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In a Q4 earnings statement, Ramos said 2020 was “one of the most challenging years” in the company’s history. While it was encouraged by recent trends, a second wave of Covid-19 in Latin America meant unemployment remained very high, government finances were stretched and it remained “unclear when the worst economic impact of this health crisis will pass”.
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To that end, the company said it would take a similar approach in 2021 to 2020, prioritising capex to accelerate organic growth and net debt reduction, while deciding not to pay a cash dividend, although it may resume share repurchases in the second half.
It is also targeting a minimum operating cash flow of $1.4 billion, to give it the flexibility to adjust its plans throughout the year.
Q4 struggles
Millicom reported a 5.3 per cent revenue decline year-on-year to $1 billion, due to the impact of the pandemic and weaker currencies in Colombia, Paraguay and Costa Rica.
It also slipped to a net loss of $56 million from a profit of $223 million, due to increases in net financial and tax expenses, higher spectrum costs and foreign exchange losses.
In mobile, Millicom said the reopening of some economies had a significant impact on its prepaid mobile business, however the pace of recovery in post-paid had been much slower.
It recorded 2.3 million mobile net additions to reach 41.7 million customers, following solid growth across most markets, particularly Colombia.
Underlying gross debt fell $768 million during the quarter to $6.4 billion at end-2020.
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