Anders Nilsson Leaves Millicom as Executive Vice-President of Commerce and Services
Feb 25 14
Millicom announced that Anders Nilsson, its Executive Vice-President of Commerce and Services, will be leaving the company to take up a new role as CEO of Com Hem, at the end of March 2014.
Millicom International Cellular SA Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the Full Year 2014; Announces an Impairment of Goodwill
Feb 11 14
Millicom International Cellular SA reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported revenue of $1,365 million compared with $1,266 million for the same period last year. Operating profit was $147 million compared with $266 million for the same period last year. Profit before taxes from continuing operations was $41 million compared with $224 million for the same period last year. Net profit for the year attributable to owners of the company was $55 million or $0.56 diluted per share compared with $87 million or $0.85 diluted per share for the same period last year. The company saw a 9.7% year-on-year rise in revenues to $1.37 billion, driven by strong growth in South America. The group's Ebitda fell 10.2% year-on-year to $465 million and was down 9% for the year to $1.88 billion. Operating free cash flow this quarter was $153 million, down 36% compared to 1 year ago, mostly due to the decrease in EBITDA. CapEx expenditure was up in the fourth quarter. The company invested $564 million in CapEx, including $111 million in spectrum for Latin America.
For the year, the company reported revenue of $5,159 million compared with $4,814 million for the same period last year. Operating profit was $781 million compared with $1,104 million for the same period last year. Profit before taxes from continuing operations was $387 million compared with $897 million for the same period last year. Net profit for the year attributable to owners of the company was $229 million or $2.30 diluted per share compared with $508 million or $5.01 diluted per share for the same period last year. Net cash provided by operating activities was $1,210 million compared with $1,585 million for the same period last year. Purchase of intangible assets and licenses was $402 million compared with $159 million for the same period last year. Purchase of property, plant and equipment was $758 million compared with $842 million for the same period last year. For the full year, the company spent a total of $1.23 billion in CapEx, including licenses and spectrum of $223 million for South and Central America.
For 2014, the company is forecasting mid-to-high single digit revenue growth and an Ebitda margin in the mid-30s. In 2014, The company expects CapEx to revenue to decrease to around 19% for the year after the peak in 2013 at 19.4%. That is excluding spectrum and license acquisitions.
The company announced that during the three month period ended December 31, 2013 an impairment of goodwill in Senegal of $36 million was recorded.
Millicom Announces Management Changes
Feb 11 14
Millicom announced that it has appointed Tim Pennington to the role of Chief Financial Officer. He will take up the role in June 2014 and report to Millicom's President and CEO, Hans-Holger Albrecht. Tim is currently the CFO at Cable & Wireless Communications. He was previously the Group Finance Director for Cable and Wireless plc. Prior to this Tim was CFO of Hutchison Telecommunications International Ltd. which was listed in Hong Kong and New York. Millicom also announced that it has appointed Interim CFO Marc Zagar to the role of Deputy CFO and Nicolas Didio as its new Head of Investor Relations whilst Justine Dimovic becomes Group Treasurer and Director of Corporate Finance. Nicolas will join the company on 1 April 2014. Prior to joining Millicom and since October 2011, Marc Zagar was EVP Finance at MTG which he joined first in 2001. Before MTG, Marc worked for over ten years in various financial management positions within Vivendi Universal, having started his career with Steelcase Strafor. He graduated from CESEM Business School in Reims, France and has a Master's degree from Université Dauphine in Paris. Justine Dimovic has been leading the Millicom Investor Relations team since January 2012 when she joined Millicom. Nicolas joins Millicom from BNP Paribas Investment Partners where he was Investment Analyst in Telecoms. Prior to BNP Paribas, Nicolas was from 2006 until 2012 a Vice President at Exane BNP Paribas covering Telecoms and Media. Before that he was an analyst at Natixis Securities and Natexis Capital. He has a Master's degree in Corporate Finance and is a certified EFFAS Financial Analyst.