an effort to maximize the use of telecommunications sites globally. Our leased properties are owned by private individuals, corporations and / or sovereign states.
Assets used for the provision of cable TV and mobile telephone services include, without limitation:
• switching, transmission and receiving equipment;
• connecting lines (cables, wires, poles and other support structures, conduits and similar items);
• diesel generator sets and air conditioners;
• real property and infrastructure, including telecommunications towers, office buildings and warehouses;
• easements and other rights to use or access real property;
• access roads; and
• other miscellaneous assets (work equipment, furniture, etc.).
Tower infrastructure
In some of our markets, we have determined that owning passive infrastructure, such as mobile telecommunications towers, no longer confers a competitive advantage. As a result, we have completed a number of sale and lease-back transactions involving some of our tower assets in recent years. These transactions have allowed us to focus our capital investment on other fixed assets, such as network equipment, thereby increasing our network coverage, capacity and the overall quality of our service, while also improving our return on invested capital.
We continue to own a significant number of towers in some of our markets, especially in Central America, and we continuously assess the merits of entering into new sale and lease-back agreements, based in part on the competitive dynamics in our markets, but also on demand and investment appetite by tower companies. Our most recent lease-back agreements typically have (i) an initial 12-year term, with a right for us to renew for up to 10 or 20 years, and (ii) rent denominated and payable in local currency.
In 2017 and 2018, Millicom announced agreements to sell and leaseback wireless communications towers in Paraguay, Colombia and El Salvador to subsidiaries of American Tower Corporation and SBA Communications whereby Millicom agreed to the cash sale of tower assets and to lease back a dedicated portion of each tower to locate its network equipment.
The table below summarizes certain key terms of these transactions and their impact on the Millicom Group for the years ended December 31, 2018 and 2019. There were no transactions in 2020.
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|  | Paraguay |  | Colombia |  | El Salvador
Signature date |  | April 26, 2017 |  | July 18, 2017 |  | February 6, 2018
Total number of towers expected to be sold |  | 1,411 |  |  | 1,207 |  |  | 811 |
Total number of towers transferred as of December 31, 2020 |  | 1,411 |  |  | 960 |  |  | 547 |
Expected total cash proceeds ($ millions) |  | 127 |  |  | 147 |  |  | 145 |
Cash proceeds received in 2017 ($ millions) |  | 75 |  |  | 86 |  |  | — |
Cash proceeds received in 2018 ($ millions) |  | 41 |  |  | 26 |  |  | 74 |
Cash proceeds received in 2019 ($ millions) |  | 11 |  |  | 8 |  |  | 3 |
Gain on sale recognized in 2017 ($ millions) (Note B.2) |  | 26 |  |  | 37 |  |  | — |
Gain on sale recognized in 2018 ($ millions) (Note B.2) |  | 15 |  |  | 13 |  |  | 33 |
Gain on sale recognized in 2019 ($ millions) (Note B.2) |  | — |  |  | 3 |  |  | 2 |

For additional information, see note E.3. to our audited consolidated financial statements included elsewhere in this Annual Report.
ITEM 4A. UNRESOLVED STAFF COMMENTS
Not applicable.
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The following discussion of our financial condition and results of operations should be read in conjunction with our audited financial statements for the years ended December 31, 2020, 2019 and 2018, and the notes thereto, included elsewhere in this Annual Report.
The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of events may differ materially from those expressed or implied in such forward-looking statements as a result of various factors, including those set forth in “Forward-Looking Statements” and “Item 3. Key Information—D. Risk Factors.”
A. Operating Results
Factors affecting our results of operations
Our performance and results of operations have been and will continue to be affected by a number of factors and trends, including principally:
• Macro and socio-demographic factors that affect demand for and affordability of our services, such as consumer confidence and expansion of the middle class, as well as foreign currency exchange volatility and inflation which can impact our cost structure and profitability. Growth in GDP per capita and expansion of the middle class makes our services affordable to a larger pool of consumers. The emerging markets we serve tend to have younger populations and faster household formation, and produce more children per family, than developed markets, driving demand for our residential services, such as broadband internet and pay-TV. Digitalization of societies leads to more devices connected per household and more data needs. Exposure to inflationary pressures and foreign currency exchange volatility may negatively impact our profitability or make our services more expensive for our customers; in this respect see “Item 11. Quantitative and Qualitative Disclosures About Risk—Foreign currency risk.”
• Competitive intensity, which largely reflects the number of market participants and the financial strength of each. Competitive intensity varies over time and from market to market. Markets tend to be more price competitive and less profitable for us when there are more market participants, and thus any future increase in the number of market participants in any of our markets would likely have a negative effect on our business.
• Changes in regulation. Our business is highly-dependent on a variety of licenses granted by regulators in the countries where we operate. Any changes in how regulators award and renew these licenses could impact our
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business. In particular, our mobile services business requires access to licensed spectrum, and we expect our business and the mobile industry in general will require more spectrum in the future to meet future mobile data traffic needs. In addition, regulators can impose certain constraints and obligations that can have an impact on how we operate the business and on our profitability. For example, in Colombia in 2017, the regulator introduced caps to wholesale rates on mobile services, which forced us to lower our prices for both voice and data services, and it also cut interconnection rates. In 2016, the regulator in Paraguay required that mobile service providers extend to 90 days, from 30 days previously, the minimum expiration of prepaid mobile data allowances; and in El Salvador, the government required us to shut down certain parts of our network near the country’s incarceration facilities.
• Technological change. Our business relies on technology that continues to evolve rapidly, forcing us to adapt and deploy new innovations that can impact our investment needs and our cost structure, as well as create new revenue opportunities. This is true for both our mobile and fixed services. With respect to our mobile services, while we are still deploying 4G networks, the industry is already well advanced in planning for the future deployment of 5G, which we expect will drive continued demand for data in the future. With respect to our fixed services, the cable infrastructure we are deploying, largely based on the DOCSIS 3.0 standard, continues to evolve, and we are continuously evaluating alternatives such as DOCSIS 3.1 and FTTH. Over time, 5G and other mobile technologies may also be considered as viable alternatives for fixed services. In the meantime, an important recent trend in the Latin American telecommunications market has been the growth in fixed broadband penetration. We have significantly increased the coverage of our HFC network largely in response to demand for high-speed fixed broadband services. Technological change is also impacting the capabilities of the equipment our customers use, such as mobile handsets and set-top boxes, and potential change in this area may impact demand for our services in the future.
• Changes in consumer behavior and needs. In recent years, consumption of mobile services has shifted from voice and SMS to data services due largely to changes in consumer patterns, including for example the adoption and growth of social media, made possible by new smartphones on 4G networks capable of high quality live video streaming.
• Political changes. The countries where we operate are characterized as having a high degree of political uncertainty, and electoral cycles can sometimes impact business investment, consumer confidence, and broader economic activity as well as inflation and foreign exchange rates. Moreover, changes in government can sometimes produce significant changes in taxation and regulation of the telecommunications industry that can have a material impact on our business and financial results.
•COVID-19. On March 11, 2020, the World Health Organization declared the coronavirus outbreak a pandemic. Most countries globally, including a majority of the countries where we operate, reacted by implementing severe restrictions on travel and public gatherings, including the closing of offices, businesses, schools, retail stores and other public venues, and by instituting curfews or quarantines. These restrictions as well as the dangers posed by the virus, produced a significant reduction in mobility and a severe disruption in global economic activity during 2020. According to data compiled by the University of Oxford, the government-imposed lockdowns in the vast majority of our markets were among the most stringent in the world. As a result, many of our stores and distribution channels were forced to close temporarily and a majority of our markets experienced very sharp reductions in mobility during 2020. These lockdowns immediately impacted our prepaid mobile business, which suffered a sharp decline, followed by a rapid recovery as the lockdowns eased. In our subscription businesses, the revenue erosion was more gradual than in mobile prepaid, and the recovery has also been more gradual. Finally, revenue from our B2B services has eroded gradually since the onset of the pandemic, as many small and mid-sized business struggle to cope with the health and economic crisis.
Additional factors and trends affecting our performance and the results of operations are set out in Item 3. Key Information—D. Risk Factors.
Factors affecting comparability of prior periods
Acquisitions
On February 20, 2019 we announced the agreement with Telefonica S.A. to acquire the entire share capital of Telefónica Móviles Panamá, S.A., Telefónica de Costa Rica TC, S.A. (and its wholly owned subsidiary, Telefónica Gestión de Infraestructura y Sistemas de Costa Rica, S.A.) and Telefonía Celular de Nicaragua, S.A. (together, “Telefonica CAM”) for a combined enterprise value of $1,650 million (the “Transaction”) payable in cash.
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On May 16, 2019, we acquired 100% of Telefonía Celular de Nicaragua, S.A., the number one mobile operator in Nicaragua, adding to our existing cable operations. Since the closing date, we have controlled and therefore fully consolidated Telefonía Celular de Nicaragua, S.A. For the year ended December 31, 2019, Telefonía Celular de Nicaragua, S.A. contributed $144 million of revenue and a net profit of $5 million.
On August 29, 2019, we acquired 100% of Grupo de Comunicaciones Digitales S.A. (formerly Telefónica Móviles Panamá, S.A.), the leading mobile operator in the Panama. The acquisition was made through Millicom's subsidiary, Cable Onda, the leading cable operator in the country. Since the closing date, we have controlled and therefore fully consolidated Grupo de Comunicaciones Digitales S.A., with a 20% non-controlling interest. For the year ended December 31, 2019, Telefónica Móviles Panamá, S.A. contributed $80 million of revenue and a net profit of $6 million.
On May 2, 2020, Millicom announced that it had terminated the Share Purchase Agreement in relation to the acquisition of the entire capital of Telefónica de Costa Rica TC, S.A.. The aggregate purchase price for the Telefonica Panama and Nicaragua Acquisitions was therefore $1.08 billion, which have been subject to purchase price adjustments. For additional information, see notes G.3.1. and A.1.2. to our audited consolidated financial statements included elsewhere in this Annual Report.
On December 13, 2018, we acquired a controlling 80% stake in Cable Onda, the largest cable and fixed telecommunications services provider in Panama. Pursuant to the terms of the Stock Purchase Agreement, the transaction closed for cash consideration of $956 million in addition to which Millicom assumed Cable Onda’s debt obligations, including the Corporate Bonds, of which the aggregate principal amount outstanding was $185 million as at the acquisition date, as well as other indebtedness. Since the closing date, we have controlled and therefore fully consolidated Cable Onda in our financial statements with a 20% non-controlling interest. See note C.7.4 to our audited consolidated financial statements for additional details regarding our Cable Onda call and put options.
In the years ended December 31, 2020 and 2019, the Group also completed certain other minor additional acquisitions. See note A.1.2. to our audited consolidated financial statements for additional details regarding our acquisitions and the accounting treatment thereof.
Discontinued operations
As a result of the merger of our business in Ghana with another business, and the resulting change in ownership, as well as the sale of our businesses in Senegal, Rwanda and the Democratic Republic of Congo (“DRC”), those businesses had each been classified as assets held for sale (respectively on September 28, 2017, February 2, 2017, January 23, 2018 and February 8, 2016), and their results had been classified as discontinued operations for all periods presented in our consolidated financial statements included herein. For additional details on our discontinued operations, see notes A.4. and E..3. to our audited consolidated financial statements.
Chad
On March 14, 2019, Millicom announced that it had signed an agreement for the sale of its entire operations in Chad to Maroc Telecom. The transaction was completed on June 27, 2019.
Senegal
On July 28, 2017, we announced that we had agreed to sell our Senegal business to a consortium consisting of NJJ, Sofima (managed by the Axian Group) and the Teylium Group, subject to customary closing conditions and regulatory approvals. On April 19, 2018, the President of Senegal issued an approval decree in respect of the proposed sale. The sale was completed on April 27, 2018.
Rwanda
On December 19, 2017, we announced that we had signed an agreement for the sale of our Rwanda operations to subsidiaries of Airtel. We received regulatory approvals on January 23, 2018 and the sale was subsequently completed on January 31, 2018.
Ghana
On March 3, 2017, we and Bharti Airtel Limited (“Airtel”) announced that we had entered into an agreement for MIC S.A.’s subsidiary Tigo Ghana Limited and Airtel’s subsidiary Airtel Ghana Limited to combine their operations in Ghana. As per the agreement, we and Airtel have equal ownership and governance rights in the combined entity. Necessary regulatory approvals were received in September 2017, and the merger was completed on October 12, 2017.
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IFRS 16 adoption
IFRS 16 “Leases” was effective for periods starting on January 1, 2019 and has been adopted by the Millicom Group as of that date using the modified retrospective approach with the cumulative effect of applying the new standard recognized in retained profits as of January 1, 2019. For a description of the standard and its impact on the Millicom Group, see “Introduction—New and amended IFRS accounting standards” in the notes to our audited consolidated financial statements.
Guatemala and Honduras Joint Ventures
Though we hold majority ownership interests in the entities that conduct each of the Guatemala and Honduras joint ventures, the boards of directors are composed of equal numbers of directors from Millicom and from our respective partners, and the shareholders’ agreements for each entity require unanimous board approval for key decisions relating to the activities of these entities. As such, we have determined that neither party controls the entities, and we therefore account for our investments in these entities as equity method investments.
We report our share of the net income of the Guatemala and Honduras joint ventures in our consolidated statement of income under the caption “Share of profit in our joint ventures in Guatemala and Honduras.”
For additional details on the Guatemala and Honduras joint ventures, see note A.2. to our audited consolidated financial statements.
Comcel, our principal Guatemala joint venture company in which we hold a 55% ownership interest but which we do not control, met the income threshold as a significant investee accounted for by the equity method for purposes of Rule 3-09 of Regulation S-X for the years ended December 31, 2020, 2019 and 2018. The financial statements for Comcel are included in Exhibit 99.1 to this Annual Report.
Our segments
Our management determines operating and reportable segments based on the reports that are used by the chief operating decision maker to make strategic and operational decisions from both a business and geographic perspective. The Millicom Group’s risks and rates of return for its operations are predominantly affected by operating in different geographical regions. The Millicom Group has businesses in two main regions, Latin America and Africa, which constitute our two segments. Our Latin America segment includes the Guatemala and Honduras joint ventures as if they were fully consolidated, as this reflects the way our management reviews and uses internally reported information to make decisions about operating matters and to provide increased transparency to investors on those operations. Our Africa segment does not include our joint venture in Ghana because our management does not consider it a strategic part of our group.
Our customer base
We generate revenue mainly from the mobile and cable and other fixed services that we provide and, to a lesser extent, from the sale of telephone and other equipment. For a description of our services, see “Item 4. Information on the Company—B. Business Overview—Our services.” Our results of operations are therefore dependent on both the size of our customer base and on the amount that customers spend on our services.
We measure the amount that customers spend on our services using a telecommunications industry metric known as ARPU, or average revenue per user per month. We define ARPU for our Mobile customers as (x) the total mobile and mobile financial services revenue (excluding revenue earned from tower rentals, call center, data and mobile virtual network operator, visitor roaming, national third parties roaming and mobile telephone equipment sales revenue) for the period, divided by (y) the average number of Mobile subscribers for the period, divided by (z) the number of months in the period. We define ARPU for our Home customers in our Latin America segment as (x) the total Home revenue (excluding equipment sales, TV advertising and equipment rental) for the period, divided by (y) the average number of customer relationships for the period, divided by (z) the number of months in the period. ARPU is not subject to a standard industry definition and our definition of ARPU may be different to other industry participants.
We provide certain customer data below that we believe will assist investors in understanding our performance and to which we refer later in this section in discussing our results of operations.
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Mobile customers by segment

| As of December 31,
| 2020 |  | 2019 |  | 2018
| (in thousands, except where noted)
Latin America | 41,734 |  |  | 39,846 |  |  | 33,691 |
of which are 4G customers | 18,243 |  |  | 15,398 |  |  | 10,487 |
Mobile customer ARPU (in U.S. dollars) | $ | 6.7 |  |  | $ | 7.3 |  |  | $ | 7.9 |
Africa | 13,111 |  |  | 12,686 |  |  | 12,724 |
of which are 4G customers | 1,447 |  |  | 865 |  |  | 456 |
Mobile customer ARPU (in U.S. dollars) | $ | 2.3 |  |  | $ | 2.5 |  |  | $ | 2.6 |

Mobile customers by country in our Latin America segment

| As of December 31,
| 2020 |  | 2019 |  | 2018
| (in thousands)
Bolivia | 3,920 |  |  | 3,716 |  |  | 3,604 |
Colombia | 10,025 |  |  | 9,421 |  |  | 8,601 |
El Salvador | 2,685 |  |  | 2,564 |  |  | 2,590 |
Guatemala | 11,416 |  |  | 10,817 |  |  | 10,941 |
Panama | 1,957 |  |  | 1,766 |  |  | — |
Honduras | 4,620 |  |  | 4,639 |  |  | 4,678 |
Nicaragua | 3,493 |  |  | 3,427 |  |  | — |
Paraguay | 3,618 |  |  | 3,496 |  |  | 3,278 |

Mobile customers by country in our Africa segment

| As of December 31,
| 2020 |  | 2019 |  | 2018
| (in thousands)
Tanzania (incl. Zantel) | 13,111 |  |  | 12,686 |  |  | 12,724 |

Home customers in our Latin America segment

| As of December 31,
2020 |  | 2019 |  | 2018
(in thousands, except where noted)
Total homes passed | 12,229 |  |  | 11,842 |  |  | 11,008 |
Total customer relationships | 4,545 |  |  | 4,341 |  |  | 4,133 |
HFC homes passed | 11,888 |  |  | 11,460 |  |  | 10,562 |
HFC customer relationships | 3,733 |  |  | 3,456 |  |  | 3,103 |
HFC RGUs | 7,602 |  |  | 6,948 |  |  | 6,203 |
HFC broadband internet RGUs | 3,356 |  |  | 2,994 |  |  | 2,612 |
HFC pay TV RGUs | 2,933 |  |  | 2,808 |  |  | 2,609 |
HFC telephony RGUs | 1,313 |  |  | 1,147 |  |  | 982 |
Home ARPU (in U.S. dollars) | $ | 27.9 |  |  | $ | 29.3 |  |  | $ | 28.1 |

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Results of operations
We have based the following discussion on our consolidated financial statements included elsewhere in this Annual Report. You should read it along with these financial statements, and it is qualified in its entirety by reference to them. See “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Factors affecting comparability of prior periods.”
Consolidated results of operations for the years ended December 31, 2020 and 2019
The following table sets forth certain consolidated statement of income data for the periods indicated:

| Year ended December 31, |  | Percentage Change
| 2020 |  | 2019 |  |
| (U.S. dollars in millions, except percentages)
Revenue | 4,171 |  |  | 4,336 |  |  | (3.8) | %
Cost of sales | (1,171) |  |  | (1,201) |  |  | (2.5) | %
Gross profit | 3,000 |  |  | 3,135 |  |  | (4.3) | %
Operating expenses | (1,505) |  |  | (1,604) |  |  | (6.2) | %
Depreciation | (890) |  |  | (825) |  |  | 7.9 | %
Amortization | (318) |  |  | (275) |  |  | 15.6 | %
Share of profit in our joint ventures in Guatemala and Honduras | 171 |  |  | 179 |  |  | (4.4) | %
Other operating income (expenses), net | (12) |  |  | (34) |  |  | (65.8) | %
Operating profit | 446 |  |  | 575 |  |  | (22.4) | %
Interest and other financial expenses | (624) |  |  | (564) |  |  | 10.8 | %
Interest and other financial income | 13 |  |  | 20 |  |  | (31.3) | %
Other non-operating (expenses) income, net | (106) |  |  | 227 |  |  | NM
Loss from other joint ventures and associates, net | (1) |  |  | (40) |  |  | (98.5) | %
Profit before taxes from continuing operations | (271) |  |  | 218 |  |  | NM
Charge for taxes, net | (102) |  |  | (120) |  |  | (15.5) | %
Profit for the year from continuing operations | (373) |  |  | 97 |  |  | NM
Profit (loss) for the year from discontinued operations, net of tax | (12) |  |  | 57 |  |  | NM
Net profit (loss) for the year | (385) |  |  | 154 |  |  | NM

Revenue
Revenue decreased by 3.8% for the year ended December 31, 2020 to $4,171 million from $4,336 million for the year ended December 31, 2019. The decrease in revenue was primarily due to lower commercial activity as a result of the COVID-19 pandemic, weaker currencies in some of our markets, and was partially offset by the full year contribution of the mobile acquisitions in Nicaragua and Panama, which were acquired in May of 2019 and August of 2019, respectively.
Colombia represented over 32%, Paraguay, Bolivia and Panama each represented between 13% and 14%, an d no other country represented more than 10% of our consolidated revenue in 2020 and 2019. Panama experienced the highest relative increase in revenues of $110 million, as a result of the acquisition of the mobile business in August of 2019. Revenue in Nicaragua increased by $63 million due to the acquisition of the mobile business in May of 2019. Revenue in El Salvador increased by 0.6% due to strong prepaid mobile results in the fourth quarter of 2020. Revenue declined by 8.6% in Bolivia due to lower commercial activity as a result of the lockdowns in the country. Revenue decreased by 10.8% in Paraguay and by 12.2% in Colombia due to lower commercial activity as a result of the lockdowns in those markets as well as due to a weaker average FX rate for the Paraguayan guarani and the Colombian peso.
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Cost of sales
Cost of sales decreased by 2.5% for the year ended December 31, 2020 to $1,171 million from $1,201 million for the year ended December 31, 2019. The decrease was commensurate with the decline in revenue.
Operating expenses
Operating expenses decreased by 6.2% for the year ended December 31, 2020 to $1,505 million from $1,604 million for the year ended December 31, 2019. The decrease was mainly due the decline in revenue as well as cost saving initiatives implemented to mitigate the impact of COVID-19 on our financial performance.
Depreciation
Depreciation increased by 7.9% for the year ended December 31, 2020 to $890 million from $825 million for the year ended December 31, 2019. The increase was mainly due to the full year consolidation of our operations in Panama and Nicaragua.
Amortization
Amortization increased by 15.6% for the year ended December 31, 2020 to $318 million from $275 million for the year ended December 31, 2019. The increase was mainly related to the full year contribution of our acquisitions in Panama and Nicaragua, accelerated amortization of some brands in the Cable Onda acquisition in Panama, and our spectrum purchase in Colombia.
Share of profit in our joint ventures in Guatemala and Honduras
Share of profit in our joint ventures in Guatemala and Honduras decreased by 4.4% for the year ended December 31, 2020 to $171 million from $179 million for the year ended December 31, 2019. The decrease was mainly due to a decline in the net profits generated in both Guatemala and Honduras. In Guatemala, the decrease in net profits came mostly from a one-time charge related to the redemption of the Comcel 2024 Notes, and increased tax provision in the year ended December 31, 2020. In Honduras, the decrease in net profit in the year ended December 31, 2020 was mainly due to the impact of the COVID-19 pandemic on revenue.
Other operating income (expenses), net
Other operating income (expenses), net, decreased by $23 million for the year ended December 31, 2020 to an expense of $12 million from an expense of $34 million for the year ended December 31, 2019. The expense for the year ended December 31, 2020 reflects the impairment of a loan to a joint venture offset by gains from disposal in equity investments.
Interest and other financial expenses
Interest and other financial expenses increased by 10.8% for the year ended December 31, 2020 to $624 million from $564 million for the year ended December 31, 2019. The increase was mainly due to accrued interest on spectrum purchased in Colombia in December 2019 as well as bond redemption fees related to a MICSA bond.
Interest and other financial income
Interest and other financial income decreased by 31.3% for the year ended December 31, 2020 to $13 million from $20 million for the year ended December 31, 2019. The decrease was mainly due to lower average cash and cash equivalents balances during 2020 as compared to 2019.
Other non-operating (expenses) income, net
Other non-operating (expenses) income, net decreased by $333 million for the year ended December 31, 2020 to an expense of $106 million from an income of $227 million for the year ended December 31, 2019. The expense for the year ended December 31, 2020, was mainly due to foreign exchange losses and the mark to market of our equity investments in Jumia and Helios Towers, while the income for the year ended December 31, 2019 was mainly due to a gain from the disposal on Jumia and Helios Towers.
Loss from other joint ventures and associates, net
Loss from other joint ventures and associates, net decreased by 98.5% for the year ended December 31, 2020 to a loss of $1 million from a loss of $40 million for the year ended December 31, 2019. For the year ended December 31, 2020 the loss was mostly related to our results in Ghana. For the year ended December 31, 2019, the loss was mainly due to the derecognition of Jumia as investment in associates.
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Charges for taxes, net
Charges for taxes, net decreased by 15.5% for the year ended December 31, 2020 to $102 million from $120 million for the year ended December 31, 2019. The decrease was mainly due to lower profitability and higher deferred tax credit as of December 31, 2020 compared to December 31, 2019.
The main components of charges for taxes, net are the income tax generated by most of the operations in our Latin America segment and the withholding tax we pay when cash is upstreamed from our local operations. We also have net losses mainly in our corporate entities that reduce our profit before taxes and for which no deferred tax asset is recognized due to the history of losses in such entities. As a result, our effective tax rate is generally above our average statutory tax rate. Moreover, due to the jurisdictional differences and mix, we do not have the opportunity to offset tax expense with accumulated tax loss carry-forwards.
Net profit (loss) for the year
Net profit (loss) for the year decreased by $539 million for the year ended December 31, 2020 to a net loss of $385 million from a net profit of $154 million for the year ended December 31, 2019. Profit (loss) for the year from continuing operations decreased by $470 million for the year ended December 31, 2020 to a loss of $373 million from a profit of $97 million for the year ended December 31, 2019 for the reasons stated above. Profit (loss) for the year from discontinued operations, net of tax decreased by $69 million for the year ended December 31, 2020 to a loss of $12 million from a profit of $57 million for the year ended December 31, 2019 reflecting adjustments to the sales of Chad and Senegal.
Segment results of operations for the years ended December 31, 2020 and 2019
Our Latin America segment includes the Guatemala and Honduras joint ventures as if they were fully consolidated, as this reflects the way our management reviews and uses internally reported information to make decisions about operating matters. Our Africa segment does not include our joint venture in Ghana because our management does not consider it a strategic part of our group. See “—Our segments” above.
As from January 1, 2020, Millicom is allocating corporate costs to each segment based on their contribution to underlying revenue, and only non-recurring costs, such as the M&A-related fees incurred in 2019, will remain unallocated going forward. This change in presentation has no impact on Group EBITDA. In order to facilitate comparisons of December 31, 2020 figures with prior periods, comparative figures have been re-presented to conform with this new segment EBITDA reporting.
The following table sets forth certain segment data, which has been extracted from note B.3 to our audited consolidated financial statements, where segment data is reconciled to consolidated data, for the periods indicated:

| Year ended December 31, |  |  |  |
| 2020 |  | 2019 |  | Percentage Change
| Latin America |  | Africa |  | Latin America |  | Africa |  | Latin America |  | Africa
| (U.S. dollars in millions, except percentages)
Mobile revenue | 3,220 |  |  | 357 |  |  | 3,258 |  |  | 372 |  |  | (1.1) | % |  | (4.0) | %
Cable and other fixed services revenue | 2,097 |  |  | 8 |  |  | 2,197 |  |  | 9 |  |  | (4.5) | % |  | (5.7) | %
Other revenue | 60 |  |  | 1 |  |  | 60 |  |  | 1 |  |  | (0.5) | % |  | 34.1 | %
Service revenue | 5,377 |  |  | 366 |  |  | 5,514 |  |  | 382 |  |  | (2.5) | % |  | (4.0) | %
Telephone and equipment revenue | 466 |  |  | — |  |  | 449 |  |  | — |  |  | 3.7 | % |  | NM
Revenue | 5,843 |  |  | 366 |  |  | 5,964 |  |  | 382 |  |  | (2.0) | % |  | (4.0) | %
Operating profit | 803 |  |  | 36 |  |  | 980 |  |  | 19 |  |  | (18.1) | % |  | 87.0 | %
Add back: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 1,561 |  |  | 89 |  |  | 1,435 |  |  | 99 |  |  | 8.8 | % |  | (10.4) | %
Other operating income (expenses), net | (5) |  |  | — |  |  | 2 |  |  | (2) |  |  | NM |  | (93.5) | %
EBITDA | 2,360 |  |  | 125 |  |  | 2,418 |  |  | 117 |  |  | (2.4) | % |  | 6.9 | %

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The following table sets forth revenue from continuing operations by country for certain of the countries in our Latin America segment (i):

| December 31 |  | Percentage Change
| 2020 |  | 2019 |
| (U.S. dollars in millions, except percentages)
Colombia | 1,346 |  |  | 1,532 |  |  | (12.2) | %
Guatemala | 1,503 |  |  | 1,434 |  |  | 4.8 | %
Panama | 585 |  |  | 475 |  |  | 23.3 | %
Paraguay | 544 |  |  | 610 |  |  | (10.8) | %
Honduras | 552 |  |  | 594 |  |  | (7.0) | %
Bolivia | 584 |  |  | 639 |  |  | (8.6) | %
El Salvador | 389 |  |  | 387 |  |  | 0.6 | %

_____________
(i) The revenue figures above are shown before intercompany eliminations.
Segment revenue
Revenue of our Latin America segment decreased by 2.0% for the year ended December 31, 2020 to $5,843 million from $5,964 million for the year ended December 31, 2019. The decrease in revenue was due to a decrease in our service revenue. The decrease in our service revenue was due to lower commercial activity as a result of the COVID-19 pandemic, as well as a negative impact from weaker foreign exchange rates in some of the countries where we operate including Colombia and Paraguay, offset by the full year contribution of our mobile assets in Nicaragua and Panama, which were acquired during 2019.
Following the disposal of our Chad operations during 2019, our Africa segment operations now consist of Tanzania, including Zantel. Revenue of our Africa segment decreased by 4.1% for the year ended December 31, 2020 to $366 million from $382 million for the year ended December 31, 2019. The decrease was mainly due to the impact of lower commercial activity as a result of the COVID-19 pandemic.
Segment operating profit
Operating profit of our Latin America segment decreased by 18.1% for the year ended December 31, 2020 to $803 million from $980 million for the year ended December 31, 2019. The decrease was primarily attributable to revenue decline, increased depreciation and amortization impacted by the full-year consolidation of our acquisitions in Nicaragua and Panama as well as accelerated amortization of a brand from our cable purchase in Panama and our spectrum purchase in Colombia as well as increased interest expense as a result of the accrual of spectrum in Colombia and fees related to the Comcel bond redemption in Guatemala.
Operating profit of our Africa segment increased by 87.0% for the year ended December 31, 2020 to $36 million from $19 million for the year ended December 31, 2019. The increase was mainly due to a $21 million fine that impacted operating profit as of December 31, 2019.
Segment EBITDA
Segment EBITDA is segment operating profit excluding, depreciation and amortization and other operating income (expenses), net which includes impairment losses and gains/losses on the disposal of fixed assets attributable to the segment. Segment EBITDA is used by the management to monitor the segmental performance and for capital management and is further detailed in note B.3. Segment Information in the audited consolidated financial statements.
EBITDA of our Latin America segment decreased by 2.4% for the year ended December 31, 2020 to $2,360 million from $2,418 million for the year ended December 31, 2019. The decrease was attributable to lower commercial activity during the year. Using the same definition used for organic growth for service revenue and revenue in the section “Other Financial Data”, having deducted the 3.8 percentage points positive impact of mobile Panama and Nicaragua acquisitions (which were acquired during 2019), added the 3.5 percentage points negative impact of foreign currency
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fluctuations between the periods, and deducted 1.0 percentage points of other impacts resulting from the net effect of small differences that result from calculating organic growth using different baselines for each period, EBITDA of our Latin America segment would have declined b y 3.7%.
EBITDA of our Africa segment increased by 6.9% for the year ended December 31, 2020 to $125 million from $117 million for the year ended December 31, 2019.
Consolidated results of operations for the years ended December 31, 2019 and 2018
The following table sets forth certain consolidated statement of income data for the periods indicated:

| December 31 |  | Percentage Change
| 2019 |  | 2018 (i) |
| (U.S. dollars in millions, except percentages)
Revenue | 4,336 |  |  | 3,946 |  |  | 9.9 | %
Cost of sales | (1,201) |  |  | (1,117) |  |  | 7.5 | %
Gross profit | 3,135 |  |  | 2,829 |  |  | 10.8 | %
Operating expenses | (1,604) |  |  | (1,616) |  |  | (0.8) | %
Depreciation | (825) |  |  | (662) |  |  | 24.5 | %
Amortization | (275) |  |  | (140) |  |  | 95.9 | %
Share of profit in the joint ventures in Guatemala and Honduras | 179 |  |  | 154 |  |  | 16.0 | %
Other operating income (expenses), net | (34) |  |  | 75 |  |  | NM
Operating profit | 575 |  |  | 640 |  |  | (10.1) | %
Interest and other financial expenses | (564) |  |  | (367) |  |  | 53.7 | %
Interest and other financial income | 20 |  |  | 21 |  |  | (4.6) | %
Other non operation income/expenses | 227 |  |  | (39) |  |  | NM
Profit (loss) from other joint ventures and associates, net | (40) |  |  | (136) |  |  | (70.3) | %
Profit (loss) before taxes from continuing operations | 218 |  |  | 119 |  |  | 82.6 | %
Tax (charge) credit, net | (120) |  |  | (112) |  |  | 7.2 | %
Profit (loss) from continuing operations | 97 |  |  | 7 |  |  | NM
Profit (loss) from discontinued operations, net of tax | 57 |  |  | (33) |  |  | NM
Net profit (loss) for the period | 154 |  |  | (26) |  |  | NM

_______________
(i) IFRS 16 was adopted as of January 1, 2019, using the modified retrospective method; previous periods were therefore not restated and might not be directly comparable. See "Introduction—New and amended IFRS accounting standards" in the notes to our audited consolidated financial statements included elsewhere in this Annual Report for additional details regarding the impact of the adoptions.
Revenue
Revenue increased by 9.9% for the year ended December 31, 2019 to $4,336 million from $3,946 million for the year ended December 31, 2018. The increase in revenue was primarily due to additional revenue of $395 million related to a full year of Cable Onda's revenue in Panama following the completion of the acquisition in December of 2018, the positive $144 million impact from the Nicaragua mobile acquisition in May of 2019 and the positive $81 million impact from the Panama mobile acquisition in August of 2019, partially offset by weaker currencies in some of our markets.
Colombia represented over 35%, Paraguay, Bolivia and Panama each represented between 11% and 15%, and no other country represented more than 10% of our consolidated revenue in 2019 and 2018. Panama experienced the highest relative increase in revenues of $458 million, as a result of the first full year of operations after the acquisition of Cable Onda in December of 2018, as well as the acquisition of the mobile business in August of 2019. Revenue in
Nicaragua increased by $144 million due to the acquisition of the mobile business in May of 2019. Revenue in Bolivia grew by 4.2% due to strong growth in our Cable and other fixed business services. Revenue in Colombia declined by
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7.8% due to a weaker average FX rate for the Colombian Peso. El Salvador revenue declined by 4.5% as revenue from prepaid mobile services declined in 2019.
Cost of sales
Cost of sales increased by 7.5% for the year ended December 31, 2019 to $1,201 million from $1,117 million for the year ended December 31, 2018. The increase was mainly due to the impact of acquisition of mobile operations in Panama and in Nicaragua.
Operating expenses
Operating expenses decreased by 0.8% for the year ended December 31, 2019 to $1,604 million from $1,616 million for the year ended December 31, 2018. The decrease was mainly due to lower general and administrative expenses.
Depreciation
Depreciation increased by 24.5% for the year ended December 31, 2019 to $825 million from $662 million for the year ended December 31, 2018. The increase was mainly due to the adoption of IFRS 16, which increased depreciation by $109 million compared to what it would have been if we had continued to follow IAS 17 in the year ended December 31, 2019, and the acquisition of our operations in Panama and Nicaragua, which increased depreciation, partially offset by a reduction in depreciation due to weaker currencies, particularly in Colombia and Paraguay.
Amortization
Amortization increased by 95.9% for the year ended December 31, 2019 to $275 million from $140 million for the year ended December 31, 2018. The increase was mainly related to our acquisitions in Panama and Nicaragua, which increased amortization by $129 million for the year ended December 31, 2019.
Share of profit in our joint ventures in Guatemala and Honduras
Share of profit in our joint ventures in Guatemala and Honduras increased by 16.0% for the year ended December 31, 2019 to $179 million from $154 million for the year ended December 31, 2018. The increase was mainly due to growth of the net profits generated in both Guatemala and Honduras. In Guatemala, the increase in net profits came mostly from increased revenue, lower operating expenses due to lower general and administrative costs during the year, and lower levels of foreign exchange losses in the year ended December 31, 2019. In Honduras, the increase in net profit was mainly due to an increase in revenues as well as lower levels of foreign exchange losses in the year ended December 31, 2019.
Other operating income (expenses), net
Other operating income (expenses), net decreased by $110 million for the year ended December 31, 2019 to an expense of $34 million from an income of $75 million for the year ended December 31, 2018. The expense for the year endedDecember 31, 2019 was mainly due to a loss from the disposal of equity investments, while the income for the year ended December 31, 2018 was mainly due to gains registered from the sale of towers in El Salvador, Paraguay and Colombia.
Interest and other financial expenses
Interest and other financial expenses increased by 53.7% for the year ended December 31, 2019 to $564 million from $367 million for the year ended December 31, 2018. The increase was mainly due to higher gross debt as a result of incurring debt to fund the acquisitions in Panama and Nicaragua, as well as the adoption of IFRS 16 which added $72 million to interest expense.
Interest and other financial income
Interest and other financial income decreased by 4.6% for the year ended December 31, 2019 to $20 million from $21 million for the year ended December 31, 2018. The slight decrease was mainly due to lower average cash and cash equivalents balances during 2019 as compared to 2018.
Other non-operating (expenses) income, net
Other non-operating (expenses) income, increased by $266 million for the year ended December 31, 2019 to an income of $227 million from an expense of $39 million for the year ended December 31, 2018. The increase largely reflects a non-cash net loss of $38 million related to the revaluation of our stake in Jumia, which completed an initial public offering during 2019 and which had been accounted for as a financial asset at fair value and is offset by a net
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gain of $312 million related to the gain from disposal and revaluation of our stake in Helios Towers Africa, which also completed an initial public offering during 2019, and which is accounted for as a financial asset at fair value.
Loss from other joint ventures and associates, net
Loss from other joint ventures and associates, net decreased by 70.3% for the year ended December 31, 2019 to a loss of $40 million from a loss of $136 million for the year ended December 31, 2018. The decrease was mainly due to the derecognition of Jumia as investment in associates in January. For the year ended December 31, 2018, the Group’s share of results from Jumia and Helios Towers associates was a loss of $66 million. In addition, the decrease was related as well to a lower share of loss from the joint venture in Ghana during 2019 compared to 2018.
Charges for taxes, net
Charges for taxes, net increased by 7.2% for the year ended December 31, 2019 to $120 million from $112 million for the year ended December 31, 2018. The increase was mainly due to the inclusion of the Telefonica and Cable Onda operations.
The main components of charges for taxes, net are the income tax generated by most of the operations in our Latin America segment and the withholding tax we pay when cash is upstreamed from our local operations to MIC S.A. We also have net losses mainly in our corporate entities that reduce our profit before taxes and for which no deferred tax asset is recognized due to the history of losses in such entities. As a result, our effective tax rate is generally above our average statutory tax rate. Moreover, due to the jurisdictional differences and mix, we do not have the opportunity to offset tax expense with accumulated tax loss carryforwards.
Net profit (loss) for the year
Net profit (loss) for the year increased by $180 million for the year ended December 31, 2019 to a profit of $154 million from a loss of $26 million for the year ended December 31, 2018. Profit (loss) for the year from continuing operations increased by $90 million for the year ended December 31, 2019 to a profit of $97 million from a profit of $7 million for the year ended December 31, 2018 for the reasons stated above. Profit (loss) for the year from discontinued operations, net of tax increased by $90 million for the year ended December 31, 2019 to a profit of $57 million from a loss of $33 million for the year ended December 31, 2018. The increase in profit(loss) for the year from discontinued operations, net of tax, w as mainly due to to the complete disposal of our Rwanda and Senegal operations that were included in this line during the first quarter of 2018 as well as the complete disposal of our Chad operations that were included in this line for the entirety of 2018.
Segment results of operations for the years ended December 31, 2019 and 2018
Our Latin America segment includes the Guatemala and Honduras joint ventures as if they were fully consolidated, as this reflects the way our management reviews and uses internally reported information to make decisions about operating matters. Our Africa segment does not include our joint venture in Ghana because our management does not consider it a strategic part of our group. See “—Our segments” above.
As from January 1, 2020, Millicom is allocating corporate costs to each segment based on their contribution to underlying revenue, and only non-recurring costs, such as the M&A-related fees incurred in 2019, will remain unallocated going forward. This change in presentation has no impact on Group EBITDA. In order to facilitate comparisons of December 31, 2020 figures with prior periods, comparative figures have been re-presented to conform with this new segment EBITDA reporting.
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The following table sets forth certain segment data, which has been extracted from note B.3 to our audited consolidated financial statements, where segment data is reconciled to consolidated data, for the periods indicated:

| December 31 |  |  |  |
| 2019 |  | 2018 |  | Percentage Change
| Latin America |  | Africa |  | Latin America |  | Africa |  | Latin America |  | Africa
| (U.S. dollars in millions, except percentages)
Mobile revenue | 3,258 |  |  | 372 |  |  | 3,214 |  |  | 388 |  |  | 1.4 | % |  | (4.0) | %
Cable and other fixed services revenue | 2,197 |  |  | 9 |  |  | 1,808 |  |  | 10 |  |  | 21.5 | % |  | (8.6) | %
Other revenue | 60 |  |  | 1 |  |  | 48 |  |  | 1 |  |  | 25.5 | % |  | (38.4) | %
Service revenue | 5,514 |  |  | 382 |  |  | 5,069 |  |  | 398 |  |  | 8.8 | % |  | (4.2) | %
Telephone and equipment revenue | 449 |  |  | — |  |  | 415 |  |  | — |  |  | 8.2 | % |  | NM
Revenue | 5,964 |  |  | 382 |  |  | 5,485 |  |  | 399 |  |  | 8.7 | % |  | (4.2) | %
Operating profit (loss) (i) | 980 |  |  | 19 |  |  | 990 |  |  | 21 |  |  | (1.0) | % |  | (7.4) | %
Add back: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 1,435 |  |  | 99 |  |  | 1,133 |  |  | 80 |  |  | 26.7 | % |  | 24.5 | %
Other operating income (expenses), net | 2 |  |  | (2) |  |  | (51) |  |  | (3) |  |  | (104.8) | % |  | (35.9) | %
EBITDA (i) | 2,418 |  |  | 117 |  |  | 2,072 |  |  | 98 |  |  | 16.7 | % |  | 19.2 | %

(i) Restated. As from January 1, 2020, corporate costs allocation to each segment is based on their contribution to underlying revenue, and only non-recurring costs, such as the M&A-related fees incurred in 2019, will not be allocated to geographical segments going forward.
The following table sets forth revenue from continuing operations by country for certain of the countries in our Latin America segment (i):

| December 31 |  | Percentage Change
| 2019 |  | 2018 |
| (U.S. dollars in millions, except percentages)
Colombia | 1,532 |  |  | 1,661 |  |  | (7.8) | %
Guatemala | 1,434 |  |  | 1,373 |  |  | 4.5 | %
Panama | 475 |  |  | 17 |  |  | NM
Paraguay | 610 |  |  | 679 |  |  | (10.2) | %
Honduras | 594 |  |  | 586 |  |  | 1.4 | %
Bolivia | 639 |  |  | 614 |  |  | 4.2 | %
El Salvador | 387 |  |  | 405 |  |  | (4.5) | %

(i) The revenue figures above are shown before intercompany eliminations.
Segment revenue
Revenue of our Latin America segment increased by 8.7% for the year ended December 31, 2019 to $5,964 million from $5,485 million for the year ended December 31, 2018. The increase in revenue was due to an increase in our service revenue. The increase in our service revenue was due to an increase in Cable and other fixed services revenue caused by the acquisition of Cable Onda and organic growth driven by the cable business in all of our markets. Additionally, the increase in revenue was due to an increase in Mobile revenue due to the mobile acquisitions in Panama and Nicaragua during 2019. These increases in service revenue were partially offset by a decrease in Mobile organic growth caused by macroeconomic slowdowns as well as increased competition in Bolivia, Paraguay and Guatemala. Our Latin America segment revenue was also negatively impacted by weaker foreign exchange rates in several of the countries which we operate.
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Following the disposal of our Chad operations during 2019, our Africa segment operations now consist of Tanzania, including Zantel. Revenue of our Africa segment decreased by 4.2% for the year ended December 31, 2019 to $382 million from $399 million for the year ended December 31, 2018. The decrease was mainly due to the impact of lower interconnection rates as well as increased competition.
Segment operating profit
Operating profit of our Latin America segment decreased by 1.0% for the year ended December 31, 2019 to $980 million from $990 million for the year ended December 31, 2018. The decrease was primarily attributable to an increase in depreciation and amortization as a result of the adoption of IFRS 16 and due to acquisitions.
Operating profit of our Africa segment decreased by 7.4% for the year ended December 31, 2019 to $19.42 million from $20.98 million for the year ended December 31, 2018. The decrease was mainly due to lower revenues and a $21 million regulatory fine.
Segment EBITDA
Segment EBITDA is segment operating profit excluding, depreciation and amortization and other operating income (expenses), net which includes impairment losses and gains/losses on the disposal of fixed assets attributable to the segment. Segment EBITDA is used by the management to monitor the segmental performance and for capital management and is further detailed in note B.3. Segment Information in the consolidated financial statements.
EBITDA of our Latin America segment increased by 16.7% for the year ended December 31, 2019 to $2,418 million from $2,072 million for the year ended December 31, 2018. The increase was attributable to including a full year of Cable Onda as well as the inclusion of the mobile acquisitions in Panama and Nicaragua and a $170.6 million increase resulting from the adoption of IFRS 16, partially offset by weaker currency exchange rates. Using the same definition used for organic growth for service revenue and revenue in the section “Other Financial Data”, having deducted the 8.2 percentage points of positive impact from accounting changes (i.e., the effect of the implementation of IFRS 16 as of January 1, 2019), deducted the 11.9 percentage points positive impact of mobile Panama and Nicaragua acquisitions (which were acquired during 2019), added the 5.0 percentage points negative impact of foreign currency fluctuations between the periods, and added 0.5 percentage points of other negative impacts resulting from the net effect of small differences that result from calculating organic growth using different baselines for each period, EBITDA of our Latin America segment would have increased by 2.1%.
EBITDA of our Africa segment increased by 19.2% for the year ended December 31, 2019 to $117 million from $98 million for the year ended December 31, 2018. The increase was mainly due to the adoption of IFRS 16, which added $34.4 million to EBITDA.
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Other Financial Data

| December 31,
| 2020 |  | 2019
Consolidated: |  |  |
Net cash provided by operating activities | 821 |  | 801
Net cash used in investing activities | (495) |  | (1,502)
Net cash provided by financing activities | (598) |  | 1,355
Operating free cash flow(1) | 657 |  | 425
Free cash flow(1) | 106 |  | (45)
Equity free cash flow(1) | 172 |  | 179
Equity free cash flow after leases(1) | 56 |  | 73
Latin America segment: |  |  |
Service revenue | 5,377 |  | 5,514
Telephone and equipment revenue | 466 |  | 449
Revenue | 5,843 |  | 5,964
Revenue growth | (2.0)% |  | 8.7%
Revenue organic growth (2) | (2.1)% |  | 2.8%
Service revenue growth | (2.5)% |  | 8.8%
Service revenue organic growth (2) | (2.5)% |  | 2.2%

(1) Free Cash Flow Measures
Operating free cash flow
Operating free cash flow is a non-IFRS measure and is not a uniformly or legally defined financial measure. Operating free cash flow is not a substitute for IFRS measures in assessing our overall financial performance. Because Operating free cash flow is not determined in accordance with IFRS, and is susceptible to varying calculations, Operating free cash flow may not be comparable to other similarly titled measures presented by other companies. Operating free cash flow is included in this report because it is used by our management, and we believe may be useful to investors, to evaluate our core operational cash flow performance from period to period, as reflected in the adjustments in the reconciliation table below. Operating free cash flow has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS.
Free cash flow
Free cash flow is a non-IFRS measure and is not a uniformly or legally defined financial measure. Free cash flow is not a substitute for IFRS measures in assessing our overall financial performance. Because Free cash flow is not determined in accordance with IFRS, and is susceptible to varying calculations, Free cash flow may not be comparable to other similarly titled measures presented by other companies. Free cash flow is included in this report because it is used by our management, and we believe may be useful to investors, to evaluate our cash flow performance from period to period as it reflects the operating free cash flow generated as described above after net finance charges paid. Free cash flow has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS.
Equity free cash flow
Equity free cash flow is a non-IFRS measure and is not a uniformly or legally defined financial measure. Equity free cash flow is not a substitute for IFRS measures in assessing our overall financial performance. Because Equity free cash flow is not determined in accordance with IFRS, and is susceptible to varying calculations, Equity free cash flow may not be comparable to other similarly titled measures presented by other companies. Equity free cash flow is included in this report because it is used by our management, and we believe may be useful to investors, to evaluate our cash flow performance from period to period as it reflects our non–IFRS Free cash flow as described above with the addition of dividends or advances received from our joint venture operations (namely Guatemala and Honduras) and the
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deduction dividends paid to non–controlling interests. Equity free cash flow has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS.
The following table shows a reconciliation from Net cash provided by operating activities to Operating free cash flow, Free cash flow, Equity free cash flow, and Equity free cash flow after leases for the Millicom Group:

| December 31,
| 2020 |  | 2019
Net cash provided by operating activities | 821 |  | 801
Purchase of property, plant and equipment | (622) |  | (736)
Proceeds from sale of property, plant and equipment | 9 |  | 24
Proceeds from sale of towers part of tower sale and leaseback transactions | — |  | (22)
Purchase of intangible assets | (202) |  | (171)
Proceeds from sale of intangible assets | — |  | —
Purchase of spectrum and licenses | 101 |  | 59
Finance charges paid, net | 551 |  | 470
Operating free cash flow | 657 |  | 425
Interest (paid), net | (551) |  | (470)
Free cash flow | 106 |  | (45)
Dividends received from joint ventures (Guatemala and Honduras) | 71 |  | 237
Dividends paid to non-controlling interests | (5) |  | (13)
Equity free cash flow | 172 |  | 179
Lease principal repayments | (116) |  | (107)
Equity free cash flow after leases | 56 |  | 73

