Millicom Int. Cellular SDB — Interim / Quarterly Report 2007

Apr 24, 2007

6-K 1 dp05434e_6k.htm Unassociated Document Licensed to: DPW Document Created using EDGARizer 4.0.0.0 Copyright 2007 EDGARfilings, Ltd., an IEC company. All rights reserved EDGARfilings.com

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 24, 2007

Commission File Number: 000-22828

MILLICOM INTERNATIONAL

CELLULAR S.A.

75 Route de Longwy

Box 23, L-8080 Bertrange

Grand-Duchy of Luxembourg

---

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ___ No X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ______

MILLICOM INTERNATIONAL CELLULAR S.A.

INDEX TO EXHIBITS

Item

1. Press release dated April 24, 2007

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MILLICOM INTERNATIONAL CELLULAR S.A.

(Registrant)

Date: April 24, 2007 By: /s/ Marc Beuls

Name: Marc Beuls

Title: President and Chief Executive Officer

By: /s/ David Sach

Name: David Sach

Title: Chief Financial Officer

Item 1

MILLICOM INTERNATIONAL CELLULAR S.A.

FOR IMMEDIATE RELEASE

April 24, 2007

MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS

FOR THE QUARTER ENDED MARCH 31, 2007

New York and Stockholm - April 24, 2007 - Millicom International Cellular S.A. (Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC), the global telecommunications company, today announces results for the quarter ended March 31, 2007.

· Subscriber increase for Q1 of 94%, bringing total subscribers to 16.5m*

· 86% increase in revenues for Q1 to $563m (Q1 06: $303m) *

· 74% increase in EBITDA for Q1 to $248m (Q1 06: $143m) *

· Profit before taxes from continuing operations for Q1 of $129m (Q1 06: $77m) *

· Profit before discontinued operations and minority interest for Q1 of $82m (Q1 06: $51m) *

· Net Profit for Q1 of $345m (Q1 06: $33m) **

· Basic earnings per common share for Q1 of $3.43 (Q1 06: $0.33) **

*** Excludes discontinued operations**

** Includes gain on sale of Paktel Limited of $258m

Chief Executive Officer’s Review

Marc Beuls, Chief Executive comments: “In the first quarter Millicom continued to deliver the high levels of growth seen in 2006. First quarter revenues increased by 86%, from $303 million in Q1 2006 to $563 million in Q1 2007. EBITDA rose by 74% to $248m and the group margin was 44%.

“The strong subscriber intake continued with approximately 1.6 million subscribers added in the first quarter taking total subscribers to 16.5 million. Capex for the first quarter was $183 million and is in line with our stated target of spending $800 million for the year, given that capex has traditionally increased throughout the year. We have continued to invest in the networks in all our regions, with capacity added in Central America to handle the additional traffic from the move to per-second billing; with a step-up in the network build-out in Colombia; with significant investments in additional coverage throughout most African countries; and with the continued investment in Sri Lanka. The progress made in expanding the networks in the Democratic Republic of Congo and Sri Lanka enabled us to launch the “tigo” brand in these countries in January. Today DRC is our first market that is fully e-pin, and offers per second billing as well. We are starting to see the benefits of this offering and DRC had 194 thousand subscribers by the end of the first quarter which is encouraging.

“Central and South America continue to be the fastest growing regions being the first to launch “tigo” and being leaders in offering e-pin. Per second billing was launched in all three countries in Central America in late January, following the success of per second billing in Paraguay in 2006, and the first indications are encouraging. Revenues compared to the fourth quarter, which is typically a very strong quarter, were maintained in Central America. This is an encouraging sign for the rest of the year because traffic has increased roughly 25% in two months to compensate for the 25% effective tariff reduction as a result of the introduction of per second billing. This is similar to the price elasticity that we witnessed in Paraguay throughout 2006. From Q1 2006 to Q1 2007, Central America saw revenues increase 59% and EBITDA rise by 73%, with a 55% EBITDA margin.

