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The Millicom Group (Tables)
 12 Months Ended
Dec. 31, 2022
Interests In Other Entities [Abstract]  
Disclosure of main subsidiaries Our main subsidiaries are as follows:
EntityCountryActivityDecember 31, 2022 % holdingDecember 31, 2021 % holdingDecember 31, 2020 % holding
Telemovil El Salvador S.A. de C.V.El SalvadorMobile, MFS, Cable, DTH100100100
Millicom Cable Costa Rica S.A.Costa RicaCable, DTH100100100
Telefonica Celular de Bolivia S.A.BoliviaMobile, DTH, MFS, Cable100100100
Telefonica Celular del Paraguay S.A.ParaguayMobile, MFS, Cable, Pay-TV100100100
Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.) (i).PanamaCable, Pay-TV, Internet, DTH, Fixed-line1008080
Grupo de Comunicaciones Digitales, S.A. (formerly Telefonica Moviles Panama, S.A.)(ii)PanamaMobile1008080
Telefonia Celular de Nicaragua S.A. (ii)NicaraguaMobile100100100
Colombia Móvil S.A. E.S.P. (iii)ColombiaMobile
50-1 share
50-1 share
50-1 share
UNE EPM Telecomunicaciones S.A.(iii)ColombiaFixed-line, Internet, Pay-TV, Mobile
50-1 share
50-1 share
50-1 share
Edatel S.A. E.S.P. (iii)ColombiaFixed-line, Internet, Pay-TV, Cable
50-1 share
50-1 share
50-1 share
Comunicaciones Celulares S.A. (iv) (v)GuatemalaMobile, MFS10010055
Navega.com S.A. (iv) (v)GuatemalaCable, DTH10010055
Millicom International Operations S.A.LuxembourgHolding Company100100100
Millicom International Operations B.V.NetherlandsHolding Company100100100
Millicom Telecommunications S.A.LuxembourgHolding Company100100100
InfraCo S.A.LuxembourgHolding Company100nana
Millicom LIH S.A.LuxembourgHolding Company100100100
MIC Latin America B.V.NetherlandsHolding Company100100100
Millicom Holding B.V.NetherlandsHolding Company100100100
Millicom International Services LLCUSAServices Company100100100
Millicom Services UK LtdUKServices Company100100100
Millicom Spain S.L.SpainHolding Company100100100
* Also reflects the voting interest, except in Colombia where voting interest is 50% + 1 share for each of the three entities.
(i)    Acquisition completed on December 13, 2018. Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.) is fully consolidated as Millicom has the majority of voting shares to direct the relevant activities. See note A.1.2..
(ii)    Companies acquired during 2019. See note A.1.2..
(iii)    Fully consolidated as Millicom has the majority of voting shares to direct the relevant activities.
(iv) Acquisition completed on November 12, 2021(see Note A.1.2.). Millicom now owns 100% equity interest in Tigo Guatemala compared to 55% before the transaction. While Millicom owned more than 50% of the shares in these entities and had the right to nominate a majority of the directors of each of these entities, key decisions over the relevant activities were taken by a super majority vote. This effectively gave either shareholder the ability to veto any decision and therefore neither shareholder had sole control over the entity. Therefore, the operations of these joint ventures were accounted for under the equity method. See note A.2.1..