(2) Revenue and Service Revenue Organic Growth
Revenue Organic Growth and Service Revenue Organic Growth are non-IFRS measures and are not uniformly or legally defined financial measures. Revenue Organic Growth and Service Revenue Organic Growth are not substitutes for IFRS measures in assessing our overall operating performance. Because Revenue Organic Growth and Service Revenue Organic Growth are not determined in accordance with IFRS, and are susceptible to varying calculations, Revenue Organic Growth and Service Revenue Organic Growth may not be comparable to other similarly titled measures presented by other companies.
Revenue Organic Growth and Service Revenue Organic Growth are included in this report because our management uses these measures to evaluate our core revenue generating performance from period to period, having eliminated (1) the impact of revenue from businesses acquired during the most recent period (such as Telefonica Panama and Telefonia Nicaragua in 2019) and the contribution to revenue of businesses disposed of (such as Rwanda, Senegal in 2018 and Chad in 2019) during either period (“change in perimeter”), (2) currency fluctuations, and (3) other, which captures the net effect of small differences that result from calculating organic growth using different baselines for each period.
To eliminate the impact of currency fluctuations, we use recent U.S. dollar exchange rate data for the local non-U.S.-dollar currencies of the markets in which we operate to determine an estimated, or budgeted, exchange rate for such currencies. Revenues and service revenues in non-U.S.-dollar currencies from both the more recent period and the corresponding period of the prior year are then translated into U.S. dollars at the same budgeted exchange rates. Revenue Organic Growth and Service Revenue Organic Growth have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for an analysis of our results as reported under IFRS.
The following table shows a reconciliation from reported growth on an IFRS basis to organic growth for revenue and service revenue for the Latin America segment:
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| Revenue |  | Service Revenue
| As of and for the year endedDecember 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Current period | 5,843 |  | 5,964 |  | 5,377 |  | 5,514
Prior year period | 5,964 |  | 5,485 |  | 5,514 |  | 5,069
Reported Growth | (2.0)% |  | 8.7% |  | (2.5)% |  | 8.8%
Change in Perimeter impact(i) | (3.9)% |  | (11.0)% |  | (4.0)% |  | (11.6)%
Foreign exchange impact(ii) | 3.8% |  | 5.2% |  | 3.9% |  | 5.2%
Other(iii) | —% |  | (0.1)% |  | 0.1% |  | (0.1)%
Organic Growth | (2.1)% |  | 2.8% |  | (2.5)% |  | 2.2%

i.The following change in perimeter impacts were eliminated to calculate revenue organic growth: a positive $235 million revenue impact in the year ended December 31, 2020, and a positive $604 million revenue impact in the year ended December 31, 2019 due to revenue generated by Telefonia Celular de Nicaragua S.A. which was consolidated as of May 16, 2019 and Grupo de Comunicaciones Digitales S.A. (formerly Telefonica Moviles Panama, S.A.) which we consolidated as of August 29, 2019. The impact in the year ended December 31, 2019 considers as well the revenue generated by Cable Onda which was consolidated as of December 13, 2018. The following change in perimeter impacts were eliminated to calculate service revenue organic growth: a positive $218 million service revenue impact in the year ended December 31, 2020 and a positive $590 million service revenue impact in the year ended December 31, 2019 due to service revenue generated by Telefonia Celular de Nicaragua S.A. which was consolidated as of May 16, 2019 and Grupo de Comunicaciones Digitales S.A. (formerly Telefonica Moviles Panama, S.A.), which we consolidated as of August 29, 2019. The impact in the year ended December 31, 2019 considers as well the service revenue generated by Cable Onda which was consolidated as of December 13, 2018.
ii.The following foreign exchange fluctuation impacts were eliminated to calculate revenue organic growth: a negative $226 million revenue impact in the year ended December 31, 2020, and a negative $283 million revenue impact in the year ended December 31, 2019. The following foreign exchange fluctuation impacts were eliminated to calculate service revenue organic growth: a negative $212 million service revenue impact in the year ended December 31, 2020, and a negative $263 million service revenue impact in the year ended December 31, 2019.
iii.The following other impacts related to changes for comparative purposes were eliminated to calculate revenue organic growth: a negative $3 million revenue impact in the year ended December 31, 2020, a positive $6 million revenue impact in the year ended December 31, 2019. The following other impacts related to changes for comparative purposes were eliminated to calculate service revenue organic growth: a negative $3 million service revenue impact in the year ended December 31, 2020, and a positive $5 million service revenue impact in the year ended December 31, 2019.
Critical accounting policies
The preparation of our financial statements requires management to use judgment in applying accounting policies. It also requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. These estimates are based on management’s best knowledge of current events, actions and best estimates as of a specified date, and actual results may ultimately differ from these estimates. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are described in “Introduction— Judgments and critical estimates” in the notes to our audited consolidated financial statements, and in the notes referenced therein.
For a description of new or amended IFRS accounting standards to which we are subject, see “Introduction— New and amended IFRS accounting standards” in the notes to our audited consolidated financial statements.
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B. Liquidity and Capital Resources
Overview
The Millicom Group’s sources of funds are cash from operations, internal and external financing as well as proceeds from the disposal of assets. The Millicom Group finances its operations centrally at the MIC S.A. level or alternatively, where it deems it more cost effective to do so, at the operational level.
In particular, we seek to finance the costs of deploying and expanding our fixed and mobile networks mainly at the operating level on a country-by-country basis, utilizing credit facilities provided by banks and finance leases, obtaining financing from the debt capital markets, and seeking funding from export credit agencies and development financial institutions such as the InterAmerican Development Bank and the International Finance Corporation.
If we decide to acquire other businesses, we expect to fund these acquisitions from cash resources, borrowings under existing credit facilities and, if necessary, through new borrowings, including under new credit facilities or issuances of debt securities, though we may issue equity also to raise funds.
As of December 31, 2020, $305 million of the Millicom Group’s cash and cash equivalents balance was at the holdings level and a further $570 million was at the operating subsidiaries level. As of December 31, 2019 and 2018, respectively, $696 million and $145 million of the Millicom Group’s cash and cash equivalents balance was at the holdings level and a further $468 million and $382 million was at the operating subsidiaries level.
If funds at the foreign operating subsidiary level are repatriated, taxes on each type of repatriation and each country would need to be accrued and paid, where applicable.
As of December 31, 2020 and December 31, 2019, our total consolidated indebtedness excluding lease liabilities was $5,691 million and $5,972 million, respectively. As of December 31, 2018 our total consolidated outstanding debt and other financing was $4,580 million.
We believe that our available cash and cash equivalents, borrowings and funds from our operating subsidiaries will be sufficient to meet our projected operating and capital expenditure requirements for at least the next 12 months.
Cash upstreaming
Progressive improvement in operating and financial performance of our operations has enabled the upstreaming of excess cash to MIC S.A. This is accomplished through a combination of dividends, fees and shareholder loan repayments.
The following table sets forth cash upstreamed to MIC S.A. from our subsidiaries and joint ventures for the periods presented:

| December 31,
| 2020 |  | 2019 |  | 2018
| (U.S. dollars in millions)
Subsidiaries | 392 |  |  | 346 |  |  | 594 |
Joint ventures | 98 |  |  | 261 |  |  | 263 |
Total | 490 |  |  | 606 |  |  | 857 |

In each case, the upstreamed cash was principally used to cover corporate center expenses, service corporate debt, pay corporate center taxes and pay the group dividend.
Some of our operating subsidiaries and joint ventures have covenants on debt outstanding that impose restrictions on their ability to upstream cash to MIC S.A. As a result of these restrictions, significant cash or cash equivalent balances may be held from time to time at our operating subsidiaries and joint ventures.
Cash flows
Set forth below is a comparative discussion of our cash flows, which includes cash flows from discontinued operations.
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Years ended December 31, 2020 and 2019
For the year ended December 31, 2020, cash provided by operating activities was $821 million, compared to $801 million for the year ended December 31, 2019. The increase is mainly due to lower working capital during the year ended December 31, 2020 compared to the year ended December 31, 2019.
Cash used in investing activities was $495 million for the year ended December 31, 2020, compared to $1,502 million for the year ended December 31, 2019. In the year ended December 31, 2020, Millicom used $10 million in the acquisition of subsidiaries, $622 million to purchase property, plant and equipment and $202 million to purchase intangible assets and licenses, and these items were partially offset by proceeds of $71 million in dividends from joint ventures, $10 million from the disposal of subsidiaries, $197 million from the disposal of equity investments and $9 million from the sale of property, plant and equipment such as towers. Cash used in investing activities was $1,502 million for the year ended December 31, 2019. In the year ended December 31, 2019, Millicom used $1,014 million in the acquisition of subsidiaries, net of cash acquired (mobile operations in Panama and Nicaragua), $736 million to purchase property, plant and equipment and $171 million to purchase intangible assets and licenses, and these items were partially offset by proceeds of $237 million in dividends from joint ventures, $111 million from the disposal of subsidiaries (mainly Chad), $25 million from disposal of equity investments and $24 million from the sale of property, plant and equipment such as towers.
Cash used in financing activities was $598 million for the year ended December 31, 2020, compared to cash provided by financing activities of $1,355 million for the year ended December 31, 2019. In the year ended December 31, 2020, we paid no dividend, used $10 million for shar e repurchases, and repaid debt of $1,744 million and lease capital of $116 million while raising funds of $1,470 million through new financing. In the year ended December 31, 2019, we paid $268 million to shareholders in dividends (ordinary dividend of $2.64 per share) and repaid debt of $1,157 million and lease capital of $107 million while raising funds of $2,900 million through new financing.
Years ended December 31, 2019 and 2018
For the year ended December 31, 2019, cash provided by operating activities was $801 million, compared to $792 million for the year ended December 31, 2018. The increase is mainly due to higher interest payments due to an increase in gross debt for the acquisitions made in the past year.
Cash used in investing activities was $1,502 million for the year ended December 31, 2019, compared to $1,199 million for the year ended December 31, 2018. In the year ended December 31, 2019, Millicom used $1,014 million in the acquisition of subsidiaries, net of cash acquired (mobile operations in Panama and Nicaragua), $736 million to purchase property, plant and equipment and $171 million to purchase intangible assets and licenses, and these items were partially offset by proceeds of $237 million in dividends from joint ventures, $111 million from the disposal of subsidiaries (mainly Chad) and $24 million from the sale of property, plant and equipment such as towers. In the year ended December 31, 2018, Millicom used $953 million in the acquisition of subsidiaries, net of cash acquired (mainly Cable Onda), $632 million to purchase property, plant and equipment and $148 million for intangible assets and licenses. These items were partially offset by $243 million in proceeds from dividends from joint ventures, and $154 million from the sale of property, plant and equipment such as towers.
Cash used in financing activities was $1,355 million for the year ended December 31, 2019, compared to $341 million for the year ended December 31, 2018. In the year ended December 31, 2019, we paid $268 million in dividends (ordinary dividend of $2.64 per share) and repaid debt of $1,157 million while raising funds of $2,900 million through new financing. In the year ended December 31, 2018, we paid $266 million to shareholders in dividends (ordinary dividend of $2.64 per share) and repaid debt of $530 million while raising funds of $1,155 million through new financing.
Capital expenditures
Historical capital expenditures
Our capital expenditures of property, plant and equipment, licenses and other intangibles on a consolidated basis and by operating segment, including accruals for such additions at the end of the periods, for the years ended December 31, 2020, 2019, and 2018 is set out in the table below. Our capital expenditure mainly relates to the growth of the 4G network, the rollout of the HFC network, connection of new homes and IT investments.
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| December 31
| 2020 |  | 2019 |  | 2018
| (U.S. dollars in millions)
Additions to property, plant and equipment | 649 |  |  | 719 |  |  | 698 |
Additions to licenses and other intangibles | 520 |  |  | 202 |  |  | 158 |
Total consolidated additions | 1,169 |  |  | 921 |  |  | 856 |
Latin America segment total additions (including Guatemala and Honduras) | 1,445 |  |  | 1,119 |  |  | 1,040 |
Africa segment total additions | 41 |  |  | 54 |  |  | 30 |

Capital expenditure commitments
As of December 31, 2020, we had commitments to purchase network equipment, land and buildings and other fixed assets with a value of $564 million from a number of suppliers, of which $400 million was within one year and $164 million more than one year. Out of these commitments, $69 million and $52 million, respectively, related to the Company’s share in joint ventures. We expect to meet these commitments from our current cash balance and from cash generated from our operations.
Financing
We seek to finance our operations on a country-by-country basis when we determine it to be more cost and risk effective. As local financial markets become more developed, we have been able to finance increasingly at the level of our operations in local currency and on a non-recourse basis to MIC S.A. as of December 31, 2020, 56% ($3,187 million) of our total consolidated debt excluding lease liabilities of $5,691 million was at the operational level (excluding our joint ventures in Guatemala and Honduras) and non-recourse to MIC S.A., and 41% of this debt was denominated in local currency. In addition, at December 31, 2020 our joint ventures in Guatemala and Honduras had $750 million of debt excluding lease liabilities which was non-recourse to MIC S.A.
Consolidated indebtedness
Millicom’s total consolidated debt excluding lease liabilities as of December 31, 2020 was $5,691 million and our total consolidated net debt (representing total consolidated debt after deduction of cash, cash equivalents, and pledged deposits) was $4,816 million. Including lease liabilities, Millicom's total consolidated financial obligations as of December 31, 2020 were $6,711 million and our total consolidated net financial obligations (representing total consolidated financial obligations after deduction of cash, cash equivalents, and pledged deposits) were $5,837 million. Millicom’s total consolidated debt excluding lease liabilities as of December 31, 2019 was $5,972 million and our total consolidated net debt (representing total consolidated debt after deduction of cash, cash equivalents, and pledged deposits) was $4,807 million. Including lease liabilities, Millicom's total consolidated financial obligations as of December 31, 2019 were $7,036 million and our total consolidated net financial obligations (representing total consolidated financial obligations after deduction of cash, cash equivalents, and pledged deposits) were $5,902 million See note C.6. to our audited consolidated financial statements included elsewhere in this Annual Report for a reconciliation of total consolidated debt (and financial obligations) to total consolidated net debt (and financial obligations). Our consolidated interest and other financial expenses for the year ended December 31, 2020 were $624 million and for years ended December 31, 2019 and 2018 were $564 million and $367 million, respectively.
Millicom's lease liabilities as of December 31, 2020 was $1,020 million, 98% of our consolidated lease liabilities or $996 million, was at operational level (excluding our joint ventures in Guatemala and Honduras) and non-recourse to MIC S.A.
The following table sets forth our consolidated debt and financing by entity or operational entity location for the periods indicated:
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| December 31,
| 2020 |  | 2019 |  | 2018
| (US$ millions)
MIC S.A. (Luxembourg) | 2,504 |  |  | 2,773 |  |  | 1,770 |
Latin America: |  |  |  |  |
Colombia | 803 |  |  | 827 |  |  | 1,016 |
Paraguay | 738 |  |  | 502 |  |  | 504 |
Bolivia | 337 |  |  | 350 |  |  | 317 |
El Salvador | 118 |  |  | 268 |  |  | 299 |
Costa Rica | 119 |  |  | 148 |  |  | 148 |
Panama | 869 |  |  | 918 |  |  | 261 |
Africa: |  |  |  |  |
Tanzania | 203 |  |  | 186 |  |  | 201 |
Chad(1) |  |  | — |  |  | 64 |
Total debt and financing | 5,691 |  |  | 5,972 |  |  | 4,580 |

(i) Operations were classified as assets held for sale from 2017 and subsequently disposed of or merged.
(ii) Finance lease liabilities were included in Debt and Financing until 31 December 2018, but were reclassified to lease liabilities on January 1, 2019 when adopting the new leasing standard. For more details see "New and amended IFRS accounting standards" in our audited consolidated financial statements.
For a more detailed description of our outstanding financial obligations, including our credit facilities and outstanding bond or note issuances, see note C.3 to our audited consolidated financial statements.
Our financing facilities at the MIC S.A. level are subject to a number of financial covenants including net leverage and interest coverage requirements. In addition, certain financings at MIC S.A. level contain restrictions on sale of businesses or significant assets within the businesses.
Our financing facilities at the operational level are subject to a number of financial covenants including requirements with respect to net leverage, debt service coverage, debt to earnings and cash levels. In addition, certain financings at the operational level contain restrictions on sale of businesses or significant assets within the businesses.
Indebtedness of the Guatemala and Honduras joint ventures
With respect to the Guatemala and Honduras joint ventures, respectively, total debt excluding lease liabilities as of December 31, 2020 was $413 million and $337 million and our total net debt (representing total debt after deduction of cash, cash equivalents, and pledged deposits) was $454 million and $339 million. As of December 31, 2020, our joint ventures in Guatemala and Honduras have lease liabilities of $292 million.
Annual interest expense for the Guatemala joint venture for the years ended December 31, 2020, 2019 and 2018 was $114 million , $90 million and $74 million, respectively. Annual interest expense for the Honduras joint venture for the years ended December 31, 2020, 2019 and 2018 was $24 million, $37 million and $29 million, respectively.
In 2020, our Guatemala joint venture redeemed its $800 million Notes, funding this prepayment with a mix of cash, new local currency bank loans totaling approximately $284 million, and shareholder loans.
The following table sets forth the debt and financing of the Guatemala and Honduras joint ventures for the periods indicated:
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| December 31,
| 2020 |  | 2019 |  | 2018
| (US$ millions)
Guatemala | 413 |  |  | 929 |  |  | 927 |
Honduras | 337 |  |  | 353 |  |  | 383 |

(i) Finance lease liabilities were included in Debt and Financing until 31 December 2018, but were reclassified to lease liabilities on January 1, 2019 when adopting the new leasing standard.
The financing facilities of the Guatemala and Honduras joint ventures are subject to a number of financial covenants such as net leverage requirements. In addition, certain of their financings contain restrictions on sale of businesses or significant assets within the businesses.
C. Research and Development, Patents and Licenses, etc.
We do not engage in research and development activities, and we do not own any patents.
D. Trend Information
For a discussion of trend information, see “—A. Operating Results—Factors affecting our results of operations.”
E. Off-Balance Sheet Arrangements
As of December 31, 2020, the Millicom Group’s share of total debt and financing secured by either pledged assets, pledged deposits issued to cover letters of credit, or guarantees issued was $287 million. Assets pledged by the Millicom Group for these debts and financings amounted to nil as of December 31, 2020. The table below details the maximum exposure under these guarantees and their remaining terms, as of December 31, 2020.

| Total |  | Less than 1 year |  | 1-3 years |  | 3-5 years |  |
| (US$ millions)
Theoretical maximum exposure | 287 |  |  | 59 |  |  | 227 |  |  | — |  |  |

F. Tabular Disclosure of Contractual Obligations
The Millicom Group has various contractual obligations to make future payments, including debt agreements and payables for license fees and lease obligations.
The following table summarizes our obligations under these contracts due by period as of December 31, 2020.

| Total |  | Less than 1 year |  | 1–5 years |  | After 5 years
|  | (US$ millions) |  |
Debt and financing (after unamortized financing fees) | 5,691 |  |  | 113 |  |  | 1,824 |  |  | 3,755 |
Future interest commitments on debt and financing(1) | 1,484 |  |  | 311 |  |  | 1,069 |  |  | 104 |
Lease liabilities | 1,021 |  |  | 123 |  |  | 525 |  |  | 373 |
Future interest commitments on leases | 759 |  |  | 146 |  |  | 410 |  |  | 203 |
Capital expenditure | 564 |  |  | 400 |  |  | 164 |  |  | — |
Total | 9,519 |  |  | 1,093 |  |  | 3,991 |  |  | 4,435 |

(1) Future interest commitments on our floating rate debt are calculated using the rates in effect for the floating rate debt as of December 31, 2020.
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ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A. Directors and Senior Management
Directors
The following table sets forth information of each member of the Company’s Board of Directors as of the date of this filing:

Name |  | Position |  | Year First Elected
Mr. José Antonio Ríos García (1) |  | Chairman |  | 2017
Ms. Pernille Erenbjerg |  | Deputy Chair |  | 2019
Mr. Odilon Almeida |  | Member |  | 2015
Mr. Tomas Eliasson |  | Member |  | 2014
Ms. Mercedes Johnson |  | Member |  | 2019
Mr. Lars-Åke Norling |  | Member |  | 2018
Mr. Mauricio Ramos |  | Member |  | 2020
Mr. James Thompson |  | Member |  | 2019

(1) First appointed as Chairman in January 2019.
Biographical information of each member of the Company’s Board of Directors is set forth below.
Mr. José Antonio Ríos García, Non-executive Director and Chairman of the Board. Mr. José Antonio Ríos García was re-elected to the Board in June 2020 and was first appointed as Chairman of the Board on January 7, 2019. Mr. Ríos, born in 1945, is a proven global business executive with over 30 years of sustained leadership at key multinational companies such as Millicom, Global Crossing (Lumen Technologies), Telefonica S.A., Hughes Electronics, DirecTV and the Cisneros Group of Companies. Until September 2020, he was the Chairman and CEO of Celistics Holdings, a leading mobile payment platform and cellular top-up distribution business, providing intelligent solutions for the consumer electronic technology industry across Latin America. Prior to joining Celistics, Mr. Ríos was the founding President and CEO of DirecTV Latin America (GLA), and the International President of Global Crossing, the telecommunications company later acquired by Level 3 Communications, and then merged with Lumen Technologies. Mr. Ríos holds an Industrial Engineering degree from the Universidad Católica Andrés Bello, Caracas, Venezuela.
Ms. Pernille Erenbjerg, Non-executive Director, Deputy Chair of the Board, Chair of the Compensation Committee and Member of the Audit Committee. Ms. Pernille Erenbjerg was re-elected to the Board in June 20209. Ms. Erenbjerg, born in 1967, is formerly the President and Group Chief Executive Officer of TDC, the leading provider of integrated communications and entertainment solutions in Denmark and Norway. Before being appointed President and Group Chief Executive Officer, Ms. Erenbjerg served as TDC’s Chief Financial Officer and as Executive Vice President of Corporate Finance. Ms. Erenbjerg also serves on the Boards of Nordea, the largest financial services group in the Nordic region, and Genmab, the Danish international biotechnology company. Prior to joining TDC in 2003, Ms. Erenbjerg worked for 16 years in the auditing industry, finishing in 2003 as an equity partner in Deloitte. Ms. Erenbjerg holds an MSc in Business Economics and Auditing from Copenhagen Business School.
Mr. Odilon Almeida, Non-executive Director, Chairman of the Compliance and Business Conduct Committee. Mr. Odilon Almeida was re-elected to the Board in June 2020. Mr. Almeida, born in 1961, is a senior global leader in the financial, fin-tech, telecom, and consumer goods sectors, and will join ACI Worldwide Inc. as President and CEO in March 2020. He will also be appointed to the Board of ACI. Previously he was an Operating Partner at Advent International, one of the world’s largest private equity funds with $54.3B in assets under management and 345+ investments across 41 countries. His board experience, along with business leadership at Western Union, includes BankBoston (now Bank of America), The Coca-Cola Company and Colgate-Palmolive. Mr. Almeida holds a Bachelor of Civil Engineering degree from the Maua Engineering School in São Paulo, Brazil, a Bachelor of Business Administration degree from the University of São Paulo and an MBA with specialization in Marketing from the Getulio Vargas Foundation, São Paulo. He advanced his education with executive studies at IMD Lausanne, The Wharton School, and Harvard Business School.
Mr. Tomas Eliasson, Non-executive Director and Chairman of the Audit Committee. Mr. Tomas Eliasson was re-elected to the Board in June 2020. Mr. Eliasson, born in 1962, is Executive Vice President, Chief Financial Officer of
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Sandvik. Previously Mr. Eliasson was the Chief Financial Officer and Senior Vice-President of Electrolux, the Swedish appliances manufacturer. Mr. Eliasson has also held various management positions in Sweden and abroad, including ABB Group, Seco Tools AB and Assa Abloy AB. Mr. Eliasson holds a Bachelor of Science Degree in Business Administration and Economics from the University of Uppsala.
Ms. Mercedes Johnson, Non-executive Director and Member of the Audit Committee and of the Compliance and Business Conduct Committee. Ms. Johnson was first elected to the Board in June 2020. Ms. Johnson, born in 1954, also serves on the Board of Directors of three other NASDAQ technology companies - Synopsys, a provider of solutions for designing and verifying advanced silicon chips, Teradyne, a developer and supplier of automated semiconductor test equipment and Maxim Integrated Products, an integrated circuits designer and producer. During her executive career, Ms. Johnson held positions such as Chief Financial Officer of Avago Technologies (now Broadcom) and Chief Financial Officer of LAM Research Corporation. Ms. Johnson holds a degree in Accounting from the University of Buenos Aires.
Mr. Lars-Åke Norling, Non-executive Director, Member of the Compensation Committee and of the Compliance and Business Conduct Committee. Mr. Norling was re-elected to the Board in June 2020. Mr. Norling, born in 1968, is the CEO of Nordnet since September 2019 and was previously an Investment Director and Sector Head of TMT at Kinnevik AB. Prior to that, he was the Chief Executive Officer of Total Access Communications (dtac) in Thailand where he executed a digital transformation and led a turnaround of the company’s financial performance. He has also been EVP of Developed Asia for Telenor as well as Chief Executive Officer of DigiTelecommunications Malaysia and CEO of Telenor Sweden. Mr. Norling holds an MBA from Gothenburg School of Economics, an MSc in Engineering Physics from Uppsala University and an MSc in Systems Engineering from Case Western Reserve University, USA.
Mr. Mauricio Ramos, Executive Director and Chief Executive Officer. Mr. Mauricio Ramos, born in 1968, joined Millicom in April 2015 as CEO and was elected as an Executive Director in June 2020 Before joining Millicom, he was President of Liberty Global’s Latin American division, a position he held from 2006 until February 2015. During his career at Liberty Global, Mr. Ramos held several leadership roles, including positions as Chairman and CEO of VTR in Chile and President of Liberty Puerto Rico. Mr. Ramos is also a member of the Board of Directors of Charter Communications (US). Mr. Ramos formerly served as Chairman of TEPAL, the Latin American Association of Cable Broadband Operators and is a former Member of the Board of Directors of the GSMA. He received a degree in Economics, a degree in Law, and a postgraduate degree in Financial Law from Universidad de los Andes in Bogota.
Mr. James Thompson, Non-executive Director, Member of the Audit Committee and of the Compensation Committee. Mr. Thompson was re-elected to the Board in June 2020. Mr. Thompson, born in 1961, is a Managing Principal at Kingfisher Family Office. He is also a non-executive Director of C&C Group plc and serves on its Audit Committee. Previously, he was a Managing Principal at Southeastern Asset Management. Between 2001 and 2006, he opened and managed Southeastern Asset Management’s London research office. Mr. Thompson holds an MBA from Darden School at the University of Virginia, and a Bachelor’s degree in Business Administration from the University of North Carolina.
Members of the Executive Team
The following table lists the names and positions of the members of our Executive Team.

Name |  | Position
Mr. Mauricio Ramos |  | Executive Director and Chief Executive Officer
Mr. Tim Pennington |  | Senior Executive Vice President, Chief Financial Officer
Mr. Esteban Iriarte |  | Executive Vice President, Chief Operating Officer, Latin America
Mr. Xavier Rocoplan |  | Executive Vice President, Chief Technology and Information Officer
Mr. Karim Lesina |  | Executive Vice President, Chief External Affairs Officer
Mr. Salvador Escalón |  | Executive Vice President, Chief Legal and Compliance Officer
Ms. Susy Bobenrieth |  | Executive Vice President, Chief Human Resources Officer

Biographical information of the members of our Executive Team is set forth below.
Mr. Tim Pennington, Senior Executive Vice President, Chief Financial Officer. Mr. Tim Pennington, born in 1960, joined Millicom in June 2014 as Senior Executive Vice President, Chief Financial Officer. He also currently serves as a non-executive director of Euromoney Institutional Investor plc. Previously, he was the Chief Financial Officer at Cable and Wireless Communications plc, Group Finance Director for Cable and Wireless plc and, prior to that, CFO of Hutchison Telecommunications International Ltd, based in Hong Kong. Mr. Pennington was also Finance Director of Hutchison 3G (UK), Hutchison Whampoa’s British mobile business. He also has corporate finance experience, firstly as a Director at Samuel Montagu & Co. Limited, and then as Managing Director of HSBC Investment Bank within its Corporate Finance
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and Advisory Department. He has a BA (Honours) degree in Economics and Social Studies from the University of Manchester.
Mr. Esteban Iriarte, Executive Vice President, Chief Operating Officer, Latin America. Mr. Esteban Iriarte, born in 1972, was appointed as Executive Vice President, Chief Operating Officer (COO), Latin America in August 2016. Previously, Mr. Iriarte was General Manager of Millicom’s Colombian businesses where, in 2014, he led the merger and integration of Tigo and the fixed-line company UNE. Prior to leading Tigo Colombia, Mr. Iriarte was head of Millicom’s regional Home and B2B divisions. From 2009 to 2011, he was CEO of Amnet, a leading service provider in Central America for broadband, cable TV, fixed line and data services that was bought by Millicom in 2008. In 2016 Mr. Iriarte joined the board of Sura Asset Management. Sura is one of Latin America’s biggest financial groups. Mr. Iriarte received a degree in Business Administration from the Pontificia Universidad Catolica Argentina “Santa Maria de los Buenos Aires”, and an MBA from the Universidad Austral in Buenos Aires.
Mr. Xavier Rocoplan, Executive Vice President, Chief Technology and Information Officer. Mr. Xavier Rocoplan, born in 1974, started working with Millicom in 2000 and joined the Executive Team as Chief Technology and IT Officer in December 2012. Mr. Rocoplan is currently heading all mobile and fixed network and IT activities across the Group as well as all Procurement & Supply Chain. Mr. Rocoplan first joined Millicom in 2000 as CTO in Vietnam and subsequently for South East Asia. In 2004, he was appointed CEO of Millicom’s subsidiary in Pakistan (Paktel), a role he held until mid-2007. During this time, Mr. Rocoplan launched Paktel’s GSM operation and led the process that was concluded with the disposal of the business in 2007. He was then appointed as head of Corporate Business Development, where he managed the disposal of various Millicom operations (e.g. Asia), the monetization of Millicom infrastructure assets (towers) as well as numerous spectrum acquisitions and license renewal processes in Africa and in Latin America. Mr. Rocoplan holds Masters degrees in engineering from Ecole Nationale Supérieure des Télécommunications de Paris and in economics from Université Paris IX Dauphine.
Mr. Karim Lesina, Executive Vice President, Chief External Affairs Officer. Mr. Karim Lesina, born in 1975, joined Millicom in November 2020. Before joining Millicom, between 2007 and 2020, Mr. Lesina held among others the position of Senior Vice President, International External and Regulatory Affairs at AT&T, directing the internal international and regulatory affairs teams, as well as the external and regulatory affairs teams across four international affiliates: Turner, Warner Media, AT&T Latin America and Direct TV. Prior to his term at AT&T, from 2005 to 2007, Mr. Lesina worked in the corporate affairs team at Intel as the Government Affairs Manager for Europe, Africa and the Middle East. Mr. Lesina began his career at multinational public relations and communications firms. Born in Dakar (Senegal) Mr. Lesina is an Italian-Tunisian national and has a master’s degree in Economics of Development from the Catholic University of Louvain-la-Neuve.
Mr. Salvador Escalón, Executive Vice President, Chief Legal and Compliance Officer. Mr. Salvador Escalón, born in 1975, was appointed as Millicom’s General Counsel in March 2013, became Executive Vice President in July 2015, and became Chief Legal and Compliance Officer in 2020. Mr. Escalón leads Millicom’s Legal, Ethics and Compiance team and advises the Board of Directors and senior management on legal, compliance, and governance matters. He joined Millicom as Associate General Counsel Latin America in April 2010. From January 2006 to March 2010, Mr. Escalón was Senior Counsel at Chevron Corporation, with responsibility for legal matters relating to Chevron’s downstream operations in Latin America. Previously, he was in private practice at the law firms Skadden, Morgan Lewis and Akerman. Mr. Escalón has a J.D. from Columbia Law School and a B.B.A. in Finance and International Business from Florida International University.
Ms. Susy Bobenrieth, Executive Vice President, Chief Human Resources Officer. Ms. Susy Bobenrieth, a global Human Resource professional, born in 1965, joined Millicom in October 2017 with over 25 years of experience in major multi-national companies that include Nike Inc., American President Lines and IBM. As an ex-Nike Executive, she has extensive international knowledge and proven results in leading large scale organizational transformations, driving talent management agenda and leading teams. She is passionate about building great businesses and winning with high performing teams. Ms. Bobenrieth has deep international experience having lived and worked in Mexico, USA, Brazil, Netherlands, and Spain. She received a degree from the University of Maryland, University College in 1989.
B. Compensation
For the financial year ended December 31, 2020, the total compensation paid to MIC S.A.’s directors was $1.5 million and to the CEO and CFO the total cash compensation plus benefits (excluding pension) was $3.8. million. The total amounts set aside or accrued by Millicom to provide pension, retirement or similar benefits for directors and CEO and CFO was $0.4 million.
The Company provides information on the individual compensation of its directors and certain members of its executive management in its annual report filed with the Registre de Commerce et des Sociétés (Luxembourg Trade and
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Companies Register), the Société de la Bourse de Luxembourg S.A. (Luxembourg Stock Exchange) and the Commission de Surveillance du Secteur Financier (CSSF). As that annual report is made publicly available, the relevant individual compensation information it contains for directors and executive management is included below.
Remuneration of Directors
The remuneration of the non-executive members of the Board of Directors comprises an annual fee and shares of MIC S.A. common stock. Director remuneration is proposed by the Nomination Committee and approved by the shareholders at the Annual General Meeting or other shareholders’ meetings. Director remuneration for the year ended December 31, 2020 is set forth in the following table.

Board and committees |  | Remuneration 2020 (1)
|  | (USD '000)
Non-Executive Directors |  |
Mr. José Antonio Ríos García |  | 300 |
Ms. Pernille Erenbjerg |  | 273 |
Mr. Odilon Almeida |  | 175 |
Mr. Tomas Eliasson |  | 195 |
Ms. Mercedes Johnson |  | 185 |
Mr. Lars-Åke Norling |  | 175 |
Mr. James Thompson |  | 185 |
Total |  | 1,488 |

(1) Remuneration covers the period from June 25, 2020 to the date of the AGM in May 2021 as resolved at the shareholder meeting on June 25, 2020. Share based compensation for the period from June 25, 2020 to May 2021 was based on the market value of Millicom shares on July 2, 2020 and represented a total of 32,358 shares. Total remuneration for the period from June 25, 2020 to May 2021 after deduction of applicable withholding tax at source comprised 71% in shares and 29% in cash.
At the AGM held on June 25, 2020, MIC S.A.’s shareholders approved the compensation for the eight directors expected to serve from that date until the 2021 AGM consisting of two components: (i) cash-based compensation and (ii) share-based compensation. The share-based compensation is in the form of fully paid-up shares of MIC S.A. common stock. Such shares are provided from the Company’s treasury shares or alternatively issued within MIC S.A.’s authorized share capital exclusively in exchange for the allocation from the premium reserve (i.e., for nil consideration from the relevant directors), in each case divided by the MIC S.A. share closing price on the Nasdaq Stock Market on July 2, 2020, or US$26.27 per share, provided that shares shall not be issued below the par value.
In respect of directors who do not serve an entire term from the 2020 AGM until the 2021 AGM, the fee-based and the share-based compensation is pro-rated pro rata temporis.
Remuneration of Executive Management
1.Compensation Committee’s role
This report describes the remuneration philosophy, and related policy and guidelines, as well as the governance structures and processes in place. It also sets out the remuneration of Directors, as well as compensation of the Global Senior Management for the current and prior financial reporting years.
1.1 Role of Compensation Committee
The Compensation Committee monitors and evaluates programs for variable remuneration to the senior management, both ongoing programs and those that have ended during the year and monitors and evaluates the application of the guidelines for remuneration to the Board and senior management that the shareholders' meeting has established, as well as the current remuneration structures and levels in the Company. The Compensation Committee makes recommendations to the Board of Directors regarding the compensation of the CEO and his direct reports; approves all
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equity plans and grants; and manages Executive Team succession planning. Final approval of the CEO remuneration requires Board approval.
The evaluation of the CEO is conducted by the Compensation Committee. The evaluation criteria and the results of the evaluation are then discussed by the Chairman with the entire Board. In 2020, the Board considered that the CEO provided exceptional leadership for the Company in the face of the COVID-19 crisis. In evaluating his performance as "Exceeds" the Board took into account the way in which he rapidly refocused the business from revenue growth to protecting customers, employees and cashflow. Together with achievement on the financial targets discussed below, the total bonus achievement for the CEO was at 110.9% of target ($2,602,262 compared to $2,855,020 for 2019 performance). The Chairman of the Board conveyed the results of the review and evaluation to the CEO.
Guidelines and policy for senior management remuneration are approved by the shareholders at the AGM. For 2021, per the European Union Shareholders Rights Directive II, a Remuneration Report will be submitted for approval by shareholders at the AGM in May 2021.
1.2 Compensation Committee Charter
The Group’s Compensation Committee charter can be found on our website under the Board Committees section and covers overall purpose/objectives; committee membership; committee authority and responsibility; and committee’s performance evaluation.
1.3 Compensation Committee Membership and Attendance 2020

Committee | Position | First Appointment | Meeting Attendance | %
Ms. Pernille Erenbjerg | Chairman | January-19 | 6 of 6 | 100
Mr. Lars-Åke Norling | Member | May-19 | 6 of 6 | 100
Mr. James Thompson | Member | January-19 | 6 of 6 | 100
Overall Attendance | 18 of 18 | 100

In addition, the Chairman of the Board, Mr. José Antonio Rios Garcia, attended all of the regularly scheduled meetings of the Compensation Committee.
1.4 Areas covered in 2020
The Compensation Committee met six times in 2020 and was primarily focussed on reward and management retention in the face of the unprecedented operating environment.

Topic | Commentary
Bonus (STI) and performance reports | Reviewed and approved Global Senior Management Team's 2019 performance reports and Executive Team individual payouts STI/LTI (cash /equity).
| Reviewed and approved the 2020 short term variable compensation targets.
Compensation review | Approved all payments for Executive Team members.
| Reviewed executive remuneration and governance trends and developments.
| Reviewed and approved the peer group for the Executive Team benchmarking.
| Approved changes to CEO and Executive Team compensation elements based on market competitiveness.
Share-based incentive plans | Approved the 2017 LTI (PSP) vesting.
| Reviewed and approved all equity grants.

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| Reviewed and approved the 2020 share units plan (DSP and PSP) rules.
| Reviewed and approved the 2020 long-term variable compensation targets.
| Reviewed the replenishment of the treasury share balance reserved for share-based incentive plans.
| Reviewed share ownership guidelines and the compliance of each covered employee.
| Reviewed performance and projections of outstanding LTI plans (2018, 2019 and 2020).
| Reviewed equity plans participant turnover.
Global reward strategy and executive remuneration review | Reviewed Remuneration/C&B Philosophy & Strategy.
Variable pay design | Discussed and approved STI/LTI design for 2021.
| Reviewed and approved STI and LTI performance measures for 2021.
Other | Reviewed and approved exceptional items, new hire equity grants, etc.
| Reviewed Executive Team’s severance payouts in a Change of Control.
| Reviewed STI historical targets and achievements.
| Reviewed new requirements under Shareholder Rights Directive II.
| Reviewed and approved compensation actions taken under COVID-19.
| Reviewed and approved potential solutions related retention (MSUs).
| Reviewed and approved a Clawback policy.
Compensation Committee governance | Reviewed and approved the Compensation Committee annual meeting cycle and calendar.
| Reviewed the Compensation Committee Charter.
| Updated Executive Compensation dashboard.
| Reviewed and approved the use of an external compensation consultant.

2. Our Compensation Philosophy and Core Principles
The philosophy, guidelines, objectives, and policy applicable to remuneration of the Global Senior Management Team were approved by the shareholders (item 20) of the AGM held on June 25, 2020.
2.1 Core principles
T he Compensation Committee worked using the following objectives for Global Senior Management Team's compensation.
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What we strive for | What it means
Competitive and fair | Levels of pay and benefits to attract and retain the right people.
Drive the right behaviors | Reward policy and practices drive behaviors that support our Company strategy and business objectives.
Shareholder alignment | Variable compensation plans support a culture of entrepreneurship and performance, and incorporate both short- term and longer-term financial and operational metrics strongly correlated to the creation of shareholder wealth. Long-term incentives are designed to maintain commitment over the long term and ensure the interests of our Global Senior Management Team are aligned with those of shareholders.
Pay for Performance | Total reward structured around pay in line with performance, providing the opportunity to reward strong corporate and individual performance. A significant proportion of compensation of top management is variable (at risk) and based on measures of personal and company performance directly attributable to short-term and longer-term value creation.
Transparent | Millicom is committed to expanding external transparency, including disclosure around pay for performance, linkages to value creation etc. We are also investing in HR information systems in order to facilitate the measurement and internal communication related to incentive composition including performance metrics, pay equity, goal setting, and pay for performance relationships.
Market competitive and representative remuneration | Compensation is designed to be market competitive and representative of the seniority and importance of roles, responsibilities and geographical locations of individuals (with the majority of the Global Senior Management Team roles located in the United States).
Retention of key talent | Variable compensation plans include a significant portion of share based compensation, pay-out of which is also conditional on future employment with the Company for three year rolling periods, starting on the grant date.
Executive management to be "invested" | Global Senior Management Team, through Millicom’s share ownership guidelines, are required to reach and maintain a significant level of personal ownership of Millicom shares.

I n addition, to drive the right behaviors and ensure expectations are aligned, we communicate clearly to our employees what we do and do not do when it comes to compensation. A summary is set out in the table below:
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What we do | What we don't do
Align pay and performance. | No special executive perquisites.
We have a substantial majority of executive pay at risk, based on a mix of absolute and relative financial and share price performance metrics. | No hedging of Company stock by executives.
We impose limits on maximum incentive payouts. | No dividends or dividend equivalents on unearned PSUs or RSUs.
Engage in a rigorous target-setting process for incentive metrics. | No tax gross-ups related to change in control.
Threshold in our STI is set to pay only at 95% and above levels of performance. |
We have robust share ownership guidelines for our top 50 executives. |
“Double-trigger” change in control provisions in equity awards. |
We have clawback policies that apply to our performance based incentive plans. |
Independent compensation consultant retained by the Compensation Committee. |

2.2 Elements of Executive pay
C ompensation for the Global Senior Management Team in 2020 comprised a Base Salary, a Short-Term Incentive (”STI”) and a Long-Term Incentive Plan (“LTI”) together with pension contributions and other benefits (e.g. healthcare).
Salary

Pay Element | Purpose | Maximum Opportunity
Purpose and link to strategy | Designed to be market competitive to attract and retain talent | No absolute maximum has been set for Executive Team salaries. The Committee considers increases on a case by case basis based on peer comparison. Pay increases usually reflect a combination of role and responsibilities, local market conditions and individual performance.
Operational Execution | Paid monthly in cash in U.S. dollars or the home currency of the Executive | The Compensation Committee aims to set salaries for the Executive Team at the median of the peer group
Reviewed by the Compensation Committee every March

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STI |  |
Pay Element | Purpose | Payout Opportunity
Purpose and link to strategy | The STI links reward to key business targets (70%) and individual contribution (30%) | Below 95% achievement of business targets the award falls to 0%. The threshold achievement is 95% of target resulting in a payout of 80%. The opportunity is 200% for the achievement of 110%
The STI provides alignment with shareholders’ interests through the provision of 50% of the payment delivered in share units deferred over three years ("DSP") for senior leadership team. The DSP is awarded upon achievement of the performance targets and with 30% paid after one year, 30% after the second year and 40% after the third year of the grant date. | The target achievement for: CEO – 200% CFO – 150%
These plans help to incentivize and motivate to execute strategic plans in operational decision making to achieve short-term performance goals impacting performance and enhancing the value of the Company. | Maximum achievement: CEO – 400% CFO – 300%
The financial and operational targets are; |
•Service Revenue | 20%
•EBITDA | 20%
•Cashflow (OFCFaL) | 20%
•Transactional Net Promoter Score (tNPS) | 10%
•Personal Performance | 30%
Benchmarking | Our STI is a key component of the Millicom group culture. We benchmark to peer companies within the U.S. and Latin America | Each year the Compensation Committee determines the annual STI opportunity for the Executive Team.

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LTI |  |
Pay Element | Purpose | Payout Opportunity
Purpose and link to strategy | The LTI links an important part of overall Global Senior Management Team compensation with the interests of our shareholders | For financial metrics, below 80% achievement the award falls to 0%. In the event the Company achieves between 80% and 120% of the target, the corresponding portion of the grant will be adjusted in linear pro rata of the achievement starting at a payout of 0% at an achievement of 80%, up to a maximum value of 200% if target achievement is 120% or higher. For relative total shareholder return (TSR) no award is made for performance below peer group median. Achieving TSR performance at median or above of a pre-determined peer the grant will be adjusted in linear pro rata of the achievement starting at a payout of 100%, up to a maximum value of 200% if target achievement is 120% or higher
This plan serves the purpose of aligning Global Senior Management Team longer-term incentives with the longer-term interests of shareholders, encouraging long-term value creation, retention and management’s focus on long term value |
Millicom emphasizes the One Team mentality – by maintaining unified goals and objectives in the long-term incentive program for the Global Senior Management Team with the purpose of driving the successful achievement of three-year performance goals designed to enhance long-term value of the Company |

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Operational Execution | The LTI is a performance-based share units plan (“PSP”) whereby share units awards granted fully vest at the end of a three-year period, subject to achievement against performance measures and fulfillment of conditions. | The target achievement for: CEO - 480% CFO - 175%
LTI payouts are typically in share units and based on company three-year cash flow, and revenue targets approved by the Compensation Committee and the Board, as well as to shareholder return.
Performance Share Units Plan (PSP) | The maximum achievement for: CEO – 960% CFO – 350%
The PSP financial targets are: •Service Revenue 25% •OFCFaL (Operating Free Cash Flow) 50% •Relative TSR 25% The PSP pays out / is settled in shares at the end of 3 years.
*For 2021 LTI we plan to use OCFaL (Operating Cash Flow after Leases) in lieu of OFCF aL (Operating Free Cash Flow after Leases) and include a portion of the grant as Restricted Stock Units (“RSUs”) following US market practice, which will also vest at the end of the corresponding three-year period |
Benchmarking | Our LTI is a key component of the Millicom group culture. | Each year the Compensation Committee determines the annual LTI opportunity for the Executive Team.
We benchmark to peer companies within the US and Latin America

In addition, in order to ensure continued retention of key individuals during periods of uncertainty the Board also uses retention schemes. In 2021 the Board approved a Retention Scheme for a selected group of top management including the CEO and CFO.
2.3 Other Employment terms and conditions
Notice of termination: if the employment of a member of the Millicom’s Executive Team is terminated, a notice period of up to 12 months could potentially apply. The Board regularly reviews best practices in executive compensation and governance and revises policies and practices when appropriate. In 2019 Millicom revised its change in control agreements for eligible executives to include "double-trigger" provisions, which require an involuntary termination (in addition to change in control) for accelerated vesting of awards.
Deviations from the policy and guidelines: in special circumstances, the Board may deviate from the above policy and guidelines, for example additional variable remuneration in the case of exceptional performance.
2.4 Other executive compensation policies
In 2020, the Compensation Committee approved a Clawback Policy, where Millicom has adopted a policy that requires its Board of Directors’ Compensation Committee to seek recovery of incentive compensation awarded or paid to those officers covered under the policy, in the event that a restatement of Millicom’s audited and published financial statements is found to have resulted in the payment of compensation in excess of what would have been paid based on the restated operating and financial performance.
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In addition, the Company’s Insider Trading Policy prohibits any hedging or speculative transactions in the Company’s shares, including the use of options and other derivatives. It also prohibits directors and employees from selling the Company’s stock short.
3. Key developments for 2020
In 2020, the impact of the COVID-19 pandemic was the overriding concern of the Compensation Committee. By necessity management had to take stringent actions to protect the health of employees, customers and partners. This inevitably meant that many of the business plans for the year, on which the performance targets were set, had to be shelved. As part of the actions taken, increases in annual pay, which were planned to take effect from April 1, 2020 were cancelled for the CEO and 120 of our Top Management team, and a hiring freeze was implemented. In addition, we implemented hazard pay, which sought to give a supplemental compensation to our employees who had to carry out some work in the field exposing themselves to additional risk.
Nonetheless, the Committee did not change any of the performance measures or targets for any of the “in-flight” incentive plans. The 2018 LTI vested in February 2021, reflected the achievement of the metrics including the COVID-19 impact.
With respect to the remaining in-flight plans, the 2019 and 2020 LTI plans, the impact of COVID-19 has made the achievement of those financial targets now much more uncertain and we have therefore implemented a Retention Plan to ensure key talent is retained during this period. The Compensation Committee has not implemented any other changes or adjustments to the targets or the metrics of our 2019 and 2020 LTI inflight plans.
3.1 Key elements of 2020 CEO and CFO pay
In 2020 the key elements of the CEO and CFO compensation, in line with the Remuneration Policy, were as follows;

| Salary (USD) | Short-Term Incentive | Long-Term Incentive | Pension | Benefits
Mauricio Ramos (CEO) | $ | 1,173,000 |  | 200% of Base Salary delivered: | 50% in Cash Bonus | PSP award of 480% of salary with 3-year cliff vesting | 15% of salary | Private healthcare
50% in Share Units over 3 years vesting 30%/30%/40% | Life insurance
Performance Measures: | 60% Financial | Car Allowance
10% Customer |
30% Personal |
Tim Pennington (CFO)* | $ | 669,757 |  | 150% of Base Salary delivered: | 50% in Cash Bonus | PSP award of 175% of salary with 3-year cliff vesting | 15% of salary | Private healthcare
50% in Share Units over 3 years vesting 30%/30%/40% | Life insurance
Performance Measures: | 60% Financial | Car Allowance
10% Customer |
30% Personal |

*CFO Compensation paid in Pounds GBP and for purposes of this report converted to USD using December Closing Forex.
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3.2 Summary of total CEO/CFO compensation
The compensation for the CEO and CFO is summarized on the table below:

| Mauricio Ramos (CEO) | Tim Pennington (CFO)*
In USD | 2020 | 2019 | 2020 | 2019
Base Salary | 1,173,000 |  | 1,167,250 |  | 669,757 |  | 654,327 |
Fringe Benefits** | 82,225 |  | 50,463 |  | 37,600 |  | 22,725 |
Pension Expense | 284,520 |  | 278,914 |  | 100,464 |  | 98,149 |
Total Fixed | 1,539,745 |  | 1,496,627 |  | 807,821 |  | 775,201 |
Annual Bonus*** | 1,301,131 |  | 1,427,510 |  | 508,896 |  | 626,375 |
Deferred Share Units*** | 1,301,131 |  | 1,427,510 |  | 508,896 |  | 626,375 |
LTIP**** | 5,630,400 |  | 4,600,000 |  | 1,200,964 |  | 1,132,957 |
Total Variable | 8,232,662 |  | 7,455,020 |  | 2,218,756 |  | 2,385,707 |
Total Compensation | 9,772,407 |  | 8,951,647 |  | 3,026,577 |  | 3,160,908 |
% Fixed | 15.76 | % | 16.72 | % | 26.69 | % | 24.52 | %
% Variable | 84.24 | % | 83.28 | % | 73.31 | % | 75.48 | %

*CFO Compensation paid in GBP and for purposes of this report converted to USD using December Closing Forex for each period.
**Fringe Benefits include Car Allowance, Life and Disability Insurance, Medical and Dental Insurance.
***The sum of Annual Bonus and Deferred Share Units is the total for the Short-Term Incentive Award for the performance period. 2020 STI to be paid and granted in Q1 2021.
****LTIP is Performance Share Units granted in 2020.
The total Short-Term award for the CEO, CFO and other senior leadership team is split 50% in cash and 50% in share units deferred over a three-year period (“DSP”). The compensation for the CEO and CFO is heavily weighted to variable compensation in the form of share units vesting over a three-year period. As a result, total compensation as shown in the previous table may differ significantly relative to the actual realized compensation in any given year. The table below compares CEO total compensation to its actual realized compensation in the last three years.
2020 CEO Compensation
3.3 Performance on STI 2020
As in previous years, the Annual Bonus is determined by a mixture of Business Performance factors and Individual Performance factors. The Business Performance Factors included performance measures of service revenue, earnings before interest, tax, depreciation and amortization (“EBITDA”), operating free cash flow ("OFCF") and a customer satisfaction metric based on Net Promoter Score achievement. Use and relative weighting of financial performance target measures under the variable compensation rules are equal to all employees regardless of seniority or area of operation. This includes the CEO and the senior leadership team.
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For the CEO and senior leadership team, a portion of the STI is paid in the form of deferred share units with a three-year pro-rated vesting, strengthening our pay for performance and retention incentives.
For the CEO, the achievement of the Individual Performance is summarized below and resulted in a “Exceeds” performance rating. Naturally a number of the original personal objectives were rapidly superseded by the onset of the pandemic, but the board determined that the CEO transitioned the Group rapidly to deal with the impact of COVID which informed the decision to apply an “Exceeds” performance rating.