“In South America, excluding Colombia which was acquired in Q4 2006, underlying quarterly revenue growth was 70% and EBITDA growth was 98%. Revenue growth in Paraguay was particularly strong at 83%, continuing the trend that started in early 2006 following the introduction of per second billing. Progress in Colombia has been encouraging with subscribers starting to rise and the EBITDA margin was higher than expected at 21%, up from 16% last quarter. It is expected that revenues will start to rise in Colombia in Q3 when the distribution and the visibility of “tigo” will have improved.

“In Africa, with revenues and EBITDA up by 55% and 30%, respectively, we are already seeing the beneficial effect of the launch of “tigo” and we believe that in the future our African businesses can achieve similar if not higher levels of growth than those in Latin America. In the fourth quarter of 2006, we removed a number of low revenue subscribers from the network in Tanzania which affected net subscriber intake for the fourth quarter but in 2007 subscriber growth has accelerated again. Encouragingly the EBITDA margin in Africa as a whole improved slightly from 36% in Q4 2006 to 37% in Q1 2007, reversing the recent quarterly downwards trend.

“In Asia, we introduced per-second billing in Cambodia in mid-January 2007. Revenues were surprisingly strong given the effective tariff reduction from the change to per-second billing, and were up 15% versus the fourth quarter of 2006. In Sri Lanka we are starting to see positive results following the launch of “tigo” in January. Revenues were up 42% versus the first quarter of 2006 reflecting the investments that have been made on the network in 2006 and early 2007. Overall, Asia reported a 22% growth in revenues, an 11% growth in EBIDTA and a margin of 41%. During the first quarter we completed the sale of Paktel for an enterprise value of $460 million and we recorded a net gain on the sale of the business of $258 million.

“The year started well for us and with per second billing, e-pin and increasing capex fuelling growth in most of our markets, we expect 2007 to be another record year.”

FINANCIAL SUMMARY FOR THE PERIOD TO MARCH 31, 2007 AND 2006

| SUBSCRIBERS | Q1 2007 | Q1 2006 | Q
on Q change |
| --- | --- | --- | --- |
| - Total (i)
(iv) | 16,515,478 | 8,492,069 | 94% |
| - Attributable (ii)
(iv) | 14,133,664 | 7,088,043 | 99% |
| REPORTED
NUMBERS US$
‘000 | Q1 2007 | Q1 2006 | Q
on Q change |
| Revenues (iv) | 562,701 | 302,916 | 86% |
| EBITDA (iii)
(iv) | 248,077 | 142,935 | 74% |
| EBITDA
margin | 44% | 47% | |
| Net
Profit for the period | 345,200 | 33,407 | |

(i) Total subscriber figures represent the worldwide total number of subscribers of mobile systems in which Millicom has an ownership interest.

(ii) Attributable subscribers are calculated as 100% of subscribers in Millicom’s subsidiary operations and Millicom’s percentage ownership of subscribers in each joint venture operation.

(iii) EBITDA: operating profit before interest, taxes, depreciation and amortization, is derived by deducting cost of sales, sales and marketing costs, general and administrative expenses from revenues and other operating income.

(iv) Excludes discontinued operation

2

FINANCIAL AND OPERATING SUMMARY

· Strong subscriber growth with total subscribers at 16.5 million, an increase of 94% compared to Q1 2006

· 1,570,033 net new total subscribers added in Q1 2007

· Record revenues of $563 million in Q1 2007, up 86% vs. Q1 2006

· Record EBITDA of $248 million in Q1 2007, up 74% vs. Q1 2006

· Investments include capex of $183 million for the first quarter, more than double Q1 2006

· Cash and cash equivalents of $993 million at end of Q1 2007

· Cash upstreaming of $283 million in the first quarter

· Net debt of $514 million with a Net Debt to extrapolated full year EBITDA ratio of 0.5 to 1 enabling significant continuing investment

· Total mobile minutes increased by 96% for the three months ended March 31, 2007 from the same quarter in 2006 and prepaid minutes increased by 95% in the same period.

· In January 2007 Millicom launched “tigo” in the Democratic Republic of Congo and in Sri Lanka.

· In March 2007, Millicom launched “tigo” in Laos, completing the planned roll-out of the brand to 14 of its 16 markets

· On February 13, 2007 Millicom finalised its exit from Pakistan with the completion of the sale of its 88.86% shareholding in Paktel Limited to China Mobile Communications Corporation with an implied enterprise value of US$460 million. Millicom recorded a net gain on sale of $258 million.

