Business
Millicom (Tigo) Q2 2023 Earnings Release
Millicom (Tigo) Q2 2023 Earnings Release Luxembourg, July 27, 2023 – Millicom is pleased to announce its second quarter 2023 results. Please find below links
About this update from Millicom International Cellular S.a.
[{"type":"text","content":"Millicom (Tigo) Q2 2023 Earnings Release Luxembourg, July 27, 2023 – Millicom is pleased to announce its second quarter 2023 results. Please find below links to the Q2 2023 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements. Highlights* Revenue declined 3.8% mainly due to currency depreciation compared to the prior year and lower telephone and equipment sales. Excluding currency impacts, revenue declined 0.2% year-on-year.Service revenue increased 1.9% organically, with growth across all business units, including 6.1% growth in B2B and 1.7% growth in mobile driven by 8.6% growth in postpaid, with growth in most countries.Operating profit declined 19.8%, mostly reflecting currency depreciation and lower EBITDA, which declined 7.9% organically, impacted mainly by restructuring costs, higher non-cash share-based compensation and legal expenses, as well as incremental costs related to investments to protect our leadership position in Guatemala. Operating cash flow increased 3.3% to $333 million, an organic increase of 9.5%, mostly reflecting lower capital investment in our Home business in some countries, which more than offset the decline in EBITDA.Net loss of $22 million compared to net profit $129 million in Q2 2022, which included a large gain on the sale of our Tanzania operation.During Q2, our Colombia operation signed a Memorandum of Understanding with Telefonica Colombia to create a jointly-owned mobile infrastructure company, which is expected to produce material synergies. Full transaction documentation is not yet completed, and the transaction is subject to various regulatory approvals. Financial highlights ($ millions)Q2 2023Q2 2022% changeOrganic % ChangeH1 2023H1 2022% changeOrganic % ChangeRevenue1,3931,447(3.8)%(0.2)%2,7622,856(3.3)%1.0%Operating Profit198247(19.8)% 388481(19.4)% Net Profit / (Loss)(22)129NM (19)152(112.5)% Non-IFRS measures (*) Service Revenue1,2911,315(1.8)%1.9%2,5552,615(2.3)%2.1%EBITDA515577(10.8)%(7.9)%1,0221,141(10.4)%(7.0)%Capex182255(28.5)% 367454(19.1)% Operating Cash Flow3333223.3%9.5%655687(4.7)%0.1% *See page 12 of the Q2 2023 Earning Release for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures. This information is also available at www.millicom.com/investors/reporting-center Millicom Chief Executive Officer Ma...