Annual Report 2017 Digital Connectivity for Tomorrow’S World…

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Annual Report 2017 Digital Connectivity for Tomorrow’S World… Digital connectivity for tomorrow’s world… Millicom Annual Report 2017 Digital connectivity for tomorrow’s world… We are a leading provider of cable and mobile services dedicated to emerging markets. We operate under the Tigo® brand in eight countries across Latin America and three in Africa. We set the pace when it comes to providing high-speed broadband, innovative services and our trademark The Digital Lifestyle® to more than 50 million customers. Our purpose is to build the digital highways that connect people, improve lives and develop our communities. Our mission is to provide the best, most secure digital highways to be the first choice for customers in all our markets. For further information on Millicom’s results, please refer to our Reporting Center: www.millicom.com/investors/ Millicom Annual Report 2017 Overview Overview Millicom at a glance 02 What’s inside Our year in numbers 03 Chairman’s statement 04 Market overview 08 this report… Our business model 10 Strategy Chief Executive Officer’s statement 12 Integrated reporting Our strategy 14 Strategy Measuring progress against strategy 15 This is our second integrated Annual Report that combines our corporate responsibility and financial reports to provide all our stakeholders Performance with a clear and comprehensive overview of Chief Financial Officer’s review 17 our business. It reflects both the strong social Risk management 25 and economic impact of our products and How we are doing in Latin America 30 services on the communities we serve, and our How we are doing in Africa 38 responsible business practices throughout our Growing responsibly and with purpose 44 operations. Our reporting is also in line with our commitment to transparency, and is a key Performance element of building trust with all stakeholders. Governance Note: The financial information presented in Chairman’s report 48 the front section of the Annual Report is with Shareholder and Board governance 49 Guatemala (55% owned) and Honduras Corporate Governance Framework 49 (66.7% owned) as if fully consolidated, while Shareholders and shareholders’ meeting 51 the Group equity accounts for those Board of Directors and Board committees 52 operations in the IFRS consolidated financial Board profile – skills and experience 55 statements. See Additional information on Board program 58 pages 157 to 160. Board committees 61 Audit Committee 61 Governance Compliance and Business Conduct Committee 67 Compensation Committee: Remuneration Report 69 Millicom CEO and Executive Team 76 Management responsibility statement 86 Financials Independent auditor’s report 88 Introduction 93 Consolidated statement of income 99 Consolidated statement of comprehensive income 100 Financials Consolidated statement of financial position 101 Consolidated statement of cash flows 103 Consolidated statement of changes in equity 104 Notes to the consolidated financial statements 105 CR performance Independent limited assurance report 162 Corporate responsibility is crucial to our success 164 1. Privacy and freedom of expression 166 CR performance CR 2. Child rights and online protection 169 3. Acting with integrity: anti-corruption compliance 172 4. Reducing our environmental footprint 175 5. Diversity 179 6. Taking care of our people: health and safety 182 7. Responsible supply chain management 184 8. Social investment 187 Millicom Annual Report 2017 1 Millicom at a glance Our services… Through our Tigo and Tigo Business™ brands, we provide a wide range of digital services, including high-speed data, cable TV, voice and SMS, Mobile Financial Services (MFS), and business solutions. B2C B2C B2B Mobile Home In Latin America (Latam), we provide both mobile and fixed services in six countries – Tigo 2:29pm 100% Bolivia, Colombia, El Salvador, Guatemala, Honduras, and Paraguay. In addition, we provide fixed services in Costa Rica and Nicaragua. In Africa, we provide mobile services in Tanzania and Chad, as well as Ghana, where we operate as a joint venture since the last quarter of 2017. In 2017, we reached agreements to divest our operations in Rwanda and Senegal, Tigo Sports Tigo Music Tigo Money with regulatory approval still pending in the latter country. We provide services to 50.8 million mobile customers and 3.3 million cable and broadband households. We have 21.2 million mobile data subscribers, including more than seven million on the 4G networks Tigo ONE tv Mi Tigo Tigo Shop available in eight of our nine mobile markets. Tigo Business 2 Millicom Annual Report 2017 Overview Our year in numbers… Strategy Comparative figures at Group level for: 1 2 Operating Cash Flow ($m) 4G smartphone data users (m) Performance Year-over-year growth Year-over-year change +6% 2x 2017 1,197 2017 2 2016 1,126 2016 3.4 Governance Governance 2015 973 2015 0.9 HFC homes passed (m)3 Employees4 Year-over-year change As of year end 2017 +18% 18,802 Financials 2017 8.4 2016 7.2 2015 6.4 CR performance CR Footnotes: 1 Operating Cash Flow (OCF) is EBITDA less capex (excluding spectrum, license and finance lease capitalization). 