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Capital structure and financing (Tables)

12 Months Ended

Dec. 31, 2021

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

Disclosure of share capital, share premium

Share capital, share premium

			2021 (i)			2020
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)			476			478
Total (US$ millions)			628			630

(i) On December 13, 2021, Millicom's Board of Directors proposed to increase the authorized share capital of the Company to $300 million divided into 200,000,000 shares with a par value of $1.50 each, through an extraordinary general meeting ("EGM"). The proposal has been ratified at the EGM which took place on February 28, 2022.

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, 2019			16			47			(1)			(599)			(3)			(538)
Share based compensation			—			29			—			—			—			29
Issuance of shares – 2015, 2016, 2017 LTIPs			—			(25)			—			—			—			(25)
Remeasurements of post-employment benefit obligations			—			—			—			—			0			0
Cash flow hedge reserve movement			—			—			(16)			—			—			(16)
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 –2016, 2017, 2018 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)
Share based compensation			—			18			—			—			—			18
Issuance of shares –2017, 2018, 2019 LTIPs			—			(25)			—			—			—			(25)
Remeasurements of post-employment benefit obligations			—			—			—			—			1			1
Cash flow hedge reserve movement			—			—			14			—			—			14
Currency translation movement			—			—			1			(41)			—			(41)
As of December 31, 2021			16			43			(3)			(646)			(3)			(594)

Disclosure of detailed information about borrowings

Debt and financing by type (i)

			Note			2021			2020
						(US$ millions)
Debt and financing due after more than one year
Bonds			C.3.1.			4,030			4,253
Banks			C.3.2.			1,851			1,337
Other financing (ii)						36			41
Total non-current financing						5,916			5,631
Less: portion payable within one year						(12)			(54)
Total non-current financing due after more than one year						5,904			5,578
Debt and financing due within one year
Bonds			C.3.1.			61			44
Banks			C.3.2.			1,768			15
Total current debt and financing						1,828			59
Add: portion of non-current debt payable within one year						12			54
Total						1,840			113
Total debt and financing						7,744			5,691

(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

			2021			2020
			(US$ millions)
Millicom International Cellular S.A. (Luxembourg)			4,020			2,504
Guatemala (i)			605			—
Colombia			802			803
Paraguay			751			738
Bolivia			310			337
Panama			846			869
Tanzania			189			203
Costa Rica			121			119
El Salvador			100			118
Total debt and financing			7,744			5,691

(i)    Tigo Guatemala is fully consolidated since the acquisition of the remaining 45% shareholding on November 12, 2021. See note A.1.2. for further details.

Bond financing

			Note			Country			Maturity			Interest Rate %			2021			2020
															(US$ millions)
SEK Variable Rate Notes			1			Luxembourg			2024			STIBOR (i) + 2.350%			220			241
USD 4.500% Senior Notes			2			Luxembourg			2031			4.500		%	777			494
USD 6.625% Senior Notes			3			Luxembourg			2026			6.625		%	147			495
USD 6.250% Senior Notes			4			Luxembourg			2029			6.250		%	670			743
USD 5.125% Senior Notes			5			Luxembourg			2028			5.125		%	445			493
USD 5.875% Senior Notes			6			Paraguay			2027			5.875		%	556			558
PYG 8.750% Notes (tranche A)			6			Paraguay			2024			8.750		%	17			17
PYG 9.250% Notes (tranche B)			6			Paraguay			2026			9.250		%	7			7
PYG 10.000% Notes (tranche C)			6			Paraguay			2029			10.000		%	9			9
PYG 9.250% Notes (tranche D)			6			Paraguay			2026			9.250		%	1			1
PYG 10.000% Notes (tranche E)			6			Paraguay			2029			10.000		%	4			4
PYG 9.250% Notes (tranche F)			6			Paraguay			2027			9.250		%	2			2
PYG 10.000% Notes (tranche G)			6			Paraguay			2030			10.000		%	3			3
PYG 6.000% Notes (tranche H)			6			Paraguay			2026			6.000		%	14			—
PYG 6.700% Notes (tranche I)			6			Paraguay			2028			6.700		%	21			—
PYG 7.500% Notes (tranche J)			6			Paraguay			2031			7.500		%	23			—
BOB 5.800% Notes			7			Bolivia			2026			5.800		%	50			50
BOB 4.850% Notes			7			Bolivia			2023			4.850		%	28			42
BOB 3.950% Notes			7			Bolivia			2024			3.950		%	21			29
BOB 4.600% Notes			7			Bolivia			2024			4.600		%	40			40
BOB 4.300% Notes			7			Bolivia			2029			4.300		%	17			19
BOB 4.300% Notes			7			Bolivia			2022			4.300		%	11			20
BOB 4.700% Notes			7			Bolivia			2024			4.700		%	25			28
BOB 5.300% Notes			7			Bolivia			2026			5.300		%	9			11
BOB 5.000% Notes			7			Bolivia			2026			5.000		%	54			61
UNE Bond 2 (tranches A and B)			8			Colombia			2023			CPI + 4.76%			38			44
UNE Bond 3 (tranche A)			8			Colombia			2024			9.350		%	40			47
UNE Bond 3 (tranche B)			8			Colombia			2026			CPI + 4.15%			64			74
UNE Bond 3 (tranche C)			8			Colombia			2036			CPI + 4.89%			32			37
UNE Bond 6.600%			8			Colombia			2030			6.600		%	38			44
UNE Bond 4 (tranche A)			8			Colombia			2028			5.560		%	29			—
UNE Bond 4 (tranche B)			8			Colombia			2031			CPI + 2.61			71			—
UNE Bond 4 (tranche C)			8			Colombia			2036			CPI + 3.18			21			—
USD 4.500% Senior Notes			9			Panama			2030			4.500		%	587			586
Cable Onda Bonds 5.750%			9			Panama			2025			5.750		%	—			99
Total bond financing															4,090			4,297