· On March 15, 2007, the Board of Millicom approved a “Long Term Incentive Plan” (2007 LTIP) in order to incentivise and reward management for achieving a number of challenging targets.

REVIEW OF OPERATIONS

SUBSCRIBER GROWTH

In the first quarter of 2007 Millicom’s worldwide operations in Latin America, Africa and Asia added 1,570,033 net new total mobile subscribers.

At March 31, 2007, Millicom’s total mobile subscriber base increased by 94% to 16,515,478 subscribers from 8,492,069 as at March 31, 2006. Particularly significant year on year percentage increases were recorded in the Democratic Republic of Congo (240%), Ghana (114%), El Salvador (90%), Honduras (90%) and Guatemala (83%). The number of subscribers in Bolivia decreased from the fourth quarter as TDMA subscribers with low ARPUs are in the process of being churned off the network. Millicom’s attributable subscriber base increased to 14,133,664 as at March 31, 2007 from 7,088,043 as at March 31, 2006, an increase of 99%.

Prepaid subscribers accounted for 95% or 15,620,731 of the total mobile subscribers reported at the end of the first quarter.

3

FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2007

Total revenues for the three months ended March 31, 2007 were $562.7 million, an increase of 86% from the first quarter of 2006 excluding discontinued operations. The Central American operations produced a 59% increase in revenues from $156.6 million for the first quarter of 2006 to $249.5 million for the first quarter of 2007. This increase in revenues was achieved despite a 25% effective tariff reduction from the introduction of per-second billing in January 2007. This demonstrates the strong price elasticity in these markets.

The momentum in South America continued with underlying year on year organic revenue growth of 70% for the quarter, excluding Colombia. Millicom has benefited from the introduction of e-pin and per second billing, and the focus on value-added services, which have led to strong ARPUs, particularly in Paraguay. Including Colombia, which was consolidated in the fourth quarter of 2006, revenues for South America were $167.4 million, up 274% from the first quarter of 2006

Revenues for Africa in the first quarter were $103.2 million compared to $66.7 million in the first quarter of 2006, an increase of 55%. Millicom continues to deliver excellent revenue growth in Africa through increased capex to grow its networks. Excluding DRC and Chad, which are in the start up phase and therefore growing from a low base, the strongest market was again Ghana which grew by 141%. Revenue growth in Tanzania improved strongly from the previous quarter following the recent change in management. Senegal and Mauritius continued to grow well and good progress continues to be made in Chad and DRC.

Paktel was classified as a discontinued operation from the fourth quarter of 2006 and in the first quarter of 2007 the business was sold to China Mobile for $287 million in cash. The new combined Asian cluster comprising Cambodia, Laos and Sri Lanka grew by 22% year on year to $42.6 million, with Cambodia growing by 18% and Sri Lanka by 42% over the period. The growth in Cambodia was impacted by the introduction of per-second billing and the growth in Sri Lanka was driven by the significant capex in 2006 and early 2007.

EBITDA for the three months ended March 31, 2007 was $248.1 million, a 74% increase from the first quarter of 2006. Central America recorded growth in EBITDA of 73% from the first quarter of 2006 to $136.3 million and South America was up by 98% excluding Colombia for the similar period, and by 203% to $55.8 million including Colombia. EBITDA for Africa increased by 30% to $38.5 million. EBITDA for Asia was $17.4 million, an 11% increase from the first quarter of 2006.

The EBITDA margin in the first quarter of 2007 was 44% compared to 47% in Q1 2006. Excluding Colombia, the consolidated EBITDA margin would have been 49% in Q1 2007. Central and South America recorded EBITDA margins of 55% and 33% respectively. The South American EBITDA margin was impacted by the lower than average margin in Colombia Movil of 21%. Excluding Colombia, the EBITDA margin in South America would have been 48%. For Africa, the EBITDA margin was 37%, and for Asia it was 41%.

COMMENTS ON FINANCIAL STATEMENTS

· The acquisition of Colombia Movil has impacted most areas of the financial statements, with particularly major impacts on the subscriber numbers, depreciation, PPE, intangible assets (including goodwill) and external debt.

