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v3.22.4

Performance (Tables) | 12 Months Ended
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Dec. 31, 2022
Analysis of income and expense [abstract] |
Disclosure of revenue | B.1. Revenue Millicom’s revenue comprises sale of services from its mobile business (including Mobile Financial Services - MFS) and its cable and other fixed services, as well as related devices and equipment. Recurring revenue consists of monthly subscription fees, airtime and data usage fees, interconnection fees, roaming fees, TV services, B2B contracts, MFS commissions and fees from other telecommunications services such as data services, short message services and other value added services. Revenue from continuing operations by
| 2022 | 2021 | 2020
| (US$ millions)
Mobile | 2,957 |  | 2,000 |  | 1,759 |
Cable and other fixed services | 2,145 |  | 1,938 |  | 1,794 |
Other | 69 |  | 60 |  | 51 |
Service revenue | 5,171 |  | 3,997 |  | 3,604 |
Telephone and equipment | 454 |  | 263 |  | 201 |
Total revenue | 5,624 |  | 4,261 |  | 3,805 |
Revenue from continuing operations by country or operation
| 2022 | 2021 | 2020
| (US$ millions)
Colombia | 1,335 |  | 1,414 |  | 1,346 |
Paraguay | 556 |  | 555 |  | 544 |
Bolivia | 621 |  | 623 |  | 584 |
El Salvador | 474 |  | 445 |  | 389 |
Nicaragua | 247 |  | 238 |  | 220 |
Costa Rica | 137 |  | 141 |  | 140 |
Panama | 650 |  | 632 |  | 585 |
Guatemala (i) | 1,614 |  | 223 |  | — |
Other operations | 2 |  | 2 |  | 3 |
Eliminations | (12) |  | (13) |  | (5) |
Total | 5,624 |  | 4,261 |  | 3,805 |
(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. Revenue from contracts with customers from continuing operations:
|  | Twelve months ended December 31, 2022 | Twelve months ended December 31, 2021 | Twelve months ended December 31, 2020
$ millions | Timing of revenue recognition | Group | Group | Group
Mobile | Over time | 2,916 |  | 1,963 |  | 1,727 |
Mobile Financial Services | Point in time | 40 |  | 37 |  | 32 |
Cable and other fixed services | Over time | 2,145 |  | 1,938 |  | 1,794 |
Other | Over time | 69 |  | 60 |  | 51 |
Service Revenue |  | 5,171 |  | 3,997 |  | 3,604 |
Telephone and equipment | Point in time | 454 |  | 263 |  | 201 |
Revenue from contracts with customers |  | 5,624 |  | 4,261 |  | 3,805 |
Disclosure of cost of sales | The cost of sales and operating expenses incurred by the Group can be summarized as follows: Cost of sales
| 2022 | 2021 | 2020
| (US$ millions)
Direct costs of services sold | (941) |  | (841) |  | (748) |
Cost of telephone, equipment and other accessories | (441) |  | (270) |  | (207) |
Bad debt and obsolescence costs | (124) |  | (86) |  | (106) |
Cost of sales | (1,506) |  | (1,197) |  | (1,060) |
Disclosure of operating expenses | Operating expenses, net
| 2022 | 2021 | 2020
| (US$ millions)
Marketing expenses | (570) |  | (450) |  | (349) |
Site and network maintenance costs | (310) |  | (233) |  | (214) |
Employee related costs (B.4.) | (494) |  | (474) |  | (453) |
External and other services | (251) |  | (164) |  | (163) |
Other operating expenses | (266) |  | (224) |  | (204) |
Operating expenses, net | (1,890) |  | (1,546) |  | (1,383) |
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 | 2022 | 2021 | 2020
|  | (US$ millions)
Impairment of intangible assets and property, plant and equipment | E.1., E.2. | (7) |  | (6) |  | — |
Gain (loss) on disposals of intangible assets and property, plant and equipment |  | 1 |  | 5 |  | — |
Impairment of AirtelTigo's receivable | G.5. | — |  | — |  | (45) |
Reverse earn-out in respect of Zantel's acquisition (i) |  | 2 |  | 11 |  | — |
Gain (loss) on disposal of equity investments | C.7.3. | — |  | (15) |  | 25 |
Other income (expenses) (ii) |  | 2 |  | 10 |  | 9 |
Other operating income (expenses), net |  | (2) |  | 5 |  | (12) |
(i) In January 2022, Millicom received $11 million from Etisalat as earn-out income related to the purchase of Zantel in 2015. This settlement was considered as an adjusting event and recorded in 'other operating income' in the 2021 statement of income. (ii) In 2021, other income (expenses) can be mainly attributed to social obligations spectrum liability derecognition in Paraguay of $4 million and reversal provision related to Ghana of $4 million.