(i)    STIBOR – Swedish Interbank Offered Rate.

Bank and Development Financial Institution financing

			Note			Country			Maturity range			Interest rate			2021			2020
															(US$ millions)
Fixed rate loans
PYG Long-term loans			1			Paraguay			2022-2026			Fixed			94			137
USD - Long-term loans			2			Panama			2022-2026			Fixed			259			185
BOB Long-term loans			3			Bolivia			2022-2026			Fixed			54			37
GTQ Long-term loans			9			Guatemala			2025-2027			Fixed			605			na
Variable rate loans
USD Long-term loans			4			Costa Rica			2023			Variable			—			119
USD Long-term loans			4			Costa Rica			2026			Variable			33
CRC Long-term loans			4			Costa Rica			2026			Variable			88			—
USD Long-term loans			5			Tanzania			2022-2025			Variable			150			162
TZS Long-term loans			5			Tanzania			2022-2025			Variable			38			41
COP Long-term loans			6			Colombia			2025-2031			Variable			322			262
USD Long-term loans			6			Colombia			2024			Variable			148			296
USD Credit Facility / Senior Unsecured Term Loan Facility			7			El Salvador			2021-2023			Variable			—			118
USD Credit Facility / Senior Unsecured Term Loan Facility			7			El Salvador			2026			Variable			99			—
USD Long-term loans (i)			8			Luxembourg			2025			Variable			(4)			(5)
USD Bridge Loan			8			Luxembourg			2022			Variable			1,632			—
USD DNB Bilateral			8			Luxembourg			2026			Variable			99			—
Total Bank and Development Financial Institution financing															3,618			1,353

(i)     Relates to the amortized costs of the undrawn RCF that the Company entered into in October 2020 - see point 8 below.

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
			2021			2020			2019
			(US$ millions)
Interest expense on bonds and bank financing			(345)			(386)			(348)
Interest expense on leases			(131)			(156)			(157)
Early redemption charges			(5)			(15)			(10)
Others			(50)			(67)			(47)
Total interest and other financial expenses			(531)			(624)			(564)

Disclosure of contingent liabilities

Maturity of guarantees

			Bank and financing guarantees (i)						Supplier guarantees
Terms			As at December 31, 2021			As at December 31, 2020			As at December 31, 2021			As at December 31, 2020
			Outstanding and Maximum exposure						Outstanding and Maximum exposure
0-1 year			71			59			82			82
1-3 years			6			227			—			—
3-5 years			223			—			—			—
Total			300			287			82			82

(i) If non-payment by the obligor, the guarantee ensures payment of outstanding amounts by the Group's guarantor.

Disclosure of leases

lease liabilities are presented in the statement of financial position as follows:

			December 31, 2021			December 31, 2020
			(US$ millions)
Current			171			123
Non-Current			996			897
Total Lease liabilities			1,167			1,021

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:

			2021			2020
			(US$ millions)
Expense relating to short-term leases (included in cost of sales and operating expenses)			0			(1)

Schedule of cash and cash equivalents

			2021			2020
			(US$ millions)
Cash and cash equivalents in USD			526			619
Cash and cash equivalents in other currencies			369			256
Total cash and cash equivalents			895			875

Schedule of restricted cash

			2021			2020
			(US$ millions)
Mobile Financial Services			197			192
Others			7			7
Restricted cash			203			199

