UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2010.
Commission File No. 000-22828
MILLICOM INTERNATIONAL
CELLULAR S.A.
15, rue Léon Laval
L-3372 Leudelange
Grand-Duchy of Luxembourg
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
Form 20-F x |
| Form 40-F o |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7): o
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also hereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o |
| No x |
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
| MILLICOM INTERNATIONAL CELLULAR S.A. | |
|
| (Registrant) | |
|
|
| |
|
|
| |
Date: April 20, 2010 |
| By: | /s/ Mikael Grahne |
|
| Name: | Mikael Grahne |
|
| Title: | President and Chief Executive Officer |
PRESS RELEASE
New York and Stockholm — April 20, 2010
MILLICOM INTERNATIONAL CELLULAR S.A.
RESULTS FOR THE PERIOD ENDED MARCH 31, 2010
(Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC)
All figures presented exclude discontinued operations (Cambodia, Laos, Sri Lanka and Sierra Leone), except where otherwise stated. Historical figures have been restated to provide a comparable base, where necessary.
Q1 key figures
· Reported revenues up 16% to $905 million (Q1 09: $779 million)
· Organic constant currency revenues up 11% versus Q1 09
· EBITDA up 20% to $424 million (Q1 09: $352 million)
· Record EBITDA margin of 46.8% (+1.6 percentage points vs Q1 09)
· Mobile customers up 21% versus Q1 09, bringing total customers to 35.1 million
· Basic earnings per common share* of $1.43 (Q1 09: $1.29)
· Free cash flow of $200 million (Q1 09: $66 million)
* Includes discontinued operations
Mikael Grahne, President and CEO of Millicom, commented:
“We have made a good start to the year and continue to execute our strategy successfully. Economic conditions have begun to show early signs of stabilization. We are happy to confirm our guidance, which reflects the risks of taxes and regulatory intervention.
“Organic revenue growth in local currency accelerated to 11%, reflecting strong performances in South America and Africa and some signs of stabilization in Central America. With our basket of currencies strengthening against the US dollar year-on-year, reported revenue growth was 16%.
“We added 1.2 million new customers in the quarter as we continued to gain market share. We expect customer intake to remain volatile for the next few quarters as a result of new customer registration requirements in four of our markets.
“Growth in value-added services (“VAS”), a major strategic focus for Millicom, was 40% in local currency and represented over 21% of recurring revenues. Within this, data is becoming a material driver as demand for mobile internet access continued to grow strongly. Together with our cable broadband operations, total broadband revenues were up 93%, with good prospects for further growth.
“The EBITDA margin for the quarter was 46.8%, an increase of 1.6 percentage points year-on-year and a record for the Group, reflecting our growing scale and an improving product mix. We expect to maintain the Group EBITDA margin in the mid 40s for 2010 as a whole.
“Cash generation continued to be strong, with operating free cash flow of $234 million representing 25.9% of revenues and all regions generating positive cash flow. Capex was unusually low in the quarter, at $99 million, due to timing issues, but we still expect to invest $700 million this year and generate an operating free cash flow margin in the mid teens.
“Last week we were pleased to announce our plan to return up to $800 million to shareholders, by way of a $500 million special dividend and a $300 million share buyback program. This demonstrates our commitment both to enhancing the returns from holding Millicom shares, and to improving the efficiency of our capital structure. After these returns, we will continue to have a net debt to EBITDA ratio of less than 1, leaving us well positioned to meet our existing investment requirements and pursue potential external growth opportunities.”
Financial and operating summary for the quarter to March 31, 2010 and 2009
MOBILE CUSTOMERS (‘000) |
| Mar 31, |
| Mar 31, |
| Change |
| Dec 31, |
| Sept 30, |
| Jun 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Total (i) |
| 35,094 |
| 29,082 |
| 21 | % | 33,920 |
| 31,857 |
| 30,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Attributable (ii) |
| 30,751 |
| 25,349 |
| 21 | % | 29,700 |
| 27,827 |
| 26,837 |
|
REPORTED NUMBERS(iv) |
| Q1 |
| Q1 |
| Q1- Q1 |
| Q4 |
| Q3 |
| Q1 — Q1 |
| FY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Group Revenue |
| 905 |
| 779 |
| 11 | % | 924 |
| 856 |
| 16 | % | 3,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Central America |
| 322 |
| 326 |
| 0 | % | 330 |
| 326 |
| (1 | )% | 1,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— South America |
| 312 |
| 237 |
| 17 | % | 313 |
| 277 |
| 32 | % | 1,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Africa |
| 217 |
| 171 |
| 26 | % | 227 |
| 200 |
| 27 | % | 782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Cable |
| 54 |
| 44 |
| 9 | % | 53 |
| 52 |
| 22 | % | 200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— EBITDA (iii) |
| 424 |
| 352 |
| — |
| 431 |
| 392 |
| 20 | % | 1,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— EBITDA margin |
| 46.8 | % | 45.2 | % | — |
| 46.6 | % | 45.8 | % | — |
| 45.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Net profit for the period |
| 156 |
| 140 |
| — |
| 454 | * | 143 |
| 11 | % | 804 | * |
* Includes gains on disposal of $289 million
(i) Total customer figures represent the worldwide total number of customers of mobile systems in which Millicom has an ownership interest.
(ii) Attributable customers are calculated as 100% of mobile customers in Millicom’s subsidiary operations and Millicom’s percentage ownership of customers in each joint venture operation.
(iii) EBITDA: operating profit before interest, taxes, depreciation and amortization, is derived by deducting cost of sales, sales and marketing costs and general and administrative expenses from revenues.
(iv) Excludes discontinued operations, except net profit.
· Investments include capex of $99 million for Q1 10. Capex for FY 2010 is expected to be around $700 million
· Cash and cash equivalents of $1,531 million at end of Q1 10
· Cash up-streaming of $246 million in Q1 10
· Net debt of $722 million with an extrapolated full year net debt/EBITDA ratio of 0.4 times, as a consequence of high cash generation and disposals
· A gain of $11 million for foreign exchange was recorded in Q1 10 which was mainly the result of the foreign exchange impact on dollar denominated debt
Review of operations
Financial results for the three months ended March 31, 2010
Mobile customers
In Q1 10, Millicom added 1.2 million net new mobile customers, reaching 35.1 million total mobile customers, an increase of 21% versus Q1 09. Of this number, 1.5 million were 3G customers.
