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Capital structure and financing (Tables)

12 Months Ended

Dec. 31, 2020

Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract]

Disclosure of share capital, share premium

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

Disclosure of other equity reserves

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)

Disclosure of detailed information about borrowings

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

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.

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,

Disclosure of interest and other financial expenses

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)

Disclosure of contingent liabilities

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.

Disclosure of leases

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

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:

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

Schedule of 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

Schedule of restricted cash

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

Disclosure of net debt

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.).

Disclosure of fair value measurement of assets

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.

Disclosure of fair value measurement of liabilities

						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.

Disclosure of investments in equity instruments

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

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- Definition

Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract]

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