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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

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