- 11% increase in Revenues for Q3 05 to $261.2m (Q3 04: $235.9m). - EBITDA for Q3 05 of $110.8m (Q3 04: $117.6m). - Profit for Q3 05 of $0.5m (Q3 04: profit of $12.2m)(iv). - Basic Earnings per common share for Q3 05 of $0.01 (Q3 04 Earnings per share: $0.14) (iv) - 19% increase in Revenues for the nine months to Sept 2005 to $791.5m (2004: $665.8m) - 8% increase in EBITDA for the nine months to Sept 2005 to $359.5m (2004: $332.1m) - Loss for the nine months to Sept 2005 of $5.9m (2004: profit of $41.1m)(iv) - Basic Loss per common share of $0.06 for the nine months to Sept 2005 (2004: Earnings per share of $0.51)(iv)
NEW YORK, STOCKHOLM, Sweden and BERTRANGE, Luxembourg, Oct. 24, 2005 (PRIMEZONE) -- Millicom International Cellular S.A. (Nasdaq:MICC) (Stockholmsborsen and Luxembourg Stock Exchange:MIC), the global telecommunications company, today announces results for the quarter and nine months ended September 30, 2005.
Financial summary for the quarters ended September 30, 2005 and 2004
Sept 30 Sept 30 Change
2005 2004(iv)
Worldwide
subscribers 6,409,231 4,737,721 35%
- proportional 7,912,539 6,853,233 15%
cellular (ii)
- total cellular (i)
US$ `000
Revenues 261,231 235,872 11%
Operating profit 110,826 117,594 -6%
before interest,
taxes,
depreciation and
amortization -
EBITDA(iii)
EBITDA margin 42.4 % 49.9%
Profit for the 533 12,188
period(iv)
Basic earnings 0.01 0.14
per common share
(US$)(iv)
Diluted earnings 0.01 0.14
per common share
(US$)(iv)
Weighted average 98,884 89,230
number of shares
(thousands)
Weighted average
number of shares 99,721 89,821
and potential
dilutive shares
(thousands)
- (i) Subscriber figures represent the worldwide total number of
subscribers of cellular systems in which Millicom has an ownership
interest.
- (ii) Proportional subscribers are calculated as the sum of Millicom's
percentage ownership of subscribers in each operation.
- (iii) EBITDA: operating profit before interest, taxation, 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) Comparative information restated as a result of the adoption of
IFRS 2, "Share-based Payment"
Marc Beuls, Millicom's President and Chief Executive Officer stated:
"Millicom's underlying business grew more strongly in the third quarter than in the second quarter with an 8% increase in pro forma revenues. The pro forma numbers exclude Vietnam, where our BCC ended in May and include Millicom's joint venture in Honduras with a percentage ownership of 66.67% to reflect the increase in ownership from 50% in May 2005. Pro forma EBITDA was up by 6% from the second quarter of 2005. The main driver in revenue growth was a 13% increase in revenues in Central America, 10% in South America and the 5% growth in revenues in Africa, which continue to be our star performers."
"The Latin American market has seen a strong acceleration in subscriber growth since the launch of GSM and the Tigo brand in 2004, and this has continued to gather momentum as Millicom continues to take market share in Central America. In Africa, Ghana and Senegal were particularly strong markets and Tanzania is beginning to improve its performance. Millicom has started operating in two new markets, launching operations in Chad in October and purchasing the Oasis business in Congo. Together these two countries add some 70 million new people under license, replacing the potential new subscribers lost with the end of our BCC in Vietnam."
"Millicom is currently negotiating the sale of its share in Pakcom, its second operation in Pakistan. It is interesting to note that Millicom's growth would have been even higher without Pakcom. Millicom has decided to concentrate its investment in Pakistan into its Paktel business and in total, since 2002, Millicom has committed $250 million of investment, excluding the license fee. Paktel is growing strongly and by the end of the quarter the business had 945,000 subscribers."
Please see the attached document for the full press release.
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