In Central America, Guatemala grew its customer base by 19% year-on-year and Honduras and El Salvador grew their customer bases by 13% and 9% year-on-year respectively, producing customer growth for the region as a whole of 15%.
In South America, total customers increased by 17% year-on-year. Bolivia recorded an increase of 30%, the highest in the region, despite the requirement for SIM card registration. In Paraguay some 79 thousand customer were added in the quarter, a year-on-year increase of 12%. In Colombia the increase was 14%.
In Africa, total customers increased by 31%. The best performing markets in terms of customer growth were Chad which grew by 63% year-on-year, Tanzania, which grew by 53%, and DRC, which grew by 35%. In Ghana customer numbers were more or less unchanged from Q4 09 as the market in general remained flat in Q1, but we expect growth to recover in Q2. In Senegal, some 285 thousand customers were added in the quarter, despite the ongoing arbitration process which means we have only been investing the minimum to alleviate capacity constraints in recent quarters.
Overall, we expect customer intake to continue to be quite volatile, due to variable factors including the macro environment, seasonality, SIM card registration, competitor promotions and our own marketing activities.
|
| Net additional mobile customers (‘000) |
| ||||||
|
| Total |
| Central Am. |
| South Am. |
| Africa |
|
Q1 10 |
| 1,174 |
| 320 |
| 211 |
| 643 |
|
Q4 09 |
| 2,063 |
| 536 |
| 401 |
| 1,126 |
|
Q3 09 |
| 1,100 |
| 244 |
| 355 |
| 502 |
|
Q2 09 |
| 1,675 |
| 588 |
| 325 |
| 762 |
|
Q1 09 |
| 1,391 |
| 353 |
| 274 |
| 764 |
|
Customer market share
Millicom’s total market share increased by 0.5 points to 29.2% on a weighted basis compared to Q4 09. Both Central and South America recorded small market share gains. In Africa, our market share continued to build after a period of strong gains through 2009, despite an increased competitive response to our customer proposition and the uncertainty created by the SIM registration requirements in a number of markets.
|
| Market share (%) |
| ||||||
|
| Total |
| Central Am. |
| South Am. |
| Africa |
|
Q1 10 |
| 29.2 | % | 53.4 | % | 16.8 | % | 31.0 | % |
Q4 09 |
| 28.7 | % | 53.0 | % | 16.3 | % | 30.8 | % |
Q3 09 |
| 28.7 | % | 53.5 | % | 16.3 | % | 30.4 | % |
Q2 09 |
| 27.9 | % | 52.4 | % | 15.4 | % | 30.2 | % |
Q1 09 |
| 27.2 | % | 52.5 | % | 15.0 | % | 29.3 | % |
Source: company data
ARPU
Year-on-year, local currency ARPU declined 9%, reflecting increasing stabilization relative to the much steeper declines in the first half of 2009. The decline has been driven in part by the changing regional mix, with higher customer growth in our lower ARPU African markets and by increased taxes in Central America.
Local currency ARPU in South America was flat year-on-year, while in Africa it fell only 3% despite strong customer growth. ARPU in Central America was affected by the continuing negative trend in remittances, interconnect cuts, rising taxes and a continued decline in incoming international calls.
|
| Year-on-year local currency ARPU growth (%) |
| ||||||
|
| Total |
| Central Am. |
| South Am. |
| Africa |
|
Q1 10 |
| (9 | )% | (13 | )% | 0 | % | (3 | )% |
Q4 09 |
| (10 | )% | (20 | )% | (4 | )% | (9 | )% |
Q3 09 |
| (12 | )% | (19 | )% | (3 | )% | (15 | )% |
Q2 09 |
| (16 | )% | (20 | )% | (3 | )% | (23 | )% |
Q1 09 |
| (19 | )% | (24 | )% | (4 | )% | (23 | )% |
Revenues, EBITDA and EBITDA margin
Total revenues for the three months ended March 31, 2010 were $905 million, an increase of 16% from Q1 09. Underlying revenue growth in constant currency was 11% versus Q1 09, an acceleration from recent quarters.
Strong revenue growth in Africa was driven by continued good performances from Chad and Tanzania which reported top line growth of 67% and 42% respectively. In South America, reported revenues were boosted by strong growth in Colombia and a positive forex impact. Revenues in Central America were flat year-on-year in local currency, an improvement on the Q4 09 performance. Revenues continue to be negatively affected by new taxes and interconnection rate cuts.
VAS revenues continued to grow strongly, rising 40% over Q1 09 in local currency. VAS now represent over 21% of recurring mobile revenues, and we expect new services to be a major driver of Group revenues and profitability going forward.
Group EBITDA for the quarter was $424 million, an increase of 20% from Q1 09, and the EBITDA margin reached 46.8%. In Central America, Tigo’s number one position in all three markets produced an EBITDA margin of 56.7% as a result of the high proportion of on-net traffic and our overall scale. In South America, the EBITDA margin was 42.4%, an increase of 2.9 percentage points over Q1 09, helped by the strengthening margin in Colombia. The margin in Africa was 38.4% (40.4% excluding Rwanda), up 4.0 percentage points from Q1 09 despite the start-up costs in Rwanda.
