Millicom (Tigo) closes 2022 with robust free cash flow

Rhea-AI Summary

Millicom (TIGO) reported strong financial results for Q4 and the full year 2022, achieving an Equity Free Cash Flow of $171 million, aligned with its budget and three-year target. The company experienced an 8.4% growth in organic OCF despite a challenging macroeconomic landscape. Millicom expanded its mobile and fiber services, reaching 12.6 million homes with 730,000 fiber connections. Notably, it introduced 5G in Guatemala and focused on enhancing its B2B services. The leadership expressed confidence in continued performance improvement in 2023, underlining the team's dedication and successful operational strategies.

Positive

• Achieved Equity Free Cash Flow of $171 million for 2022.
• Organic OCF growth of 8.4%.
• Expanded to 12.6 million homes, with a fiber presence in 730,000 homes.
• First to launch 5G services in Guatemala.
• Maintained market share in most regions.

Negative

• None.

Millicom (Tigo) closes 2022 with robust free cash flow

Luxembourg, February 10, 2023 – Millicom is pleased to announce its fourth quarter and annual 2022 results. Please find below links to the Q4 2022 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.

Millicom Chief Executive Officer Mauricio Ramos commented:

"2022 was a strong year for Millicom. Operationally, we gained or sustained mobile and fixed market share in the vast majority of our markets, and we continued to successfully execute on our strategy to accelerate growth in B2B. In Mobile, we continued to invest to modernize and upgrade our networks, and we were the first to introduce 5G service in Guatemala. In Home, we continued to expand our network to reach 822,000 new homes, and we pivoted our new build activity toward fiber-to-the-home. We now reach 12.6 million homes, of which 730,000 are already fiber.

Despite a more challenging macroeconomic and competitive environment, we achieved Equity Free Cash Flow¹ of $171 million, in line with our budget and consistent with our three-year target, thanks to robust organic OCF growth of 8.4%. These results demonstrate Millicom's ability to adapt to changing market conditions and reflect the strength of our team, our brand, and the quality of the services we provide, backed by state-of-the-art networks and infrastructure.

In 2022, we also validated our science-based targets and were recognized as one of the top five employers globally in the Great Place to Work survey. I want to thank our 20,000 employees for their continued hard work and dedication. I am confident that, together, we will deliver another outstanding performance in 2023."

• Q4 2022 Earnings Release
• IAS 34 Interim Condensed Consolidated Financial Statements

Video conference details
A video conference to discuss these results will take place on February 10, 2023 at 14:00 (Luxembourg/Stockholm) / 13:00 (London) / 08:00 (Miami).

Registration for the interactive event is required at the following link.
After registering, participants will receive a confirmation email containing details about joining the video conference. Participants who wish to ask a question during the live event must notify the Investor Relations team via email to investors@millicom.com after the start of the event.

Participants may also join the conference in listen-only mode by dialing any of the following numbers and entering the Webinar ID: 869 5270 7171:

US: +1 929 205 6099                                        Sweden: +46 850 539 728
UK: +44 330 088 5830                                      Luxembourg: +352 342 080 9265

Additional international numbers are available at the following link. A replay of the event will be available on the Millicom investors website.

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For further information, please contact

Press: Sofía Corral, Communications Director press@millicom.com

Investors: Michel Morin, VP Investor Relations Sarah Inmon, Director Investor Relations investors@millicom.com

About Millicom
Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of December 31, 2022, Millicom employed approximately 20,000 people and provided mobile and fiber-cable services through its digital highways to more than 45 million customers, with a fiber-cable footprint over 13 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg. For more information, visit millicom.com. Connect with Millicom on Twitter, Instagram, Facebook, and LinkedIn.

Regulatory Statement
This information was prior to this release inside information and is information that Millicom is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 12:00 CET on February 10, 2023.

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¹ Excluding Africa

 

Attachments

• PR_Millicom (Tigo) closes 2022 with robust free cash flow
• Millicom_Q4 2022 Earnings Release
• Millicom - IAS 34 Interim Condensed Consolidated Financial Statements

FAQ

What were Millicom's Q4 2022 financial results?

Millicom reported an Equity Free Cash Flow of $171 million for Q4 2022, marking a successful year despite market challenges.

What is the Equity Free Cash Flow for Millicom in 2022?

In 2022, Millicom achieved an Equity Free Cash Flow of $171 million.

How many homes does Millicom reach with its fiber service?

Millicom reaches 12.6 million homes, with fiber service available in 730,000 of those.

What growth did Millicom experience in organic OCF?

Millicom reported an 8.4% growth in organic OCF for 2022.

What new service did Millicom introduce in Guatemala?

Millicom was the first to introduce 5G service in Guatemala.