(v)    Tigo Guatemala is made up of the 2 entities in the table above, but also by the following less material entities: Comunicaciones Corporativas S.A. (“COMCORP”), Servicios Innovadores de Comunicación y Entretenimiento S.A. (“SICESA”), Distribuidora de Comunicaciones de Occidente S.A. (“COOCSA”), Distribuidora de Comunicaciones de Oriente S.A. (“COORSA”), Distribuidora Internacional de Comunicaciones S.A. (“INTERNACOM”), Servicios Especializados en Telecomunicaciones S.A. (“SESTEL”), Distribuidora Central de Comunicaciones, S.A. (“COCENSA”) and Cloud 2 Nube S.A. ("C2N").
Statement of Financial Position – non-controlling interests
December 31,
2022(i)2021
(US$ millions)
Colombia2883
Panama—74
Others1—
Total29157
Profit (loss) attributable to non-controlling interests
2022(i)20212020
(US$ millions)
Colombia(52)(40)(23)
Panama4(7)(18)
Others—(1)—
Total(48)(48)(41)
(i) On June 29, 2022, we purchased the remaining 20% shareholding of our operations Panama (see note A.1.2.).
The summarized financial information for material non-controlling interests in our operations in Colombia and Panama is provided below. This information is based on amounts before inter-company eliminations.
Colombia
202220212020
(US$ millions)
Revenue1,3351,4141,346
Total operating expenses(492)(509)(470)
Operating profit64100129
Net (loss) for the year(104)(80)(46)
50% non-controlling interest in net (loss)(52)(40)(23)
Total assets (excluding goodwill)1,9422,3362,589
Total liabilities1,8902,1582,303
Net assets52178286
50% non-controlling interest in net assets2689143
Consolidation adjustments2(6)(10)
Total non-controlling interest2883133
Dividends and advances paid to non-controlling interest(2)(5)(4)
Net cash from operating activities250272370
Net cash from (used in) investing activities(289)(295)(311)
Net cash from (used in) financing activities(133)30(47)
Exchange impact on cash and cash equivalents, net(5)(10)(15)
Net increase (decrease) in cash and cash equivalents(178)(2)(3)
Panama
2022(i)2021 2020
(US$ millions)
Revenue651633585
Total operating expenses(207)(207)(197)
Operating profit1067(60)
Net profit (loss) for the year29(37)(89)
20% non-controlling interest in net profit (loss)4(7)(18)
Total assets (excluding Millicom's goodwill in Cable Onda)1,7191,7171,734
Total liabilities1,3181,3471,327
Net assets401371407
20% non-controlling interest in net assets—7481
Total non-controlling interest—7481
Net cash from operating activities148179193
Net cash from (used in) investing activities(117)(118)(100)
Net cash from (used in) financing activities(93)(43)(69)
Net increase (decrease) in cash and cash equivalents(63)1724
(i) From January 1 to June 29, 2022, until the purchase of the remaining 20% shareholding of our operations Panama (see note A.1.2.).
Disclosure of business combination The finalization of
the purchase accounting had an effect on the following financial position line items previously reported as of December 31, 2021:

$ millionsDecember 31, 2021Impact of the finalization of the purchase accounting of GuatemalaDecember 31, 2021Reason for the change
As reportedAs restated
STATEMENT OF FINANCIAL POSITION
ASSETS
Intangible assets, net7,721(163)7,558(i)
Property, plant and equipment, net3,1981843,382(ii)
Right-of-use asset (non-current), net1,008171,024(iii)
Prepayments and accrued income168(2)166
Other current assets302(33)269
LIABILITIES
Provisions and other current liabilities5462548
(i) Impact on intangibles resulting from the adjustments explained below.    
(ii) See updated fair values section below. It mainly relates to property, plant and equipment step up.
(iii) See updated fair values section below. It relates to remeasurement of the right of use assets.

The impact of the finalization of Tigo Guatemala's purchase accounting on the 2021 Group statement of income is immaterial. Therefore, no adjustments were made in that respect on comparative figures.
The table below shows the changes in fair values compared to the values reported as of December 31, 2021.
At acquisition date - November 12, 2021
(in millions of U.S. dollars)		Provisional fair values (100%)
($ millions)		Final fair values (100%)
($ millions)		Changes
Intangible assets (excluding goodwill)(i)1,2941,917623
Property, plant and equipment(ii)547731184
Right of use assets(iii)18920517
Other non-current assets55—
Current assets (excluding cash)210210—
Trade receivables(iv)4242—
Cash and cash equivalents199199—
Total assets acquired2,4863,309823
Lease liabilities(iii)205205—
Other debt and financing417417—
Other liabilities281281—
Total liabilities assumed903903—
Fair value of assets acquired and liabilities assumed, net - A1,5832,406823
Purchase consideration (45%) - B2,1952,195—
Implied fair value (100% of business) - C4,8774,877—
Carrying value of our investment in joint venture at acquisition date - D2,0132,013—
Goodwill arising on change of control - B+D-A=E2,6251,802(823)
Revaluation of previously held interests - C-B-D=F(v)670670—
Total goodwill - E+F=G3,2952,472(823)
(i)     Fair value step-up have been recognized mainly on the following intangible assets:
a) the customer lists for an amount of $514 million, with estimated weighted average useful lives of 9.3 years.
b) the spectrum and licenses held by Tigo Guatemala for $51 million, with a remaining useful life of 11 years.
c) the trademarks and brand held and operated by Tigo Guatemala for $62 million, bringing its carrying value to $910 million. Management determined that the latter have indefinite useful lives.
(ii)     A fair value step-up of $184 million has been recognized on property, plant and equipment, mainly on the core network, network equipment and
owned towers. The weighted average remaining useful live is estimated at 6 years.
(iii)     The Group measured the lease liability at the present value of the remaining lease payments (as defined in IFRS 16) as if the acquired lease were a
new lease at the acquisition date. The right-of-use assets have been adjusted by $17 million to be measured at the same amount as the lease
liabilities.
(iv)     The fair value of trade receivables acquired approximate their carrying value of $42 million.
(v)     The acquisition has been determined as a business combination achieved in stages, requiring Millicom to remeasure its 55% previously held
equity investment in Tigo Guatemala at its acquisition date fair value; the resulting gain has been recognized in the statement of income under
the line "Revaluation of previously held interests" and is included in the goodwill calculation (see above).
Disclosure of valuation methods and key estimates The following valuation methods and key estimates were used for the valuation of the main classes of fixed assets:
Major class of assets
Valuation method
Key assumption 1
Key assumption 2
Key assumption 3
Trademark
Income approach - Relief from royalty method
Discount rate: 8.5%
Royalty rate: 5%
Indefinite life
Customer listsIncome approach - Multi-Period Excess Earnings Method
Discount rate: 10%
Attrition rates:
•Mobile prepaid: Forecasted period average 38.9%, 36.9% afterwards
•Mobile Postpaid: Forecasted period average 20.5%, 16.6% afterwards
•B2B: 13%
•Home: Forecast Period average: 27.3%, 27.9% afterwards

ARPU:
•Mobile prepaid: Forecasted period average $5.7, $5.1 afterwards
•Mobile Postpaid: Forecasted period average $28.7, $29.8 afterwards
•B2B: Forecasted period average $348.4, $383.5 afterwards
•Home: Forecast Period average: $38, $41.1 afterwards
SpectrumMarket approach - Comparable transactions multiple based
Discount rate: 8%
Fair value of each license is based on selected market price (USD/MHz/capital/year), as well as the remaining period, bandwidth and population coverage under each licensen/a
Property, plant and equipmentLand – Sales comparison approach
Building and site improvements – Cost approach
Leasehold improvements – Indirect cost approach
Machinery and equipment – Indirect cost approach
Tower assets – Direct cost approach
Various asset class specific indices considered, from the bureau of labor statistics, to estimate the reproduction cost new (“RCN“), e.g.:

•Core network, HW core, CPE, antennas, EQ HW BTS, HW BTS, network security equipment and routers: PPI industry data for Communications equipment (BLS)
•Wire working machinery, fiber optics cable, fiber ring equipment, RF components and telecommunication jumper: PPI industry data for Communication & energy wire & cable (BLS)
•Components for information technology, computer equipment, handsets and security surveillance equipment: PPI industry group data for Computer & peripheral equipment (BLS)
•Tower civil works and leasehold improvements: Building cost index (MVS 2022)
RCN of tower assets based on current prices depending on the tower category (guyed, monopole, self supported or rooftop), construction type (concrete, lattice, steel, etc.) and height
Economic useful lives considered, according to the American Society of Appraisers:

•Buildings: 35 to 40 years
•Leasehold improvements, towers, tower civil works, fiber ring post, lifting equipment, measuring and observing/testing instruments, wire working machinery, generators, air conditioned, antennas and fiber optic cable: 12 to 15 years
•Core network, HW core, mobile messaging platforms, fire protection, security surveillance equipment, battery, CPE, EQ HW BTS, RF components, routers, telecommunication jumper, vehicles and industrial trucks: 5 to 10 years
•Network security equipment and IT equipment: 3 years

Scope changes 2020
There were no material acquisitions in 2020.
Disclosure of discontinued operations
(a)     The net assets de-consolidated on the date of the disposal, as well as the gain on disposal, were as follows:

