Managing Our Business

Millicom’s performance reflects the interconnected work of teams across many disciplines. We stay on track to excel by diligently studying and monitoring our markets, continually supporting and developing our human capital and honing and measuring our progress against our business strategy. Our continued success also hinges on how we mitigate risks and optimize opportunities in our organization, meet our rigorous ethical and compliance standards, and govern our company. This section of our Annual Report lays out how all those components contribute to our success.

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Financial Performance & Market Leadership

Financial and Operational Highlights

Financial Results

Revenue
($m)
+9.9%Year-on-year
growth
  • 2017
  • 2018
  • 2019
Gross Profit
+10.8%Year-on-year
growth
($m)
  • 2017
  • 2018
  • 2019

Home

HFC Homes Passed
(m)
+8.5%Year-on-year
growth
  • 2017
  • 2018
  • 2019
HFC Customer Relationships
(m)
+11.3%Year-on-year
growth
  • 2017
  • 2018
  • 2019

Mobile

4G customers
+47%Year-on-year
growth
($m)
  • 2017
  • 2018
  • 2019
22K+
11.6K
Full-time employees and approximately 30,000 contractors
Points of
presence
Corporate Responsibility Indicators
200
89%
Key Staff trained on Human Rights
Strategic suppliers who signed the Supplier Code of Conduct
1,400+
207K
Connected
schools
Women who participated in our digital inclusion and training programs

Chief Financial Officer’s Message

We continued to focus on capturing the broadband opportunity in our Latin America markets during 2019, as we saw positive results in both mobile and cable during the year. Additionally, we completed our footprint in Central America, acquiring and integrating mobile operations in Nicaragua and Panama. We continued to execute on our capital allocation strategy, selling Chad and supporting Jumia and Helios Towers with their successful stock exchange listings.

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Latam ($m)

Revenue By
Country
Revenue by
business*
Service revenueOrganic growth +2.2%$5,514
EBITDAOrganic growth +2.1%$2,443
  • Our Latin America (Latam) segment includes our Guatemala and Honduras joint ventures as if they were fully consolidated. Service revenue, EBITDA, OCF, CAPEX and organic growth are non-IFRS measures. Please refer to page 103 for description of non-IFRS measures

Supporting Our People

Our 22,000-plus full-time employees and 30,000 contractors embody our “Sangre Tigo”; they are the lifeblood essential to our culture, business and success. As one of the largest companies in Latin America, we embrace our role in fueling region-wide economic development and individual prosperity through the career opportunities we create. Therefore, we strive to be the employer of choice across all our markets by building a culture inside of Tigo where passionate, committed individuals are empowered to drive positive change and where they are encouraged to succeed.

I can’t imagine working in any other place. I’ve had opportunities to work in seven countries with people who believed in me and challenge me to grow professionally”Carolina Bernal Chief Financial Officer, Tigo Une Colombia
Bernal joined our company 26 years ago, mailing invoices to customers in Paraguay while she was still in high school
Blending Acquired Operations into Tigo With Openness And Respect
The Value of Volunteerism
Bringing “Sangre Tigo” to Life

Our Strategy

We continued generating robust financial returns and socioeconomic benefits in our markets in 2019 by staying relentlessly focused on our business strategy, which is designed to propel long-term, stable growth in six interconnected areas.

Transforming Public Healthcare Access in Panama
High-Performance Energy-Efficient Latam Datacenters
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