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 March, 2024. Commission File Number: 001-38763 MILLICOM INTERNATIONAL CELLULAR S.A. (Exact Name of Registrant as Specified in Its Charter) 2, Rue du Fort Bourbon, L-1249 Luxembourg Grand Duchy of Luxembourg (Address of principal executive of ice) Millicom (Tigo) releases the 2023 Annual Report Luxembourg, M ...

As filed with the Securities and Exchange Commission on March 12, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period from to . Date of event requiring this shell company report Commission file number: 001-38763 MILLICOM INTERNATIONAL CELLULAR S.A. (Exact name of Registrant as specified in its charter) Grand Duchy of Luxembourg (Jurisdict ...

Millicom International Cellular S.A. (NASDAQ:TIGO) Q4 2023 Earnings Conference Call February 27, 2024 8:30 AM ET Company Participants Michel Morin - VP, Investor Relations Mauricio Ramos - CEO Maxime Lombardini - President and COO Sheldon Bruha - CFO Conference Call Participants Marcelo Santos - JPMorgan Phani Kanumuri - HSBC Soomit Datta - New Street Research Eduardo Rubi - UBS Michel Morin Hello, everyone and welcome to our Fourth Quarter 2023 Results Call. This event is being recorded. Our speakers today ...

Q4 2023 Earnings Presentation Statements included herein that are not historical facts, including without limitation statements concerning future strategy, plans, objectives, expectations and intentions, projected financial results, liquidity, growth and prospects, are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Millicom's results could be materially advers ...

Mauricio Ramos - CEO Sheldon Bruha - CFO Maxime Lombardini - President and COO Oscar Ronnkvist - ABG Phani Kanumuri - HSBC Marcelo Santos - JPMorgan Stefan Gauffin - DNB Markets Eduardo Nieto - JPMorgan Fredrik Lithell - Handelsbanken Mauricio Ramos Let's start on Slide 5 with a recap of our four key priorities for 2023 and our progress to-date. We'll go into more detail on each of these points in the next several slides. But here are the key highlights. First, the beginning of the year, we set out to drama ...

Second, we released our first report on eligibility and alignment with the EU ESG Taxonomy Regulation, and we launched our group-wide human rights policy, which highlights our commitment to protecting the rights of our customers, our workforce, and all of our stakeholders. And third, our digital education program for teachers in the region, which we call Maestr@s, Conectad@s has now reached over 420,000 training teachers since 2020 [ph]. We're very proud of all of this positive progress. With that, I will h ...

Q2 2023 Statements included herein that are not historical facts, including without limitation statements concerning future strategy, plans, objectives, expectations and intentions, projected financial results, liquidity, growth and prospects, are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Millicom's results could be materially adversely affected. In parti ...

Postpaid Customers('000) (m) 2019 Mobile acquisition Paraguay (11% of Group) MILLICOM ticô | --- | --- | --- | --- | |-------|---------------------------------|-------|-------| | | | | | | | | | | | | Strong mobile | | | | | | | | | | performance | | | | | continued in Q1 | | | | | Millicom International Cellular | | | | | | | | This presentation contains financial measures not prepared in accordance with IFRS. These measures are referred to as "non-IFRS" measures and include: non-IFRS service revenue, non- ...

Company Participants Andres Coello - Scotiabank Marcelo Santos - JPMorgan Soomit Datta - New Street Research Lucas Chaves - UBS Fredrik Lithell - Handelsbanken Phani Kanumuri - HSBC With those disclaimers out of the way, let me turn the call over to our CEO, Mauricio. Millicom International Cellular S.A. (NASDAQ:TIGO) Q1 2023 Earnings Conference Call April 27, 2023 8:00 AM ET Conference Call Participants Hello, everyone. Thanks for taking the time to connect to our First Quarter 2023 Results Conference Call ...