Disclosure of operating segments | B.3. Segmental information Management determines operating and reportable segments based on information used by the chief operating decision maker (CODM) to make strategic and operational decisions from both a business and geographic perspective. The Millicom Group’s risks and rates of return for its operations were predominantly affected by operating in different geographical regions. Until the divestiture of our Tanzania business, as discussed above, the Millicom Group had businesses in two main regions, Latin America and Africa, which constituted our two reportable segments. As a result of the sale of the Tanzania business and its classification as a discontinued operation, we no longer report an Africa segment in our financial statements and will no longer report it for future periods. The Group now only operates in a single region, Latin America. As a result, the Group now reports a single segment, called the "Group Segment," which includes the results of our Latin American operations, and regional and central corporate costs. Group Segment figures will continue to include our Honduras joint venture as if it was fully consolidated, as this reflects the way management reviews and uses internally reported information to make decisions about operating matters and to provide increased transparency to investors on those operations. Group Segment figures also include our operations in Guatemala as if they were fully consolidated for all comparative periods, for the same reasons. On November 12, 2021, we acquired the remaining 45% equity interest in our Guatemala joint venture business, and we now fully consolidate our operations in Guatemala. Prior to this date, we held a 55% stake in our operations in Guatemala and accounted for it using the equity method of accounting, along with our operations in Honduras. Revenue, operating profit (loss), EBITDA and other segment information for the years ended December 31, 2022, 2021 and 2020, were as follows:
| Group Segment (viii) | Honduras (vii) | Eliminations and transfers | Group
| (US$ millions)
Year ended December 31, 2022 |  |  |  |
Mobile revenue | 3,392 |  | (436) |  | 1 |  | 2,957 |
Cable and other fixed services revenue | 2,247 |  | (108) |  | 7 |  | 2,145 |
Other revenue | 73 |  | (5) |  | — |  | 69 |
Service revenue (i) | 5,712 |  | (549) |  | 8 |  | 5,171 |
Telephone and equipment revenue | 491 |  | (37) |  | — |  | 454 |
Revenue | 6,203 |  | (586) |  | 8 |  | 5,624 |
Operating profit (loss) | 1,004 |  | (121) |  | 32 |  | 915 |
Add back: |  |  |  |
Depreciation and amortization | 1,454 |  | (112) |  | 1 |  | 1,344 |
Share of profit in joint ventures | — |  | — |  | (32) |  | (32) |
Other operating expenses (income), net | (1) |  | 3 |  | (1) |  | 2 |
EBITDA (ii) | 2,457 |  | (230) |  | 1 |  | 2,228 |
EBITDA from discontinued operations | 24 |  | — |  | — |  | 24 |
EBITDA incl discontinued operations | 2,482 |  | (230) |  | 1 |  | 2,252 |
Capital expenditure (iii) | (1,042) |  | 85 |  | — |  | (957) |
Spectrum paid | (93) |  | — |  | — |  | (93) |
Changes in working capital and others (iv) | (95) |  | (26) |  | — |  | (121) |
Taxes paid | (365) |  | 49 |  | — |  | (316) |
Operating free cash flow (v) | 887 |  | (122) |  | 1 |  | 765 |
Total Assets (vi) | 14,543 |  | (1,004) |  | 660 |  | 14,198 |
Total Liabilities | 11,097 |  | (603) |  | 70 |  | 10,565 |
(i) Service revenue is revenue related to the provision of ongoing services such as monthly subscription fees for mobile and broadband, airtime and data usage fees, interconnection fees, roaming fees, mobile finance service commissions and fees from other telecommunications services such as data services, short message services, installation fees and other value-added services excluding telephone and equipment sales. (ii) EBITDA is operating profit excluding impairment losses, depreciation and amortization and gains/losses on the disposal of fixed assets. (iii) Excluding spectrum and licenses. (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. (v) Operating Free Cash Flow is EBITDA less capex, less spectrum paid, less change in working capital, other non-cash items (share-based payment expense) and taxes paid. From 2022, the Group changed the definition of Operating Free Cash Flow to include spectrum paid in response to feedback from users of our financial statements who prefer a more comprehensive view of our cash flow generation. (vi) Segment assets include goodwill and other intangible assets. (vii) Including eliminations for Guatemala (prior to acquisition) and Honduras as reported in the Group Segment. (viii) As further explained above, Group Segment numbers include Guatemala (until acquisition in November 2021) and Honduras as if they were fully consolidated, and excludes Africa.