· The depreciation charge in 2007 is substantially higher than in 2006 due to higher capital expenditures and the impact of Colombia.

· The increase in property, plant and equipment (PPE) from December 31, 2006 is primarily a result of the higher capex levels to greatly improve the quality and coverage of the networks.

· Paktel was classified as an asset held for sale in the fourth quarter of 2006 and its assets have been segregated and shown on separate lines on the December 31, 2006 balance sheet. Paktel was sold to China Mobile Communications Corporation in the first quarter of 2007.

4

· Paktel, Pakcom, Vietnam and Peru have all been classified as discontinued operations in the financial statements. Accordingly, the current and prior year results have been amended to show these operations within a single line on the profit and loss statement.

OTHER INFORMATION

The amounts in the consolidated statements of profit and loss for the quarters ended March 31, 2007 and 2006, the consolidated balance sheets as at March 31, 2007 and December 31, 2006, the condensed consolidated statements of cash flows for the quarters ended March 31, 2007 and 2006 and the condensed consolidated changes in equity for the quarters ended March 31, 2007 and 2006 are prepared in accordance with International Financial Reporting Standards (IFRS).

This report is unaudited.

Millicom’s financial results for the second quarter of 2007 will be published on July 26, 2007.

Luxembourg, April 24, 2007.

Marc Beuls, President & Chief Executive Officer

David Sach, Chief Financial Officer

Millicom International Cellular S.A

15 rue Léon Laval

L-3372 Leudelange

Luxembourg

Tel : +352 27 759 101

Registration number: R.C.S. Luxembourg B 40.630

Millicom International Cellular S.A. is a global telecommunications group with mobile telephony operations in Asia, Latin America and Africa. It currently has mobile operations and licenses in 16 countries. The Group’s mobile operations have a combined population under license of approximately 280 million people.

This press release may contain certain “forward-looking statements” with respect to Millicom’s expectations and plans, strategy, management’s objectives, future performance, costs, revenues, 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. Please refer to the documents that Millicom has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Millicom’s most recent annual report on Form 20-F, for a discussion of certain of these 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., any 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.

CONTACTS:

Marc Beuls Telephone: +352 27 759 327

President and Chief Executive Officer

Millicom International Cellular S.A., Luxembourg

David Sach Telephone: +352 27 759 327

Chief Financial Officer

Millicom International Cellular S.A., Luxembourg

Andrew Best Telephone: +44 20 7321 5022

Investor Relations

Shared Value Ltd, London

Visit our web site at http://www.millicom.com

5

CONFERENCE CALL DETAILS

A conference call to discuss the results will be held at 14.00 UK / 15.00 CET / 09.00 EDT, on Tuesday, April 24, 2007. The dial-in numbers are: +44 (0)20 7138 0817, +46 (0)8 5352 6456 or +1 718 354 1359 and participants should quote Millicom International Cellular. A live audio stream of the conference call can also be accessed at www.millicom.com . Please dial in / log on 5 minutes prior to the start of the conference call to allow time for registration. A recording of the conference call will be available for 7 days after the conference call, commencing approximately 30 minutes after the live call has finished, on: +44 (0)20 7806 1970 / +46 (0)8 5876 9441 or +1 718 354 1112, access code: 7564663#.

APPENDICES

· Consolidated statements of profit and loss for the quarters ended March 31, 2007 and 2006

· Consolidated balance sheets as at March 31, 2007 and December 31, 2006

· Condensed consolidated statements of cash flows for the quarters ended March 31, 2007 and 2006

· Condensed consolidated statements of changes in equity for the quarters ended March 31, 2007 and 2006

· Quarterly analysis by cluster

· Total subscribers and market position by country

6

Millicom International Cellular S.A.