[PART I](index=10&type=section&id=PART%20I) This section covers Millicom's key risks, business operations, financial performance, governance, and major shareholders [Item 3. Key Information](index=10&type=section&id=Item%203.%20Key%20Information) This section outlines the principal risks facing Millicom, categorized into industry-related, operational, structural, and shareholder risks, emphasizing challenges in the rapidly evolving telecommunications sector within emerging markets [Risk Factors](index=11&type=section&id=D.%20Risk%20Factors) Millicom faces significant risks across four main areas: industry dynamics, business operations in emerging markets, corporate size and structure, and share ownership - The company's primary risks are grouped into four categories: risks related to the telecommunications, cable, and Mobile Financial Services (MFS) industries; risks related to Millicom's specific business operations; risks associated with its size, structure, and leadership; and risks concerning share ownership and SEC registration[51](index=51&type=chunk) - Key operational and strategic risks include adapting to rapid technological change, generating returns on substantial network investments, competition from larger providers, political and economic instability in emerging markets, managing high debt levels, and currency fluctuations[50](index=50&type=chunk)[51](index=51&type=chunk) - Cybersecurity is a notable risk, with the company having experienced web portal attacks, ransomware, and threats in several Latin American countries, including El Salvador, Bolivia, Nicaragua, Guatemala, and Colombia[87](index=87&type=chunk) - The company is subject to anti-corruption laws like the FCPA and disclosed that on April 27, 2022, it received a subpoena from the U.S. Department of Justice (DOJ) requesting information concerning its business in Guatemala and other Latin American countries, with the company cooperating with the investigation[158](index=158&type=chunk) [Item 4. Information on the Company](index=41&type=section&id=Item%204.%20Information%20on%20the%20Company) Millicom International Cellular S.A., operating under the Tigo brand, is a leading provider of cable and mobile services in nine Latin American countries, having strategically exited its African operations to focus on regional broadband expansion and digital convergence [History and Development of the Company](index=41&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) Millicom International Cellular S.A. (MIC S.A.) was established on June 16, 1992, in Luxembourg, formed in December 1990 through a joint venture between Kinnevik AB and Millicom Incorporated, operating under the Tigo brand - The company, legally named Millicom International Cellular S.A., was incorporated in Luxembourg on **June 16, 1992**[229](index=229&type=chunk) - It was formed from the international mobile joint ventures of Kinnevik AB (Sweden) and Millicom Incorporated (United States) in **December 1990**[230](index=230&type=chunk) [Business Overview](index=41&type=section&id=B.%20Business%20Overview) Millicom is a leading provider of cable and mobile services in nine Latin American countries under the Tigo brand, focusing on broadband expansion, mobile data monetization, B2B acceleration, and digital convergence, serving 40.6 million mobile and 4.8 million fixed-line customers as of year-end 2022 - Millicom provides a range of digital services including high-speed data, cable TV, DTH, mobile voice and data, and Mobile Financial Services (MFS) across nine countries in Latin America[233](index=233&type=chunk) - The company has completed its strategic exit from Africa by divesting its Tanzania and Ghana operations to focus capital investment in Latin America[234](index=234&type=chunk) Customer Base as of December 31, 2022 | Customer Type | Number (millions) | | :--- | :--- | | **Mobile Customers (Consolidated)** | 40.6 | | **Mobile Customers (incl. Honduras JV)** | 45.7 | | **Fixed Service Customer Relationships** | 4.8 | | - of which on HFC/FTTH networks | 4.1 | - The company's operational strategy is built on six pillars: Expand Broadband, Monetize Mobile, Accelerate B2B, Drive Convergence, Go Digital, and Customer Centricity[239](index=239&type=chunk) - The company holds numerous spectrum licenses across its markets, with key licenses in Paraguay and Colombia set to expire in 2023[71](index=71&type=chunk)[303](index=303&type=chunk) [Organizational Structure](index=53&type=section&id=C.