| Group Segment (viii) | Guatemala and Honduras (vii) | Eliminations and transfers | Group
| (US$ millions)
Year ended December 31, 2021 |  |  |  |
Mobile revenue | 3,372 |  | (1,372) |  | — |  | 2,000 |
Cable and other fixed services revenue | 2,273 |  | (334) |  | — |  | 1,938 |
Other revenue | 68 |  | (8) |  | — |  | 60 |
Service revenue (i) | 5,712 |  | (1,715) |  | — |  | 3,997 |
Telephone and equipment revenue | 503 |  | (240) |  | — |  | 263 |
Revenue | 6,216 |  | (1,955) |  | — |  | 4,261 |
Operating profit (loss) | 983 |  | (574) |  | 210 |  | 619 |
Add back: |  |  |  |
Depreciation and amortization | 1,516 |  | (403) |  | — |  | 1,113 |
Share of profit in joint ventures | — |  | — |  | (210) |  | (210) |
Other operating expenses (income), net | (5) |  | — |  | — |  | (5) |
EBITDA (ii) | 2,494 |  | (977) |  | — |  | 1,517 |
EBITDA from discontinued operations | 121 |  | — |  | — |  | 121 |
EBITDA incl discontinued operations | 2,615 |  | (977) |  | — |  | 1,638 |
Capital expenditure (iii) | (1,065) |  | 238 |  | — |  | (827) |
Spectrum paid | (59) |  | 22 |  | — |  | (37) |
Changes in working capital and others (iv) | (51) |  | (13) |  | — |  | (65) |
Taxes paid | (271) |  | 143 |  | — |  | (127) |
Operating free cash flow (v) | 1,169 |  | (587) |  | — |  | 582 |
Total Assets (vi) | 15,484 |  | (6,432) |  | 6,088 |  | 15,141 |
Total Liabilities | 12,934 |  | (1,763) |  | 1,229 |  | 12,401 |
| Group Segment (viii) | Guatemala and Honduras (vii) | Eliminations and transfers | Group
| (US$ millions)
Year ended December 31, 2020 |  |  |  |
Mobile revenue | 3,220 |  | (1,461) |  | — |  | 1,759 |
Cable and other fixed services revenue | 2,096 |  | (302) |  | — |  | 1,794 |
Other revenue | 58 |  | (6) |  | — |  | 51 |
Service revenue (i) | 5,374 |  | (1,769) |  | — |  | 3,604 |
Telephone and equipment revenue (i) | 466 |  | (266) |  | — |  | 201 |
Revenue | 5,840 |  | (2,035) |  | — |  | 3,805 |
Operating profit (loss) | 763 |  | (536) |  | 175 |  | 402 |
Add back: |  |  |  |
Depreciation and amortization | 1,572 |  | (453) |  | — |  | 1,119 |
Share of profit in joint ventures | — |  | — |  | (171) |  | (171) |
Other operating expenses (income), net | 19 |  | (3) |  | (4) |  | 12 |
EBITDA (ii) | 2,354 |  | (992) |  | — |  | 1,362 |
EBITDA from discontinued operations | 129 |  | — |  | — |  | 129 |
EBITDA incl discontinued operations | 2,483 |  | (992) |  | — |  | 1,491 |
Capital expenditure (iii) | (973) |  | 258 |  | — |  | (714) |
Spectrum paid | (6) |  | — |  | — |  | (6) |
Changes in working capital and others (iv) | 65 |  | (43) |  | — |  | 22 |
Taxes paid | (273) |  | 131 |  | — |  | (142) |
Operating free cash flow (v) | 1,297 |  | (645) |  | — |  | 651 |
Total Assets (vi) | 14,266 |  | (5,116) |  | (859) |  | 12,422 |
Total Liabilities | 11,563 |  | (2,044) |  | (987) |  | 10,148 |
Revenue from contracts with customers from continuing operations:
|  | Twelve months ended December 31, 2022 | Twelve months ended December 31, 2021 | Twelve months ended December 31, 2020
$ millions | Timing of revenue recognition | Group | Group | Group
Mobile | Over time | 2,916 |  | 1,963 |  | 1,727 |
Mobile Financial Services | Point in time | 40 |  | 37 |  | 32 |
Cable and other fixed services | Over time | 2,145 |  | 1,938 |  | 1,794 |
Other | Over time | 69 |  | 60 |  | 51 |
Service Revenue |  | 5,171 |  | 3,997 |  | 3,604 |
Telephone and equipment | Point in time | 454 |  | 263 |  | 201 |
Revenue from contracts with customers |  | 5,624 |  | 4,261 |  | 3,805 |
Disclosure of number of permanent employees | Number of permanent employees
| 2022 | 2021 | 2020
Subsidiaries (i) | 18,534 |  | 19,749 |  | 16,955 |
Joint ventures (ii) | 912 |  | 938 |  | 4,464 |
Total | 19,446 |  | 20,687 |  | 21,419 |
(i) Emtelco (subsidiary of EPM) headcount are excluded from this disclosure and any internal reporting because their costs are classified as direct costs and not employee related costs. Includes Guatemala for 2021. (ii) Only Honduras for 2022 and 2021. Includes also Guatemala and Ghana for 2020.