Target | Weighting | Measure | Outcome | Percentage achievement
Protect people | 25 | % | Protection of staff and customers | Outstanding response to the pandemic with universal policies and practices implemented quickly | 50 | %
Protect networks | 25 | % | Protect the networks to deliver the broadband required by the communities | Despite a 50% increase in traffic on the fixed network and high spikes on the mobile network all networks maintained high levels of resilience and connectivity | 50 | %
Protect the balance sheet | 25 | % | Ensure liquidity and maintain the cashflows | Liquidity remained strong throughout and actions taken to sustain the business delivered higher than expected cashflow | 50 | %
Protect shareholders | 25 | % | Deliver the budget and improve the share price | The budget was not achieved and the share price fell during the year. | — | %

The CEO achieved 150% of his revised personal objectives which translated into a 45% payout in the personal performance component, taking the full STI award including the financial and operational targets to 110.9%.
For the CEO and other eligible DSP participants, the issuance of share units under the DSP is subject to shareholder approval at Millicom’s annual general meeting of shareholders (AGM). For those employees not participating in the DSP, or to the extent that the DSP is not approved by the AGM, the STI will be implemented as a cash-only bonus program.
Under the 2020 STI, 2021 DSP share units are granted in Q1 2021 and will vest (generally subject to the participant still being employed by the Millicom group) 30% in Q1 2022, 30% in Q1 2023 and 40% in Q1 2024. The vesting schedule is unchanged from the 2020 DSP.
3.4 Share Incentive Plans
Since 2016, Millicom has two types of plans, a DSP (STI) and a PSP (LTI). As part of the STI, the senior leadership team receives 50% of their payout in the form of deferred share units (DSP). Every year a group of key employees are selected to receive a granted of deferred share units (DSP).For the LTI, the Global Senior Management Team also participates in a performance share plan (PSP). The different plans are further detailed below.
Deferred share plan (issued from 2015 to 2018)
For this deferred awards plan, participants are granted share units based on past performance, with 16.5% of the share units vesting on January 1 of each of year one and two, and the remaining 67% on January 1 of year three. Vesting is conditional upon the participant remaining employed with MIC S.A. at each vesting date. Grants were made under the deferred awards plans in 2015, 2016, 2017 and 2018 based, respectively, on financial results for the years ended December 31, 2014, 2015, 2016 and 2017.
Deferred share plan (issued from 2019 to 2021)
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For this deferred awards plan, participants are granted share units based on past performance, with 30% of the share units vesting on January 1 of each of year one and two, and the remaining 40% on January 1 of year three. Vesting is generally conditional upon the participant remaining employed with MIC S.A. at each vesting date. Grants were made under the deferred awards plans in 2019, 2020, and 2021 based, respectively, on financial results for the years ended December 31, 2018, 2019, and 2020.
The 2021 DSP will be presented for approval until the 2021 AGM, once all final details, including maximum number of share units to be issued, are known. We expect that grants will be made under the DSP in 2021 based on financial results for the year ended December 31, 2020.
3.4.1 LTI (PSP)
Eligibility for participation in the LTI is limited to members of MIC S.A.’s Global Executive Management Team, which is defined by MIC S.A.’s internal role grading structure and consists of the CEO, EVPs, VPs and GMs. During 2020, 33 individuals were included in this group, including certain employees of the Guatemala and Honduras joint ventures. The 2020 LTI is a Performance Share Plan (“PSP”). Share units granted will vest 100% at the end of a three-year period, subject to performance conditions.
3.4.2 Award LTI 2020
A new plan was issued in 2020 in accordance with the Remuneration Policy guidelines designed to drive shareholder value through a focus on service revenue growth, cashflow generation and relative total shareholder return against a relevant peer group. The PSP2020 plan was approved by shareholders at the 2020 AGM :

Metric | Weighting | Performance target | Performance measure
Service revenue | 25 | % | Target growth | A specific 3-year CAGR target
OFCF | 50 | % | Target growth | A specific 3-year CAGR target
TSR | 25 | % | The Company TSR relative to a peer group between 2021 and 2023 | At median - target payout; below median - nil; 20% above median - max

The peer group for the PSP 2020 is: America Movil, TIM Brazil, TEF Brazil, Entel Chile, Lilac, Telecom Argentina, Grupo Televisa, Megacable.
For the CEO and CFO the award of LTI 2020 is summarized below;
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Name | Type of award | Basis of award | Face value of award | Number of share units granted | End of performance period
Mauricio Ramos (CEO) | PSU - 3 years | 480% of salary | $ | 5,630,400 |  | 122,768 |  | February 2023
| Cliff Vesting |  |  |  |
Tim Pennington (CFO) | PSU - 3 years | 175% of salary | $ | 1,200,964 |  | 26,186 |  | February 2023
| Cliff Vesting |  |  |  |

4. Remuneration approach for 2021
For 2021, the Board has proposed to continue with a consistent framework of STI and LTI with a few changes explained below. We also introduced of a Retention Plan for a selected group of top management.
For the CEO the On target and Maximum remuneration for 2021 is set out below;
At Target CEO Compensation is paid 71% in share units and 84% is variable compensation.
At Maximum CEO Compensation is paid 78% in share units and 91% is variable compensation.
4.1 Summary of key changes for 2021
We have made a number of changes to the 2021 remuneration plans to better focus on retention of key talent and the incentivization of a return to growth.
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For the 2021 STI, in order to incentivize a fast return to financial performance we have steepened the curve on Financial Performance achievement. Financial Performance achievement is based on the budget approved by the Board with the achievement of the budget delivering 100% of the award and, at the maximum, 200%.
For the LTI 2021, the structure of the award remains consistent with 2020, although we have changed the definition of the cashflow target to Operating Cashflow after Leases. This adjusts for the impact of lease accounting to give a clearer view of the underlying operating cash generation of the business. In addition, we have removed changes in working capital and cash taxes as these have proved to have higher volatility.
Additionally, to reflect the need for retention and to align more with U.S. practice (which is where the majority of our Global Senior Management Team are recruited) we have added time vested Restricted Stock Units (“RSU’s”) as a component of the LTI 2021 representing 35% of the award. The RSU’s will vest at the end of three years.
We also increased the relative weighting of the rTSR from 15% to 20%, measured 10 trading days before / after December 31 of the last year of the corresponding three-year measurement period. We will measure the actual cumulative achievement against the 3-year cumulative targets for Service Revenue and Operating Cash Flow to better reflect the performance over the three-year period rather than simply the end point as is the case with a compound annual growth target.
The LTI 2021 is subject to approval by the AGM.
As noted above, the Board believed it necessary to introduce a Retention Plan in the light of the impact on future LTI awards as a consequence of the impact of COVID-19 on our business. The Retention Plan has been awarded to a selected group of executives, including the CEO and CFO. The plan is based on Market Stock Units (“MSU”) and is a performance based scheme where the outcome is dependent on the share price at the time of vesting.
The number of MSUs are determined on the basis of a share price at inception of $43.09 for Tranche 2022 and $47.00 for Tranche 2023. At the vesting date, the value of the MSU is determined by the 30-trading day average share price ending on June 30 2022 for Tranche 2022, and the 30-trading day average share price ending on June 30 2023 for Tranche 2023. For each Tranche, the payment is made in cash 12 months after those dates, provided the participant is still employed (subject to limited allowances for good leavers). For every participant, payment is capped at 150% of their Target MSU Award Value set up for each Tranche.
Participants of the Retention Plan are required to forfeit their awards under LTI 2019 and LTI 2020 in respect of the Financial targets, (Service Revenue Growth and Operating Cashflow), provided that the TSR component will continue to be active for these schemes.
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5. Sundry
5.1 Summary of outstanding awards

|  |  |  |  |  |  | Opening Balance | During the Year |  | Closing Balance
Name | Plan Type | Award Details - Plan Name | Performance Period | Award Grant Date | Vesting Date | Award Share Price in USD | Outstanding Balance as of Dec. 2019 | Share Units Granted in 2020 | Shares Vested in 2020 | Forfeited in 2020 | Outstanding Balance as of Dec. 2020
Mauricio Ramos (CEO) | Deferred Share Plan | 2017 DSP | 2016 | 1/1/2017 | 1/1/2020 | $ | 43.93 |  | 18,554 |  | — |  | 18,554 |  | — |  | — |
2018 DSP | 2017 | 1/1/2018 | 1/1/2021 | $ | 66.11 |  | 10,688 |  | — |  | 3,527 |  | — |  | 7,161 |
2019 DSP | 2018 | 1/1/2019 | 1/1/2022 | $ | 59.65 |  | 25,011 |  | — |  | 7,503 |  | — |  | 17,508 |
2020 DSP | 2019 | 1/1/2020 | 1/1/2023 | $ | 45.86 |  | — |  | 31,126 |  | — |  | — |  | 31,126 |
Performance Share Plan | 2017 PSP | 2017-2020 | 3/1/2017 | 3/1/2020 | $ | 43.93 |  | 45,528 |  | — |  | 34,146 |  | 11,382 |  | — |
2018 PSP | 2018-2021 | 3/1/2018 | 3/1/2021 | $ | 66.11 |  | 69,576 |  | — |  | — |  | — |  | 69,576 |
2019 PSP | 2019-2022 | 3/1/2019 | 3/1/2022 | $ | 59.65 |  | 77,111 |  | — |  | — |  | — |  | 77,111 |
2020 PSP | 2020-2023 | 3/1/2020 | 3/1/2023 | $ | 45.86 |  | — |  | 122,768 |  | — |  | — |  | 122,768 |
TOTAL Mauricio Ramos (CEO) |  |  |  |  |  |  | 246,468 |  | 153,894 |  | 63,730 |  | 11,382 |  | 325,250 |
Tim Pennington (CFO) | Deferred Share Plan | 2017 DSP | 2016 | 1/1/2017 | 1/1/2020 | $ | 43.93 |  | 10,103 |  | — |  | 10,103 |  | — |  | — |
2018 DSP | 2017 | 1/1/2018 | 1/1/2021 | $ | 66.11 |  | 7,031 |  | — |  | 2,320 |  | — |  | 4,711 |
2019 DSP | 2018 | 1/1/2019 | 1/1/2022 | $ | 59.65 |  | 9,339 |  | — |  | 2,802 |  | — |  | 6,537 |
2020 DSP | 2019 | 1/1/2020 | 1/1/2023 | $ | 45.86 |  | — |  | 13,657 |  | — |  | — |  | 13,657 |
Performance Share Plan | 2017 PSP | 2017-2020 | 3/1/2017 | 3/1/2020 | $ | 43.93 |  | 22,480 |  | — |  | 16,860 |  | 5,620 |  | — |
2018 PSP | 2018-2021 | 3/1/2018 | 3/1/2021 | $ | 66.11 |  | 17,890 |  | — |  | — |  | — |  | 17,890 |
2019 PSP | 2019-2022 | 3/1/2019 | 3/1/2022 | $ | 59.65 |  | 18,992 |  | — |  | — |  | — |  | 18,992 |
2020 PSP | 2020-2023 | 3/1/2020 | 3/1/2023 | $ | 45.86 |  | — |  | 26,186 |  | — |  | — |  | 26,186 |
TOTAL Tim Pennington (CFO) |  |  |  |  |  |  | 85,835 |  | 39,843 |  | 32,085 |  | 5,620 |  | 87,973 |

5.2 Summary of shares owned vs target
Millicom’s share ownership policy sets out the Compensation Committee’s requirements on the Global Senior Management Team to retain and hold a personal holding of common shares in the Company in order to align their interests with those of our shareholders. All Share Plan participants in the Global Senior Management Team are required to own Millicom shares to a value of a percentage of their respective base salary as of January 1 of each calendar year.
For that purpose, we continue to uphold our share ownership requirements for our top 50 roles:

Global Senior Management Level | % of Annual Base Pay
CEO | 400
CFO | 200
EVPs | 100
General Managers and VPs | 50

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For the CEO and CFO:

| Awarded unvested subject to performance conditions | Awarded unvested not subject to performance conditions | Shares required to be held as % salary | Number of shares required to be held | Number of beneficially owned shares | Shareholding requirement met
Mauricio Ramos (CEO) | 269,455 |  | 55,795 |  | 400 | % | 102,307 |  | 194,432 |  | Yes
Tim Pennington (CFO) | 63,068 |  | 24,905 |  | 200 | % | 29,927 |  | 58,635 |  | Yes

Unless this requirement is met each year, no vested Millicom shares can be sold by the individual.
5.3 Details of share purchase and sale activity
During 2020 Mauricio Ramos disposed of 28,546 shares in a forced liquidation.
5.4 Board Compensation
Governance of Director Remuneration
Decisions on annual remuneration of Directors (“tantièmes”) are reserved by the Articles of Association to the general meeting of shareholders. Directors are prevented from voting on their own compensation. In accordance with resolution 16 of the AGM on June 25, 2020, the Nomination Committee of Millicom was instructed to propose Director remuneration for the period from the date of the 2020 AGM to the date of the AGM in 2021.
2020 Director Remuneration
During early 2020, in proposing Director Remuneration, the Nomination Committee, received input from an external compensation advisor, including market and peer benchmarking, and considered the frequency of meetings and complexity of Millicom’s business and governance structures. After consideration of these and other relevant aspects, the Nomination Committee proposed to keep the structure and amount of remuneration for each role for the Non-Executive Directors the same as the prior year.
a)Non-Executive Director Remuneration
Remuneration of the Non-Executive Directors comprises an annual fee and shares denominated in U.S. dollars. The remuneration is 100% fixed. Non-Executive Directors do not receive any fringe benefits, pensions or any form on variable remuneration. No remuneration was paid to any of the Non-Executive Directors in 2020 or 2019 from any other undertakings within the Millicom Group.
b)Executive Director Remuneration
Executive Directors do not receive any remuneration in their capacity as Directors.
Approval of 2020 Director Remuneration
The Nomination Committee’s proposal for Director remuneration was approved at the AGM on June 25, 2020.
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Name of Director | Year | Cash-based fee ($000's) | Share-based fee (ii) ($000's) | Total ($000's)
| (i) |  |  |
Mr. José Antonio Rios Garcia | 2020 | 100 | 200 | 300
Chair of the Board | 2019 | 166 | 200 | 366
Ms. Pernille Erenbjerg A | 2020 | 122.5 | 150 | 272.5
Deputy Chair of the Board Chair of the Compensation Committee | 2019 | 200 | 150 | 350
Mr. Odilon Almeida | 2020 | 75 | 100 | 175
Chair of the Compliance and Business Conduct | 2019 | 73 | 100 | 173
Mr. Tomas Eliasson | 2020 | 95 | 100 | 195
Chair of the Audit Committee | 2019 | 111 | 100 | 211
Ms. Mercedes Johnson A, CBE | 2020 | 85 | 100 | 185
| 2019 | 73 | 100 | 173
Mr. Lars-Åke Norling C, CBE | 2020 | 75 | 100 | 175
| 2019 | 106 | 100 | 206
Mr. James Thompson A, C | 2020 | 85 | 100 | 185
| 2019 | 142 | 100 | 242
Former Director |  |  |  |
Ms. Janet Davidson (until June 2020) | 2019 | 86 | 100 | 186
Mr. Roger Solé Rafols (until May 2019) | 2019 | 16 | n.a. | 16
Total | 2020 (iii) | 637.5 | 850 | 1,487.50
| 2019 (iv) | 973 | 950 | 1,923.00

(i) Remuneration covers the period from June 25, 2020 to the date of the AGM in May 2021 as resolved at the shareholder meeting on June 25, 2020 (2019: for the period from May 2, 2019 to June 25, 2020).
(ii) Share based compensation for the period from June 25, 2020 to May 2021 was based on the market value of Millicom shares on July 2, 2020 and represented a total of 32,358 shares (2019: 16,607 shares).
A Member of Audit Committee
C Member Compensation Committee
CBE Member Compliance and Business Ethics Committee
(iii) Total remuneration for the period from June 25, 2020 to May 2021 after deduction of applicable withholding tax at source comprised 71% in shares and 29% in cash (2019: 73% in shares and 27% in cash).
(iv) At the EGM of shareholders held on January 7, 2019, the shareholders resolved to increase the Directors remuneration following the Company’s listing on the NASDAQ Stock Market in the US, and for the period from January 7, 2019 to the 2019 AGM on May 2, 2019. The increase amounted in total to $270 thousand.
5.5 2020 AGM vote

| Votes For | % | Votes Against | % | Abstentions | %
Directors Remuneration | 44,672,372 |  | 99.45 | % | 143,144 |  | 0.32 | % | 101,749 |  | 0.23 | %
Senior management Remuneration Guidelines and Policy | 43,435,104 |  | 96.70 | % | 1,383,855 |  | 3.08 | % | 98,306 |  | 0.22 | %

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C. Board Practices
MIC SA has a Nomination Committee which is appointed by the major shareholders of MIC S.A. It is not a committee of the MIC S.A. Board. The Nomination Committee’s role is to propose decisions to the shareholders’ meeting in a manner which promotes the common interests of all shareholders. The Nomination Committee has a term of office commencing at the time of its formation each year and ending when a new Nomination Committee is formed. Nomination Committee proposals to the AGM include:
• The number of members of the Board of Directors, the candidates to be elected or re-elected as Directors of the Board and Chairman of the Board and their remuneration;
• Appointment and remuneration of the external auditor;
• Proposal of the Chairman of the AGM; and
• The procedure for the appointment of the Nomination Committee
Under the terms of the Procedure on Appointment of the Nomination Committee and Determination of the Committee, the Nomination Committee consists of at least three members, appointed by the largest shareholders of Millicom who wish to assert the right to appoint a member. In accordance with the resolution of the 2020 AGM, in consultation with the largest shareholders as of the last business day of June 2020, the current Nomination Committee was formed during October 2020. The members of the Nomination Committee are Mr. John Hernander, appointed by Nordea Investment Funds; Mr. Jan Andersson, appointed by Swedbank Roburt; Mr. Peter Guve, appointed by AMF Pensionsförsäkring AB; and Mr. Staley Cates appointed by Southeastern Asset Management, as well as Mr. José Antonio Ríos García as Chairman of the Board of Millicom. The Nomination Committee appointed Mr. John Hernander as Chairman at their first meeting.
MIC S.A.’s Amended and Restated Articles of Association provide that the Board of Directors must comprise at least six members. The members of the Board of Directors are elected at the AGM which, as required by MIC S.A.’s Amended and Restated Articles of Association and the Luxembourg law of August 10, 1915 on Commercial Companies (as amended), must be held within six months of the end of the fiscal year. At the AGM held June 25, 2020, the number of MIC S.A.’s directors was set at eight and the current directors and the Chairman were elected until the time of the next AGM. The next AGM is scheduled to be held on May 4, 2021.
MIC S.A.’s Board of Directors has developed, and continuously evaluates, work procedures in line with the corporate governance rules of the Swedish Code of Corporate Governance (the “Swedish Code”) applicable to listed companies. MIC S.A. is subject to the Swedish Code as a company with its shares listed on the Nasdaq Stockholm, where they trade in the form of SDRs. From January 9, 2019, MIC S.A. is subject to the listing rules of the Nasdaq Stock Market in the US where its shares are traded.
MIC S.A.’s Board of Directors is responsible for Millicom’s strategy, financial objectives and operating plans and for oversight of governance. The Board of Directors also plans for management succession of the CEO and reviews plans for other senior management positions.
The Board of Directors selects the CEO, who is charged with the daily management of the Company and its business. The CEO is responsible for recruiting, and the Chairman of the Board is responsible for approving, the senior management of the Company. The Board reviews and approves plans for key senior management positions, and the Board supervises, supports and empowers the Executive Committee and monitors its performance. In addition to corporate law rules applicable in Luxembourg, the Swedish Code sets out that the division of work between the Board and the CEO is primarily set out in “The Rules of Procedure and Instruction to the CEO”.
The Board conducts an annual performance review process, wherein each Board member’s personal performance is also reviewed. The review process involves an assessment of the Board’s and its committees’ actions and activities during the year against the Board’s mandate as determined in the Board Charter (and those of its various committees). MIC S.A.’s Board of Directors also evaluates the performance of the CEO annually.
The work conducted by MIC S.A.’s Board of Directors is supported by the following committees:
• the Audit Committee;
• the Compensation Committee;
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• the Compliance and Business Conduct Committee.
The Board and each of its Committees have written approved charters which set out the objectives, limits of authority, organization and roles and responsibilities of the Board and its Committees.
Audit Committee. MIC S.A.’s Board of Directors has delegated to the Audit Committee, as reflected in its charter, the responsibilities for oversight of the robustness, integrity and effectiveness of financial reporting, risk management, internal controls, internal audit, the external audit process, as well as compliance with related laws and regulations. The Audit Committee focuses particularly on compliance with financial requirements, accounting standards and judgments, appointment and independence of the external auditors, transactions with related parties (including major shareholders), the effectiveness of the internal audit function, the Millicom Group’s approach to risk management and ensuring that an efficient and effective system of internal controls is in place. Ultimate responsibility for reviewing and approving MIC S.A.’s Annual Report and Accounts remains with the Board. The members of the Audit Committee are Mr. Eliasson (Chairman and financial expert), Ms. Erenbjerg, Mr. Thompson and Ms. Johnson.
Compensation Committee. Pursuant to its charter, the Compensation Committee reviews and makes recommendations to the Board of Directors regarding the compensation of the CEO and the other senior managers as well as management succession planning. The evaluation of the CEO is conducted by the Compensation Committee. The evaluation criteria and the results of the evaluation are then discussed by the Compensation Committee Chairman with the entire Board. The members of the Compensation Committee are Ms. Erenbjerg (Chair), Mr. Norling and Mr. Thompson.
The Board, based on guidelines by the Compensation Committee, proposes the remuneration of senior management. Remuneration of the CEO requires Board approval. The guidelines for remuneration of senior management, including STI and LTI, and the share-based incentive plans for Millicom’s employees are approved by the shareholders at the AGM.
Compliance and Business Conduct Committee. MIC S.A.’s Compliance and Business Conduct Committee oversees and makes recommendations to the Board regarding Millicom Group’s compliance programs and standards of business conduct. More specifically, the Compliance and Business Conduct Committee:
• monitors the Millicom Group’s compliance program, including the activities performed by the compliance team and its interaction with the rest of the organization;
• monitors the results of investigations resulting from cases brought through the Millicom Group’s ethics line or otherwise;
• oversees allocation of resources and personnel to the compliance area;
• assesses the Millicom Group’s performance in the compliance area; and
• ensures that the Millicom Group maintains proper standards of business conduct.
The members of the Compliance and Business Conduct Committee are Mr. Almeida (Chairman), Ms. Johnson and Mr. Norling.
Code of Conduct. The Millicom Group’s Code of Conduct is adopted and approved by the Board of Directors. All directors, officers and employees must sign a statement acknowledging that they have read, understood and will comply with the Code of Conduct. Furthermore, all of our directors, officers and employees must complete an annual training on the Code of Conduct.
Directors’ Service Agreements. None of MIC S.A.’s current directors have entered into service agreements with the Millicom Group or any of its subsidiaries providing for benefits upon termination of their respective directorships.
NASDAQ corporate governance exemptions
As a foreign private issuer incorporated in Luxembourg with its principal listing on the Nasdaq Stockholm, Millicom follows the laws of the Grand Duchy of Luxembourg, its “home country” for corporate governance practices, in lieu of the provisions of the Nasdaq Stock Market’s Marketplace Rule 5600 series that apply to the constitution of a quorum for any meeting of shareholders, the composition and independence requirements of the Nominations Committee and the Compensation Committee and the requirement to have regularly scheduled meetings at which only independent directors are present. The Nasdaq Stock Market’s rules provide for a quorum of no less than 33 1/3% of
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Millicom’s outstanding shares. However, Millicom’s Amended and Restated Articles of Association provide that no quorum is required. The Nasdaq Stock Market’s rules provide for the involvement of independent directors in the selection of director nominees. However, Millicom relies on its home country practices, in lieu of this requirement, which permit its director nominations committee to be comprised of shareholder representatives. See “Item 6. Directors, Senior Management and Employees—C. Board Practices—Nomination Committee.” The Nasdaq Stock Market’s rules require each Compensation Committee member to be an independent director for purposes of the Nasdaq Stock Market’s Marketplace Rule 5605(d)(2). However, to preserve greater flexibility in who may be appointed to the Compensation Committee, Millicom will be relying on its home country practices, in lieu of this requirement, which do not require the Compensation Committee to be comprised solely of directors who qualify as independent for such purposes. The Nasdaq Stock Market’s rules require listed companies to have regularly scheduled meetings at which only independent directors are present. However, Millicom follows its home country practices instead, which do not impose such a requirement.
D. Employees
On average, the Millicom Group had approximately 21,419 employees in 2020, 22,375 employees in 2019 and 21,403 employees in 2018. Management believes that relations with the employees are good. Some of our employees belong to a union and approximately 17% of our employees participated in collective agreements on average during 2020. The temporary employees of the Company corresponded to 5% of the average total number of employees in 2020.
E. Share Ownership
The table below sets forth information regarding the beneficial ownership of our common shares as of January 1, 2021, by our directors and senior management. For purposes of this table, a person is deemed to have “beneficial ownership” of any shares as of a given date which such person has the right to acquire within 60 days after such date. For purposes of computing the percentage of outstanding shares held by each person, or group of persons, named above on a given date, any security which such person or persons has the right to acquire within 60 days after such date is deemed to be outstanding, but is not deemed to be outstanding for the purpose of computing the percentage ownership of any other person. Except as otherwise indicated, the holders listed below have sole voting and investment power with respect to all shares beneficially owned by them. They have the same voting rights as all other holders of common shares.

Shareholder |  | Common Shares |  | Percentage of Common Shares
Mr. José Antonio Ríos García, Chairman of the Board of Directors |  | 13,427 |  |  | — | %
Ms. Pernille Erenbjerg, Deputy Chairman |  | 9,030 |  |  | — | %
Mr. Odilon Almeida, Director |  | 8,893 |  |  | — | %
Mr. Tomas Eliasson, Director |  | 9,510 |  |  | — | %
Mr. Lars-Åke Norling, Director |  | 6,643 |  |  | — | %
Ms. Mercedes Johnson, Director |  | 5,555 |  |  | — | %
Mr. James Thompson, Director |  | 12,962 |  |  | — | %
Mr. Mauricio Ramos, Executive Director and Chief Executive Officer |  | 194,432 |  |  | — | %
Mr. Tim Pennington, Senior Executive Vice President, Chief Financial Officer |  | 58,635 |  |  | — | %
Mr. Esteban Iriarte, Executive Vice President, Chief Operating Officer, Latin America |  | 29,744 |  |  | — | %
Mr. Xavier Rocoplan, Executive Vice President. Chief Technology and Information Officer |  | 38,623 |  |  | — | %
Mr. Karim Lesina, Executive Vice President, Chief External Affairs Officer |  | — |  |  | — | %
Mr. Salvador Escalon, Executive Vice President, Chief Legal and Compliance Officer |  | 42,012 |  |  | — | %
Ms. Susy Bobenrieth, Executive Vice President, Chief Human Resources Officer |  | 711 |  |  | — | %
Directors and members of the Executive Team as a group |  | 430,177* |  | — | %

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* less than 1%
None of the members the Company’s Board of Directors owns any options of the Company. The Company’s senior management and other key personnel do not own options or rights to purchase common shares under the share-based incentive plans. For more information, see “—B. Compensation.”
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A. Major Shareholders
To the extent known to the Company, it is neither directly nor indirectly owned or controlled by another corporation, any government, or any other person. In addition, there are no arrangements, known to the Company, the operation of which may result in a change in its control in the future.
The table below sets out beneficial ownership of our common shares (directly or through SDRs), par value $1.50 each, by each person who beneficially owns more than 5% of our common stock at December 31, 2020.

Name of Shareholder |  | Common Shares |  | Percentage of Share Capital
Swedbank Robur Fonder AB (1) |  | 9,954,857 |  |  | 9.8 | %

(1) As of December 31, 2020, Swedbank Robur Fonder AB held 9,954,857 of our common shares (9.8% of common shares then outstanding). As of December 31, 2019, Swedbank Robur Fonder AB held 5,276,526 of our common shares (5.2% of common shares then outstanding). As of December 31, 2018, Swedbank Robur Fonder AB held 1,508,980 of our common shares (1.5% of common shares then outstanding).
On November 7, 2019, the shareholders of Kinnevik, who held 37,835,438 of our common shares (37.2% of our shares then outstanding) as of December 31, 2018, agreed to distribute Kinnevik’s shareholding in Millicom to existing Kinnevik shareholders through a share redemption plan. Each ordinary share in Kinnevik (irrespective of share class) was entitled to one redemption share, and each redemption share was entitled to 0.1372 Millicom SDRs. The record date for the share split and the right to receive redemption shares was November 14, 2019, and since that date, Kinnevik is no longer a related party or shareholder in Millicom. The redemption shares were traded on Nasdaq Stockholm from and including November 15, 2019 to and including November 29, 2019. Millicom SDRs were paid out to the holders of redemption shares on December 3, 2019.
Except as otherwise indicated, the holders listed above (“holders”) have sole voting and investment power with respect to all shares beneficially owned by them. The holders have the same voting rights as all other holders of MIC S.A. common stock. For purposes of this table, a person or group of persons is deemed to have “beneficial ownership” of any shares as of a given date which such person or group of persons has the right to acquire within 60 days after such date. For purposes of computing the percentage of outstanding shares held by the holders on a given date, any security which such holder has the right to acquire within 60 days after such date (including shares which may be acquired upon exercise of vested portions of share options) is deemed to be outstanding, but is not deemed to be outstanding for the purpose of computing the percentage ownership of any other person.
Based upon the SDR ownership reported by Euroclear Sweden AB, as of December 31, 2020 there were 134 SDR holders in the United States holding 15,063,929 SDRs (representing 14.8% of the outstanding share capital as of such date). According to the records held by American Stock Transfer & Trust Company (“AST”) reported as of December 31, 2020, there were 82 shareholders in the United States holding 8,583,424 common shares (representing 8.4% of the outstanding share capital as of such date).
However, these figures may not be an accurate representation of the number of beneficial holders nor their actual location because most of the common shares and SDRs were held for the account of brokers or other nominees.
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B. Related Party Transactions
The disclosure as to related party transactions in our audited consolidated financial statements is in some respects broader than that required by Form 20-F. As required by Form 20-F, “related parties” includes enterprises that control, are controlled by or are under common control with MIC S.A., associates, individuals owning directly or indirectly an interest in the voting power of the Company that gives them significant influence over MIC S.A., close family members of such persons, key management personnel (including directors and senior management) and any enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by certain of the persons listed above. For the purposes of note G.5 to our audited consolidated financial statements, related parties also includes the entities described below, which is beyond the scope of the Form 20-F definition. Nonetheless, for purposes of consistency of presentation, we use the broader definition of related parties used in our audited consolidated financial statements for purposes of this Item 7.B.
The Company conducts transactions with certain related parties on normal commercial terms and conditions. Below Millicom Group’s significant related parties:
Kinnevik AB (Kinnevik) and subsidiaries, Millicom’s previous principal shareholder until November 14, 2019, date on which Millicom SDRs were paid out to the shareholders of Kinnevik. See 'Introduction' note and note G.5. to our audited consolidated financial statements for additional details.
Helios Towers Africa Ltd (HTA), in which Millicom held a direct or indirect equity interest - until October 15, 2019, date on which Millicom lost significant influence on HTA and started accounting for its investments at fair value under IFRS 9.
EPM and subsidiaries (EPM), the non-controlling shareholder in our Colombian operations.
Miffin Associates Corp and subsidiaries (Miffin), our joint venture partner in Guatemala.
Cable Onda partners and subsidiaries, the non-controlling shareholders in our Panama operations.
Kinnevik
Kinnevik is a Swedish company with interests in the telecommunications, media, publishing, paper and financial services industries. For most of 2019, Kinnevik was Millicom's largest shareholder and the beneficial owner of approximately 37.2% of MIC S.A.’s share capital. However, as from November 2019, Kinnevik no longer owns any beneficial interest in Millicom.
During 2019 and 2018 , the Company purchased services from Kinnevik subsidiaries including fraud detection, procurement and professional services. Transactions and balances with Kinnevik Group companies are disclosed under Other in the tables below.
Helios Towers
Millicom sold its tower assets and leased back a portion of space on the towers in several African countries and contracted for related operation and management services with HTA. The Millicom Group has future lease commitments in respect of the tower companies. Millicom’s investments in Helios Towers Africa Ltd (HTA) have been listed during 2019, and Millicom resigned from its board of directors' positions, thereby terminating its significant influence on HTA.
Empresas Públicas de Medellín (EPM)
EPM is a state-owned, industrial and commercial enterprise, owned by the municipality of Medellin, and provides electricity, gas, water, sanitation, and telecommunications. EPM owns 50% of our operations in Colombia.
Miffin Associates Corp (Miffin)
The Millicom Group purchases and sells products and services from Miffin Group. Transactions with Miffin represent recurring commercial operations such as purchase of handsets, and sale of airtime.
Cable Onda Partners
Our partners in Panama are the non-controlling shareholders of Cable Onda and own 20% of the company, and indirectly 20% of Grupo de Comunicaciones Digitales S.A. (formerly Telefonica Moviles Panama, S.A.), which was
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acquired by Cable Onda in August 2019. Additionally, they also hold interests in several entities which have purchasing and selling recurring commercial operations with Cable Onda (such as the sale of content costs, delivery of broadband services, etc.).
The Company had the following expenses and income and gains from transactions with related parties for the periods indicated:

| Year ended December 31
Expenses from transactions with related parties | 2020 |  | 2019 |  | 2018
| (US$ millions)
Purchases of goods and services from Miffin | (216) |  |  | (214) |  |  | (175) |
Purchases of goods and services from EPM | (37) |  |  | (42) |  |  | (40) |
Lease of towers and related services from HTA(i) | — |  |  | (146) |  |  | (28) |
Other expenses | (57) |  |  | (10) |  |  | (1) |
Total | (310) |  |  | (412) |  |  | (244) |

(i) HTA ceased to be a related party on October 15, 2019.

| Year ended December 31
Income and gains from transactions with related parties | 2020 |  | 2019 |  | 2018
| (US$ millions)
Sale of goods and services to Miffin | 327 |  |  | 306 |  |  | 284 |
Sale of goods and services to EPM | 15 |  |  | 13 |  |  | 17 |
Other revenue | 2 |  |  | 3 |  |  | 2 |
Total | 343 |  |  | 322 |  |  | 303 |

As at December 31, the Company had the following balances with related parties:

| 2020 |  | 2019
| (US$ millions)
Liabilities |  |  |
Payables to Guatemala joint venture(i) | 231 |  |  | 361 |
Payables to Honduras joint venture(ii) | 103 |  |  | 133 |
Payables to EPM | 20 |  |  | 37 |
Payables to Panama non-controlling interests | 1 |  |  | — |
Other accounts payable | 1 |  |  | — |
Total | 356 |  |  | 531 |

(i) Shareholder loans bearing interest. Out of the amount above, $29 million are due over more than one year.
(ii) Amount payable mainly consist of dividend advances for which dividends are expected to be declared later in 2019 and/or shareholder loans.
(iii) HTA ceased to be a related party on October 15, 2019.

| 2020 |  | 2019
| (US$ millions)
Assets |  |  |
Receivables from EPM | 3 |  |  | 3 |
Receivables from Guatemala joint venture (i) | 206 |  |  | 11 |
Receivables from Honduras joint venture (ii) | 84 |  |  | 11 |
Receivables from Panama non-controlling interests | 1 |  |  | — |
Receivable from AirtelTigo Ghana (iii) | — |  |  | 43 |
Other accounts receivable | 5 |  |  | 4 |
Total | 299 |  |  | 73 |