Consolidated statements of profit and loss

for the three months ended March 31, 2007 and 2006

| Mar
31, 2007 | | Mar
31, 2006 | | |
| --- | --- | --- | --- | --- |
| (Unaudited) | | (Unaudited) | | |
| US$’000 | | US$’000 | | |
| Revenues | 562,701 | | 302,916 | |
| Operating
expenses | | | | |
| Cost
of sales (excluding depreciation and amortization) | (150,678 | ) | (83,523 | ) |
| Sales
and marketing | (92,878 | ) | (42,777 | ) |
| General
and administrative expenses | (71,068 | ) | (34,177 | ) |
| Other
operating income | - | | 496 | |
| EBITDA | 248,077 | | 142,935 | |
| Corporate
costs | (10,234 | ) | (9,251 | ) |
| Stock
compensation | (4,619 | ) | (754 | ) |
| Loss
on disposal of assets, net | (128 | ) | (1,021 | ) |
| Gain
from sale of subsidiaries and joint ventures, net | - | | 989 | |
| Depreciation
and amortization | (78,162 | ) | (41,995 | ) |
| Operating
profit | 154,934 | | 90,903 | |
| Interest
expense | (39,139 | ) | (28,311 | ) |
| Interest
and other financial income | 12,385 | | 6,573 | |
| Other
non-operating, net | 544 | | 7,537 | |
| Profit
from associated companies | 652 | | 262 | |
| Profit
before taxes from continuing operations | 129,376 | | 76,964 | |
| Taxes | (47,733 | ) | (25,542 | ) |
| Profit
before discontinued operations and minority
interest | 81,643 | | 51,422 | |
| Gain
on sale from discontinued operations | 258,346 | | - | |
| Result
from discontinued operations | (2,147 | ) | (16,650 | ) |
| Minority
interest | 7,358 | | (1,365 | ) |
| Net
Profit for the period | 345,200 | | 33,407 | |
| Basic
earnings per common share (US$) | 3.43 | | 0.33 | |
| Weighted
average number of shares outstanding
in the period (in thousands) | 100,749 | | 100,004 | |
| Profit
for the period used to determine diluted earnings per common
share | 349,311 | | 33,407 | |
| Diluted
earnings per common share (US$) | 3.24 | | 0.33 | |
| Weighted
average number of shares and potential dilutive
shares outstanding in the period (in thousands) | 107,734 | | 100,611 | |

7

Millicom International Cellular S.A.

Consolidated balance sheets

as at March 31, 2007 and December 31, 2006

2007	2006
(Unaudited)
US$’000	US$’000
Assets
Non-current
assets
Intangible
assets, net	476,559	482,775
Property,
plant and equipment, net	1,389,652	1,267,159
Investment
in associates	7,435	6,838
Financial
assets:
Pledged
deposits	5,481	4,512
Other
financial assets	19,879	21,713
Deferred
taxation	6,114	3,706
Total
non-current assets	1,905,120	1,786,703
Current
assets
Financial
assets:
Pledged
deposits	15,411	45,402
Inventories	50,081	54,245
Trade
receivables, net	185,643	185,455
Amounts
due from joint ventures and joint venture partners	33,850	37,346
Amounts
due from other related parties	1,071	1,221
Prepayments
and accrued income	76,099	58,429
Current
tax assets	9,111	4,916
Other
current assets	86,534	83,512
Cash
and cash equivalents	992,911	656,692
Total
current assets	1,450,711	1,127,218
Assets
held for sale	-	407,073
Total
assets	3,355,831	3,320,994

8

Millicom International Cellular S.A.

Consolidated balance sheets

as at March 31, 2007 and December 31, 2006

(Unaudited)
US$’000	US$’000
Equity
and liabilities
Equity
Share
capital and premium (represented by 100,854,715 shares as of March
31,
2007)	380,255	372,526
Other
reserves	4,245	2,966
Accumulated
profits / (losses) brought forward	129,382	(39,565	)
Net
Profit for the period / year	345,200	168,947
	859,082	504,874
Minority
Interest	71,046	77,514
Total
equity	930,128	582,388
Liabilities
Non-current
liabilities
Debt
and other financing:
10%
Senior Notes	538,960	538,673
4%
Convertible Notes - Debt component	173,280	171,169
Other
debt and financing	639,094	649,153
Other
non-current liabilities	52,506	49,353
Deferred
taxation	37,102	34,368
Total
non-current liabilities	1,440,942	1,442,716
Current
liabilities
Other
debt and financing	155,398	134,661
Capex
payables	285,046	276,850
Other
trade payables	163,515	151,454
Amounts
due to joint ventures and joint venture partners	28,273	32,017
Amounts
due to related parties	4,532	5,184
Accrued
interest and other expenses	138,285	113,316
Current
tax liabilities	101,437	89,077
Other
current liabilities	108,275	99,292
Total
current liabilities	984,761	901,851
Liabilities
directly associated with assets held for sale	-	394,039
Total
liabilities	2,425,703	2,738,606
Total
equity and liabilities	3,355,831	3,320,994

9

Millicom International Cellular S.A.