Group |
| Q1 10 |
| Q4 09 |
| Q3 09 |
| Q2 09 |
| Q1 09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers (m) |
| 35.1 |
| 33.9 |
| 31.9 |
| 30.8 |
| 29.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) |
| 21 | % | 22 | % | 20 | % | 25 | % | 29 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues ($m) |
| 905 |
| 924 |
| 856 |
| 814 |
| 779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) (reported) |
| 16 | % | 10 | % | 7 | % | 5 | % | 6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) (organic, constant currency) |
| 11 | % | 9 | % | 9 | % | 11 | % | 9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA ($m) |
| 424 |
| 431 |
| 392 |
| 371 |
| 352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) |
| 20 | % | 13 | % | 13 | % | 14 | % | 11 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Margin (%) |
| 46.8 | % | 46.6 | % | 45.8 | % | 45.6 | % | 45.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Total ARPU ($) |
| 9.4 |
| 10.1 |
| 9.8 |
| 9.7 |
| 9.9 |
|
Central America
In Q1 10 Tigo added some 320 thousand net new customers in Central America, bringing the total at the end of the quarter to 13.2 million, up 15% year-on-year. We remain focused on attracting higher quality customers in these more penetrated markets. At the end of the quarter we had 639 thousand 3G customers across the region.
Revenues in Q1 10 were $322 million, down 1% year-on-year. The flow of remittances from the US continued to be weak in January and February, but turned positive year-on-year in March for the first time for over a year. However, remittance trends have historically been quite volatile and we do not yet have sufficient evidence of a sustained recovery.
In local currency, revenues for Central America overall were flat, with a good performance in Guatemala, driven by strong VAS growth. Revenues in Honduras and El Salvador, continued to be impacted by taxes on incoming international calls and, in the case of El Salvador, a reduction in interconnect rates from 18 cents to 8 cents with no increase in minutes of use. Across Central America, our customers have continued to show an increased appetite for promotions and offers built on price as they seek to optimize the use of their disposable income.
Margins in Central America were 56.7%, an increase of 1.8 percentage points from Q4 09, reflecting continued cost discipline and strong VAS growth. EBITDA for Q1 10 was $182 million, flat year—on-year.
Capex in Central America in Q1 10 was $23 million, or 7% of revenues. Capex was unusually low in the quarter as a result of phasing issues.
Central America |
| Q1 10 |
| Q4 09 |
| Q3 09 |
| Q2 09 |
| Q1 09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers (m) |
| 13.2 |
| 12.9 |
| 12.4 |
| 12.1 |
| 11.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) |
| 15 | % | 15 | % | 14 | % | 18 | % | 18 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues ($m) |
| 322 |
| 330 |
| 326 |
| 332 |
| 326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) (reported) |
| (1 | )% | (7 | )% | (4 | )% | (3 | )% | (4 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) (organic, constant currency) |
| 0 | % | (4 | )% | 0 | % | 0 | % | (3 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA ($m) |
| 182 |
| 181 |
| 180 |
| 187 |
| 182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) |
| 0 | % | (9 | )% | (3 | )% | 0 | % | (2 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
Margin (%) |
| 56.7 | % | 54.9 | % | 55.1 | % | 56.4 | % | 55.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Total ARPU ($) |
| 11.9 |
| 12.6 |
| 12.8 |
| 13.5 |
| 13.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) (reported) |
| (13 | )% | (18 | )% | (17 | )% | (17 | )% | (21 | )% |
South America
Customers in South America increased 17% year-on-year to reach 9.0 million at the end of Q1 10. Bolivia recorded the highest year-on-year increase in customer numbers in the region, up 30% to 2.1 million, despite the ongoing registration program which is due to be completed during Q2. In Colombia we added 71 thousand net new customers, representing a year-on-year increase of 14% and in Paraguay, we added 79 thousand new customers, an increase of 12%. At the end of the quarter we had 847 thousand 3G customers across the region.
Revenues in South America in Q1 10 amounted to $312 million, up 32% from Q1 09 as we benefited from a positive currency translation effect in the quarter, mainly as a result of the strength of the Colombian peso. Revenue growth in local currency was 17%, a slight improvement on recent quarters.
ARPU was flat year-on-year in local currency, which is encouraging given the strong customer growth in the region. 3G services and Paquetigos (bundles of minutes, SMS and Internet sold for use within a certain period of time) have continued to be aggressively marketed in Colombia and Paraguay alongside other value-added services.
EBITDA for Q1 10 was $132 million, up 41%, and the EBITDA margin was 42.4%, up 2.9 percentage points on Q1 09 helped by the strengthening margin in Colombia. Across the region our businesses have produced sustained growth in revenues and EBITDA as a result of successful prepaid promotions and growth in VAS and 3G mobile data, combined with cost optimization and control.
Capex in South America for Q1 10 amounted to $22 million, a decline of 40% on Q1 09 and representing 7% of revenues.
South America |
| Q1 10 |
| Q4 09 |
| Q3 09 |
| Q2 09 |
| Q1 09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers (m) |
| 9.0 |
| 8.8 |
| 8.4 |
| 8.1 |
| 7.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) |
| 17 | % | 18 | % | 17 | % | 17 | % | 20 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues ($m) |
| 312 |
| 313 |
| 277 |
| 249 |
| 237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) (reported) |
| 32 | % | 20 | % | 1 | % | (2 | )% | 2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) (organic, constant currency) |
| 17 | % | 15 | % | 13 | % | 16 | % | 16 | % |
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA ($m) |
| 132 |
| 135 |
| 113 |
| 98 |
| 94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) |
| 41 | % | 34 | % | 17 | % | 19 | % | 29 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Margin (%) |
| 42.4 | % | 43.0 | % | 40.7 | % | 39.2 | % | 39.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Total ARPU ($) |
| 11.7 |
| 12.1 |
| 11.2 |
| 10.5 |
| 10.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) (reported) |
| 13 | % | 3 | % | (13 | )% | (17 | )% | (17 | )% |
Africa
Customers in Africa increased by 31% year-on-year and 643 thousand new customers were added in Q1 10, bringing the total at the end of March to 12.8 million. Net additions were impacted by the churn from our very strong Q4 intake and additional administration relating to customer registration in three of our larger markets. Nevertheless, we increased our market share further across the region.
Chad and the DRC continued to make good progress in terms of customer additions during the quarter, as did Senegal with some 285 thousand net customer additions, 91 thousand more than were added in Q4 09. Customer numbers in Ghana were unchanged quarter on quarter in the context of a flat market, but the market has shown signs of picking up again in April. In Rwanda, where the market has become more competitive in response to our recent launch, we added 40 thousand customers.