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(i) In October 2020, Millicom granted a shareholder loan of $193 million to Guatemala (out of which $39 million is due after more than one year as of December 31, 2020). The loan bears interests at 4% p.a. and is repayable by January 13, 2022, at the latest. Together with other shareholder and external financings, the proceeds were used to repay the $800 million aggregate principal amount of its outstanding 6.875% Senior Notes due 2024 (note A.2.2.).
(ii) In November 2020, our operations in Honduras completed a shareholding restructuring whereby Telefonica Cellular S.A. acquired the shares of Navega S.A. de CV from its existing shareholders. The sale consideration will be payable in several installments with a final settlement in November 2023. As of December 31, 2020, $51 million out of a total receivable of $79 million is due after more than one year and therefore disclosed in non-current assets. The disposal also triggered the recognition of a net gain of $ 4 million, under ‘Other operating income (expenses), net’ in the Group's statement of income, corresponding to the portion of gain realized on the unrelated investors' interests in the joint venture (i.e. 33.33%).
(iii) In 2020, and as a result of the significant deterioration of the credit risk of AirtelTigo Ghana, combined with other unfavorable economic factors, Millicom concluded that this related party loan was underperforming and should be impaired. As a consequence, the Group fully impaired this receivable of $45 million during the year, disclosed under ' Other operating income (expenses), net' in the income statement.
C. Interests of Experts and Counsel
Not applicable to Annual Report filing.
ITEM 8. FINANCIAL INFORMATION
A. Consolidated Statements and Other Financial Information
Financial Statements
Consolidated financial statements are set forth under “Item 18. Financial Statements.”
Legal Proceedings
General litigation
In the ordinary course of business, Millicom is a party to various litigation or arbitration matters in each jurisdiction in which we operate. The principal categories of litigation to which we are subject include the following:
• commercial claims, which include claims from third-party dealers, suppliers and customers alleging breaches or improper terminations of commercial agreements, or the charging of fees not in compliance with applicable law;
• regulatory claims, which consist primarily of consumer claims, as well as complaints regarding the locations of antennae and other equipment; and
• labor and employment claims, including claims for wrongful termination and unpaid severance or other benefits.
By category of litigation, commercial claims account for a majority of the litigation matters to which we are party by both number of cases and total potential exposure based on the amount claimed.
By geography, litigation matters in Colombia represent a majority of the litigation matters to which we are party by both number of cases and total potential exposure. This is due to the size of our operations in Colombia, the comparatively high general prevalence of litigation there, and consumer protection and quality of service regulations which facilitate claims against telecommunications companies.
For additional details, see note G.3.1 of our audited consolidated financial statements.
Tax disputes
In addition to the litigation matters describe above, we have ongoing tax claims and disputes in most of our markets. Generally, these disputes relate to differences with the tax authorities following their completion of audits for prior tax years dating back to 2007 or challenges by the tax authorities to our interpretation of tax regulations. Examples of these challenges and disputes relate to issues such as the following:
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• the applicability, deductibility or reporting of VAT or sales tax in Honduras, Costa Rica and Tanzania;
• withholding tax payable on commissions, services fees and finance leases in Bolivia, El Salvador, Guatemala, Honduras, Paraguay and Tanzania;
• the application of stamp tax on dividend payments in Guatemala;
• the deductibility of expenses and interest on shareholder loans and other debt instruments in El Salvador and Tanzania;
• the deductibility of management, royalty and service fees paid to MIC S.A. by our operations in Bolivia, Costa Rica, El Salvador, Honduras and Tanzania;
• deductibility of commissions and discounts on handsets in Honduras;
• the deductibility of expenses for depreciation and amortization in Colombia, Guatemala and Paraguay;
•the application of the territoriality principle in the determination of the taxable base of municipal taxes in Colombia and Nicaragua and
•the application of withholding taxes on dividends in Nicaragua.
In many instances, the tax authorities seek to impose substantial penalties and interest charges while the disputed amounts remain unpaid, as we seek resolution through negotiations or court proceedings, resulting in significantly higher total claims than we expect the tax authorities will receive once the matter has been finally resolved. We work with the local tax authorities to substantiate claims or negotiate settlement amounts to close an audit, except in those instances where we are challenging or appealing the tax authorities’ claims.
For additional details, see note G.3.2 of our audited consolidated financial statements.
Dividend and Share Buyback Program(s)
Holders of MIC S.A. common shares (and SDRs) are entitled to receive dividends proportionately when, as and if declared by the Company’s Board of Directors and approved by shareholders at the AGM, subject to Luxembourg legal reserve requirements, as well as restrictions in the agreements governing our indebtedness.
In 2020, with the aim of preserving liquidity and financial flexibility, the Company's Board of Directors determined that no dividend be paid, and recommended that profit for the 2019 year be allocated to unappropriated net profit carried forward. This proposal was approved by shareholders at the AGM. During the period from February 28, 2020 to April 3, 2020, Millicom repurchased an aggregate amount of 350,000 shares (in the form of Swedish Depository receipts) under the share repurchase plan approved at the 2019 AGM. No shares have been repurchased under the share repurchase plan approved at the 2020 AGM.
On May 2, 2019, a dividend distribution of $2.64 per share (or $267,571,480 in the aggregate) from MIC S.A.'s profit or loss brought forward account at December 31, 2018, was approved by the shareholders at the AGM to be distributed in two equal installments, one of which was paid on May 10, 2019 and the other of which was paid on November 12, 2019. During 2019, no shares were repurchased.
On May 4, 2018, a dividend distribution of $2.64 per share (or $266,022,071 in the aggregate) from MIC S.A.’s profit or loss brought forward account at December 31, 2017, was approved by the shareholders at the AGM and distributed in two equal installments, one of which was paid on May 15, 2018 and the other of which was paid on November 14, 2018. During 2018, no shares were repurchased.
B. Significant Changes
No significant changes have occurred other than as described in this Annual Report since the date of our most recent audited financial statements.
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ITEM 9. THE OFFER AND LISTING
A. Offer and Listing Details
The principal trading market of MIC S.A.’s shares is currently NASDAQ Stockholm, where MIC S.A.’s shares are listed and trade in the form of SDRs. Each SDR represents one share. MIC S.A. does not intend to list its SDRs on any national securities exchange in the United States.
Since January 9, 2019, MIC S.A.’s common shares have been listed on the Nasdaq Stock Market’s Global Select Market (the “Nasdaq Global Select Market”) in the United States. MIC S.A.’s common shares had previously been listed on the Nasdaq Global Select Market until May 27, 2011.
B. Plan of Distribution
Not applicable to Annual Report filing.
C. Markets
The SDRs are listed on the main market of NASDAQ Stockholm under the symbol “MIC_SDB.” NASDAQ Stockholm is a regulated market in accordance with the Swedish Securities Market Act and is subject to regulation and supervision by the Swedish Financial Supervisory Authority. The Swedish Securities Market Act provides for the regulation and supervision of the Swedish securities markets and market participants, and the Swedish Financial Supervisory Authority implements such regulation and supervision.
MIC S.A.’s common shares are listed on the Nasdaq Global Select Market in the United States under the symbol “TIGO.”
D. Selling Shareholders
Not applicable to Annual Report filing.
E. Dilution
Not applicable to Annual Report filing.
F. Expenses of the Issue
Not applicable to Annual Report filing.
ITEM 10. ADDITIONAL INFORMATION
A. Share Capital
Not applicable to Annual Report filing.
B. Memorandum and Articles of Association
Articles of Association
Registration and Object
Millicom International Cellular S.A. is a public limited liability company (société anonyme) governed by the Luxembourg law of August 10, 1915 on Commercial Companies (as amended), incorporated on June 16, 1992, and registered with the Luxembourg Trade and Companies’ Register (Registre du Commerce et des Sociétés de Luxembourg) under number B 40.630.
The articles of association of MIC S.A. define its purpose inter alia as follows: “... to engage in all transactions pertaining directly or indirectly to the acquisition and holding of participating interests, in any form whatsoever, in any
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Luxembourg or foreign business enterprise, including but not limited to, the administration, management, control and development of any such enterprise”. At the extraordinary general meeting of shareholders held on January 7, 2019, the shareholders adopted the Amended and Restated Articles of Association, filed herewith as Exhibit 1.1..
Directors
Restrictions on Voting
If a director has a personal material interest in a proposal, arrangement or contract to be decided by MIC S.A., the amended and restated articles of association provide that the validity of the decision of MIC S.A. is not affected by a conflict of interest existing with respect to a director. However, any such personal interest must be disclosed to the Board of Directors ahead of the vote and the relevant director shall abstain from considering and voting on the relevant issue. Such conflict of interest must be reported to the next general meeting of shareholders.
Compensation and Nomination
The decision on annual remuneration of directors (“tantièmes”) is reserved by the amended and restated articles of association to the general meeting of shareholders. Directors are therefore prevented from voting on their own compensation. However, directors may vote on the number of shares they own, including the shares allotted under any share based compensation scheme.
The Nomination Committee makes recommendations for the election of directors to the AGM. At the AGM, shareholders may vote for or against the directors proposed or may abstain. The Nomination Committee reviews and recommends the directors’ fees which are approved by the shareholders at the AGM.
In proposing persons to be elected as directors at the AGM, the Company must comply with the nomination committee rules of the Swedish Code of Corporate Governance, so long as such compliance does not conflict with applicable mandatory law or regulation or the mandatory rules of any stock exchange on which the Company's shares are listed. In the event that the Company does not comply with the nomination committee rules of the Swedish Code of Corporate Governance and a committee of the Board is established to propose persons to be elected as directors at the AGM, any Shareholder holding at least 20% of the issued and outstanding shares of the Company, excluding treasury shares, has the right to designate: (1) one of the then-serving directors to be a member of such committee, so long as such designation and the director so designated meet the requirements of any applicable mandatory law or regulation or the mandatory rules of any stock exchange on which the Company's shares are listed, and (2) one person, who may or may not be a director, to attend any meeting of such committee as an observer, without the right to vote at such meeting, so long as such attendance does not conflict with applicable mandatory law or regulation or the mandatory rules of any stock exchange on which the Company's shares are listed. Any designation made pursuant to this provision lapses upon such designating Shareholder holding less than 20% of the issued and outstanding shares of the Company, excluding treasury shares.
Borrowing Powers
The directors generally have unrestricted borrowing powers on behalf of and for the benefit of MIC S.A.
Age Limit
There is no age limit for being a director of MIC S.A. Directors could be elected for a maximum period of six years, but the Company has followed the practice of electing them annually at the AGM.
Share Ownership Requirements
Directors need not be shareholders in MIC S.A.
Shares
Rights Attached to the Shares
MIC S.A. has only one class of shares, common shares, and each share entitles its holder to:
• one vote at the general meeting of shareholders,
• receive dividends when such distributions are decided, and
• share in any surplus left after the payment of all the creditors in the event of liquidation. There is a preferential subscription right pursuant to Luxembourg corporate law under any share or rights issue for cash, unless the
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Board of Directors, within the limits specified in the amended and restated articles of association, or an extraordinary general meeting of shareholders, as the case may be, restricts the exercise thereof.
Redemption of Shares
The amended and restated articles of association provide for the possibility and set out the terms for the repurchase by MIC S.A. of its own shares, which repurchase must be approved in accordance with applicable law and the rules of any exchange on which MIC S.A.’s shares are listed. A share repurchase plan was approved at our 2020 AGM authorizing the Board of Directors, at any time between June 25, 2020 and the date of the 2023 AGM, provided the required levels of distributable reserves are met by MIC S.A. at that time, either directly or through a subsidiary or a third party, to engage in a share repurchase plan of MIC S.A.’s common shares to be carried out for all purposes allowed or which would become authorized by the laws and regulations in force, and in particular the Luxembourg law of 10 August 1915 on commercial companies, as amended (the “Share Repurchase Plan”) by using its available cash reserves.
The maximum number of Shares that may be acquired in each of the periods between (i) June 25, 2020 up until December 31, 2021, and (ii) January 1, 2022 and the date of the annual general meeting to be held in 2023, may not exceed the higher of 10,000,000 Shares or ten per cent (10%) of Millicom's outstanding share capital as per January 1, 2020 for the first period, and as per December 31, 2021 for the second period; provided further that the maximum number of Shares that may be acquired under this three-year Share Repurchase Plan shall not exceed 15,000,000 Shares in total.
For Shares repurchased on a regulated market where the shares are traded, the price per Share shall be within the registered interval for the share price prevailing at any time (the so called spread), that is, the interval between the highest buying rate and the lowest selling rate of the Shares on the market on which the purchases are made. For any other Shares repurchased, the price per share may not exceed 110% of the most recent closing trading price of the Shares on the Nasdaq Stock Market in the U.S., provided that the minimum repurchase price is above SEK 50 (or USD equivalent).
The Share Repurchase Plan may not have the effect of reducing Millicom's net assets and reserves under the limit required by the 1915 Law or the Articles of Association of the Company. Only fully paid-up Shares may be included in repurchase transactions made under the Share Repurchase Plan.
Sinking Funds
MIC S.A. shares are not subject to any sinking fund.
Liability for Further Capital Calls
All of the issued shares in MIC S.A.’s capital are fully paid up. Accordingly, none of MIC S.A.’s shareholders are liable for further capital calls.
Principal Shareholder Restrictions
There are no provisions in the amended and restated articles of association that discriminate against any existing or prospective holder of MIC S.A.’s shares as a result of such shareholder owning a substantial number of shares.
Changes to Shareholder’s Rights
In order to change the rights attached to the shares of MIC S.A., an extraordinary general meeting of shareholders must be duly convened and held before a Luxembourg notary, as under Luxembourg law such change requires an amendment of the articles of association. A quorum of presence of at least 50% of the shares present or represented is required at a meeting held after the first convening notice, whereas there is no quorum of presence requirement at a meeting held after the second convening notice. Any decision must be taken by a majority of two thirds of the shares present or represented at the general meeting. Any change to the obligations attached to shares may be adopted only with the unanimous consent of all shareholders.
Shareholders’ Meetings
General meetings of shareholders are convened by convening notice published in the Luxembourg Official Gazette (Journal des Publications, Recueil Electronique des Sociétés et Associations), in a Luxembourg newspaper, in short version in the Swedish newspaper SvD, as a press release and on the Millicom website. According to article 18 of the amended and restated articles of association of MIC S.A., the Board of Directors determines in the convening notice the formalities to be observed by each shareholder for admission to the AGM. An AGM must be convened every year within six months of the end of the financial year, at the registered office of the Company or any other place in Luxembourg as may be specified in the convening notice. Other meetings can be convened as necessary.
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Limitation on Securities Ownership
There are no limitations imposed under Luxembourg law or the amended and restated articles of association on the rights of non-resident or foreign entities to own shares of the Company or to hold or exercise voting rights on shares of the Company.
Change of Control
There are no provisions in the amended and restated articles of association of the Company that would have the effect of delaying, deferring or preventing a change in control of MIC S.A. and that would operate only with respect to a merger, acquisition or corporate restructuring involving the Company, or any of its subsidiaries.
Luxembourg laws impose the mandatory disclosure of an important participation in Millicom and any change in such participation.
Disclosure of Shareholder Ownership
As required by the Luxembourg law on transparency obligations of January 11, 2008, as amended (the “Transparency Law”), a shareholder who acquires or disposes of shares, including depositary receipts representing shares in the Company’s capital must notify the Company’s Board of Directors of the proportion of shares held by the relevant person as a result of the acquisition or disposal, where that proportion reaches, exceeds or falls below the thresholds referred to in the Transparency Law. As per the Transparency Law, the above also applies to the mere entitlement to acquire or to dispose of, or to exercise, voting rights in any of the cases referred to in the Transparency Law.
C. Material Contracts
4.500% Senior Notes
On October 19, 2020, MIC S.A. issued $500 million 4.500% senior notes that mature on April 27, 2031. The notes were issued pursuant to the Indenture for the $500 million 4.500% Senior Notes due 2031 between Millicom International Cellular S.A., Citibank, N.A., London Branch and Citigroup Global Markets Europe AG dated October 27, 2020, included as Exhibit 4.10 to this Annual Report.
Revolving Credit Facility
MIC S.A. has a $600 million revolving credit facility that matures on October 15 2025, with option to extend for two 1 year periods. The facility is governed by the amended and restated multicurrency revolving facility agreement for Millicom International Cellular S.A. arranged by The Bank Of Nova Scotia, BNP Paribas, Citigroup Global Markets Limited and DNB Markets, a part of DNB Bank ASA, Sweden Branch dated October 15, 2020, included as Exhibit 4.3 to this Annual Report.
5.125% Senior Notes
On September 20, 2017, MIC S.A. issued a $500 million 5.125% fixed interest rate bond that matures on January 15, 2028. The bond was issued pursuant to the Amended and Restated Indenture for the $500 million 5.125% Senior Notes due 2028 between Millicom International Cellular S.A., Citibank, N.A., London Branch and Citigroup Global Markets Deutschland AG dated May 30, 2018, included as Exhibit 4.2 to this Annual Report.
6.625% Senior Notes
On October 16, 2018, to help finance the Cable Onda Acquisition, MIC S.A. issued $500 million aggregate principal amount of its 6.625% fixed interest rate notes that mature on October 15, 2026. The notes were issued pursuant to the Indenture for the $500 million 6.625% Senior Notes due 2026 between Millicom International Cellular S.A., Citibank, N.A., London Branch and Citigroup Global Markets Europe AG dated October 16, 2018, included as Exhibit 4.5 to this Annual Report.
Stock Purchase Agreements for Telefonica CAM
On February 20, 2019, MIC S.A., Telefonica Centroamerica Inversiones, S.L. (“Telefonica Centroamerica”) and Telefonica S.A. (“Telefonica”) entered into a share purchase agreement pursuant to which, subject to the terms and conditions contained therein, MIC S.A. agreed to purchase 100% of the shares of Telefonica Moviles Panama, S.A., from Telefonica Centroamerica (the “Panama Acquisition”).
On February 20, 2019, MIC S.A., Telefonica Centroamerica and Telefonica entered into a share purchase agreement pursuant to which, subject to the terms and conditions contained therein, Millicom agreed to purchase 100% of the
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shares of Telefonica de Costa Rica TC, S.A., from Telefonica (the “Costa Rica Acquisition”). On May 2, 2020, MIC S.A. terminated the Costa Rica Acquisition share purchase agreement. As a result of such termination, Telefonica filed a complaint against Millicom followed by an amended complaint, which seeks unspecified damages, costs, and fees. Millicom believes the complaint is without merit and is vigorously defending against it on the basis that Millicom was entitled to terminate the Costa Rica Acquisition, since the required closing conditions were not met by the contractual due date.
On February 20, 2019, MIC S.A., Telefonica Centroamerica and Telefonica entered into a share purchase agreement pursuant to which, subject to the terms and conditions contained therein, Millicom agreed to purchase 100% of the shares of Telefonia Celular de Nicaragua, S.A., a company incorporated under the laws of Nicaragua, from Telefonica Centroamerica (the “Nicaragua Acquisition,” and together with the Panama Acquisition and the Costa Rica Acquisition, the “Telefonica CAM Acquisitions”).
US$750 million 6.250% Senior Notes
On March 25, 2019, to help finance the Telefonica CAM Acquisitions, MIC S.A. issued $750 million aggregate principal amount of its 6.250% senior notes due 2029. The notes were issued pursuant to the Indenture for the $750 million 6.250% Senior Notes due 2029 between Millicom International Cellular S.A., Citibank, N.A., London Branch and Citigroup Global Markets Europe AG dated March 25, 2019, included as Exhibit 4.6 to this Annual Report.
SEK 2 Billion Floating-Rate Senior Unsecured Sustainability Bond
On May 15, 2019, MIC S.A. completed its offering of a SEK 2 billion (approximately $210 million) floating-rate senior unsecured sustainability bond due 2024, included as Exhibit 4.9 to this Annual Report.
D. Exchange Controls
There are no governmental laws, decrees, regulations or other legislation of Luxembourg that may affect:
• the import or export of capital including the availability of cash and cash equivalents for use by the Millicom Group, or
• the remittance of dividends, interests or other payments to non-resident holders of MIC S.A.’s securities other than those deriving from the U.S.-Luxembourg double taxation treaty.
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E. Taxation
Luxembourg Tax Considerations
The following information is of a general nature only on certain tax considerations effective in Luxembourg in relation to holders of shares in respect of the ownership and disposition of shares in MIC S.A., and does not purport to be a comprehensive description of all of the tax considerations that might be relevant to an investment decision in such company. It is included herein solely for preliminary information purposes and is not intended to be, nor should it be construed to be, legal or tax advice. The information contained herein is based on the laws presently in force in Luxembourg on the date hereof, and thus subject to any change in law that may take effect after such date. Shareholders in MIC S.A. should therefore consult their own professional advisers as to the effects of state, local or foreign laws, including Luxembourg tax law, to which they may be subject.
Please be aware that the residence concept used under the respective headings below applies for Luxembourg income tax assessment purposes only. Any reference in the present section to a tax, duty, levy, impost or other charge or withholding of a similar nature, or to any other concepts, refers to Luxembourg tax law or concepts only. Further, any reference to a resident corporate shareholder/taxpayer includes non-resident corporate shareholders/taxpayers carrying out business activities through a permanent establishment, a permanent representative or a fixed place of business in Luxembourg to which assets would be attributable. Also, please note that a reference to Luxembourg income tax encompasses corporate income tax (impôt sur le revenu des collectivités), municipal business tax (impôt commercial communal), a solidarity surcharge (contribution au fonds pour l’emploi), as well as personal income tax (impôt sur le revenu) generally. Corporate shareholders may further be subject to net wealth tax (impôts sur la fortune), as well as other duties, levies or taxes. Corporate income tax, municipal business tax, as well as the solidarity surcharge invariably apply to most corporate taxpayers resident in Luxembourg for tax purposes. Individual taxpayers are generally subject to personal income tax and the solidarity surcharge. Under certain circumstances, where an individual taxpayer acts in the course of the management of a professional or business undertaking, municipal business tax may apply as well.
(a) Luxembourg withholding tax on dividends paid on MIC S.A. shares
Dividends distributed by MIC S.A. will in principle be subject to Luxembourg withholding tax at the rate of 15%.
Luxembourg resident corporate holders
No dividend withholding should apply on dividends paid by MIC S.A. to a Luxembourg resident company if the conditions of Article 147 of the Luxembourg income tax law (“LITL”) are met, meaning that the Luxembourg residence corporate holder should be a collective entity covered by article 2 of the EU Parent Subsidiary (Council Directive 2011/96/EU of 30 November 2011), a fully taxable (capital) company not listed in the appendix to article 166 LITL, paragraph 10, the Luxembourg State, a Luxembourg commune or a Luxembourg syndicate of communes or an undertaking of a Luxembourg public body, holding shares which meets the qualifying participation test (10% of the share capital or acquisition price of the shares of at least € 1.2 million held or committed to be held for a minimum of 12 months).
Luxembourg resident individual holders
Luxembourg withholding tax on dividends paid by MIC S.A. to a Luxembourg resident individual holder may entitle such holder to a tax credit for the tax withheld.
Non-Luxembourg resident holders
Non-Luxembourg resident shareholders of MIC S.A. should benefit from a withholding tax exemption if the conditions of Article 147 LITL are met, meaning 10% shareholding or share acquisition price of € 1.2 million, 12 months holding period and that the non-Luxembourg resident should either be (i) an entity which fall within the scope of Article 2 of the European Council Directive 2011/96/EU, as amended (the “Parent-Subsidiary Directive”) and which are not excluded to benefit from this directive under its mandatory general anti-avoidance rule as implemented in Luxembourg, or (ii) corporate holder subject to a tax comparable to Luxembourg corporate income tax and which are resident in a country having concluded a double tax treaty with Luxembourg (such as the United States), or (iii) corporate holder subject to a tax comparable to Luxembourg corporate income tax resident in a State member of the European Economic Area other than a Member State of the EU of (iv) corporate holder resident in Switzerland subject to corporate income tax in Switzerland without benefiting from a tax exemption.
Non-Luxembourg resident holders which do not fall within the scope of Article 147 LITL withholding tax exemption but resident in a State with which Luxembourg has concluded a double tax treaty may claim a reduced withholding tax under the conditions set forth in the relevant double tax treaty.
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In the case the non-Luxembourg resident holder fulfills the requirements to benefit from a withholding tax exemption or is entitled to a reduced withholding tax under an applicable double tax treaty but has been subject to this 15% withholding tax it may claim a refund from the Luxembourg tax administration.
(b) Luxembourg income tax on dividends and capital gains received from MIC S.A. shares
Fully taxable resident corporate shareholders
For resident corporate taxpayers, dividends (and other payments) derived from shares held in a company and capital gains realized on the sale of shares in a company are, in principle, fully taxable and thus subject to a combined corporate income tax rate of 24.49% (for resident corporate taxpayers established in Luxembourg City), except that, as described in further detail below, (i) dividends can benefit either from a full exemption if the conditions of article 166 LITL are met or from a 50% exemption if the conditions of Article 115 (15a) LITL are met, and (ii) capital gains realized by resident corporate shareholders are fully exempt if the conditions of the Grand Ducal Decree of December 21, 2002, (as amended) are fulfilled.
Under the Luxembourg participation exemption on dividends as implemented by Article 166 LITL, dividends derived from shares may be exempt from income tax at the level of the resident corporate shareholder if cumulatively, (i) the shareholder is either (a) a fully taxable resident collective entity taking one of the forms listed in the appendix to paragraph 10 of Article 166 LITL, (b) a fully taxable resident corporation not listed in the appendix to paragraph 10 of Article 166 LITL, (c) a permanent establishment of a collective entity referred to in Article 2 of the Parent-Subsidiary Directive, (d) a permanent establishment of a corporation resident in a State with which the Grand Duchy of Luxembourg has signed an agreement in an attempt to avoid double taxation, or (e) a permanent establishment of a corporation or a cooperative society resident in a State party to the European Economic Area Agreement other than a Member State of the European Union, (ii) the subsidiary is either (a) a collective entity referred to in Article 2 of the Parent-Subsidiary Directive, (b) a fully taxable resident corporation not listed in the appendix to paragraph (10) of Article 166 LITL, or (c) a non-resident corporation fully subject to a tax corresponding to the Luxembourg corporate income tax, and (iii) the shareholder has held or commits itself to hold, for an uninterrupted period of at least 12 months , a participation representing at least 10% in the share capital of the subsidiary or an acquisition price of at least €1.2 million. Liquidation proceeds are deemed to be a received dividend and may be exempt under the same conditions. The participation through an entity that is transparent for Luxembourg income tax purposes is to be considered as direct participation in proportion to the amount held in the net assets invested in that tax transparent entity.
The Luxembourg participation exemption regime may be denied if the income is (i) deductible in the other EU Member State paying such income or (ii) paid as part of an arrangement or a series of arrangements that, having been put into place with the main purpose or one of the main purposes of obtaining a tax advantage that defeats the object or purpose of the Parent-Subsidiary Directive, is not genuine having regard to all relevant facts and circumstances. For the purposes of this anti-avoidance rule, an arrangement, which may comprise several steps or parts, or a series of arrangements, is considered as not genuine to the extent that it is not put into place for valid commercial reasons that reflect economic reality.
Expenses, including interest expenses and impairments, in direct economic relation with the shareholding held by a resident corporate shareholder should not be deductible for income tax purposes up to the amount of any exempt dividend derived during the same financial year. Expenses exceeding the amount of the exempt dividend received from such shareholding during the same financial year should remain deductible for income tax purposes.
If the conditions of the Luxembourg participation exemption, as described above, are not met, 50% of the gross amount of dividends may however be exempt from corporate income tax in accordance with Article 115 (15a) LITL if such dividends are received from (i) a fully taxable corporation resident in Luxembourg, (ii) a corporation (a) resident in a State with which the Grand Duchy of Luxembourg has signed an agreement in an attempt to avoid double taxation, and (b) fully subject to a tax corresponding to the Luxembourg corporate income tax, or (iii) a company resident in a Member State of the European Union and referred to in Article 2 of the Parent-Subsidiary Directive.
Capital gains realized on shares by resident corporate shareholders may be exempt from corporate income tax if the conditions mentioned above under the Luxembourg participation exemption on dividends are met, except that the acquisition price must be of at least €6 million instead of €1.2 million. The participation through an entity that is transparent for Luxembourg income tax purposes is to be considered as direct participation in proportion to the amount held in the net assets invested in that tax transparent entity. Taxable gains are determined as being the difference between the price for which the shares have been disposed of and the lower of their cost or book value.
Capital gains realized upon the disposal of shares should remain taxable for an amount corresponding to the sum of the expenses related to the shareholding and impairments recorded on the shareholding that reduced the taxable basis of the resident corporate shareholder in the year of disposal or in previous financial years.
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Resident corporate shareholders with a special tax regime
A resident corporate shareholder that is governed by the law of May 11, 2007, on Family Estate Management Companies (as amended) or by the Law of February 13, 2007, on Specialized Investment Funds (as amended) or by the Law of December 17, 2010, on Undertakings for Collective Investment (as amended) or by the law of July 23, 2016, on Reserved Alternative Investment Funds not having the exclusive purpose of investing in risk capital, is not subject to Luxembourg income tax; thus, neither dividends (and other payments) derived from shares held in a company nor capital gains realized on the sale or disposal, in any form whatsoever, of shares in a company, are taxable at the level of such resident corporate shareholders.
Resident individual shareholders
For resident individual shareholders, dividends derived from shares and capital gains realized on the sale of shares are, in principle, subject to income tax at the progressive ordinary rate (with a current effective marginal rate of up to 42%). Such income tax rate is increased by 7% for income not exceeding €150,000 for single taxpayers and €300,000 for couples taxed jointly, and by 9% for income above these amounts. In addition, a 1.4% dependence insurance contribution is due.
50% of the gross amount of dividends derived from shares may however be exempt from income tax, if the conditions laid down under Article 115 (15a) LITL, as described above, are complied with. In addition, a total lump-sum of €1,500 (which is doubled for taxpayers who are jointly taxable) is deductible from the total of dividends received during the tax year.
Capital gains realized on the disposal of the shares by resident individual shareholders who act in the course of the management of their private wealth, will in principle only be taxable if said capital gains qualify either as speculative gains or as gains on a substantial participation. A disposal may include a sale, an exchange, a contribution or any other kind of alienation of shares. Capital gains are deemed to be speculative if the shares are disposed within six months after their acquisition or if their disposal precedes their acquisition. Speculative gains realized during the year that are equal to, or are greater than, €500 are subject to income tax at ordinary rates. A participation is deemed to be substantial where a resident individual shareholder holds, either alone or together with his spouse, his partner or minor children, directly or indirectly, at any time within the 5 years preceding the disposal, more than 10% of share capital of a collective entity. A shareholder is also deemed to alienate a substantial participation if such participation (i) has been acquired free of charge, within the 5 years preceding the transfer, and (ii) was constituting a substantial participation in the hands of the alienator (or the alienators in case of successive transfers free of charge within the same 5-year period). Capital gains realized on a substantial participation more than six months after the acquisition thereof may benefit from an allowance of up to €50,000 granted for a ten-year period (which is doubled for taxpayers who are jointly taxable). They are subject to income tax according to the half- global rate method, (i.e., the average rate applicable to the total income is calculated according to progressive income tax rates and half of the average rate is applied to the capital gains realized on the substantial participation).
Capital gains realized on the disposal of the Company’s shares by resident individual shareholders, who act in the course of their professional or business activity, are subject to income tax at ordinary rates. Taxable gains are determined as being the difference between the price for which the shares have been disposed of and the lower of their cost or book value.
Non-resident shareholders
Non resident shareholders (either individual or corporate) owning a non-substantial shareholding are exempt from capital gains taxes. Non resident shareholders owning a substantial shareholding (more than 10% of share capital of a collective entity) are taxable in Luxembourg on a capital gain realized upon the disposal if at the date of the disposal the shareholding has been owned for not more than six months, unless the non resident shareholder is resident in a treaty country and the treaty allocates the taxation right for the capital gain to the country of residence. In this latter case, no capital gains tax will be due by non resident shareholder. Capital gains realized on the disposal of shares by non resident shareholders that have been owned for more than 6 months are exempt from Luxembourg income tax.
(c) Other Taxes
Net wealth tax
Whilst non-resident corporate taxpayers may only be subject to net wealth tax on their on the net assets attributable to a permanent establishment located in Luxembourg or on real estate assets located in Luxembourg, resident corporate taxpayers are in principle subject to net wealth tax at the rate of 0.5% for net wealth up to €500 million and at 0.05% for net wealth exceeding this threshold, unless a double tax treaty provides for an exemption or the asset may benefit from the Luxembourg participation exemption regime. Net worth is referred to as the unitary value (valeur unitaire), as determined at January 1 of each year. The unitary value is basically calculated as the
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difference between (a) assets estimated at their fair market value and (b) liabilities vis-à-vis third parties, unless one of the exceptions mentioned below are satisfied.
A resident corporate shareholder will be subject to net wealth tax on shares, except if (i) the shareholder is a securitization company governed by the Law of March 22, 2004, on Securitization (as amended) or an investment company in risk capital governed by the Law of June 15, 2004, on Venture Capital Vehicles (as amended) or a specialized investment fund governed by the Law of February 13, 2007, on Specialized Investment Funds (as amended) or a family wealth management company governed by the Law of May 11, 2007, on Family Estate Management Companies (as amended) or an undertaking for collective investment governed by the Law of December 17, 2010, on Undertakings for Collective Investment (as amended) or a pension-saving company as well as a pension-saving association, both governed by the Law of July 13, 2005, (as amended) or a reserved alternative investment fund governed by the law of July 23, 2016, or (ii) if the conditions mentioned above for the participation exemption regime on dividend income are met at the end of the previous year (except that no minimum holding period is required).
A resident corporate shareholder may further be subject to either a minimum net wealth tax of €4,815 or to a progressive minimum net wealth tax from €535 to €32,100, which depends on the total assets on their balance sheet. The minimum net wealth tax of €4,815 will be applicable for a resident corporate shareholder, which has a minimum of 90% of fixed financial assets, transferable securities and cash at bank on its balance sheet, except if its accumulated fixed financial assets do in addition not exceed €350,000, in which case it may benefit from a minimum net wealth tax of €535. Items (e.g., real estate properties or assets allocated to a permanent establishment) located in a treaty country, where the latter has the exclusive tax right, are not considered for the calculation of the 90% threshold.
Despite the above mentioned exceptions, the minimum net wealth tax also applies if the resident corporate shareholder is a securitization company governed by the Law of March 22, 2004, on Securitization (as amended) or an investment company in risk capital governed by the Law of June 15, 2004, on Venture Capital Vehicles (as amended) or a pension-saving company as well as a pension-saving association, both governed by the Law of July 13, 2005, (as amended) or a reserved alternative investment fund having the exclusive purpose of investing in risk capital governed by the law of July 23, 2016.
The net wealth tax charge for a given year can be avoided or reduced if a specific reserve, equal to five times the net wealth tax to save, is created before the end of the subsequent tax year and maintained during the five following tax years. The net wealth tax reduction corresponds to one fifth of the reserve created, except that the maximum net wealth tax to be saved is limited to the corporate income tax amount due for the same tax year, including the employment fund surcharge, but before imputation of available tax credits.
Inheritance tax
Where a shareholder is a resident of Luxembourg for tax purposes at the time of his/her death, shares are included in his/her taxable estate for inheritance tax assessment purposes.
Gift tax
Gift tax may be due on a gift or donation of shares if recorded in a Luxembourg notarial deed or otherwise recorded in Luxembourg.
Registration taxes and stamp duties
In principle, neither the issuance of shares nor the disposal of shares is subject to Luxembourg registration tax or stamp duty.
However, a registration duty may be due in the case where (i) the deed acknowledging the issuance/disposal of shares is either attached (annexé) to a deed subject to a mandatory registration in Luxembourg (e.g., public deed) or lodged with a notary’s records (deposé au rang des minutes d’un notaire), or (ii) in case of a registration of such deed on a voluntary basis.
Material U.S. Federal Income Tax Considerations
The following is a description of material U.S. federal income tax consequences to the U.S. Holders described below of owning and disposing our common shares. It does not describe all tax considerations that may be relevant to a particular person’s decision to hold common shares. This discussion applies only to a U.S. Holder that holds common shares as capital assets for U.S. federal income tax purposes. In addition, it does not describe all of the U.S. federal income tax consequences that may be relevant in light of the U.S. Holder’s particular circumstances, including alternative minimum tax consequences, the potential application of the provisions of the Internal Revenue Code of
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1986, as amended (the “Code”) known as the Medicare contribution tax and tax consequences applicable to U.S. Holders subject to special rules, such as:
• certain financial institutions;
• dealers or traders in securities that use a mark-to-market method of tax accounting;
• persons holding common shares as part of a hedging transaction, straddle, wash sale, conversion transaction or other integrated transaction or persons entering into a constructive sale with respect to the common shares;
• persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;
• entities classified as partnerships for U.S. federal income tax purposes;
• tax-exempt entities, “individual retirement account” or “Roth IRA”;
• persons that own or are deemed to own ten percent or more of our shares, by vote or value;
• persons who acquired our common shares pursuant to the exercise of an employee stock option or otherwise as compensation; or
• persons holding common shares in connection with a trade or business conducted outside of the United States.
If an entity that is classified as a partnership for U.S. federal income tax purposes owns common shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships owning common shares and partners in such partnerships should consult their tax advisers as to the particular U.S. federal income tax consequences of owning and disposing of the common shares.
This discussion is based on the Code, administrative pronouncements, judicial decisions, final, temporary and proposed Treasury regulations, and the income tax treaty between Luxembourg and the United States (the “Treaty”) all as of the date hereof, any of which is subject to change or differing interpretations, possibly with retroactive effect.
A “U.S. Holder” is a person who, for U.S. federal income tax purposes, is a beneficial owner of our common shares and is:
• an individual who is a citizen or resident of the United States;
• a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or
• an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.
This discussion does not address the effects of any state, local or non-U.S. tax laws, or any U.S. federal taxes other than income taxes (such as U.S. federal or gift tax consequences). U.S. Holders should consult their tax advisers concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of our common shares in their particular circumstances.
Except as described below, this discussion assumes that we are not, and will not become, a passive foreign investment company (a “PFIC”) for any taxable year.
Taxation of Distributions
Distributions paid on common shares, other than certain pro rata distributions of common shares, will generally be treated as dividends to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Because we do not maintain calculations of our earnings and profits under U.S. federal income tax principles, we expect that distributions generally will be reported to U.S. Holders as dividends. Subject to applicable limitations, dividends paid to certain non-corporate U.S. Holders may be taxable at the favorable tax rate applicable to “qualified dividend income.” U.S. Holders should consult their tax advisers regarding the availability of the favorable tax rate on dividends in their particular circumstances.
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Dividends will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code. Dividends will be included in a U.S. Holder’s income on the date of receipt. The amount of any dividend income paid in euros will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars at that time. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.
Dividends will be foreign-source and will include any amount withheld by us in respect of Luxembourg income taxes. Subject to applicable limitations, some of which vary depending upon the U.S. Holder’s particular circumstances, non-refundable Luxembourg income taxes withheld from dividends at a rate not exceeding any applicable rate provided by the Treaty will be creditable against the U.S. Holder’s U.S. federal income tax liability. The rules governing foreign tax credits are complex and U.S. Holders should consult their tax advisers regarding the creditability of foreign taxes in their particular circumstances. In lieu of claiming a foreign tax credit, U.S. Holders may, at their election, deduct foreign taxes, including any Luxembourg income tax, in computing their taxable income, subject to generally applicable limitations under U.S. law. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes paid or accrued in the taxable year.
Sale or Other Disposition of Common Shares
For U.S. federal income tax purposes, gain or loss realized on the sale or other disposition of common shares will be capital gain or loss, and will be long-term capital gain or loss if the U.S. Holder held the common shares for more than one year. The amount of the gain or loss will equal the difference between the U.S. Holder’s tax basis in the common shares disposed of and the amount realized on the disposition, in each case as determined in U.S. dollars. This gain or loss will generally be U.S.-source gain or loss for foreign tax credit purposes. The deductibility of capital losses is subject to limitations.
Passive Foreign Investment Company Rules
We believe that we were not a “passive foreign investment company” (a “PFIC”) for U.S. federal income tax purposes for our taxable year ending December 31, 2020. However, our PFIC status for any taxable year is an annual determination that depends on the composition of our income and assets and the market value of our assets, which may change from time to time. In addition, if we expand our lending activities in the future in any significant fashion, our risk of becoming a PFIC will increase. Accordingly, there can be no assurance that we will not be a PFIC for any taxable year. If we are a PFIC for any year during which a U.S. Holder holds common shares, we generally will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which the U.S. Holder holds common shares, even if we cease to meet the threshold requirements for PFIC status.
If we are a PFIC for any taxable year during which a U.S. Holder holds common shares, gain recognized by a U.S. Holder on a sale or other disposition (including certain pledges) of the common shares will be allocated ratably over the U.S. Holder’s holding period for the common shares. The amounts allocated to the taxable year of the sale or other disposition and to any year before we became a PFIC will be taxed as ordinary income. The amount allocated to each other taxable year will be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge will be imposed on the resulting tax liability for each such year. Further, to the extent that any distribution received by a U.S. Holder on its common shares exceeds 125% of the average of the annual distributions on the common shares received during the preceding three years or the U.S. Holder’s holding period, whichever is shorter, that distribution will be subject to taxation in the same manner. If we were a PFIC, certain elections (such as mark-to-market election) may be available that would result in alternative tax consequences of owning and disposing the common shares.
In addition, if we are a PFIC or, with respect to particular U.S. Holder, are treated as a PFIC for the taxable year in which we pay a dividend or for the prior taxable year, the preferential dividend rate discussed above with respect to dividends paid to certain non-corporate U.S. Holders will not apply.
If a U.S. Holder owns common shares during any year in which we are a PFIC, the U.S. Holder generally must file annual reports on an IRS Form 8621 (or any successor form) with respect to us, generally with the U.S. Holder’s federal income tax return for that year.
U.S. Holders should consult their tax advisers concerning the potential application of the PFIC rules.
Information Reporting and Backup Withholding
Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding,
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unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding.
The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the holder’s U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS.
Certain U.S. Holders who are individuals or specified entities may be required to report information on their U.S. federal income tax returns relating to their ownership of our common shares, subject to certain exceptions (including an exception for common shares held in a financial account, in which case the account may be reportable if maintained by a non-U.S. financial institution).
U.S. Holders should consult their tax advisers regarding their reporting obligations with respect to their ownership and disposition of common shares.
F. Dividends and Paying Agents
Not applicable to Annual Report filing.
G. Statement by Experts
Not applicable to Annual Report filing.
H. Documents on Display
Upon the effectiveness of this Annual Report, we will become subject to the information requirements of the Exchange Act, except that as a foreign issuer, we will not be subject to the proxy rules or the short-swing profit disclosure rules of the Exchange Act. In accordance with these statutory requirements, we will file or furnish reports and other information with the SEC, which you may inspect and copy at the Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an Internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.
I. Subsidiary Information
Not applicable.
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK
Financial risk management
Millicom regularly performs risk management assessments and reviews to identify its major risks and to take the necessary steps to mitigate such risks. The principal market risks to which we are exposed are interest rate risk, foreign currency exchange risk and non-repatriation. Each year Millicom Group Treasury revisits and presents to the Audit Committee updated Treasury and Financial Risks Management policies ("Group Treasury Policy"). The Millicom Group analyzes each of these financial risks individually as well as on an interconnected basis and defines and implements strategies to manage the economic impact on the Millicom Group’s performance in line with its Group Treasury Policy. This policy was last reviewed in late 2020.
As part of the annual review of the above mentioned risks, the Millicom Group targets a strategy with respect to the use of derivatives and natural hedging instruments ranging from raising debt in local currency (where the Company targets to reach 40% of debt in local currency over the medium term) to maintaining a 75/25% mix between fixed and floating rate debt or agreeing to cover up to six months forward of operating costs and capex denominated in non-functional currencies through a rolling and layering strategy. Millicom’s risk management strategies may include the use of derivatives to the extent a market would exist in the jurisdictions where the Millicom Group operates. Millicom’s policy prohibits the use of such derivatives in the context of speculative trading.
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On December 31, 2020 and 2019, the fair value of derivatives held by the Millicom Group may be summarized as follows:

| 2020 |  | 2019
| (US$ millions)
Derivatives |  |  |
Cash flow hedge derivatives - asset | 28 |  |  | — |
Cash flow hedge derivatives - liability | (16) |  |  | (17) |
Net derivative asset (liability) | 12 |  |  | (17) |

Interest rate risk
Debt and financing issued at floating interest rates expose the Millicom Group to cash flow interest rate risk. Debt and financing issued at fixed rates expose the Millicom Group to fair value interest rate risk. The Millicom Group’s exposure to risk of changes in market interest rates relate to both of the above. To manage this risk, the Millicom Group’s policy is to maintain a combination of fixed and floating rate debt with target that more than 75% of the debt be at fixed rates. The Millicom Group actively monitors borrowings against this target. The target mix between fixed and floating rate debt is reviewed periodically. The purpose of Millicom’s policy is to achieve an optimal balance between cost of funding and volatility of financial results, while taking into account market conditions as well as our overall business strategy. At December 31, 2020, approximately 84% of the Millicom Group’s borrowings are at a fixed rate of interest or for which variable rates have been swapped for fixed rates with interest rate swaps (2019: 76%).
The table below summarizes, as at December 31, 2020, our fixed rate debt and floating rate debt:

| Amounts due within
| 1 year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | >5 years | Total
| (US$ millions)
Financing at December 31, 2020 |  |  |  |  |  |  |
Fixed rate financing | 80 |  | 90 |  | 268 |  | 561 |  | 269 |  | 3,498 |  | 4,766 |
Weighted average nominal interest rate | 5.81 | % | 5.62 | % | 7.69 | % | 5.44 | % | 5.54 | % | 5.56 | % | 5.67 | %
Floating rate financing | 33 |  | 17 |  | 171 |  | 250 |  | 197 |  | 256 |  | 926 |
Weighted average nominal interest rate | 1.89 | % | 1.28 | % | 2.76 | % | 1.27 | % | 4.49 | % | 0.40 | % | 0.91 | %
Total | 113 |  | 107 |  | 439 |  | 811 |  | 467 |  | 3,755 |  | 5,691 |
Weighted average nominal interest rate | 4.65 | % | 4.95 | % | 5.76 | % | 4.15 | % | 5.09 | % | 5.21 | % | 4.90 | %

The table below summarizes, as at December 31, 2019, our fixed rate debt and floating rate debt:

| Amounts due within
| 1 year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | >5 years | Total
| (US$ millions)
Financing at December 31, 2019 |  |  |  |  |  |  |
Fixed rate financing | 118 |  | 117 |  | 118 |  | 332 |  | 431 |  | 3,428 |  | 4,543 |
Weighted average nominal interest rate | 6.32 | % | 5.46 | % | 5.01 | % | 7.24 | % | 5.44 | % | 5.81 | % | 5.86 | %
Floating rate financing | 68 |  | 38 |  | 27 |  | 185 |  | 654 |  | 457 |  | 1,429 |
Weighted average nominal interest rate | 2.97 | % | 1.77 | % | 1.41 | % | 3.25 | % | 4.26 | % | 0.96 | % | 1.52 | %
Total | 186 |  | 155 |  | 145 |  | 517 |  | 1,085 |  | 3,884 |  | 5,972 |
Weighted average nominal interest rate | 5.10 | % | 4.55 | % | 4.34 | % | 5.81 | % | 4.73 | % | 5.24 | % | 4.82 | %

A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2020 would increase or reduce profit before tax from continuing operations for the year by approximately US$9 million (2019: US$14 million).
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From time to time, Millicom enters into currency and interest rate swap contracts to manage its exposure to fluctuations in interest rates and currency fluctuations in accordance with its Financial Risk Management policy. Details of these arrangements are provided below.
Interest rate and currency swaps on SEK denominated debt
The swaps on the previous SEK bond were accounted for as a cash flow hedge as the timing and amounts of the cash flows under the swap agreements matched the cash flows under the SEK bond. Fluctuations were recorded through other comprehensive income in our financial statements. They matured in April 2018 and were settled against a cash payment of $63 million.
In May 2019, MIC S.A. entered into swap contracts in order to hedge the foreign currency and interest rate risks in relation to the issuance of the SEK 2 billion (approximately $208 million) senior unsecured sustainability bond. These swaps are accounted for as cash flow hedges as the timing and amounts of the cash flows under the swap agreements match the cash flows under the SEK bond. Their maturity date is May 2024. The hedging relationship is highly effective and related fluctuations are recorded through other comprehensive income. At December 31, 2020, the fair values of the swaps amount to an asset of $23 million.
Interest rate and currency swaps in Costa Rica, Colombia and interest rate swaps in El Salvador
Our operations in Colombia, El Salvador and Costa Rica also entered into several swap agreements in order to hedge foreign currency and interest rate risks on certain long term debts. These swaps are accounted for as cash flow hedges and related fair value changes are recorded through other comprehensive income. At December 31, 2020, the fair value of El Salvador swaps amount to a liability of $3 million (December 31, 2019: a liability of $3 million), Costa Rica swaps amount to a liability of $5 million and an asset of $1 million (December 31, 2019: liability of $14 million) and the fair value of Colombia swaps amount to a liability of $7 million (December 31, 2019: nil).
Interest rate and currency swaps on Euro-denominated debt
In June 2013, Millicom entered into interest rate and currency swaps whereby Millicom will sell Euros and receive USD to hedge against exchange rate fluctuations on an intercompany seven-year Euro 134 million principal and related interest financing of its operation in Senegal.
The above hedge was considered ineffective, with fluctuations in the fair value of the hedge recorded through the statement of income in our consolidated financial statements.
No other financial instruments have a significant fair value at December 31, 2020.
Foreign currency risk
The Millicom Group is exposed to foreign exchange risk arising from various currency exposures in the countries in which it operates. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. In the years ended December 31, 2020, 2019 and 2018, foreign currency exchange rate fluctuations resulted in a loss of $69 million, a loss of $32 million and a gain of $40 million, respectively.
Millicom seeks to reduce its foreign currency exposure through a policy of matching, as far as possible, assets and liabilities denominated in foreign currencies, or entering into agreements that limit the risk of exposure to currency fluctuations against the US dollar reporting currency. In some cases, Millicom may also borrow in US dollars where it is either commercially more advantageous for joint ventures and subsidiaries to incur debt obligations in US dollars or where US dollar denominated borrowing is the only funding source available to a joint venture or subsidiary. In these circumstances, Millicom accepts the remaining currency risk associated with financing its joint ventures and subsidiaries, principally because of the relatively high cost of forward cover, when available, in the currencies in which the Millicom Group operates.
The following table summarizes debt denominated in US dollars and other currencies at December 31, 2020 and 2019.
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| 2020 |  | 2019
| (US$ millions)
December 31 |  |  |
Debt denominated in US dollars | 3,384 |  |  | 3,535 |
Debt denominated in currencies of the following countries: |  |  |
Colombia | 614 |  |  | 531 |
Chad |  |  | — |
Tanzania | 40 |  |  | 14 |
Bolivia | 337 |  |  | 350 |
Paraguay | 180 |  |  | 206 |
El Salvador(i) | 118 |  |  | 268 |
Panama(i) | 869 |  |  | 918 |
Luxembourg (SEK denominated) | 41 |  |  | 43 |
Costa Rica | 107 |  |  | 107 |
Other |  |  | — |
Total debt denominated in other currencies | 2,307 |  |  | 2,437 |
Total debt | 5,691 |  |  | 5,972 |

(i) El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dollar as legal tender. Our local debt in both countries is therefore denominated in U.S. dollars but presented as local currency (LCY).
At December 31, 2020, if the US dollar had weakened/strengthened by 10% against the other functional currencies of our operations and all other variables held constant, then profit before tax from continuing operations would have increased/decreased by $45 million (2019: $17 million ). This increase/decrease in profit before tax would have mainly been as a result of the conversion of the USD-denominated net debts in our operations with functional currencies other than the US dollar.
Non-repatriation risk
Millicom’s operating subsidiaries and joint ventures generate most of the revenue of the Millicom Group and in the currency of the countries in which they operate. Millicom is therefore dependent on the ability of its subsidiaries and joint venture operations to transfer funds to the Company.
Although foreign exchange controls exist in some of the countries in which Millicom Group companies operate, none of these controls currently significantly restrict the ability of these operations to pay interest, dividends, technical service fees, royalties or repay loans by exporting cash, instruments of credit or securities in foreign currencies. However, existing foreign exchange controls may be strengthened in countries where the Millicom Group operates, or foreign exchange controls may be introduced in countries where the Millicom Group operates that do not currently impose such restrictions. If such events were to occur, the Company’s ability to receive funds from the operations could be subsequently restricted, which would impact the Company’s ability to make payments on its interest and loans and, or pay dividends to its shareholders. As a policy, all operations which do not face restrictions to deposit funds offshore and in hard currencies should do so for the surplus cash generated on a weekly basis. The Company and its subsidiaries make use of notional and physical cash pooling arrangements in hard currencies to the extent permitted.
In addition, in some countries it may be difficult to convert large amounts of local currency into foreign currency because of limited foreign exchange markets. The practical effects of this may be time delays in accumulating significant amounts of foreign currency and exchange risk, which could have an adverse effect on the Millicom Group. This is a relatively rare case for the countries in which the Millicom Group operates.
Lastly, repatriation most often gives rise to taxation, which is evidenced in the amount of taxes paid by the Millicom Group relative to the Corporate Income Tax reported in its statement of income.
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ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A. Debt Securities
Not applicable to Annual Report filing.
B. Warrants and Rights
Not applicable to Annual Report filing.
C. Other Securities
Not applicable to Annual Report filing.
D. American Depositary Shares
Not applicable.
PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
A. Defaults
Not applicable.
B. Arrears and Delinquencies
Not applicable.
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Not applicable.
ITEM 15. CONTROLS AND PROCEDURES
A. Disclosure Controls and Procedures
As of December 31, 2020, MIC S.A., under the supervision and with the participation of the Millicom Group’s management, including the Company’s Chief Executive Officer and the Chief Financial Officer, performed an evaluation of the effectiveness of the Millicom Group’s disclosure controls and procedures. The Millicom Group’s disclosure controls and procedures are designed to ensure that information required to be disclosed under the Exchange Act is accumulated and communicated to the Millicom Group’s management to allow timely decisions regarding required disclosures. The Millicom Group’s management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures, which by their nature can provide only reasonable assurance regarding management’s control objectives.
Based on this evaluation, the Company’s Chief Executive Officer and the Chief Financial Officer concluded that as of December 31, 2020 the Millicom Group’s disclosure controls and procedures are effective at the reasonable assurance level for recording, processing, summarizing and reporting the information the Company is required to disclose in the reports it files under the Exchange Act within the time periods specified in the U.S. Securities and Exchange Commission’s (the “SEC”) rules and forms.
B. Management’s Annual Report on Internal Control over Financial Reporting
The Millicom Group’s management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company.
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Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of the Company’s financial reporting as well as the preparation of consolidated financial statements for external reporting purposes in accordance with IFRS as issued by the International Accounting Standards Boards.
The Company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit the preparation of consolidated financial statements in accordance with IFRS, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the Company’s consolidated financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements and, even when determined to be effective, can provide only reasonable assurance with respect to consolidated financial statements preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate.
The Company’s management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2020, based on the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on its assessment, management believes that, as of December 31, 2020, the Company’s internal control over financial reporting is effective based on those criteria.
The Company’s internal control over financial reporting as of December 31, 2020 has been audited by Ernst & Young S.A., the Company’s external independent registered public accounting firm, as stated in its report which follows.
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C. Attestation Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of
Millicom International Cellular S.A.
Opinion on Internal Control Over Financial Reporting
We have audited Millicom International Cellular S.A.’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Millicom International Cellular S.A. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the 2020 consolidated financial statements of the Company and our report dated March 10, 2021 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young
Société anonyme
Cabinet de révision agréé
Luxembourg,
Grand Duchy of Luxembourg
March 10, 2021
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D. Changes in Internal Control over Financial Reporting
There were no changes in Internal Control over Financial Reporting during the year.
ITEM 16. [RESERVED]
Item 16A. Audit Committee Financial Expert
MIC S.A.’s Audit Committee is chaired by Mr. Eliasson, and includes Ms. Erenbjerg, Ms. Johnson and Mr. Thompson. MIC S.A.’s Board of Directors has determined that each of Mr. Eliasson, Ms. Erenbjerg, Mr. Thompson and Ms. Johnson have the professional experience and knowledge to qualify as “audit committee financial experts” as defined by SEC rules. MIC S.A.’s Board has also determined that each of Mr. Eliasson, Ms. Erenbjerg, Mr. Thompson and Ms. Johnson are independent within the meaning of the independence requirements contemplated by Rule 10A-3 under the Exchange Act and the applicable Nasdaq listing rules.
Item 16B. Code of Ethics
Millicom has a Code of Conduct that applies to all employees and management. In May 2019, the Code of Conduct was amended to specify in greater detail our responsibility to regulators and shareholders, and clarify the duty of our employees to report concerns regarding accounting, internal controls, or auditing issues. In the year ended December 31, 2020, Millicom did not waive compliance with its Code of Conduct by its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The Code of Conduct is available at https://www.millicom.com/our-responsibility/compliance/millicom-code-of-conduct/.
Item 16C. Principal Accountant Fees and Services
The following table summarizes the aggregate amounts paid to Millicom’s auditors for the years ended December 31, 2020 and 2019.

| 2020 |  | 2019
| (US$ millions)
Audit fees | 5.8 |  |  | 6.8 |
Audit related fees | 0.5 |  |  | 1.3 |
Tax fees | 0.1 |  |  | 0.1 |
Other fees | 0.1 |  |  | 0.6 |
Total | 6.4 |  |  | 8.8 |

Audit related services consist principally of consultations related to financial accounting and reporting standards, including making recommendations to management regarding internal controls and the issuance of certifications for debt and bonds. Tax services consist principally of tax advisory services and tax compliance services. All other fees are for services not included in the other categories. 100% of the audit related, tax and other fees for 2020 and 2019 were approved by the audit committee.
Audit Committee Pre-approval Policies
The policies and procedures provide that requests for categories of non-audit services by Millicom’s auditors that have been pre-approved by the Audit Committee must be approved by management and subsequently reported to the Audit Committee on at least a quarterly basis, subject to a maximum annual and individual project cap. Other permitted services not listed in the pre-approved services list ratified by the Audit Committee must be pre-approved by the Audit Committee’s Chairman in between the regularly scheduled meetings and subsequently approved by the Audit Committee in full (during scheduled meetings), regardless of the level of fees.
Item 16D. Exemptions from the Listing Standards for Audit Committees
Not applicable.
Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
None.
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Item 16F. Change in Registrant’s Certifying Accountant
Not applicable.
Item 16G. Corporate Governance
As a foreign private issuer incorporated in Luxembourg with its principal stock exchange listing on Nasdaq Stockholm, Millicom follows its “home country” corporate governance practices and the laws of the Grand Duchy of Luxembourg, in lieu of the provisions of the Nasdaq Stock Market’s Marketplace Rule 5600 series that apply to the constitution of a quorum for any meeting of shareholders, the composition and independence requirements of the Nomination Committee and the Compensation Committee and the requirement to have regularly scheduled meetings at which only independent directors are present. The Nasdaq Stock Market’s rules provide for a quorum of no less than 33⅓% of Millicom’s outstanding shares. However, Millicom’s Amended and Restated Articles of Association do not require a quorum. The Nasdaq Stock Market’s rules provide for the involvement of independent directors in the selection of director nominees. However, Millicom relies on its home country practices, in lieu of this requirement, which permit its director nominations committee to be comprised of shareholder representatives. The Nasdaq Stock Market’s rules require each Compensation Committee member to be an independent director for purposes of the Nasdaq Stock Market’s Marketplace Rule 5605(d)(2). However, to preserve greater flexibility in who may be appointed to the Compensation Committee, Millicom relies on its home country practices, in lieu of this requirement, which do not require the Compensation Committee to be comprised solely of directors who qualify as independent for such purposes. The Nasdaq Stock Market’s rules require listed companies to have regularly scheduled meetings at which only independent directors are present. However, Millicom follows its home country practices which do not impose such a requirement.
Item 16H. Mine Safety Disclosure
Not applicable.
PART III
ITEM 17. FINANCIAL STATEMENTS
We have responded to Item 18 in lieu of this item.
ITEM 18. FINANCIAL STATEMENTS
Financial Statements are filed as part of this Annual Report, see page F-1.
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ITEM 19. EXHIBITS

1.1 | Amended and Restated Articles of Association of Millicom International Cellular S.A.
2.1 | Description of Share Capital
4.1 | Amended and Restated Indenture for the $500,000,000 5.125% Senior Notes due 2028 between Millicom International Cellular S.A., Citibank, N.A., London Branch and Citigroup Global Markets Deutschland AG dated May 30, 2018 (incorporated herein by reference to Exhibit 4.2. to the Company’s Registration Statement on Form 20-F (File No. 001-38763) filed with the SEC on December 13, 2018)
4.2* | Amended and Restated Multicurrency revolving facility agreement for Millicom International Cellular S.A. arranged by The Bank Of Nova Scotia, BNP Paribas, Citigroup Global Markets Limited and DNB Markets, a part of DNB Bank ASA, Sweden Branch dated October 15, 2020
4.3 | Indenture for the $750,000,000 6.25% Senior Notes due 2029 between Millicom International Cellular S.A., Citibank, N.A., London Branch and Citigroup Global Markets Europe AG dated March 25, 2019
4.4 | First Supplemental Indenture to the Amended and Restated Indenture for the $500,000,000 6.0% Senior Notes due 2025 between Millicom International Cellular S.A., Citibank, N.A., London Branch and Citigroup Global Markets Deutschland AG, dated as of May 30, 2018
4.5 | Term facility agreement for Millicom International Cellular S.A. arranged by DNB Bank ASA, Sweden Branch and Nordea Bank Abp, Filial i Sverige dated April 24, 2019
4.6 | Terms and Conditions for Millicom International Cellular S.A.’s SEK 2 Billion Floating-Rate Senior Unsecured Sustainability Bond due 2024
4.7* | Indenture for the $500,000,000 4.500% Senior Notes due 2031 between Millicom International Cellular S.A., Citibank, N.A., London Branch and Citigroup Global Markets Europe AG dated October 27, 2020
8.1 | List of significant subsidiaries
12.1* | Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002
12.2* | Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002
13.1** | Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
13.2** | Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
15.1* | Consent of Ernst & Young S.A.
15.2* | Consent of Ernst & Young S.A.
99.1* | Audited financial statements of Comunicaciones Celulares, S.A. as at December 31, 2020 and 2019 and for each of the three years in the period ended December 31, 2020
101.INS* | XBRL Instance Document
101.SC* | XBRL Taxonomy Extension Schema Document
101.CA* | XBRL Taxonomy Extension Calculation Linkbase Document
101.DE* | XBRL Taxonomy Extension Definition Linkbase Document
101.LA* | XBRL Taxonomy Extension Label Linkbase Document
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document

120

______________________
* Filed herewith
** Furnished herewith
121

SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

| MILLICOM INTERNATIONAL CELLULAR S.A.
Date: | March 10, 2021 | By: | /s/ Tim Pennington
|  |  | Name: Tim Pennington
|  |  | Title: Senior Executive Vice President, Chief Financial Officer
|  | By: | /s/ Mauricio Ramos
|  |  | Name: Mauricio Ramos
|  |  | Title: Executive Director and Chief Executive Officer

122

INDEX TO FINANCIAL STATEMENTS

Audited Consolidated Financial Statements of Millicom International Cellular S.A. at December 31, 2020 and 2019 and for the Years Ended December 31, 2020, 2019 and 2018 |
Report of independent registered public accounting firm | F-2
Consolidated statement of income for the years ended December 31, 2020, 2019 and 2018 | F-6
Consolidated statement of comprehensive income for the years ended December 31, 2020, 2019 and 2018 | F-7
Consolidated statement of financial position at December 31, 2020 and 2019 | F-8
Consolidated statement of cash flows for the years ended December 31, 2020, 2019 and 2018 | F-10
Consolidated statement of changes in equity for the years ended December 31, 2020, 2019 and 2018 | F-12
Notes to the audited consolidated financial statements | F-14

F-1

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Millicom International Cellular S.A.
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of financial position of Millicom International Cellular S.A. (the “Group“) as of December 31, 2020 and 2019, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2020, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group at December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”).
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Group's internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated March 10, 2021 expressed an unqualified opinion thereon.
Adoption of IFRS 16 “Leases”
As discussed in the Introduction to the consolidated financial statements, the Group changed its method of accounting for leases, including for their classification and measurement, effective January 1, 2019 due to the adoption of IFRS 16 “Leases”.
Basis for Opinion
These consolidated financial statements are the responsibility of the Group’s management. Our responsibility is to express an opinion on the Group’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
F-2

Revenue recognition

Description of the Matter | As described in Note B.1.1 of the consolidated financial statements, the Group’s revenue, amongst others, includes bundled offers (e.g., sales of telecom services and sale of handsets) and Principal vs. Agent considerations (i.e., some arrangements involve two or more unrelated parties that contribute to providing a specified good or service to a customer). Auditing bundled offers was especially challenging and involved complex auditor judgment because these arrangements involve multiple deliverables and elements which require the identification of separate performance obligations and allocation of the transaction price to those obligations. The transaction price is recognized in accordance with the transfer of goods or services to customers in an amount that reflects their relative stand-alone selling prices (e.g. the revenue from the sale of telecom services is recognized over time and the revenue from the sale of handsets is recognized at a point in time). In addition, auditing Principal vs. Agent considerations was especially challenging and involved auditor judgment to determine whether the Group has promised to provide the specified good or service itself (as a principal) or to arrange for those specified goods or services to be provided by another party (as an agent). In addition, auditing the information technology infrastructure used by the Group to capture complete and accurate revenue information (e.g. the set-up of customer accounts, pricing data, segregation of duties, reconciliation from billing system to the general ledger) to recognize revenues was especially challenging. There were challenges in obtaining an understanding of the structure of the complex systems and processes used to capture the large volumes of customer data. Furthermore, judgment was required to evaluate the relevant data that was captured and aggregated, and to assess the sufficiency of the audit evidence obtained.
How We Addressed the Matter in Our Audit | Our audit procedures included, among others, obtaining an understanding, evaluating the design, and testing the operating effectiveness of controls over the accounting for bundled offers (including identification of separate performance obligations and allocation of the transaction price to those obligations) and Principal vs. Agent considerations. Our audit procedures also included assessing the overall IT control environment and the IT controls in place, assisted by our information technology professionals. For example, we evaluated the design and tested the operating effectiveness of controls around access rights, system development, program changes and IT dependent business controls to establish that changes to the system were appropriately authorized, developed, and implemented including those over: set-up of customer accounts, pricing data, segregation of duties and the linkage to usage data that drives revenue recognition. In addition, we tested the end-to-end reconciliation from the billing systems to the general ledger. We also tested journal entries processed between the billing systems and general ledger. We assessed the accounting for credits and discounts and tested, on a sample basis, the accuracy of customer invoices. We assessed the assumptions used by management to determine the allocation of the transaction price, after consideration of these credits and discounts, to telecom services and handsets and tested the stand-alone selling prices. We obtained a sample of customer contracts, including modifications to the contracts, and compared customer contract terms to the revenue systems. We evaluated management’s Principal vs. Agent considerations and conclusions. We evaluated the adequacy of the related disclosures

F-3

Impairment testing of Goodwill

Description of the Matter | As of December 31, 2020, the Group's goodwill balance was USD 1,659 million. As described in Note E.1.1 of the consolidated financial statements, goodwill from cash-generating units (CGUs) is tested at least each year and more frequently if events or changes in circumstances indicate that the carrying value may be impaired. Auditing management’s goodwill impairment testing was especially challenging considering the uncertainties resulting from the current coronavirus pandemic situation and involved complex management and auditor judgment due to the significant assumptions used to determine the recoverable values of each of the Group’s CGUs. For example, the recoverable values based on value-in-use, determined using the method of discounted cash flows, were sensitive to significant assumptions, such as the projected EBITDA margin, CAPEX intensity (defined as CAPEX divided by total revenues), perpetual growth rates and weighted average cost of capital. These are affected by expectations about future market or economic conditions which are uncertain.
How We Addressed the Matter in Our Audit | Our audit procedures included, among others, obtaining an understanding of and evaluating the design and testing the operating effectiveness of the Group’s controls over its impairment testing. For example, we tested controls over management’s evaluation of the significant assumptions used in the discounted cash flows to develop the recoverable values of each of the Group’s CGUs. Our audit procedures also included inspecting the business plans used in the impairment analysis, comparing the plans to those used in other areas of the audit and evaluating the methodology used. We involved our valuation specialists to assist with our audit procedures to test the discounted cash flows and management’s valuation methodologies and assumptions. For example, our valuation specialists assisted us in comparing the significant assumptions listed above with publicly available information and external market data, and in evaluating management’s sensitivity analysis. We also assessed the completeness and accuracy of the underlying data through our inspection of and comparison to historical information. We evaluated the adequacy of the related disclosures.

F-4

Uncertain tax positions

Description of the Matter | As described in Note G.3.2 of the consolidated financial statements, the Group operates in developing countries where the tax systems, regulations and enforcement processes have varying stages of development creating uncertainty regarding the application of the tax law and interpretation of tax treatments. The Group is also subject to regular tax audits in the countries where it operates. When there is uncertainty over whether the taxation authority will accept a specific tax treatment under the local tax law, that tax treatment is therefore uncertain. The resolution of tax positions taken by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in some cases, it is difficult to predict the outcome. At December 31, 2020, the tax risks exposure of the Group's subsidiaries is estimated at USD 339 million, for which provisions of USD 77 million have been recorded in tax liabilities. The Group's share of tax exposure and provisions in its joint ventures amounts to USD 69 million and USD 7 million, respectively. Auditing management’s analysis of the Group’s uncertain tax positions and the related uncertain tax positions was especially challenging because the analysis is complex and involves significant management and auditor judgment and estimation. Each tax position involves unique facts and circumstances that must be evaluated, and there may be many uncertainties around initial recognition and de-recognition of tax positions, including regulatory changes, litigation and examination.
How We Addressed the Matter in Our Audit | Our audit procedures included, among others, obtaining an understanding of and evaluating the design and testing the operating effectiveness of the Group’s controls relating to uncertain tax positions. For example, we tested controls over management’s identification of uncertain tax positions and its application of the recognition and measurement principles, including management’s review of the inputs and calculations of uncertain tax positions. Our audit procedures included, among others, evaluating the assumptions the Group used to develop its uncertain tax positions and related unrecognized tax positions by jurisdiction. For example, we compared the estimated liabilities for unrecognized tax positions to similar positions in prior periods and assessed management’s consideration of current tax treatments and litigation and trends in similar positions challenged by tax authorities. We also assessed the historical accuracy of management’s estimates of its unrecognized tax positions by comparing the estimates with the resolution of those positions. In addition, we involved our tax professionals to assist us in evaluating the application of relevant tax laws and the Group’s interpretation of such laws in its recognition determination. We also tested the completeness and accuracy of the underlying data used by the Group to calculate its uncertain tax positions. We evaluated the adequacy of the Group’s disclosures.

/s/ Ernst & Young
Société anonyme
Cabinet de révision agréé
We have served as the Group’s auditor since 2012.
Luxembourg, Grand Duchy of Luxembourg
March 10, 2021
F-5

Consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 |

Consolidated statement of income for the years ended December 31, 2020, 2019 and 2018

| Notes | 2020 | 2019 | 2018 (i)
|  | (US$ millions)
Revenue | B.1. | 4,171 | 4,336 | 3,946
Cost of sales | B.2. | (1,171) | (1,201) | (1,117)
Gross profit |  | 3,000 | 3,135 | 2,829
Operating expenses | B.2. | (1,505) | (1,604) | (1,616)
Depreciation | E.2.2., E.3. | (890) | (825) | (662)
Amortization | E.1.3. | (318) | (275) | (140)
Share of profit in the joint ventures in Guatemala and Honduras | A.2. | 171 | 179 | 154
Other operating income (expenses), net | B.2. | (12) | (34) | 75
Operating profit | B.3. | 446 | 575 | 640
Interest and other financial expenses | C.3.3., E.3. | (624) | (564) | (367)
Interest and other financial income |  | 13 | 20 | 21
Other non-operating (expenses) income, net | B.5., C.7.3. | (106) | 227 | (39)
Profit (loss) from other joint ventures and associates, net | A.3. | (1) | (40) | (136)
Profit (loss) before taxes from continuing operations |  | (271) | 218 | 119
Tax (charge) credit, net | B.6. | (102) | (120) | (112)
Profit (loss) from continuing operations |  | (373) | 97 | 7
Profit (loss) from discontinued operations, net of tax | E.4.2. | (12) | 57 | (33)
Net profit (loss) for the period |  | (385) | 154 | (26)
Attributable to: |  |  |  |
Owners of the Company |  | (344) | 149 | (10)
Non-controlling interests | A.1.4. | (41) | 5 | (16)
Earnings (loss) per common share for profit (loss) attributable to the owners of the Company: |  |  |  |
Basic and diluted (US$ per common share) (ii) |  |  |  |
— from continuing operations |  | (3.28) | 0.92 | 0.23
— from discontinued operations |  | (0.12) | 0.56 | (0.33)
— Total | B.7. | (3.40) | 1.48 | (0.10)

(i) 2018 was not restated for the application of IFRS 16, as the Group elected the modified retrospective approach.
(ii) There are no dilutive potential ordinary shares
The accompanying notes are an integral part of these consolidated financial statements.

