Key highlights of FY 2014

  · Revenue of $6.39 billion, up 14.9%
    · Excluding UNE, Group revenue of $5.89 billion  - organic growth(a) of 9.4%

  · EBITDA at $2,093 million – margin at 32.8%
    · Excluding UNE, EBITDA of $1,960 million – 33.3% margin

  · Capex of $1,294 million
    · Capex / sales of 19.0% (b)

  · Adjusted EPS of $1.82
  · Net debt of $4.0 billion
    · Net debt / EBITDA at 1.9x

  · Board to propose a dividend of $2.64 per share

Key highlights of Q4 2014

  · Strong revenue growth of 27.0% to $1,860 million
    · Excluding UNE, Group revenue of $1,544 million - organic growth(a) of
    · Service revenue growth of 5.7%

  · EBITDA at $588 million – 31.6% margin
    · Excluding UNE, EBITDA of $507 million – 32.8% margin

  · A very strong fourth-quarter commercial performance:
    · 2.3 million mobile net additions(c)
    · More than 1.6 million smartphones sold
    · Mobile data penetration increases to 27.1%

Key financial indicators(d)

$m                Q4        Q4     % change   FY 2014   FY 2013(f)   % change
               2014(e)   2013(f)
Revenue         1,860     1,464      27.0%     6,386       5,553       14.9%
Organic         10.8%      8.2%        -        9.4%       5.5%          -
Of which         316       N/A         -        498         N/A          -
EBITDA           588       500       18.4%     2,093       1,999       5.0%
Of which UNE      81       N/A         -        133         N/A          -
EBITDA margin   31.6%     34.1%    (2.5ppt)    32.8%       36.0%     (3.2ppt)
EBITDA margin   32.8%     34.1%    (1.3ppt)    33.3%       36.0%     (2.7ppt)
excl. UNE
Capex / sales   24.1%     33.5%    (9.4ppt)    18.9%       19.9%     (1.0ppt)
Capex / sales   24.9%     33.5%    (8.7ppt)    19.0%       19.9%     (0.9ppt)
excl. UNE
Adjusted EPS     0.41      1.04     (60.6%)     1.82       3.61       (49.6%)
($) (h)

(a) Organic growth represents year-on year-growth in local currency (excludes
the impact of exchange rate changes) and excludes UNE

(b) Capex ratio excluding UNE, spectrum and licenses

(c) Excluding 244,000 mobile users at UNE

(d) FY 2014 includes UNE from 14th August.  Q4 2013 and FY 2013 do not include

(e) Millicom fully consolidates UNE

(f) Proforma to reflect full consolidation of Guatemala, and equity accounting
for Mauritius and Online

(g) Net of eliminations

(h) Basic EPS adjusted for non-operating items see page 19 for reconciliation

President’s Statement

A year of transformation and progress

Stockholm, 3rd February 2015

“2014 was a year of transformation and rapid progress in executing the digital
lifestyle strategy but trading conditions in emerging markets weakened in the
fourth quarter. We saw currencies decline in a number of our countries,
particularly Colombia.  Despite this, we delivered a strong Q4, with revenue
growing at an underlying rate of 10.8% - the highest quarterly rate in the year.

This growth is a direct result of the digital lifestyle strategy we began in
2012 and the last quarter has been the most successful to date. Smartphone sales
in Q4 exceeded 1.6 million, a further 1.5 million customers became users of our
mobile financial services and we surpassed five million revenue generating units
in our cable business in Latin America.

The merger with UNE in Colombia was the highlight of 2014. We also launched Tigo
Star in Latin America, five satellite pay-TV services and two Tigo Sports TV
channels. Tigo Music came to Africa after its stunning success in Latin America.
4G services launched in Chad, Bolivia, Honduras and Rwanda. Our mobile money
innovations included interoperability, returns paid on accounts and cross-border
payments with currency conversion. These are strong achievements.

We delivered organic revenue growth of 9.4% for the year, at the top end of our
guidance for 2014.  Group EBITDA (excluding UNE) was $1,960 million, ahead of
our own targets. The phenomenal growth and acceleration in smartphone sales
through the year diluted our EBITDA margin to below Group guidance, but the
margin as a percentage of recurring revenue - a better indicator of overall
group progress - was 36.5%. Capex was very much in line with our guidance,
resulting in operating free cash flow being slightly better than our expectation
at the start of the year.

UNE’s solid start in Q3 continued in Q4, adding $498 million to revenue, which
broadly in line with our guidance in local currency. EBITDA of $133 million was
comfortably ahead of guidance given at the Capital Markets Day 2014 and an
EBITDA margin of 26.7% was also ahead of our expectations. The integration is
proceeding rapidly and we are well advanced in our plans to integrate the two

Our drive into Cable continued to gain momentum in Q4. Cable revenue has grown
to 22% of group revenue and we expect to see that trend continue. The popularity
of our satellite services (DTH), maintained its momentum and we expect more to
come.  We now pass over 5.6 million households with our cable network and we
have over 2.6 million households connected. Close to 40% of our cable customers
are enjoying the digital lifestyle with digital TV.