Revenues in Africa were up 27% year-on-year to $217 million, with local currency revenues up 26%. Growth in Tanzania continued to be very strong, at 42%, despite increased competitor activity. ARPU for Africa in local currency was down only 3% year-on-year, an encouraging performance in light of our continued strong customer growth. New taxes may be introduced on international incoming calls in Ghana, while a numbering tax and a spectrum fee may implemented in the DRC. Any past exposure to taxes has already been provided for in the accounts.
EBITDA for Africa for Q1 10 reached $83 million, up 41% year-on-year. The EBITDA margin was 38.4%, up 4.0 percentage points over Q1 09. Excluding Rwanda, the margin was 40.4%. This strong improvement demonstrates our ability to generate attractive returns in low-ARPU markets once critical mass is achieved and we remain confident that this trend will continue, so that margins for Africa reach the average for the Group within two years.
We continue to invest heavily in Africa to capitalize on the medium to long term growth potential, with capex in Q1 10 of $43 million, or 20% of revenues. Our established African operations are becoming increasingly cash generative, with operating free cash flow of $40 million during the quarter, excluding Rwanda.
Africa |
| Q1 10 |
| Q4 09 |
| Q3 09 |
| Q2 09 |
| Q1 09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers (m) |
| 12.8 |
| 12.2 |
| 11.1 |
| 10.6 |
| 9.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) |
| 31 | % | 35 | % | 31 | % | 41 | % | 52 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues ($m) |
| 217 |
| 227 |
| 200 |
| 183 |
| 171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) (reported) |
| 27 | % | 24 | % | 7 | % | 3 | % | 5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) (organic, constant currency) |
| 26 | % | 26 | % | 21 | % | 23 | % | 25 | % |
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA ($m) |
| 83 |
| 89 |
| 75 |
| 62 |
| 59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) |
| 41 | % | 39 | % | 17 | % | 9 | % | 12 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Margin (%) |
| 38.4 | % | 39.3 | % | 37.3 | % | 33.7 | % | 34.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Total ARPU ($) |
| 5.9 |
| 6.6 |
| 6.3 |
| 6.1 |
| 6.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY growth (%) (reported) |
| (5 | )% | (7 | )% | (21 | )% | (30 | )% | (33 | )% |
Cable
At the end of Q1 10, Amnet, our cable and broadband business in Central America, had approximately 645 thousand revenue generating units, up 16% year-on-year. Broadband customer growth continued to be strong, up 9% sequentially, and broadband customers now account for 24% of the customer base.
Revenues in Q1 10 for Amnet reached $47 million, up 9% from Q1 09. Despite the tough economic environment in Central America, Amnet is demonstrating good growth, reflecting the attractive opportunity in cable broadband and TV services. Residential broadband revenues were up 32% year-on-year. EBITDA amounted to $18 million, up 15% versus Q1 09, with an EBITDA margin of 38.9% (Q1 09: 36.9% net of restructuring costs).
Cable operations generated operating free cash flow of $8 million in Q1 10 after capex of $10 million in the quarter.
Amnet passes 1.3 million homes in Central America and provides services to 486 thousand households giving a penetration of 38% of homes passed. Customers take on average 1.3 services each from Amnet, and our aim is to increase this take-up of services by our customers by product innovation and marketing bundled services.
|
| Financial performance |
| ||||||||||
US$m |
| Q1 10 |
| Q4 09 |
| Q3 09 |
| Q2 09 |
| Q1 09 |
| FY 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
| 54 |
| 53 |
| 52 |
| 50 |
| 44 |
| 199 |
|
- Amnet |
| 47 |
| 47 |
| 45 |
| 44 |
| 43 |
| 179 |
|
- Navega |
| 12 |
| 11 |
| 11 |
| 11 |
| 2 |
| 35 |
|
- Intercompany revenues |
| (5 | ) | (5 | ) | (4 | ) | (5 | ) | (1 | ) | (15 | ) |
EBITDA* |
| 26 |
| 25 |
| 24 |
| 25 |
| 17 |
| 91 |
|
- Amnet |
| 18 |
| 18 |
| 17 |
| 17 |
| 16 |
| 68 |
|
- Navega |
| 8 |
| 7 |
| 7 |
| 8 |
| 1 |
| 23 |
|
EBITDA margin** |
| 48 | % | 48 | % | 43 | % | 45 | % | 38 | % | 45 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amnet Operating performance (‘000) |
| ||||||||||
Homes Passed |
| 1,294 |
| 1,287 |
| 1,277 |
| 1,237 |
| 1,206 |
| 1,287 |
|
Broadband customers as % of cable customers |
| 35 | % | 32 | % | 30 | % | 29 | % | 27 | % | 32 | % |
Revenue Generating Units |
| 645 |
| 631 |
| 611 |
| 578 |
| 556 |
| 631 |
|
RGUs/customer |
| 1.32 |
| 1.31 |
| 1.30 |
| 1.29 |
| — |
| — |
|
*excluding installation costs
**EBITDA margin includes intercompany revenues
Forward looking statements
We are confirming our existing guidance for 2010, which reflects the impact of all external factors of which we are currently aware. Capex is expected to be approximately $700 million in 2010 and the EBITDA margin is expected to be maintained in the mid 40s. Operating free cash flow is expected to be in the mid teens as a percentage of revenues for 2010.
Comments on the financial statements
Operating free cash flow for Q1 10 was $234 million, or 26% of revenues. Capex was low in the quarter but working capital movements were unfavorable, with significant capex payments falling into the first three months and offsetting the benefit of low capex on cash flow generation.
Millicom booked foreign exchange gains in Q1 10 of $11 million as a consequence of the revaluation in local currency of the US$ denominated debt in the operations.
Dollar denominated debt is used in countries where long term debt in local currency is either too expensive or unavailable. Approximately 53% of the Group’s gross debt held at operational level is denominated in local currency, thus limiting foreign exchange exposure. The main countries carrying dollar-denominated debt are Honduras, Ghana, Tanzania, Bolivia and DRC.