2 Total Group (Latam and Africa). 3 Hybrid fiber-coaxial (HFC) homes passed is the total number of premises that have capability to be connected to the network without any significant investment in the network. 4 Excluding Senegal and Ghana. Emtelco (Colombia call center) headcount is excluded from this report and any internal reporting because their costs are classified as direct costs and not employee related costs. Millicom Annual Report 2017 3 Chairman’s statement The change we have driven in our business for the past two years has not only increased our effectiveness but also helped us transform the lives and businesses of millions of customers in all our markets.” 4 Millicom Annual Report 2017 Overview Ours is a powerful story Corporate responsibility We think of our core business as a social good. of transformation and Our corporate responsibility program, growth, for Millicom and pages 162 to 188, directly addresses the wider Embracing change has impacts our business operations have in our for all our stakeholders. communities. We focus on applying our been absolutely central Strategy Our strategy is clear and simple; we build technological expertise to address gaps in to our success.” high-speed data networks, both mobile and development in the societies where we fixed. The simplicity of our strategy, which operate. We believe that our commitment you can read about on pages 14 to 15, helps to corporate responsibility differentiates us drive operational effectiveness, and our in our markets, makes us more competitive, business is leaner and more agile than ever. and helps us strengthen our position as We now have a solid foundation on which to an employer of choice in the region. build – and I am pleased to see that revenue In May 2017, we were ranked among the top growth is already beginning to reflect this. 20 multinational employers of choice in Latin America in the Great Place to Work awards – Our strategy is transforming the external and we were the only telecommunications landscape, too. By accelerating deployment Performance company featured. of our high-speed data networks, we have substantially increased access to the digital Board, management and colleagues highways for millions of people across our We would like to thank Mr. José Miguel García markets. Our new networks also benefit Fernández and Mr. Lorenzo Grabau, our Board thousands of businesses, from start-ups to members who have stepped down this year, large multinationals, as you can discover in for their contribution. our Performance review on pages 17 to 46. We welcome Mr. Anders Jensen, Mr. José By creating a more efficient organization Antonio Ríos García, and Mr. Roger Solé Rafols and keeping a sharp focus on costs, we have to the Board. continued to increase our free cash flow Governance Once again, we thank Mauricio Ramos, generation and strengthen our financial our CEO, and his leadership team for their position. We are pleased to recommend a dedication and drive, and for inspiring every final dividend of US$2.64 per share this year. colleague to achieve our vision of enabling our You can read more about this in our Financials trademark The Digital Lifestyle for millions of section on pages 88 to 160. customers and for the benefit of all our stakeholders. Outlook The opportunities before us are many. Some external conditions in our markets remain challenging but thanks to prudent stewardship, Financials we are now better placed than ever to capitalize on these to create and deliver sustainable value for shareholders and digital connectivity for our customers. Tom Boardman Chairman of the Board of Directors CR performance CR For information on our business model, please see pages 10-11 Millicom Annual Report 2017 5 Digital connectivity for tomorrow’s world... connected women 6 Millicom Annual Report 2017 Overview EVP Chief External Affairs Officer Rachel CEO Mauricio Ramos addresses the need to Samrén on Responsible Leadership at GSMA close the gender gap, during Tigo Paraguay’s Mobile 360 Africa 25th anniversary celebrations Today, 200 million fewer women than men All of our operations in Africa have made a Strategy own a mobile phone across low and middle commitment with this initiative and, during income countries. This is a reality that hinders 2017, five of our operations in Latin America the growth and development of these added their commitment as well, with the countries as women are being left behind in sixth on track to join in Q1 2018. this connected world. It also represents a great We have also rolled out specific actions opportunity for companies to step up while aimed at incorporating more women reaping the benefits of a more inclusive society. into The Digital Lifestyle. We have trained We are proud to be part of the Connected more than 24,000 women in how to make Women initiative set up by the GSMA (the better use of their mobile phones not only mobile network industry’s main organization) in their day-to-day lives but also as Performance Performance that aims at reducing this gap and promoting business entrepreneurs.
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