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Capital structure and financing (Tables)
 12 Months Ended
Dec. 31, 2024
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract]  
Disclosure of share capital, share premium
Share capital, share premium
20242023
Authorized and registered share capital (number of shares)200,000,000 200,000,000 
Subscribed and fully paid up share capital (number of shares)172,096,305 172,096,305 
Par value per share1.50 1.50 
Share capital (US$ millions)258 258 
Share premium (US$ millions)1,064 1,076 
Total (US$ millions)1,322 1,334 
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. 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.
As a result, 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. The share capital also increased by $106 million to $258 million from $153 million. The remaining $611 million had been allocated to the Group's share premium account.
Disclosure of other equity reserves
Other equity reserves
Legal reserve
Equity settled transaction reserve
Hedge reserve
Currency translation reserve
Pension obligation reserve
Total
(US$ millions)
As of January 1,202216 43 (3)(646)(3)(593)
Share based compensation— 25 — — — 25 
Issuance of shares with respect to LTIPs— (17)— — — (17)
Remeasurements of post-employment benefit obligations— — — — (2)(2)
Cash flow hedge reserve movement— — 8 — 1 9 
Currency translation movement— — 0 20 — 20 
As of December 31, 202216 51 5 (626)(4)(559)
Share based compensation— 50 — — — 50 
Issuance of shares with respect to LTIPs— (40)— — — (40)
Remeasurements of post-employment benefit obligations— — — — (2)(2)
Transfer to legal reserves2 — — — — 2 
Cash flow hedge reserve movement— — (7)— — (7)
Currency translation movement— — — 56 — 56 
As of December 31, 202318 61 (2)(571)(6)(500)
Share based compensation— 49 — — — 49 
Share based cancellation(35)(35)
Issuance of shares with respect to LTIPs— (50)— — — (50)
Remeasurements of post-employment benefit obligations— — — — 1 1 
Transfer to legal reserves8 — — — — 8 
Cash flow hedge reserve movement— — (2)— — (2)
Currency translation movement— — — (2)— (2)
As of December 31, 202426 24 (4)(573)(5)(531)
Disclosure of detailed information about borrowings
Debt and financing by type (i)
Note
20242023
(US$ millions)
Debt and financing due after more than one year
BondsC.3.1.4,418 4,638 
Bank and Development Financial InstitutionC.3.2.1,253 1,832 
Other financing 38 
Total non-current financing5,671 6,508 
Less: portion payable within one year(138)(32)
Total non-current financing due after more than one year5,533 6,476 
Debt and financing due within one year
BondsC.3.1.43 111 
Bank and Development Financial InstitutionC.3.2.68 59 
Other financing (ii)33 18 
Total current debt and financing144 188 
Add: portion of non-current debt payable within one year138 32 
Total282 221 
Total debt and financing5,815 6,697 
(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
20242023
(US$ millions)
Millicom International Cellular S.A. (Luxembourg)2,401 2,388 
Guatemala1,233 1,463 
Colombia554 713 
Paraguay524 665 
Bolivia153 246 
Panama734 759 
Costa Rica146 142 
El Salvador71 174 
Nicaragua— 148 
Total debt and financing5,815 6,697 
Bond financing
NoteCountryMaturityInterest Rate %20242023
(US$ millions)
SEK Variable Rate Notes1 Luxembourg2027STIBOR (i) +3.000 %202 222 
USD 7.375% Senior Notes
2 Luxembourg20327.375 %445 — 
USD 4.500% Senior Notes
3 Luxembourg20314.500 %752 766 
USD 6.625% Senior Notes
4 Luxembourg20266.625 %— 147 
USD 6.250% Senior Notes
5 Luxembourg20296.250 %613 671 
USD5.125% Senior Notes
6 Luxembourg20285.125 %358 446 
USD 5.875% Senior Notes
7 Paraguay20275.875 %291 507 
PYG 8.750% Notes
7 Paraguay20248.750 %— 16 
PYG 9.250% Notes
7 Paraguay20269.250 %6 7 
PYG 10.000% Notes
7 Paraguay202910.000 %8 9 
PYG 9.250% Notes
7 Paraguay20269.250 %1 1 
