Millicom International Cellular S.A.

RESULTS FOR THE PERIOD ENDED MARCH 31, 2009

Pressmeddelande   •   Apr 21, 2009 13:50 CEST


Key figures

29% increase in subscribers** for Q1 09 versus Q1 08, bringing total subscribers to 33.6 million*
6% increase in revenues for Q1 09 to $846* million (Q1 08: $799 million*)
11% increase in EBITDA for Q1 09 to $376* million (Q1 08: $338 million*)
EBITDA margin of 44.5% (+219 basis points vs Q1 08)
Net profit for Q1 09 of $140 million (Q1 08: $158 million)
Basic earnings per common share for Q1 09 of $1.29 (Q1 08: $1.48)
Free cash flow of $48 million in Q1 09 (Q1 08: $18 million)
Capex forecast for 2009 of $850 million
Strategic review of Asian assets

** Excludes Amnet
* Excludes discontinued operations (Sierra Leone)

Mikael Grahne, the newly appointed CEO of Millicom, commented: "We continued to show strong management control in Q1 09, delivering improvements in key areas. In the financial area, we firstly achieved a strong margin of 44.5% as the result of cost controls and favorable product mix. Secondly, free cash flow for Q1 09 was positive at $48 million representing 6% of revenues. In Q1 09 we were also successful in raising close to $200 million of debt financing.

"In the operational area, there were three key improvements. Firstly, revenues from Value Added Services (VAS) were up by 45% for Q1 09 versus Q1 08 in local currency. Secondly, pre-paid churn was down by 0.6 percentage points for the Group from Q4 08. Thirdly, our market share was up by 1% in both Central America and Africa and, on a weighted basis at group level, our market share was stable.

"These key indicators give us confidence in the outlook despite the unfavorable economic environment. Across our markets we have seen deterioration in the environment which has led to some changes in consumer behaviour. We are responding with continued innovation around revenue generation, cost optimization and affordability. Revenues for the group grew by 9% in local currency although the overall results have been impacted by foreign exchange movements.

"We have taken the decision to carry out a strategic review of our Asian assets, which could lead to a full or partial divestment of our business in the region.

"Despite the adverse economic environment, we continue to be confident in the medium and long term prospects for Millicom. With overall penetration in our markets of some 41%, there is a substantial growth opportunity and by being an innovative, cost efficient operator, we believe we will continue to outperform our competitors over time. We are on target to maintain our current EBITDA margin for 2009, we are on track to be free cash flow positive for the first time in 2009 and we have revised our capex forecast to approximately $850 million for the full year."


Note: For tabular financial information and the full text of the statement, please refer to the attached PDF or the Millicom website: www.millicom.com


Conference call details

A conference call to discuss the results will be held at 14.00 London / 15.00 Stockholm / 09.00 New York, on Tuesday, April 21, 2009. The dial-in numbers are: +44 (0)20 7136 2050, +46 (0)8 5352 6439 or +1 212 444 0481 and the pass code is 2744976#. Please go to our website at www.millicom.com for a copy of the slides to be discussed during the call. 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: 2744976#.

CONTACTS

Mikael Grahne
President and Chief Executive Officer
Millicom International Cellular S.A., Luxembourg
Telephone: +352 27 759 327

Francois-Xavier Roger
Chief Financial Officer
Millicom International Cellular S.A., Luxembourg
Telephone: +352 27 759 327

Andrew Best
Investor Relations
Shared Value Ltd, London
Telephone: +44 (0)7798 576378

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

Millicom International Cellular S.A. is a global telecommunications group with mobile telephony operations in 16 countries in Asia, Latin America and Africa. It also operates cable and broadband businesses in five countries in Central America. The Group's mobile operations have a combined population under license of approximately 284 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.