Details of the sale of the subsidiary ($ millions)April 5, 2022
Carrying amount of net assets sold (A)(79)
Initial sale consideration (B)101
Gross gain on sale (B) - (A)180
Other operating expenses linked to the disposal(11)
Other operating income/expenses, net(5)
Gain on sale before reclassification of foreign currency translation reserve165
Reclassification of foreign currency translation reserve(56)
Net gain on sale109
The figures shown below are after inter-company eliminations.
Results from Discontinued Operations
(in millions of U.S. dollars)		Twelve months ended December 31, 2022Twelve months ended December 31, 2021Twelve months ended December 31, 2020
Revenue88357366
Cost of sales(26)(104)(111)
Operating expenses(27)(131)(126)
Depreciation and amortization(21)(83)(89)
Other operating income (expenses), net41(9)
Gain/(loss) on disposal of discontinued operations120——
Other expenses linked to the disposal of discontinued operations(11)—(1)
Operating profit (loss)1273932
Interest income (expense), net(12)(36)(64)
Other non-operating (expenses) income, net—(1)1
Profit (loss) before taxes1163(31)
Credit (charge) for taxes, net(3)(31)(29)
Net profit/(loss) from discontinued operations113(28)(60)

Cash flows from discontinued operations
(in millions of U.S. dollars)		Twelve months ended December 31, 2022Twelve months ended December 31, 2021Twelve months ended December 31, 2020
Cash from operating activities, net188769
Cash from (used in) investing activities, net(10)(46)(43)
Cash from (used in) financing activities, net(9)(35)(34)
Net cash inflows (outflows)(1)5(8)
In accordance with IFRS 5, financial information relating to discontinued operations for the years ended December 31, 2022, 2021 and 2020 is set out below. Figures shown below are after intercompany eliminations.
Results from discontinued operations
December 31
202220212020
(US$ millions)
Revenue88 357 366 
Cost of sales(26)(104)(111)
Operating expenses(27)(131)(126)
Other expenses linked to the disposal of discontinued operations(11)— (1)
Depreciation and amortization(21)(83)(89)
Other operating income (expenses), net4 1 (9)
Gain/(loss) on disposal of discontinued operations120 — — 
Operating profit (loss)127 39 32 
Interest income (expense), net(12)(36)(64)
Other non-operating (expenses) income, net— (1)1 
Profit (loss) before taxes116 3 (31)
Credit (charge) for taxes, net(3)(31)(29)
Net profit/(loss) from discontinued operations113 (28)(60)

Cash flows from discontinued operations
December 31
202220212020
(US$ millions)
Cash from operating activities, net18 87 69 
Cash from (used in) investing activities, net(10)(46)(43)
Cash from (used in) financing activities, net(9)(35)(34)
Disclosure of interests in joint ventures
Our main joint ventures are as follows:
Entity
Country
Activity
December 31, 2022 % holdingDecember 31, 2021 % holding
Telefonica Celular S.A. (i)HondurasMobile, MFS66.766.7
Navega S.A. de CV (i)HondurasCable66.766.7
Bharti Airtel Ghana Holdings B.V. NetherlandsHolding Company5050
(i)Millicom owns more than 50% of the shares in these entities and has the right to nominate a majority of the directors of each of these entities. However, key decisions over the relevant activities must be taken by a super majority vote. This effectively gives either shareholder the ability to veto any decision and therefore neither shareholder has sole control over the entity. Therefore, the operations of these joint ventures are accounted for under the equity method.

