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Performance (Tables)
 12 Months Ended
Dec. 31, 2020
Analysis of income and expense [abstract]  
Disclosure of revenue
Revenue from continuing operations by category
202020192018
(US$ millions)
Mobile2,116 2,150 2,126 
Cable and other fixed services1,803 1,928 1,565 
Other52 51 43 
Service revenue3,971 4,130 3,734 
Telephone and equipment and other201 206 212 
Total revenue4,171 4,336 3,946 
Revenue from continuing operations by country or operation (i)
202020192018
(US$ millions)
Colombia1,346 1,532 1,661 
Paraguay544 610 679 
Bolivia584 639 614 
El Salvador389 386 405 
Tanzania366 382 399 
Nicaragua220 157 13 
Costa Rica140 153 155 
Panama585 475 17 
Other operations3 4 6 
Eliminations(5)(3)(2)
Total
4,171 4,336 3,946 
(i)    The revenue figures above are shown after intercompany eliminations.
Revenue from contracts with customers from continuing operations:
Twelve months ended December 31, 2020Twelve months ended December 31, 2019Twelve months ended December 31, 2018
$ millionsTiming of revenue recognitionLatin AmericaAfricaTotal GroupLatin AmericaAfricaTotal GroupLatin AmericaAfricaTotal Group
MobileOver time1,728 239 1,967 1,747 261 2,007 1,701 280 1,981 
Mobile Financial ServicesPoint in time31 118 149 31 112 143 37 108 145 
Cable and other fixed servicesOver time1,794 8 1,803 1,919 9 1,928 1,556 10 1,565 
OtherOver time51 1 52 51 1 52 42 1 43 
Service Revenue3,604 366 3,971 3,748 382 4,130 3,336 398 3,734 
Telephone and equipmentPoint in time201 — 201 206 — 206 212 — 212 
Revenue from contracts with customers3,805 366 4,171 3,954 382 4,336 3,548 399 3,946 
Disclosure of cost of sales
The cost of sales and operating expenses incurred by the Group can be summarized as follows:
Cost of sales
202020192018
(US$ millions)
Direct costs of services sold (847)(878)(799)
Cost of telephone, equipment and other accessories (216)(230)(229)
Bad debt and obsolescence costs (108)(93)(90)
Cost of sales(1,171)(1,201)(1,117)
Disclosure of operating expenses
Operating expenses, net
202020192018
(US$ millions)
Marketing expenses(396)(402)(391)
Site and network maintenance costs(234)(245)(192)
Employee related costs (B.4.)(477)(496)(500)
External and other services(174)(204)(181)
Rentals and (operating) leases (i)(1)(1)(152)
Other operating expenses(225)(257)(201)
Operating expenses, net(1,505)(1,604)(1,616)
(i)Decrease as from the year 2019 is due to IFRS 16 application - see further explanations above in "New and amended IFRS accounting standards" section.
