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Tigo People Make the Difference Millicom Is a Dedicated Emerging Markets Overview Telecoms Operator Millicom International Cellular SA Annual Report and Accounts 2010 Tigo people make the difference Millicom is a dedicated emerging markets Overview telecoms operator. For our customers, present and future, we provide access to the world primarily through mobile devices. We develop innovative products and services that are affordable, useful and fun, and sell them from every street corner . of operationsReview For our employees, we provide an exciting working environment, an outstanding team culture, progress on merit and unmatched international opportunities. To our shareholders, we can demonstrate an Corporate Governance excellent track record of profitable growth, based on significant network investment, a pioneering commitment to emerging markets and market- leading service innovation. Looking ahead, we believe that rising voice Financial information penetration in Africa and the significant growth in data and services that is forecast across all our markets, represent attractive long term growth opportunities that we are well placed to capture. Annual Report and Accounts 2010 MILLICOM INTERNATIONAL CELLULAR S.A. 1 Contents Overview OverviewOverview At a glance 3 2010 Highlights/KPIs 4 Chairman’s statement 5 Chief Executive Officer’s review 7 Executive team 11 Review of operations Central America 12 South America 18 of operationsReview of operationsReview Africa 24 Cable 30 Corporate Governance Board of Directors 34 Corporate Social Responsibility 38 Directors’ report 43 CorporateCorporate Governance Governance Financial Information Management’s report on internal control over financial reporting 45 Report of independent registered public accounting firm 46 Consolidated income statements 47 Consolidated statements of comprehensive income 48 Consolidated statements of financial position 49 Consolidated statements of cash flows 51 Financial information Financial information Consolidated statements of changes in equity 52 Notes to the consolidated financial statements 54 Annual Report and Accounts 2010 MILLICOM INTERNATIONAL CELLULAR S.A. 2 Millicom provides voice, data, cable TV and value-added services to 39 million customers At a glance in emerging markets in Central America, South America and Africa. Honduras Guatemala Nicaragua OverviewOverview El Salvador Costa Rica Honduras Senegal Guatemala Chad El Salvador Rwanda Ghana Colombia Democratic Tanzania Bolivia Republic of the Congo Review of operationsReview Paraguay Mauritius Mobile customers by market (%) Central America South America Africa Chad Bolivia 9% Honduras El Salvador Paraguay 24% Tanzania DRC 33% 20% 34% 30% 14% Corporate Governance Guatemala Colombia Senegal Ghana 47% 42% 16% 24% Rwanda Mauritius 4% 3% Central America South America Africa Cable Population under license Population under license Population under license Homes passed (‘000) 28m 60m 172m 1.3m Revenue (US$m) Revenue (US$m) Revenue (US$m) Financial information 1,416 1,374 905 Revenue (US$m) EBITDA (US$m) EBITDA (US$m) EBITDA (US$m) 785 590 358 226 Mobile customers (‘000) Mobile customers (‘000) Mobile customers (‘000) EBITDA (US$m) 13,485 10,139 14,965 108 Cell sites Cell sites Cell sites 4,911 4,606 4,006 Revenue Generating Units (RGUs) (‘000) Outlets (‘000) Outlets (‘000) Outlets (‘000) 149 172 352 670 Annual Report and Accounts 2010 MILLICOM INTERNATIONAL CELLULAR S.A. 3 Key performance indicators 2010 Revenue (US$m) 2010 3,920 Highlights 2009 3,373 2008 3,151 2007 2,429 2006 1,423 EBITDA (US$m) 2010 1,841 Financial highlights Overview 2009 1,545 11% constant currency revenue growth 2008 1,366 2007 1,040 29% growth in high margin Value-Added Service (VAS) 2006 658 revenues EBITDA margin of 47% – up 1pp year-on-year EBITDA margin (%) Weighted market share up 0.7pp on 2009 2010 47.0 Operating free cash flow of $1.07 billion or 26% of revenues 2009 45.8 of operationsReview Corporate Governance Financial information 2008 43.4 Mobile customers up 14% to 38.6 million 2007 42.8 Operational/strategic highlights 2006 46.2 Number one position in six markets, number two position in six markets Mobile customers (m) f Launch o Tigo Cash domestic money transfer services in three 2010 38.6 markets 2009 33.9 Formation of three tower companies in Africa creating more 2008 27.7 than $400 million of value through cash and equity and 2007 20.3 expected future cost savings 2006 12.9 Significant shareholder remuneration, close to $1 billion EPS (US$) Capital restructuring and improved debt efficiency 2010 15.3 2009 7.8 Share price performance 2008 4.8 110 MICC US Equity 2007 6.9 MSCI Emerging Market Telecom Services Index 2006 1.7 100 Nasdaq Composite Index 90 Capex (US$m) US$ 80 2010 731 2009 737 70 2008 1,277 2007 956 60 2006 521 Jan 10 Jul 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Annual Report and Accounts 2010 MILLICOM INTERNATIONAL CELLULAR S.A. 4 Chairman’s statement OverviewOverview “Continued innovation