The effective tax rate was 30% in Q1 10. This was higher than the expected effective rate for the year as we incurred withholding tax on dividends paid up from the operations during the quarter.
Millicom benefited from a low cost of financing in Q1 10, coming from declining interest rates on its variable rate debt. Over time, the Group intends to limit its exposure to variable rates through hedging.
Millicom now has $1,531 million of cash in hand, with around 79% of it held in US dollars. In addition, Millicom has $51 million of short term time deposits, and $51 million is held on pledge deposit for a financing in Chad and is not classified as cash under IFRS.
We expect to have a net debt to EBITDA ratio of under 1 after the payment of the dividends and the completion of the share buyback program.
The average gross debt maturity as at 31 March 2010 was 2 years and 6 months.
Millicom upstreamed $246 million in cash during Q1 10, through a combination of dividends, management fees and royalties.
On 31 March 2010, Millicom announced that Vimpelcom had not completed the agreement to acquire Millicom’s 74.1% holding in Millicom Lao Co. Ltd., its Laos operation, despite all conditions precedent having been met. Millicom is reserving its rights under the terms of the agreement, including the right to seek compensation for any loss of value that arises as a result of Vimpelcom’s decision not to complete. Millicom confirms its intention to proceed with the sale of its Laos operation.
Other information
The consolidated income statements for the quarters ended March 31, 2010 and 2009, the consolidated balance sheets as at March 31, 2010 and December 31, 2009, the condensed consolidated statements of cash flows for the quarters ended March 31, 2010 and 2009 and the condensed consolidated changes in equity for the quarters ended March 31, 2010 and 2009 are determined based on accounting principles consistent to those used for the 2009 consolidated financial statements of Millicom which are prepared under International Financial Reporting Standards (IFRS).
This report is unaudited.
Millicom’s financial results for the second quarter of 2010 will be published on July 20, 2010.
This year we will be hosting a market visit to Tanzania on 8-9 September. Over two days, we intend to give deeper insights into operating in Africa, as well as updating investors and analysts on Group strategy. Further details, including logistics, will be communicated shortly.
Luxembourg – April 20, 2010
Mikael Grahne, President & Chief Executive Officer
Millicom International Cellular S.A
15 rue Léon Laval
L-3372 Leudelange
Luxembourg
Tel : +352 27 759 101
Registration number: R.C.S. Luxembourg B 40.63
CONTACTS
Francois-Xavier Roger | Telephone: +352 27 759 327 |
Chief Financial Officer |
|
|
|
Peregrine Riviere | Telephone: +352 691 750 098 |
Head of External Communications |
|
|
|
Emily Hunt | Telephone: +44 (0)7779 018539 |
Investor Relations |
|
|
|
Visit our web site at http://www.millicom.com |
|
Millicom International Cellular S.A. is a global telecommunications group with mobile telephony operations in 14 countries in Latin America, Africa and Asia. It also operates cable and broadband businesses in five countries in Central America. The Group’s mobile operations have a combined population under license of approximately 267 million people.
This press release may contain certain “forward-looking statements” with respect to Millicom’s expectations and plans, strategy, management’s objectives, future performance, costs, revenues, earnings and other trend information. It is important to note that Millicom’s actual results in the future could differ materially from those anticipated in forward-looking statements depending on various important factors. Please refer to the documents that Millicom has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Millicom’s most recent annual report on Form 20-F, for a discussion of certain of these factors.
All forward-looking statements in this press release are based on information available to Millicom on the date hereof. All written or oral forward-looking statements attributable to Millicom International Cellular S.A., any Millicom International Cellular S.A. employees or representatives acting on Millicom’s behalf are expressly qualified in their entirety by the factors referred to above. Millicom does not intend to update these forward-looking statements.
Conference call details
A conference call to discuss the results will be held at 14.00 London / 15.00 Stockholm / 09.00 New York, on Tuesday, April 20, 2010. The dial-in numbers are: +44 (0)20 7136 2052, +46 (0)8 5051 3641 or +1 212 444 0481 and the pass code is 3412872#. Please go to our website at www.millicom.com for a copy of the slides to be discussed during the call. A live audio stream of the conference call can also be accessed at www.millicom.com. Please dial in / log on 5 minutes prior to the start of the conference call to allow time for registration. A recording of the conference call will be available for 7 days after the conference call, commencing approximately 30 minutes after the live call has finished, on: +44 (0)20 7111 1244 / +46 (0)8 5051 3897 or +1 347 366 9565, access code: 3412872#.
Appendices
· Consolidated income statements for the three months ended March 31, 2010 and 2009
· Consolidated balance sheets as at March 31, 2010 and December 31, 2009
· Condensed consolidated statements of changes in equity for the three months ended March 31, 2010 and 2009
· Condensed consolidated statements of cash flows for the three months ended March 31, 2010 and 2009
· Quarterly analysis by cluster
· Total cellular customers and market position by country
· Total cellular revenues by country
· Local currency recurring monthly ARPU
· Revenue growth - Forex effect by region
· Impact of main currency movements on quarterly revenues
Millicom International Cellular S.A.