%20Organizational%20Structure) Millicom International Cellular S.A., a Luxembourg-based parent entity, operates through a network of wholly-owned, majority-controlled subsidiaries, and a significant joint venture in Honduras where it holds a 66.67% equity stake but lacks sole control due to super-majority voting requirements - The parent company, Millicom International Cellular S.A., is a public limited liability company based in Luxembourg[314](index=314&type=chunk) - Millicom operates through wholly-owned or majority-controlled subsidiaries in countries like El Salvador, Bolivia, Paraguay, Panama, and Nicaragua, and holds a **50% + 1 share voting interest** in Colombia[314](index=314&type=chunk) - The company has a joint venture in Honduras (Celtel) with a **66.67% equity stake**, but due to super-majority voting requirements, it does not have sole control and accounts for it using the equity method[315](index=315&type=chunk) [Property, Plant and Equipment](index=54&type=section&id=D.%20Property,%20Plant%20and%20Equipment) Millicom owns or leases extensive telecommunications infrastructure and has strategically sold and leased back tower assets to reallocate capital, currently separating tower and other infrastructure assets into distinct legal entities for value optimization and potential divestiture - The company's property, plant, and equipment include switching/transmission equipment, connecting lines, towers, office buildings, and other related infrastructure[317](index=317&type=chunk) - Millicom has completed several sale and lease-back transactions for its tower assets to focus capital on network equipment and service quality, with no such transactions occurring in 2022, 2021, or 2020[317](index=317&type=chunk)[318](index=318&type=chunk) - The company is in the process of separating its towers and potentially other infrastructure assets (data centers, fiber) into distinct legal entities to optimize their utilization and capital structure, with an eye towards future minority sales or complete divestitures[319](index=319&type=chunk) [Item 5. Operating and Financial Review and Prospects](index=55&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section details Millicom's financial performance, liquidity, and capital resources, with 2022 results significantly impacted by the full-year consolidation of the Guatemala business and the company maintaining sufficient liquidity through cash from operations and external financing [A. Operating Results](index=55&type=section&id=A.%20Operating%20Results) Millicom's 2022 operating results saw reported revenue increase by **32.0% to $5,624 million** due to the full-year consolidation of Guatemala operations, though net profit significantly decreased to **$129 million** from **$542 million** in 2021 primarily due to a one-time gain in the prior year - Key factors affecting performance include macro-economic conditions (GDP, inflation, FX volatility), competitive intensity, regulatory changes, technological evolution (4G/5G deployment), and shifts in consumer behavior towards data services[324](index=324&type=chunk) - Financial comparability between periods is significantly affected by the acquisition of the remaining **45%** of the Guatemala business on November 12, 2021, leading to its full consolidation from that date, whereas prior periods accounted for it using the equity method[325](index=325&type=chunk)[331](index=331&type=chunk) Consolidated Results of Operations (2022 vs. 2021) | Metric | 2022 (US$ millions) | 2021 (US$ millions) | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | 5,624 | 4,261 | 32.0% | | **Operating Profit** | 915 | 619 | 47.9% | | **Profit from continuing operations** | 16 | 570 | (97.2)% | | **Net Profit for the year** | 129 | 542 | (76.2)% | Group Segment Results (Non-IFRS) | Metric | 2022 (US$ millions) | 2021 (US$ millions) | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | 6,203 | 6,216 | (0.2)% | | **Operating Profit** | 1,004 | 983 | 2.1% | | **EBITDA** | 2,457 | 2,494 | (1.5)% | - The company provides reconciliations for non-IFRS measures such as Operating Free Cash Flow, Equity Free Cash Flow, and Organic Revenue Growth to enhance transparency[406](index=406&type=chunk)[408](index=408&type=chunk)[412](index=412&type=chunk) [B. Liquidity and Capital Resources](index=71&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) Millicom maintains liquidity through cash from operations and a mix of internal and external financing, holding **$1,039 million** in cash and cash equivalents and **$6,804 million** in total consolidated indebtedness as of December 31, 2022, with cash repatriation significantly boosted by debt issuance for the Guatemala acquisition Key Liquidity and Debt Figures (as of Dec 31) | Metric | 2022 (US$ millions) | 2021 (US$ millions) | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 1,039 | 895 | | **Total Debt (excl. leases)** | 6,804 | 7,744 | | **Total Net Debt (excl. leases)** | 5,765 | 6,814 | Cash Flow Summary (Year Ended Dec 31) | Metric | 2022 (US$ millions) | 2021 (US$ millions) | | :--- | :--- | :--- | | **Net cash from operating activities** | 1,284 | 956 | | **Net cash used in investing activities** | (1,104) | (2,703) | | **Net cash from/(used in) financing activities** | (1) | 1,777 | - Cash repatriated to the parent company MIC S.A. increased significantly to **$1,651 million** in 2022 from **$605 million** in 2021, largely due to proceeds