Disclosure of employee related costs |
| Notes | 2022 | 2021 | 2020
|  | (US$ millions) |
Wages and salaries |  | (372) |  | (361) |  | (337) |
Social security |  | (69) |  | (66) |  | (62) |
Share based compensation | B.4.1. | (29) |  | (16) |  | (23) |
Pension and other long-term benefit costs | B.4.2. | (2) |  | (6) |  | (4) |
Other employees related costs |  | (22) |  | (25) |  | (27) |
Total |  | (494) |  | (474) |  | (453) |
Disclosure of cost of share-based compensation | Cost of share-based compensation
| 2022 | 2021 | 2020
| (US$ millions) |
2018 incentive plans | — |  | — |  | (2) |
2019 incentive plans | — |  | 3 |  | (8) |
2020 incentive plans | (3) |  | (3) |  | (13) |
2021 incentive plans | (11) |  | (17) |  | — |
2022 incentive plans | (15) |  | — |  | — |
Total share based compensation | (29) |  | (17) |  | (24) |
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 2022 (Relative TSR) | 2.01 | 0.00 | 47.94 | 2.80 | 29.12
Performance share plan 2021 (Relative TSR) | 0.29 | 1.28 | 46.28 | 2.82 | 52.99
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
(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
| 2022 plans | 2021 plans | 2020 plans | 2019 plans
| PSP | DSP | PSP | DSP | PSP | DSP | PSP | DSP
|  |  | (number of shares)
Initial shares granted | 306,641 |  | 865,862 |  | 451,363 |  | 536,890 |  | 341,897 |  | 370,131 |  | 257,601 |  | 297,856 |
Additional shares granted(i) | — |  | 47,588 |  | — |  | 5,824 |  | — |  | 5,928 |  | — |  | 43,115 |
Effect of the Right Offering(ii) | 83,926 |  | 227,947 |  | 115,575 |  | 93,375 |  | 20,862 |  | 32,526 |  | — |  | — |
Revision for forfeitures | — |  | (21,990) |  | (25,938) |  | (28,130) |  | (265,632) |  | (34,857) |  | (257,293) |  | (32,253) |
Revision for cancellations | — |  | — |  | — |  | (9,250) |  | — |  | (4,996) |  | — |  | — |
Total before issuances | 390,567 |  | 1,119,407 |  | 541,000 |  | 598,709 |  | 97,127 |  | 368,732 |  | 308 |  | 308,718 |
Shares issued in 2019 | — |  | — |  | — |  | — |  | — |  | — |  | (150) |  | (24,294) |
Shares issued in 2020 | — |  | — |  | — |  | — |  | — |  | (3,571) |  | (17) |  | (96,629) |
Shares issued in 2021 | — |  | — |  | (1,121) |  | (5,760) |  | — |  | (113,653) |  | — |  | (87,141) |
Shares issued in 2022 | — |  | (13,957) |  | (2,071) |  | (160,596) |  | — |  | (100,362) |  | (141) |  | (100,654) |
Performance conditions not met | — |  | — |  | — |  | — |  | (97,127) |  | — |  | — |  | — |
Shares still expected to vest | 390,567 |  | 1,105,450 |  | 537,808 |  | 432,353 |  | — |  | 151,146 |  | — |  | — |
Estimated cost over the vesting period (US$ millions) | 7 |  | 20 |  | 16 |  | 19 |  | 4 |  | 15 |  | na | na
(i) Additional shares granted represent grants made for new joiners and/or as per CEO contractual arrangements. (ii) In 2022, as per plan rules, additional shares have been granted to all participants for unvested plans as a result of the effect of the right offering (see note C.1. ).
