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Capital structure and financing (Tables)
 12 Months Ended
Dec. 31, 2022
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract]  
Disclosure of share capital, share premium
Share capital, share premium
2022 (i)2021
Authorized and registered share capital (number of shares)200,000,000 133,333,200 
Subscribed and fully paid up share capital (number of shares)172,096,305 101,739,217 
Par value per share1.50 1.50 
Share capital (US$ millions)258 153 
Share premium (US$ millions)1,085 476 
Total (US$ millions)1,343 628 
(i) On December 13, 2021, in the view of the upcoming right offering, Millicom's Board of Directors proposed to increase the authorized share capital of the Company to $300 million divided into 200 million shares with a par value of $1.50 each, through an extraordinary general meeting ("EGM"). The proposal has been ratified at the EGM which took place on February 28, 2022.
Disclosure of other equity reserves
C.1. Share capital, share premium and reserves
Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds.
Where any Group company purchases the Company’s share capital, the consideration paid, including any directly attributable incremental costs, is shown under Treasury shares and deducted from equity attributable to the Company’s equity holders until the shares are canceled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental costs and the related income tax effects is included in equity attributable to the Company’s equity holders.
Share capital, share premium
2022 (i)2021
Authorized and registered share capital (number of shares)200,000,000 133,333,200 
Subscribed and fully paid up share capital (number of shares)172,096,305 101,739,217 
Par value per share1.50 1.50 
Share capital (US$ millions)258 153 
Share premium (US$ millions)1,085 476 
Total (US$ millions)1,343 628 
(i) On December 13, 2021, in the view of the upcoming right offering, Millicom's Board of Directors proposed to increase the authorized share capital of the Company to $300 million divided into 200 million 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.
On May 18, 2022, the Board of Directors of Millicom resolved on a rights offering (the "Rights Offering") granting preferential subscription rights to existing holders of shares and Swedish Depositary Receipts ("SDRs") to subscribe for up to 70,357,088 shares in aggregate.
Those who were registered as holders of shares/SDR register on May 23, 2022, received one subscription right for each share ("Share Right") or SDR ("SDR right") held in Millicom. 10 share rights entitled a holder thereof to subscribe for 7 new shares in Millicom and 10 SDR Rights entitled a holder thereof to subscribe 7 new SDRs in Millicom. The subscription price was set at SEK 106 per new SDR and $10.61 per new share. The subscription price in SEK was determined based on the subscription price in U.S dollars as resolved by Millicom, $10.61 per new share, using the SEK-U.S dollar exchange rate published by the Swedish Central Bank on May 17, 2022.
The record date for participation in the Rights Offering was May 23, 2022. The subscription period ran from May 27, 2022 up to June 13, 2022.
The result of the Rights Offering showed that 68,822,675 shares, including those represented by SDRs, have been subscribed for by the exercise of basic subscription rights. The remaining 1,534,413 shares, including those represented by SDRs, were allotted to those investors who subscribed for them pursuant to over subscription privileges. The Rights Offering was thus fully subscribed, and Millicom received proceeds amounting to approximately $717 million after deducting underwriting commissions and other offering expenses of $28 million.
The Rights Offering resulted in the issuance of 70,357,088 new shares, which increased the number of outstanding shares in Millicom from 101,739,217 to 172,096,305. As a result, the share capital increased by $106 million to $258 million from $153 million. The remaining $611 million have been allocated to the Group's share premium account.