F-6

Consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 |

Consolidated statement of comprehensive income for the years ended December 31, 2020, 2019 and 2018

| 2020 | 2019 | 2018 (i)
| (US$ millions)
Net profit (loss) for the year | (385) | 154 | (26)
Other comprehensive income (to be reclassified to statement of income in subsequent periods), net of tax: |  |  |
Exchange differences on translating foreign operations | (19) | (4) | (81)
Change in value of cash flow hedges, net of tax effects | (1) | (16) | (1)
Other comprehensive income (not to be reclassified to the statement of income in subsequent periods), net of tax: |  |  |
Remeasurements of post-employment benefit obligations, net of tax effects | (2) | — | —
Total comprehensive income (loss) for the period | (407) | 133 | (108)
Attributable to |  |  |
Owners of the Company | (360) | 131 | (78)
Non-controlling interests | (48) | 3 | (30)
Total comprehensive income for the period arises from: |  |  |
Continuing operations | (395) | 76 | (102)
Discontinued operations | (12) | 57 | (7)

(i) 2018 was not restated for the application of IFRS 16, as the Group elected the modified retrospective approach.
The accompanying notes are an integral part of these consolidated financial statements.

F-7

Consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 |

Consolidated statement of financial position at December 31, 2020 and 2019

| Notes | December 31, 2020 | December 31, 2019 (i)
|  | (US$ millions)
ASSETS |  |  |
NON-CURRENT ASSETS |  |  |
Intangible assets, net | E.1. | 3,403 | 3,195
Property, plant and equipment, net | E.2. | 2,755 | 2,899
Right of use assets | E.3. | 895 | 1,012
Investments in joint ventures | A.2. | 2,642 | 2,797
Investments in associates | A.3. | 24 | 25
Contract costs, net | F.5. | 5 | 5
Deferred tax assets | B.6. | 197 | 200
Derivative financial instruments | D.1.2. | 27 | —
Amounts due from non-controlling interests, associates and joint ventures | G.5. | 90 | 39
Other non-current assets |  | 77 | 66
TOTAL NON-CURRENT ASSETS |  | 10,114 | 10,238
CURRENT ASSETS |  |  |
Inventories | F.2. | 37 | 32
Trade receivables, net | F.1. | 351 | 371
Contract assets, net | F.5. | 31 | 41
Amounts due from non-controlling interests, associates and joint ventures | G.5. | 206 | 29
Prepayments and accrued income |  | 149 | 156
Current income tax assets |  | 96 | 119
Supplier advances for capital expenditure |  | 21 | 22
Equity investments | C.7.3. | 160 | 371
Other current assets |  | 181 | 192
Restricted cash | C.5. | 199 | 155
Cash and cash equivalents | C.5. | 875 | 1,164
TOTAL CURRENT ASSETS |  | 2,307 | 2,652
Assets held for sale | E.4.2. | 1 | 5
TOTAL ASSETS |  | 12,422 | 12,895

(i) The consolidated statement of financial position at December 31, 2019 has been restated after finalization of the purchase accounting of our acquisitions in Nicaragua and Panama (note A.1.2.).
The accompanying notes are an integral part of these consolidated financial statements.

F-8

Consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 |

Consolidated statement of financial position at December 31, 2020 and 2019

| Notes | December 31, 2020 | December 31, 2019 (i)
|  | (US$ millions)
EQUITY AND LIABILITIES |  |  |
EQUITY |  |  |
Share capital and premium | C.1. | 630 | 633
Treasury shares |  | (30) | (51)
Other reserves | C.1. | (562) | (544)
Retained profits |  | 2,365 | 2,222
Profit (loss) for the period attributable to equity holders |  | (344) | 149
Equity attributable to owners of the Company |  | 2,059 | 2,410
Non-controlling interests | A.1.4. | 215 | 271
TOTAL EQUITY |  | 2,274 | 2,680
LIABILITIES |  |  |
NON-CURRENT LIABILITIES |  |  |
Debt and financing | C.3. | 5,578 | 5,786
Lease liabilities | C.4. | 897 | 988
Derivative financial instruments | D.1.2. | 14 | 17
Amounts due to non-controlling interests, associates and joint ventures | G.5. | 29 | 337
Payables and accruals for capital expenditure | E.1. | 485 | 61
Provisions and other non-current liabilities | F.4.2. | 328 | 322
Deferred tax liabilities | B.6. | 209 | 285
TOTAL NON-CURRENT LIABILITIES |  | 7,540 | 7,797
CURRENT LIABILITIES |  |  |
Debt and financing | C.3. | 113 | 186
Lease liabilities | C.4. | 123 | 107
Put option liability | C.7.4. | 262 | 264
Derivative financial instruments | D.1.2. | 1 | —
Payables and accruals for capital expenditure |  | 345 | 348
Other trade payables |  | 334 | 289
Amounts due to non-controlling interests, associates and joint ventures | G.5. | 311 | 161
Accrued interest and other expenses |  | 445 | 432
Current income tax liabilities |  | 71 | 75
Contract liabilities | F.5. | 90 | 82
Provisions and other current liabilities | F.4.1. | 511 | 474
TOTAL CURRENT LIABILITIES |  | 2,608 | 2,417
Liabilities directly associated with assets held for sale | E.4.2. | — | —
TOTAL LIABILITIES |  | 10,148 | 10,215
TOTAL EQUITY AND LIABILITIES |  | 12,422 | 12,895

(i) The consolidated statement of financial position at December 31, 2019 has been restated after finalization of the purchase accounting of our acquisitions in Nicaragua and Panama (note A.1.2.).
The accompanying notes are an integral part of these consolidated financial statements.

F-9

Consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 |

Consolidated statement of cash flows for the years ended December 31, 2020, 2019 and 2018

| Notes | 2020 | 2019 | 2018 (i)
|  | (US$ millions)
Cash flows from operating activities (including discontinued operations) |  |  |  |
Profit (loss) before taxes from continuing operations |  | (271) | 218 | 119
Profit (loss) before taxes from discontinued operations | E.4.2. | (12) | 59 | (29)
Profit (loss) before taxes |  | (283) | 276 | 91
Adjustments to reconcile to net cash: |  |  |  |
Interest expense on leases |  | 156 | 157 | 91
Interest expense on debt and other financing |  | 468 | 408 | 282
Interest and other financial income |  | (13) | (20) | (21)
Adjustments for non-cash items: |  |  |  |
Depreciation and amortization |  | 1,208 | 1,111 | 830
Share of net profit in Guatemala and Honduras joint ventures | A.2. | (171) | (179) | (154)
(Gain) on disposal and impairment of assets, net | B.2., E.4.2. | 20 | (40) | (37)
Share based compensation | C.1. | 24 | 30 | 22
Transaction costs assumed by Cable Onda | A.1.2. | — | — | 30
Loss from other joint ventures and associates, net | A.3. | 1 | 40 | 136
Other non-cash non-operating (income) expenses, net | B.5. | 106 | (227) | 40
Changes in working capital: |  |  |  |
Decrease (increase) in trade receivables, prepayments and other current assets, net |  | (43) | (119) | (128)
Decrease (increase) in inventories |  | (6) | 11 | 2
Increase (decrease) in trade and other payables, net |  | 40 | (61) | 69
Increase (decrease) in contract assets, liabilities and costs, net |  | 8 | (2) | (9)
Total changes in working capital |  | (2) | (172) | (66)
Interest paid on leases |  | (151) | (141) | (89)
Interest paid on debt and other financing |  | (411) | (344) | (229)
Interest received |  | 11 | 15 | 20
Taxes paid |  | (142) | (114) | (153)
Net cash provided by operating activities |  | 821 | 801 | 792
Cash flows from (used in) investing activities (including discontinued operations): |  |  |  |
Acquisition of subsidiaries, joint ventures and associates, net of cash acquired | A.1. | 10 | (1,014) | (953)
Proceeds from disposal of subsidiaries and associates, net of cash disposed |  | 10 | 111 | 176
Purchase of intangible assets and licenses | E.1.4. | (202) | (171) | (148)
Purchase of property, plant and equipment | E.2.3. | (622) | (736) | (632)
Proceeds from sale of property, plant and equipment | E.3. | 9 | 24 | 154
Proceeds from disposal of equity investments, net of costs |  | 197 | 25 | —
Dividends and dividend advances received from joint ventures | A.2.2. | 71 | 237 | 243
Settlement of financial derivative instruments |  | — | — | (63)
Cash (used in) provided by other investing activities, net | D.1.2. | 32 | 20 | 24
Net cash used in investing activities |  | (495) | (1,502) | (1,199)

F-10

Consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 |

| Notes | 2020 | 2019 | 2018 (i)
Cash flows from financing activities (including discontinued operations): |  |  |  |
Proceeds from debt and other financing | C.6. | 1,470 | 2,900 | 1,155
Repayment of debt and other financing | C.6. | (1,744) | (1,157) | (530)
Loan advance to joint venture for repayment of debt | G.5. | (193) | — | —
Lease capital repayment |  | (116) | (107) | (17)
Advances and dividends paid to non-controlling interests | A.1./A.2. | (5) | (13) | (2)
Share repurchase program |  | (10) | — | —
Dividends paid to owners of the Company | C.2. | — | (268) | (266)
Net cash provided by (used in) financing activities |  | (598) | 1,355 | 341
Exchange impact on cash and cash equivalents, net |  | (17) | (8) | (33)
Net (decrease) increase in cash and cash equivalents |  | (289) | 645 | (98)
Cash and cash equivalents at the beginning of the year |  | 1,164 | 528 | 619
Effect of cash in disposal group held for sale | E.4.2. | — | (9) | 6
Cash and cash equivalents at the end of the year |  | 875 | 1,164 | 528

(i) 2018 was not restated for the application of IFRS 16, as the Group elected the modified retrospective approach.
The accompanying notes are an integral part of these consolidated financial statements.

F-11

Consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 |

Consolidated statement of changes in equity for the years ended December 31, 2020, 2019 and 2018

| Number of shares (000’s) | Number of shares held by the Group (000’s) | Share capital(i) | Share premium (i) | Treasury shares | Retained profits(ii) | Other reserves (iii) | Total | Non- controlling interests | Total equity
| (US$ millions) |  |
Balance on January 1, 2018 | 101,739 | (1,195) | 153 | 484 | (106) | 3,035 | (472) | 3,096 | 185 | 3,281
Adjustment on adoption of IFRS 15 and IFRS 9 (net of tax) (viii) | — | — | — | — | — | 10 | — | 10 | (4) | 6
Total comprehensive income for the year | — | — | — | — | — | (10) | (68) | (78) | (30) | (108)
Dividends (iv) | — | — | — | — | — | (266) | — | (266) | — | (266)
Dividends to non controlling interest | — | — | — | — | — | — | — | — | (13) | (13)
Purchase of treasury shares | — | (70) | — | — | (6) | — | — | (6) | — | (6)
Share based compensation (v) | — | — | — | — | — | — | 22 | 22 | — | 22
Issuance of shares under share-based payment schemes | — | 351 | — | (2) | 31 | (5) | (22) | 2 | — | 2
Effect of acquisition of Cable Onda (vii) | — | — | — | — | — | — | — | — | 113 | 113
Put option reserve (vii) | — | — | — | — | — | (239) | — | (239) | — | (239)
Balance on December 31, 2018 | 101,739 | (914) | 153 | 482 | (81) | 2,525 | (538) | 2,542 | 251 | 2,792
Total comprehensive income for the year | — | — | — | — | — | 149 | (19) | 131 | 3 | 133
Dividends (iv) | — | — | — | — | — | (267) | — | (267) | — | (267)
Dividends to non controlling interest | — | — | — | — | — | — | — | — | (1) | (1)
Purchase of treasury shares | — | (132) | — | — | (12) | 4 | — | (8) | — | (8)
Share based compensation (v) | — | — | — | — | — | — | 29 | 29 | 1 | 30
Issuance of shares under share-based payment schemes | — | 465 | — | (2) | 41 | (12) | (25) | 1 | — | 1
Effect of restructuring in Tanzania(vi) | — | — | — | — | — | (27) | 9 | (18) | 18 | —
Balance on December 31, 2019 | 101,739 | (581) | 153 | 480 | (51) | 2,372 | (544) | 2,409 | 271 | 2,680

F-12

Consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 |

| Number of shares (000’s) | Number of shares held by the Group (000’s) | Share capital(i) | Share premium (i) | Treasury shares | Retained profits(ii) | Other reserves (iii) | Total | Non- controlling interests | Total equity
Balance on December 31, 2019 | 101,739 | (581) | 153 | 480 | (51) | 2,372 | (544) | 2,409 | 271 | 2,680
Total comprehensive income for the period | — | — | — | — | — | (344) | (15) | (360) | (48) | (407)
Dividends to non controlling interests | — | — | — | — | — | — | — | — | (8) | (8)
Purchase of treasury shares(ix) | — | (467) | — | — | (19) | 3 | — | (16) | — | (16)
Share based compensation(v) | — | — | — | — | — | — | 24 | 24 | — | 24
Issuance of shares under share-based payment schemes | — | 521 | — | (2) | 40 | (11) | (26) | 1 | — | 1
Balance on December 31, 2020 | 101,739 | (526) | 153 | 478 | (30) | 2,020 | (562) | 2,059 | 215 | 2,274

(i)Share capital and share premium – see note C.1.
(ii)Retained profits – includes profit for the year attributable to equity holders, of which $310 million (2019: $306 million; 2018: $324 million) are not distributable to equity holders.
(iii)Other reserves – see note C.1.
(iv)Dividends – see note C.2.
(v)Share-based compensation – see note C.1.
(vi)Effect of the restructuring in Tanzania A.1.2.
(vii)Effect of the acquisition of Cable Onda S.A. See notes A.1.2. and C.7.4. for further details.
(viii)“IFRS 15, “Revenue from contracts with customers” and IFRS 9, “Financial Instruments” were adopted effective January 1, 2018 using the modified retrospective method. The impact of adoption was recorded as an adjustment to retained profits.
(ix)During the year ended December 31, 2020, Millicom repurchased 350,000 shares for a total amount of $10 million and withheld approximately 117,000 shares for settlement of tax obligations (2019: 132,162 ) on behalf of employees under share-based compensation plans.
The accompanying notes are an integral part of these consolidated financial statements.

F-13

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Introduction
Corporate Information
Millicom International Cellular S.A. (the “Company” or “MIC S.A.”), a Luxembourg Société Anonyme, and its subsidiaries, joint ventures and associates (the “Group” or “Millicom”) is an international telecommunications and media group providing digital lifestyle services in emerging markets, through mobile and fixed telephony, cable, broadband, Pay-TV in Latin America (Latam) and Africa.
The Company’s shares are traded as Swedish Depositary Receipts on the Stockholm stock exchange under the symbol TIGO SDB (formerly MIC SDB) and, since January 9, 2019, on the Nasdaq Stock Market in the U.S. under the ticker symbol TIGO. The Company has its registered office at 2, Rue du Fort Bourbon, L-1249 Luxembourg, Grand Duchy of Luxembourg and is registered with the Luxembourg Register of Commerce under the number RCS B 40 630.
On November 14, 2019, Millicom's historical principal shareholder, Kinnevik AB, distributed its entire (approximately 37% of Millicom's outstanding shares) shareholding in Millicom to its own shareholders through a share redemption plan. Since that date, Kinnevik is no longer a related party or shareholder in Millicom.
On March 9, 2021, the Board of Directors authorized these consolidated financial statements for issuance.
Business activities
Millicom operates its mobile businesses in Latin America (Bolivia, Colombia, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay), and in Africa (Ghana and Tanzania).
Millicom operates various cable and fixed line businesses in Latin America (Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay). Millicom also provides direct to home satellite service in most of its Latam countries.
On December 31, 2015, Millicom deconsolidated its operations in Guatemala and Honduras which are, since that date and for accounting purposes, under joint control. However, when preparing and disclosing its segment information, the Group includes Honduras and Guatemala in the Latin America (Latam) segment figures as if they are fully consolidated by the Group, as this reflects the way management reviews and uses internally reported information to make decisions (see note B.3. Segmental information).
Millicom holds investments in online/e-commerce businesses in several countries in a tower infrastructure company in Africa (Helios Towers), as well as other small minority investments in other businesses such as micro-insurance (Milvik).
COVID-19 - Qualitative and quantitative assessment on business activities, financial situation and economic performance
On March 11, 2020, the World Health Organization declared the coronavirus outbreak a pandemic. Most countries globally, including a majority of the countries where we operate, reacted by implementing severe restrictions on travel and public gatherings, including the closing of offices, businesses, schools, retail stores and other public venues, and by instituting curfews or quarantines. These restrictions, as well as the dangers posed by the virus, produced a significant reduction in mobility and a severe disruption in global economic activity, the effect of which was felt in our markets beginning in mid-March 2020.
Impact on our markets and business
Most governments in our markets implemented restrictions beginning in mid-March, and these were generally maintained throughout April, with some gradual relaxation of measures beginning in late May and June. According to data compiled by the University of Oxford, the lockdowns in the vast majority of our markets were among the most stringent in the world. As a result, many of our stores and distribution channels were forced to close temporarily and a majority of our markets experienced very sharp reductions in mobility during the second quarter. This produced an immediate and significant decline in our prepaid mobile business. Since then, most of the governments in the countries in which we operate have gradually eased these restrictions and we have seen a corresponding increase in the mobility of people. Our prepaid mobile business was affected much faster than postpaid, and recovery has also been significantly quicker.

F-14

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

COVID-19 - Qualitative and quantitative assessment on business activities, financial situation and economic performance (continued)
Impact of the crisis on accounting matters
As a consequence of this crisis, Millicom identified potential significant accounting implications in the following areas:
•Impairment of non-financial assets/goodwill/investments in joint ventures
As a result of this crisis, Millicom has noticed reduced economic activity across the countries where it operates, and its operations have been suffering lower revenues, EBITDA and margins, which might have indicated potential impairments.
In the second half of the year, our operations have shown encouraging signs of recovery and are actually over performing the forecasts used by management to carry out the impairment test as of June 30, 2020. The discount rates have also significantly decreased since the declaration of the outbreak and they have gradually returned to pre-pandemic levels. There were therefore no such indicators requiring management to carry out another impairment test for the second half of the year. With that said, in accordance with IFRS, management carried out its annual goodwill impairment test during the fourth quarter of 2020, using the Group's latest forecasts and again concluded that no impairment should be recorded in the Group Consolidated Financial Statements.
•Impairment of trade receivables
During Q2 2020, and as a result of worsening collections, the Group had recognised additional bad debt provisions for an amount of $32 million compared to the level of provisions recorded during Q1 2020 (pre-pandemic level) and $33 million compared to Q2 2019. However, collections have significantly improved during second half of 2020 and bad debt levels have returned to their pre-pandemic level comparing to Q1 2020. As of December 31, 2020, the total bad debt provisions cover close to 100% of the receivables overdue by more than 90 days.
•Revenue recognition
For countries restricted from disconnecting non paying customers at the beginning of the pandemic , such as El Salvador and Bolivia, the Group established a policy whereby operations stopped recognizing revenue after a certain number of invoices remained unpaid (usually 3 invoices - as these customers would be disconnected after 3 unpaid invoices in normal circumstances). The Group believed it was unlikely that it would collect the overdue invoiced amounts from these subscribers i.e. the 'Covid subscribers'. From that moment onwards after consideration of the guidance under IFRS 15.13, for 'Covid subscribers' the Group had only recognized revenue up to an amount equal to the consideration (cash) as and when received. Noteworthy, all our operations were finally allowed to apply free "lifeline" services for non-paying customers, with El Salvador and Bolivia being the latest to be able to apply it as from mid-2020.
As mentioned above, our markets and operations showed encouraging signs of recovery, and therefore any unrecognized revenue during second half of 2020 has been offset with the invoicing effect of prior unrecognized revenue. For the year ended December 31, 2020, the Group invoiced but unrecognized revenue amounts to $3.9 million.
IFRS Consolidated Financial Statements
Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the IASB (IFRS). They are also compliant with International Financial Reporting Standards as adopted by the European Union. This is in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council of July 19, 2002, on the application of international accounting standards for listed companies domiciled in the European Union.
The financial statements have been prepared on an historical cost basis, except for certain items including derivative financial instruments (measured at fair value) and financial instruments that contain obligations to purchase own equity instruments (measured at the present value of the redemption price).
This section contains the Group’s significant accounting policies that relate to the financial statements as a whole. Significant accounting policies specific to one note are included within that note. Accounting policies relating to non-material items are not included in these financial statements.

F-15

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Consolidation
The consolidated financial statements of the Group comprise the financial statements of the Company and its subsidiaries as of December 31 of each year. The financial statements of the subsidiaries are prepared for the same reporting year as the Company, using consistent accounting policies.
All intra-group balances, transactions, income and expenses, and profits and losses resulting from intra-group transactions are eliminated.
Foreign currency
Financial information in these financial statements are shown in the US dollar presentation currency of the Group and rounded to the nearest million (US$ million) except where otherwise indicated. The financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which each entity operates (the functional currency). The functional currency of each subsidiary, joint venture and associate reflects the economic substance of the underlying events and circumstances of these entities. Except for El Salvador where the functional currency is US dollar, the functional currency in other countries is the local currency.
The results and financial position of all Group entities (none of which operate in an economy with a hyperinflationary environment) with functional currency other than the US dollar presentation currency are translated into the presentation currency as follows:
(i) Assets and liabilities are translated at the closing rate on the date of the statement of financial position;
(ii) Income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and
(iii) All resulting exchange differences are recognized as a separate component of equity (currency translation reserve), in the caption “Other reserves”.
On consolidation, exchange differences arising from the translation of net investments in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are recorded in equity. When the Group disposes of or loses control or significant influence over a foreign operation, exchange differences that were recorded in equity are recognized in the consolidated statement of income as part of gain or loss on sale or loss of control and/or significant influence.
Goodwill and fair value adjustments arising on acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.
The following table presents functional currency translation rates for the Group’s locations to the US dollar on December 31, 2020, 2019 and 2018 and the average rates for the years ended December 31, 2020, 2019 and 2018.

Exchange Rates to the US Dollar | Functional Currency | 2020 Year-end Rate | 2019 Year-end Rate | Change % | 2020 Average Rate | 2019 Average Rate | Change % | 2018 Average Rate
Bolivia | Boliviano (BOB) | 6.91 |  | 6.91 |  | — |  | 6.91 |  | 6.91 |  | — | % | 6.91 |
Chad | CFA Franc (XAF) | n/a | n/a | n/a | n/a | n/a | n/a | 571 |
Colombia | Peso (COP) | 3,432.50 |  | 3,277 |  | 4.7 | % | 3,695 |  | 3,296 |  | 12.1 | % | 2,973 |
Costa Rica | Costa Rican Colon (CRC) | 617.30 |  | 576 |  | 7.1 | % | 590 |  | 588 |  | 0.3 | % | 578 |
El Salvador | US dollar | n/a | n/a | n/a | n/a | n/a | n/a | n/a
Ghana | Cedi (GHS) | 5.87 |  | 5.73 |  | 2.4 | % | 5.75 |  | 5.33 |  | 7.9 | % | 4.63 |
Guatemala | Quetzal (GTQ) | 7.79 |  | 7.70 |  | 1.2 | % | 7.73 |  | 7.71 |  | 0.3 | % | 7.52 |
Honduras | Lempira (HNL) | 24.20 |  | 24.72 |  | (2.1) | % | 24.65 |  | 24.59 |  | 0.2 | % | 23.99 |
Luxembourg | Euro (EUR) | 0.82 |  | 0.89 |  | (8.2) | % | 0.87 |  | 0.89 |  | (2.1) | % | 0.85 |
Nicaragua | Cordoba (NIO) | 34.82 |  | 33.84 |  | 2.9 | % | 34.34 |  | 33.12 |  | 3.7 | % | 31.55 |
Panama | Balboa (B/.) (i) | n/a | n/a | n/a | n/a | n/a | n/a | n/a
Paraguay | Guarani (PYG) | 6,900.11 |  | 6,453 |  | 6.9 | % | 6,758 |  | 6,232 |  | 8.4 | % | 5,743 |
Sweden | Krona (SEK) | 8.23 |  | 9.37 |  | (12.1) | % | 9.16 |  | 9.43 |  | (2.9) | % | 8.71 |
Tanzania | Shilling (TZS) | 2,318.95 |  | 2,299 |  | 0.9 | % | 2,312 |  | 2,304 |  | 0.3 | % | 2,274 |
United Kingdom | Pound (GBP) | 0.73 |  | 0.75 |  | (3.0) | % | 0.77 |  | 0.78 |  | (1.2) | % | 0.75 |

(i) the balboa is tied to the United States dollar at an exchange rate of 1:1.

F-16

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

New and amended IFRS accounting standards
The following changes to standards effective for annual periods starting on January 1, 2019 have been adopted by the Group:
IFRS 16 "Leases" primarily affects the accounting for the Group’s operating leases. The commitments for operating leases are now recognized as right of use assets and lease liabilities for future payments. As a result, on adoption, on January 1, 2019, an additional lease liability of $545 million has been recognized. The application of the new standard decreased operating expenses by $149 million, respectively, as compared to what our results would have been if we had continued to follow IAS 17 for year ended December 31, 2019. The impact of the adoption of the leasing standard and the new accounting policies are further explained below. The application of this standard also affects the Group’s depreciation, operating and financial expenses, debt and other financing, and leverage ratios see note C.3.. The change in presentation of operating lease expenses has resulted in a corresponding increase in cash flows derived from operating activities and a decline in cash flows from financing activities.
Below are details describing the impact of the adoption of IFRS 16 "Leases" on the Group’s financial statements. The amended accounting policies applied from January 1, 2019 are further disclosed in note C.4.
Explanation and effect of adoption of IFRS 16
The Group adopted the standard using the modified retrospective approach with the cumulative effect of applying the new Standard recognized in retained profits as of January 1, 2019. Its application had no significant impact on the Group's retained profits. Comparatives for the 2018 financial statements were not restated.
On adoption of IFRS 16, the Group recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019.
The right-of-use asset was measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to the leases recognized in the statement of financial position immediately before the date of initial application.
The weighted average incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 12.3%. Each lease commitment was individually discounted using a specific incremental borrowing rate, following a build-up approach including: risk-free rates, industry risk, country risk, credit risk at cash generating unit level, currency risk and commitment’s maturity.
For leases previously classified as finance leases Millicom recognized the carrying amount of the lease asset and lease liability immediately before transition as the carrying amount of the right of use asset and the lease liability at the date of initial application. The measurement principles of IFRS 16 are only applied after that date.

$ millions | January 1, 2019
Operating lease commitments disclosed as at December 31, 2018 | 801
(Plus): Non lease components obligations | 57
(Less): Short term leases recognized on a straight line basis as an expense | (3)
(Less): Low value leases recognized on a straight line basis as an expense | (2)
(Less): Contract included in the lease commitments but with starting date in 2019 and not part of the IFRS 16 opening balances | (17)
(Plus/Less): Other | (9)
Gross lease liabilities | 828
Discounted using the lessee's incremental borrowing rate at the date of the initial application | (283)
Incremental lease liabilities recognized at January 1, 2019 | 545
(Plus): Finance lease liabilities recognized at December 31, 2018 | 353
Lease liabilities recognized at January 1, 2019 | 898
Of which are: |
Current lease liabilities | 86
Non-current lease liabilities | 812

F-17

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

The application of IFRS 16 affected the following items in the statement of financial position on January 1, 2019:

FINANCIAL POSITION $ millions | As at January 1, 2019 before application | Effect of adoption of IFRS 16 | As at January 1, 2019 after application | Reason for the change
ASSETS |  |  |  |
Property, plant and equipment, net | 3,071 | (307) | 2,764 | (i)
Right-of-use asset (non-current) NEW | — | 856 | 856 | (ii)
Prepayments | 129 | (6) | 123 | (iii)
LIABILITIES |  |  |  |
Lease liabilities (non-current) NEW | — | 812 | 812 | (iv)
Debt and other financing (non-current) | 4,123 | (337) | 3,786 | (v)
Lease liabilities (current) NEW | — | 86 | 86 | (iv)
Debt and other financing (current) | 458 | (16) | 442 | (v)
Other current liabilities | 492 | (2) | 490 | (vi)

(i) Transfer of previously capitalized assets under finance leases to Right-of-Use assets.
(ii) Initial recognition of Right-of-Use assets, transfer of previously recognized finance leases and of lease prepayments to the Right-of-Use asset cost at transition.
(iii) Transfer of lease prepayments to the Right-of-Use asset cost at transition.
(iv) Initial recognition of lease liabilities and transfer of previously recognized finance lease liabilities.
(v) Transfer of previously recognized finance lease liabilities to new Lease liabilities accounts.
(vi) Reclassification of provisions for onerous contracts to Right-of-Use assets.
The application of IFRS 16 has also impacted classifications within the statement of income, statement of cash flows, segment information and EPS for the period starting from January 1, 2019.
In applying IFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard:
▪the use of a single discount rate to a portfolio of leases with reasonably similar characteristics
▪reliance on previous assessments on whether leases are onerous
▪the accounting for operating leases with a remaining lease term of less than 12 months as at January 1, 2019 as short-term leases
▪the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application, and
▪the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease.
The Group has also elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date the Group relied on its assessment made when applying IAS 17 and IFRIC 4 Determining whether an Arrangement contains a Lease.
The following new or amended standards became applicable for the current reporting period and did not have any significant impact on the Group’s accounting policies or disclosures and did not require retrospective adjustments.
•Amendments to the conceptual framework. The IASB has revised its conceptual framework.
•Amendments to IAS 1, ‘Presentation of financial statements’, and IAS 8, ‘Accounting policies, changes in accounting estimates and errors’.
•Amendments to IFRS 9, IAS 39 and IFRS 7 - Interest Rate Benchmark Reform - Phase 1. This amendment provides certain reliefs in relation to interest rate benchmark reforms. The reliefs relate to hedge accounting and have the effect that the reforms should not generally cause hedge accounting to terminate. However, any hedge ineffectiveness should continue to be recorded in the income statement.
•Amendments to IFRS 3 - definition of a business. This amendment revises the definition of a business.

F-18

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

•Amendment to IFRS 16, 'Leases' - COVID 19 Rent Concessions - effective for annual periods starting on June 1, 2020. This amendment provides an optional practical expedient for lessees from assessing whether a rent concession related to COVID-19 is a lease modification. Lessees can elect to account for such rent concessions in the same way as they would if they were not lease modifications. In many cases, this will result in accounting for the concession as variable lease payments in the period(s) in which the event or condition that triggers the reduced payment occurs.
The following changes to standards not yet effective are not expected to materially affect the Group:
•Amendments to IFRS 4 'Insurance contracts' (deferral of effective date of IFRS 9) - effective for annual periods starting on January 1, 2021- These amendments extend the effective date to apply IFRS 9 for insurance contracts to January 1, 2023 in order to align with the effective date of IFRS 7. These amendments will not have an impact for the Group.
•Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 - Interest Rate Benchmark Reform - Phase 2 - effective for annual periods starting on January 1, 2021. The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate.
Main reliefs provided by the Phase 2 amendments relate to:
•Changes to contractual cash flows: That is, when changing the basis for determining contractual cash flows for financial assets and liabilities required by the reform this will not result in an immediate gain or loss in the income statement but in an update of the effective interest rate (or an update in the discount rate to remeasure the lease liability as a result of the IBOR reform), and;
•Hedge accounting: That is, allowing hedge relationships that are directly affected by the reform to continue, though additional ineffectiveness might need to be recorded.
The Group has inventoried financial assets or liabilities (including lease liabilities), as well as hedging instruments, with IBOR features and concluded that it will not be significantly exposed to this reform. As a result, it does not expect any material effects on its consolidated financial statements from the reform and these amendments.
•Amendments to
◦IFRS 3 'Business Combinations' - Reference to Conceptual Framework
◦IAS 16 'Property, Plant and Equipment' - Proceeds before intended use
◦IAS 37 'Provisions, Contingent Liabilities and Contingent Assets' - Cost of fulfilling a contract
◦Annual improvements to IFRS Standards 2018-2020, affecting IFRS 1, IFRS 9, IFRS 16 and IAS 41
All of these amendments are effective for annual periods starting on January 1, 2022. These amendments have not yet been endorsed by the EU.
•Amendments to IAS 1, 'Presentation of Financial Statements' - effective for annual periods starting on January 1, 2023- This amendment clarifies that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. The amendment also clarifies what IAS 1 means when it refers to the ‘settlement’ of a liability. These amendments have not yet been endorsed by the EU.
•IFRS 17, ‘Insurance contracts’, including amendments - effective for annual periods starting on January 1, 2023- IFRS 17 will not have an impact for the Group. IFRS 17 has not been yet endorsed by the EU.
•Amendments to IAS 1, 'Presentation of Financial Statements' and IFRS Practice Statement 2, 'Disclosure of Accounting policies'- effective for annual periods starting on January 1, 2023 - The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. These amendments have not yet been endorsed by the EU.
•Amendments to IAS 8, 'Accounting policies, Changes in Accounting Estimates and Errors': Definition of accounting estimates - effective for annual periods starting on January 1, 2023 - The amendments are designed to clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. These amendments have not yet been endorsed by the EU.

F-19

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Judgments and critical estimates
The preparation of IFRS financial statements requires management to use judgment in applying accounting policies. It also requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. These estimates are based on management's best knowledge of current events, actions and best estimates as of a specified date, and actual results may ultimately differ from these estimates. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in each note and are summarized below:
Judgments
Management apply judgment in accounting treatment and accounting policies in preparation of these financial statements. In particular, a significant level of judgment is applied regarding the following items:
• Acquisitions – measurement at fair value of existing and newly identified assets, including the measurement of property, plant and equipment and intangible assets (e.g. particularly the customer lists being sensitive to significant assumptions as disclosed in note A.1.2.), liabilities, contingent liabilities and remaining goodwill; the assessment of useful lives; as well as the accounting treatment for transaction costs (see notes A.1.2., E.1.1., E.1.5., E.2.1.);
• Impairment testing – key assumptions related to future business performance, perpetual growth rates and discount rates (see notes E.1.2., E.1.6., E.2.2.);
• Revenue recognition – whether or not the Group acts as principal or as an agent, when there is one or several performance obligations and the determination of stand alone selling prices (see note B.1.1.);
• Contingent liabilities – whether or not a provision should be recorded for any potential liabilities (see note G.3.);
• Leases – In determining the lease term, including the assessment of whether the exercise of extension or termination options is reasonably certain and the corresponding impact on the selected lease term (see note E.3.);
• Control – whether Millicom, through voting rights and potential voting rights attached to shares held, or by way of shareholders’ agreements or other factors, has the ability to direct the relevant activities of the subsidiaries it consolidates, or jointly direct the relevant activities of its joint ventures (see notes A.1., A.2.);
• Discontinued operations and assets held for sale – definition, classification and presentation (see notes A.4., E.4.1.) as well as measurement of potential provisions related to indemnities;
• Deferred tax assets – recognition based on likely timing and level of future taxable profits together with future tax planning strategies (see notes B.6.3.and G.3.2.);
• Defined benefit obligations – key assumptions related to life expectancies, salary increases and leaving rates, mainly related to UNE Colombia (see note B.4.3.).
Estimates
Estimates are based on historical experience and other factors, including reasonable expectations of future events, including the effects of the COVID-19 pandemic. These factors are reviewed in preparation of the financial statements although, due to inherent uncertainties in the evaluation process, actual results may differ from original estimates. Estimates are subject to change as new information becomes available and may significantly affect future operating results. Significant estimates have been applied in respect of the following items:
• Accounting for property, plant and equipment, and intangible assets in determining fair values at acquisition dates, particularly for assets acquired in business combinations and sale and leaseback transactions (see notes A.1.and E.2.1.);
• Useful lives of property, plant and equipment and intangible assets (see notes E.1.1., E.2.1.);
• Provisions, in particular provisions for asset retirement obligations, legal and tax risks (see note F.4.);
• Tax liabilities, in particular in respect of uncertainty over income tax treatments (see note F.4.);
• Revenue recognition (see note B.1.1.);
• Impairment testing including weighted average cost of capital (WACC), EBITDA margins, Capex intensity and long term growth rates (see note E.1.6.);

F-20

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

• For leases, estimates in determining the incremental borrowing rate for discounting the lease payments in case interest rate implicit in the lease cannot be determined (see note E.3. );
• Estimates for defined benefit obligations (see note B.4.2.);
• Accounting for share-based compensation in particular estimates of forfeitures and future performance criteria (see notes B.4.1., B.4.3.).
A. The Millicom Group
The Group comprises a number of holding companies, operating subsidiaries and joint ventures with various combinations of mobile, fixed-line telephony, cable and wireless Pay TV, Broadband Internet and Mobile Financial Services (MFS) businesses. The Group also holds other small minority investments in other businesses such as micro-insurance (Milvik).
A.1. Subsidiaries
Subsidiaries are all entities which Millicom controls. Millicom controls an entity when it is exposed to, or has rights to variable returns from its investment in the entity, and has the ability to affect those returns through its power over the subsidiary. Millicom has power over an entity when it has existing rights that give it the current ability to direct the relevant activities, i.e. the activities that significantly affect the entity’s returns. Generally, control accompanies a shareholding of more than half of the voting rights although certain other factors (including contractual arrangements with other shareholders, voting and potential voting rights) are considered when assessing whether Millicom controls an entity. For example, although Millicom holds less than 50 % of the shares in its Colombian businesses, it holds more than 50 % of shares with voting rights. The contrary may also be true (e.g. Guatemala and Honduras). In respect of the joint ventures in Guatemala and Honduras, shareholders’ agreements require unanimous consents for decisions over the relevant activities of these entities (see also note A.2.2.). Therefore, the Group has joint control over these entities and accounts for them under the equity method.

F-21

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Our main subsidiaries are as follows:

Entity | Country | Activity | December 31, 2020 % holding | December 31, 2019 % holding | December 31, 2018 % holding
Latin America |  |  | In % | In % | In %
Telemovil El Salvador S.A. de C.V. | El Salvador | Mobile, MFS, Cable, DTH | 100 | 100 | 100
Millicom Cable Costa Rica S.A. | Costa Rica | Cable, DTH | 100 | 100 | 100
Telefonica Celular de Bolivia S.A. | Bolivia | Mobile, DTH, MFS, Cable | 100 | 100 | 100
Telefonica Celular del Paraguay S.A. | Paraguay | Mobile, MFS, Cable, PayTV | 100 | 100 | 100
Cable Onda S.A (i). | Panama | Cable, PayTV, Internet, DTH, Fixed-line | 80 | 80 | 80
Grupo de Comunicaciones Digitales, S.A. (formerly Telefonica Moviles Panama, S.A.)(ii) | Panama | Mobile | 80 | 80 | —
Telefonia Cellular de Nicaragua sa (ii) | Nicaragua | Mobile | 100 | 100 | —
Colombia Móvil S.A. E.S.P. (iii) | Colombia | Mobile | 50-1 share | 50-1 share | 50-1 share
UNE EPM Telecomunicaciones S.A.(iii) | Colombia | Fixed-line, Internet, PayTV, Mobile | 50-1 share | 50-1 share | 50-1 share
Edatel S.A. E.S.P. (iii) | Colombia | Fixed-line, Internet, PayTV, Cable | 50-1 share | 50-1 share | 50-1 share
Africa |  |  |  |  |
Sentel GSM S.A.(v) | Senegal | Mobile, MFS | — | — | —
MIC Tanzania Public Limited Company (vi) | Tanzania | Mobile, MFS | 98.5 | 98.5 | 100
Millicom Tchad S.A. (v) | Chad | Mobile, MFS | — | — | 100
Millicom Rwanda Limited (v) | Rwanda | Mobile, MFS | — | — | —
Zanzibar Telecom Limited (vi) | Tanzania | Mobile, MFS | 98.5 | 98.5 | 85
Unallocated |  |  |  |  |
Millicom International Operations S.A. | Luxembourg | Holding Company | 100 | 100 | 100
Millicom International Operations B.V. | Netherlands | Holding Company | 100 | 100 | 100
Millicom LIH S.A. | Luxembourg | Holding Company | 100 | 100 | 100
MIC Latin America B.V. | Netherlands | Holding Company | 100 | 100 | 100
Millicom Africa B.V. | Netherlands | Holding Company | 100 | 100 | 100
Millicom Holding B.V. | Netherlands | Holding Company | 100 | 100 | 100
Millicom International Services LLC | USA | Services Company | 100 | 100 | 100
Millicom Services UK Ltd (iv) | UK | Services Company | 100 | 100 | 100
Millicom Spain S.L. | Spain | Holding Company | 100 | 100 | 100

(i) Acquisition completed on December 13, 2018. Cable Onda S.A. is fully consolidated as Millicom has the majority of voting shares to direct the relevant activities. See note A.1.2..
(ii) Companies acquired during 2019. See note A.1.2..
(iii) Fully consolidated as Millicom has the majority of voting shares to direct the relevant activities.
(iv) Millicom Services UK Ltd with registered number 08330497 will take advantage of an audit exemption to prepare stand alone financial statements for the year ended December 31, 2020 as set out within section 479A of the Companies Act 2006.
(v) Companies disposed of in 2018 or 2019. See note A.1.3.
(vi) Change in ownership percentages as a result of the in-country restructuring . See note A.1.2.
A.1.1. Accounting for subsidiaries and non-controlling interests
Subsidiaries are fully consolidated from the date on which control is transferred to Millicom. If facts and circumstances indicate that there are changes to one or more of the elements of control, a reassessment is performed to determine if control still exists. Subsidiaries are de-consolidated from the date that control ceases. Transactions with non-controlling interests are accounted for as transactions with equity owners of the Group. Gains or losses on disposals of non-controlling interests are recorded in equity. For

F-22

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is also recorded in equity.
A.1.2. Acquisition of subsidiaries and changes in non-controlling interests in subsidiaries
Scope changes 2020
There were no material acquisitions in 2020.
Scope changes 2019
1. Telefonica CAM Acquisitions
On February 20, 2019, MIC S.A., Telefonica Centroamerica and Telefonica S.A. entered into 3 separate share purchase agreements (the “Telefonica CAM Acquisitions”) pursuant to which, subject to the terms and conditions contained therein, Millicom agreed to purchase 100% of the shares of Telefonica Moviles Panama, S.A., a company incorporated under the laws of Panama, from Telefonica Centroamerica (the “Panama Acquisition”), 100% of the shares of Telefonica de Costa Rica TC, S.A., a company incorporated under the laws of Costa Rica, from Telefonica (the “Costa Rica Acquisition”) and 100% of the shares of Telefonia Celular de Nicaragua, S.A., a company incorporated under the laws of Nicaragua, from Telefonica Centroamerica (the “Nicaragua Acquisition”). While Millicom completed both acquisitions in Nicaragua and Panama, it announced on May 2, 2020 that it had terminated the Share Purchase Agreement in relation to the Costa Rica Acquisition (see note G.3.1.). The aggregate purchase price for the Telefonica Panama and Nicaragua Acquisitions was $1.08 billion, which has been subject to purchase price adjustments - see below.
Acquisition related costs for Nicaragua and Panama acquisitions included in the statement of income under operating expenses were approximately $16 million for the year 2019.
The finalization of the purchase accounting for the recent acquisitions had an effect on the following financial statements line items of the statement of financial position as of December 31, 2019:

|  | Impact of finalization/update of purchase accounting of |  |
(in millions of U.S dollars) | December 31, 2019 | Nicaragua | Panama | December 31, 2019 | Reason for the change
As reported | Restated
STATEMENT OF FINANCIAL POSITION |  |  |  |  |
ASSETS |  |  |  |  |
Intangible assets, net | 3,219 | (4) | (20) | 3,195 | (i)
Property, plant and equipment, net | 2,883 | — | 17 | 2,899 | (ii)
Right-of-use asset (non-current) | 977 | — | 34 | 1,012 | (ii)
Other current assets | 181 | 4 | 7 | 192 | (iii)
LIABILITIES |  |  |  |  |
Lease liabilities (non-current) | 967 | — | 22 | 988 | (ii)
Lease liabilities (current) | 97 | — | 11 | 107 | (ii)
Deferred tax liabilities | 279 | — | 6 | 285 | (iv)
EQUITY |  |  |  |  |
Retained profits | 2,222 | — | — | 2,222 |
Non-controlling interests | 271 | — | — | 271 |

(i) Impact on goodwill resulting from the adjustments explained below for Nicaragua and Panama.
(ii) See Panama section below. Mainly relates to lease accounting policy alignment, final property, plant and equipment step-up and final purchase price adjustment.
(iii) See Nicaragua and Panama section below. Reflects the final price adjustment agreed for Nicaragua and Panama.
(iv) Deferred tax impact of these previously explained adjustments.

F-23

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

The impact of the finalization of Nicaragua and Panama's purchase accounting on the 2019 Group statement of income is immaterial and, therefore, no adjustments were made on comparative figures in that respect.
Further details of Nicaragua and Panama acquisitions are provided below.
a) Nicaragua Acquisition
This transaction closed on May 16, 2019 after receipt of the necessary approvals and, since that date, Millicom holds all voting rights into Telefonia Celular de Nicaragua ("Nicaragua") and controls it. On the same day, Millicom paid an original cash consideration of $437 million, which was adjusted to $430 million as of December 31, 2019 and finally adjusted to $426 million in 2020. For the purchase accounting, Millicom determined the final fair values of Nicaragua's identifiable assets and liabilities based on transaction and relative fair values. The purchase accounting was finalized by May 16, 2020 and has not materially changed since December 31, 2019, with the exception of the final price adjustment.
The final purchase accounting and differences compared to the provisional fair values reported as at December 31, 2019 are shown below:

| Provisional Fair values (100%) | Final Fair values (100%) | Changes
| (US$ millions) | (US$ millions) | (US$ millions)
Intangible assets (excluding goodwill) (i) | 131 |  | 131 |  | — |
Property, plant and equipment (ii) | 149 |  | 149 |  | — |
Right of use assets (iii) | 131 |  | 131 |  | — |
Other non-current assets | 2 |  | 2 |  | — |
Current assets (excluding cash) (iv) | 23 |  | 23 |  | — |
Trade receivables (v) | 17 |  | 17 |  | — |
Cash and cash equivalents | 7 |  | 7 |  | — |
Total assets acquired | 459 |  | 459 |  | — |
Lease liabilities (iii) | 131 |  | 131 |  | — |
Other liabilities (vi) | 118 |  | 118 |  | — |
Total liabilities assumed | 249 |  | 249 |  | — |
Fair value of assets acquired and liabilities assumed, net | 210 |  | 210 |  | — |
Acquisition price | 430 |  | 426 |  | (4) |
Goodwill | 220 |  | 216 |  | (4) |

(i) Intangible assets not previously recognized at the date of acquisition, are mainly customer lists for an amount of $81 million, with estimated useful lives ranging from 4 to 10 years. In addition, a fair value step-up of $39 million on the spectrum held by Nicaragua has been recognized, with a remaining useful life of 14 years.
(ii) A fair value step-up of $39 million has been recognized on property, plant and equipment, mainly on the core network ($25 million) and owned land and buildings ($8 million). The expected remaining useful lives were estimated at 6-7 years on average.
(iii) The Group measured the lease liability at the present value of the remaining lease payments (as defined in IFRS 16) as if the acquired lease were a new lease at the acquisition date. The right-of-use assets have been adjusted by $7 million to be measured at the same amount as the lease liabilities.
(iv) Current assets include indemnification assets for tax contingencies at a fair value of $11 million - see (v) below.
(v) The fair value of trade receivables acquired was $17 million.
(vi) Other liabilities include the fair value of certain possible tax contingent liabilities for $1 million and a deferred tax liability of $50 million resulting from the above adjustments
The goodwill is currently not tax deductible, and is attributable to expected synergies and convergence with our legacy fixed business in the country, as well as to the fair value of the assembled work force. For convenience purposes, the acquisition date was set on May 1, 2019 as there were no material transactions from this date to May 16, 2019. From May 1, 2019 to December 31, 2019, Nicaragua contributed $144 million of revenue and a net profit of $5 million to the Group. If the acquisition had occurred on January 1, 2019 incremental revenue for the Group for the twelve-month period ended December 31, 2019 would have been $219 million and incremental net loss for that period would have been $16 million, including amortization of assets not previously recognized of $12 million (net of tax).
Key assumptions used in fixed assets valuation
The following valuation methods and key estimates were used for the valuation of the main classes of fixed assets:

F-24

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Major class of assets | Valuation method | Key assumption 1 | Key assumption 2 | Key assumption 3
Spectrum | Market approach - Market comparable transactions | Discount rate : 14% | Terminal growth rate: 2.5% | Estimated duration: 14 years
Customer lists | Income approach - Multi-Period Excess Earnings Method | Discount rate: 14-15% | Monthly Churn rate: From 1.2% for B2B to 2.9% for B2C | EBITDA margin: ~ 36% to 41%
Land and buildings | Market approach | Economic useful life (range): 10-30 years | Price per square meter: from $2 to $57 | N/A
Core network | Cost approach | Economic useful life (range): 5-27 years | Remaining useful life (minimum) : 1.7 years | N/A

b) Panama Acquisition
This transaction closed on August 29, 2019 after receipt of the necessary approvals and, since that date, Cable Onda, which is 80% owned by Millicom, holds all voting rights in Grupo de Comunicaciones Digitales, S.A., formerly Telefonica Moviles Panama, S.A.,("Panama") and controls it. On the same day, Cable Onda paid an original cash consideration of $594 million to acquire 100% of the shares of Panama, finally adjusted to $587 million during Q3 2020. No non-controlling interests are recognized at acquisition date as Cable Onda acquired 100% of the shares of Panama. However, non-controlling interests are recognized on Panama's results from the date of acquisition.
For the purchase accounting, Millicom determined the fair value of Panama's identifiable assets and liabilities based on transaction and relative fair values. During 2020, the Group completed the policy alignment and evaluation in respect of the right-of-use assets and lease liabilities, the property plant and equipment, as well as their related effect on the final valuation of the other fixed assets. The related effects of these adjustments are shown in the table below.
The updated provisional purchase accounting and differences compared to the provisional fair values reported as at December 31, 2019 are shown below:

| Provisional Fair values (100%) | Final Fair values (100%) | Differences
(in millions of U.S dollars) |  |  |
Intangible assets (excluding goodwill) (i) | 178 | 182 | 4
Property, plant and equipment (ii) | 110 | 127 | 17
Right of use assets (iii) | 47 | 81 | 34
Other non-current assets | 3 | 3 | —
Current assets (excluding cash) | 23 | 23 | —
Trade receivables (iv) | 21 | 21 | —
Cash and cash equivalents | 10 | 10 | —
Total assets acquired | 391 | 446 | 55
Lease liabilities | 48 | 81 | 33
Other debt and financing | 74 | 74 | —
Other liabilities (v) | 101 | 107 | 6
Total liabilities assumed | 224 | 262 | 39
Fair value of assets acquired and liabilities assumed, net | 167 | 184 | 16
Acquisition price | 594 | 587 | (7)
Goodwill | 426 | 403 | (23)

(i) Intangible assets not previously recognized at the date of acquisition, are mainly customer lists for an amount of $55 million, with estimated useful lives ranging from 3 to 17 years. In addition, a fair value step-up of $7 million on the spectrum held by Panama has been recognized, with a remaining useful life of 17 years. Finally, a fair value step-up of $3 million has been recognised on certain software.
(ii) A fair value step-up of $17 million has been recognized on property, plant and equipment, mainly on the core network ($11 million) and owned land and buildings ($4 million). The expected remaining useful lives were estimated at 3 to 8 years.
(iii) The accounting policy alignment resulted in an increase in the right-of-use assets and lease liabilities of approximately $30 million. Subsequently, the right-of-use assets have been adjusted by $4 million to be measured at an amount equal to the lease liabilities.
(iv) The fair value of trade receivables acquired was $21 million.
(v) Other liabilities include a deferred tax liability of $21 million resulting from the above adjustments

F-25

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

The goodwill is currently not tax deductible and is attributable to expected synergies and convergence with Cable Onda, as well as to the fair value of the assembled work force. For convenience purposes, the acquisition date was set on September 1, 2019. From September 1, 2019 to December 31, 2019, Panama contributed $80 million of revenue and a net profit of $6 million to the Group. If Panama had been acquired on January 1, 2019 incremental revenue for the Group for the twelve-month period ended December 31, 2019 would have been $158 million and incremental net profit for that period would have been $1 million, including amortization of assets not previously recognized of $3 million (net of tax).
As mentioned above, the impact of the finalization of Panama's purchase accounting on the 2019 Group statement of income was immaterial and, therefore, no adjustments were made on comparative figures in that respect.
Key assumptions used in fixed assets valuation
The following valuation methods and key estimates were used for the valuation of the main classes of fixed assets:

Major class of assets | Valuation method | Key assumption 1 | Key assumption 2 | Key assumption 3
Customer lists | Income approach - Multi-Period Excess Earnings Method | Discount rate: 9.8-10.8% | Monthly Churn rate: ~3.8% in average | EBITDA margin: ~ 41.5%
Property, plant and equipment | Cost approach | Economic useful life (range): 3-27 years | Remaining useful life (minimum): 3-27 years | N/A

2. Tanzania restructuring
In October 2019, with the view of listing the shares of MIC Tanzania Public Limited Company ('MIC Tanzania') on the local stock exchange (see note H.), Millicom completed the restructuring of its investments in different operations in the country. Mainly, MIC Tanzania acquired all the shares of Zantel, which was partially held by the Government of Zanzibar (15%). In exchange of the contribution of its 15% shares in Zantel to MIC Tanzania, the Government of Zanzibar received 1.5% of newly issued shares in MIC Tanzania. This restructuring did not result in the Group losing control in Zantel nor MIC Tanzania, and has therefore been recognized as an equity transaction. As a consequence, the Group owners’ equity decreased by a net amount of $18 million as a result of the derecognition of the 15% non-controlling interests in Zantel and the recognition of 1.5% non-controlling interests in MIC Tanzania.
3. Others
During the year ended December 31, 2019, the Group also completed minor additional acquisitions.

