Millicom International Cellular: First quarter revenue up 8% as Millicom builds for the future

  Millicom International Cellular: First quarter revenue up 8% as Millicom
  builds for the future

Business Wire

L- LEUDELANGE, Sweden -- April 17, 2013

  *Revenue up 8.3% like-for-like to $1,246m
  *Record mobile data customers up by 788,000 in the quarter
  *Financial services transfers exceed $500m in March
  *EBITDA of $494m and margin within guidance

There was encouraging progress in new product areas identified for their
potential when Millicom unveiled its five-year strategy for doubling growth
last month, including:

  *The fastest-ever growth in new mobile data customers with 788,000 new
    customers using mobile data services in the quarter, an 18% increase
    versus the strong level of net additions achieved in the fourth quarter of
  *Recurring mobile data revenue grew by 30% year-on-year in local currency
    in Latin America and close to 35% for the company overall and
  *The transfer of over $500 million in March through our mobile money
    services network. In our most advanced market, the volume transferred was
    equivalent to around 15% of the local GDP in the month.

Commenting on the performance, Hans-Holger Albrecht, President and CEO of
Millicom said:

“Last month, we outlined our mid-term strategy and ambition to double revenues
by the end of 2017 whilst maintaining strong profitability and enhancing cash
flow generation.

Our business is performing in line with our expectations with an 8.3%
like-for-like increase in revenue in the first quarter. This growth represents
a slight acceleration versus the previous quarter, despite the quieter Easter
period falling in Q1 this year.

In MFS, we reached an important milestone as in our most advanced market of
Tanzania, we shipped through our network the equivalent of around 15% of the
country’s GDP in the month of March. Synergies abound: now in Ghana, food can
be purchased from one of our online businesses and paid for with Tigo Cash.
Such developments illustrate the opportunities ahead.

I am also delighted that during the quarter we strengthened our Corporate
Responsibility activity. This is integral to our work and a vital expression
of our values.”

2013 forward looking statements

We expect 2013 Group EBITDA margin to be above 40% (excluding Online) and to
decline at a lower rate than over the past twelve months. The capex to revenue
ratio will peak at around 20%, excluding spectrum acquisition.

In 2013 we expect the Online division to generate revenue in excess of $100
million and EBITDA losses to be in the range of $125-200 million. Losses will
be on the higher side of the range if we see an opportunity to accelerate
growth and ramp up launch of new businesses.

                                       YOY %                                   YOY %
$m           Q1       Q1       change       YTD      YTD      change     
               2013        2012        (local          2013        2012        (local
                                       currency)                               currency)
Revenue        1,246       1,168       4.9%            1,246       1,168       4.9%
EBITDA (i)     494         517         (7.2%)          494         517         (7.2%)
EBITDA         39.7%       44.2%       (4.5ppt)        39.7%       44.2%       (4.5ppt)
Net Profit     143         175                         143         175
Capex          193         172                         193         172

(i) EBITDA: operating profit before interest, tax, depreciation and
amortization; derived by deducting cost of sales, sales and marketing costs
and general and administrative expenses from revenue and adding other
operating income

(ii) Net profit adjusted for items such as foreign exchange movements,
movements in valuation of the Honduras put option, Colombian deferred tax
asset, and revaluation of previously held interests.

(iii) Excluding towers sold to, and leased back from tower companies, spectrum
and assets acquired with Cablevision Paraguay.

Conference call details

A presentation and conference call to discuss results of the quarter will take
place at 14.00 Stockholm / 13.00 London / 08.00 New York, on Wednesday, April
17, 2013. Dial-in numbers: +46 (0)8 5052 0189, +44 (0) 208 515 2313, or +1 480
293 1741. Access code: 461 20 46.

A live audio stream of the conference call can also be accessed at Please dial in / log on 10 minutes prior to the start of the
conference call to allow time for registration.

Slides to accompany the conference call are available at

Millicom is a leading telecom operator dedicated to emerging markets in Latin
America and Africa. Millicom sets the pace when it comes to providing
innovative and customer-centric digital lifestyle services to the world’s
emerging markets, giving access to the world, primarily through mobile
devices. The Millicom Group employs more than 10,000 people and provides
mobile services, access to the internet, content and financial services to
over 47 million customers. Founded in 1990, Millicom International Cellular SA
is headquartered in Luxembourg and listed on NASDAQ OMX Stockholm under the
symbol MIC. In 2012, Millicom generated revenue of USD 4.81 billion and EBITDA
of USD 2.07 billion.

This press release may contain certain “forward-looking statements” with
respect to Millicom’s expectations and plans, strategy, management’s
objectives, future performance, costs, revenue, 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.

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., and 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.

This information was brought to you by Cision


For further information, please visit or contact:
President and CEO
Hans-Holger Albrecht
Tel:+46 856 200 012
Julian Eccles, VP, Corporate Communications
Tel: + 44 7720 409 374 /
Investor Relations
Justine Dimovic,Director, Head of Investor Relations
Tel: +352 691 750 479 /
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