from the **5.125% Senior Notes due 2032** used to refinance the Guatemala acquisition bridge loan[426](index=426&type=chunk) - As of December 31, 2022, **62%** of total consolidated debt (excluding leases) was held at the operational level and was generally non-recourse to the parent company, MIC S.A[439](index=439&type=chunk) [Item 6. Directors, Senior Management and Employees](index=76&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) This section details Millicom's board of directors, executive team, compensation policies, board practices, and employee base, highlighting performance-based executive compensation and the company's adherence to Luxembourg corporate governance practices [A. Directors and Senior Management](index=77&type=section&id=A.%20Directors%20and%20Senior%20Management) Millicom's Board of Directors comprises nine members, chaired by José Antonio Ríos García, with CEO Mauricio Ramos leading an executive team that includes Sheldon Bruha, who became CFO in April 2022 - The Board of Directors consists of **nine members**, including Chairman José Antonio Ríos García and CEO Mauricio Ramos[455](index=455&type=chunk) - The executive team is comprised of **seven members**, including the CEO, CFO, COO, Chief Legal and Compliance Officer, Chief Human Resources Officer, Chief External Affairs Officer, and Chief Technology and Information Officer[469](index=469&type=chunk) - Sheldon Bruha assumed the role of Executive Vice President and Chief Financial Officer in **April 2022**, having joined the company in January 2022[470](index=470&type=chunk) [B. Compensation](index=80&type=section&id=B.%20Compensation) Executive compensation at Millicom is heavily performance-based, aligning management interests with shareholder value creation through a base salary, a Short-Term Incentive (STI) plan, and a Long-Term Incentive (LTI) plan, with the 2020 LTI plan resulting in a zero payout due to unmet targets - The company's compensation philosophy is based on being competitive, driving right behaviors, aligning with shareholder interests, paying for performance, and transparency[494](index=494&type=chunk) 2022 CEO & CFO Compensation Summary | Executive | Total Fixed Pay (US$) | Annual Bonus (US$) | Deferred Share Units (US$) | LTIP Grant Value (US$) | Total Annual Comp (US$) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Mauricio Ramos (CEO)** | 1,584,535 | 1,650,460 | 4,373,719 | 3,745,939 | **11,354,653** | | **Sheldon Bruha (CFO)** | 809,845 | 541,075 | 973,935 | 718,750 | **3,043,605** | - The 2022 Short-Term Incentive (STI) was based on Service Revenue (**20% weight**), EBITDA (**20%**), Operating Free Cash Flow after Leases (OFCFaL) (**20%**), Relational Net Promoter Score (rNPS) (**10%**), and personal performance (**30%**)[498](index=498&type=chunk) - The 2020 Long-Term Incentive Plan (LTI), which vested in January 2023, resulted in a **0% payout** for all participants as performance targets were not met[524](index=524&type=chunk)[525](index=525&type=chunk) - For 2023, the LTI plan will incorporate ESG metrics with a **10% total weight**[529](index=529&type=chunk)[530](index=530&type=chunk) [C. Board Practices](index=103&type=section&id=C.%20Board%20Practices) Millicom's board practices are guided by Luxembourg law and the Swedish Code of Corporate Governance, with a nine-member board elected annually and supported by three committees, while a separate Nomination Committee proposes director candidates, and the company leverages foreign private issuer exemptions from certain Nasdaq rules - The Board of Directors consists of **nine members** elected annually and is responsible for strategy, financial objectives, and governance oversight[553](index=553&type=chunk)[555](index=555&type=chunk) - The Board is supported by three committees: Audit, Compensation, and Compliance and Business Conduct[558](index=558&type=chunk) - A Nomination Committee, appointed by the largest shareholders rather than the Board, proposes director candidates and their remuneration to the AGM[551](index=551&type=chunk)[552](index=552&type=chunk) - As a foreign private issuer, Millicom relies on home country (Luxembourg) practices for certain governance rules, exempting it from specific Nasdaq requirements regarding shareholder meeting quorums and the composition of nomination and compensation committees[566](index=566&type=chunk) [D. Employees](index=105&type=section&id=D.%20Employees) In 2022, the Millicom Group had an average of approximately **19,446 employees**, a decrease from prior years, with about **17%** of the workforce covered by collective employment agreements, and the company reports good relations with its employees Average Number of Employees | Year | Average Employees | | :--- | :--- | | **2022** | 19,446 | | **2021** | 20,687 | | **2020** | 21,419 | - Approximately **17%** of employees were covered by collective bargaining agreements on average during 2022[567](index=567&type=chunk) [E. Share Ownership](index=105&type=section&id=E.