PYG 10.000% Notes
7 Paraguay202910.000 %3 3 
PYG 9.250% Notes
7 Paraguay20279.250 %2 2 
PYG 10.000% Notes
7 Paraguay203010.000 %3 3 
PYG 6.000% Notes
7 Paraguay20266.000 %13 13 
PYG 6.700% Notes
7 Paraguay20286.700 %18 20 
PYG 7.500% Notes
7 Paraguay20317.500 %20 22 
PYG 7.800% Notes
7 Paraguay20277.800 %13 — 
PYG 8.170% Notes
7 Paraguay20328.170 %47 — 
BOB 5.800% Notes
8 Bolivia20265.800 %25 29 
BOB 3.950% Notes
8 Bolivia20243.950 %— 7 
BOB 4.600% Notes
8 Bolivia20244.600 %— 20 
BOB 4.300% Notes
8 Bolivia20294.300 %10 13 
BOB 4.700% Notes
8 Bolivia20244.700 %— 10 
BOB 5.300% Notes
8 Bolivia20265.300 %4 6 
BOB 5.000% Notes
8 Bolivia20265.000 %36 42 
BOB 6.000% Notes
8 Bolivia20286.000 %54 57 
UNE Bond 3 (tranche A)
9 Colombia20249.350 %— 42 
UNE Bond 3 (tranche B)
9 Colombia2026CPI (ii) +4.150 %58 66 
UNE Bond 3 (tranche C)
9 Colombia2036CPI (ii) +4.890 %29 33 
UNE Bond 6.600%
9 Colombia20306.600 %34 39 
UNE Bond 4 (tranche A)
9 Colombia20285.560 %26 30 
UNE Bond 4 (tranche B)
9 Colombia2031CPI (ii) +2.610 %64 74 
UNE Bond 4 (tranche C)
9 Colombia2036CPI (ii) +3.180 %19 22 
UNE Bond 7 (tranche B)
9 Colombia2026CPI (ii) +8.100 %2 3 
UNE Bond 7 (tranche C)
9 Colombia2027CPI (ii) +8.250 %3 4 
UNE Bond 8 (tranche A)
9 Colombia202717.000 %13 — 
USD 4.500% Senior Notes
10 Panama20304.500 %549 575 
USD 5.125% Senior Notes
11 Guatemala20325.125 %737 823 
Total bond financing4,461 4,750 
(i)    STIBOR – Swedish Interbank Offered Rate.
(ii)    CPI - Colombian Consumer Price Index
NoteCountryMaturity rangeInterest rate 20242023
(US$ millions)
Fixed rate loans
PYG Long-term loans1Paraguay2025-2029Fixed98 63 
USD - Long-term loans2Panama2025-2026Fixed185 185 
BOB Long-term loans3Bolivia2025-2028Fixed23 62 
GTQ Long-term loans8Guatemala2026-2028Fixed444 640 
Variable rate loans
USD Long-term loans4Costa Rica2026Variable32 32 
CRC Long-term loans4Costa Rica2026Variable113 110 
COP Long-term loans5Colombia2025-2031Variable306 331 
USD Long-term loans5Colombia2024Variable— 50 
GTQ Long-term loans8Guatemala2030Variable52 — 
USD Credit Facility / Senior Unsecured Term Loan Facility6El Salvador2026-2027Variable71 174 
USD Long-term loans6Nicaragua2027Variable— 148 
USD Revolving Credit Facility (i)7Luxembourg2027Variable(3)(2)
USD DNB Bilateral7Luxembourg2026Variable— 100 
Total Bank and Development Financial Institution financing1,321 1,891 
(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
The Group’s interest and other financial expenses comprised the following:
202420232022
(US$ millions)
Interest expense on bonds and bank financing(449)(477)(434)
Interest expense on leases(122)(117)(124)
Early redemption charges— (1)— 
Others(146)(117)(59)
Total interest and other financial expenses(716)(712)(617)
Disclosure of contingent liabilities
Maturity of guarantees
Bank and financing guarantees (i)Supplier guarantees
TermsAs at December 31, 2024As at December 31, 2023As at December 31, 2024As at December 31, 2023
Outstanding and Maximum exposureOutstanding and Maximum exposure
0-1 year12 15 — 1 
1-3 years220 322 — — 
3-5 years— 169 — — 
Total232 505 — 1 
(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, 2024, lease liabilities are presented in the statement of financial position as follows:
December 31, 2024December 31, 2023
(US$ millions)
Current156 189 
Non-Current798 854 
Total Lease liabilities954 1,043 
Schedule of cash and cash equivalents
20242023
(US$ millions)
Cash and cash equivalents in USD550 531 
Cash and cash equivalents in other currencies149 244 
Total cash and cash equivalents699 775 
Schedule of restricted cash
20242023
(US$ millions)
Mobile Financial Services47 49 
Others10 8 
Restricted cash57 56 
Disclosure of net debt
Net debt
'Net debt' is debt and financial liabilities, including derivative instruments (assets and liabilities), less cash and pledged and time deposits.
