The Millicom Group (Tables)

12 Months Ended

Dec. 31, 2024

Interests In Other Entities [Abstract]

The Group's main subsidiaries are as follows:


Entity	Country	Activity	December 31, 2024 % holding*	December 31, 2023 % holding*	December 31, 2022 % holding*
Colombia Móvil S.A. E.S.P.	Colombia	Mobile	50-1 share	50-1 share	50-1 share
Comunicaciones Celulares S.A.	Guatemala	Mobile	100	100	100
Grupo de Comunicaciones Digitales, S.A. (formerly Telefonica Moviles Panama, S.A.)	Panama	Mobile	100	100	100
Lati International S.A. (i)	Luxembourg	Holding Company ('Lati business')	100	100	N/A
Millicom Cable Costa Rica S.A.	Costa Rica	Cable, DTH	100	100	100
Millicom International Operations B.V. (ii)	Netherlands	Holding Company	100	100	100
Millicom International Services LLC	USA	Services Company	100	100	100
Millicom LIH S.A.	Luxembourg	Holding Company	100	100	100
Millicom International Operations S.A.	Luxembourg	Holding Company	100	100	100
Millicom Spain S.L.	Spain	Holding Company	100	100	100
Millicom Telecommunications S.A. (iii)	Luxembourg	Holding Company ('MFS business')	100	100	100
Navega.com S.A.	Guatemala	Cable, DTH	100	100	100
Servicios Especializados en Telecomunicaciones, S.A.	Guatemala	Mobile	100	100	100
Servicios Innovadores de Comunicacion y Entretenimiento, S.A.	Guatemala	Mobile	100	100	100
Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.)	Panama	Cable, Pay-TV, Internet, DTH, Fixed-line	100	100	100
Telefonica Celular de Bolivia S.A.	Bolivia	Mobile, DTH, Cable	100	100	100
Telefonia Celular de Nicaragua S.A.	Nicaragua	Mobile, Cable, Internet, Fixed-line	100	100	100
Telefonica Celular del Paraguay S.A. (iv)	Paraguay	Mobile, Cable, Pay-TV, Internet	100	100	100
Telemovil El Salvador S.A. de C.V.	El Salvador	Mobile, Cable, DTH	100	100	100
UNE EPM Telecomunicaciones S.A. and subsidiaries	Colombia	Fixed-line, Internet, Pay-TV, Mobile	50-1 share	50-1 share	50-1 share
* Also reflects the voting interest, except in Colombia where voting interest is 50% + 1 share for each of the two entities.
(i) Lati International S.A. is the holding Company of the Group's tower business.
(ii) Millicom International Operations B.V. was held by Millicom Holding B.V. and MIC Latin America B.V. until they merged in July 2024.
(iii) Millicom Telecommunications S.A. is the holding Company of most of the Group's MFS business.
(iv) Servicios y Productos Multimedios S.A. has been merged with Telefonica Celular del Paraguay S.A., effective in April 2024.

The summarized financial information for material non-controlling interests in our operations in Colombia and Panama (until the purchase of the remaining 20% shareholding in June 29, 2022) is provided below. This information is based on amounts before inter-company eliminations.

Colombia


	2024	2023	2022
	(US$ millions)
Revenue	1,380	1,313	1,335
Total operating expenses	(496)	(501)	(492)
Operating profit	283	60	64
Net (loss) for the year	30	(326)	(104)
50% non-controlling interest in net (loss)	15	(163)	(52)
Total assets (excluding goodwill)	2,089	2,470	1,942
Total liabilities	2,177	2,605	1,890
Net assets	(87)	(135)	52
50% non-controlling interest in net assets	(44)	(68)	26
Consolidation adjustments	(11)	(17)	2
Total non-controlling interest	(55)	(85)	28
Dividends and advances paid to non-controlling interest	—	—	(2)
Net cash from operating activities	297	270	250
Net cash from (used in) investing activities	(175)	(214)	(289)
Net cash from (used in) financing activities	(119)	(54)	(133)
Exchange impact on cash and cash equivalents, net	(7)	2	(5)
Net increase (decrease) in cash and cash equivalents	(3)	5	(178)

Panama


			2022 (i)

Revenue			651
Total operating expenses			(207)
Operating profit			106
Net profit (loss) for the year			29
20% non-controlling interest in net profit (loss)			4
Total assets (excluding Millicom's goodwill in Cable Onda)			1,719
Total liabilities			1,318
Net assets			401
20% non-controlling interest in net assets			—

Total non-controlling interest			—

Net cash from operating activities			148
Net cash from (used in) investing activities			(117)
Net cash from (used in) financing activities			(93)

Net increase (decrease) in cash and cash equivalents			(63)

(i) From January 1 to June 29, 2022, until the purchase of the remaining 20% shareholding of our operations in Panama (see note A.1.2.).

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 reserve			165
Reclassification of foreign currency translation reserve			(56)
Net gain on sale			109

(b) The operating results and cash flows of the discontinued operation for the year ended December 31, 2022 is set out below. The figures shown below are after inter-company eliminations.