Other equity reserves
Legal reserve
Equity settled transaction reserve
Hedge reserve
Currency translation reserve
Pension obligation reserve
Total
(US$ millions)
As of January 1, 202016 52 (18)(593)(2)(544)
Share based compensation— 24 — — — 24 
Issuance of shares – 2015, 2016, 2017 LTIPs— (26)— — — (26)
Remeasurements of post-employment benefit obligations— — — — (2)(2)
Cash flow hedge reserve movement— — (1)— — (1)
Currency translation movement— — 0 (12)— (12)
As of December 31, 202016 50 (19)(605)(4)(562)
Share based compensation— 18 — — — 18 
Issuance of shares –2016, 2017, 2018 LTIPs— (25)— — — (25)
Remeasurements of post-employment benefit obligations— — — — 2 2 
Cash flow hedge reserve movement— — 14 — — 14 
Currency translation movement— — 1 (41)— (41)
As of December 31, 202116 43 (3)(646)(3)(593)
Share based compensation— 25 — — — 25 
Issuance of shares –2017, 2018, 2019 LTIPs— (17)— — — (17)
Remeasurements of post-employment benefit obligations— — — — (2)(2)
Cash flow hedge reserve movement— — 8 — 1 9 
Currency translation movement— — — 20 — 20 
As of December 31, 202216 51 5 (626)(4)(559)
Disclosure of detailed information about borrowings
C.3. Debt and financing
Debt and financing by type (i)
Note
20222021
(US$ millions)
Debt and financing due after more than one year
BondsC.3.1.4,879 4,030 
BanksC.3.2.1,776 1,851 
Other financing (ii)30 36 
Total non-current financing6,686 5,916 
Less: portion payable within one year(61)(12)
Total non-current financing due after more than one year6,624 5,904 
Debt and financing due within one year
BondsC.3.1.101 61 
BanksC.3.2.18 1,768 
Total current debt and financing119 1,828 
Add: portion of non-current debt payable within one year61 12 
Total180 1,840 
Total debt and financing6,804 7,744 
(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
20222021
(US$ millions)
Millicom International Cellular S.A. (Luxembourg)2,573 4,020 
Guatemala1,465 605 
Colombia605 802 
Paraguay678 751 
Bolivia260 310 
Panama773 846 
Tanzania— 188 
Costa Rica128 121 
El Salvador173 100 
Nicaragua147 — 
Total debt and financing6,804 7,744 
Debt and financing are initially recognized at fair value, net of directly attributable transaction costs. They are subsequently measured at amortized cost using the effective interest rate method. Amortized cost is calculated by taking into account any discount or premium on acquisition and any fees or costs that are an integral part of the effective interest rate. Any difference
between the initial amount and the maturity amount is recognized in the consolidated statement of income over the period of the borrowing. Borrowings are classified as current liabilities, unless the Group has an unconditional right to defer settlement of the liability for at least 12 months from the statement of financial position date.
Bond financing
NoteCountryMaturityInterest Rate %20222021
(US$ millions)
SEK Variable Rate Notes1 Luxembourg2024
STIBOR (i) + 2.350%
191 220 
SEK Variable Rate Notes1 Luxembourg2027
STIBOR (i) + 3.000%
214 — 
USD 4.500% Senior Notes2 Luxembourg20314.500 %779 777 
USD 6.625% Senior Notes3 Luxembourg20266.625 %147 147 
USD 6.250% Senior Notes4 Luxembourg20296.250 %670 670 
USD 5.125% Senior Notes5 Luxembourg20285.125 %446 445 
USD 5.875% Senior Notes6 Paraguay20275.875 %508 556 
PYG 8.750% Notes (tranche A)6 Paraguay20248.750 %16 17 
PYG 9.250% Notes (tranche B)6 Paraguay20269.250 %7 7 
PYG 10.000% Notes (tranche C)6 Paraguay202910.000 %9 9 
PYG 9.250% Notes (tranche D)6 Paraguay20269.250 %1 1 
PYG 10.000% Notes (tranche E)6 Paraguay202910.000 %3 4 
PYG 9.250% Notes (tranche F)6 Paraguay20279.250 %2 2 
PYG 10.000% Notes (tranche G)6 Paraguay203010.000 %3 3 
PYG 6.000% Notes (tranche H)6 Paraguay20266.000 %13 14 
PYG 6.700% Notes (tranche I)6 Paraguay20286.700 %19 21 
PYG 7.500% Notes (tranche J)6 Paraguay20317.500 %22 23 
BOB 5.800% Notes7 Bolivia20265.800 %35 50 
BOB 4.850% Notes7 Bolivia20234.850 %14 28 
BOB 3.950% Notes7 Bolivia20243.950 %14 21 
BOB 4.600% Notes7 Bolivia20244.600 %41 40 
BOB 4.300% Notes7 Bolivia20294.300 %15 17 
BOB 4.300% Notes7 Bolivia20224.300 %— 11 
BOB 4.700% Notes7 Bolivia20244.700 %21 25 
BOB 5.300% Notes7 Bolivia20265.300 %8 9 
BOB 5.000% Notes7 Bolivia20265.000 %48 54 
UNE Bond 2 (tranches A and B)8 Colombia2023
CPI + 4.76%
31 38 
UNE Bond 3 (tranche A)8 Colombia20249.350 %33 40 
UNE Bond 3 (tranche B)8 Colombia2026
CPI + 4.15%
53 64 
UNE Bond 3 (tranche C)8 Colombia2036
CPI + 4.89%
26 32 
UNE Bond 6.600%8 Colombia20306.600 %31 38 
UNE Bond 4 (tranche A)8 Colombia20285.560 %24 29 
UNE Bond 4 (tranche B)8 Colombia2031
CPI + 2.61%
59 71 
UNE Bond 4 (tranche C)8 Colombia2036
CPI + 3.18%
18 21 
USD 4.500% Senior Notes9 Panama20304.500 %589 587 
USD Comcel Senior Notes 5.125%10 Guatemala20325.125 %870 — 
Total bond financing4,980 4,090 
(i)    STIBOR – Swedish Interbank Offered Rate.