Disclosure of other operating income (expense)
The other operating income and expenses incurred by the Group can be summarized as follows:
Other operating income (expenses), net
Notes
202020192018
(US$ millions)
Income from tower deal transactionsE.3.— 5 61 
Impairment of intangible assets and property, plant and equipmentE.1., E.2.— (8)(6)
Gain (loss) on disposals of intangible assets and property, plant and equipment— — 7 
Impairment of AirtelTigo's receivableG.5.(45)— — 
Gain (loss) on disposal of equity investmentsC.7.3.25 (32)— 
Other income (expenses)9 1 13 
Other operating income (expenses), net(12)(34)75 
Disclosure of operating segments Revenue, operating profit (loss), EBITDA and other segment information for the years ended December 31, 2020, 2019 and 2018, were as follows:
Latin America
Africa
Unallocated
Guatemala and Honduras(vii)
Eliminations and
Transfers
Total
(US$ millions)
Year ended December 31, 2020
Mobile revenue 3,220 357 — (1,461)— 2,116 
Cable and other fixed services revenue 2,097 8 — (302)(1)1,803 
Other revenue 60 1 — (6)(2)52 
Service revenue (i) 5,377 366 — (1,769)(4)3,971 
Telephone and equipment and other revenue (i) 466 — — (266)— 201 
Revenue 5,843 366 — (2,035)(4)4,171 
Operating profit (loss) 803 36 (32)(536)175 446 
Add back:
Depreciation and amortization 1,561 89 11 (453)— 1,208 
Share of profit in joint ventures in Guatemala and Honduras — — — — (171)(171)
Other operating income (expenses), net (5)— 23 (3)(4)12 
EBITDA (ii) 2,360 125 2 (992)— 1,495 
EBITDA from discontinued operations — (4)— — — (4)
EBITDA incl discontinued operations 2,360 121 2 (992)— 1,491 
Capital expenditure (iii) (926)(42)(4)258 — (714)
Changes in working capital and others (iv) 61 11 (7)(43)— 22 
Taxes paid (260)(10)(2)131 — (142)
Operating free cash flow (v) 1,234 80 (11)(645)— 657 
Total Assets (vi)13,418 926 4,052 (5,116)(859)12,422 
Total Liabilities8,878 959 3,342 (2,044)(987)10,148 
Latin America
Africa
Unallocated
Guatemala and Honduras(vii)
Eliminations and
Transfers
Total
(US$ millions)
Year ended December 31, 2019
Mobile revenue 3,258 372 — (1,480)— 2,150 
Cable and other fixed services revenue 2,197 9 — (277)— 1,928 
Other revenue 60 1 — (9)— 51 
Service revenue (i) 5,514 382 — (1,766)— 4,130 
Telephone and equipment revenue (i) 449 — — (243)— 206 
Revenue 5,964 382 — (2,010)— 4,336 
Operating profit (loss) 980 19 (64)(540)179 575 
Add back:
Depreciation and amortization 1,435 99 9 (444)— 1,100 
Share of profit in joint ventures in Guatemala and Honduras — — — — (179)(179)
Other operating income (expenses), net 2 (2)42 (8)— 34 
EBITDA (ii) 2,418 117 (13)(992)— 1,530 
EBITDA from discontinued operations — (3)— — — (3)
EBITDA incl discontinued operations 2,418 114 (13)(992)— 1,527 
Capital expenditure (iii) (1,040)(58)(9)261 — (846)
Changes in working capital and others (iv) (86)14 (52)(18)— (143)
Taxes paid (225)(10)(8)129 — (114)
Operating free cash flow (v) 1,067 59 (82)(619)— 425 
Total Assets (vi)13,859 936 3,715 (5,465)(150)12,895 
Total Liabilities8,413 909 3,977 (2,119)(965)10,215 
Latin America
Africa
Unallocated
Guatemala and Honduras(vii)
Eliminations and
Transfers
Total
(US$ millions)
Year ended December 31, 2018
Mobile revenue3,214 388 — (1,475)— 2,126 
Cable and other fixed services revenue1,808 10 — (253)— 1,565 
Other revenue48 1 — (6)— 43 
Service revenue (i)5,069 398 — (1,734)— 3,734 
Telephone and equipment revenue (i)415 — — (203)— 212 
Total Revenue5,485 399 — (1,937)— 3,946 
Operating profit (loss)990 21 (38)(488)154 640 
Add back:
Depreciation and amortization1,133 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 operations2,072 143 (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 Liabilities6,127 905 2,953 (1,814)(650)7,521 
(i)    Service revenue is Group revenue related to the provision of ongoing services such as monthly subscription fees, airtime and data usage fees, interconnection fees, roaming fees, mobile finance service commissions and fees from other telecommunications services such as data services, SMS and other value-added services excluding telephone and equipment sales. Revenues from other sources comprises rental, sub-lease rental income and other non recurring revenues. The Group derives revenue from the transfer of goods and services over time and at a point in time. Refer to the table below.
