Millicom returns to positive revenue growth

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CEO Mauricio Ramos “Over the past two years, we have accelerated the deployment of our high-speed data networks, both mobile and fixed, and our efforts are starting to pay off. Growth is coming back, and we are seeing positive momentum in our largest markets. In Latam, I am particularly pleased with our performance in Paraguay, Bolivia, and Guatemala. In these three countries, revenue growth in our Home unit exceeds 20%, and B2C Mobile is growing again. In Colombia, we continue to make the investments needed to drive sustainable and profitable growth over the medium to long term.
In Africa, we made progress toward our strategic goals by merging our business in Ghana with Airtel’s to create a strong and viable operation. We also saw a significant improvement in revenue growth trends in the region, buoyed by Tanzania, which reported its strongest rate of growth in more than one year.
As we approach the end of 2017 and continue planning for 2018, I am confident that we have the strategy in place to produce faster growth and generate higher returns and free cash flow over time.”

Subsequent Events
On 12 October 2017, we completed the transaction announced on 3 March 2017 with Bharti Airtel Limited to combine our operations in Ghana. The Ghana business has been accounted for as a discontinued operation at 30 September 2017 and will be accounted for as a joint venture from 12 October 2017.
On 12 October 2017, our Bolivia operation placed approximately $80 million of local currency debt in three tranches, with an average term of 6.6 years and an average interest rate of 4.66%.
On 15 October 2017, we completed the redemption of our 6.625% Senior Notes due 2021, as announced on 11 & 20 September 2017.

Our Latam segment continues to perform in line with our expectations, excluding regulatory impacts. Stronger than expected customer intake has been an additional drag on EBITDA year-to-date, but this is now beginning to deliver faster growth. For Q4, we anticipate year-on-year constant currency service revenue growth in the range of 2% to 4% and EBITDA growth of 4% to 6% for our Latin America region. With Senegal and Ghana now accounted for as discontinued operations, the perimeter for the group has changed, and Africa now represents less than 10% of Group revenue. We continue to expect that our Africa operations will generate positive equity free cash flow in 2017. (Earnings Release)

Know our Markets

Millicom is a leading provider of cable and mobile services dedicated to emerging markets in Latin America and Africa. We want to show you what these fascinating and diverse markets look like from the inside. In Paraguay, where TIGO has been serving more than 3.5 million customers, investment in and expansion of its mobile and cable networks has continued at pace since 1992.  This year, employees celebrated the company's 25th anniversary as Paraguay's leading mobile network and cable service provider. To discover more, click here. To watch, hit PLAY