Bank and Development Financial Institution financing
NoteCountryMaturity rangeInterest rate 20222021
(US$ millions)
Fixed rate loans
PYG Long-term loans1Paraguay2023-2026Fixed76 94 
USD - Long-term loans2Panama2025-2026Fixed185 259 
BOB Long-term loans3Bolivia2023-2026Fixed64 54 
GTQ Long-term loans8Guatemala2025-2027Fixed595 605 
Variable rate loans
USD Long-term loans4Costa Rica2026Variable32 33 
CRC Long-term loans4Costa Rica2026Variable96 88 
USD Long-term loansTanzania2022-2025Variable— 150 
TZS Long-term loansTanzania2022-2025Variable— 38 
COP Long-term loans5Colombia2025-2030Variable280 322 
USD Long-term loans5Colombia2024Variable50 148 
USD Credit Facility / Senior Unsecured Term Loan Facility6El Salvador2026-2027Variable173 99 
USD Long-term loans6Nicaragua2027Variable147 — 
USD Revolving Credit Facility(i)7Luxembourg2025Variable(3)(4)
USD Bridge Loan7Luxembourg2022Variable— 1,632 
USD DNB Bilateral7Luxembourg2026Variable99 99 
Total Bank and Development Financial Institution financing1,794 3,618 
(i)     Relates to the amortized costs of the undrawn RCF that the Company entered into in October 2020 - see point 7 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
202220212020
(US$ millions)
Interest expense on bonds and bank financing(434)(329)(369)
Interest expense on leases(124)(113)(112)
Early redemption charges— (5)(15)
Others(59)(47)(64)
Total interest and other financial expenses(617)(495)(560)
Disclosure of contingent liabilities
Maturity of guarantees
Bank and financing guarantees (i)Supplier guarantees
TermsAs at December 31, 2022As at December 31, 2021As at December 31, 2022As at December 31, 2021
Outstanding and Maximum exposureOutstanding and Maximum exposure
0-1 year13 71 2 82 
1-3 years70 6 — — 
3-5 years418 223 — — 
Total501 300 2 82 
(i) If non-payment by the obligor, the guarantee ensures payment of outstanding amounts by the Group's guarantor.