Condensed consolidated statements of cash flows

for the three months ended March 31, 2007 and 2006

(Unaudited)		(Unaudited)
US$’000		US$’000
EBITDA	248,077		142,935
Movements
in working capital	28,188		15,930
Cash
generated from continuing operations	276,265		158,865
Corporate
costs	(14,847	)	(9,290	)
Net
interest paid	(14,758	)	(9,853	)
Taxes
paid	(22,285	)	(7,356	)
Net
cash provided by operating activities	224,375		132,366
Cash
flow used by investing activities	(141,206	)	(190,485	)
Cash
flow provided by financing activities	(4,853	)	18,997
Cash
from continuing operations	78,316		(39,122	)
Cash
flow used by operating activities related to discontinued
operations	(21,658	)	(14,927	)
Cash
flow from investing activities related to discontinued
operations	279,010		(16,771	)
Cash
effect of exchange rate changes	551		340
Net
increase in cash and cash equivalents	336,219		(70,480	)
Cash
and cash equivalents, beginning	656,692		596,567
Cash
and cash equivalents, ending	992,911		526,087

Millicom International Cellular S.A.

Condensed consolidated statements of changes in equity

for the three months ended March 31, 2007 and March 31, 2006

(Unaudited)		(Unaudited)
US$’000		US$’000
Equity
as at January 1	582,388		333,784
Profit
for the period	345,200		33,407
Stock
compensation	4,619		754
Shares
issued via the exercise of stock options	1,993		6,431
Share
issued via payment of bonuses	1,000		-
Movement
in currency translation reserve	1,396		(1,372	)
Minority
interest	(6,468	)	(10,790	)
Equity
as at March 31	930,128		362,214

10

Millicom International Cellular S.A.

Quarterly analysis by cluster

(Unaudited)

| Q1
07 | Q4
06 | | Q3
06 | | Q2
06 | | Q1
06 | | Q1
06 to Q1 07 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Total
mobile subs (1) | | | | | | | | | |
| Central
America | 5,917,914 | 5,164,167 | | 4,247,941 | | 3,647,697 | | 3,166,682 | 87 % |
| South
America | 4,519,945 | 4,329,973 | | 1,966,614 | | 1,715,347 | | 1,521,356 | 197 % |
| Africa | 3,809,185 | 3,425,680 | | 3,215,415 | | 2,689,513 | | 2,271,157 | 68 % |
| Asia | 2,268,434 | 2,025,625 | | 1,836,150 | | 1,707,344 | | 1,532,874 | 48 % |
| Total | 16,515,478 | 14,945,445 | | 11,266,120 | | 9,759,901 | | 8,492,069 | 94 % |
| Attributable
mobile subs (1) | | | | | | | | | |
| Central
America | 4,179,295 | 3,645,886 | | 2,985,925 | | 2,567,464 | | 2,229,018 | 87 % |
| South
America | 4,519,945 | 4,329,973 | | 1,966,614 | | 1,715,347 | | 1,521,356 | 197 % |
| Africa | 3,659,047 | 3,286,083 | | 3,092,132 | | 2,571,130 | | 2,156,391 | 70 % |
| Asia | 1,775,377 | 1,578,626 | | 1,425,027 | | 1,328,349 | | 1,181,278 | 50 % |
| Total | 14,133,664 | 12,840,568 | | 9,469,698 | | 8,182,290 | | 7,088,043 | 99 % |
| Revenues
(US$’000) (1) | | | | | | | | | |
| Central
America | 249,475 | 250,866 | | 207,258 | | 181,420 | | 156,567 | 59 % |
| South
America | 167,409 | 162,344 | | 62,308 | | 51,576 | | 44,810 | 274 % |
| Africa | 103,219 | 92,405 | | 80,291 | | 72,719 | | 66,690 | 55 % |
| Asia (1) | 42,598 | 38,166 | | 38,214 | | 35,617 | | 34,849 | 22 % |
| Total
Revenues | 562,701 | 543,781 | | 388,071 | | 341,332 | | 302,916 | 86 % |
| Discontinued
operations (incl.
Pakistan) | 6,130 | 12,124 | | 14,432 | | 20,299 | | 19,285 | |
| EBITDA
(US$’000) (1) | | | | | | | | | |
| Central
America | 136,326 | 131,431 | | 110,874 | | 94,110 | | 79,015 | 73 % |
| South
America | 55,793 | 48,856 | | 28,393 | | 22,278 | | 18,491 | 203 % |
| Africa | 38,537 | 32,831 | | 31,095 | | 28,944 | | 29,702 | 30 % |
| Asia (1) | 17,421 | 16,073 | | 15,150 | | 14,178 | | 15,727 | 11 % |
| Total
EBITDA | 248,077 | 229,191 | | 185,512 | | 159,510 | | 142,935 | 74 % |
| Discontinued
operations (incl.
Pakistan) | 422 | (3,610 | ) | (5,697 | ) | (2,884 | ) | (733 | ) |

