XML 90 R24.htm IDEA: XBRL DOCUMENT
v3.22.4

Financial risk management (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Financial Instruments [Abstract] |
Disclosure of detailed information derivatives | On December 31, 2022 and 2021 fair value of derivatives held by the Group can be summarized as follows:
| 2022 | 2021
| (US$ millions)
Derivatives |  |
Cash flow hedge derivatives | (34) |  | 20 |
Net derivative asset (liability) | (34) |  | 20 |
Disclosure of nature and extent of risks arising from financial instruments | D.1.1. Fixed and floating rate debt Financing at December 31, 2022
| 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 | 131 |  | 383 |  | 501 |  | 376 |  | 718 |  | 3,466 |  | 5,574 |
Floating rate financing | 49 |  | 12 |  | 63 |  | 402 |  | 404 |  | 300 |  | 1,230 |
Total | 180 |  | 394 |  | 564 |  | 777 |  | 1,122 |  | 3,766 |  | 6,804 |
Weighted average nominal interest rate | 7.68 | % | 5.71 | % | 6.11 | % | 7.46 | % | 6.49 | % | 5.88 | % | 6.22 | %
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 | %
A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2022 would increase or reduce profit before tax from continuing operations for the year by approximately $12 million (2021: $28 million). Debt denomination at December 31
| 2022 | 2021
| (US$ millions)
Debt denominated in US dollars | 4,100 |  | 4,827 |
Debt denominated in currencies of the following countries: |  |
Guatemala | 595 |  | 605 |
Colombia | 605 |  | 699 |
Tanzania | — |  | 38 |
Bolivia | 260 |  | 310 |
Paraguay | 171 |  | 195 |
El Salvador(i) | 173 |  | 99 |
Panama(i) | 773 |  | 846 |
Luxembourg (COP denominated) | 30 |  | 36 |
Costa Rica | 96 |  | 88 |
Total debt denominated in other currencies | 2,704 |  | 2,917 |
Total debt | 6,804 |  | 7,744 |
(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).
Disclosure of maturity analysis for derivative financial liabilities | Maturity profile of net financial liabilities at December 31, 2022
| Less than 1 year | 1 to 5 years | >5yrs | Total
| (US$ millions)
Outstanding debt and financing | (181) |  | (2,880) |  | (3,813) |  | (6,875) |
Outstanding amortized costs undiscounted | 1 |  | 23 |  | 47 |  | 71 |
Lease liability | (163) |  | (478) |  | (374) |  | (1,016) |
Cash and equivalents | 1,039 |  | — |  | — |  | 1,039 |
Derivative financial instruments | — |  | (34) |  | — |  | (34) |
Net cash (debt) including derivatives related to debt | 697 |  | (3,370) |  | (4,141) |  | (6,814) |
Future interest commitments related to debt and financing | (416) |  | (1,349) |  | (111) |  | (1,877) |
Future interest commitments related to leases | (106) |  | (290) |  | (135) |  | (531) |
Trade payables (excluding accruals) | (689) |  | — |  | — |  | (689) |
Other financial liabilities (including accruals) | (867) |  | — |  | — |  | (867) |
Trade receivables | 379 |  | — |  | — |  | 379 |
Other financial assets | 232 |  | 71 |  | — |  | 303 |
Net financial liabilities | (770) |  | (4,938) |  | (4,387) |  | (10,095) |
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) |
Outstanding amortized costs undiscounted |  |  |  |
Lease liability | (171) |  | (591) |  | (404) |  | (1,167) |
Cash and equivalents | 895 |  | — |  | — |  | 895 |
Pledged deposits (related to back borrowings) | 35 |  | — |  | — |  | 35 |
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) | (1,143) |  | 0 |  | — |  | (1,143) |
Put option liability | (290) |  | — |  | — |  | (290) |
Trade receivables | 405 |  | — |  | — |  | 405 |
Other financial assets | 310 |  | 98 |  | — |  | 408 |
Net financial liabilities | (2,907) |  | (4,234) |  | (4,291) |  | (11,431) |
Disclosure of maturity analysis for non-derivative financial liabilities | Maturity profile of net financial liabilities at December 31, 2022
| Less than 1 year | 1 to 5 years | >5yrs | Total
| (US$ millions)
Outstanding debt and financing | (181) |  | (2,880) |  | (3,813) |  | (6,875) |
Outstanding amortized costs undiscounted | 1 |  | 23 |  | 47 |  | 71 |
Lease liability | (163) |  | (478) |  | (374) |  | (1,016) |
Cash and equivalents | 1,039 |  | — |  | — |  | 1,039 |