Consolidated income statements
for the three months ended March 31, 2010 and 2009
|
| QTR ended |
| QTR ended |
|
Revenues |
| 905,031 |
| 778,535 |
|
Operating expenses |
|
|
|
|
|
Cost of sales (excluding depreciation and amortization) |
| (188,867 | ) | (168,852 | ) |
Sales and marketing |
| (167,237 | ) | (153,789 | ) |
General and administrative expenses |
| (125,096 | ) | (104,094 | ) |
EBITDA |
| 423,831 |
| 351,800 |
|
Corporate costs |
| (17,173 | ) | (16,701 | ) |
Loss on disposal/Write down of assets, net |
| (2,550 | ) | (1,032 | ) |
Depreciation and amortization |
| (166,002 | ) | (133,471 | ) |
Operating profit |
| 238,107 |
| 200,596 |
|
Interest expense |
| (43,154 | ) | (40,061 | ) |
Interest income |
| 2,308 |
| 2,976 |
|
Revaluation of previously held interests |
| — |
| 32,319 |
|
Other non operating income/expenses |
| 4,877 |
| (30,080 | ) |
Profit before taxes from continuing operations |
| 202,138 |
| 165,750 |
|
Taxes |
| (60,171 | ) | (41,319 | ) |
Profit before discontinued operations and non-controlling interest |
| 141,967 |
| 124,431 |
|
Result from discontinued operations |
| 3,100 |
| 1,098 |
|
Non-controlling interest |
| 10,467 |
| 14,091 |
|
Net profit for the period |
| 155,534 |
| 139,620 |
|
Basic earnings per common share (US$) |
| 1.43 |
| 1.29 |
|
Weighted average number of shares outstanding in the period (‘000) |
| 108,678 |
| 108,436 |
|
Profit for the period used to determine diluted earnings per common share |
| 155,534 |
| 139,620 |
|
Diluted earnings per common share (US$) |
| 1.43 |
| 1.29 |
|
Weighted average number of shares and potential dilutive shares outstanding in the period (‘000) |
| 108,869 |
| 108,583 |
|
Millicom International Cellular S.A.
Consolidated balance sheets
as at March 31, 2010 and December 31, 2009
|
| March |
| December |
|
Assets |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Intangible assets, net |
| 1,043,272 |
| 1,044,837 |
|
Property, plant and equipment, net |
| 2,673,887 |
| 2,710,641 |
|
Pledged deposits |
| 51,051 |
| 53,333 |
|
Deferred taxation |
| 22,806 |
| 19,930 |
|
Other non current assets |
| 9,553 |
| 8,837 |
|
Total non-current assets |
| 3,800,569 |
| 3,837,578 |
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
Inventories |
| 50,593 |
| 46,980 |
|
Trade receivables, net |
| 227,027 |
| 224,708 |
|
Amounts due from joint venture partners |
| 92,214 |
| 52,590 |
|
Prepayments and accrued income |
| 104,106 |
| 65,064 |
|
Current tax assets |
| 21,960 |
| 17,275 |
|
Supplier advances for capital expenditure |
| 42,034 |
| 49,165 |
|
Other current assets |
| 65,007 |
| 58,159 |
|
Time deposits |
| 50,782 |
| 50,061 |
|
Cash and cash equivalents |
| 1,531,432 |
| 1,511,162 |
|
Total current assets |
| 2,185,155 |
| 2,075,164 |
|
Assets held for sale |
| 86,294 |
| 78,276 |
|
Total assets |
| 6,072,018 |
| 5,991,018 |
|
Millicom International Cellular S.A.
Consolidated balance sheets
as at March 31, 2010 and December 31, 2009
|
| March 31, |
| December |
|
Equity and liabilities |
|
|
|
|
|
Equity |
|
|
|
|
|
Share capital and premium (represented by 108,718,655 shares at March 31, 2010) |
| 663,456 |
| 660,547 |
|
Other reserves |
| (74,165 | ) | (64,930 | ) |
Accumulated profits brought forward |
| 1,788,186 |
| 937,398 |
|
Net profit for the year |
| 155,534 |
| 850,788 |
|
|
| 2,533,011 |
| 2,383,803 |
|
Non-controlling interest |
| (85,215 | ) | (73,673 | ) |
Total equity |
| 2,447,796 |
| 2,310,130 |
|
Liabilities |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Debt and other financing: |
|
|
|
|
|
10% Senior Notes |
| 454,745 |
| 454,477 |
|
Other debt and financing |
| 1,424,130 |
| 1,458,423 |
|
Other non-current liabilities |
| 97,235 |
| 88,142 |
|
Deferred taxation |
| 69,339 |
| 66,492 |
|
Total non-current liabilities |
| 2,045,449 |
| 2,067,534 |
|
Current liabilities |
|
|
|
|
|
Debt and other financing |
| 476,359 |
| 433,987 |
|
Capex accruals and payables |
| 248,242 |
| 276,809 |
|
Other trade payables |
| 202,997 |
| 194,691 |
|
Amounts due to joint venture partners |
| 79,644 |
| 52,180 |
|
Accrued interest and other expenses |
| 194,590 |
| 173,609 |
|
Current tax liabilities |
| 121,350 |
| 93,364 |
|
Dividend payable |
| — |
| 134,747 |
|
Other current liabilities |
| 206,775 |
| 210,385 |
|
Total current liabilities |
| 1,529,957 |
| 1,569,772 |
|
Liabilities directly associated with assets held for sale |
| 48,816 |
| 43,582 |
|
Total liabilities |
| 3,624,222 |
| 3,680,888 |
|
Total equity and liabilities |
| 6,072,018 |
| 5,991,018 |
|
Millicom International Cellular S.A.
Condensed consolidated statements of changes in equity
for the quarters ended March 31, 2010 and 2009
|
| March |
| March |
|
Equity as at January 1 |
| 2,310,130 |
| 1,652,077 |
|
Profit for the period |
| 155,534 |
| 139,620 |
|
Stock compensation |
| 3,038 |
| (433 | ) |
Shares issued via the exercise of stock options |
| 907 |
| 10 |
|
Acquisition of non-controlling interests in Millicom’s operation in Chad |
| — |
| (9,523 | ) |
Movement in currency translation reserve |
| (9,879 | ) | (51,232 | ) |
Movement in cash flow Hedge reserve |
| (392 | ) | — |
|
Non-controlling interest |
| (11,542 | ) | (15,675 | ) |
|
|
|
|
|
|
Equity as at March 31 |
| 2,447,796 |
| 1,714,844 |
|
Millicom International Cellular S.A.
