Resilient cash flow and customer growth

Millicom Chief Executive Officer Mauricio Ramos commented:

“As we close one of the most challenging years in our 30-year history, we take pride in how Tigo responded to the crisis: keeping our employees and customers safe, keeping our communities connected, and protecting both our market leadership and our cash flow. The recovery that began in June gained momentum in the fourth quarter, and the important steps we took at the onset of the crisis provided us with ample flexibility to adjust our plans as business activity recovered in the second half of the year.

While we are encouraged by recent trends, our plans for 2021 reflect the fact that in our markets the pandemic is hitting a second wave, unemployment remains very high, government finances are stretched, and it remains unclear when the worst of the economic impact of this health crisis will pass.

As a result, we are taking the same prudent approach to 2021 as we did in 2020. We will manage the business to deliver a minimum OCF of $1.4 billion. This will give us the flexibility to adjust our plans as needed throughout the year. We will continue to prioritize capex to accelerate organic growth and net debt reduction toward our long-term leverage target of around 2.0x. With this in mind, we believe it is prudent not to pay a cash dividend in 2021, although we may resume share repurchases in the second half of the year.

Now more than ever, I am optimistic about the future for Millicom. Our 21,000 employees are laser-focused on executing our network-centric, convergence-driven, customer-focused and digital-first strategy. Meanwhile, the entrepreneurial spirit that brought mobile communications to our markets 30 years ago continues to permeate our vibrant, purpose-driven culture.  We call it "Sangre Tigo", and it fuels the passion with which we met the challenges of 2020 and with which we expect to create sustainable shareholder value for years to come. I hope that you will continue to join us on this journey."

Building Our Future

Celebrating 30 years of pioneering the digital landscape


In this latest addition to our quarterly results video series, we invite you to take a look at our 30th anniversary video on building our futureMillicom commenced operations in 1990 as a pioneer in the global telecommunications industry, introducing mobile connectivity to several emerging markets across the world. Today, TIGO has solidified its place as an industry-leading convergent operator with a strong presence in 10 markets, primarily in Latin America, providing mobile services to approximately 55 million customers, with a cable footprint of more than 12 million homes passed.  The company employs 21,000 full-time people and generates thousands of indirect jobs.

Today, Millicom extends its gratitude to the shareholders, customers, partners, and team members who have made the past three decades of building the digital highways a reality. We invite you to learn more about our journey - how we got here - and how we plan on building our future for years to come through the following resources:

To learn more, visit

This is yet another milestone in our purpose of building digital highways that connect people, improve lives, and develop our communities. Watch and enjoy!

Also, see: 

 Quarterly Series   Videos
 Q3 - 2020  Panama - Becoming Tigo
 Q2 - 2020  Tigo Heroes
 Q1 - 2020  Stay home #QuédateEnCasa
 Q4 - 2019  Millicom serious efforts on voluntarism