20242023
(US$ millions)
Gross debt (i)5,815 6,678 
Add (less) derivatives & vendor financing related to debt (note D.1.2.)59 58 
Less:
Cash and cash equivalents(699)(775)
Pledged deposits— (6)
Net debt5,174 5,956 
(i) Excluding vendor financing of $18 million as of December 31, 2023.

Net financing obligations
'Net financing obligations' is Net debt plus lease liabilities.

AssetsLiabilities from financing and other activities
Cash and cash equivalentsOtherBond and bank debt and financingDerivatives and Vendor FinancingLease liabilitiesTotal
Net financial obligations as at January 1,20231,039 — 6,804 34 1,016 6,814 
Cash flows(270)5 (288)14 (177)(185)
Recognition / Remeasurement— — — — 142 142 
Interest accretion— — (1)— — (1)
Foreign exchange movements6 — 163 10 61 229 
Net financial obligations as at December 31, 2023775 6 6,678 58 1,043 6,999 
Cash flows(68)(5)(745)9 (204)(867)
Recognition / Remeasurement— — — — 269 269 
Interest accretion— — (6)— — (6)
Foreign exchange movements(8)— (109)(13)(51)(166)
Transfer to/from held for sale (see note E.4)— — — — (102)(102)
Other non-cash movements— — (4)5 — 1 
Net financial obligations as at December 31, 2024699 — 5,815 59 954 6,128 
Disclosure of fair value measurement of assets
Fair values of financial instruments at December 31,
Carrying valueFair value
Note
2024202320242023
(US$ millions)
Financial assets
Derivative financial instruments— 6 — 6 
Other non-current assets84 84 84 84 
Trade receivables, net390 443 390 443 
Amounts due from non-controlling interests, associates and joint venture partnersG.5.15 12 15 12 
Supplier advances for capital expenditures16 21 16 21 
Other current assets166 190 166 190 
Restricted cashC.5.2.57 56 57 56 
Cash and cash equivalentsC.5.1.699 775 699 775 
Total financial assets1,426 1,587 1,426 1,587 
Current1,343 1,503 1,343 1,503 
Non-current84 84 84 84 
Financial liabilities
Debt and financing (i)C.3.5,815 6,678 5,478 6,086 
Trade payables300 390 300 390 
Payables and accruals for capital expenditure305 314 305 314 
Derivative financial instruments59 46 59 46 
Put option liabilityC.7.4.— 86 — 86 
Amounts due to non-controlling interests, associates and joint venture partnersG.5.138 74 138 74 
Accrued interest and other expenses421 444 421 444 
Other liabilities568 1,128 568 1,128 
Total financial liabilities7,606 9,161 7,269 8,569 
Current1,732 1,670 1,732 1,689 
Non-current5,875 7,491 5,538 6,881 
(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
2024202320242023
(US$ millions)
Financial assets
Derivative financial instruments— 6 — 6 
Other non-current assets84 84 84 84 
Trade receivables, net390 443 390 443 
Amounts due from non-controlling interests, associates and joint venture partnersG.5.15 12 15 12 
Supplier advances for capital expenditures16 21 16 21 
Other current assets166 190 166 190 
Restricted cashC.5.2.57 56 57 56 
Cash and cash equivalentsC.5.1.699 775 699 775 
Total financial assets1,426 1,587 1,426 1,587 
Current1,343 1,503 1,343 1,503 
Non-current84 84 84 84 
Financial liabilities
Debt and financing (i)C.3.5,815 6,678 5,478 6,086 
Trade payables300 390 300 390 
Payables and accruals for capital expenditure305 314 305 314 
Derivative financial instruments59 46 59 46 
Put option liabilityC.7.4.— 86 — 86 
Amounts due to non-controlling interests, associates and joint venture partnersG.5.138 74 138 74 
Accrued interest and other expenses421 444 421 444 
Other liabilities568 1,128 568 1,128 
Total financial liabilities7,606 9,161 7,269 8,569 
Current1,732 1,670 1,732 1,689 
Non-current5,875 7,491 5,538 6,881 
(i)    Fair values are measured with reference to Level 1 (for listed bonds) or level 2.