F-26

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

A.1.3. Disposal of subsidiaries and decreases in non-controlling interests of subsidiaries
Chad
On June 26, 2019, the Group completed the disposal of its operations in Chad for a cash consideration of $110 million. In August 2020, the Group and the buyer of our operations in Chad agreed on a final price adjustment of $8 million in favor of the buyer. In accordance with Group practices, the Chad operation had been classified as assets held for sale and discontinued operations as from June 5, 2019 and comparative periods restated. On June 26, 2019, Chad was deconsolidated and a gain on disposal of $77 million was recognized (see also note E.4.).
Rwanda
On December 19, 2017, Millicom announced that it has signed an agreement for the sale of its Rwanda operations to subsidiaries of Bharti Airtel Limited for a final cash consideration of $51 million, including a deferred cash payment for an amount of $18 million which has been settled in January 2020. The transaction also included earn-outs for $7 million that were not recognized by the Group as management does not believe these would be triggered. The sale was completed on January 31, 2018. In accordance with Group practices, Rwanda operations’ assets and liabilities were classified as held for sale on January 23, 2018. Rwanda’s operations also represented a separate geographical area and did qualify for discontinued operations presentation; results were therefore shown on a single line in the statements of income under ‘Profit (loss) for the year from discontinued operations, net of tax’ (see also note E.4.).
Senegal
On July 28, 2017, Millicom announced that it had agreed to sell its Senegal business to a consortium consisting of NJJ, Sofima (managed by the Axian Group) and Teylium Group. In accordance with Group practices, Senegal operations’ assets and liabilities were classified as held for sale on February 2, 2017. Senegal’s operations also represented a separate geographical area and did qualify for discontinued operations. The sale was completed on April 27, 2018 in exchange of a cash consideration of $151 million. (see also note E.4.)
Other disposals
For the years ended December 31, 2020, 2019 and 2018, Millicom did not dispose of any other significant investments.
A.1.4. Summarized financial information relating to significant subsidiaries with non-controlling interests
At December 31, 2020 and 2019, Millicom’s subsidiaries with material non-controlling interests were the Group’s operations in Colombia and Panama.
Balance sheet – non-controlling interests

| December 31,
| 2020 | 2019
| (US$ millions)
Colombia | 133 | 170
Panama | 81 | 99
Others | 1 | 2
Total | 215 | 271

F-27

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Profit (loss) attributable to non-controlling interests

| 2020 | 2019 | 2018
| (US$ millions)
Colombia | (23) | 11 | (5)
Panama | (18) | (6) | (8)
Others | — | — | (3)
Total | (41) | 5 | (16)

The summarized financial information for material non-controlling interests in our operations in Colombia and Panama is provided below. This information is based on amounts before inter-company eliminations.
Colombia

| 2020 | 2019 | 2018
| (US$ millions)
Revenue | 1,346 | 1,532 | 1,661
Total operating expenses | (470) | (543) | (667)
Operating profit | 129 | 164 | 147
Net (loss) for the year | (46) | 23 | (10)
50% non-controlling interest in net (loss) | (23) | 11 | (5)
Total assets (excluding goodwill) | 2,589 | 2,256 | 1,966
Total liabilities | 2,303 | 1,891 | 1,620
Net assets | 286 | 365 | 346
50% non-controlling interest in net assets | 143 | 183 | 173
Consolidation adjustments | (10) | (13) | (12)
Total non-controlling interest | 133 | 170 | 161
Dividends and advances paid to non-controlling interest | (4) | (12) | (2)
Net cash from operating activities | 370 | 363 | 348
Net cash from (used in) investing activities | (311) | (260) | (270)
Net cash from (used in) financing activities | (47) | (67) | (75)
Exchange impact on cash and cash equivalents, net | (15) | — | (18)
Net increase in cash and cash equivalents | (3) | 36 | (15)

F-28

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Panama

| 2020 | 2019 (ii) | 2018 (i)
| (US$ millions)
Revenue | 585 | 475 | 17
Total operating expenses | (197) | (148) | (8)
Operating profit | (60) | (15) | (39)
Net (loss) for the year | (89) | (31) | (39)
20% non-controlling interest in net (loss) | (18) | (6) | (8)
Total assets (excluding Millicom's goodwill in Cable Onda) | 1,734 | 1,905 | 1,082
Total liabilities | 1,327 | 1,411 | 556
Net assets | 407 | 494 | 526
20% non-controlling interest in net assets | 81 | 99 | 105
Total non-controlling interest | 81 | 99 | 105
Net cash from operating activities | 193 | 167 | (2)
Net cash from (used in) investing activities | (100) | (693) | 12
Net cash from (used in) financing activities | (69) | 580 | (3)
Net increase in cash and cash equivalents | 24 | 54 | 7

(i) Cable Onda was acquired on December 13, 2018 and 2018 figures therefore only include results and cash flows from the date of acquisition.
(ii) In 2019, Cable Onda acquired Telefonica Panama for $587 million (note A.1.2.), financed by issuing a $600 million Senior Notes due 2030 (note C.3.1.) The 2019 figures include the full year results and cash flows of Cable Onda, as well as 4 months of Telefonica Panama which was consolidated from September 1, 2019. Figures have been restated as a result of the finalization of the purchase accounting for Cable Onda. See note A.1.2..

F-29

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

A.2. Joint ventures
Joint ventures are businesses over which Millicom exercises joint control as decisions over the relevant activities of each require unanimous consent of shareholders. Millicom determines the existence of joint control by reference to joint venture agreements, articles of association, structures and voting protocols of the board of directors of those ventures.
At December 31, 2020, the equity accounted net assets of our joint ventures in Guatemala, Honduras and Ghana totaled $3,072 million (December 31, 2019: $3,346 million for Guatemala and Honduras only). These net assets do not necessarily represent statutory reserves available for distribution as these include consolidation adjustments (such as goodwill and identified assets and assumed liabilities recognized as part of the purchase accounting). Out of these reserves, $153 million (December 31, 2019: $142 million) represent statutory reserves that are unavailable to be distributed to the Group. During the year ended December 31, 2020, Millicom’s joint ventures paid $71 million (December 31, 2019: $237 million) as dividends or dividend advances to the Company.
Our main joint ventures are as follows:

Entity | Country | Activity | December 31, 2020 % holding | December 31, 2019 % holding
Comunicaciones Celulares S.A. (i) | Guatemala | Mobile, MFS | 55 | 55
Navega.com S.A. (i) | Guatemala | Cable, DTH | 55 | 55
Telefonica Celular S.A. (i) | Honduras | Mobile, MFS | 66.7 | 66.7
Navega S.A. de CV (i) | Honduras | Cable | 66.7 | 66.7
Bharti Airtel Ghana Holdings B.V. | Ghana | Mobile, MFS | 50 | 50

(i)Millicom owns more than 50% of the shares in these entities and has the right to nominate a majority of the directors of each of these entities. However, key decisions over the relevant activities must be taken by a super majority vote. This effectively gives either shareholder the ability to veto any decision and therefore neither shareholder has sole control over the entity. Therefore, the operations of these joint ventures are accounted for under the equity method.
The carrying values of Millicom’s investments in joint ventures were as follows:
Carrying value of investments in joint ventures at December 31

| % | 2020 | 2019
|  | (US$ millions)
Honduras operations (i) | 66.7 |  | 610 | 708
Guatemala operations (i) | 55 |  | 2,031 | 2,089
AirtelTigo Ghana operations | 50 |  | — | —
Total |  | 2,642 | 2,797

(i) Includes all the companies under the Honduras and Guatemala groups.
The table below summarizes the movements for the year in respect of the Group’s joint ventures carrying values:

| Guatemala(i) | Honduras (i) | Ghana(ii) |
| (US$ millions) |
Opening balance at January 1, 2019 | 2,104 |  | 730 |  | 32 |  |
Accounting policy changes | — |  | — |  | — |  |
Results for the year | 152 |  | 27 |  | (40) |  |
Utilization of past unrecognized losses | — |  | — |  | (5) |  |
Capital increase | — |  | — |  | 5 |  |
Dividends declared during the year | (170) |  | (37) |  | — |  |
Currency exchange differences | 2 |  | (12) |  | 8 |  |
Closing balance at December 31, 2019 | 2,089 |  | 708 |  | — |  |
Disposal of the Group's investment in Navega to Celtel (iii) | — |  | (83) |  | — |  |
Results for the year | 144 |  | 27 |  | — |  |
Dividends declared during the year | (199) |  | (55) |  | — |  |
Currency exchange differences | (3) |  | 13 |  | — |  |
Closing balance at December 31, 2020 | 2,031 |  | 610 |  | — |  |

F-30

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

(i) Share of profit (loss) is recognized under ‘Share of profit in the joint ventures in Guatemala and Honduras’ in the statement of income.
(ii) Share of profit (loss) is recognized under ‘Income (loss) from other joint ventures and associates, net’ in the statement of income.
(iii) See note G.5.
At December 31, 2020 and 2019 the Group had not incurred obligations, nor made payments on behalf of the Guatemala, Honduras or Ghana operations.
A.2.1. Accounting for joint ventures
Joint ventures are accounted for using the equity method of accounting and are initially recognized at cost (calculated at fair value if it was a subsidiary of the Group before becoming a joint venture). The Group’s investments in joint ventures include goodwill (net of any accumulated impairment loss) on acquisition.
The Group’s share of post-acquisition profits or losses of joint ventures is recognized in the consolidated statement of income and its share of post-acquisition movements in reserves is recognized in reserves. Cumulative post-acquisition movements are adjusted against the carrying amount of the investments. When the Group’s share of losses in a joint venture equals or exceeds its interest in the joint venture, including any other unsecured receivables, the Group does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the joint ventures.
Gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group’s interest in the joint ventures. Losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in joint ventures are recognized in the statement of income.
After application of the equity method, including recognizing the joint ventures’ losses, the Group applies IFRS 9 to determine whether it is necessary to recognize any additional impairment loss with respect to its net investment in the joint venture.
A.2.2. Material joint ventures – Guatemala, Honduras and Ghana operations
Summarized financial information for the years ended December 31, 2020, 2019 and 2018 of the Guatemala Honduras and Ghana operations is as follows. This information is based on amounts before inter-company eliminations.

F-31

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Guatemala

| 2020 | 2019 | 2018
| (US$ millions)
Revenue | 1,503 |  | 1,434 |  | 1,373 |
Depreciation and amortization | (323) |  | (313) |  | (283) |
Operating profit | 452 |  | 429 |  | 387 |
Financial income (expenses), net (i) | (95) |  | (66) |  | (56) |
Profit before taxes | 347 |  | 356 |  | 309 |
Charge for taxes, net | (83) |  | (79) |  | (69) |
Profit for the year | 264 |  | 277 |  | 240 |
Net profit for the year attributable to Millicom | 144 |  | 152 |  | 131 |
Dividends and advances paid to Millicom | 47 |  | 209 |  | 211 |
Total non-current assets (excluding goodwill) | 2,195 |  | 2,517 |  | 2,280 |
Total non-current liabilities | 751 |  | 1,216 |  | 981 |
Total current assets | 742 |  | 717 |  | 718 |
Total current liabilities | 523 |  | 251 |  | 221 |
Total net assets | 1,662 |  | 1,767 |  | 1,796 |
Group's share in % | 55 | % | 55 | % | 55 | %
Group's share in USD millions | 914 |  | 972 |  | 988 |
Goodwill and consolidation adjustments | 1,117 |  | 1,117 |  | 1,116 |
Carrying value of investment in joint venture | 2,031 |  | 2,089 |  | 2,104 |
Cash and cash equivalents | 188 |  | 189 |  | 217 |
Debt and financing – non-current | 619 |  | 1,152 |  | 928 |
Debt and financing – current | 24 |  | 21 |  | — |
Net cash from operating activities | 598 |  | 588 |  | 545 |
Net cash from (used in) investing activities | (289) |  | (205) |  | (173) |
Net cash from (used in) financing activities | (308) |  | (412) |  | (455) |
Exchange impact on cash and cash equivalents, net | (2) |  | 1 |  | (3) |
Net increase in cash and cash equivalents | (1) |  | (28) |  | (86) |

(i) In 2020, Financial expenses include a $18 million charge related to early redemption of bonds - see below.
Guatemala financing
In 2014, Intertrust SPV (Cayman) Limited, acting as trustee of the Comcel Trust, a trust established and consolidated by Comcel for the purposes of the transaction, issued $800 million 6.875% Senior Notes to refinance existing local and MIC S.A. corporate debt. The bond was issued at 98.233% of the principal and had an effective interest rate of 7.168%. The bond was guaranteed by Comcel and listed on the Luxembourg Stock Exchange.
On November 18, 2020, the $800 million aggregate principal amount of its outstanding 6.875% Senior Notes due 2024 was early redeemed at a redemption price equal to 102.292%of the principal amount of the Notes to be redeemed plus accrued and unpaid interest of $16 million, resulting in an aggregate amount of $834 million. The redemption premium ($18 million) and additional interest ($7 million), as well as the remaining unamortized deferred costs of $8 million were recorded as financial expenses during the year. This early redemption was financed through local financing in local currency as well as by shareholder loans (see note G.5.).
The impact on the Group's statement of income is a $18 million expense (at 55% ownership) reported on the line "Share of profit in the joint ventures in Guatemala and Honduras".
On October 5, 2020, Comcel executed a credit agreement with Banco Industrial for GTQ 1,697 million (approximately $218 million using the exchange rate as of December 31, 2020) for a 5 year term to refinance other credit agreements with Banco Industrial and to finance and refinance working capital, capital expenditures and general corporate purposes.

F-32

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Honduras

| 2020 | 2019 | 2018
| (US$ millions)
Revenue | 552 |  | 594 |  | 586 |
Depreciation and amortization | (132) |  | (132) |  | (133) |
Operating profit | 77 |  | 102 |  | 91 |
Financial income (expenses), net | (24) |  | (37) |  | (29) |
Profit before taxes | 58 |  | 60 |  | 52 |
Charge for taxes, net | (19) |  | (21) |  | (18) |
Profit for the year | 39 |  | 39 |  | 34 |
Net profit for the year attributable to Millicom | 27 |  | 27 |  | 23 |
Dividends and advances paid to Millicom | 24 |  | 28 |  | 32 |
Total non-current assets (excluding goodwill) | 461 |  | 516 |  | 506 |
Total non-current liabilities | 533 |  | 469 |  | 386 |
Total current assets | 300 |  | 312 |  | 304 |
Total current liabilities | 236 |  | 183 |  | 226 |
Total net assets | (8) |  | 176 |  | 198 |
Group's share in % | 66.7 | % | 66.7 | % | 66.7 | %
Group's share in USD millions | (5) |  | 117 |  | 132 |
Goodwill and consolidation adjustments | 615 |  | 591 |  | 598 |
Carrying value of investment in joint venture | 610 |  | 708 |  | 730 |
Cash and cash equivalents | 60 |  | 40 |  | 25 |
Debt and financing – non-current | 390 |  | 384 |  | 298 |
Debt and financing – current | 10 |  | 39 |  | 85 |
Net cash from operating activities | 151 |  | 169 |  | 147 |
Net cash from (used in) investing activities | (145) |  | (77) |  | (87) |
Net cash from (used in) financing activities | 14 |  | (77) |  | (50) |
Net (decrease) increase in cash and cash equivalents | 20 |  | 15 |  | 9 |

Honduras financing
On September 19, 2019, Telefónica Celular, S.A. de C.V. entered into a new credit agreement with Banco Industrial S.A. and Banco Pais S.A for an amount up to $185 million, in tranches of $100 million, $60 million and $25 million. The Loan Agreement has a 10-year maturity and an interest rate of LIBOR plus 3.80% per annum, subject to a floor of minimum 5.25%. The new credit agreement has been used to consolidate the portion of a syndicated $250 million facility with Scotiabank dated March 27, 2015, and $90 million credit agreement with Banco Industrial S.A. dated March 20, 2018.
On September 19, 2019, Navega S.A. de C.V., entered into new facility agreement with Banco Industrial S.A. for an amount of $20 million and a duration of 10 years. The new agreement bears an annual interest of LIBOR plus 3.80% , subject to a floor of 5.25%. and will be used to refinance the portion corresponding to it as borrower under the $250 million facility with Scotiabank dated March 27, 2015.
On June 1, 2020, Telefónica Celular, S.A. de C.V. executed a $32 million bank loan agreement in equivalent amount in local currency for a 10-year term.

F-33

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

AirtelTigo Ghana

| 2020 | 2019 | 2018
| (US$ millions)
Revenue | 132 |  | 142 |  | 187 |
Depreciation and amortization | (42) |  | (69) |  | (110) |
Operating loss | (30) |  | (72) |  | (100) |
Financial income (expenses), net | (41) |  | (77) |  | (42) |
Loss before taxes | (85) |  | (123) |  | (135) |
Charge for taxes, net | — |  | — |  | — |
Loss for the period | (85) |  | (123) |  | (135) |
Net loss for the period attributable to Millicom | — |  | (40) |  | (68) |
Total non-current assets (excluding goodwill) | 204 |  | 168 |  | 277 |
Total non-current liabilities | 289 |  | 245 |  | 277 |
Total current assets | 41 |  | 42 |  | 71 |
Total current liabilities | 218 |  | 187 |  | 134 |
Total net assets | (263) |  | (223) |  | (63) |
Group's share in % | 50 | % | 50 | % | 50 | %
Group's share in USD millions | (132) |  | (111) |  | (31) |
Goodwill and consolidation adjustments | 89 |  | 90 |  | 63 |
Unrecognised losses | (42) |  | (22) |  | — |
Carrying value of investment in joint venture | — |  | — |  | 32 |
Cash and cash equivalents | 1 |  | 5 |  | 19 |
Debt and financing – non-current | 289 |  | 245 |  | 276 |
Debt and financing – current | 40 |  | 27 |  | 17 |
Net cash from operating activities | (8) |  | (5) |  | (19) |
Net cash from (used in) investing activities | — |  | — |  | (8) |
Net cash from (used in) financing activities | 4 |  | (6) |  | 42 |
Net increase in cash and cash equivalents | (4) |  | (11) |  | 15 |

A.2.3. Impairment of investment in joint ventures
While no impairment triggers were identified for the Group’s investments in joint ventures in 2020, according to its policy, management have completed an impairment test for its joint ventures in Guatemala and Honduras (our investment in Ghana was not tested for impairment as its carrying value is nil since 2019).
The Group’s investments in Guatemala and Honduras operations were tested for impairment by assessing their recoverable amount (using a value in use model based on discounted cash flows) against their carrying amounts. The cash flow projections used were extracted from financial budgets approved by management and reviewed by the Board (refer to note E.1.6. for further details on impairment testing). Cash flows beyond this period have been extrapolated using a perpetual growth rate of 1% (2019: 1.1%–1.2%. Discount rates used in determining recoverable amounts were 8.6% and 9.0%, respectively (2019: 9.5% and 9.7%).
For the year ended December 31, 2020 and 2019, and as a result of the impairment testing described above, management concluded that none of the Group’s investments in joint ventures should be impaired.
Sensitivity analysis was performed on key assumptions within the impairment tests. The sensitivity analysis determined that sufficient headroom exists from realistic changes to the assumptions that would not impact the overall results of the testing.

F-34

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

A.3. Investments in associates
Millicom’s investments in Helios Towers Africa Ltd (HTA) and in the African online business (AIH) became listed companies during 2019, and Millicom resigned from its board of directors' positions in both companies, having as an effect the loss of its significant influence. Both investments are now accounted for as equity instruments (see note C.7.3.). Millicom has significant influence over other immaterial associates as shown below.
The Group’s associates are as follows:

|  |  | December 31, 2020 | December 31, 2019
Entity | Country | Activity(ies) | % holding | % holding
Africa |  |  |  |
West Indian Ocean Cable Company Limited (WIOCC) | Republic of Mauritius | Telecommunication carriers’ carrier | 9.1 |  | 9.1 |
Latin America |  |  |  |
MKC Brilliant Holding GmbH (LIH) | Germany | Online marketplace, retail and services | 35.0 |  | 35.0 |
Unallocated |  |  |  |
Milvik AB(i) | Sweden | Other | 9.7 |  | 11.4 |

(i) Millicom ownership in Milvik AB has been diluted in 2020 as a result of a capital injection to which the Group did not participate.
At December 31, 2020 and 2019, the carrying value of Millicom’s main associates was as follows:
Carrying value of investments in associates at December 31

| 2020 | 2019
| (US$ millions)
Milvik AB | 10 |  | 11 |
West Indian Ocean Cable Company Limited (WIOCC) | 14 |  | 14 |
Total | 24 |  | 25 |

A.3.1. Accounting for investments in associates
The Group accounts for associates in the same way as it accounts for joint ventures.
A.3.2. Impairment of interests in associates
MKC Brilliant Holding GmbH (LIH)
Millicom’s 35.0% investment in LIH had been fully impaired in two stages (by $40 million in 2016 and $48 million in 2017) as a result of the annual impairment test conducted back then. The impairment test performed in 2020 confirms this conclusion.
A.4. Discontinued operations
A.4.1. Classification of discontinued operations
Discontinued operations are those which have identifiable operations and cash flows (for both operating and management purposes) and represent a major line of business or geographic area which has been disposed of, or are held for sale. Revenue and expenses associated with discontinued operations are presented retrospectively in a separate line in the consolidated statement of income. Millicom determined that the loss of path to control of operations by the termination of a contractual arrangement (e.g. termination without exercise of an unconditional call option agreement giving path to control, as occurred with the Guatemala and Honduras operations) does not require presentation as a discontinued operation.

F-35

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

A.4.2. Millicom’s discontinued operations
In accordance with IFRS 5, the Group’s businesses in Chad, Senegal and Tigo Rwanda had been classified as assets held for sale (respectively on June 5, 2019, February 2, 2017, and January 23, 2018) and their results were showed as discontinued operations for all years presented in these financial statements. The statement of income comparative figures presented in the notes to these consolidated financial statements have therefore been restated accordingly and when necessary. For further details, refer to note E.4.
B. Performance
B.1. Revenue
Millicom’s revenue comprises sale of services from its mobile business (including Mobile Financial Services - MFS) and its cable and other fixed services, as well as related devices and equipment. Recurring revenue consists of monthly subscription fees, airtime and data usage fees, interconnection fees, roaming fees, TV services, B2B contracts, MFS commissions and fees from other telecommunications services such as data services, short message services and other value added services.
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.
B.1.1. Accounting for revenue
Revenue recognition
Revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer.
The Group applies the following practical expedients foreseen in IFRS 15:

F-36

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

•No adjustment to the transaction price for the means of a financing component whenever the period between the transfer of a promised good or service to a customer and the associated payment is one year or less; when the period is more than one year the financing component is adjusted, if material.
•Disclosure in the Group Financial Statements the transaction price allocated to unsatisfied performance obligations only for contracts that have an original expected duration of more than one year (e.g. unsatisfied performance obligations for contracts that have an original duration of one year or less are not disclosed).
•Application of the practical expedient not to disclose the price allocated to unsatisfied performance obligations, if the consideration from a customer corresponds to the value of the entity’s performance obligation to the customer (i.e, if billing corresponds to accounting revenue).
•Application of the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that otherwise would have been recognized is one year or less.
Post-paid connection fees are derived from the payment of a non-refundable / one-time fee charged to customer to connect to the network (e.g. connection / installation fee). Usually, it does not represent a distinct good or service, and therefore does not give rise to a separate performance obligation and revenue is recognized over the minimum contract duration. However, if the fee is paid by a customer to get the right to receive goods or services without having to pay this fee again over his tenure with the Group (e.g. the customer can readily extend his contract without having to pay the same fee again), it is accounted for as a material right and revenue should be recognized over the customer retention period.
Post-paid mobile / cable subscription fees are recognized over the relevant enforceable/subscribed service period (recurring monthly access fees that do not vary based on usage). The service provision is usually considered as a series of distinct services that have the same pattern of transfer to the customer. Remaining unrecognized subscription fees, which are not refunded to the customers, are fully recognized once the customer has been disconnected.
Prepaid scratch / SIM cards are services where customers purchase a specified amount of airtime or other credit in advance. Revenue is recognized as the credit is used. Unused credit is carried in the statement of financial position as a contract liability. Upon expiration of the validity period, the portion of the contract liability relating to the expiring credit is recognized as revenue, since there is no longer an obligation to provide those services.
Telephone and equipment sales are recognized as revenue once the customer obtains control of the good. That criteria is fulfilled when the customer has the ability to direct the use and obtain substantially all of the remaining benefits from that good.
Revenue from provision of Mobile Financial Services (MFS) is recognized once the primary service has been provided to the customer.
Customer premise equipment (CPE) are provided to customers as a prerequisite to receive the subscribed Home services and shall be returned at the end of the contract duration. Since CPEs provided over the contract term do not provide benefit to the customer on their own, they do not give rise to separate performance obligations and therefore are accounted for as part of the service provided to the customers.
Bundled offers are considered arrangements with multiple deliverables or elements, which can lead to the identification of separate performance obligations. Revenue is recognized in accordance with the transfer of goods or services to customers in an amount that reflects the relative standalone selling price of the performance obligation (e.g. sale of telecom services, revenue over time + sale of handset, revenue at a point in time).
Principal-Agent, some arrangements involve two or more unrelated parties that contribute to providing a specified good or service to a customer. In these instances, the Group determines whether it has promised to provide the specified good or service itself (as a principal) or to arrange for those specified goods or services to be provided by another party (as an agent). For example, performance obligations relating to services provided by third-party content providers (i.e., mobile Value Added Services or “VAS”) or service providers (i.e., wholesale international traffic) where the Group neither controls a right to the provider’s service nor controls the underlying service itself are presented net because the Group is acting as an agent. The Group generally acts as a principal for other types of services where the Group is the primary obligor of the arrangement. In cases the Group determines that it acts as a principal, revenue is recognized in the gross amount, whereas in cases the Group acts as an agent revenue is recognized in the net amount.
Revenue from the sale of cables, fiber, wavelength or capacity contracts, when part of the ordinary activities of the operation, is recognized as recurring revenue. Revenue is recognized when the cable, fiber, wavelength or capacity has been delivered to the customer, based on the amount expected to be received from the customer.
Revenue from operating lease of tower space is recognized over the period of the underlying lease contracts. Finance leases revenue is apportioned between lease of tower space and interest income.

F-37

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Significant judgments
The determination of the standalone selling price for contracts that involve more than one performance obligation may require significant judgment, such as when the selling price of a good or service is not readily observable.
The Group determines the standalone selling price of each performance obligation in the contract in accordance to the prices that the Group would apply when selling the same services and/or telephone and equipment included in the obligation to a similar customer on a standalone basis. When standalone selling price of services and/or telephone and equipment are not directly observable, the Group maximizes the use of external input and uses the expected cost plus margin approach to estimate the standalone selling price.
B.2. Expenses
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) |

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.
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 |

F-38

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

B.2.1. Accounting for cost of sales and operating expenses
Cost of sales
Cost of sales is recorded on an accrual basis.
Incremental costs of obtaining a contract
Incremental costs of obtaining a contract, including dealer commissions, are capitalized as Contract Costs in the statement of financial position and amortized in operating expenses over the expected benefit period, which is based on the average duration of contracts with customer (see practical expedient in note B.1.1.).
Operating leases - until 2018 year-end
Operating leases were all leases that did not qualify as finance leases. Operating lease payments were recognized as expenses in the consolidated statement of income on a straight-line basis over the lease term.
B.3. Segmental information
Management determines operating and reportable segments based on information used by the chief operating decision maker (CODM) to make strategic and operational decisions from both a business and geographic perspective. The Group’s risks and rates of return are predominantly affected by operating in different geographical regions. The Group has businesses in two main regions: Latin America ("Latam") and Africa. The Latam figures below include Honduras and Guatemala as if they are fully consolidated by the Group, as this reflects the way management reviews and uses internally reported information to make decisions. Honduras and Guatemala are shown under the Latam segment. The joint venture in Ghana is not reported as if fully consolidated.
As from January 1, 2020, Millicom is allocating corporate costs to each segment based on their contribution to underlying revenue, and only non-recurring costs, such as the M&A-related fees incurred in 2019, will remain unallocated going forward. This change in presentation has no impact on Group EBITDA.
In order to facilitate comparisons of December 31, 2020 figures with prior periods, comparative figures have been re-presented to conform with this new segment EBITDA reporting.
Revenue, operating profit (loss), EBITDA and other segment information for the years ended December 31, 2020, 2019 and 2018, were as follows:

F-39

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

| 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 |

F-40

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

| 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 |

F-41

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

| 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.

F-42

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

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 |

B.4. People
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.

| 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) |

B.4.1. Share-based compensation
Millicom shares granted to management and key employees includes share-based compensation in the form of long-term share incentive plans. Since 2016, Millicom has two types of annual plans, a performance share plan and a deferred share plan. The different plans are further detailed below.
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) |

F-43

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Deferred share plan (unchanged since 2014, except for vesting schedule)
Until 2018 deferred awards plan, participants were granted shares based on past performance, with 16.5% of the shares vesting on January 1 of each of year one and two, and the remaining 67% on 1 January of year three. Beginning with the 2019 plan, while all other guidelines remain the same, shares vest with 30% on January 1 of each of year one and two, and the remaining 40% on 1 January of year three. Vesting is conditional upon the participant remaining employed with Millicom at each vesting date. The cost of this long-term incentive plan, which is not conditional on performance conditions, is calculated as follows:
Fair value (share price) of Millicom’s shares at grant date x number of shares expected to vest.
Performance share plan (for plans issued in 2016 and 2017)
Shares granted under this performance share plan vested at the end of the three-year period, subject to performance conditions, 25% based on Positive Absolute Total Shareholder Return (Absolute TSR), 25% based on Relative Total Shareholder Return (Relative TSR) and 50% based on budgeted Earnings Before Interest Tax Depreciation and Amortization (EBITDA) minus Capital Expenditure
(Capex) minus Change in Working Capital (CWC) (Free Cash Flow).
As the TSRs measures are market conditions, the fair value of the shares in the performance share plan required consideration of potential adjustments for future market-based conditions at grant date. For this, a specific valuation had been performed at grant date based on the probability of the TSR conditions being met (and to which extent) and the expected payout based upon leaving conditions.
The Free Cash Flows (FCF) condition is a non-market measure which had been considered together with the leaving estimate and
based initially on a 100% fulfillment expectation. The reference share price for this condition is the same share price as the share
price for the deferred share plan above.
Performance share plan (for plans issued from 2018)
Shares granted under this performance share plan vest at the end of the three-year period, subject to performance conditions, 25% based on Relative Total Shareholder Return (“Relative TSR”), 25% based on the achievement of the Service Revenue target measured on a 3-year CAGRs from year one to year three of the plan (“Service Revenue”) and 50% based on the achievement of the Operating Free Cash Flow (“Operating Free Cash Flow”) target measured on a 3-year CAGRs from year one to year three of the plan. From 2020 onwards, the Operating Free Cash Flow target has been redefined to consider payments made in respect of leases. As a result, the target is since then the Operating Free Cash Flow after Leases ("OFCFaL").
For the performance share plans, and in order to calculate the fair value of the TSR portion of those plans, it is necessary to make a number of assumptions which are set out below. The assumptions have been set based on an analysis of historical data as at grant date.
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.
The cost of the long-term incentive plans which are conditional on market conditions is calculated as follows:
Fair value (market value) of shares at grant date (as calculated above) x number of shares expected to vest.
The cost of these plans is recognized, together with a corresponding increase in equity (share compensation reserve), over the period in which the performance and/or employment conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award. Adjustments are made to the expense recorded for forfeitures, mainly due to management and employees leaving Millicom. Non-market performance conditions are not taken into account when determining the grant date fair

F-44

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest.
No expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition. These are treated as vested, regardless of whether or not the market conditions are satisfied, provided that all other performance conditions are satisfied. Where the terms of an equity-settled award are modified, as a minimum an expense is recognized as if the terms had not been modified. In addition, an expense is recognized for any modification that increases the total fair value of the share based payment arrangement, or is otherwise beneficial to the employee as measured at the date of modification.
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.
B.4.2. Pension and other long-term employee benefit plans
Pension plans
The pension plans apply to employees who meet certain criteria (including years of service, age and participation in collective agreements).
Pension and other similar employee related obligations can result from either defined contribution plans or defined benefit plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. No further payment obligations exist once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as assets to the extent that a cash refund or a reduction in future payments is available.
Defined benefit pension plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the statement of financial position in respect of the defined benefit pension plan is the present value of the defined benefit obligation at the statement of financial position date less the fair value of plan assets, together with adjustments for unrecognized actuarial gains or losses and past service costs. The defined benefit obligation is calculated annually by independent actuaries. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows, using an appropriate discount rate based on maturities of the related pension liability.
Re-measurement of net defined benefit liabilities are recognized in other comprehensive income and not reclassified to the statement of income in subsequent years.
Past service costs are recognized in the statement of income on the earlier of the date of the plan amendment or curtailment, and the date that the Group recognizes related restructuring costs.
Net interest is calculated by applying the discount rate to the net defined benefit asset/liability.

F-45

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Long-service plans
Long-service plans apply for Colombian subsidiary UNE employees with more than five years of service whereby additional bonuses are paid to employees that reach each incremental length of service milestone (from five to 40 years).
Termination plans
In addition, UNE has a number of employee defined benefit plans. The level of benefits provided under the plans depends on collective employment agreements and Colombian labor regulations. There are no defined assets related to the plans, and UNE make payments to settle obligations under the plans out of available cash balances.
At December 31, 2020, the defined benefit obligation liability amounted to $59 million (2019: $59 million) and payments expected in the plans in future years totals $95 million (2019: $106 million). The average duration of the defined benefit obligation at December 31, 2020 is 6 years (2019: 6 years). The termination plans apply to employees that joined UNE prior to December 30, 1996. The level of payments depends on the number of years in which the employee has worked before retirement or termination of their contract with UNE.
Except for the UNE pension plan described above, there are no other significant defined benefits plans in the Group.
B.4.3. Directors and executive management
The remuneration of the members of the Board of Directors comprises an annual fee and shares. Director remuneration is proposed by the Nomination Committee and approved by the shareholders at their Annual General Meeting (AGM).
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).
The remuneration of executive management of Millicom comprises an annual base salary, an annual bonus, share based compensation, social security contributions, pension contributions and other benefits. Bonus and share based compensation plans (see note B.4.1.) are based on actual and future performance. Share based compensation is granted once a year by the Compensation Committee of the Board.
If the employment of Millicom’s senior executives is terminated, severance of up to 12 months’ salary is potentially payable.
The annual base salary and other benefits of the Chief Executive Officer (CEO) and the Executive Vice Presidents (Executive team) are proposed by the Compensation Committee and approved by the Board.

F-46

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

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.

F-47

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Share ownership and unvested share awards granted from Company equity plans 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 |

B.5. 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) |

Foreign exchange gains and losses
Transactions denominated in a currency other than the functional currency are translated into the functional currency using exchange rates prevailing at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions, and on translation of monetary assets and liabilities denominated in currencies other than the functional currency at year-end exchange rates, are recognized in the consolidated statement of income, except when deferred in equity as qualifying cash flow hedges.
B.6. Taxation
B.6.1. Income tax expense
Tax mainly comprises income taxes of subsidiaries and withholding taxes on intragroup dividends and royalties for use of Millicom trademarks and brands. Millicom operations are in jurisdictions with income tax rates of 10% to 35% levied on either revenue or profit before income tax (2019: 10% to 35%; 2018: 10% to 37%). Income tax relating to items recognized directly in equity is recognized in equity and not in the consolidated statement of income.

F-48

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

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) |

F-49

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Reconciliation between the tax expense and tax at the weighted average statutory tax rate is as follows:
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 | %

B.6.2. Current tax assets and liabilities
Current tax assets and liabilities for current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rate and tax laws used to compute the amount are those enacted or substantively enacted by the statement of financial position date.
B.6.3. Deferred tax
Deferred tax is calculated using the liability method on temporary differences at the statement of financial position date between the tax base of assets and liabilities and their carrying amount for financial reporting purposes.
Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting, nor taxable profit or loss.
Deferred tax assets are recognized for all temporary differences including unused tax credits and tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilized, except where the

F-50

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

deferred tax assets relate to deductible temporary differences from initial recognition of an asset or liability in a transaction that is not a business combination, and, at the time of the transaction, affects neither accounting, nor taxable profit or loss. It is probable that taxable profit will be available when there are sufficient taxable temporary differences relating to the same tax authority and the same taxable entity which are expected to reverse in the same period as the expected reversal of the deductible temporary difference.
The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to utilize them. Unrecognized deferred tax assets are reassessed at each statement of financial position date and are recognized to the extent it is probable that future taxable profit will enable the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rate expected to apply in the year when the assets are realized or liabilities settled, based on tax rates and tax laws that have been enacted or substantively enacted at the statement of financial position date. Deferred tax assets and deferred tax liabilities are offset where legally enforceable set off rights exist and the deferred taxes relate to the same taxable entity and the same taxation authority.
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 |

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 |

F-51

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

With effect from 2017, Luxembourg tax losses incurred may be carried forward for a maximum of 17 years. Losses incurred before 2017 may be carried forward without limitation of time.
At December 31, 2020, Millicom had $621 million of unremitted earnings of Millicom operating subsidiaries for which no deferred tax liabilities were recognized (2019: $697 million; 2018: $584 million). Except for intragroup dividends to be paid out of 2020 profits in 2021 for which deferred tax of $11 million (2019: $26 million; 2018 $34 million) has been provided, it is anticipated that intragroup dividends paid in future periods will be made out of profits of future periods.
B.7. Earnings per share
Basic earnings (loss) per share are calculated by dividing net profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings (loss) per share are calculated by dividing the net profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of dilutive potential shares.
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 |

C. Capital structure and financing
C.1. Share capital, share premium and reserves
Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds.
Where any Group company purchases the Company’s share capital, the consideration paid, including any directly attributable incremental costs, is shown under Treasury shares and deducted from equity attributable to the Company’s equity holders until the shares are canceled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental costs and the related income tax effects is included in equity attributable to the Company’s equity holders.

F-52

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Share capital, share premium

| 2020 | 2019
Authorized and registered share capital (number of shares) | 133,333,200 |  | 133,333,200 |
Subscribed and fully paid up share capital (number of shares) | 101,739,217 |  | 101,739,217 |
Par value per share | 1.50 |  | 1.50 |
Share capital (US$ millions) | 153 |  | 153 |
Share premium (US$ millions) | 478 |  | 480 |
Total (US$ millions) | 630 |  | 633 |

Other equity reserves

| Legal reserve | Equity settled transaction reserve | Hedge reserve | Currency translation reserve | Pension obligation reserve | Total
| (US$ millions)
As of January 1, 2018 | 16 |  | 46 |  | 0 |  | (531) |  | (3) |  | (472) |
Share based compensation | — |  | 22 |  | — |  | — |  | — |  | 22 |
Issuance of shares – 2015, 2016, 2017 LTIPs | — |  | (22) |  | — |  | — |  | — |  | (22) |
Remeasurements of post-employment benefit obligations | — |  | — |  | — |  | — |  | 0 |  | 1 |
Cash flow hedge reserve movement | — |  | — |  | (1) |  | — |  | — |  | 0 |
Currency translation reserved recycled to statement of income | — |  | — |  | 0 |  | — |  | — |  | — |
Currency translation movement | — |  | — |  | — |  | (68) |  | — |  | (67) |
As of December 31, 2018 | 16 |  | 47 |  | (1) |  | (599) |  | (3) |  | (538) |
Share based compensation | — |  | 29 |  | — |  | — |  | — |  | 29 |
Issuance of shares –2016, 2017, 2018 LTIPs | — |  | (25) |  | — |  | — |  | — |  | (25) |
Remeasurements of post-employment benefit obligations | — |  | — |  | — |  | — |  | — |  | — |
Cash flow hedge reserve movement | — |  | — |  | (16) |  | — |  | — |  | (16) |
Currency translation reserved recycled to statement of income | — |  | — |  | — |  | — |  | — |  | — |
Currency translation movement | — |  | — |  | — |  | (2) |  | — |  | (2) |
Effect of restructuring in Tanzania |  |  |  | 9 |  |  | 9 |
As of December 31, 2019 | 16 |  | 52 |  | (18) |  | (593) |  | (2) |  | (544) |
Share based compensation | — |  | 24 |  | — |  | — |  | — |  | 24 |
Issuance of shares –2017, 2018, 2019 LTIPs | — |  | (26) |  | — |  | — |  | — |  | (26) |
Remeasurements of post-employment benefit obligations | — |  | — |  | — |  | — |  | (2) |  | (2) |
Cash flow hedge reserve movement | — |  | — |  | (1) |  | — |  | — |  | (1) |
Currency translation reserved recycled to statement of income | — |  | — |  | — |  | — |  | — |  | — |
Currency translation movement | — |  | — |  | — |  | (12) |  | — |  | (12) |
As of December 31, 2020 | 16 |  | 50 |  | (19) |  | (605) |  | (4) |  | (562) |

F-53

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

C.1.1. Legal reserve
If Millicom International Cellular S.A. reports an annual net profit on a non-consolidated basis, Luxembourg law requires appropriation of an amount equal to at least 5% of the annual net profit to a legal reserve until such reserve equals 10% of the issued share capital. This reserve is not available for dividend distribution. No appropriation was required in 2019 or 2020 as the 10% minimum level was reached in 2011 and maintained each subsequent year.
C.1.2. Equity settled transaction reserve
The cost of LTIPs is recognized as an increase in the equity-settled transaction reserve over the period in which the performance and/or service conditions are rendered. When shares under the LTIPs vest and are issued the corresponding reserve is transferred to share premium.
C.1.3. Hedge reserve
The effective portions of changes in value of cash flow hedges are recorded in the hedge reserve (see note C.1. ).
C.1.4. Currency translation reserve
In the financial statements, the relevant captions in the statements of financial position of subsidiaries without US dollar functional currencies are translated to US dollars using the closing exchange rate. Statements of income or statement of income captions (including those of joint ventures and associates) are translated to US dollars at monthly average exchange rates during the year. The currency translation reserve includes foreign exchange gains and losses arising from these translations. When the Group disposes of or loses control or significant influence over a foreign operation, exchange differences that were recorded in equity are recognized in the consolidated statement of income as part of gain or loss on sale or loss of control and/or significant influence.
C.2. Dividend distributions
On June 25, 2020, as a result of the uncertainties triggered by the COVID-19 pandemic and Group's shareholders consciousness to protect the Group's liquidity, the shareholders decided not to proceed to the payment of a dividend related to 2019 profits.
On May 2, 2019, a dividend distribution of $2.64 per share from Millicom’s retained profits at December 31, 2018, was approved by the shareholders at the AGM and paid in equal portions in May and November 2019.
On May 4, 2018, a dividend distribution of $2.64 per share from Millicom’s retained profits at December 31, 2017, was approved by the shareholders at the AGM and paid in equal portions in May and November 2018.
The ability of the Company to make dividend payments is subject to, among other things, the terms of indebtedness, legal restrictions and the ability to repatriate funds from Millicom’s various operations. At December 31, 2020, $310 million (December 31, 2019: $306 million; December 31, 2018: $324 million) of Millicom’s retained profits represent statutory reserves that are unavailable to be distributed to owners of the Company.

F-54

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

C.3. Debt and financing
Debt and financing by type (i)

| Note | 2020 | 2019
|  | (US$ millions)
Debt and financing due after more than one year |  |  |
Bonds | C.3.1. | 4,253 |  | 4,067 |
Banks | C.3.2. | 1,337 |  | 1,805 |
Other financing (ii) |  | 41 |  | 43 |
Total non-current financing |  | 5,631 |  | 5,915 |
Less: portion payable within one year |  | (54) |  | (129) |
Total non-current financing due after more than one year |  | 5,578 |  | 5,786 |
Debt and financing due within one year |  |  |
Bonds | C.3.1. | 44 |  | 46 |
Banks | C.3.2. | 15 |  | 11 |
Total current debt and financing |  | 59 |  | 57 |
Add: portion of non-current debt payable within one year |  | 54 |  | 129 |
Total |  | 113 |  | 186 |
Total debt and financing |  | 5,691 |  | 5,972 |

(i) See note D.1.1 for further details on maturity profile of the Group debt and financing.
(ii) In July 2018, the Company issued a COP144,054.5 million /$50 million bilateral facility with IIC (Inter-American Development Bank) for a USD indexed to COP Note. The note bears interest at 9.450% p.a.. This COP Note is used as net investment hedge of the net assets of our operations in Colombia.
Debt and financing by location

| 2020 | 2019
| (US$ millions)
Millicom International Cellular S.A. (Luxembourg) | 2,504 |  | 2,773 |
Colombia | 803 |  | 827 |
Paraguay | 738 |  | 502 |
Bolivia | 337 |  | 350 |
Panama | 869 |  | 918 |
Tanzania | 203 |  | 186 |
Costa Rica | 119 |  | 148 |
El Salvador | 118 |  | 268 |
Total debt and financing | 5,691 |  | 5,972 |

Debt and financings are initially recognized at fair value, net of directly attributable transaction costs. They are subsequently measured at amortized cost using the effective interest rate method or at fair value. Amortized cost is calculated by taking into account any discount or premium on acquisition and any fees or costs that are an integral part of the effective interest rate. Any difference between the initial amount and the maturity amount is recognized in the consolidated statement of income over the period of the borrowing. Borrowings are classified as current liabilities, unless the Group has an unconditional right to defer settlement of the liability for at least 12 months from the statement of financial position date.

F-55

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

C.3.1. Bond financing
Bond financing

| Note | Country | Maturity | Interest Rate % | 2020 | 2019
|  |  | (US$ millions)
SEK Variable Rate Notes | 1 | Luxembourg | 2024 | STIBOR (i) + 2.350% | 241 |  | 211 |
USD 4.500% Senior Notes | 2 | Luxembourg | 2031 | 4.500 | % | 494 |  | — |
USD 6.625% Senior Notes | 3 | Luxembourg | 2026 | 6.625 | % | 495 |  | 495 |
USD 6.000% Senior Notes | 4 | Luxembourg | 2025 | 6.000 | % | — |  | 492 |
USD 6.250% Senior Notes | 5 | Luxembourg | 2029 | 6.250 | % | 743 |  | 743 |
USD 5.125% Senior Notes | 6 | Luxembourg | 2028 | 5.125 | % | 493 |  | 493 |
USD 5.875% Senior Notes | 7 | Paraguay | 2027 | 5.875 | % | 558 |  | 296 |
PYG 8.750% Notes (tranche A) | 7 | Paraguay | 2024 | 8.750 | % | 17 |  | 18 |
PYG 9.250% Notes (tranche B) | 7 | Paraguay | 2026 | 9.250 | % | 7 |  | 8 |
PYG 10.000% Notes (tranche C) | 7 | Paraguay | 2029 | 10.000 | % | 9 |  | 10 |
PYG 9.250% Notes (tranche D) | 7 | Paraguay | 2026 | 9.250 | % | 1 |  | 2 |
PYG 10.000% Notes (tranche E) | 7 | Paraguay | 2029 | 10.000 | % | 4 |  | 4 |
PYG 9.250% Notes (tranche F) | 7 | Paraguay | 2027 | 9.250 | % | 2 |  | — |
PYG 10.000% Notes (tranche G) | 7 | Paraguay | 2030 | 10.000 | % | 3 |  | — |
BOB 4.750% Notes | 8 | Bolivia | 2020 | 4.750 | % | — |  | 30 |
BOB 4.050% Notes | 8 | Bolivia | 2020 | 4.050 | % | — |  | 4 |
BOB 5.800% Notes | 8 | Bolivia | 2026 | 5.800 | % | 50 |  | 0 |
BOB 4.850% Notes | 8 | Bolivia | 2023 | 4.850 | % | 42 |  | 57 |
BOB 3.950% Notes | 8 | Bolivia | 2024 | 3.950 | % | 29 |  | 36 |
BOB 4.600% Notes | 8 | Bolivia | 2024 | 4.600 | % | 40 |  | 40 |
BOB 4.300% Notes | 8 | Bolivia | 2029 | 4.300 | % | 19 |  | 21 |
BOB 4.300% Notes | 8 | Bolivia | 2022 | 4.300 | % | 20 |  | 26 |
BOB 4.700% Notes | 8 | Bolivia | 2024 | 4.700 | % | 28 |  | 32 |
BOB 5.300% Notes | 8 | Bolivia | 2026 | 5.300 | % | 11 |  | 13 |
BOB 5.000% Notes | 8 | Bolivia | 2026 | 5.000 | % | 61 |  | 61 |
UNE Bond 1 (tranches A and B) | 9 | Colombia | 2020 | CPI + 5.10% | — |  | 46 |
UNE Bond 2 (tranches A and B) | 9 | Colombia | 2023 | CPI + 4.76% | 44 |  | 46 |
UNE Bond 3 (tranche A) | 9 | Colombia | 2024 | 9.350 | % | 47 |  | 49 |
UNE Bond 3 (tranche B) | 9 | Colombia | 2026 | CPI + 4.15% | 74 |  | 78 |
UNE Bond 3 (tranche C) | 9 | Colombia | 2036 | CPI + 4.89% | 37 |  | 38 |
UNE Bond 6.600% | 9 | Colombia | 2030 | 6.600 | % | 44 |  | — |
USD 4.500% Senior Notes | 10 | Panama | 2030 | 4.500 | % | 586 |  | 585 |
Cable Onda Bonds 5.750% | 10 | Panama | 2025 | 5.750 | % | 99 |  | 184 |
Total bond financing |  |  |  |  | 4,297 |  | 4,113 |

(i) STIBOR – Swedish Interbank Offered Rate.
(1) SEK Notes
In May 2019, MIC S.A. completed its offering of a SEK 2 billion floating rate senior unsecured sustainability bond due 2024. The bond carries a floating coupon of 3-month Stibor+235bps which we swapped with various banks to hedge its interest rate exposure, pursuant to which it will effectively pay fixed-rate coupons in US dollars between 4.990% and 4.880% (see D.1.2.). The bond has been listed and commenced trading on the Nasdaq Stockholm sustainable bond list on June 12, 2019. Millicom is using the net proceeds of the bond in accordance with the Sustainability Bond Framework which includes both environmental and social investments such as in energy efficiencies, and the expansion of its fixed and mobile networks. Cost of issuance of $2.4 million is amortized over the five year life of the bond (the effective interest rate is 2.600%)

F-56

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

(2) USD 4.500% Senior Notes
On October 19, 2020, MIC S.A. issued $500 million aggregate principal amount of 4.500% Senior Notes due 2031. The Notes bear interest at 4.500% p.a., payable semiannually in arrears on each interest payment date. Proceeds were used to early redeem MIC S.A.'s $500 million 6.000% Senior Notes due 2025 - see below. Costs of issuance of $5.5 million is amortized over the eleven-year life of the notes (the effective interest rate is 4.800%).
(3) USD 6.625% Senior Notes
In October 2018, MIC S.A. issued $500 million aggregate principal amount of 6.625% Senior Notes due 2026. The Notes bear interest at 6.625% p.a., payable semiannually in arrears on each interest payment date. Proceeds were used to finance Cable Onda’s acquisition. Costs of issuance of $6 million is amortized over the eight-year life of the notes (the effective interest rate is 6.750%).
(4) USD 6.000% Senior Notes
In March 2015, MIC S.A. issued a $500 million 6.000% fixed interest rate notes repayable in ten years, to repay the El Salvador 8.000% senior notes and for general corporate purposes. The notes had an effective interest rate of 6.132%. A total amount of $9 million of withheld and upfront costs were being amortized over the ten-year life of the bond. On April 8, 2019, the Group obtained consents from the holders of its $500 million 6.000% notes to amend certain provisions of the indenture governing the notes. MIC S.A. made a cash payment of $1 million (equal to $2.50 per $1,000 principal amount of Notes to holders of the Notes).
On October 19, 2020, Millicom announced the early redemption of these Senior Notes which took place on October 29, 2020 at a redemption price equal to 103.0% of the principal amount redeemed plus accrued and unpaid interest. The early redemption premium amounted to $15 million and the remaining unamortized deferred costs to $7 million. These were recognized under "Interest and other financial expenses" in the Group's statement of income.
(5) USD 6.250% Senior Notes
In March 2019, MIC S.A. issued $750 million of 6.250% notes due 2029. The notes bear interest at 6.250% p.a., payable semi-annually in arrears on March 25 and September 25 of each year, starting on September 25, 2019. The net proceeds were used to finance, in part, the completed Telefonica CAM Acquisitions (see note A.1.2.). Costs of issuance of $8.2 million are amortized over the ten-year life of the notes (the effective interest rate is 6.360%).
(6) USD 5.125% Senior Notes
In September 2017, MIC S.A. issued a $500 million, ten-year bond due January 2028, with an interest rate of 5.125%. Costs of issuance of $7 million are amortized over the ten year life of the notes (effective interest rate is 5.240%).
(7) PYG Notes
In April 2019, Telefónica Celular del Paraguay S.A.E. (Telecel) issued $300 million 5.875% senior notes due 2027. The notes bear interest at 5.875% p.a., payable semi-annually in arrears on April 15 and October 15 of each year, starting on October 15, 2019. The net proceeds were used to finance the repurchase of the Telecel 6.750% 2022 notes. Costs of issuance of $4 million are amortized over the eight-year life of the notes (the effective interest rate is 6.000%). On January 28, 2020, Telecel issued at a premium $250 million of 5.875% Senior Notes due 2027 (the "New Notes"), representing an additional issuance from the Senior Notes described above. The New Notes are treated as a single class with the initial notes, and were priced at 106.375 for an implied yield to maturity of 4.817%. The corresponding $15 million premium received will be amortized over the Senior Notes maturity.
In June 2019, Telefónica Celular del Paraguay S.A.E. issued notes in three series under its PYG 300 billion program as follows: Series A for PYG 115 billion (approximately $18 million), with a fixed annual interest rate of 8.750%, maturing in June 2024, series B for PYG 50 billion (approximately $8 million) with a fixed annual interest rate of 9.250%, maturing in May 2026 and series C for PYG 65 billion (approximately $10 million) with a fixed annual interest rate of 10.000%, maturing in May 2029. On December 27, 2019, under the same program, they issued PYG. 35 billion (Approximately $5 million) in two tranches: (i) PYG 10 billion (approximately $2 million) which bears a fixed annual interest rate of 9.250% and matures on December 30, 2026; and (ii) PYG 25 billion (approximately $4 million) which bears a fixed annual interest rate of 10.000% and matures on December 24, 2029.
In February 2020, Telecel issued local bonds in 2 series: (i) Series 6, for an amount of PYG 15 billion (approximately $2 million) with a 9.250% interest due on January 29, 2027, and (ii) Series 7, for an amount of PYG 20 billion (approximately $3 million) with a 10% interest due on January 31, 2030.
In May 2020, Telefónica Celular del Paraguay, S.A.E.. completed the acquisition of another Millicom subsidiary in Paraguay - Mobile Cash Paraguay S.A , and further on June 30, 2020, the acquisition of Servicios y Productos Multimedios S.A.. Effective as of those dates, these new entities now form part of the borrower's group for the purposes of the $550 million 5.875% Senior Notes due 2027 issued by Telefónica Celular del Paraguay, S.A.E.. In addition, as of July 7, 2020 Servicios y Productos Multimedios S.A. became guarantor of the 5.875% Notes due 2027.