(ii) EBITDA is operating profit excluding impairment losses, depreciation and amortization and gains/losses on the disposal of fixed assets. EBITDA is used by the management to monitor the segmental performance and for capital management. EBITDA for the year ended December 31, 2018 is not fully comparable to EBITDA for the years ended December 31, 2019 and December 31, 2020 because of the application of IFRS 16 which had a positive impact as compared to what our EBITDA was under IAS 17 standard.
(iii) Cash spent for capex excluding spectrum and licenses of $101 million (2019: $59 million; 2018: $61 million) and cash received on tower deals of nil (2019: $22 million; 2018: $141 million).
(iv)    Changes in working capital and others include changes in working capital as stated in the cash flow statement, as well as share-based payments expense and non-cash bonuses.
(v)    Operating Free Cash Flow is EBITDA less cash capex (excluding spectrum and license costs) less change in working capital, other non-cash items (share-based payment expense and non-cash bonuses) and taxes paid.
(vi)    Segment assets include goodwill and other intangible assets.
(vii)    Including eliminations for Guatemala and Honduras as reported in the Latam segment.
Disclosure of number of permanent employees
Number of permanent employees
202020192018
Continuing operations(i)16,955 17,687 16,725 
Joint ventures (Guatemala, Honduras and Ghana)4,464 4,688 4,416 
Discontinued operations— — 262 
Total21,419 22,375 21,403 
(i)    Emtelco headcount are excluded from this disclosure and any internal reporting because their costs are classified as direct costs and not employee related costs.
Disclosure of employee related costs
Notes
202020192018
(US$ millions)
Wages and salaries(356)(358)(346)
Social security(66)(68)(60)
Share based compensationB.4.1.(24)(27)(21)
Pension and other long-term benefit costsB.4.2.(4)(4)(7)
Other employees related costs(27)(39)(67)
Total(477)(496)(500)
Disclosure of cost of share-based compensation
Cost of share based compensation
202020192018
(US$ millions)
2016 incentive plans— — (4)
2017 incentive plans— (7)(8)
2018 incentive plans(2)(8)(11)
2019 incentive plans(8)(14)— 
2020 incentive plans(13)— — 
Total share based compensation(24)(27)(21)
Disclosure of assumptions and fair value of the shares under the TSR portion
Assumptions and fair value of the shares under the TSR portion(s)
Risk-free
rate %
Dividend yield %
Share price volatility(i) %
Award term (years)
Share fair value (in US$)
Performance share plan 2020 (Relative TSR)0.61 1.47 24.54 2.93 55.66 
Performance share plan 2019 (Relative TSR)(0.24)3.01 26.58 2.93 49.79 
Performance share plan 2018 (Relative TSR)(0.39)3.21 30.27 2.93 57.70 
Performance share plan 2017 (Relative TSR)(0.40)3.80 22.50 2.92 27.06 
Performance share plan 2017 (Absolute TSR)(0.40)3.80 22.50 2.92 29.16 
Performance share plan 2016 (Relative TSR)(0.65)3.49 30.00 2.61 43.35 
Performance share plan 2016 (Absolute TSR)(0.65)3.49 30.00 2.61 45.94 
(i)    Historical volatility retained was determined on the basis of a three-year historic average.
