Millicom (Tigo) Q1 2024 Earnings Release
08 Mayo 2024 - 5:00AM
Millicom (Tigo) Q1 2024 Earnings Release
Luxembourg, May 8, 2024 –
Millicom is pleased to announce its first quarter 2024
results. Please find below links to the Q1 2024 Earnings Release
and IAS 34 Interim Condensed Consolidated Financial Statements.
Highlights*
- Revenue grew 8.6% driven by Service revenue up 8.8%, due to
stronger currencies and organic growth of 3.8%, up from 3.2% in Q4
attributable to large B2B contracts in Panama and a return to
positive growth in Guatemala.
- Operating profit increased 70.6%, reflecting the revenue
increase and a 3.4% decline in operating expenses, while EBITDA
grew 24.5% (20.0% organically) despite $30 million of restructuring
costs incurred in the period.
- Colombia EBITDA rose 50.3% (24.2% organically) with a record
EBITDA margin of 36.5% despite an $18 million restructuring charge.
Excluding this one-off, Colombia's EBITDA margin was 41.4%.
- Operating cash flow rose 53.0% organically to $519 million,
reflecting both the robust EBITDA growth and a 38.9% reduction in
capex due mostly to slower phasing of investments in 2024 compared
to 2023.
- Net income of $92 million in Q1 2024 was up strongly from $3
million in Q1 2023, reflecting the significant increase in
operating profit.
- Leverage declined to 3.10x at the end of March 2024 from 3.29x
at year-end 2023.
Financial highlights ($ millions) |
Q1 2024 |
Q1 2023 |
% change |
Organic % Change |
Revenue |
1,487 |
1,369 |
8.6% |
3.8% |
Operating Profit |
324 |
190 |
70.6% |
|
Net Profit |
92 |
3 |
NM |
|
Non-IFRS measures (*) |
|
|
|
|
Service Revenue |
1,376 |
1,264 |
8.8% |
3.8% |
EBITDA |
632 |
507 |
24.5% |
20.0% |
Capex |
113 |
185 |
(38.9)% |
|
Operating Cash Flow |
519 |
322 |
61.0% |
53.0% |
Equity Free Cash Flow |
1 |
(133) |
NM |
|
*See page 10 for a description of non-IFRS
measures and for reconciliations to the nearest equivalent IFRS
measures.
Millicom Chief Executive Officer Mauricio Ramos
commented:
"I am very pleased to report that 2024 is off to
a good start, as the combination of key investments and strategic
initiatives implemented over the last several years, combined with
savings from both phases of Project Everest, produced strong Q1
performance on many fronts:
- EBITDA grew 20% organically, with all countries up between 8%
and 26%;
- OCF grew even faster, up 53% organically, as we optimized
investment and benefited from favorable phasing;
- Colombia EBITDA margin hit a new record and is on track to
generate positive and sustainable EFCF in 2024, after years of
heavy investment;
- Guatemala returned to positive service revenue and EBITDA
growth, aided by improved mobile pricing; and,
- Panama cemented its market leadership with record postpaid
mobile net additions, as the third mobile operator ceased
operations on April 20.
Q1 benefited from large B2B contracts, favorable
capex phasing, stronger FX and other tailwinds, yet Q1 results
demonstrate the cash flow generation potential of the business, and
strengthen our ability to achieve our 2024 Equity Free Cash Flow
target of $550 million.As recently-communicated, Millicom's Board
of Directors appointed Marcelo Benitez to succeed me as Millicom's
next CEO. I will continue as Chair of the Board of Directors,
subject to shareholder approval at the upcoming AGM. The entire
Board and I look forward to working with Marcelo to ensure a smooth
transition and continued success in his incredible journey with
Millicom over the past 30 years."
• Q1 2024 Earnings
Release
• IAS 34 Interim Condensed
Consolidated Financial Statements
Millicom is planning to host
a video conference for the global
financial community on May 8, 2024, at 14:00 (Stockholm) / 13:00
(London) / 08:00 (Miami).
Registration for the interactive event is
required at the following link. After registering, you 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: 822 3803 6738:
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. Accompanying slides and a replay of the
event will be available on the Millicom investors website.
For further information, please
contact:
Press: Sofía Corral, Communications Director
press@millicom.com |
Investors:Michel Morin, VP 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 March 31, 2024, Millicom, including its
Honduras Joint Venture, employed approximately 15,500 people and
provided mobile and fiber-cable services through its digital
highways to more than 45 million customers, with a fiber-cable
footprint about 14 million homes passed. Founded in 1990, Millicom
International Cellular S.A. is headquartered in Luxembourg.
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 May 8, 2024.
- Millicom - Earnings Release - Q1 2024
- Millicom - IAS34 - Q1 2024
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