Disclosure of directors renumeration charge | Remuneration charge for the non-executive Directors of the Board (gross of withholding tax)
| 2022 | 2021 | 2020
| (US$ ’000)
Chairperson | 315 |  | 300 |  | 300 |
Other non-executive directors of the Board | 1,408 |  | 1,338 |  | 1,188 |
Total (i) | 1,723 |  | 1,638 |  | 1,488 |
Shares beneficially owned by the non-executive Directors
| 2022 | 2021
| (number of shares)
Chairperson | 43,891 |  | 18,634 |
Other non-executive directors of the Board | 152,298 |  | 61,022 |
Total (i) | 196,189 |  | 79,656 |
(i)Cash compensation is denominated in USD. Share based compensation is based on the market value of Millicom shares on the corresponding AGM date (2022: in total 41,167 shares; 2021: in total 24,737 shares; 2020: in total 32,358 shares. Net remuneration comprised 73% in shares and 27% in cash (SEK) (2021: 73% in shares and 27% in cash; 2020: 71% in shares and 29% in cash).
Disclosure of executive team renumeration charge | Remuneration charge for the Executive Team
| Mr. Mauricio Ramos | Mr. Sheldon Bruha | Mr. Tim Pennington | Other Executive Team Members (5 members)
| (US$ ’000)
2022 |  |  |  |
Base salary | 1,216 |  | 598 |  | 581 |  | 2,883 |
Bonus | 1,650 |  | 541 |  | — |  | 2,044 |
Pension | 287 |  | 144 |  | 87 |  | 663 |
Other benefits | 82 |  | 67 |  | 40 |  | 312 |
MSU (v) | 373 |  | — |  | 67 |  | 174 |
Termination benefits | — |  | — |  | 877 |  | — |
Total before share based compensation | 3,608 |  | 1,351 |  | 1,653 |  | 6,076 |
Share based compensation(i)(ii) in respect of 2022 LTIP (iv) | 5,567 |  | 688 |  | 888 |  | 4,927 |
Total | 9,175 |  | 2,039 |  | 2,540 |  | 11,004 |
| Mr. Mauricio Ramos | Mr. Tim Pennington | Other Executive Team Members (5 members)
| (US$ ’000)
2021 |  |  |
Base salary | 1,185 |  | 708 |  | 2,783 |
Bonus | 2,164 |  | 969 |  | 2,718 |
Pension | 284 |  | 106 |  | 652 |
Other benefits | 88 |  | 46 |  | 791 |
MSU (v) | 991 |  | 198 |  | 545 |
Total before share based compensation | 4,712 |  | 2,027 |  | 7,489 |
Share based compensation(i)(ii) in respect of 2020 LTIP (iv) | 7,914 |  | 1,652 |  | 5,383 |
Total | 12,626 |  | 3,679 |  | 12,872 |
| Mr. Mauricio Ramos | Mr. Tim Pennington | Other Executive Team Members (5 members) (iii)
| (US$ ’000)
2020 |  |  |
Base salary | 1,173 |  | 670 |  | 2,612 |
Bonus | 1,301 |  | 509 |  | 1,837 |
Pension | 285 |  | 100 |  | 663 |
Other benefits | 82 |  | 38 |  | 303 |
Total before share based compensation | 2,841 |  | 1,317 |  | 5,414 |
Share based compensation(i)(ii) in respect of 2019 LTIP (iv) | 7,114 |  | 1,834 |  | 3,796 |
Total | 9,955 |  | 3,151 |  | 9,210 |
(i) See note B.4.1. (ii) 290,049 and 338,171 were awarded in 2022 under the 2019 LTIPs to Mauricio Ramos and the Executive Team (2021: 196,904 and 211,578, respectively; 2020: 153,894 and 135,269, respectively). (iii) 'Other Executives' includes compensation paid in 2020 to Rachel Samren former Chief External Affairs Officer (departed on August 31, 2020) and to HL Rogers former Chief Ethics and Compliance Officer (departed on January 1, 2020). Additionally other Benefits' for 'Other Executives' include medical and dental insurance for Daniel Loria, former CHRO. (iv) Calculated based on the closing Millicom share price on the Nasdaq in the US at the grant date. (v) Represents the amount earned in the year.