2014 was a year of very strong smartphone adoption, with close to thirteen
million users by year-end, an annual growth rate of 94%. Smartphone penetration
has reached 24% and, crucially, growth of data revenue continued to outpace the
decline in SMS and in voice in certain markets.

We have much to be proud of in 2014 and enter 2015 with confidence.  We are
however mindful of the more difficult operating environment so will sharpen our
focus on effective cost management to maintain the Group’s margins and so
preserve and enhance cash flow.  Progress has been made in Q4 but we will
continue to manage the cost base aggressively. The Group leverage reached 1.9x
at the end of the year; our objective remains to reduce it towards the middle of
our target range of 1.0-2.0x. We expect to increase revenue in 2015 to between
$7.1 billion and $7.5 billion, which will generate an EBITDA of between $2.20
billion and $2.35 billion. We remain confident in the execution of the strategy
towards our 2017 targets.”

Tim Pennington
Interim CEO,
Millicom International Cellular S.A.

2015 Guidance

Millicom guidance(1) for 2015 is:

Revenue: between $7.1 and $7.5 billion

EBITDA: between $2.20 and $2.35 billion

Capex(2): between $1.25 and $1.35 billion

(1) At constant foreign exchange rates and constant perimeter.

(2) Capex excludes spectrum and licence costs.

Shareholder remuneration

The Board will propose to the AGM to be convened on 15th May 2015, the payment
of a 2014 ordinary dividend of $2.64 per share.

We reiterate our dividend policy for no less than $2 per share, and at least 30%
of adjusted net profit(a).

We continue to have the ambition to progressively grow ordinary dividends.
However our immediate priority will be on reducing Group leverage towards the
middle of our target range of 1.0-2.0x Net Debt/EBITDA.

Conference call details

A presentation and conference call to discuss results of the quarter will take
place at 14.00 Stockholm / 14.00 Luxembourg / 13.00 London / 08.00 New York, on
Tuesday 3rd February 2015.  Dial-in numbers: + 46 (0) 850 336 539, + 352 342 080
8654, + 44 203 427 1916, + 1 212 444 0481. Access code: 772338

A live audio stream of the conference call can also be accessed at  Please dial in / log on 10 minutes prior to the start of the
conference call to allow time for registration.

Slides to accompany the conference call are available at

Risks and uncertainty factors

Millicom operates in a dynamic industry characterized by rapid evolution in
technology, consumer demand, and business opportunities. Combine with a focus on
emerging markets in various geographic locations, the Group has a proactive
approach to identifying, understanding, assessing, monitoring and acting on
balancing risks and opportunities. For a description of risks and Millicom’s
approach to risk management, refer to the 2013 Annual Report

(a) Adjusted net profit is defined as reported net profit excluding non
-operating items including changes in carrying value of put and call options,
revaluation of previously held interests and similar items classified under
‘other non-operating income (expenses)’.

Significant events of the quarter

Corporate news

1st Oct 2014: Uche Ofodile nominated Tigo DRC General Manager

2nd Dec 2014: Hans-Holger Albrecht to step down as CEO of Millicom

10th Dec 2014: Anders Borg to be nominated to Millicom board

22nd Dec 2014: Millicom’s Costa Rica subsidiary announces agreement for the
acquisition of Telecable

Business news

22nd Oct 2014: Millicom to drive data take up with smartapps

22nd Oct 2014: Millicom partners with Deezer for Tigo Music in Africa

29th Oct 2014: Millicom Foundation launches to support digital innovators in
emerging markets

26th Nov 2014: Tigo Sports launches in Bolivia

3rd Dec 2014: Millicom supports African Union fight against Ebola

11th Dec 2014: UNICEF and Millicom team up for a safer Internet world for

Financial news

22nd Oct 2014: Publication of Q3 results

Subsequent events

On the 9th of January 2015, Fitch affirmed Millicom’s rating at BB+ with a
stable Outlook.


22nd April 2015: Q1 2015 results

15th May 2015: 2014 AGM

21st July 2015: Q2 2015 results

22nd Oct 2015: Q3 2015 results



Julian Eccles, VP, Corporate Communications

Tel: +352 277 59084 (Luxembourg) / +44 7720 409 374 /

Investor Relations

Nicolas Didio, Director, Head of Investor Relations

Tel: +352 277 59125 (Luxembourg) / +44 203 249 2220 /

Millicom is a leading telecom and media company dedicated to emerging markets in
Latin America and Africa. Millicom sets the pace when it comes to providing
innovative and customer-centric digital lifestyle services to the world’s
emerging markets. The Millicom Group employs more than 16,000 people and
provides mobile services to over 56 million customers. Founded in 1990, Millicom
International Cellular SA is headquartered in Luxembourg and listed on NASDAQ
OMX Stockholm under the symbol MIC. In 2014, Millicom generated revenue of USD
6.4 billion and EBITDA of USD 2.1 billion.

This press release may contain certain “forward-looking statements” with respect
to Millicom’s expectations and plans, strategy, management’s objectives, future
performance, costs, revenue, 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.

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., and 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.