Disclosure of plan awards and shares expected to vest
Plan awards and shares expected to vest
2020 plans2019 plans2018 plans2017 plans
Performance plan
Deferred plan
Performance plan
Deferred plan
Performance plan
Deferred plan
Performance plan
Deferred plan
(number of shares)
Initial shares granted341,897 370,131 257,601 297,856 237,196 262,317 279,807 438,505 
Additional shares granted(i)— 5,928 — 43,115 — 3,290 2,868 29,406 
Revision for forfeitures(13,008)(9,880)(35,558)(22,636)(43,639)(37,433)(50,279)(89,011)
Revision for cancellations— — — — (4,728)— — — 
Total before issuances328,889 366,179 222,043 318,335 188,829 228,174 232,396 378,900 
Shares issued in 2017— — — — — — — (2,686)
Shares issued in 2018— — — — (97)(18,747)(2,724)(99,399)
Shares issued in 2019— — (150)(24,294)(3,109)(54,971)(19,143)(82,486)
Shares issued in 2020— (3,571)(17)(96,629)(304)(35,125)(158,394)(194,329)
Performance conditions— — — — — — (52,135)— 
Shares still expected to vest328,889 362,608 221,876 197,412 185,319 119,331 — — 
Estimated cost over the vesting period (US$ millions)13 15 11 18 12 14 10 20 
(i)    Additional shares granted represent grants made for new joiners and/or as per CEO contractual arrangements.
Disclosure of directors renumeration charge
Remuneration charge for the Board (gross of withholding tax)
202020192018
(US$ ’000)
Chairperson300 366 169 
Other members of the Board1,188 1,557 774 
Total (i)1,488 1,923 943 

Shares beneficially owned by the Directors
20202019
(number of shares)
Chairperson13,427 5,814 
Other members of the Board52,593 32,279 
Total (i)66,020 38,093 
(i)Cash compensation converted from SEK to USD at exchange rates on payment dates for 2018. In 2019 and 2020 cash compensation was denominated in USD. Share based compensation based on the market value of Millicom shares on the corresponding AGM date (2020: in total 32,358 shares; 2019: in total 19,483 shares-includes 2,876 additional shares that were awarded for the period from the 9 January 2019 date of listing on the Nasdaq Stock Market in the US and the date of the 2019 AGM; 2018: in total 6,591 shares). Net remuneration comprised 71% in shares and 29% in cash (SEK) (2019: 73% in shares and 27% in cash; 2018: 51% in shares and 49% in cash).
Disclosure of executive team renumeration charge
Remuneration charge for the Executive Team
CEO
CFO
Executive Team (8 members)(iii)
(US$ ’000)
2020
Base salary1,173 670 2,612 
Bonus1,301 509 1,837 
Pension285 100 663 
Other benefits82 38 303 
Termination benefits— — — 
Total before share based compensation2,841 1,317 5,414 
Share based compensation(i)(ii) in respect of 2020 LTIP7,114 1,834 3,796 
Total9,955 3,151 9,210 
CEO
CFO
Executive Team (9 members)
(US$ ’000)
2019
Base salary1,167 654 3,498 
Bonus1,428 626 2,098 
Pension279 98 798 
Other benefits50 260 1,521 
Termination benefits— — 863 
Total before share based compensation2,924 1,639 8,779 
Share based compensation(i)(ii) in respect of 2019 LTIP5,625 1,576 5,965 
Total8,549 3,215 14,743 

CEO
CFO
Executive team
(9 members)
(US$ ’000)
2018
Base salary1,112 673 3,930 
Bonus1,492 557 2,445 
Pension247 101 962 
Other benefits66 63 805 
Termination benefits— — 301 
Total before share based compensation2,918 1,393 8,444 
Share based compensation(i)(ii) in respect of 2018 LTIP5,027 1,567 4,957 
Total7,945 2,960 13,401 
(i)    See note B.4.1.
(ii)    Share awards of 153,894 and 135,269 were granted in 2020 under the 2019 LTIPs to the CEO, and Executive Team (2019: 102,122 and 135,480, respectively; 2018: 80,264 and 112,472, respectively).
(iii)    'Other Executives' includes compensation paid in 2020 to Rachel Samren former Chief External Affairs Officer (departure August 31, 2020) and to HL Rogers former Chief Ethics and Compliance Officer (departure January 1, 2020). Additionally other Benefits' for 'Other Executives' include medical and dental insurance for Daniel Loria, former CHRO.