Disclosure of vested and unvested share awards beneficially granted to the Executive team |
| CEO | Executive team | Total
| (number of shares)
2022 |  |  |
Share ownership (vested from equity plans and otherwise acquired) | 426,607 |  | 297,061 |  | 723,668 |
Share awards not vested | 519,006 |  | 593,765 |  | 1,112,771 |
2021 |  |  |
Share ownership (vested from equity plans and otherwise acquired) | 232,562 |  | 221,407 |  | 453,969 |
Share awards not vested | 278,666 |  | 295,568 |  | 574,234 |
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
| Note | 2022 | 2021 | 2020
|  | (US$ millions) |
Change in fair value of derivatives | C.7.2. | 12 |  | 3 |  | (11) |
Change in fair value in investment in Milvik (i) |  | (6) |  | — |  | — |
Change in fair value in investment in Jumia (vi) |  | — |  | — |  | (18) |
Change in fair value in investment in HT (ii) | C.7.3. | — |  | 18 |  | (16) |
Change in value of call option asset and put option liability (iii) | C.7.4. | (1) |  | (31) |  | 5 |
Exchange gains (losses), net |  | (84) |  | (42) |  | (69) |
Other |  | 1 |  | 2 |  | 2 |
Total other non-operating (expenses) income, net |  | (78) |  | (49) |  | (107) |
(i) )(Milvik) Please see note A.3. (ii) In June 2021, Millicom disposed of its entire stake in HT for a total net consideration of $163 million, triggering a net loss on disposal of $15 million recorded in the statement of income under ‘other operating income (expenses), net’. The changes in fair value prior to the disposal were shown under "Other non-operating (expenses) income, net" (iii) Until June 29, 2022, date on which the non-controlling shareholders of Tigo Panama exercised their put option right to sell their remaining 20% shareholding to Millicom (see note A.1.2.). (vi) In June 2020, Millicom disposed of its entire stake in Jumia for a total net consideration of $29 million, triggering a net gain on disposal of $15 million recorded in the statement of income under ‘other operating income (expenses), net’. The changes in fair value prior to the disposal were shown under "Other non-operating (expenses) income, net" .
Disclosure of income tax charge | Income tax charge
| 2022 | 2021 | 2020
| (US$ millions)
Income tax (charge) credit |  |  |
Withholding tax | (70) |  | (56) |  | (83) |
Other income tax relating to the current year | (165) |  | (106) |  | (60) |
Adjustments in respect of prior years(i) | (39) |  | (13) |  | (12) |
Total | (274) |  | (175) |  | (155) |
Deferred tax (charge) credit |  |  |
Origination and reversal of temporary differences | 168 |  | 72 |  | 95 |
Effect of change in tax rates | — |  | 29 |  | (5) |
Tax income (expense) before valuation allowances | 168 |  | 101 |  | 90 |
Effect of valuation allowances | (114) |  | (81) |  | (15) |
Total | 54 |  | 20 |  | 75 |
Adjustments in respect of prior years | (2) |  | (3) |  | 8 |
| 52 |  | 17 |  | 83 |
Tax (charge) credit on continuing operations | (222) |  | (158) |  | (72) |
Tax (charge) credit on discontinuing operations | (3) |  | (31) |  | (29) |
Total tax (charge) credit | (225) |  | (189) |  | (101) |
(i) Mainly due to the adherence to a tax amnesty in one of our operations for a total cash outflow of $40 million, out of which $34 million have been provided for in 2022 and the rest in previous years.