Condensed consolidated statements of cash flows
for the quarters ended March 31, 2010 and 2009
|
| March 31, |
| March 31, |
|
EBITDA |
| 423,831 |
| 351,819 |
|
Movements in working capital |
| (48,355 | ) | 10,808 |
|
Capex (net of disposals) |
| (103,435 | ) | (236,066 | ) |
Taxes paid |
| (37,708 | ) | (21,532 | ) |
Operating Free Cash Flow |
| 234,333 |
| 105,029 |
|
Corporate costs (excluding share based compensation) |
| (14,135 | ) | (17,134 | ) |
Interest paid, net |
| (20,113 | ) | (21,466 | ) |
Free Cash Flow |
| 200,085 |
| 66,429 |
|
Acquisition of subsidiaries |
| — |
| (53,086 | ) |
Other investing activities |
| (13,716 | ) | (11,701 | ) |
Cash flow from (used by) operating and investing |
| 186,369 |
| 1,642 |
|
|
|
|
|
|
|
Cash flow from financing |
| (170,553 | ) | 58,523 |
|
|
|
|
|
|
|
Cash from (used by) discontinued operations |
| — |
| 7,571 |
|
Cash effect of exchange rate changes |
| 4,454 |
| (13,359 | ) |
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
| 20,270 |
| 54,377 |
|
Cash and cash equivalents, beginning |
| 1,511,162 |
| 674,195 |
|
Cash and cash equivalents, ending |
| 1,531,432 |
| 728,572 |
|
Millicom International Cellular S.A.
Quarterly analysis by cluster
(Unaudited)
|
| Q1 10 |
| Q4 09 |
| Q3 09 |
| Q2 09 |
| Q1 09 |
| Increase |
|
Revenues (US$’000) (i) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Central America |
| 321,710 |
| 330,409 |
| 326,385 |
| 331,637 |
| 326,329 |
| (-1 | )% |
South America |
| 312,303 |
| 312,823 |
| 277,136 |
| 249,180 |
| 236,775 |
| 32 | % |
Africa |
| 217,065 |
| 227,201 |
| 200,482 |
| 183,311 |
| 171,156 |
| 27 | % |
Amnet & Navega |
| 53,953 |
| 53,249 |
| 52,195 |
| 50,184 |
| 44,275 |
| 22 | % |
Total Revenues |
| 905,031 |
| 923,682 |
| 856,198 |
| 814,312 |
| 778,535 |
| 16 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (US$’000) (i) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Central America |
| 182,327 |
| 181,379 |
| 180,156 |
| 187,167 |
| 182,105 |
| 0 | % |
South America |
| 132,319 |
| 134,601 |
| 112,782 |
| 97,597 |
| 93,615 |
| 41 | % |
Africa |
| 83,335 |
| 89,352 |
| 74,819 |
| 61,748 |
| 58,896 |
| 41 | % |
Amnet & Navega |
| 25,850 |
| 25,397 |
| 23,987 |
| 24,675 |
| 17,184 |
| 50 | % |
Total EBITDA |
| 423,831 |
| 430,729 |
| 391,744 |
| 371,187 |
| 351,800 |
| 20 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mobile customers at end of period (i) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Central America |
| 13,221,362 |
| 12,901,710 |
| 12,366,164 |
| 12,122,650 |
| 11,534,157 |
| 15 | % |
South America |
| 9,026,688 |
| 8,815,217 |
| 8,413,968 |
| 8,059,459 |
| 7,735,055 |
| 17 | % |
Africa |
| 12,845,885 |
| 12,203,177 |
| 11,077,166 |
| 10,575,449 |
| 9,813,009 |
| 31 | % |
Total |
| 35,093,935 |
| 33,920,104 |
| 31,857,298 |
| 30,757,558 |
| 29,082,221 |
| 21 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable mobile customers at end of period (i) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Central America |
| 9,101,866 |
| 8,900,279 |
| 8,547,308 |
| 8,409,404 |
| 8,008,150 |
| 14 | % |
South America |
| 9,026,688 |
| 8,815,217 |
| 8,413,968 |
| 8,059,459 |
| 7,735,055 |
| 17 | % |
Africa |
| 12,622,516 |
| 11,984,463 |
| 10,866,206 |
| 10,367,930 |
| 9,605,418 |
| 31 | % |
Total |
| 30,751,070 |
| 29,699,959 |
| 27,827,482 |
| 26,836,793 |
| 25,348,623 |
| 21 | % |
(i) Excludes discontinued operations
Millicom International Cellular S.A.
Total cellular customers and market position by country
(Unaudited)
|
|
|
| Country |
| MIC |
|
|
| Total customers (iii) |
| ||||
|
| Equity |
| (million) |
| Position |
| Net Adds |
|
|
|
|
| y-o-y |
|
Country |
| Holding |
| (i) |
| (ii) |
| Q1 10 |
| Q1 10 |
| Q1 09 |
| Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
El Salvador |
| 100.0 | % | 7 |
| 1 of 5 |
| 35,762 |
| 2,815,991 |
| 2,593,310 |
| 9 | % |
Guatemala |
| 55.0 | % | 13 |
| 1 of 3 |
| 200,870 |
| 5,580,337 |
| 4,677,643 |
| 19 | % |
Honduras |
| 66.7 | % | 8 |
| 1 of 4 |
| 83,020 |
| 4,825,034 |
| 4,263,204 |
| 13 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bolivia |
| 100.0 | % | 10 |
| 2 of 3 |
| 61,247 |
| 2,084,659 |
| 1,601,983 |
| 30 | % |
Colombia |
| 50.0%+1share |
| 46 |
| 3 of 3 |
| 70,842 |
| 3,814,513 |
| 3,331,637 |
| 14 | % |
Paraguay |
| 100.0 | % | 7 |
| 1 of 4 |
| 79,382 |
| 3,127,516 |
| 2,801,435 |
| 12 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chad |
| 100.0 | % | 10 |
| 1 of 2 |
| 111,473 |
| 1,128,632 |
| 691,395 |
| 63 | % |
DRC |
| 100.0 | % | 69 |
| 1 of 5 |
| 93,486 |
| 1,604,591 |
| 1,192,759 |
| 35 | % |
Ghana |
| 100.0 | % | 24 |
| 2 of 5 |
| 6,076 |
| 3,100,252 |
| 2,875,740 |
| 8 | % |
Mauritius |
| 50.0 | % | 1 |
| 2 of 3 |
| 9,310 |
| 446,738 |
| 415,183 |
| 8 | % |
Rwanda |
| 87.5 | % | 10 |
| 3 of 3 |
| 39,683 |
| 114,468 |
| — |
| — |
|
Senegal |
| 100.0 | % | 14 |
| 2 of 4 |
| 285,465 |
| 2,375,532 |
| 1,968,601 |
| 21 | % |
Tanzania |
| 100.0 | % | 41 |
| 2 of 7 |
| 97,215 |
| 4,075,672 |
| 2,669,331 |
| 53 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total customers excluding Amnet and discontinued operations |
|
|
| 260 |
|
|
| 1,173,831 |
| 35,093,935 |
| 29,082,221 |
| 21 | % |
(i) | Source: CIA The World Fact Book |
(ii) | Source: Millicom. Market position derived from active customers based on interconnect |
(iii) | Millicom has a policy of reporting only those customers that have generated revenues within a period of 60 days, or in the case of new customers only those that have already started generating revenues |
(iv) | DRC market position relates to the Kinshasa/Bas Congo area only |
Millicom International Cellular S.A.