F-57

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

(8) BOB Notes
In May 2012, Telefónica Celular de Bolivia S.A. issued BOB 1.36 billion of notes repayable in installments until April 2, 2020. Distribution and other transaction fees of BOB5 million reduced the total proceeds from issuance to BOB 1.32 billion ($191 million). The bond has a 4.750% per annum coupon with interest payable semi-annually in arrears in May and November each year. The effective interest rate is 4.790%. These bonds are listed on the Bolivia Stock Exchange.
In November 2015, they issued BOB 696 million (approximately $100 million) of notes in two series, series A for BOB 104.4 million (approximately $15 million), with a fixed annual interest rate of 4.050%, maturing in August 2020 and series B for BOB 591.6 million (approximately $85 million) with a fixed annual interest rate of 4.850%, maturing in August 2023. The bond has coupon with interest payable semi-annually in arrears in March and September during the first two years, thereafter each February and August. The effective interest rate is 4.840%. These bonds are listed on the Bolivia Stock Exchange.
In August 2016, Telefónica Celular de Bolivia S.A.. issued a new bond for a total amount of BOB 522 million consisting of two tranches (approximately $50 million and $25 million, respectively). Tranche A and B bear fixed interest at 3.950% and 4.300%, and will mature in June 2024 and June 2029, respectively. These bonds are listed on the Bolivia Stock Exchange.
In October 2017, they placed approximately $80 million of local currency bonds in three tranches, which will mature in 2022, 2024 and 2026 with a 4.300% , 4.700% and 5.300% respectively. These bonds are listed on the Bolivia Stock Exchange.
In July 2019 they issued two bonds one for BOB 420 million (approximately $61 million) with a 5.000% coupon maturing on August 2026 and another one for BOB 280 million (approximately $40 million) with a 4.600% coupon maturing on August 2024. Interest payments is semiannual and both bonds are listed on the Bolivia Stock Exchange.
In December 2020, Telefónica Celular de Bolivia S.A. issued BOB 345 million (approximately $50 million) senior notes due 2026.
(9) UNE Bonds
In March 2010, UNE issued a COP300 billion (approximately $126 million) bond consisting of two tranches with five and ten-year maturities. Interest rates are either fixed or variable depending on the tranche. Tranche A bears variable interest, based on CPI, in Colombian peso and paid in Colombian peso. Tranche B bears variable interest, based on fixed term deposits, in Colombian peso and paid in Colombian peso. UNE applied the proceeds to finance its investment plan. Tranche A matured in March 2015 and tranche B matured in March 2020.
In May 2011, UNE issued a COP300 billion (approximately $126 million) bond consisting of two equal tranches with five and twelve-year maturities. Interest rates are variable and depend on the tranche. Tranche A had variable interest, based on CPI, in Colombian peso and paid in Colombian peso. Tranche B bears variable interest, based on CPI, in Colombian peso and paid in Colombian peso. UNE applied the proceeds to finance its investment plan. Tranche A matured in October 2016 and tranche B will mature in October 2023.
In May 2016, UNE issued a COP540 billion bond (approximately $176 million) consisting of three tranches (approximately $52 million, $83 million and $41 million respectively). Interest rates are either fixed or variable depending on the tranche. Tranche A bears fixed interest at 9.350%, while tranche B and C bear variable interest, based on CPI, (respective margins of CPI + 4.150% and CPI + 4.890%), in Colombian peso. UNE applied the proceeds to finance its investment plan and repay one bond (COP150 billion tranche). Tranches A, B and C will mature in May 2024, May 2026 and May 2036, respectively.
In March 2020, UNE issued local bonds for an amount of COP 150 billion (approximately $44 million) to repay an existing bond for the same value, with a 6.600% fixed rate for 10 years.
(10) Cable Onda Bonds
In August 2015, Cable Onda issued local bonds in Panama for a total amount of $185 million. These bonds are listed on the Panama Stock Exchange and bear a fixed annual interest of 5.750% and are due in August 2025. In December 2020, Cable Onda early repaid $85 million on these bonds, at par.
In November 2019, Cable Onda issued $600 million aggregate principal amount of 4.500% senior notes due 2030 payable in U.S. dollars, registered with the Superintendencia del Mercado de Valores de Panamá and listed on the Luxembourg Stock Exchange and on the Panamá Stock Exchange. The Notes bear interest from November 1, 2019 at a rate of 4.500% per annum, payable on January 30, 2020 for the first payment and thereafter semiannually in arrears on each interest payment date. The proceeds were used to fund the Panama Acquisition and to refinance certain local financing. Costs of issuance of $16 million, which include an original issue discount (OID) is amortized over the ten-year life of the notes (the effective interest rate is 4.690%).

F-58

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

C.3.2. Bank and Development Financial Institution financing

| Note | Country | Maturity range | Interest rate | 2020 | 2019
|  |  |  |  | (US$ millions)
Fixed rate loans |  |  |  |  |  |
PYG Long-term loans | 1 | Paraguay | 2020-2026 | Fixed | 137 |  | 166 |
USD - Long-term loans | 2 | Panama | 2024-2025 | Fixed | 185 |  | 150 |
BOB Long-term loans | 3 | Bolivia | 2023-2025 | Fixed | 37 |  | 31 |
Variable rate loans |  |  |  |  |  |
USD Long-term loans | 4 | Costa Rica | 2023 | Variable | 119 |  | 148 |
USD Long-term loans | 5 | Tanzania | 2021-2025 | Variable | 162 |  | 171 |
TZS Long-term loans | 5 | Tanzania | 2021-2025 | Variable | 41 |  | 14 |
USD Short-term loans | 8 | Luxembourg | 2024 | Libor + 3.00% | — |  | 298 |
USD Long-term loans(i) | 8 | Luxembourg | 2024 | Variable | (5) |  | — |
COP Long-term loans | 6 | Colombia | 2025-2030 | Variable | 262 |  | 274 |
USD Long-term loans | 6 | Colombia | 2024 | Variable | 296 |  | 295 |
USD Credit Facility / Senior Unsecured Term Loan Facility | 7 | El Salvador | 2021-2023 | Variable | 118 |  | 268 |
Total Bank and Development Financial Institution financing |  |  |  |  | 1,353 |  | 1,817 |

(i) Relates to the amortized costs of the undrawn RCF that Micsa entered in October 2020 -see note 8,
1.Paraguay
In October 2015, Telefónica Celular del Paraguay S.A.E. entered into a five -year loan facility with Banco Itau for PGY 257,700 million (approximately $40 million) which bears a fixed annual interest rate. The final maturity of the loan was on September 10, 2020.
In July 2017, Telefónica Celular del Paraguay S.A.E executed a five-year loan agreement with the IPS (Instituto de Prevision Social) and the Inter-American Development Bank, who acts as a guarantor, for a total amount of PYG $367,000 million (approximately $66 million). The loan, denominated in PYG with the final maturity in 2022. The guarantee under this facility is counter-guaranteed by MICSA.
In July 2018, Telefónica Celular del Paraguay S.A.E. executed a seven-year loan with Regional Bank for PYG 115,000 million (approximately $18 million with a final maturity in 2025.
In January 2019, Telefónica Celular del Paraguay S.A.E. obtained a seven-year loan from BBVA Bank for PYG 177,000 million which is due on November, 26, 2025.
In September 2019, Telefónica Celular del Paraguay S.A.E. executed an amended and restated agreement with Banco Continental S.A.E.C.A., to consolidate three existing loans, for a PYG 370,000 million (approximately $57 million). The new loan has a maturity of 7 years.
In January 2020, Telecel refinanced its previous loan with Banco Itaú and obtained a new long-term loan from Banco Itaú Paraguay S.A., for Gs. 154.6 billion (approximately $24 million) , amortizing semi-annually and maturing on December 27, 2024.
In December 2020, Telecel executed a credit agreement with Banco Continental S.A.E.C.A for PYG 200,000 million (approximately $29 million using the exchange rate as of December 31, 2020) with a duration of 2.5 years. Main aim is to refinance outstanding bank loans with maturities from 2021 to 2023.
2.Panama
In August 2019, Cable Onda S.A entered into two credit agreements, one with Banco Nacional de Panama S.A , for $75 million which bears a fixed interest and has a 5 year duration and another one with the Bank of Nova Scotia (Sucursal Panama) for $75 million with a fixed interest and a five year duration to finance and refinance working capital and capital expenditures. In October 2020, $50 million have been early repaid on the $75 million credit agreement with Banco Nacional de Panama S.A..
In December 2020, Cable Onda S.A. executed a credit agreement with Bank of Nova Scotia with a 60 month duration for $110 million divided into 2 tranches. Tranche A ($85 million) was disbursed on December 2020 to partially recall the Local Bond ($85 million) and Tranche B is expected to be disbursed in Q1 2021.

F-59

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

3.Bolivia
In June 2018, Telefónica Celular de Bolivia S.A.. entered into a two tranche loan agreement with Banco BISA S.A for BOB 69.6 million (approximately $10 million) each, with a fixed interest rate. The loans have a term of 7 years.
In November 2019, they executed a new loan with Banco de Crédito de Bolivia S.A for Bs. 78 million (approximately $11 million), with semiannual payments and a fixed interest rate. The loan has a term of 4 years.
4.Costa Rica
In April 2018, Millicom Cable Costa Rica S.A. entered into a $150 million variable rate syndicated loan with Citibank as agent. In June 2020, Millicom Cable Costa Rica S.A partially repaid an amount of $30 million of this loan.
In June 2018, Millicom Cable Costa Rica S.A. entered into a cross currency swap to hedge part of the principal of the loan against interest rate and currency risks. Interest rate and currency swap agreements had been made on $35 million of the principal amount and interest rate swaps for an additional $40 million. In October 2018, Millicom Costa Rica S.A. entered into a currency swap to hedge part of the principal of the loan against currency risks. The currency swap agreement had been made on $35 million of the principal amount. Finally on April 2019, Millicom Cable Costa Rica S.A. entered into another cross currency swap to hedge part of the principal of the loan against interest rate and currency risks. Interest rate and currency swap agreements had been made on $37 million of the principal amount and interest rate swaps for an additional $38 million.
5.Tanzania
In June 2019, MIC Tanzania Public Limited Company entered into a syndicated loan facility agreement with the Standard Bank of South Africa acting as an agent and a consortium of banks acting as the original lenders, for $174.75 million (tranche A) and TZS103,000 million (tranche B - approximately $45 million) which bears variable interests: for Tranche A Libor plus a margin and for Trance B T-Bill rate plus a margin. The facility agreement has an all asset debenture securing the whole amount, as well as a pledge over the shares of the immediate holding company of the borrower. The Facility was amended and restated in December 2019 and maturity was extended to 66 months and 100% of the USD portion and TZS 34 billion (approximately $15 million) were disbursed. In January 2020, TZS 35 billion (approximately $15 million) were disbursed and the last tranche of TZS 34 billion (approximately $15 million) was disbursed in February 2020.
6. Colombia
In December 20, 2019, our operation in Colombia executed an amendment to the $300 million loan between Colombia Móvil S.A. E.S.P. as borrower and UNE EPM Telecomunicaciones S.A., as guarantor with a consortium of banks to extend the maturity for 5 years (now due on December 20, 2024) and lower the applicable margin.
In September and November 2020, Colombia executed 4 new cross currency swaps of $25 million each with Bancolombia, JP Morgan and BBVA to complete $100 million and hedge the exposure of a portion of the $300 million syndicated loan, fixing the exchange rate on average to USD/COP 3.682 and interest rate of 5.35%.
7. EL Salvador
On April 15, 2016, Telemovil El Salvador, S.A. de C.V. executed a senior unsecured term loan facility up to $50 million maturing in April 2021 and bearing variable interest per annum, which was restated and amended as of May 30, 2017, for a second tranche of $50 million. This facility is guaranteed by MICSA.. Later on, in January 2018, Telemovil El Salvador entered into a second amended and restated agreement with Scotiabank for a third tranche of $50 million with variable rate and with a 5-year bullet repayment, also guaranteed by MICSA.
In addition, the company executed an interest rate swap with Scotiabank to fix interest rates for up to $100 million of the outstanding debt.
On June 3, 2016, Telemovil El Salvador, S.A. de C.V. executed a $30 million credit facility with Citibank N.A., for general corporate purposes maturing in June 2021 and bearing variable interest rate per annum. The facility is guaranteed by MICSA..
In March 2018, Telemovil El Salvador executed a $100 million credit facility with DNB at a variable rate facility with DNB and Nordea with a 5-year bullet repayment.The facility is guaranteed by MICSA..
In June 2020, Telemovil El Salvador. S.A de C.V repaid in its entirety $150 million of the principal under a credit agreement dated January 2018 entered into with the Bank of Nova Scotia, as lender, and the Company as guarantor.
8. Luxembourg
In April 2019, MICSA. entered into a $300 million term facility agreement arranged by DNB Bank ASA, Sweden Branch and Nordea Bank Abp, Filial i Sverige. This facility has a variable interest rate and is fully drawn as at December 31, 2019 and is due on April 2024. In November 2020, MICSA prepaid the total $300 million facility.

F-60

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

In March 2020, MICSA drew down $400 million from the $600 million revolving credit facility it entered into in January 2017 (the "RCF"). $337 million was disbursed in March 2020 and the remaining $63 million in April 2020. The draw down had an initial six-month term and Millicom had the option to extend up to January 2022 (the maturity date of the RCF). The RCF was fully repaid on June 29, 2020.
In October 2020, MICSA. entered into a 5 year, $600 million ESG-linked revolving credit facility (the "Facility") with a syndicate of 11 commercial banks. This facility will be used to refinance the above existing multi-currency revolving credit facility which was due to expire in 2022 and for general corporate purposes.
Right of set-off and derecognition
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.
A financial asset (or a part of a financial asset or part of a group of similar financial assets) is derecognized when:
• Rights to receive cash flows from the asset have expired; or
• Rights to receive cash flows from the asset or obligations to pay the received cash flows in full without material delay have been transferred to a third party under a “pass-through” arrangement; and the Group has either transferred substantially all the risks and rewards of the asset or the control of the asset.
When rights to receive cash flows from an asset have been transferred or a pass-through arrangement concluded, an evaluation is made if and to what extent the risks and rewards of ownership have been retained. When the Group has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the asset is recognized to the extent of the Group’s continuing involvement in the asset. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.
A financial liability is derecognized when the obligation under the liability is discharged or canceled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of income.
C.3.3. Interest and other financial expenses
The Group’s interest and other financial expenses comprised the following:

| December 31
| 2020 | 2019 | 2018
| (US$ millions)
Interest expense on bonds and bank financing | (386) |  | (348) |  | (234) |
Interest expense on leases | (156) |  | (157) |  | (91) |
Early redemption charges | (15) |  | (10) |  | (4) |
Others | (67) |  | (47) |  | (37) |
Total interest and other financial expenses | (624) |  | (564) |  | (367) |

C.3.4. Guarantees and pledged assets
Guarantees
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts are recognized initially as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the best estimate of the expenditure required to settle the present obligation at the reporting date and the amount recognized, less cumulative amortization.

F-61

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Liabilities to which guarantees are related are recorded in the consolidated statement of financial position under Debt and financing, and liabilities covered by supplier guarantees are recorded under Trade payables or Debt and financing, depending on the underlying terms and conditions.
Maturity of guarantees

| At December 31, 2020 | At December 31, 2019
Terms | Outstanding and Maximum exposure(i)(ii) | Outstanding and Maximum exposure(i)(ii)
| (US$ millions)
0-1 year | 59 |  | 29 |
1-3 years | 227 |  | 134 |
3-5 years | — |  | 300 |
Total | 287 |  | 464 |

(i) The outstanding exposure represents the carrying amount of the related liability at December 31.
(ii) The maximum exposure represents the total amount of the Guarantee at December 31.
Pledged assets
As at December 31, 2020, the Group’s share of total debt and financing secured by either pledged assets, pledged deposits issued to cover letters of credit, or guarantees issued was $287 million (December 31, 2019: $464 million). Assets pledged by the Group over these debts and financings amounted to nil at December 31, 2020 (December 31, 2019: $1 million). The remainder represented primarily guarantees issued by Millicom S.A. to guarantee financings raised by other Group operating entities.
In addition to the above, on June 4, 2019, MIC Tanzania Public Limited Company entered into a loan facility agreement which was further amended and restated on December 12, 2019, with the Standard Bank of South Africa acting as an agent and a consortium of banks acting as the original lenders. The facility agreement, maturing in 2025, has an all asset debenture securing the whole amount, as well as a pledge over the shares of the immediate holding company of the borrower.
C.3.5. Covenants
Millicom’s financing facilities are subject to a number of covenants including net leverage ratio, debt service coverage ratios, or debt to earnings ratios, among others. In addition, certain of its financings contain restrictions on sale of businesses or significant assets within the businesses. At December 31, 2020, there were no breaches of financial covenants.
C.4. Lease liabilities
At December 31, 2020, lease liabilities are presented in the statement of financial position as follows:

| December 31, 2020 | December 31, 2019(i)
| (US$ millions)
Current | 123 |  | 107 |
Non-Current | 897 |  | 988 |
Total Lease liabilities | 1,021 |  | 1,096 |

(i) Restated as a result of the finalization of the purchase accounting of our acquisition in Panama (note A.1.2.).
As permitted under IFRS 16, Millicom has elected not to recognize a lease liability for short term leases (leases with an expected term of 12 months or less) or for leases of low value assets. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are rather recognized on a straight-line basis as an expense in the statement of income. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. In addition, certain variable lease payments are not permitted to be recognized as lease liabilities and are expensed as incurred.
The expenses relating to payments not included in the measurement of the lease liability are disclosed in operating expenses (note B.3.) and are as follows:

F-62

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

| 2020 | 2019 |  |
| (US$ millions) |  |
Expense relating to short-term leases (included in cost of sales and operating expenses) | (1) |  | (5) |  |  |

The total cash outflow for leases in 2020 was $267 million (2019: $249 million). Lease liabilities split by maturity and future cash outflows are disclosed in note D.5..
At December 31, 2020, the Group has not committed to any material leases which had not yet commenced and has no material lease contracts with variable lease payments.
The Group's leasing activities and how these are accounted for
The Group leases various lands, sites, towers (including those related to towers sold and leased back), offices, warehouses, retail stores, equipment and cars. Rental contracts are typically made for fixed periods but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.
Through December 31, 2018, leases of property, plant and equipment were classified as either finance or operating leases. Under IAS 17, leases which transferred substantially all risks and benefits incidental to ownership of the leased item to the lessee were capitalized at the inception of the lease. The amount capitalized was the lower of the fair value of the asset or the present value of the minimum lease payments. Payments made under operating leases (net of any incentives received from the lessor) were charged to the statement of income on a straight-line basis over the period of the lease.
Still under IAS 17, the sale and leaseback of towers and related site operating leases and service contracts were accounted for in accordance with the underlying characteristics of the assets, and the terms and conditions of the lease agreements. When sale and leaseback agreements were concluded, the portions of assets that will not be leased back by Millicom were classified as assets held for sale as completion of their sale was highly probable. Asset retirement obligations related to the towers were classified as liabilities directly associated with assets held for sale. On transfer to the tower companies, the portion of the towers leased back were accounted for as operating leases or finance leases according to the criteria set out above. The portion of towers being leased back represented the dedicated part of each tower on which Millicom’s equipment was located and was derived from the average technical capacity of the towers. Rights to use the land on which the towers were located were accounted for as operating leases, and costs of services for the towers were recorded as operating expenses. The gain on disposal was recognized upfront for the portion of towers that is not leased back, and was deferred and recognized over the term of the lease for the portion leased back.
From January 1, 2019, leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the reduction of the liability and finance cost. The finance cost is charged to the statement of income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
•fixed payments (including in-substance fixed payments), less any lease incentives receivable
•variable lease payment that are based on an index or a rate
•amounts expected to be payable by the lessee under residual value guarantees
•the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
•payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease. As it is generally impracticable to determine that rate, the Group uses the lessee’s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The incremental borrowing rate applied can have a significant impact on the net present value of the lease liability recognized under IFRS 16.
The Group determines the incremental borrowing rate by country and by considering the risk-free rate, the country risk, the industry risk, the credit risk and the currency risk, as well as the lease and payment terms and dates.
The Group is also exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is adjusted against the right-of-use asset by discounting the revised lease payments using either the initial discount rate or a revised discount rate. The initial discount rate is used if future lease payments are reflecting market or index rates or if they are in

F-63

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

substance fixed. The discount rate is revised, if a change in floating interest rates occurs. The Group reassesses the variable payment only when there is a change in cash flows resulting from a change in the reference index or rate and not at each reporting date.
According to IFRS 16, lease term is defined as the non-cancellable period for which a lessee has the right to use an underlying asset, together with both: (a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and (b) periods covered by an option to terminate if the lessee is reasonably certain not to exercise that option. The assessment of such options is performed at the commencement of a lease. As part of the assessment, Millicom introduced the 'time horizon concept': the reasonable term under which the company expects to use a leased asset considering economic incentives, management decisions, business plans and the fast-paced industry Millicom operates in. The assessment must be focused on the economic incentives for Millicom to exercise (or not) an option to early terminate/extend a contract. The Group has decided to work on the basis the lessor will generally accept a renewal/not early terminate a contract, as there is an economic incentive to maintain the contractual relationship.
Millicom considered the specialized nature of most of its assets under lease, the low likelihood the lessor can find a third party to substitute Millicom as a lessee and past practice to conclude that, the lease term can go beyond the notice period when there is more than an insignificant penalty for the lessor not to renew the lease. This analysis requires judgment and has a significant impact on the lease liability recognized under IFRS 16.
Under IFRS 16, the accounting for sale and leaseback transactions has changed as the underlying sale transaction needs to be first analyzed using the guidance of IFRS 15. The seller/lessee recognizes a right-of-use asset in the amount of the proportional original carrying amount that relates to the right of use retained. Accordingly, only the proportional amount of gain or loss from the sale must be recognized. The impact from sale and leaseback transactions was not material for Millicom Group as of the date of initial application.
Finally, the Group has taken the additional following decisions when adopting the standard:
•Non-lease components are capitalized (IFRS16.15)
•Intangible assets are out of IFRS 16 scope (IFRS16.4)
C.5. Cash and deposits
C.5.1. Cash and cash equivalents

| 2020 | 2019
| (US$ millions)
Cash and cash equivalents in USD | 619 |  | 834 |
Cash and cash equivalents in other currencies | 256 |  | 330 |
Total cash and cash equivalents | 875 |  | 1,164 |

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.
Cash deposits with banks with maturities of more than three months that generally earn interest at market rates are classified as time deposits.
C.5.2. Restricted cash

| 2020 | 2019
| (US$ millions)
Mobile Financial Services | 192 |  | 150 |
Others | 7 |  | 5 |
Restricted cash | 199 |  | 155 |

Cash held with banks related to MFS which is restricted in use due to local regulations is denoted as restricted cash. The increase is in line with the current increase in digital transactions due to the pandemic.

F-64

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

C.5.3. Pledged deposits
Pledged deposits represent contracted cash deposits with banks that are held as security for debts at corporate or operational entity level. Millicom is unable to access these funds until either the relevant debt is repaid or alternative security is arranged with the lender.
At December 31, 2020, there were no non-current pledged deposits (2019: nil).
At December 31, 2020, current pledged deposits amounted to nil (2019: $1 million).
C.6. Net financial obligations
Net financial obligations

| 2020 | 2019
| (US$ millions)
Total debt and financing | 5,691 |  | 5,972 |
Lease liabilities (i) | 1,021 |  | 1,096 |
Gross financial obligations | 6,711 |  | 7,068 |
Less: |  |
Cash and cash equivalents | (875) |  | (1,164) |
Pledged deposits | — |  | (1) |
Time deposits related to bank borrowings | — |  | (1) |
Net financial obligations at the end of the year | 5,837 |  | 5,902 |
Add (less) derivatives related to debt (note D.1.2.) | 12 |  | (17) |
Net financial obligations including derivatives related to debt | 5,849 |  | 5,885 |

i) 2019 figure has been restated as a result of the finalization of the purchase accounting of our acquisition in Panama (note A.1.2.).

| Assets | Liabilities from financing activities |
| Cash and cash equivalents | Other | Bond and bank debt and financing |  | Lease liabilities (i) | Total
Net financial obligations as at January 1, 2019 | 528 |  | 2 |  | 4,227 |  |  | 898 |  | 4,596 |
Cash flows | 638 |  | — |  | 1,743 |  |  | (107) |  | 998 |
Scope Changes | 16 |  | — |  | 74 |  |  | 210 |  | 269 |
Recognition / Remeasurement | — |  | — |  | — |  |  | 109 |  | 109 |
Interest accretion | — |  | — |  | 8 |  |  | — |  | 8 |
Foreign exchange movements | (8) |  | — |  | (16) |  |  | (6) |  | (14) |
Transfers to/from assets held for sale | (9) |  | — |  | (53) |  |  | (8) |  | (52) |
Transfers | — |  | — |  | 3 |  |  | — |  | 3 |
Other non-cash movements | — |  | — |  | (14) |  |  | — |  | (14) |
Net financial obligations as at December 31, 2019 | 1,164 |  | 2 |  | 5,972 |  |  | 1,096 |  | 5,902 |
Cash flows | (272) |  | (2) |  | (274) |  |  | (121) |  | (121) |
Scope changes | — |  | — |  | — |  |  | — |  | — |
Recognition / Remeasurement | — |  | — |  | — |  |  | 68 |  | 68 |
Interest accretion | — |  | — |  | 16 |  |  | 1 |  | 17 |
Foreign exchange movements | (17) |  | — |  | (10) |  |  | (30) |  | (22) |
Transfers to/from assets held for sale | — |  | — |  | — |  |  | — |  | — |
Transfers | — |  | — |  | (3) |  |  | 6 |  | 3 |
Other non-cash movements | — |  | — |  | (10) |  |  | — |  | (10) |
Net financial obligations as at December 31, 2020 | 875 |  | — |  | 5,691 |  |  | 1,021 |  | 5,837 |

i) 2019 figure has been restated as a result of the finalization of the purchase accounting of our acquisition in Panama (note A.1.2.).

F-65

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

C.7. Financial instruments
i) Equity and debt instruments
Classification
The Group classifies its financial assets in the following measurement categories:
•those to be measured subsequently at fair value either through Other Comprehensive Income (OCI), or through profit or loss, and
•those to be measured at amortized cost.
The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the group classifies its debt instruments:
•Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains / (losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the consolidated statement of income.
• FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in ‘Other non-operating (expenses) income, net’. Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses and impairment expenses are presented as ‘Other non-operating (expenses) income, net’ in the consolidated statement of income.
• FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within ‘Other non-operating (expenses) income, net’ in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. The Group does not hold equity instruments for trading. Where the Group’s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Purchases and sales of equity instruments are recognized as of their settlement date. Dividends from such investments continue to be recognized in profit or loss as other income when the Group’s right to receive payments is established.
Otherwise, changes in the fair value of financial assets at FVPL are recognized in ‘Other non-operating (expenses) income, net’ in the consolidated statement of income as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.

F-66

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Impairment
From January 1, 2018, the Group assesses on a forward looking basis the expected credit losses associated with its financial assets carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the trade receivables.
The provision is recognized in the consolidated statement of income within Cost of sales.
ii) Derivative financial instruments and hedging activities
Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at fair value at each subsequent closing date. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as either:
a) Hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); or
b) Hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow hedge).
For transactions designated and qualifying for hedge accounting, at the inception of the transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. This is done in reference to the Group Treasury Policy as last updated and approved by the Audit Committee in late 2020. The Group also documents its assessment, both at hedge inception and on an ongoing basis (quarterly), of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.
The full fair value of a hedging instrument is classified as a non-current asset or liability when the period to maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability when the remaining period to maturity of the hedged item is less than 12 months.
The change in fair value of hedging instruments that are designed and qualify as fair value hedges is recognized in the statement of income as finance costs or income. The change in fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the statement of income as finance costs or income.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. Gains or loss relating to any ineffective portion is recognized immediately in the statement of income within Other non-operating (expenses) income, net. Amounts accumulated in equity are reclassified to the statement of income in the periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time is recycled to the statement of income within Other non-operating (expenses) income, net.
When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the statement of income within Other non-operating (expenses) income, net.
C.7.1. Fair value measurement hierarchy
Millicom uses the following fair value measurement hierarchy:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3 – Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade ratings. Interest rate swaps and foreign exchange forward contracts are valued using valuation techniques, which employ the use of markets observable data. The most frequently applied valuation techniques include forward pricing and swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, interest rate curves and forward curves.

F-67

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

C.7.2. Fair value of financial instruments
The fair value of Millicom’s financial instruments are shown at amounts at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The fair value of all financial assets and all financial liabilities, except debt and financing approximate their carrying value largely due to the short-term maturities of these instruments. The fair values of all debt and financing have been estimated by the Group, based on discounted future cash flows at market interest rates.
Fair values of financial instruments at December 31,

|  | Carrying value | Fair value
| Note | 2020 | 2019 | 2020 | 2019
|  | (US$ millions)
Financial assets |  |  |  |  |
Derivative financial instruments |  | 24 |  | — |  | 24 |  | — |
Other non-current assets |  | 77 |  | 66 |  | 77 |  | 66 |
Trade receivables, net |  | 351 |  | 371 |  | 351 |  | 371 |
Amounts due from non-controlling interests, associates and joint venture partners | G.5. | 296 |  | 68 |  | 296 |  | 68 |
Prepayments and accrued income |  | 149 |  | 156 |  | 149 |  | 156 |
Supplier advances for capital expenditures |  | 21 |  | 22 |  | 21 |  | 22 |
Call option (ii) | C.7.4. | 3 |  | — |  | 3 |  | — |
Equity Investments | C.7.3. | 160 |  | 371 |  | 160 |  | 371 |
Other current assets |  | 181 |  | 192 |  | 181 |  | 192 |
Restricted cash | C.5.2. | 199 |  | 155 |  | 199 |  | 155 |
Cash and cash equivalents | C.5.1. | 875 |  | 1,164 |  | 875 |  | 1,164 |
Total financial assets |  | 2,337 |  | 2,564 |  | 2,337 |  | 2,564 |
Current |  | 2,143 |  | 2,460 |  | 2,143 |  | 2,460 |
Non-current |  | 194 |  | 104 |  | 194 |  | 104 |
Financial liabilities |  |  |  |  |
Debt and financing (i) | C.3. | 5,691 |  | 5,972 |  | 5,572 |  | 6,229 |
Trade payables |  | 334 |  | 289 |  | 334 |  | 289 |
Payables and accruals for capital expenditure |  | 345 |  | 348 |  | 345 |  | 348 |
Derivative financial instruments |  | 16 |  | 17 |  | 16 |  | 17 |
Put option liability | C.7.4. | 262 |  | 264 |  | 262 |  | 264 |
Amounts due to non-controlling interests, associates and joint venture partners | G.5. | 339 |  | 498 |  | 339 |  | 498 |
Accrued interest and other expenses |  | 445 |  | 432 |  | 445 |  | 432 |
Other liabilities |  | 885 |  | 399 |  | 885 |  | 399 |
Total financial liabilities |  | 8,317 |  | 8,219 |  | 8,198 |  | 8,475 |
Current |  | 2,145 |  | 1,949 |  | 2,145 |  | 1,949 |
Non-current |  | 6,173 |  | 6,270 |  | 6,054 |  | 6,527 |

(i) Fair values are measured with reference to Level 1 (for listed bonds) or 2.
(ii) Measured with reference to Level 3, using a Monte Carlo option pricing model.

F-68

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

C.7.3. Equity investments
As at December 31, 2020 and 2019, Millicom has the following investments in equity instruments:

| 2020 | 2019
| (US$ millions)
Investment in Jumia | — |  | 32 |
Investment in HT | 160 |  | 338 |
Equity investment - total | 160 |  | 371 |

Jumia Technologies AG (“Jumia”)
Jumia indirectly owns a number of companies that provide online services and online marketplaces in certain countries in Africa.
In January 2019, Millicom was diluted in the capital of the company following the entry of a new investor. This triggered the recognition of a net dilution gain of $7 million in January 2019. In addition, during Q1 2019, in preparation of Jumia's IPO, Millicom relinquished its seat on the board of directors, which resulted in the loss of the Group's significant influence over Jumia. As a result, Millicom derecognized its investment in associate in Jumia and recognized it as a financial asset (equity instrument) at fair value under IFRS 9. On April 11, 2019, Jumia completed its IPO at the offer price per share of $14.5 and shares started trading on the NYSE on April 12, 2019. As a result, as of March 31, 2019, a net gain of $30 million had been recognized and reported under ‘Income (loss) from associates, net’. Post IPO, Millicom held 6.31% of the outstanding shares of Jumia.
In the course of June 2020, Millicom disposed of its entire stake in Jumia for a total net consideration of $29 million, triggering a net gain on disposal of $15 million recorded in the statement of income under ‘other operating income (expenses), net’. The changes in fair value prior to the disposal were shown under "Other non-operating (expenses) income, net" (note B.5.).
Helios Towers plc (“HT”)
In October 2019, Helios Towers plc (a company inserted as the holding company of HTA just prior to IPO) completed its IPO on the London Stock Exchange at a price of GBP 1.15 per share valuing the company at enterprise value of approximately $2.0 billion and a market capitalization of $1.45 billion.
As part of the listing process, on October 17, 2019, Millicom first was diluted as HT management exercised their IPO option rights (~4%). This event triggered the recognition of a non-cash dilution loss of $3 million recorded under ‘Income/(loss) from other joint ventures and associates’.
On the same day, Millicom resigned from its board of directors seats, which resulted in the loss of the Group's significant influence over HT. As a result, as from that date, Millicom derecognized its investment in associate in HT and recognized it as a financial asset at fair value under IFRS 9. The derecognition of the investment in associate and recognition of the equity investment in HT at a fair value of $292 million triggered the recognition of a net non-cash gain of $208 million recorded under ‘Other non-operating income (expense), net’ in the Group's statement of income. Fair value was determined using the IPO reference share price of GBP1.15.
As a result of the IPO and the subsequent exercise of the overallotment option, Millicom disposed of a portion of its ownership (in total ~20%) yielding $57 million in gross proceeds and $25 million in net proceeds after fees and Millicom's share in tax escrow of $30 million which has been deducted in full from the gain given the high level of uncertainties used in assessing the potential tax liability. These disposals triggered a loss of $32 million, as a result of the tax escrow and transaction fees, and are recorded under ‘Other operating income (expenses), net’.
During 2020, Millicom disposed of a total of 85 million shares that it owned in HT for a total net consideration of GBP 130 million ($169 million), triggering a total net gain on disposal of $6 million recorded in the statement of income under ‘Other operating income (expenses), net’.
As a result of these transactions, at December 31, 2020, Millicom owns a remaining shareholding of 7.6% in HT (2019:16.2%), valued at $160 million (level 1) at the December 31, 2020 share price (£1.53). The changes in fair value are shown under 'Other non-operating (expenses) income, net' (see note B.5.).

F-69

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

C.7.4. Call and put options
Cable Onda call and put options
As part of the acquisition of Cable Onda, the shareholders agreed on certain put and call options as follows - as amended subsequent to the acquisition of Telefonica Panama:
The 'Transaction Price' call and put options are conditional to the occurrence of certain events, such as change of control of Millicom or at any time if Millicom's non-controlling partners’ shareholdings fall below 10%, and become exercisable on the date of the Telefonica Panama closing (August 29, 2019) and extending until June 13, 2022. These put and call options are exercisable at the purchase price in the Cable Onda transaction (enterprise value of $1.46 billion), plus interest at 5% per annum (put) and at 10% per annum (call), respectively. From June 14, 2022, up to July 14, 2022, both options will be unconditional.
In addition, the parties agreed on 'Unconditional' call and put options to acquire the remaining 20% non-controlling interest in Cable Onda becoming exercisable at any time from July 15, 2022, both, at fair market value.
Millicom determined that the 'Transaction Price' put option could be exercised as a result of events falling outside of Millicom's control, and therefore that it met the criteria under IAS 32 for recognition as a liability and a corresponding equity decrease. The put option liability would be payable in Millicom's shares or in cash at the discretion of the partner. Therefore, Millicom recorded a liability for the put option at acquisition completion date of $239 million representing the present value of the redemption amount. As of December 31, 2020, the value of the 'Transaction Price' put option is lower than the 'Unconditional' put option's value, and therefore the Group recognized the put option liability at the higher of both valuations at $262 million (December 31, 2019: $264 million).
At December 31, 2020.The 'Transaction Price' call option has been valued at $3 million (December 31, 2019: nil) using a Monte Carlo simulation model. At December 31, 2020, the 'Unconditional' call option will be exercisable at fair market value and has therefore no value as at December 31, 2020 (December 31, 2019: nil).
The changes in value of the call option asset and put option liability are recorded in the Group's statement of income (see note B.5.).
D. Financial risk management
Exposure to interest rate, foreign currency, non-repatriation, liquidity, capital management and credit risks arise in the normal course of Millicom’s business. Each year Group Treasury revisits and presents to the Audit committee updated Group Treasury policy. The Group analyzes each of these financial risks individually as well as on an interconnected basis and defines and implements strategies to manage the economic impact on the Group’s performance in line with its policy. This policy was last reviewed in late 2020. As part of the annual review of the above mentioned risks, the Group agrees to a strategy over the use of derivatives and natural hedging instruments ranging from raising debt in local currency (where the Company targets to reach 40% of debt in local currency over the medium term) to maintain a combination of up to 75/25% mix between fixed and floating rate debt or agreeing to cover up to six months forward of operating costs and capex denominated in non-functional currencies through a rolling and layering strategy. Millicom’s risk management strategies may include the use of derivatives to the extent a market would exist in the jurisdictions where the Group operates. Millicom’s policy prohibits the use of such derivatives in the context of speculative trading.
Accounting policies for derivatives is further detailed in note C.7. On December 31, 2020 and 2019 fair value of derivatives held by the Group can be summarized as follows:

| 2020 | 2019
| (US$ millions)
Derivatives |  |
Cash flow hedge derivatives | 12 |  | (17) |
Net derivative asset (liability) | 12 |  | (17) |

D.1. Interest rate risk
Debt and financing issued at floating interest rates expose the Group to cash flow interest rate risk. Debt and financing issued at fixed rates expose the Group to fair value interest rate risk. The Group’s exposure to risk of changes in market interest rates relate to both of the above. To manage this risk, the Group’s policy is to maintain a combination of fixed and floating rate debt with target that more than 75% of the debt be at fixed rate. The Group actively monitors borrowings against this target. The target mix between fixed and floating rate debt is reviewed periodically. The purpose of Millicom’s policy is to achieve an optimal balance between cost of funding and volatility of financial results, while considering market conditions as well as our overall business strategy. At

F-70

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

December 31, 2020, approximately 84% of the Group’s borrowings are at a fixed rate of interest or for which variable rates have been swapped for fixed rates with interest rate swaps (2019: 76%).
D.1.1. Fixed and floating rate debt
Financing at December 31, 2020

| Amounts due within:
1 year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | >5 years | Total
| (US$ millions)
Fixed rate financing | 80 |  | 90 |  | 268 |  | 561 |  | 269 |  | 3,498 |  | 4,766 |
Floating rate financing | 33 |  | 17 |  | 171 |  | 250 |  | 197 |  | 256 |  | 926 |
Total | 113 |  | 107 |  | 439 |  | 811 |  | 467 |  | 3,755 |  | 5,691 |
Weighted average nominal interest rate | 4.65 | % | 4.95 | % | 5.76 | % | 4.15 | % | 5.09 | % | 5.21 | % | 4.90 | %

Financing at December 31, 2019

| Amounts due within:
1 year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | >5 years | Total
| (US$ millions)
Fixed rate financing | 118 |  | 117 |  | 118 |  | 332 |  | 431 |  | 3,428 |  | 4,543 |
Floating rate financing | 68 |  | 38 |  | 27 |  | 185 |  | 654 |  | 457 |  | 1,429 |
Total | 186 |  | 155 |  | 145 |  | 517 |  | 1,085 |  | 3,884 |  | 5,972 |
Weighted average nominal interest rate | 5.10 | % | 4.55 | % | 4.34 | % | 5.81 | % | 4.73 | % | 5.24 | % | 4.82 | %

A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2020 would increase or reduce profit before tax from continuing operations for the year by approximately $9 million (2019: $14 million).
D.1.2. Interest rate swap contracts
From time to time, Millicom enters into currency and interest rate swap contracts to manage its exposure to fluctuations in interest rates and currency fluctuations in accordance with its Financial Risk Management policy. Details of these arrangements are provided below.
MIC S.A. entered into swap contracts in order to hedge the foreign currency and interest rate risks in relation to the SEK 2 billion (~$211 million) senior unsecured sustainability bond issued in May 2019 (note C.3.1.). These swaps are accounted for as cash flow hedges as the timing and amounts of the cash flows under the swap agreements match the cash flows under the SEK bond. Their maturity date is May 2024. The hedging relationship is highly effective and related fluctuations are recorded through other comprehensive income. At December 31, 2020, the fair values of the swaps amount to an asset of $23 million. (December 31, 2019: a liability of $0.2 million).
In addition, Colombia, El Salvador and Costa Rica operations have also entered into several swap agreements in order to hedge foreign currency and interest rate risks on certain long term debts. These swaps are accounted for as cash flow hedges and related fair value changes are recorded through other comprehensive income. At December 31, 2020, the fair value of El Salvador swaps amount to a liability of $3 million (December 31, 2019: a liability of $3 million), Costa Rica swaps amount to a liability of $5 million and an asset of $1 million (December 31, 2019: liability of $14 million) and the fair value of Colombia swaps amount to a liability of $7 million (December 31, 2019: nil).
Interest rate and currency swaps are measured with reference to Level 2 of the fair value hierarchy
There are no other derivative financial instruments with a significant fair value at December 31, 2020.
D.2. Foreign currency risks
The Group is exposed to foreign exchange risk arising from various currency exposures in the countries in which it operates. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations.

F-71

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Millicom seeks to reduce its foreign currency exposure through a policy of matching, as far as possible, assets and liabilities denominated in foreign currencies, or entering into agreements that limit the risk of exposure to currency fluctuations against the US dollar reporting currency. In some cases, Millicom may also borrow in US dollars where it is either commercially more advantageous for joint ventures and subsidiaries to incur debt obligations in US dollars or where US dollar denominated borrowing is the only funding source available to a joint venture or subsidiary. In these circumstances, Millicom accepts the remaining currency risk associated with financing its joint ventures and subsidiaries, principally because of the relatively high cost of forward cover, when available, in the currencies in which the Group operates.
D.2.1. Debt denominated in US dollars and other currencies
Debt denomination at December 31

| 2020 | 2019
| (US$ millions)
Debt denominated in US dollars | 3,384 |  | 3,535 |
Debt denominated in currencies of the following countries |  |
Colombia | 614 |  | 531 |
Tanzania | 40 |  | 14 |
Bolivia | 337 |  | 350 |
Paraguay | 180 |  | 206 |
El Salvador(i) | 118 |  | 268 |
Panama(i) | 869 |  | 918 |
Luxembourg (COP denominated) | 41 |  | 43 |
Costa Rica | 107 |  | 107 |
Total debt denominated in other currencies | 2,307 |  | 2,437 |
Total debt | 5,691 |  | 5,972 |

(i) El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dollar as legal tender. Our local debt in both countries is therefore denominated in U.S. dollars but presented as local currency (LCY).
At December 31, 2020, if the US dollar had weakened/strengthened by 10% against the other functional currencies of our operations and all other variables held constant, then profit before tax from continuing operations would have increased/decreased by $45 million (2019: $17 million). This increase/decrease in profit before tax would have mainly been as a result of the conversion of the USD-denominated net debts in our operations with functional currencies other than the US dollar.
D.2.2. Foreign currency swaps
See note D.1.2. Interest rate swap contracts.
D.3. Non-repatriation risk
Most of Millicom’s operating subsidiaries and joint ventures generate most of the revenue of the Group and in the currency of the countries in which they operate. Millicom is therefore dependent on the ability of its subsidiaries and joint venture operations to transfer funds to the Company.
Although foreign exchange controls exist in some of the countries in which Millicom Group companies operate, none of these controls currently significantly restrict the ability of these operations to pay interest, dividends, technical service fees, royalties or repay loans by exporting cash, instruments of credit or securities in foreign currencies. However, existing foreign exchange controls may be strengthened in countries where the Group operates, or foreign exchange controls may be introduced in countries where the Group operates that do not currently impose such restrictions. If such events were to occur, the Company’s ability to receive funds from the operations could be subsequently restricted, which would impact the Company’s ability to make payments on its interest and loans and, or pay dividends to its shareholders. As a policy, all operations which do not face restrictions to deposit funds offshore and in hard currencies should do so for the surplus cash generated on a weekly basis. The Company and its subsidiaries make use of notional and physical cash pooling arrangements in hard currencies to the extent permitted.
In addition, in some countries it may be difficult to convert large amounts of local currency into foreign currency because of limited foreign exchange markets. The practical effects of this may be time delays in accumulating significant amounts of foreign currency

F-72

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

and exchange risk, which could have an adverse effect on the Group. This is a relatively rare case for the countries in which the Group operates.
Lastly, repatriation most often results in taxation, which is evidenced in the amount of taxes paid by the Group relative to the Corporate Income Tax reported in its statement of income.
D.4. Credit and counterparty risk
Financial instruments that subject the Group to credit risk include cash and cash equivalents, pledged deposits, letters of credit, trade receivables, amounts due from joint venture partners and associates, supplier advances and other current assets and derivatives. Counterparties to agreements relating to the Group’s cash and cash equivalents, pledged deposits and letters of credit are significant financial institutions with investment grade ratings. Management does not believe there are significant risks of non-performance by these counterparties and maintain a diversified portfolio of banking partners. Allocation of deposits across banks are managed such that the Group’s counterparty risk with a given bank stays within limits which have been set, based on each bank’s credit rating.
A large portion of revenue of the Group is comprised of prepaid products and services. For postpaid customers, the Group follows risk control procedures to assess the credit quality of the customer, taking into account its financial position, past experience and other factors. Accounts receivable also comprise balances due from other telecom operators. Credit risk of other telecom operators is limited due to the regulatory nature of the telecom industry, in which licenses are normally only issued to credit-worthy companies. The Group maintains a provision for expected credit losses of trade receivables based on its historical credit loss experience.
As the Group has a large number of internationally dispersed customers, there is generally no significant concentration of credit risk with respect to trade receivables, except for certain B2B customers (mainly governments). See note F.1.
D.5. Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Group has significant indebtedness but also has significant cash balances. Millicom evaluates its ability to meet its obligations on an ongoing basis using a recurring liquidity planning tool. This tool considers the operating net cash flows generated from its operations and the future cash needs for borrowing, interest payments, dividend payments and capital and operating expenditures required in maintaining and developing its operating businesses.
The Group manages its liquidity risk through use of bank overdrafts, bank loans, bonds, vendor financing, Export Credit Agencies and Development Finance Institutions (DFI) loans. Millicom believes that there is sufficient liquidity available in the markets to meet ongoing liquidity needs. Additionally, Millicom is able to arrange offshore funding. Millicom has a diversified financing portfolio with commercial banks representing about 20% of its gross financing (2019: 26%), bonds 64% (2019: 58%), Development Finance Institutions 1% (2019: 1%) and leases 15% (2019: 15%).