Disclosure of leases At December 31, 2022, lease liabilities are presented in the statement of financial position as follows:
December 31, 2022December 31, 2021
(US$ millions)
Current163 171 
Non-Current853 996 
Total Lease liabilities1,016 1,167 
The expenses relating to payments not included in the measurement of the lease liability are disclosed in operating expenses and are as follows:
20222021
(US$ millions)
Expense relating to short-term leases (included in cost of sales and operating expenses)0 0 
Schedule of cash and cash equivalents
20222021
(US$ millions)
Cash and cash equivalents in USD820 526 
Cash and cash equivalents in other currencies220 369 
Total cash and cash equivalents1,039 895 
Schedule of restricted cash
20222021
(US$ millions)
Mobile Financial Services50 197 
Others6 7 
Restricted cash57 203 
Disclosure of net debt
Net financial obligations
20222021
(US$ millions)
Total debt and financing6,804 7,744 
Lease liabilities1,016 1,167 
Gross financial obligations7,820 8,911 
Less:
Cash and cash equivalents(1,039)(895)
Pledged deposits— (35)
Net financial obligations at the end of the year6,780 7,981 
Add (less) derivatives related to debt (note D.1.2.)34 (20)
Net financial obligations including derivatives related to debt6,814 7,961 

AssetsLiabilities from financing activities
Cash and cash equivalentsOtherBond and bank debt and financingLease liabilitiesTotal
Net financial obligations as at January 1, 2021875 — 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, 2021895 35 7,744 1,167 7,981 
Cash flows179 (35)(557)(157)(858)
Scope changes— — — — — 
Recognition / Remeasurement— — — 251 251 
Interest accretion— — 9 — 9 
Foreign exchange movements(11)— (197)(63)(249)
Transfers to/from assets held for sale(24)— (189)(184)(349)
Transfers— — 1 2 4 
Other non-cash movements— — (8)— (8)
Net financial obligations as at December 31, 20221,039 — 6,804 1,016 6,780 
Disclosure of fair value measurement of assets
Fair values of financial instruments at December 31,
Carrying valueFair value
Note
2022202120222021
(US$ millions)
Financial assets
Derivative financial instruments19 21 19 21 
Other non-current assets76 74 76 74 
Trade receivables, net379 405 379 405 
Amounts due from non-controlling interests, associates and joint venture partnersG.5.15 65 15 65 
Prepayments and accrued income117 166 117 166 
Supplier advances for capital expenditures21 35 21 35 
Other current assets197 269 197 269 
Restricted cashC.5.2.57 203 57 203 
Cash and cash equivalentsC.5.1.1,039 895 1,039 895 
Total financial assets1,920 2,134 1,920 2,134 
Current1,825 2,015 1,825 2,015 
Non-current95 119 95 119 
Financial liabilities
Debt and financing (i)C.3.6,804 7,744 6,327 7,817 
Trade payables400 347 400 347 
Payables and accruals for capital expenditure428 452 428 452 
Derivative financial instruments53 1 53 1 
Put option liabilityC.7.4.— 290 — 290 
Amounts due to non-controlling interests, associates and joint venture partnersG.5.58 74 58 74 
Accrued interest and other expenses412 539 412 539 
Other liabilities658 814 658 814 
Total financial liabilities8,812 10,260 8,335 10,334 
Current1,601 3,858 1,601 3,858 
Non-current7,210 6,403 6,733 6,476 
(i)    Fair values are measured with reference to Level 1 (for listed bonds) or level 2.
Disclosure of fair value measurement of liabilities
Fair values of financial instruments at December 31,
Carrying valueFair value
Note
2022202120222021
(US$ millions)
Financial assets
Derivative financial instruments19 21 19 21 
Other non-current assets76 74 76 74 
Trade receivables, net379 405 379 405 
Amounts due from non-controlling interests, associates and joint venture partnersG.5.15 65 15 65 
Prepayments and accrued income117 166 117 166 
Supplier advances for capital expenditures21 35 21 35 
Other current assets197 269 197 269 
Restricted cashC.5.2.57 203 57 203 
Cash and cash equivalentsC.5.1.1,039 895 1,039 895 
Total financial assets1,920 2,134 1,920 2,134 
Current1,825 2,015 1,825 2,015 
Non-current95 119 95 119 
Financial liabilities
Debt and financing (i)C.3.6,804 7,744 6,327 7,817 
Trade payables400 347 400 347 
Payables and accruals for capital expenditure428 452 428 452 
Derivative financial instruments53 1 53 1 
Put option liabilityC.7.4.— 290 — 290 
Amounts due to non-controlling interests, associates and joint venture partnersG.5.58 74 58 74 
Accrued interest and other expenses412 539 412 539 
Other liabilities658 814 658 814 
Total financial liabilities8,812 10,260 8,335 10,334 
Current1,601 3,858 1,601 3,858 
Non-current7,210 6,403 6,733 6,476 
(i)    Fair values are measured with reference to Level 1 (for listed bonds) or level 2.