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Financial risk management (Tables)

12 Months Ended

Dec. 31, 2021

Financial Instruments [Abstract]

Disclosure of detailed information derivatives

On December 31, 2021 and 2020 fair value of derivatives held by the Group can be summarized as follows:

			2021			2020
			(US$ millions)
Derivatives
Cash flow hedge derivatives			20			12
Net derivative asset (liability)			20			12

Disclosure of nature and extent of risks arising from financial instruments

Financing at December 31, 2021

			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			91			151			460			662			372			3,219			4,956
Floating rate financing			1,750			55			26			181			386			391			2,789
Total			1,840			206			487			843			758			3,610			7,744
Weighted average nominal interest rate			1.93		%	5.97		%	5.47		%	5.86		%	5.11		%	5.34		%	5.55		%

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		%

Debt denomination at December 31

			2021			2020
			(US$ millions)
Debt denominated in US dollars			4,827			3,384
Debt denominated in currencies of the following countries
Guatemala (ii)			605			na
Colombia			699			614
Tanzania			38			40
Bolivia			310			337
Paraguay			195			180
El Salvador(i)			99			118
Panama(i)			846			869
Luxembourg (COP denominated)			36			41
Costa Rica			88			107
Total debt denominated in other currencies			2,917			2,307
Total debt			7,744			5,691

(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).

(ii)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.

Disclosure of maturity analysis for derivative financial liabilities

Maturity profile of net financial liabilities at December 31, 2021

			Less than 1 year			1 to 5 years			>5yrs			Total
			(US$ millions)
Total debt and financing			(1,840)			(2,294)			(3,610)			(7,744)
Lease liability			(171)			(591)			(404)			(1,167)
Cash and equivalents			895			—			—			895
Pledged deposits			35			—			—			35
Refundable deposit			—			—			—			—
Derivative financial instruments			—			20			—			20
Net cash (debt) including derivatives related to debt			(1,082)			(2,865)			(4,014)			(7,961)
Future interest commitments related to debt and financing			(340)			(1,086)			(98)			(1,524)
Future interest commitments related to leases			(144)			(380)			(179)			(704)
Trade payables (excluding accruals)			(624)			—			—			(624)
Other financial liabilities (including accruals)			(1,141)			—			—			(1,141)
Put option liability			(290)			—			—			(290)
Trade receivables			405			—			—			405
Other financial assets			344			98			—			442
Net financial liabilities			(2,871)			(4,234)			(4,291)			(11,396)

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)

Disclosure of maturity analysis for non-derivative financial liabilities

Maturity profile of net financial liabilities at December 31, 2021

			Less than 1 year			1 to 5 years			>5yrs			Total
			(US$ millions)
Total debt and financing			(1,840)			(2,294)			(3,610)			(7,744)
Lease liability			(171)			(591)			(404)			(1,167)
Cash and equivalents			895			—			—			895
Pledged deposits			35			—			—			35
Refundable deposit			—			—			—			—
Derivative financial instruments			—			20			—			20
Net cash (debt) including derivatives related to debt			(1,082)			(2,865)			(4,014)			(7,961)
Future interest commitments related to debt and financing			(340)			(1,086)			(98)			(1,524)
Future interest commitments related to leases			(144)			(380)			(179)			(704)
Trade payables (excluding accruals)			(624)			—			—			(624)
Other financial liabilities (including accruals)			(1,141)			—			—			(1,141)
Put option liability			(290)			—			—			(290)
Trade receivables			405			—			—			405
Other financial assets			344			98			—			442
Net financial liabilities			(2,871)			(4,234)			(4,291)			(11,396)

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)

Disclosure of detailed information about managing capital

Net financial obligations to EBITDA

			Note			2021			2020
			(US$ millions)
Net financial obligations			C.6.			7,981			5,837
EBITDA			B.3.			1,639			1,495
Net financial obligations to EBITDA (i)						4.87			3.90

(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. Also, the ratio in 2021 is artificially high as the full debt of Tigo Guatemala has been consolidated from the acquisition date on November 12, 2021, while the Group consolidated only 1.5 months of Tigo Guatemala's EBITDA.

Gearing ratio

			Note			2021			2020
			(US$ millions)
Net financial obligations			C.6.			7,981			5,837
Equity attributable to Owners of the Company			C.1.			2,583			2,059
Net financial obligations and equity						10,564			7,896
Gearing ratio						0.76			0.74

X

- Definition

The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [member]]

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The disclosure of information that enables users of financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed. [Refer: Financial instruments, class [member]]

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