%20Share%20Ownership) This subsection details the beneficial ownership of Millicom's common shares by its directors and senior management as of January 1, 2023, with CEO Mauricio Ramos being the largest individual holder among the group, and collectively, all directors and executive team members owning less than **1%** of total common shares Share Ownership by Key Management (as of Jan 1, 2023) | Individual | Position | Common Shares | | :--- | :--- | :--- | | **Mauricio Ramos** | CEO | 426,607 | | **José Antonio Ríos García** | Chairman | 43,891 | | **Directors & Executive Team (as a group)** | - | 919,857 | - The total share ownership of all directors and executive team members as a group is **less than 1%** of the company's outstanding common shares[569](index=569&type=chunk) [Item 7. Major Shareholders and Related Party Transactions](index=106&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section identifies Millicom's major shareholders, including Société Générale S.A., Xavier Niel, and Dodge & Cox, and details its transactions with related parties such as EPM and former JV partner Miffin Associates Corp, with transactions with Miffin ceasing after the Guatemala acquisition [A. Major Shareholders](index=106&type=section&id=A.%20Major%20Shareholders) As of December 31, 2022, Millicom's major shareholders holding over **5%** of common shares were Société Générale S.A. (**8.0%**), Xavier Niel (**7.0%**), and Dodge & Cox (**5.1%**), with Xavier Niel's beneficial ownership subsequently increasing to approximately **20%** by February 24, 2023 Major Shareholders as of December 31, 2022 | Shareholder | Percentage of Share Capital | | :--- | :--- | | **Société Générale S.A.** | 8.0% | | **Xavier Niel** | 7.0% | | **Dodge & Cox** | 5.1% | - A subsequent Schedule 13D filing indicated that Xavier Niel's beneficial ownership increased to approximately **20%** of common shares outstanding as of February 24, 2023[573](index=573&type=chunk) [B. Related Party Transactions](index=107&type=section&id=B.%20Related%20Party%20Transactions) Millicom engages in transactions with related parties on normal commercial terms, including Empresas Públicas de Medellín (EPM) and formerly Miffin Associates Corp, with transactions with Miffin ceasing after Millicom acquired the remaining stake in November 2021 - Significant related parties include EPM (non-controlling shareholder in Colombia), Miffin Associates Corp (former JV partner in Guatemala until Nov 2021), and Cable Onda Partners (former non-controlling shareholders in Panama until June 2022)[579](index=579&type=chunk)[580](index=580&type=chunk)[582](index=582&type=chunk) Expenses from Transactions with Related Parties | Party | 2022 (US$ millions) | 2021 (US$ millions) | 2020 (US$ millions) | | :--- | :--- | :--- | :--- | | **Miffin** | — | (165) | (216) | | **EPM** | (45) | (39) | (37) | | **Total** | **(63)** | **(220)** | **(310)** | Income from Transactions with Related Parties | Party | 2022 (US$ millions) | 2021 (US$ millions) | 2020 (US$ millions) | | :--- | :--- | :--- | :--- | | **Miffin** | — | 299 | 327 | | **EPM** | 11 | 14 | 15 | | **Total** | **11** | **314** | **343** | [Item 8. Financial Information](index=109&type=section&id=Item%208.%20Financial%20Information) This section contains the company's consolidated financial statements and information on legal proceedings, including ongoing tax disputes and the decision not to repurchase shares due to its Rights Offering [A. Consolidated Statements and Other Financial Information](index=109&type=section&id=A.%20Consolidated%20Statements%20and%20Other%20Financial%20Information) Millicom faces routine litigation, with a majority of cases and potential exposure originating in Colombia, and is addressing numerous tax disputes across its markets, while no shares were repurchased under the 2022 authorization due to the company's Rights Offering - The company is party to various legal proceedings, with commercial claims being the largest category, and litigation matters in Colombia representing the majority of cases and potential exposure[590](index=590&type=chunk)[591](index=591&type=chunk) - Millicom has ongoing tax disputes in most of its markets concerning issues such as VAT, withholding tax on services, and the deductibility of intercompany fees and other expenses[592](index=592&type=chunk) - No shares were repurchased under the share repurchase plan authorized at the May 4, 2022 AGM due to the company's decision to conduct a Rights Offering[595](index=595&type=chunk) [Item 10. Additional Information](index=111&type=section&id=Item%2010.%20Additional%20Information) This section provides supplementary corporate information, including details on the company's articles of association, material contracts, and a summary of tax considerations for shareholders in Luxembourg and the United States [C. Material Contracts](index=115&type=section&id=C.