Disclosure of net debt

Net financial obligations

			2021			2020
			(US$ millions)
Total debt and financing			7,744			5,691
Lease liabilities			1,167			1,021
Gross financial obligations			8,911			6,711
Less:
Cash and cash equivalents			(895)			(875)
Pledged deposits			(35)			—
Time deposits related to bank borrowings			—			—
Net financial obligations at the end of the year			7,981			5,837
Add (less) derivatives related to debt (note D.1.2.)			(20)			(12)
Net financial obligations including derivatives related to debt			7,961			5,825

			Assets						Liabilities from financing activities
			Cash and cash equivalents			Other			Bond and bank debt and financing						Lease liabilities			Total
Net financial obligations as at January 1, 2020			1,164			2			5,972						1,096			5,902
Cash flows			(272)			(2)			(274)						(116)			(117)
Recognition / Remeasurement			—			—			—						68			68
Interest accretion			—			—			16						1			17
Foreign exchange movements			(17)			—			(10)						(34)			(26)
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
Cash flows			(169)			31			1,779						(137)			1,780
Scope changes			199			4			413						204			414
Recognition / Remeasurement			—			—			—						123			123
Interest accretion			—			—			20						—			20
Foreign exchange movements			(10)			—			(108)						(44)			(142)
Transfers			—			—			(15)						1			(14)
Other non-cash movements			—			—			(36)						—			(36)
Net financial obligations as at December 31, 2021			895			35			7,744						1,167			7,981

Disclosure of fair value measurement of assets

Fair values of financial instruments at December 31,

						Carrying value						Fair value
			Note			2021			2020			2021			2020
						(US$ millions)
Financial assets
Derivative financial instruments						21			24			21			24
Other non-current assets						74			77			74			77
Trade receivables, net						405			351			405			351
Amounts due from non-controlling interests, associates and joint venture partners			G.5.			65			296			65			296
Prepayments and accrued income						168			149			168			149
Supplier advances for capital expenditures						35			21			35			21
Call option (ii)			C.7.4.			—			3			—			3
Equity Investments			C.7.3.			—			160			—			160
Other current assets						302			181			302			181
Restricted cash			C.5.2.			203			199			203			199
Cash and cash equivalents			C.5.1.			895			875			895			875
Total financial assets						2,169			2,337			2,169			2,337
Current						2,051			2,143			2,051			2,143
Non-current						119			194			119			194
Financial liabilities
Debt and financing (i)			C.3.			7,744			5,691			7,817			5,572
Trade payables						347			334			347			334
Payables and accruals for capital expenditure						452			345			452			345
Derivative financial instruments						1			16			1			16
Put option liability			C.7.4.			290			262			290			262
Amounts due to non-controlling interests, associates and joint venture partners			G.5.			74			339			74			339
Accrued interest and other expenses						539			445			539			445
Other liabilities						812			885			812			885
Total financial liabilities						10,259			8,317			10,332			8,198
Current						3,856			2,145			3,856			2,145
Non-current						6,403			6,173			6,476			6,054

(i)    Fair values are measured with reference to Level 1 (for listed bonds) or level 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			2021			2020			2021			2020
						(US$ millions)
Financial assets
Derivative financial instruments						21			24			21			24
Other non-current assets						74			77			74			77
Trade receivables, net						405			351			405			351
Amounts due from non-controlling interests, associates and joint venture partners			G.5.			65			296			65			296
Prepayments and accrued income						168			149			168			149
Supplier advances for capital expenditures						35			21			35			21
Call option (ii)			C.7.4.			—			3			—			3
Equity Investments			C.7.3.			—			160			—			160
Other current assets						302			181			302			181
Restricted cash			C.5.2.			203			199			203			199
Cash and cash equivalents			C.5.1.			895			875			895			875
Total financial assets						2,169			2,337			2,169			2,337
Current						2,051			2,143			2,051			2,143
Non-current						119			194			119			194
Financial liabilities
Debt and financing (i)			C.3.			7,744			5,691			7,817			5,572
Trade payables						347			334			347			334
Payables and accruals for capital expenditure						452			345			452			345
Derivative financial instruments						1			16			1			16
Put option liability			C.7.4.			290			262			290			262
Amounts due to non-controlling interests, associates and joint venture partners			G.5.			74			339			74			339
Accrued interest and other expenses						539			445			539			445
Other liabilities						812			885			812			885
Total financial liabilities						10,259			8,317			10,332			8,198
Current						3,856			2,145			3,856			2,145
Non-current						6,403			6,173			6,476			6,054

(i)    Fair values are measured with reference to Level 1 (for listed bonds) or level 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, 2021 and 2020, Millicom has the following investments in equity instruments:

			2021			2020
			(US$ millions)
Investment in HT			—			160
Equity investment - total			—			160

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