Derivative financial instruments | — |  | (34) |  | — |  | (34) |
Net cash (debt) including derivatives related to debt | 697 |  | (3,370) |  | (4,141) |  | (6,814) |
Future interest commitments related to debt and financing | (416) |  | (1,349) |  | (111) |  | (1,877) |
Future interest commitments related to leases | (106) |  | (290) |  | (135) |  | (531) |
Trade payables (excluding accruals) | (689) |  | — |  | — |  | (689) |
Other financial liabilities (including accruals) | (867) |  | — |  | — |  | (867) |
Trade receivables | 379 |  | — |  | — |  | 379 |
Other financial assets | 232 |  | 71 |  | — |  | 303 |
Net financial liabilities | (770) |  | (4,938) |  | (4,387) |  | (10,095) |
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) |
Outstanding amortized costs undiscounted |  |  |  |
Lease liability | (171) |  | (591) |  | (404) |  | (1,167) |
Cash and equivalents | 895 |  | — |  | — |  | 895 |
Pledged deposits (related to back borrowings) | 35 |  | — |  | — |  | 35 |
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) | (1,143) |  | 0 |  | — |  | (1,143) |
Put option liability | (290) |  | — |  | — |  | (290) |
Trade receivables | 405 |  | — |  | — |  | 405 |
Other financial assets | 310 |  | 98 |  | — |  | 408 |
Net financial liabilities | (2,907) |  | (4,234) |  | (4,291) |  | (11,431) |
Disclosure of detailed information about managing capital | Net financial obligations to EBITDA
| Note | 2022 | 2021
| (US$ millions)
Net financial obligations (i) | C.6. | 6,780 |  | 7,981 |
EBITDA | B.3. | 2,228 |  | 1,517 |
Net financial obligations to EBITDA (ii) |  | 3.04 |  | 5.26 |
(i) 'Net financial obligations' is debt and lease liabilities less cash and pledged and time deposits. (ii) The ratio is above 3.0x on an IFRS basis. However, according to the terms of our indentures, this ratio is calculated on a different basis, 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 had 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 | 2022 | 2021
| (US$ millions)
Net financial obligations | C.6. | 6,780 |  | 7,981 |
Equity attributable to Owners of the Company | C.1. | 3,605 |  | 2,583 |
Net financial obligations and equity |  | 10,386 |  | 10,564 |
Gearing ratio |  | 0.65 |  | 0.76 |

X
- Definition The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2022-03-24 -Paragraph 24A -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_24A&doctype=Standard -URIDate 2022-03-24 + Details
Name: | ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2022-03-24 -Paragraph 31 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_31&doctype=Standard -URIDate 2022-03-24 + Details
Name: | ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of a maturity analysis for derivative financial liabilities, including the remaining contractual maturities for those derivative financial liabilities for which contractual maturities are essential for an understanding of the timing of the cash flows. [Refer: Derivative financial liabilities] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2022-03-24 -Paragraph 39 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_39_b&doctype=Standard -URIDate 2022-03-24 + Details
Name: | ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of a maturity analysis for non-derivative financial liabilities (including issued financial guarantee contracts) that shows the remaining contractual maturities. [Refer: Derivative financial liabilities] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2022-03-24 -Paragraph 39 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_39_a&doctype=Standard -URIDate 2022-03-24 + Details
Name: | ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure Of Detailed Information About Managing Capital [Table Text Block] + References No definition available. + Details
Name: | tigo_DisclosureOfDetailedInformationAboutManagingCapitalTableTextBlock
Namespace Prefix: | tigo_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Financial Instruments [Abstract] + References No definition available. + Details
Name: | tigo_FinancialInstrumentsAbstract
Namespace Prefix: | tigo_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration