Millicom International Cellular SA Files 20-F for Fiscal Year Ended December 31, 2023

Ticker: MLCMF · Form: 20-F · Filed: Mar 12, 2024 · CIK: 912958

Millicom International Cellular SA 20-F Filing Summary
FieldDetail
CompanyMillicom International Cellular SA (MLCMF)
Form Type20-F
Filed DateMar 12, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$1.50
Sentimentneutral

Sentiment: neutral

Topics: Millicom, 20-F, Annual Report, Telecommunications, Financials

TL;DR

<b>Millicom International Cellular SA has submitted its 2023 annual report on Form 20-F, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

MILLICOM INTERNATIONAL CELLULAR SA (MLCMF) filed a Foreign Annual Report (20-F) with the SEC on March 12, 2024. Millicom International Cellular SA filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's central index key is 0000912958. The filing was submitted on March 12, 2024. The company operates in the Radio Telephone Communications industry.

Why It Matters

For investors and stakeholders tracking MILLICOM INTERNATIONAL CELLULAR SA, this filing contains several important signals. This 20-F filing provides a comprehensive overview of Millicom's financial health, operational activities, and strategic direction for the past fiscal year, crucial for investors assessing the company's performance and future prospects. As a public document, it offers transparency into the company's financial statements, risk factors, and management discussions, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: low — MILLICOM INTERNATIONAL CELLULAR SA shows low risk based on this filing. The risk is low as this is a standard annual filing providing historical financial data and disclosures, with no immediate negative indicators present in the header information.

Analyst Insight

Review the detailed financial statements and risk factors within the full 20-F filing to understand Millicom's performance and potential challenges in the upcoming fiscal year.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed Period of Report)
  • 2024-03-12 — Filing Date (Filed as of Date)
  • 285 — Public Document Count (Total documents in the filing)
  • 0000912958 — Central Index Key (Company identifier)

Key Players & Entities

  • MILLICOM INTERNATIONAL CELLULAR SA (company) — Filer name
  • 0000912958 (company) — Central Index Key
  • 2024-03-12 (date) — Filing date
  • 2023-12-31 (date) — Fiscal year end
  • 2023-01-01 (date) — Fiscal year start
  • 4812 (industry) — Standard Industrial Classification

FAQ

When did MILLICOM INTERNATIONAL CELLULAR SA file this 20-F?

MILLICOM INTERNATIONAL CELLULAR SA filed this Foreign Annual Report (20-F) with the SEC on March 12, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by MILLICOM INTERNATIONAL CELLULAR SA (MLCMF).

Where can I read the original 20-F filing from MILLICOM INTERNATIONAL CELLULAR SA?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MILLICOM INTERNATIONAL CELLULAR SA.

What are the key takeaways from MILLICOM INTERNATIONAL CELLULAR SA's 20-F?

MILLICOM INTERNATIONAL CELLULAR SA filed this 20-F on March 12, 2024. Key takeaways: Millicom International Cellular SA filed its annual report on Form 20-F for the fiscal year ended December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's central index key is 0000912958..

Is MILLICOM INTERNATIONAL CELLULAR SA a risky investment based on this filing?

Based on this 20-F, MILLICOM INTERNATIONAL CELLULAR SA presents a relatively low-risk profile. The risk is low as this is a standard annual filing providing historical financial data and disclosures, with no immediate negative indicators present in the header information.

What should investors do after reading MILLICOM INTERNATIONAL CELLULAR SA's 20-F?

Review the detailed financial statements and risk factors within the full 20-F filing to understand Millicom's performance and potential challenges in the upcoming fiscal year. The overall sentiment from this filing is neutral.

How does MILLICOM INTERNATIONAL CELLULAR SA compare to its industry peers?

Millicom International Cellular SA operates in the telecommunications sector, specifically in radio telephone communications.

Are there regulatory concerns for MILLICOM INTERNATIONAL CELLULAR SA?

The filing is made under the Securities Exchange Act of 1934, indicating compliance with US regulatory requirements for foreign private issuers.

Industry Context

Millicom International Cellular SA operates in the telecommunications sector, specifically in radio telephone communications.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, indicating compliance with US regulatory requirements for foreign private issuers.

What Investors Should Do

  1. Analyze the full 20-F document for detailed financial statements, including revenue, net income, and balance sheet information.
  2. Review the 'Risk Factors' section to identify potential challenges and uncertainties facing Millicom.
  3. Examine management's discussion and analysis (MD&A) for insights into the company's strategy and operational performance.

Key Dates

  • 2024-03-12: Filing of 20-F — Submission of the annual report for the fiscal year 2023.
  • 2023-12-31: Fiscal Year End — End of the reporting period for the 2023 fiscal year.

Year-Over-Year Comparison

This is the initial filing for the fiscal year 2023, providing updated financial and operational data compared to the previous year's filings.

Filing Stats: 4,420 words · 18 min read · ~15 pages · Grade level 15.8 · Accepted 2024-03-12 13:53:20

Key Financial Figures

  • $1.50 — h registered Common Shares, par value $1.50 per share TIGO The Nasdaq Stock Market

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No x 3 Annual Report on Form 20-F 2023 4 TABLE OF CONTENTS PAGE C EO MESSAGE 10 PRESENTATION OF FINANCIAL AND OTHER INFORMATION 11

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 12 CONSOLIDATED MANAGEMENT REPORT KEY INFORMATION

Risk Factors

Risk Factors 14 Risk Management (including Cybersecurity) 41 INFORMATION ON THE COMPANY 44 History and Development of the Company 44 Business Overview 45 Organizational Structure and Subsidiaries 54 Unresolved Staff Comments 55 OPERATING AND FINANCIAL REVIEW AND PROSPECTS 56 Operating Results 56 Liquidity and Capital Resources 72 Trend Information 76 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 77 Directors and Senior Management (including Share Ownership) 77 Compensation 77 Employees 78 FINANCIAL INFORMATION 79 Consolidated Statements and Other Financial Information 79 Significant Changes 80 THE OFFER AND LISTING 80 ADDITIONAL INFORMATION 80 Related Party Transactions 80 Material Contracts 81 Exchange Controls 82 Taxation 82 Documents on Display 89

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK 89

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 92 AUDIT AND COMPLIANCE COMMITTEE FINANCIAL EXPERT 94 CODE OF ETHICS 94 CORPORATE GOVERNANCE 94 Corporate Governance Statement and Framework 94 Shareholders and Representation of Shareholders (Including Major Shareholders and Nomination Committee) 97 Board Governance 101 Board Profile: Skills and Experience 105 5 Board Program 108 Board Committees 110 I. Audit and Compliance Committee 111 II. Compensation and Talent Committee 115 Millicom CEO and Executive Team 129 PRINCIPAL ACCOUNTANT FEES AND SERVICES 131 PURCHASES OF EQUITY SECURITIES 131

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 131 EXHIBITS 132 6 FORM 20-F CROSS REFERENCE GUIDE Item in Form 20F Cross-Reference to Consolidated Management Report Pages PART I

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS None - Not Applicable

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS None - Not Applicable

OFFER STATISTICS AND EXPECTED TIMETABLE None - Not Applicable

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE None - Not Applicable

KEY INFORMATION

ITEM 3. KEY INFORMATION Key Information 14 A. Reserved B. Capitalization and Indebtedness None - Not Applicable C. Reasons for the Offer and Use of Proceeds None - Not Applicable D. Risk Factors Key Information - Risk Factors 14

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY Information on the Company 44 A. History and Development of the Company Information on the Company - History and Development of the Company 44 B. Business Overview Information on the Company - Business Overview 45 C. Organizational Structure Information on the Company - Organizational Structure and Subsidiaries 54 D. Property, Plant and Equipment Information on the Company - Business Overview 45

Unresolved Staff Comments

Item 4A. Unresolved Staff Comments Information on the Company - Unresolved Staff Comments 55

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS Operating and Financial Review and Prospects 56 A. Operating Results Operating and Financial Review and Prospects - Operating Results 56 B. Liquidity and Capital Resources Operating and Financial Review and Prospects - Liquidity and Capital Resources 72 C. Research and Development, Patents and Licenses, etc . Information on the Company - Business Overview 45 D. Trend Information Operating and Financial Review and Prospects - Trend Information 76 E. Critical Accounting Estimates Not Applicable

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES Directors, Senior Management and Employees 77 A. Directors and Senior Management Corporate Governance - Board Governance - Board Profile: Skills and Experience; Corporate Governance - Millicom CEO and Executive Team 117 B. Compensation Directors, Senior Management and Employees - Compensation 77 C. Board Practices Corporate Governance - Board Governance 136 D. Employees Directors, Senior Management and Employees - Employees 78 7 E. Share Ownership Corporate Governance - Board Profile: Skills and Experience; Corporate Governance - Millicom CEO and Executive Team 105 F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation None - Not Applicable

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS See 2 following lines

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS See 2 following lines A. Major Shareholders Corporate Governance - Shareholders and Representation of Shareholders 98 B. Related Party Transactions Additional Information - Related Party Transactions 80 C. Interests of Experts and Counsel None - Not Applicable

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION Financial Information 79 A. Consolidated Statements and Other Financial Information Financial Information - Consolidated Statements and Other Financial Information 79 B. Significant Changes Financial Information - Significant Changes 80

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING The Offer and Listing 80 A. Offer and Listing Details The Offer and Listing - Offer and Listing Details 80 B. Plan of Distribution None - Not Applicable C. Markets The Offer and Listing 80 D. Selling Shareholders None - Not Applicable E. Dilution None - Not Applicable F. Expenses of the Issue None - Not Applicable

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION Additional Information 80 A. Share Capital None - Not Applicable B. Memorandum and Articles of Association Corporate Governance - Corporate Governance Statement and Framework 133 C. Material Contracts Additional Information - Material Contracts 81 D. Exchange Controls Additional Information - Exchange Controls 82 E. Taxation Additional Information - Taxation 82 F. Dividends and Paying Agents None - Not Applicable G. Statement by Experts None - Not Applicable H. Documents on Display Additional Information - Documents on Display 89 I. Subsidiary Information None - Not Applicable J. Annual Report to Security Holders None - Not Applicable

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Quantitative and Qualitative Disclosures about Risk 89

Quantitative and Qualitative Disclosures about Risk 89

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES None - Not Applicable

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES None - Not Applicable A. Debt Securities None - Not Applicable B. Warrants and Rights None - Not Applicable C. Other Securities None - Not Applicable 8 D. American Depositary Shares None - Not Applicable PART II

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES None - Not Applicable

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES None - Not Applicable

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS None - Not Applicable

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS None - Not Applicable

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES

Controls and Procedures 92

Controls and Procedures 92 A. Disclosure Controls and Procedures

Controls and Procedures 92

Controls and Procedures 92 B. Management's Annual Report on Internal Control over Financial Reporting

Controls and Procedures 92

Controls and Procedures 92 C. Report of Independent Registered Public Accounting Firm

Controls and Procedures 93

Controls and Procedures 93 D. Changes in Internal Control over Financial Reporting

Controls and Procedures 94

Controls and Procedures 94

Audit Committee Financial Expert

Item 16A. Audit Committee Financial Expert Audit and Compliance Committee Financial Expert 94

Code of Ethics

Item 16B. Code of Ethics Code of Ethics 130

Principal Accountant Fees and Services

Item 16C. Principal Accountant Fees and Services Principal Accountant Fees and Services 131

Exemptions from the Listing Standards for Audit Committees None - Not Applicable

Item 16D. Exemptions from the Listing Standards for Audit Committees None - Not Applicable

Purchases of Equity Securities by the Issuer and Affiliated Purchasers Purchases of Equity Securities

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers Purchases of Equity Securities 131

Change in Registrant's Certifying Accountant None - Not Applicable

Item 16F. Change in Registrant's Certifying Accountant None - Not Applicable

Corporate Governance

Item 16G. Corporate Governance Corporate Governance - Corporate Governance Statement 94

Mine Safety Disclosure None - Not Applicable

Item 16H. Mine Safety Disclosure None - Not Applicable

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections None - Not Applicable

Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections None - Not Applicable

Insider Trading Policies

Item 16J. Insider Trading Policies Corporate Governance - Board Governance 95

Cybersecurity

Item 16K. Cybersecurity Risk Management 41 PART III ITEM S 17 and 18. FINANCIAL STATEMENTS

Financial Statements 132

Financial Statements 132

EXHIBITS

ITEM 19. EXHIBITS Exhibits 180 9 CEO MESSAGE When I joined Millicom as CEO in March 2015, the company was at a crossroads. We were #1 or #2 in mobile in most of our Latin American markets, but the company had yet to deploy the 4G networks that would be needed to protect its market leadership. Moreover, cash flow generation from Latin America was being re-invested in Africa, where Millicom had sub-scale operations in six countries scattered across the continent. One of my first decisions was to exit all of our African investments, and to re-deploy this capital to protect and extend our market leadership in Latin America. Exiting Africa was easier said than done, but over the course of several years, we successfully divested six telecom operations and investments in two non-core assets, completing our exit from the region. Meanwhile, in our core Latin American markets, we stepped up our investments. We quickly deployed 4G networks to protect and extend our mobile market leadership. We built extensive fiber networks and world-class Tier 3 data centers to provide additional services to both residential and B2B customers. In Colombia, the 2014 merger with UNE had left the company with a legacy copper network that we replaced with fiber-cable. In 2020, we acquired low-frequency spectrum that had historically handicapped Tigo's competitiveness in that mobile market. Similarly, we acquired AWS spectrum in El Salvador, paving the way for renewed growth and increased scale and profitability from both of these markets. Along the way and with a clear sense of purpose, we assembled a more diverse and inclusive workforce and became an employer of choice, we strengthened our brand and improved customer experience with robust networks and digital tools, and we made external commitments to do our part to help mitigate climate change. We also made a few key strategic decisions. In 2018, we entered the Panamanian market, and we are now the clear market leader in what i

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report contains statements that constitute "forward-looking" statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended. This Annual Report contains certain forward-looking statements concerning our intentions, beliefs or current expectations regarding our future financial results, plans, liquidity, prospects, growth, strategy and profitability, as well as the general economic conditions of the industries and countries in which we operate. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future sales or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, our competitive strengths and weaknesses, our business strategy and the trends we anticipate in the industries and the economic, political and legal environments in which we operate and other information that is not historical information. Many of the forward-looking statements contained in this Annual Report can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others. These statements appear in a number of places in this Annual Report and include, but are not limited to, statements regarding our intent, belief or current expectations with respect to: global economic conditions, foreign exchange rate fluctuations and high inflation, as well as local economic conditions in the markets we serve, which can be impacted by geopolitical developments outside of our principal geographic markets; potential disruption due to diseases, pandemics (including the COVID-19 virus), political events, armed conflict and acts by terrorists; telecommunications usage levels, including traffic, customer growth and the accelerated transition from traditional to digital services; competitive forces, including pricing pressures, pira

Risk Factors

Risk Factors In addition to the other information contained in this Annual Report, you should carefully consider the following risk factors before investing in our common shares. If any of the possible events described below were to occur, the business, financial condition and results of operations of the Millicom Group could be materially and adversely affected. If that happens, the market price of our common shares could decline, and you could lose all or part of your investment. Summary of Risk Factors The following is a summary of the risk factors our business faces. The list below is not exhaustive, and investors should read this "Risk Factors" section in full. Some of the risks we face include: our ability to adapt to rapid technological change and continually evolving industry standards; our ability to generate expected returns on substantial investments; our ability to expand our customer base and retain market share by developing and operating our mobile, cable and broadband networks, Mobile Financial Services ("MFS") and distribution systems; our ability to achieve the anticipated benefits following the acquisition of the remaining 45% equity interest in our Guatemala business; the potential adverse effects of long-term content and service commitments; the impact of rising content and programming costs; our dependence on the availability of an attractive selection of programming from content providers; the impact of competition from a variety of content and programming platforms on the demand for our pay-TV services; our ability to acquire and renew licenses for spectrum and comply with the terms and conditions of the licenses; the potential adverse impact of legal proceedings, litigation, and

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