Disclosure of income tax calculation | Reconciliation between the tax expense and tax at the weighted average statutory tax rate is as follows: Income tax calculation
| 2022 | 2021 | 2020
| Continuing operations | Discontinued operations | Total | Continuing operations | Discontinued operations | Total | Continuing operations | Discontinued operations | Total
| (US$ millions)
Profit before tax | 238 | 116 | 354 | 728 | 3 | 731 | (252) | (31) | (283)
Tax at the weighted average statutory rate | (47) | (27) | (74) | (153) | (1) | (154) | 76 | 9 | 85
Effect of: |  |  |  |  |  |  |  |  |
Items taxed at a different rate | 37 | — | 37 | 9 | — | 9 | 1 | — | 1
Change in tax rates on deferred tax balances | — | — | — | 29 | — | 29 | (5) | — | (5)
Expenditure not deductible and income not taxable | 1 | 26 | 27 | 83 | (4) | 79 | (99) | (7) | (106)
Unrelieved withholding tax | (68) | — | (68) | (55) | — | (55) | (83) | — | (83)
Accounting for associates and joint ventures | 9 | — | 9 | 41 | — | 41 | 42 | — | 42
Movement in deferred tax on unremitted earnings | 1 | — | 1 | (15) | — | (15) | 15 | — | 15
Unrecognized deferred tax assets | (114) | (2) | (116) | (138) | (6) | (144) | (23) | (4) | (27)
Recognition of previously unrecognized deferred tax assets | — | — | — | 57 | — | 57 | 8 | — | 8
Adjustments in respect of prior years | (41) | — | (41) | (16) | (20) | (36) | (4) | (27) | (31)
Total tax (charge) credit | (222) | (3) | (225) | (158) | (31) | (189) | (72) | (29) | (101)
Weighted average statutory tax rate | 19.7% |  | 20.9% | 21.0% |  | 21.1% | 30.2% |  | 30.0%
Effective tax rate | 93.3% |  | 63.6% | 21.7% |  | 25.9% | (28.6)% |  | (35.7)%
Disclosure of deferred taxes and deductible temporary differences | B.6.3. Deferred tax Deferred tax is calculated using the liability method on temporary differences at the statement of financial position date between the tax base of assets and liabilities and their carrying amount for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting, nor taxable profit or loss. Deferred tax assets are recognized for all temporary differences including unused tax credits and tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilized, except where the deferred tax assets relate to deductible temporary differences from initial recognition of an asset or liability in a transaction that is not a business combination, and, at the time of the transaction, affects neither accounting, nor taxable profit or loss. It is probable that taxable profit will be available when there are sufficient taxable temporary differences relating to the same tax authority and the same taxable entity which are expected to reverse in the same period as the expected reversal of the deductible temporary difference. The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to utilize them. Unrecognized deferred tax assets are reassessed at each statement of financial position date and are recognized to the extent it is probable that future taxable profit will enable the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rate expected to apply in the year when the assets are realized or liabilities settled, based on tax rates and tax laws that have been enacted or substantively enacted at the statement of financial position date. Deferred tax assets and deferred tax liabilities are offset where legally enforceable set off rights exist and the deferred taxes relate to the same taxable entity and the same taxation authority. Deferred tax
| Fixed assets | Unused tax losses | Unremitted earnings | Other | Offset | Total
| (US$ millions)
Balance at December 31, 2020 | (142) |  | 187 |  | (11) |  | (46) |  | — |  | (12) |
Deferred tax assets | 97 |  | 187 |  | — |  | 102 |  | (189) |  | 197 |
Deferred tax liabilities | (239) |  | — |  | (11) |  | (148) |  | 189 |  | (209) |
Balance at December 31, 2020 | (142) |  | 187 |  | (11) |  | (46) |  | — |  | (12) |
(Charge)/credit to income statement | 23 |  | (27) |  | (15) |  | 16 |  | — |  | (3) |
Change in scope | (9) |  | — |  | — |  | 3 |  | — |  | (6) |
Charge to Other Comprehensive Income | — |  | — |  | — |  | (1) |  | — |  | (1) |
Exchange differences | (2) |  | (4) |  | — |  | (6) |  | — |  | (12) |
Balance at December 31, 2021 | (130) |  | 156 |  | (26) |  | (34) |  | — |  | (34) |
Deferred tax assets | 97 |  | 156 |  | — |  | 162 |  | (235) |  | 180 |
Deferred tax liabilities | (227) |  | — |  | (26) |  | (196) |  | 235 |  | (214) |
Balance at December 31, 2021 | (130) |  | 156 |  | (26) |  | (34) |  | — |  | (34) |
Transfers to Assets Held for Sale | 57 |  | — |  | — |  | (9) |  | — |  | 48 |
(Charge)/credit to income statement | 29 |  | (131) |  | 1 |  | 153 |  | — |  | 52 |
Charge to Other Comprehensive Income | — |  | — |  | — |  | 1 |  | — |  | 1 |
Exchange differences | — |  | (3) |  | — |  | (8) |  | — |  | (11) |
