Digital connectivity
for tomorrow’s world

Annual Report 2017

 Full Report



Chairman’s statement


Ours is a powerful story of transformation and growth, for Millicom and for all our stakeholders.

The change we have driven in our business for the past two years has not only increased our effectiveness but also helped us to transform the lives and businesses of millions of customers in all our markets.

Group CEO review


Thanks to the continuing commitment to our strategy, Millicom is well positioned to capitalize on the significant growth opportunity before us.

2017 was a year of impressive progress against our strategy: we accelerated the pace at which we deploy our high-speed data networks, we connected a record number of new customers, and found unique opportunities to bring about positive change.

Latin America review

Contributing 90% to Millicom’s Group revenue, our Latin American footprint covers eight countries where our Tigo® brand is often part of the national fabric.

Our strategy has paved the way for positive revenue growth as we continue to build the digital highways across the region.

Africa review

While our presence in Africa is shrinking – and the market challenging – the three countries in which we operate deliver around 10% of Millicom’s Group revenue.

We are continuing to accelerate and monetize mobile data, while growing our B2B and Mobile Financial Services capabilities.


Our year in numbers

The following dashboards highlight the year’s performance across financial, operational and corporate responsibility.

  1. Guatemala and Honduras businesses fully consolidated. See ‘Additional information’ on pages 197 to 200 for reconciliation with IFRS numbers. The comparative 2015 financial information has been re-presented as a result of the classification of our operations in DRC as discontinued operations (in accordance with IFRS 5).
  2. Alternative performance measures used in this annual report are non-GAAP measures that are presented to provide readers with additional financial information that is regularly reviewed by management and used to make decisions about operating matters. It should not be viewed in isolation or as an alternative to the equivalent GAAP measure. See “Additional information” on pages 197 to 200 for definitions and reconciliations to the closest respective equivalent IFRS measures.
  3. Penetration rate calculated as Mobile Data subscribers divided by Total Mobile Subscribers
  4. Including Tigo Nicaragua. Emtelco headcount is excluded from this report and any internal reporting because their costs are classified as direct costs and not employee related costs.

Business model

To become a high-performing, high-growth, fixed mobile convergent operator requires digital innovation, the best-connected customers and a talented and engaged workforce.


Our strategy

We are focusing our digital innovation on products and customer-facing developments that drive user adoption of high-speed data services such as: data monetization and video consumption, including Tigo Play and this year’s launch of TigoONEtv with TiVo.
Our mobile networks continue to experience rapid data traffic growth, and we are very focused on making sure that incremental traffic translates into additional revenues.
We are moving quickly to meet the growing demand for high-speed data from residential and business customers alike in our Latin American markets.
The expansion of our HFC network as well as the development of state-of-the-art data centers, improved analytics and Cloud services are also creating new opportunities for us to target B2B customers by offering them a more complete suite of communications and data services.


Our overview and strategy, performance reviews, governance and financials are all found here. Additionally, we provide useful supplementary content including country profiles and our Law Enforcement Disclosure report.


Annual Report