(1) Excludes discontinued operations.

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Millicom International Cellular S.A.

Total subscribers and market position by country

(Unaudited)

| Country
and Equity Holding | Country
Population (millions) (i) | MIC
Market Position (ii) | Total
Subscribers (iii) | | |
| --- | --- | --- | --- | --- | --- |
| | | | Q1
07 | Q1
06 | y-o-y
Growth |
| Central
America | | | | | |
| El
Salvador (100.0%) | 7 | 1
of
5 | 1,580,279 | 833,726 | 90% |
| Guatemala (55.0%) | 13 | 1
of
3 | 2,509,204 | 1,371,531 | 83% |
| Honduras (66.7%) | 7 | 1
of
2 | 1,828,431 | 961,425 | 90% |
| | | | 5,917,914 | 3,166,682 | 87% |
| South
America | | | | | |
| Bolivia (100.0%) | 9 | 2
of
3 | 895,535 | 723,187 | 24% |
| Colombia (50.0%
+ 1 share) | 44 | 3
of
4 | 2,198,855 | - | - |
| Paraguay (100.0%) | 6 | 1
of
4 | 1,425,555 | 798,169 | 79% |
| | | | 4,519,945 | 1,521,356 | 197% |
| Africa | | | | | |
| Chad (87.5%) | 10 | 2
of
2 | 223,119 | 141,670 | 57% |
| DRC
(iii) (100.0%) | 63 | 4
of
4 | 193,618 | 56,963 | 240% |
| Ghana (100.0%) | 23 | 2
of
4 | 1,304,820 | 610,803 | 114% |
| Mauritius (50.0%) | 1 | 2
of
3 | 300,274 | 229,531 | 31% |
| Senegal (100.0%) | 12 | 2
of
2 | 923,555 | 694,693 | 33% |
| Sierra
Leone (100.0%) | 6 | 4
of
5 | 62,343 | 27,651 | 125% |
| Tanzania (100.0%) | 37 | 3
of
4 | 801,456 | 509,846 | 57% |
| | | | 3,809,185 | 2,271,157 | 68% |
| Asia | | | | | |
| Cambodia (58.4%) | 14 | 1
of
4 | 1,185,944 | 845,692 | 40% |
| Laos (74.1%) | 6 | 3
of
5 | 91,869 | 79,136 | 16% |
| Sri
Lanka (100.0%) | 20 | 2
of
4 | 990,621 | 608,046 | 63% |
| | | | 2,268,434 | 1,532,874 | 48% |
| Total
Subscribers | | | 16,515,478 | 8,492,069 | 94% |

(i) Source: CIA The World Fact Book

(ii) Source: Millicom. Market share derived from active subscribers based on interconnect

(iii) Millicom has adjusted the subscriber numbers to eliminate those subscribers that are unlikely to generate revenues in the next 60 days

12