Balance at Balance at 31 December 2022 | (44) |  | 22 |  | (25) |  | 103 |  | — |  | 56 |
Deferred tax assets | 109 |  | 22 |  | — |  | 104 |  | (31) |  | 204 |
Deferred tax liabilities | (153) |  | — |  | (25) |  | (1) |  | 31 |  | (148) |
Balance at December 31, 2022 | (44) |  | 22 |  | (25) |  | 103 |  | — |  | 56 |
Deferred tax assets have not been recognized in respect of the following deductible temporary differences:
| Fixed assets | Unused tax losses | Other | Total
| (US$ millions)
At December 31, 2022 | 90 |  | 5,535 |  | 71 |  | 5,696 |
At December 31, 2021 | 117 |  | 4,856 |  | 103 |  | 5,076 |
Unrecognized tax losses carryforward related to continuing operations expire as follows:
| 2022 | 2021 | 2020
| (US$ millions)
Expiry: |  |  |
Within one year | — |  | 1 |  | 3 |
Within one to five years | 3 |  | 2 |  | 3 |
After five years | 1,598 |  | 1,232 |  | 1,089 |
No expiry | 3,934 |  | 3,621 |  | 3,573 |
Total | 5,535 |  | 4,856 |  | 4,668 |
With effect from 2017, Luxembourg tax losses incurred may be carried forward for a maximum of 17 years. Losses incurred before 2017 may be carried forward without limitation of time. At December 31, 2022, Millicom had $640 million of unremitted earnings of Millicom operating subsidiaries for which no deferred tax liabilities were recognized (2021: $725 million; 2020: $621 million). Except for intragroup dividends to be paid out of 2022 profits in 2023 for which deferred tax of $25 million (2021: $26 million; 2020 $11 million) has been provided, it is anticipated that intra-group dividends paid in future periods will be made out of profits of future periods.
Disclosure of unrecognized loss carryforwards | Unrecognized tax losses carryforward related to continuing operations expire as follows:
| 2022 | 2021 | 2020
| (US$ millions)
Expiry: |  |  |
Within one year | — |  | 1 |  | 3 |
Within one to five years | 3 |  | 2 |  | 3 |
After five years | 1,598 |  | 1,232 |  | 1,089 |
No expiry | 3,934 |  | 3,621 |  | 3,573 |
Total | 5,535 |  | 4,856 |  | 4,668 |
Disclosure of earnings per share | B.7. Earnings per share Basic earnings (loss) per share are calculated by dividing net profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during each year. Diluted earnings (loss) per share are calculated by dividing the net profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during each year, plus the weighted average number of dilutive potential shares. Net profit/(loss) used in the earnings (loss) per share computation
| 2022 | 2021(ii) (iii) | 2020(ii) (iii)
| (US$ millions)
Basic and Diluted |  |  |
Net profit (loss) attributable to equity holders from continuing operations | 64 | 618 | (284)
Net profit (loss) attributable to equity holders from discontinued operations | 113 | (28) | (60)
Net profit (loss) attributable to all equity holders to determine the profit (loss) per share | 177 | 590 | (344)
in thousands |  |  |
Weighted average number of ordinary shares for basic and diluted earnings per share | 139,049 | 128,571 | 128,625
Potential shares as a result of long term incentive plans | 640 | 549 | 355
Weighted average number of ordinary shares (excluding treasury shares) adjusted for the effect of dilution (i) | 139,690 | 129,120 | 128,980
| (U.S. dollars)
Basic |  |  |
Earnings (loss) per common share for profit (loss) from continuing operations attributable to owners of the Company | 0.46 | 4.81 | (2.21)
Earnings (loss) per common share for profit (loss) from discontinued operations attributable to owners of the Company | 0.81 | (0.22) | (0.47)
Earnings (loss) per common share for profit (loss) for the period attributable to owners of the Company | 1.27 | 4.59 | (2.68)
Diluted |  |  |
Earnings (loss) per common share for profit (loss) from continuing operations attributable to owners of the Company | 0.46 | 4.79 | (2.20)
Earnings (loss) per common share for profit (loss) from discontinued operations attributable to owners of the Company | 0.81 | (0.22) | (0.47)
Earnings (loss) per common share for profit (loss) for the period attributable to owners of the Company | 1.27 | 4.57 | (2.67)
(i) For the purpose of calculating the diluted earnings (loss) per common share, the weighted average outstanding shares used for the basic earnings (loss) per common share were increased only by the portion of the shares which have a dilutive effect on the earnings (loss) per common share. (ii) Re-presented for discontinued operations (see note A.4.). (iii) As required by IAS 33 ‘Earnings per share’ the impact of the bonus element included within the rights offering (see note C.1. ) has been included in the calculations of the basic and diluted earnings per share for the current year/period and comparative figures have been re-presented accordingly.

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