Results from Discontinued Operations (in millions of U.S. dollars)			2022
Revenue			88
Equipment, programming and other direct costs			(26)
Operating expenses			(27)
Depreciation and amortization			(21)
Other operating income (expenses), net			4
Gain/(loss) on disposal of discontinued operations			120
Other expenses linked to the disposal of discontinued operations			(11)
Operating profit (loss)			127
Interest income (expense), net			(12)
Other non-operating (expenses) income, net			—
Profit (loss) before taxes			116
Tax expense			(3)
Net profit/(loss) from discontinued operations			113


Cash flows from discontinued operations (in millions of U.S. dollars)			2022
Cash from operating activities, net			18
Cash from (used in) investing activities, net			(10)
Cash from (used in) financing activities, net			(9)
Net cash inflows (outflows)			(1)

In accordance with IFRS 5, financial information relating to discontinued operations for the years ended December 31, 2022 is set out below. Figures shown below are after intercompany eliminations. As further explained in Note A.1.3. , the Group’s former businesses in Tanzania (sold on April 5, 2022) had been classified as discontinued operations. For the years ended December 31, 2024 and December 31, 2023, the results from discontinued operations relate to operating expense for $3 million and operating income of $4 million, respectively. For further details on Assets held for sale, refer to note E.4.

Results from discontinued operations


			2022

Revenue			88
Equipment, programming and other direct costs			(26)
Operating expenses			(27)
Other expenses linked to the disposal of discontinued operations			(11)
Depreciation and amortization			(21)
Other operating income (expenses), net			4
Gain/(loss) on disposal of discontinued operations			120
Operating profit (loss)			127
Interest income (expense), net			(12)
Other non-operating (expenses) income, net			—
Profit (loss) before taxes			116
Tax expense			(3)
Net profit/(loss) from discontinued operations			113

Cash flows from discontinued operations


			2022

Cash from operating activities, net			18
Cash from (used in) investing activities, net			(10)
Cash from (used in) financing activities, net			(9)

Disclosure of interests in joint ventures

Our main joint ventures are as follows:

Entity

Country

Activity

December 31, 2024 % holding

December 31, 2023 % holding

Telefonica Celular S.A. (i)

Honduras

Mobile, MFS

66.7

Navega S.A. de CV (i)

Honduras

Cable

66.7

(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.

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 1,2023			590

Results for the year			42
Dividends declared during the year			(54)
Currency exchange differences			(2)
Closing balance at December 31, 2023			576
Results for the year			54
Dividends declared during the year			(48)
Currency exchange differences			(21)
Closing balance at December 31, 2024			561

(i) Includes all the companies under the Honduras group. Share of profit is recognized under ‘Share of profit in joint ventures’ in the statement of income for the year ended December 31, 2024.

Disclosure of summarised financial information of joint venture

Summarized financial information of the Honduras operation is as follows. This information is based on amounts before inter-company eliminations.


	2024		2023		2022
	(US$ millions)
Revenue	617		612		586
Depreciation and amortization	(101)		(105)		(112)
Operating profit	159		124		111
Financial income (expenses), net	(37)		(28)		(29)
Profit before taxes	120		95		80
Tax expense	(40)		(32)		(31)
Profit for the year	80		63		49
Net profit for the year attributable to Millicom	54		42		32
Dividends and advances paid to Millicom	66		63		9
Total non-current assets (excluding goodwill)	465		429		404
Total non-current liabilities	463		440		384
Total current assets	235		200		182
Total current liabilities	262		223		220
Total net assets	(25)		(35)		(17)
Group's share in %	66.7	%	66.7	%	66.7	%
Group's share in USD millions	(17)		(23)		(12)
Goodwill and consolidation adjustments	578		600		601
Carrying value of investment in joint venture	561		576		590

Cash and cash equivalents	55		47		27
Debt and financing – non-current	417		394		334
Debt and financing – current	34		28		23
Net cash from operating activities	183		162		162
Net cash from (used in) investing activities	(65)		(94)		(109)
Net cash from (used in) financing activities	(109)		(48)		(64)
Net (decrease) increase in cash and cash equivalents	9		21		(12)

Joint Operations - Colombia

As further described in Note E.4.2. , on February 26, 2024, Tigo Colombia and Telecomunicaciones S.A. ESP BIC signed a binding framework agreement for the implementation of a single mobile access network as well as for sharing the radioelectric spectrum usage permits, whose only users would be the two shareholders participating in the such agreement. The transaction closed on December 20, 2024, with the approval from the Ministry of Information Technology and Communications to transfer in favor of the Temporary Union the permit for the access, use and exploitation of 20 MHz of radioelectric spectrum for the operation of land mobile radiocommunication services in the national territory granted to Colombia Móvil in the Resolution #332 dated February 20, 2020. Simultaneously, both operators contributed their RAN assets to UNIRED, the vehicle established to operate and maintain the unified mobile access network

The following table summarizes the contributions made by Tigo Colombia and the subsequent recognition of its participation in the joint operation's assets and liabilities:

Contribution to the Joint Operations


($ millions)			December 31, 2024 (Carrying value)
Property, Plant and Equipment			89
Intangible Assets			217
Total assets			306
Spectrum payable			205
Total liabilities			205

Share in the Joint Operations’ assets and liabilities


($ millions)			December 31, 2024
Property, Plant and Equipment			116
Intangible Assets			115
Total assets			231
Spectrum payable			103
Total liabilities			103