contributed strongly to our growth.” of operationsReview Allen Sangines-Krause In 2010 Millicom celebrated the 20th anniversary of its formation as the company we know today. In December 1990, the Swedish company Industriförvaltnings AB Kinnevik and the American company Millicom Incorporated, which had independently been Corporate Governance pursuing mobile telephony opportunities internationally since the early 1980s, contributed their respective interests in mobile joint ventures to form Millicom International Cellular. Since formation, Millicom has become a leading mobile operator in emerging markets with a strong track record of consistent, profitable growth. I am delighted that this trend has continued in 2010 despite a challenging operating environment. Financial information In 2010 we accelerated our pace of innovation which contributed strongly to our growth. By the fourth quarter of 2010, revenues from Value-added services (VAS) were contributing almost a quarter of total mobile recurring revenues. In Latin America, growing customer insight and enhanced product offerings accelerated our voice and VAS businesses. In Africa, continued innovation around distribution and smart pricing enabled us to outperform our competitors. The value of our top line growth in 2010 was enhanced by improving margins and very strong cash flow generation, with over $1 billion of operating free cash flow during the year, leaving us in a very strong financial position. During 2010 we returned close to $1 billion to shareholders through a combination of our $1.40 per share ordinary dividend, a $4.60 per share special dividend following the divestment of our assets in Asia and a $300 million share buy-back program. The Board is now proposing an Annual Report and Accounts 2010 MILLICOM INTERNATIONAL CELLULAR S.A. 5 Chairman’s statement cont. ordinary dividend of $1.80 per share for 2010 which represents a year-on-year increase of 29%. We also intend to resume the share buy-back program in 2011 and the Board has authorized a new share buy-back program of up to $300 million of shares to be executed before our AGM at the end of May. Subsequent to this authorization, we will be taking further decisions regarding uses of cash and shareholder remuneration for the full year. In 2010, Daniel Johannesson stepped down as Chairman of the Board after six years at the helm to become Vice-Chairman. On behalf of the Board and management team of Millicom, I would like to thank Daniel for his dedicated stewardship of the Company over this period, during which time the business has become a major force in emerging OverviewOverview markets mobile telecoms. I am delighted that he is continuing to contribute to the oversight of the Company and that Millicom will continue to benefit from his wealth of experience in its next phase of growth. Finally, on behalf of the Board, I would like to thank all our people throughout the organization, without whom the success we achieved in 2010 would not have been possible. I would also like to take this opportunity to thank all of our investors for their continued interest and support in Millicom. Review of operationsReview Allen Sangines-Krause Chairman Corporate Governance Financial information Annual Report and Accounts 2010 MILLICOM INTERNATIONAL CELLULAR S.A. 6 Chief Executive Officer’s review OverviewOverview “Our people are genuinely the greatest asset that of operationsReview Millicom has.” Mikael Grahne The execution of our value creation strategy has continued to deliver good results in 2010. We have demonstrated that we can grow our business profitably in a tough operating environment by focusing on innovation and on higher value customers; we have Corporate Governance continued to optimize our asset base and improve our network efficiency; we have pushed down debt to the operating level to improve the efficiency of financing on our balance sheet and we have continued to generate strong cash flow, enabling both the commitment of substantial resources to our platform for future Over $1bn growth as well as strong shareholder returns. of operating free cash flow generated in 2010 The success that we achieved in 2010 would not have been possible without the dedication and enthusiasm with which our employees go about their business on a Financial information daily basis. Today our markets are competitive and changing rapidly but we believe we have the right people and culture in our business to enable us to continue to succeed. Our people are genuinely the greatest asset that Millicom has. We have chosen to pay Revenue by region (US$m) tribute to them by showcasing them in this report. 4 1 1. Central America 1,416 36% Financial performance 2. South America Group revenues were up 16% to $3,920 million (2009: $3,373 million), with underlying 1,374 35% constant currency revenue growth of 11%. We sustained double digit local currency 3 3. Africa 905 23% growth every quarter in 2010 and added 2.5 percentage points of growth over 2009 2 4.
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