F-73

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Maturity profile of net financial liabilities at December 31, 2020

| Less than 1 year | 1 to 5 years | >5yrs | Total
| (US$ millions)
Total debt and financing | (113) |  | (1,824) |  | (3,755) |  | (5,691) |
Lease liability | (123) |  | (525) |  | (373) |  | (1,021) |
Cash and equivalents | 875 |  | — |  | — |  | 875 |
Pledged deposits (related to back borrowings) | — |  | — |  | — |  | — |
Refundable deposit | — |  | — |  | — |  | — |
Derivative financial instruments | — |  | 12 |  | — |  | 12 |
Net cash (debt) including derivatives related to debt | 639 |  | (2,336) |  | (4,128) |  | (5,825) |
Future interest commitments related to debt and financing | (311) |  | (1,069) |  | (104) |  | (1,484) |
Future interest commitments related to leases | (146) |  | (410) |  | (203) |  | (759) |
Trade payables (excluding accruals) | (576) |  | — |  | — |  | (576) |
Other financial liabilities (including accruals) | (1,185) |  | (29) |  | — |  | (1,214) |
Put option liability | (262) |  | — |  | — |  | (262) |
Trade receivables | 351 |  | — |  | — |  | 351 |
Other financial assets | 568 |  | 167 |  | — |  | 735 |
Net financial liabilities | (922) |  | (3,676) |  | (4,435) |  | (9,034) |

Maturity profile of net financial liabilities at December 31, 2019

| Less than 1 year | 1 to 5 years | >5yrs | Total
| (US$ millions)
Total debt and financing | (186) |  | (1,902) |  | (3,884) |  | (5,972) |
Lease liability(i) | (107) |  | (490) |  | (498) |  | (1,096) |
Cash and equivalents | 1,164 |  | — |  | — |  | 1,164 |
Pledged deposits (related to back borrowings) | 1 |  | — |  | — |  | 1 |
Refundable deposit | — |  | — |  | — |  | — |
Derivative financial instruments | (17) |  | — |  | — |  | (17) |
Net cash (debt) including derivatives related to debt | 855 |  | (2,392) |  | (4,383) |  | (5,920) |
Future interest commitments related to debt and financing | (308) |  | (1,088) |  | (106) |  | (1,502) |
Future interest commitments related to leases | (157) |  | (476) |  | (295) |  | (928) |
Trade payables (excluding accruals) | (510) |  | — |  | — |  | (510) |
Other financial liabilities (including accruals) | (1,052) |  | (337) |  | — |  | (1,389) |
Put option liability | (264) |  | — |  | — |  | (264) |
Trade receivables | 371 |  | — |  | — |  | 371 |
Other financial assets | 613 |  | 104 |  | — |  | 717 |
Net financial liabilities | (452) |  | (4,189) |  | (4,784) |  | (9,425) |

(i) Restated as a result of the finalization of the purchase accounting of our acquisitions in Nicaragua and Panama (note A.1.2.).
D.6. Capital management
The primary objective of the Group’s capital management is to ensure a strong credit rating and solid capital ratios in order to support its business and maximize shareholder value.
The Group manages its capital structure with reference to local economic conditions and imposed restrictions such as debt covenants. To maintain or adjust its capital structure, the Group may make dividend payments to shareholders, return capital to shareholders through share repurchases or issue new shares. At December 31, 2020, Millicom was rated at one notch below

F-74

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

investment grade by the independent rating agencies Moody’s (Ba1 stable) and Fitch (BB+ stable). The Group primarily monitors capital using net financial obligations to EBITDA.
The Group reviews its gearing ratio (net financial obligations divided by total capital plus net financial obligations) periodically. Net financial obligations includes interest bearing debt and lease liabilities, less cash and cash equivalents (included restricted cash) and pledged and time deposits related to bank borrowings. Capital represents equity attributable to the equity holders of the parent.
Net financial obligations to EBITDA

| Note | 2020 | 2019
| (US$ millions)
Net financial obligations (ii) | C.6. | 5,837 |  | 5,902 |
EBITDA | B.3. | 1,495 |  | 1,530 |
Net financial obligations to EBITDA (i) |  | 3.90 |  | 3.86 |

(i) The ratio is above 3.0x on an IFRS basis. However, according to the terms of the indenture, this ratio is calculated differently, resulting in a ratio below 3.0x for covenant purposes.
(ii) 2019 figure has been restated as a result of the finalization of the purchase accounting of our acquisition in Panama (note A.1.2.).
Gearing ratio

| Note | 2020 | 2019
| (US$ millions)
Net financial obligations (i) | C.6. | 5,837 |  | 5,902 |
Equity attributable to Owners of the Company | C.1. | 2,059 |  | 2,410 |
Net financial obligations and equity |  | 7,896 |  | 8,312 |
Gearing ratio |  | 0.74 |  | 0.71 |

(i) 2019 figure has been restated as a result of the finalization of the purchase accounting of our acquisition in Panama (note A.1.2.).
E. Long-term assets
E.1. Intangible assets
Millicom’s intangible assets mainly consist of goodwill arising from acquisitions, customer lists acquired through acquisitions, licenses and rights to operate and use spectrum.
E.1.1. Accounting for intangible assets
Intangible assets acquired in business acquisitions are initially measured at fair value at the date of acquisition, and those which are acquired separately are measured at cost. Internally generated intangible assets, excluding capitalized development costs, are not capitalized but expensed to the statement of income in the expense category consistent with the function of the intangible assets. Subsequently intangible assets are carried at cost, less any accumulated amortization and any accumulated impairment losses.
Intangible assets with finite useful lives are amortized over their estimated useful economic lives using the straight-line method and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for intangible assets with finite useful lives are reviewed at least at each financial year end. Changes in expected useful lives or the expected beneficial use of the assets are accounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates.
Amortization expense on intangible assets with finite lives is recognized in the consolidated statement of income in the expense category consistent with the function of the intangible assets.
Goodwill
Goodwill represents the excess of cost of an acquisition over the Group’s share in the fair value of identifiable assets less liabilities and contingent liabilities of the acquired subsidiary, at the date of the acquisition. If the fair value or the cost of the acquisition can only be determined provisionally, then goodwill is initially accounted for using provisional values. Within 12 months of the acquisition date, any adjustments to the provisional values are recognized. This is done when the fair values and the cost of the

F-75

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

acquisition have been finally determined. Adjustments to provisional fair values are made as if the adjusted fair values had been recognized from the acquisition date. Goodwill on acquisition of subsidiaries is included in intangible assets, net. Goodwill on acquisition of joint ventures or associates is included in investments in joint ventures and associates. Following initial recognition, goodwill is measured at cost, less any accumulated impairment losses. Gains or losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Where goodwill forms part of a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in this manner is measured, based on the relative values of the operation disposed and the portion of the cash-generating unit retained.
Licenses
Licenses are recorded at either historical cost or, if acquired in a business combination, at fair value at the date of acquisition. Cost includes cost of acquisition and other costs directly related to acquisition and retention of licenses over the license period. These costs may include estimates related to fulfillment of terms and conditions related to the licenses such as service or coverage obligations, and may include up-front and deferred payments.
Licenses have a finite useful life and are carried at cost less accumulated amortization and any accumulated impairment losses. Amortization is calculated using the straight-line method to allocate the cost of the licenses over their estimated useful lives.
The terms of licenses, which have been awarded for various periods, are subject to periodic review for, among other things, rate setting, frequency allocation and technical standards. Licenses are initially measured at cost and are amortized from the date the network is available for use on a straight-line basis over the license period. Licenses held, subject to certain conditions, are usually renewable and generally non-exclusive. When estimating useful lives of licenses, renewal periods are included only if there is evidence to support renewal by the Group without significant cost.
Trademarks and customer lists
Trademarks and customer lists are recognized as intangible assets only when acquired or gained in a business combination. Their cost represents fair value at the date of acquisition. Trademarks and customer lists have indefinite or finite useful lives. Indefinite useful life trademarks are tested for impairment annually. Finite useful life trademarks are carried at cost, less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost of the trademarks and customer lists over their estimated useful lives. The estimated useful lives for trademarks and customer lists are based on specific characteristics of the market in which they exist. Trademarks and customer lists are included in Intangible assets, net.
Estimated useful lives are:

| Years
Estimated useful lives |
Trademarks | 1 to 15
Customer lists | 4 to 20

Programming and content rights
Programming and content master rights which are purchased or acquired in business combinations which meet certain criteria are recorded at cost as intangible assets. The rights must be exclusive, related to specific assets which are sufficiently developed, and probable to bring future economic benefits and have validity for more than one year. Cost includes consideration paid or payable and other costs directly related to the acquisition of the rights, and are recognized at the earlier of payment or commencement of the broadcasting period to which the rights relate.
Programming and content rights capitalized as intangible assets have a finite useful life and are carried at cost, less accumulated amortization and any accumulated impairment losses. Amortization is calculated using the straight-line method to allocate the cost of the rights over their estimated useful lives.
Non-exclusive and programming and content rights for periods less than one year are expensed over the period of the rights.
Indefeasible rights of use
There is no universally-accepted definition of an indefeasible rights of use (IRU). These agreements come in many forms. However, the key characteristics of a typical arrangement include:
• The right to use specified network infrastructure or capacity;
• For a specified term (often the majority of the useful life of the relevant assets);
• Legal title is not transferred;

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Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

• A number of associated service agreements including operations and maintenance (O&M) and co-location agreements. These are typically for the same term as the IRU; and
• Any payments are usually made in advance.
IRUs are accounted for either as a lease, or service contract based on the substance of the underlying agreement.
IRU arrangements will qualify as a lease if, and when:
• The purchaser has an exclusive right for a specified period and has the ability to resell (or sublet) the capacity; and
• The capacity is physically limited and defined; and
• The purchaser bears all costs related to the capacity (directly or not) including costs of operation, administration and maintenance; and
• The purchaser bears the risk of obsolescence during the contract term.
If all of these criteria are not met, the IRU is treated as a service contract.
An IRU of network infrastructure (cables or fiber) is accounted for as a right of use asset (see E.3.), while capacity IRU (wavelength) is accounted for as an intangible asset.
The costs of an IRU recognized as service contract is recognized as prepayment and amortized in the statement of income as incurred over the duration of the contract.
E.1.2. Impairment of non-financial assets
At each reporting date Millicom assesses whether there is an indication that a non-financial asset may be impaired. If any such indication exists, or when annual impairment testing for a non-financial asset is required, an estimate of the asset’s recoverable amount is made. The recoverable amount is determined based on the higher of its fair value less cost to sell, and its value in use, for individual assets, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets.
Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Where no comparable market information is available, the fair value, less cost to sell, is determined based on the estimated future cash flows discounted to their present value using a discount rate that reflects current market conditions for the time value of money and risks specific to the asset. The foregoing analysis also evaluates the appropriateness of the expected useful lives of the assets. Impairment losses related to assets of continuing operations are recognized in the consolidated statement of income in expense categories consistent with the function of the impaired asset.
At each reporting date an assessment is made as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. Other than for goodwill, a previously recognized impairment loss is reversed if there has been a change in the estimate used to determine the asset’s recoverable amount since the last impairment loss was recognized. If so, the carrying amount of the asset is increased to its recoverable amount. The increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in profit or loss.
After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.
E.1.3. Movements in intangible assets
On May 20, 2019, the Group renewed 10MHz of the 1900 MHz spectrum in Colombia for a period of 10 years for an amount of $47 million (payable in five installments from June 2019 to February 2023) and an obligation to build 45 sites during the 20-month period following the renewal (approximately $20 million cost, that will be capitalized once the sites are built). In December 2019, the company substituted its coverage obligation by agreeing to pay the corresponding amount of $20 million in cash in 6 installments between January to June 2020. As a result, Management recognized an addition to spectrum assets and a liability for $20 million.
On July 9, 2019, the Tanzania Communications Regulatory Authority ('TCRA') issued a notice to cancel the license of Telesis, a subsidiary of Millicom in Tanzania that shared its 4G spectrum with Tigo and Zantel operations in the country. The net carrying value of the Telesis' license amounting to $8 million was therefore impaired during Q3 2019. As a consequence and in order to continue providing 4G services in the country, our operation in Tanzania had to purchase spectrum in the 800MHz band from the TCRA for a period of 15 years and for an amount of $12 million.

F-77

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

In December 2019, Millicom's wholly-owned subsidiary Telemovil El Salvador S.A. de C.V. ('Telemovil') acquired 50Mhz spectrum in the AWS band and paid an advance of $14 million. On January 8, 2020, Telemovil made a final payment of $20 million and started operating the spectrum.
In December 2019, Tigo Colombia participated in an auction launched by the Ministerio de Tecnologias de la Informacion y las Comunicaciones (MINTIC), and acquired licenses granting the right to use a total of 40 MHz in the 700 MHz band. The 20-year license will expire in 2040. As a result of this auction,Tigo Colombia has strengthened its spectrum position, which also includes 55 MHz in the 1900 band and 30 MHz of AWS. Tigo Colombia agreed to a total notional consideration of COP 2.45 billion (equivalent to approximately $710 million using the December 31, 2020 exchange rate), of which approximately 55% is payable in cash and 45% in coverage obligations to be met by 2025.
An initial payment of approximately $33 million was made in 2020, with the remainder payable in 12 annual installments beginning in 2026 and ending in 2037. The 55% cash portion bears interest at the Colombia-10 years Treasury Bond rate. In April and May 2020, local management received permission to operate 40 Mhz in the 700 MHz band and accounted for the spectrum as an Intangible asset at an amount of $388 million corresponding to the net present value of the future payments, plus other costs directly attributable to this acquisition. The related future interest commitments will be recognized as interest expense over the next 17 years. The remaining 45% consideration due as coverage obligations are currently being estimated and will be recognized in the statement of financial position as incurred.
Movements in intangible assets in 2020

| Goodwill | Licenses | Customer Lists | IRUs | Trademark | Other (i) | Total
| (US$ millions)
Opening balance, net | 1,684 |  | 468 |  | 470 |  | 107 |  | 183 |  | 282 |  | 3,195 |
Change in scope | — |  | — |  | — |  | — |  | — |  | — |  | — |
Additions | — |  | 421 |  | — |  | — |  | — |  | 99 |  | 520 |
Amortization charge | — |  | (71) |  | (44) |  | (13) |  | (106) |  | (84) |  | (318) |
Impairment | — |  | — |  | — |  | — |  | — |  | — |  | — |
Disposals, net | — |  | — |  | — |  | 14 |  | — |  | — |  | 13 |
Transfers | — |  | 3 |  | — |  | (18) |  | — |  | (1) |  | (16) |
Exchange rate movements | (26) |  | 49 |  | (3) |  | (3) |  | — |  | (8) |  | 10 |
Closing balance, net | 1,659 |  | 870 |  | 423 |  | 86 |  | 77 |  | 289 |  | 3,403 |
Cost or valuation | 1,659 |  | 1,305 |  | 630 |  | 196 |  | 323 |  | 840 |  | 4,953 |
Accumulated amortization and impairment | — |  | (435) |  | (207) |  | (111) |  | (246) |  | (550) |  | (1,550) |
Net | 1,659 |  | 870 |  | 423 |  | 86 |  | 77 |  | 289 |  | 3,403 |

Movements in intangible assets in 2019

| Goodwill | Licenses | Customer Lists | IRUs | Trademark | Other (i) | Total
| (US$ millions)
Opening balance, net | 1,069 |  | 318 |  | 371 |  | 89 |  | 282 |  | 218 |  | 2,346 |
Change in scope (ii) | 623 |  | 142 |  | 137 |  | 10 |  | — |  | 24 |  | 936 |
Additions | — |  | 101 |  | — |  | — |  | — |  | 101 |  | 202 |
Amortization charge | — |  | (55) |  | (37) |  | (14) |  | (99) |  | (67) |  | (272) |
Impairment | — |  | (8) |  | — |  | — |  | — |  | — |  | (8) |
Disposals, net | — |  | — |  | — |  | — |  | — |  | — |  | — |
Transfers | — |  | (5) |  | — |  | 23 |  | — |  | 15 |  | 33 |
Transfer to/from held for sale | — |  | (18) |  | — |  | — |  | — |  | (3) |  | (21) |
Exchange rate movements | (7) |  | (8) |  | (1) |  | — |  | — |  | (4) |  | (21) |
Closing balance, net | 1,684 |  | 468 |  | 470 |  | 107 |  | 183 |  | 282 |  | 3,195 |
Cost or valuation | 1,684 |  | 926 |  | 688 |  | 214 |  | 325 |  | 809 |  | 4,647 |
Accumulated amortization and impairment | — |  | (458) |  | (218) |  | (107) |  | (142) |  | (527) |  | (1,451) |
Net | 1,684 |  | 468 |  | 470 |  | 107 |  | 183 |  | 282 |  | 3,195 |

F-78

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

(i) Other includes mainly software costs
(ii) Restated as a result of the finalization of the purchase accounting of our acquisitions in Nicaragua and Panama (note A.1.2.).
E.1.4. Cash used for the purchase of intangible assets
Cash used for intangible asset additions

| 2020 | 2019 | 2018
| (US$ millions)
Additions | 520 |  | 202 |  | 158 |
Change in accruals and payables for intangibles | (315) |  | (32) |  | (10) |
Cash used for additions | 202 |  | 171 |  | 148 |

E.1.5. Goodwill
Allocation of Goodwill to cash generating units (CGUs), net of exchange rate movements and after impairment

| 2020 | 2019
| (US$ millions)
Panama (see note A.1.2.)(i) | 907 |  | 907 |
El Salvador | 194 |  | 194 |
Costa Rica | 115 |  | 123 |
Paraguay | 47 |  | 50 |
Colombia | 173 |  | 181 |
Tanzania (see note E.1.6.) | 12 |  | 12 |
Nicaragua (see note A.1.2)(i) | 207 |  | 213 |
Other | 3 |  | 3 |
Total | 1,659 |  | 1,684 |

(i) Restated as a result of the finalization of the purchase accounting of our acquisitions in Nicaragua and Panama (note A.1.2.).
E.1.6. Impairment testing of goodwill
Goodwill from CGUs is tested for impairment at least each year and more frequently if events or changes in circumstances indicate that the carrying value may be impaired. Impairment losses on goodwill are not reversed.
Goodwill arising on business combinations is allocated to each of the Group’s CGUs or groups of CGUs that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Each unit or group of units to which the goodwill is allocated:
• Represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and
• Is not larger than an operating segment.
Impairment is determined by assessing the value-in-use and, if appropriate, the fair value less costs to sell of the CGU (or group of CGUs), to which goodwill relates.
Impairment testing at December 31, 2020
Goodwill was tested for impairment by assessing the recoverable amount against the carrying amount of the CGU based on discounted cash flows. The recoverable amounts are based on value-in-use. The value-in-use is determined based on the method of discounted cash flows. The cash flow projections used (operating profit margins, income tax, working capital, capex and license renewal cost) are extracted from business plans approved by management and presented to the Board, covering a fifteen-year planning horizon. The Group uses a fifteen-year planning horizon to obtain a stable business outlook, in particular due to the long investment cycles in the industry and the long-term planned and expected investments in licenses and spectrum. Cash flows beyond this period are extrapolated using a perpetual growth rate. When value-in-use results are lower than the carrying values of the CGUs, management determines the recoverable amount by using the fair value less cost of disposal (FVLCD) of the CGUs. FVLCD is usually determined by using recent offers received from third parties (Level 1).

F-79

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

For the year ended December 31, 2020, management concluded that no impairment should be recorded in the Group consolidated financial statements.
Impairment testing at December 31, 2019
For the year ended December 31, 2019, management concluded that no impairment should be recorded in the Group consolidated financial statements.
Key assumptions used in value in use calculations
The process of preparing the cash flow projections considers the current market condition of each CGU, analyzing the macroeconomic, competitive, regulatory and technological environments, as well as the growth opportunities of the CGUs. Therefore, a growth target is defined for each CGU, based on the appropriate allocation of operating resources and the capital investments required to achieve the target. The foregoing forecasts could differ from the results obtained through time; however, the Company prepares its estimates based on the current situation of each of the CGUs. Relevance of budgets used for the impairment test is also reviewed annually, with management performing regressive analysis between actual figures and budget/Long Range Plans (LRPs) used for previous year impairment test.
The cash flow projections for all CGUs is most sensitive to the following key assumptions:
•EBITDA margin is determined by dividing EBITDA by total revenues.
•CAPEX intensity is determined by dividing CAPEX by total revenues.
•Perpetual growth rate does not exceed the countries' GDP.
•Weighted average cost of capital (“WACC”) is used to discount the projected cash flows.
The most significant estimates used for the 2020 and 2019 impairment test are shown below:

CGU | Average EBITDA margin (%) (i) | Average CAPEX intensity (%) (i) | Perpetual growth rate (%) | WACC rate after tax (%)
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019
Bolivia | 39.2 | 42.0 | 16.8 | 18.4 | 1.0 | 1.5 | 11.5 | 10.7
Colombia | 35.7 | 34.1 | 17.7 | 17.7 | 2.0 | 1.9 | 8.3 | 8.6
Costa Rica | 32.9 | 36.3 | 17.8 | 23.3 | 2.0 | 1.9 | 12.1 | 10.1
El Salvador | 35.4 | 33.4 | 14.0 | 15.2 | 1.0 | 0.8 | 13.8 | 10.7
Nicaragua (see note A.1.2) | 45.6 | 33.7 | 15.9 | 16.2 | 3.0 | 2.0 | 13.8 | 10.9
Panamá (see note A.1.2) | 48.2 | 42.6 | 17.5 | 14.8 | 1.0 | 1.5 | 7.6 | 8.3
Paraguay | 44.3 | 46.9 | 15.6 | 16.0 | 1.0 | 1.6 | 8.4 | 9.0
Tanzania | 39.5 | 31.2 | 11.7 | 12.2 | 1.0 | 1.5 | 13.8 | 14.4

(i) Average is computed over the period covered by the plan.
Sensitivity analysis to changes in assumptions
Management performed a sensitivity analysis on key assumptions within the test. The following maximum increases or decreases, expressed in percentage points, were considered for all CGUs:

Reasonable changes in key assumptions (%)
Financial variables |
WACC rates | +/-1
Perpetual growth rates | +/-1
Operating variables |
EBITDA margin | +/-2
CAPEX intensity | +/-1

The sensitivity analysis shows a comfortable headroom between the recoverable amounts and the carrying values for all CGUs at December 31, 2020, except for El Salvador, Colombia and Nicaragua CGUs (the latter includes both the legacy fixed business and the

F-80

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

recently acquired Telefonica's assets). The following changes in key assumptions would trigger a potential impairment, which would mainly be due to the current political and economic turmoil caused by the pandemic:

Changes in key assumptions that would trigger a potential impairment | CGU
El Salvador | Colombia | Nicaragua
Financial variables |  |  |
WACC rate | +86bps | +85bps | +57bps
Operating variables |  |  |
Average EBITDA margin | -147bps | -160bps | -183bps

E.2. Property, plant and equipment
E.2.1. Accounting for property, plant and equipment
Items of property, plant and equipment are stated at either historical cost, or the lower of fair value and present value of the future minimum lease payments for assets under finance leases, less accumulated depreciation and accumulated impairment. Historical cost includes expenditure that is directly attributable to acquisition of items. The carrying amount of replaced parts is derecognized.
Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset and the remaining life of the license associated with the assets, unless the renewal of the license is contractually possible.

Estimated useful lives | Duration
Buildings | 40 years or lease period, if shorter
Networks (including civil works) | 5 to 15 years or lease period, if shorter
Other | 2 to 7 years

The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The assets’ residual value and useful life is reviewed, and adjusted if appropriate, at each statement of financial position date. An asset’s carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount.
Construction in progress consists of the cost of assets, labor and other direct costs associated with property, plant and equipment being constructed by the Group, or purchased assets which have yet to be deployed. When the assets become operational, the related costs are transferred from construction in progress to the appropriate asset category and depreciation commences.
Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Ongoing routine repairs and maintenance are charged to the statement of income in the financial period in which they are incurred.
Costs of major inspections and overhauls are added to the carrying value of property, plant and equipment and the carrying amount of previous major inspections and overhauls is derecognised.
Equipment installed on customer premises which is not sold to customers is capitalized and amortized over the customer contract period.
A liability for the present value of the cost to remove an asset on both owned and leased sites (for example cell towers) and for assets installed on customer premises (for example set-top boxes), is recognized when a present obligation for the removal exists. The corresponding cost of the obligation is included in the cost of the asset and depreciated over the useful life of the asset, or lease period if shorter.
Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset are capitalized as part of the cost of that asset when it is probable that such costs will contribute to future economic benefits for the Group and the costs can be measured reliably.

F-81

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

E.2.2. Movements in tangible assets
Movements in tangible assets in 2020

| Network Equipment (ii) | Land and Buildings | Construction in Progress | Other(i) | Total
| (US$ millions)
Opening balance, net | 2,212 |  | 206 |  | 355 |  | 127 |  | 2,899 |
Additions | 31 |  | — |  | 606 |  | 11 |  | 649 |
Disposals, net | 31 |  | (2) |  | (2) |  | (41) |  | (13) |
Depreciation charge | (644) |  | (22) |  | — |  | (83) |  | (749) |
Asset retirement obligations | 17 |  | 2 |  | — |  | — |  | 19 |
Transfers | 588 |  | 5 |  | (644) |  | 75 |  | 24 |
Transfer from/(to) assets held for sale (see note E.4) | 1 |  | 1 |  | — |  | — |  | 3 |
Exchange rate movements | (62) |  | (5) |  | (7) |  | (2) |  | (77) |
Closing balance, net | 2,175 |  | 185 |  | 308 |  | 87 |  | 2,755 |
Cost or valuation | 6,423 |  | 329 |  | 308 |  | 407 |  | 7,466 |
Accumulated amortization and impairment | (4,248) |  | (144) |  | — |  | (320) |  | (4,711) |
Net at December 31, 2020 | 2,175 |  | 185 |  | 308 |  | 87 |  | 2,755 |

Movements in tangible assets in 2019

| Network equipment | Land and buildings | Construction in progress | Other(i) | Total
| (US$ millions)
Opening balance, net | 2,149 |  | 175 |  | 284 |  | 156 |  | 2,764 |
Change in Scope (ii) | 201 |  | 48 |  | 14 |  | 9 |  | 272 |
Additions | 87 |  | 4 |  | 612 |  | 16 |  | 719 |
Impairments/reversal of impairment, net | — |  | — |  | — |  | 1 |  | 1 |
Disposals, net | (8) |  | (1) |  | (6) |  | (3) |  | (19) |
Depreciation charge | (588) |  | (13) |  | — |  | (110) |  | (711) |
Asset retirement obligations | 14 |  | 5 |  | — |  | — |  | 19 |
Transfers | 444 |  | 4 |  | (537) |  | 64 |  | (24) |
Transfers from/(to) assets held for sale (see note E.4.)(iv) | (61) |  | (14) |  | (7) |  | (5) |  | (88) |
Exchange rate movements | (25) |  | (2) |  | (6) |  | (1) |  | (34) |
Closing balance, net | 2,212 |  | 206 |  | 355 |  | 127 |  | 2,899 |
Cost or valuation | 6,655 |  | 364 |  | 355 |  | 477 |  | 7,851 |
Accumulated amortization and impairment | (4,443) |  | (158) |  | — |  | (351) |  | (4,952) |
Net at December 31, 2019 | 2,212 |  | 206 |  | 355 |  | 127 |  | 2,899 |

(i) Other mainly includes office equipment and motor vehicles.
(ii) Restated as a result of the finalization of the purchase accounting of our acquisitions in Nicaragua and Panama (note A.1.2.).
Borrowing costs capitalized for the years ended December 31, 2020, 2019 and 2018 were not significant.

F-82

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

E.2.3. Cash used for the purchase of tangible assets
Cash used for property, plant and equipment additions

| 2020 | 2019 | 2018
| (US$ millions)
Additions | 649 |  | 719 |  | 698 |
Change in advances to suppliers | (4) |  | 1 |  | 2 |
Change in accruals and payables for property, plant and equipment | (22) |  | 17 |  | (25) |
Finance leases(i) | (1) |  | (1) |  | (43) |
Cash used for additions | 622 |  | 736 |  | 632 |

(i)As a result of the application of IFRS 16 finance leases were reclassified to lease liabilities on January 1, 2019. See above in the "New and amended IFRS accounting standards" for further information.
E.3. Right of use assets
Right-of-use assets are measured at cost comprising the following:
•the amount of the initial measurement of lease liability
•any lease payments made at or before the commencement date less any lease incentives received
•any initial direct costs, and
•restoration costs
Refer to note C.4. for further details on lease accounting policies.
Movements in right of use assets in 2020

Right-of-use assets | Land and buildings | Sites rental | Tower rental | Other network equipment | Capacity | Other | Total
| (US$ millions) |  |  |
Opening balance, net | 148 |  | 101 |  | 729 |  | 16 |  | 15 |  | 3 |  | 1,012 |
Change in scope | — |  | — |  | — |  | — |  | — |  | — |  | — |
Additions | 41 |  | 2 |  | 23 |  | 18 |  | 1 |  | 1 |  | 86 |
Modifications | 9 |  | 10 |  | (27) |  | (1) |  | — |  | — |  | (8) |
Impairments | (1) |  | — |  | — |  | — |  | — |  | — |  | (1) |
Disposals | (10) |  | (1) |  | — |  | (1) |  | — |  | — |  | (12) |
Depreciation | (38) |  | (17) |  | (88) |  | (8) |  | (1) |  | (2) |  | (155) |
Asset retirement obligations | — |  | 1 |  | — |  | — |  | — |  | (1) |  | — |
Transfers | — |  | — |  | (2) |  | 5 |  | — |  | 1 |  | 4 |
Exchange rate movements | (3) |  | (2) |  | (27) |  | — |  | — |  | — |  | (32) |
Closing balance, net | 147 |  | 93 |  | 607 |  | 31 |  | 14 |  | 2 |  | 895 |
Cost of valuation | 206 |  | 127 |  | 839 |  | 42 |  | 18 |  | 6 |  | 1,238 |
Accumulated depreciation and impairment | (59) |  | (34) |  | (232) |  | (12) |  | (4) |  | (3) |  | (343) |
Net at December 31, 2020 | 147 |  | 93 |  | 607 |  | 31 |  | 14 |  | 2 |  | 895 |

In early 2020, and following a change in regulation in Colombia, future lease payments for the use of certain public assets have been significantly decreased. This triggered a lease modification and a decrease of the related lease liabilities (and right-of-use assets) of approximately $45 million.
Except for the change above, there have been no other unusual significant events affecting lease liabilities (and right-of-use assets) during the year ended December 31, 2020.

F-83

Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Movements in right of use assets in 2019

Right-of-use assets | Land and buildings | Sites rental | Tower rental | Capacity | Other network equipment | Other | Total
| (US$ millions) |  |  |
Opening balance, net | 154 |  | 67 |  | 623 |  | — |  | 9 |  | 4 |  | 856 |
Change in scope (i) | 3 |  | 58 |  | 130 |  | 13 |  | 8 |  | — |  | 212 |
Additions | 25 |  | 4 |  | 67 |  | 2 |  | 1 |  | 1 |  | 102 |
Modifications | 6 |  | (2) |  | 7 |  | — |  | — |  | — |  | 11 |
Impairments | (1) |  | — |  | — |  | — |  | — |  | — |  | (1) |
Disposals | (4) |  | (4) |  | (1) |  | — |  | — |  | — |  | (10) |
Depreciation | (35) |  | (16) |  | (86) |  | — |  | (2) |  | (2) |  | (141) |
Asset retirement obligations | — |  | — |  | — |  | — |  | — |  | — |  | — |
Transfers | — |  | — |  | 1 |  | — |  | — |  | — |  | 1 |
Transfers to/from assets held for sale | (1) |  | (5) |  | (3) |  | — |  | — |  | — |  | (9) |
Exchange rate movements | — |  | (2) |  | (7) |  | — |  | — |  | — |  | (10) |
Closing balance, net | 148 |  | 101 |  | 729 |  | 15 |  | 16 |  | 3 |  | 1,012 |
Cost of valuation | 181 |  | 119 |  | 905 |  | 18 |  | 19 |  | 8 |  | 1,250 |
Accumulated depreciation and impairment | (34) |  | (18) |  | (176) |  | (2) |  | (3) |  | (5) |  | (238) |
Net at 31 December 2019 | 148 |  | 101 |  | 729 |  | 15 |  | 16 |  | 3 |  | 1,012 |

(i) Restated as a result of the finalization of the purchase accounting of our acquisitions in Nicaragua and Panama (note A.1.2.).
Tower Sale and Leaseback
In 2017 and 2018, the Group announced agreements to sell and leaseback wireless communications towers in Paraguay, Colombia and El Salvador. Total gain on sale recognized in 2020 was nil (2019: $5 million, 2018: $61 million) and cash received from these sales were nil, $22 million and $141 million, respectively.
E.4. Assets held for sale
If Millicom decides to sell subsidiaries, investments in joint ventures or associates, or specific non-current assets in its businesses, these items qualify as assets held for sale if certain conditions are met.
E.4.1. Classification of assets held for sale
Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of carrying amount and fair value less costs to sell if their carrying amount is expected to be recovered principally through sale, not through continuing use. Liabilities of disposal groups are classified as Liabilities directly associated with assets held for sale.

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Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

E.4.2. Millicom’s assets held for sale
The following table summarizes the nature of the assets and liabilities reported under assets held for sale and liabilities directly associated with assets held for sale as at December 31, 2020 and 2019:

| December 31,
| 2020 | 2019
| (US$ millions)
Assets and liabilities reclassified as held for sale ($ millions) |  |
Towers Colombia (see note E.4.1.) | 1 |  | 2 |
Towers El Salvador (see note E.4.1.) | — |  | 1 |
Towers Zantel | — |  | 1 |
Total assets of held for sale | 1 |  | 5 |
Total liabilities directly associated with assets held for sale | — |  | — |
Net assets held for sale / book value | 1 |  | 5 |

Chad
As mentioned in note A.1.3., on June 26, 2019, the Group completed the disposal of its operations in Chad for a cash consideration of $110 million. On the same date, Chad was deconsolidated and a gain on disposal of $77 million, net of costs of disposal of $4 million, was recognized. Foreign currency exchange losses accumulated in equity of $8 million have also been recycled in the statement of income accordingly. The resulting net gain of $70 million has been recognized under ‘Profit (loss) for the period from discontinued operations, net of tax’. The operating net loss of the operation for the period from January 1, 2019 to June 26, 2019 was $5 million.
In August 2020, the Group and the buyer of our operations in Chad agreed on a final price adjustment of $8 million in favor of the buyer. This price adjustment has been disbursed in September 2020 and recorded under the results from discontinued operations in the Group's statement of income.
The assets and liabilities deconsolidated on the date of the disposal were as follows:

Assets and liabilities held for sale ($ millions) | June 26, 2019
Intangible assets, net | 18
Property, plant and equipment, net | 89
Right of use assets | 9
Other non-current assets | 8
Current assets | 34
Cash and cash equivalents | 9
Total assets of disposal group held for sale | 168
Non-current financial liabilities | 8
Current liabilities | 131
Total liabilities of disposal group held for sale | 140
Net assets held for sale at book value | 28

Senegal
As mentioned in note A.1.3. Millicom announced that it had agreed to sell its Senegal business to a consortium consisting of NJJ, Sofima (managed by the Axian Group) and Teylium Group. The sale was completed on April 27, 2018 in exchange of a final cash consideration of $151 million. The operations in Senegal were deconsolidated from that date resulting in a net gain on disposal of $6 million, including the recycling of foreign currency exchange losses accumulated in equity since the creation of the local operations. This gain has been recognized under ‘Profit (loss) for the year from discontinued operations, net of tax’.
The assets and liabilities were transferred to assets held for sale in relation to our operations in Senegal as at February 7, 2017 and therefore classified as held for sale as at December 31, 2017.
Rwanda
As mentioned in note A.1.3. on December 19, 2017, Millicom announced that it has signed an agreement for the sale of its Rwanda operations to subsidiaries of Bharti Airtel Limited.for a final cash consideration of $51 million, including a deferred cash payment due in January 2020 for an amount of $18 million which has been settled in January 2020. The transaction also included earn-outs for $7 million that are not recognized by the Group. The sale was completed on January 31, 2018. On that day, Millicom's operations in Rwanda have been deconsolidated and no material loss on disposal was recognized (its carrying value was aligned to its fair value

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Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

less costs of disposal as of December 31, 2017). However, a loss of $32 million was recognized in 2019 corresponding to the recycling of foreign currency exchange losses accumulated in equity since the creation of the local operation. This loss has been recognized under ‘Profit (loss) for the year from discontinued operations, net of tax’.
In accordance with IFRS 5, the Group’s businesses in Chad (Q2 2018), Rwanda (Q1 2018), and Senegal (Q1 2017) had been classified as assets held for sale and their results were classified as discontinued operations. Comparative figures of the statement of income had therefore been restated accordingly. Financial information relating to the discontinued operations for the year ended December 31, 2020, 2019 and 2018 is set out below. Figures shown below are after intercompany eliminations.
Results from discontinued operations

| December 31
| 2020 | 2019 | 2018
| (US$ millions)
Revenue | — |  | 50 |  | 189 |
Cost of sales | — |  | (14) |  | (51) |
Operating expenses | (4) |  | (29) |  | (83) |
Other expenses linked to the disposal of discontinued operations | (9) |  | (10) |  | (10) |
Depreciation and amortization | — |  | (11) |  | (27) |
Other operating income (expenses), net | — |  | — |  | (9) |
Gain/(loss) on disposal of discontinued operations | — |  | 74 |  | (29) |
Operating profit (loss) | (12) |  | 61 |  | (21) |
Interest income (expense), net | — |  | (2) |  | (6) |
Other non-operating (expenses) income, net | — |  | — |  | (2) |
Profit (loss) before taxes | (12) |  | 59 |  | (29) |
Credit (charge) for taxes, net | — |  | (2) |  | (4) |
Net profit/(loss) from discontinuing operations | (12) |  | 57 |  | (33) |

Cash flows from discontinued operations

| December 31
| 2020 | 2019 | 2018
| (US$ millions)
Cash from (used in) operating activities, net | — |  | (8) |  | (38) |
Cash from (used in) investing activities, net | — |  | 5 |  | 8 |
Cash from (used in) financing activities, net | — |  | 7 |  | 11 |

F. Other assets and liabilities
F.1. Trade receivables
Millicom’s trade receivables mainly comprise interconnect receivables from other operators, postpaid mobile and residential cable subscribers, as well as B2B customers. The nominal value of receivables adjusted for impairment approximates the fair value of trade receivables.

| 2020 | 2019
| (US$ millions)
Gross trade receivables | 649 |  | 636 |
Less: provisions for expected credit losses | (298) |  | (265) |
Trade receivables, net | 351 |  | 371 |

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Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Aging of trade receivables

| Neither past due nor impaired | Past due (net of impairments) |
30–90 days | >90 days | Total
| (US$ millions)
2020: |  |  |  |
Telecom operators | 15 |  | 7 |  | 3 |  | 25 |
Own customers | 167 |  | 65 |  | 34 |  | 266 |
Others | 34 |  | 19 |  | 8 |  | 60 |
Total | 216 |  | 90 |  | 45 |  | 351 |
2019: |  |  |  |
Telecom operators | 23 |  | 9 |  | 8 |  | 40 |
Own customers | 177 |  | 63 |  | 29 |  | 270 |
Others | 40 |  | 15 |  | 5 |  | 60 |
Total | 241 |  | 88 |  | 43 |  | 371 |

Trade receivables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less provision for expected credit losses. The Group recognizes an allowance for expected credit losses (ECLs) applying a simplified approach in calculating the ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime of ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The provision for expected credit losses is recognized in the consolidated statement of income within Cost of sales.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those maturing more than 12 months after the end of the reporting period. These are classified within non-current assets. Loans and receivables are carried at amortized cost using the effective interest method. Gains and losses are recognized in the statement of income when the loans and receivables are derecognized or impaired, as well as through the amortization process.
F.2. Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
Inventories

| 2020 | 2019
| (US$ millions)
Telephone and equipment | 23 |  | 18 |
SIM cards | 4 |  | 3 |
IRUs | — |  | 3 |
Other | 10 |  | 9 |
Inventory at December 31, | 37 |  | 32 |

F.3. Trade payables
Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method where the effect of the passage of time is material.
From time to time, the Group enters into agreements to extend payment terms with various suppliers, and with factoring companies when such payments are discounted. The corresponding amount pending payment as of December 31, 2020, is recognized in Trade payables for an amount of $46 million (2019: $40 million).

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Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

F.4. Current and non-current provisions and other liabilities
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, if it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain.
The expense relating to any provision is presented in the statement of income net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, risks specific to the liability. Where discounting is used, increases in the provision due to the passage of time are recognized as interest expenses.
F.4.1. Current provisions and other liabilities
Current

| 2020 | 2019
| (US$ millions)
Deferred revenue | 78 |  | 77 |
Customer deposits | 14 |  | 14 |
Current legal provisions | 22 |  | 36 |
Tax payables | 72 |  | 74 |
Customer and MFS distributor cash balances | 186 |  | 141 |
Withholding tax on payments to third parties | 6 |  | 15 |
Other provisions | — |  | 3 |
Other current liabilities(i) | 133 |  | 113 |
Total | 511 |  | 474 |

(i) Includes $44 million (2019: $38 million) of tax risk liabilities not related to income tax.
F.4.2. Non-current provisions and other liabilities
Non-current

| 2020 | 2019
| (US$ millions)
Non-current legal provisions | 30 |  | 18 |
Long-term portion of asset retirement obligations | 107 |  | 96 |
Long-term portion of deferred income on tower sale and leasebacks recognized under IAS 17 | 57 |  | 68 |
Long-term employment obligations | 67 |  | 71 |
Other non-current liabilities | 67 |  | 68 |
Total | 328 |  | 322 |

F.5. Assets and liabilities related to contract with customers
Contract assets, net

| 2020 | 2019
| (US$ millions)
Long-term portion | 6 |  | 6 |
Short-term portion | 28 |  | 37 |
Less: provisions for expected credit losses | (2) |  | (2) |
Total | 31 |  | 41 |

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Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

Contract liabilities

| 2020 | 2019
| (US$ millions)
Long-term portion | 2 |  | 1 |
Short-term portion | 89 |  | 81 |
Total | 90 |  | 82 |

The Group recognized revenue for $82 million in 2020 (2019: $87 million) that was included in the contract liability balance at the beginning of the year.
The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31, 2020 is $59 million ($59 million is expected to be recognized as revenue in the 2021 financial year and the remaining $1 million in the 2022 financial year or later) (i).
(i) This amount does not consider contracts that have an original expected duration of one year or less, neither contracts in which consideration from a customer corresponds to the value of the entity’s performance obligation to the customer (i.e. billing corresponds to accounting revenue).
Contract costs, net (i)

| 2020 | 2019
| (US$ millions)
Net at January 1 | 5 |  | 4 |
Contract costs capitalized | 1 |  | 7 |
Amortization of contract costs | (1) |  | (6) |
Net at December 31 | 5 |  | 5 |

(i) Incremental costs of obtaining a contract are expensed when incurred if the amortization period of the asset that Millicom otherwise would have recognized is one year or less.
G. Additional disclosure items
G.1. Fees to auditors

| 2020 | 2019 | 2018
| (US$ millions)
Audit fees | 5.8 |  | 6.8 |  | 6.7 |
Audit related fees | 0.5 |  | 1.3 |  | 0.4 |
Tax fees | 0.1 |  | 0.1 |  | 0.2 |
Other fees | 0.1 |  | 0.6 |  | 0.6 |
Total | 6.4 |  | 8.8 |  | 7.7 |

G.2. Capital and operational commitments
Millicom has a number of capital and operational commitments to suppliers and service providers in the normal course of its business. These commitments are mainly contracts for acquiring network and other equipment, and leases for towers and other operational equipment.
G.2.1. Capital commitments
At December 31, 2020, the Company and its subsidiaries had fixed commitments to purchase network equipment, land and buildings, other fixed assets and intangible assets of $564 million of which $400 million are due within one year (December 31, 2019: $122 million of which $102 million were due within one year). Increase is mainly due to the newly acquired spectrum license by Tigo Colombia and the related network coverage obligations. The Group’s share of commitments from the joint ventures is, respectively $69 million and $52 million. (December 31, 2019: $52 million and $51 million, respectively).

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Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

G.3. Contingent liabilities
G.3.1. Litigation and legal risks
The Company and its operations are contingently liable with respect to lawsuits, legal, regulatory, commercial and other legal risks that arise in the normal course of business. As of December 31, 2020, the total amount of claims brought against Millicom and its subsidiaries is $288 million (December 31, 2019: $204 million). The increase is mainly due to the complaint explained below. The Group's share of the comparable exposure for joint ventures is $14 million (December 31, 2019: $4 million).
As at December 31, 2020, $45 million has been provided by its subsidiaries for these risks in the consolidated statement of financial position (December 31, 2019: $30 million). The Group’s share of provisions made by the joint ventures was $3 million (December 31, 2019: $3 million). While it is not possible to ascertain the ultimate legal and financial liability with respect to these claims and risks, the ultimate outcome is not anticipated to have a material effect on the Group’s financial position and operations.
On May 25, 2020, as a result of the termination of the Costa Rica acquisition (see Note A.1.2.), Telefonica filed a complaint, followed by an amended complaint on August 3, 2020, against us in the Supreme Court of New York. The amended complaint asserts claims for breach of contract and alleges, among other things, that we were required to close because the closing conditions specified in the sale and purchase agreement for the acquisition had been satisfied. The complaint seeks, among other relief, a declaration of Telefonica’s rights, and unspecified damages, costs, and fees. We believe the complaint is without merit and that our position will ultimately be vindicated through the judicial process.
Other
At December 31, 2020, Millicom has various other less significant claims which are not disclosed separately in these consolidated financial statements because they are either not material or the related risk is remote.
G.3.2. Tax related risks and uncertain tax position
The Group operates in developing countries where the tax systems, regulations and enforcement processes have varying stages of development creating uncertainty regarding the application of the tax law and interpretation of tax treatments. The Group is also subject to regular tax audits in the countries where it operates. When there is uncertainty over whether the taxation authority will accept a specific tax treatment under the local tax law, that tax treatment is therefore uncertain. The resolution of tax positions taken by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in some cases, it is difficult to predict the ultimate outcome. Therefore, judgment is required to determine liabilities for taxes.
In assessing whether and how an uncertain tax treatment affects the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, the Group assumes that a taxation authority with the right to examine amounts reported to it will examine those amounts and have full knowledge of all relevant information when making those examinations.
The Group has a process in place, and applies significant judgment, in identifying uncertainties over income tax treatments. Management considers whether or not it is probable that a taxation authority will accept an uncertain tax treatment. On that basis, the identified risks are split into three categories (i) remote risks (risk of outflow of tax payments are up to 20%), (ii) possible risks (risk of outflow of tax payments assessed from 21% to 49%) and probable risks (risk of outflow is more than 50%). The process is repeated every quarter by the Group.
If the Group concludes that it is probable or certain that the taxation authority will accept the tax treatment, the risks are categorized either as possible or remote, and it determines the taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment used or planned to be used in its income tax filings. The risks considered as possible are not provisioned but disclosed as tax contingencies in the Group consolidated financial statements while remote risks are neither provisioned nor disclosed.
If the Group concludes that it is probable that the taxation authority will not accept the Group’s interpretation of the uncertain tax treatment, the risks are categorized as probable, and are presented to reflect the effect of uncertainty in determining the related taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates by generally using the most likely amount method – the single most likely amount in a range of possible outcomes.
If an uncertain tax treatment affects both deferred tax and current tax, the Group makes consistent estimates and judgments for both. For example, an uncertain tax treatment may affect both taxable profits used to determine the current tax and tax bases used to determine deferred tax.
If facts and circumstances change, the Group reassesses the judgments and estimates regarding the uncertain tax position taken.
At December 31, 2020, the tax risks exposure of the Group's subsidiaries is estimated at $339 million, for which provisions of $77 million have been recorded in tax liabilities; representing the probable amount of eventual claims and required payments related to

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Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

those risks (2019: $300 million of which provisions of $50 million were recorded). The Groups' share of comparable tax exposure and provisions in its joint ventures amounts to $69 million (2019: $49 million) and $7 million (2019: $4 million), respectively.
G.4. Non-cash investing and financing activities
Non-cash investing and financing activities from continuing operations

| Note | 2020 | 2019 | 2018
|  | (US$ millions)
Investing activities |  |  |  |
Acquisition of property, plant and equipment, including (finance) leases | E.2.2. | (27) |  | 17 |  | (65) |
Asset retirement obligations | E.2.2. | 19 |  | 19 |  | 15 |
Financing activities |  |  |  |
(Finance) Leases | C.4. | (1) |  | (1) |  | (43) |
Share based compensation | B.4.1. | 24 |  | 27 |  | 21 |

G.5. Related party balances and transactions
The Group’s significant related parties are:
• Until November 14, 2019, date on which Millicom SDRs were paid out to the shareholders of Kinnevik (see 'Introduction' note), Kinnevik AB (Kinnevik) was Millicom’s previous principal shareholder;
• Helios Towers Africa Ltd (HTA), in which Millicom held a direct or indirect equity interest - until October 15, 2019, date on which Millicom lost significant influence on HTA and started accounting for its investments at fair value under IFRS 9 (see note A.3.1.and C.7.3.
• EPM and subsidiaries (EPM), the non-controlling shareholder in our Colombian operations (see note A.1.4.);
• Miffin Associates Corp and subsidiaries (Miffin), our joint venture partner in Guatemala.
• Cable Onda partners and subsidiaries, the non-controlling shareholders in our Panama operations (see note A.1.2.).
Kinnevik
Until November 14, 2019, Kinnevik was Millicom's principal shareholder, owning approximately 37% of Millicom. Kinnevik is a Swedish holding company with interests in the telecommunications, media, publishing, paper and financial services industries.
During 2020, 2019 and 2018, Kinnevik did not purchase any Millicom shares. There were no significant loans made by Millicom to or for the benefit of Kinnevik or Kinnevik controlled entities.
During 2019 and 2018, the Company purchased services from Kinnevik subsidiaries including fraud detection, procurement and professional services. Transactions and balances with Kinnevik Group companies are disclosed under 'Other' in the tables below.
Helios Towers
Millicom sold its tower assets and leased back a portion of space on the towers in several African countries and contracted for related operation and management services with HTA. The Group has future lease commitments in respect of the tower companies (see note E.4.). As mentioned above, Helios Towers ceased to be a related party to the Group from October 15, 2019.
Empresas Públicas de Medellín (EPM)
EPM is a state-owned, industrial and commercial enterprise, owned by the municipality of Medellin, and provides electricity, gas, water, sanitation, and telecommunications. EPM owns 50% of our operations in Colombia.
Miffin Associates Corp (Miffin)
The Group purchases and sells products and services from and to the Miffin Group. Transactions with Miffin represent recurring commercial operations such as purchase of handsets, and sale of airtime.
Cable Onda Partners
Our partners in Panama are the non-controlling shareholders of Cable Onda and own 20% of the company, and indirectly 20% of Grupo de Comunicaciones Digitales S.A. (formerly Telefonica Moviles Panama, S.A.), which had been acquired by Cable Onda in

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Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

August 2019. Additionally, they also hold interests in several entities which have purchasing and selling recurring commercial operations with Cable Onda (such as the sale of content costs, delivery of broadband services, etc.). Transactions and balances with Cable Onda Partners companies are disclosed under 'Other' in the tables below given their individual immateriality.

Expenses from transactions with related parties | 2020 | 2019 | 2018
| (US$ millions)
Purchases of goods and services from Miffin | (216) |  | (214) |  | (175) |
Purchases of goods and services from EPM | (37) |  | (42) |  | (40) |
Lease of towers and related services from HTA(i) | — |  | (146) |  | (28) |
Other expenses | (57) |  | (10) |  | (1) |
Total | (310) |  | (412) |  | (244) |

(i) HTA ceased to be a related party on October 15, 2019. See note C.7.3. for further details.

Income and gains from transactions with related parties | 2020 | 2019 | 2018
| (US$ millions)
Sale of goods and services to Miffin | 327 |  | 306 |  | 284 |
Sale of goods and services to EPM | 15 |  | 13 |  | 17 |
Other revenue | 2 |  | 3 |  | 2 |
Total | 343 |  | 322 |  | 303 |

As at December 31, the Company had the following balances with related parties:

| December 31
| 2020 | 2019
| (US$ millions)
Liabilities |  |
Payables to Guatemala joint venture(i) | 231 |  | 361 |
Payables to Honduras joint venture(ii) | 103 |  | 133 |
Payables to EPM | 20 |  | 37 |
Payables to Panama non-controlling interests | 1 |  | — |
Other accounts payable | 1 |  | — |
Total | 356 |  | 531 |

(i) Shareholder loans bearing interest. Out of the amount above, $29 million are due over more than one year.
(ii) Amount payable mainly consist of dividend advances for which dividends are expected to be declared later in 2021 and/or shareholder loans.

| December 31
| 2020 | 2019
| (US$ millions)
Assets |  |
Receivables from EPM | 3 |  | 3 |
Receivables from Guatemala joint venture (i) | 206 |  | 11 |
Receivables from Honduras joint venture (ii) | 84 |  | 11 |
Receivables from Panama non-controlling interests | 1 |  | — |
Receivable from AirtelTigo Ghana (iii) | — |  | 43 |
Other accounts receivable | 5 |  | 4 |
Total | 299 |  | 73 |

(i) In October 2020, Millicom granted a shareholder loan of $193 million to Guatemala (out of which $39 million is due after more than one year as of December 31, 2020). The loan bears interests at 4% p.a. and is repayable by January 13, 2022, at the latest. Together with other shareholder and external financings, the proceeds were used to repay the $800 million aggregate principal amount of its outstanding 6.875% Senior Notes due 2024 (note A.2.2.).

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Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

(ii) In November 2020, our operations in Honduras completed a shareholding restructuring whereby Telefonica Cellular S.A. acquired the shares of Navega S.A. de CV from its existing shareholders. The sale consideration will be payable in several installments with a final settlement in November 2023. As of December 31, 2020, $51 million out of a total receivable of $79 million is due after more than one year and therefore disclosed in non-current assets. The disposal also triggered the recognition of a net gain of $ 4 million, under ‘Other operating income (expenses), net’ in the Group's statement of income, corresponding to the portion of gain realized on the unrelated investors' interests in the joint venture (i.e. 33.33%).
(iii) In 2020, and as a result of the significant deterioration of the credit risk of AirtelTigo Ghana, combined with other unfavorable economic factors, Millicom concluded that this related party loan was underperforming and should be impaired. As a consequence, the Group fully impaired this receivable of $45 million during the year, disclosed under ' Other operating income (expenses), net' in the income statement.
H. IPO – Millicom’s operations in Tanzania
The Tanzanian government has implemented legislation requiring telecommunications companies to list their shares on the Dar es Salaam Stock Exchange and offer 25% of their shares in a Tanzanian public offering. The Group is currently planning for the IPO of our Tanzanian operation pursuant to the legislation and have filed a draft prospectus with the Tanzania Capital Market and Securities Authority in December 2019. The Regulator has since requested the Group to retain an underwriter to ensure the success of the IPO. Together with its investment bank advisers, the Group is seeking an underwriter active in the Tanzanian and Eastern African markets, a process currently underway.

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Notes to the Consolidated Financial Statements For the years ended December 31, 2020, 2019 and 2018 |

I. Subsequent events
2026, 2028 and 2029 Senior Notes
On February 22, 2021, Millicom redeemed 10% of the principal outstanding of its Notes due 2026, 2028 and 2029 at a price of 103%. This redemption follows Millicom’s announcement dated February 11, 2021. Total consideration of approximately $180 million was funded from cash, consistent with the Company's decision to prioritize debt reduction.
Colombia bond
On February 16, 2021, Millicom’s subsidiary UNE EPM Telecomunicaciones S.A (“UNE”) issued, under the approved local bond program, a COP 485,680 million bond (approximately $138 million) with 3 maturities: a “Serie 7 years at 5.56% fixed rate”, a “Serie 10 years at CPI plus 2.61% margin” and a "15 years at CPI plus 3.18% margin”. The use of proceeds will be mainly for local USD debt refinancing, to improve UNE’s natural hedge against local currency, and also to extend maturities.

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