Disclosure of vested and unvested share awards beneficially granted to the Executive team
CEOExecutive teamTotal
(number of shares)
2020
Share ownership (vested from equity plans and otherwise acquired)194,432 169,725 364,157 
Share awards not vested325,250 297,317 622,567 
2019
Share ownership (vested from equity plans and otherwise acquired)190,577 136,306 326,883 
Share awards not vested236,211 334,193 570,404 
Disclosure of other non-operating (expenses) income, net
Non-operating items mainly comprise changes in fair value of derivatives and the impact of foreign exchange fluctuations on the results of the Group.
December 31
Note202020192018
(US$ millions)
Change in fair value of derivativesC.7.2.(11)— (1)
Change in fair value in investment in JumiaC.7.3.(18)(38)— 
Change in fair value in investment in HTC.7.3.(16)312 — 
Change in value of call option asset and put option liabilityC.7.4.5 (25)— 
Exchange gains (losses), net(69)(32)(40)
Other non-operating income (expenses), net3 10 2 
Total(106)227 (39)
Disclosure of income tax charge
Income tax charge
202020192018
(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 differences99 58 32 
Effect of change in tax rates(5)(8)(10)
Tax income (expense) before valuation allowances94 50 22 
Effect of valuation allowances(19)(9)(8)
Total
75 41 14 
Adjustments in respect of prior years— (10)19 
75 31 33 
Tax (charge) credit on continuing operations(102)(120)(112)
Tax (charge) credit on discontinuing operations(2)(2)(4)
Total tax (charge) credit(104)(122)(116)
Disclosure of income tax calculation
Income tax calculation
202020192018
Continuing operationsDiscontinued operationsTotalContinuing operationsDiscontinued operationsTotalContinuing operationsDiscontinued operationsTotal
(US$ millions)
Profit before tax(271)(11)(282)218 59 277 119 (29)90 
Tax at the weighted average statutory rate82 3 85 (37)(11)(48)(1)— (1)
Effect of:
Items taxed at a different rate1 — 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 ventures42 — 42 36 — 36 5 — 5 
Movement in deferred tax on unremitted earnings15 — 15 9 — 9 (2)— (2)
Unrecognized deferred tax assets(27)— (27)(20)— (20)(8)(2)(10)
Recognition of previously unrecognized deferred tax assets8 — 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 rate30.3 %30.1 %17.0 %17.3 %0.8 %1.1 %
Effective tax rate(37.5)%(36.8)%55.0 %44.0 %94.1 %128.9 %
Disclosure of deferred taxes and deductible temporary differences
Deferred tax
Fixed assetsUnused tax lossesUnremitted earningsOtherOffsetTotal
(US$ millions)
Balance at December 31, 2018(178)44 (34)134 — (34)
(Charge)/credit to income statement41 (15)8 (3)— 31 
Change in scope(88)5 — 4 — (73)
Exchange differences2 — 1 (3)— — 
Balance at December 31, 2019(223)34 (25)129 — (85)
Deferred tax assets84 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 statement81 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 assets97 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 assetsUnused tax lossesOtherTotal
(US$ millions)
At December 31, 202057 4,668 218 4,943 
At December 31, 201992 4,705 126 4,923 
Disclosure of unrecognized loss carryforwards
Unrecognized tax losses carryforward related to continuing operations expire as follows:
202020192018
(US$ millions)
Expiry:
Within one year3 1 — 
Within one to five years3 2 3 
After five years1,089 493 493 
No expiry3,573 4,209 4,390 
Total4,668 4,705 4,886 
Disclosure of earnings per share
Net profit/(loss) used in the earnings (loss) per share computation
202020192018
(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
202020192018
(thousands of shares)
Weighted average number of ordinary shares (excluding treasury shares) for basic earnings (loss) per share101,172 101,144 100,793 
Potential incremental shares as a result of share options— — — 
Weighted average number of ordinary shares (excluding treasury shares) adjusted for the effect of dilution101,172 101,144 100,793