Cellular revenues by country (100% basis) (unaudited)
|
|
|
| Q1 10 |
| Q1 09 |
| y-o-y |
|
Country |
| Currency |
| LC million |
| LC million |
| Growth |
|
|
|
|
|
|
|
|
|
|
|
Central America |
|
|
|
|
|
|
|
|
|
El Salvador |
| USD |
| 98 |
| 103 |
| (5 | )% |
Guatemala |
| GTQ |
| 1,891 |
| 1,762 |
| 7 | % |
Honduras |
| HNL |
| 2,770 |
| 2,877 |
| (4 | )% |
|
|
|
|
|
|
|
|
|
|
South America |
|
|
|
|
|
|
|
|
|
Bolivia |
| BOB |
| 483 |
| 377 |
| 28 | % |
Colombia |
| COP |
| 267,738 |
| 225,640 |
| 19 | % |
Paraguay |
| PYG |
| 506,372 |
| 463,011 |
| 9 | % |
|
|
|
|
|
|
|
|
|
|
Africa |
|
|
|
|
|
|
|
|
|
Chad |
| XAF |
| 13,504 |
| 8,552 |
| 58 | % |
DRC |
| USD |
| 29 |
| 23 |
| 26 | % |
Ghana* |
| GHS |
| 66 |
| 62 |
| 6 | % |
Mauritius |
| MUR |
| 604 |
| 525 |
| 15 | % |
Senegal |
| XAF |
| 19,589 |
| 17,697 |
| 11 | % |
Tanzania |
| TZS |
| 81,296 |
| 56,014 |
| 45 | % |
Local currency monthly recurring ARPU (unaudited)
|
|
|
| Q1 10 |
| Q4 09 |
| Q3 09 |
| Q2 09 |
|
Country |
| Currency |
| LC |
| LC |
| LC |
| LC |
|
|
|
|
|
|
|
|
|
|
|
|
|
Central America |
|
|
|
|
|
|
|
|
|
|
|
El Salvador |
| USD |
| 11 |
| 12 |
| 12 |
| 13 |
|
Guatemala |
| GTQ |
| 104 |
| 104 |
| 113 |
| 115 |
|
Honduras |
| HNL |
| 190 |
| 197 |
| 194 |
| 216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
South America |
|
|
|
|
|
|
|
|
|
|
|
Bolivia |
| BOB |
| 76 |
| 82 |
| 77 |
| 75 |
|
Colombia |
| COP |
| 22,159 |
| 22,632 |
| 21,541 |
| 21,488 |
|
Paraguay |
| PYG |
| 49,557 |
| 53,699 |
| 51,464 |
| 49,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa |
|
|
|
|
|
|
|
|
|
|
|
Chad |
| XAF |
| 4,176 |
| 4,787 |
| 4,342 |
| 4,686 |
|
DRC |
| USD |
| 6 |
| 7 |
| 7 |
| 6 |
|
Ghana** |
| GHS |
| 7 |
| 8 |
| 8 |
| 8 |
|
Mauritius |
| MUR |
| 375 |
| 394 |
| 415 |
| 336 |
|
Senegal |
| XAF |
| 2,829 |
| 2,991 |
| 2,707 |
| 2,821 |
|
Tanzania |
| TZS |
| 6,689 |
| 7,425 |
| 7,339 |
| 7,093 |
|
* | Revenues in Ghana increased 16% in local currency excluding the impact of a provision for tax incurred in previous years |
** | ARPU in Ghana was GHS 8 before accounting for tax provisions |
Revenue growth — Forex effect by region
US$m |
| Revenue |
| Constant |
| Forex |
| Acquisitions |
| Revenue |
| LC Growth % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central America |
| 326 |
| (1 | ) | (4 | ) |
|
| 322 |
| 0 | % |
South America |
| 237 |
| 41 |
| 34 |
|
|
| 312 |
| 17 | % |
Africa |
| 171 |
| 46 |
| 1 |
|
|
| 217 |
| 26 | % |
Amnet |
| 43 |
| 4 |
| 0 |
|
|
| 47 |
| 9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
| 778 |
| 90 |
| 31 |
|
|
| 898 |
| 11 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Navega |
| 1 |
|
|
|
|
| 6 |
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total MIC |
| 779 |
| 90 |
| 31 |
| 6 |
| 905 |
| 11 | % |
Impact of main currency movements on quarterly revenues
|
| Q1 10 vs. Q1 09 |
| Q1 10 vs. Q4 09 |
|
|
|
|
|
|
|
Ghana |
| (5 | )% | 0 | % |
|
|
|
|
|
|
Guatemala |
| (3 | )% | 1 | % |
|
|
|
|
|
|
Tanzania |
| (3 | )% | (1 | )% |
|
|
|
|
|
|
Paraguay |
| 8 | % | 2 | % |
|
|
|
|
|
|
Chad/Senegal |
| 8 | % | (6 | )% |
|
|
|
|
|
|
Colombia |
| 30 | % | 2 | % |