On October 13, 2021, Millicom, along with its joint venture partner Bharti Airtel Limited, closed the disposal of AirtelTigo Ghana to the Government of Ghana. As part of the closing conditions, each partner committed and paid $37.5 million for the reimbursement of certain local bank facilities which had been provided for in the statement of income under the line "Profit (loss) from other joint ventures and associates, net". Millicom still owns 50% of the holding company Bharti Airtel Ghana Holdings B.V..
The carrying values of Millicom’s investments in joint ventures were as follows:
Carrying value of investments in joint ventures at December 31
20222021
(US$ millions)
Honduras operations (i)590596
Total590596
(i)    Includes all the companies under the Honduras groups.
The table below summarizes the movements for the year in respect of the Group’s joint ventures carrying values:
Honduras (i)
(US$ millions)
Opening balance at January 1, 2021610 
Results for the year27 
Dividends declared during the year(34)
Currency exchange differences(7)
Closing balance at December 31, 2021596 
Capital increase3 
Results for the year32 
Dividends declared during the year(35)
Currency exchange differences(7)
Closing balance at December 31, 2022590 
(i)    Share of profit is recognized under ‘Share of profit in joint ventures’ in the statement of income for the year ended December 31, 2022.
Disclosure of summarised financial information of joint venture Summarized financial information of the Honduras, Guatemala (until acquisition the remaining 45% equity interest, see note A.1.2.) and Ghana (until disposal in 2021) operations is as follows. This information is based on amounts before inter-company eliminations.
Honduras
202220212020
(US$ millions)
Revenue586 589 552 
Depreciation and amortization(112)(124)(132)
Operating profit111 99 77 
Financial income (expenses), net(29)(34)(24)
Profit before taxes80 62 58 
Charge for taxes, net(31)(22)(19)
Profit for the year49 40 39 
Net profit for the year attributable to Millicom32 27 27 
Dividends and advances paid to Millicom9 —24 
Total non-current assets (excluding goodwill)404 473 461 
Total non-current liabilities384 362 533 
Total current assets182 176 300 
Total current liabilities220 305 236 
Total net assets(17)(18)(8)
Group's share in %66.7 %66.7 %66.7 %
Group's share in USD millions(12)(12)(5)
Goodwill and consolidation adjustments601 608 615 
Carrying value of investment in joint venture590 596 610 
Cash and cash equivalents27 39 60 
Debt and financing – non-current334 267 390 
Debt and financing – current23 73 10 
Net cash from operating activities162 166 151 
Net cash from (used in) investing activities(109)(89)(145)
Net cash from (used in) financing activities(64)(98)14 
Net (decrease) increase in cash and cash equivalents(12)(21)20 
Guatemala
2021 (ii)2020(i)
(US$ millions)
Revenue1,379 1,503 
Depreciation and amortization(282)(323)
Operating profit462 452 
Financial income (expenses), net (i)(40)(95)
Profit before taxes432 347 
Charge for taxes, net(99)(83)
Profit for the year333 264 
Net profit for the year attributable to Millicom183 144 
Dividends and advances paid to Millicom13 47 
Cash and cash equivalentsN/A188 
Debt and financing – non-currentN/A619 
Debt and financing – currentN/A24 
Net cash from operating activities611 598 
Net cash from (used in) investing activities(192)(289)
Net cash from (used in) financing activities(406)(308)
Exchange impact on cash and cash equivalents, net1 (2)
Net increase (decrease) in cash and cash equivalents13 (1)
(i)    In 2020, Financial expenses included a $18 million charge related to early redemption of bonds.
(ii) Information for the statement of income and cash flows is for the period from January 1 to November 12, 2021. No information is disclosed on statement of financial position items as these are now fully consolidated in the Group numbers.
AirtelTigo Ghana
Our joint investment in AirtelTigo Ghana has been disposed of in 2021. The only material effect for 2021 year's statement of income is the loss recognized on the exit financing which is further explained in note A.2.. Therefore, only 2020 financial information is disclosed in the table below.
2020
(US$ millions)
Revenue132 
Depreciation and amortization(42)
Operating loss(30)
Financial income (expenses), net(41)
Loss before taxes(85)
Charge for taxes, net— 
Loss for the period(85)
Net loss for the period attributable to Millicom0 
Cash and cash equivalents1 
Debt and financing – non-current289 
Debt and financing – current40 
Net cash from (used in) operating activities(8)
Net cash from (used in) investing activities— 
Net cash from (used in) financing activities4 
Net decrease in cash and cash equivalents(4)
Disclosure of interests in associates Millicom has significant influence over immaterial associates as shown below:
December 31, 2022December 31, 2021
Entity
Country
Activity(ies)
% holding
% holding
Africa
West Indian Ocean Cable Company Limited (WIOCC) (i)Republic of MauritiusTelecommunication carriers’ carrier— 9.1 
Latin America
MKC Brilliant Holding GmbH (LIH)GermanyOnline marketplace, retail and services35.0 35.0 
Unallocated
Milvik AB (ii)SwedenOther— 9.0 
(i) Divested as a result of the disposal of our Tanzanian operations (see note A.4.).
(ii) In December 2022, Millicom relinquished its seat at the board of directors of Milvik AB ("Milvik") and therefore lost its significant influence in accordance with IAS 28. As a result, the Group stopped equity accounting for its investment in Milvik and classified it as a financial asset measured at fair value in accordance with IFRS 9.
At December 31, 2022 and 2021, the carrying value of Millicom’s main associates was as follows:
Carrying value of investments in associates at December 31
20222021
(US$ millions)
Milvik AB—8 
West Indian Ocean Cable Company Limited (WIOCC)—14 
Total— 22