%20Material%20Contracts) Millicom has several material contracts, primarily related to its financing activities and recent strategic transactions, including indentures for various senior notes, a **$600 million** revolving credit facility, and the stock purchase agreement for the **$2.2 billion** acquisition of the remaining **45%** of its Guatemala joint venture - The company entered into a stock purchase agreement on November 11, 2021, to acquire the remaining **45%** of its Guatemala joint venture for **$2.2 billion** in cash[633](index=633&type=chunk) - On June 29, 2022, the company acquired the remaining **20%** equity interest in Tigo Panama for approximately **$290 million** in cash[630](index=630&type=chunk) - Key financing agreements include a **$600 million** revolving credit facility maturing in 2025 and indentures for multiple senior notes, such as the **4.500% Senior Notes due 2031** and the **6.250% Senior Notes due 2029**[634](index=634&type=chunk)[635](index=635&type=chunk)[638](index=638&type=chunk) [Item 11. Quantitative and Qualitative Disclosures About Risk](index=125&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Risk) Millicom's primary financial risks are interest rate risk, foreign currency exchange risk, and non-repatriation risk, managed by maintaining over **75%** fixed-rate debt and at least **40%** local currency debt, despite experiencing a net foreign exchange loss of **$84 million** in 2022 - The company's principal market risks are interest rate risk, foreign currency exchange risk, and non-repatriation risk[700](index=700&type=chunk) - The Group's policy is to maintain over **75%** of its debt at fixed rates, with approximately **82%** of borrowings at a fixed rate or swapped to fixed rates as of December 31, 2022[704](index=704&type=chunk)[1125](index=1125&type=chunk) - The company experienced a net foreign exchange loss of **$84 million** in fiscal 2022, compared to a loss of **$42 million** in 2021[149](index=149&type=chunk)[711](index=711&type=chunk) - A hypothetical **100 basis point** change in floating interest rates would impact profit before tax by approximately **$12 million** for 2022[706](index=706&type=chunk)[1127](index=1127&type=chunk) [Item 15. Controls and Procedures](index=130&type=section&id=Item%2015.%20Controls%20and%20Procedures) This section confirms the effectiveness of Millicom's disclosure controls and internal control over financial reporting as of December 31, 2022, as concluded by the CEO and CFO, and audited by Ernst & Young S.A. with an unqualified opinion - The CEO and CFO concluded that as of December 31, 2022, the company's disclosure controls and procedures were effective at a reasonable assurance level[729](index=729&type=chunk) - Management assessed the company's internal control over financial reporting as effective as of December 31, 2022, based on the COSO 2013 framework[733](index=733&type=chunk) - The independent registered public accounting firm, Ernst & Young S.A., audited the internal control over financial reporting and issued an unqualified opinion, stating that the company maintained effective internal control as of December 31, 2022[736](index=736&type=chunk) [PART III](index=137&type=section&id=PART%20III) This section presents the audited consolidated financial statements of Millicom, prepared under IFRS, along with the independent auditor's opinion [Item 18. Financial Statements](index=137&type=section&id=Item%2018.%20Financial%20Statements) This section contains the audited consolidated financial statements of Millicom International Cellular S.A. for the fiscal years ended December 31, 2022, 2021, and 2020, prepared in accordance with IFRS, with Ernst & Young S.A. issuing an unqualified opinion while identifying impairment testing of goodwill and uncertain tax positions as critical audit matters - The financial statements were audited by Ernst & Young S.A., which issued an unqualified opinion, confirming they are presented fairly in conformity with IFRS as issued by the IASB[775](index=775&type=chunk) - The audit identified two Critical Audit Matters (CAMs): the impairment testing of the **$4,059 million** goodwill balance, due to the significant assumptions involved in valuation; and the assessment of uncertain tax positions, due to the complexity and judgment required in interpreting tax laws in developing countries[779](index=779&type=chunk)[780](index=780&type=chunk)[783](index=783&type=chunk) Consolidated Statement of Income Highlights | Metric (US$ millions) | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Revenue** | 5,624 | 4,261 | 3,805 | | **Operating profit** | 915 | 619 | 402 | | **Net profit (loss) for the period** | 129 | 542 | (385) | | **Basic EPS ($)** | 1.27 | 4.59 | (2.68) | Consolidated Statement of Financial Position Highlights | Metric (US$ millions) | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | 14,198 | 15,141 | | **Total Equity** | 3,634 | 2,740 | | **Total Liabilities** | 10,565 | 12,401 |