NEW YORK, LONDON and BERTRANGE, Luxembourg, Sept. 22, 2003 (PRIMEZONE) -- Millicom International Cellular S.A. (Nasdaq:MICC), the global telecommunications investor, announced today that it has recommenced consolidating Telemovil, its operation in El Salvador, following the successful resolution of the shareholder disputes with its local partners.
Telemovil is the leading provider of cellular services in El Salvador with approximately 460,000 total subscribers as at June 30th 2003.
Marc Beuls, President and CEO of Millicom International Cellular, commented: "The El Salvador operation has exciting potential and with some $100m of revenue in 2002 it is an important business in the region. Over time we will own 100% of the company; however this will not impact upon Millicom's budgeted corporate cashflow. There will now be the opportunity to grow this operation aggressively and to improve EBITDA margins towards the group average of over 50%."
A summary of the unaudited financial results for the year ended December 31st 2002 and for the period ended June 30th 2003 is given below:
SUMMARY OF FINANCIAL INDICATORS ('000 US$)
Half year to 06/30/2003 Full Year 2002
Revenues 54,942 98,573
EBITDA 23,173 38,543
On a pro forma basis Telemovil today has approximately $8m of
cash and bank loans of $30m.
Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has a total of 16 cellular operations and licenses in 15 countries. The Group's cellular operations have a combined population under license (excluding Tele2) of approximately 382 million people. In addition, MIC provides high-speed wireless data services in five countries. MIC also has a 6.0% interest in Tele2 AB, the leading alternative pan-European telecommunications company offering fixed and mobile telephony, data network and Internet services to 17.7 million customers in 22 countries. The Company's shares are traded on the Luxembourg Bourse and the Nasdaq Stock Market under the symbol MICC.
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 members or persons 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.
Marc Beuls Telephone: +352 27 759 101
President and Chief Executive 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