Millicom International Cellular SA Announces a 64% Increase in Revenue Growth for the Three Months Ended March 31, 2001

* 34% annualized increase in revenue

* 31% annualized increase in EBITDA

* 40% EBITDA margins

* 63% annualized increase in proportional cellular subscribers



Apr 24, 2001, 01:00 ET from Millicom International Cellular SA

    NEW YORK, LONDON and LUXEMBOURG, April 24 /PRNewswire/ --
 Millicom International Cellular SA (Nasdaq:   MICC), the global
 telecommunications investor, today announced results for the quarter ended
 March 31, 2001.
 
             Financial summary for the quarter ended March 31, 2001
 
                                          2001          2000      Change
     Worldwide subscribers: (i), (ii)
     * proportional cellular            2,340,304     1,435,150     63%
     * gross cellular                   3,422,623     2,206,431     55%
 
     US$ '000
     Revenue                              169,794       126,499     34%
 
     Operating profit before depreciation
      and amortization, EBITDA (iii)       68,083        52,060     31%
 
     Gain on disposal of investments          969        55,455
     Operating profit before
      financing and taxes                  21,237        48,665
     Loss for the period                 (198,282)         (447)
     Loss per common MIC share (US$)        (4.06)        (0.01)
 
     Weighted average number
      of shares (thousands)                48,865        48,741
 
     (i)   Subscriber figures represent the worldwide total number of
          subscribers of cellular systems in which MIC has an ownership
          interest.  They do not include the subscribers of Tele2 AB, in which
          MIC has a 12.73% interest.
     (ii)  The comparable figures for 2000 have been restated to exclude SEC.
     (iii) EBITDA, operating profit before interest, taxation, depreciation and
          amortization, is derived by deducting cost of revenues, sales and
          marketing costs, and general and administrative costs from revenues.
 
     Marc Beuls, MIC's President and Chief Executive Officer stated: "MIC has
 started the year strongly with cellular revenues increasing by 34% against the
 first quarter last year, with all four regions showing strong revenue growth.
 EBITDA advanced by 31% year on year while the Group continued to maintain
 EBITDA margins over 40% despite the negative impact as high-speed wireless
 data operations commence.  These results show that MIC is continuing to
 consolidate its market leadership across its emerging market licenses.  We are
 confident that we can continue to grow at this rate, with high margins, as
 emerging market penetration rates are still relatively low and our brand
 awareness is strong and increasing."
 
                       Financial and Operating Highlights
 
     Subscriber growth:
     * An annualized increase in worldwide proportional cellular subscribers of
      63% to 2,340,304 at March 31, 2001;
     * An annualized increase in worldwide gross cellular subscribers of 55% to
      3,422,623 at March 31, 2001;
     * Net new gross cellular subscribers in the first quarter of 2001 were
      275,436, an increase of 59% over the same period of 2000;
     * A 68% annualized increase in prepaid subscribers to 2,509,597 as at
      March 31, 2001;
 
     Financial highlights:
     * Revenue grew 34% in the first quarter of 2001 ($169.8 million) relative
      to the first quarter of 2000 ($126.5 million);
     * MIC Latin America recorded revenue growth of 32% in quarter one 2001,
      relative to quarter one 2000;
     * Sanbao Telecom recorded revenue growth of 46% in quarter one 2001,
      relative to quarter one 2000;
     * EBITDA increased by 31% in the first quarter of 2001 to $68.1 million
      compared to the first quarter of 2000;
 
     * Total cellular minutes increased 69% for the quarter ended March 31,
      2001 compared to the same period in 2000;
     * In January 2001, MIC was awarded a GSM cellular license in Indonesia;
     * MIC launched high-speed wireless data services in Peru in January 2001;
     * A Wireless Local Loop (WLL) license was awarded to MIC in Venezuela in
      February 2001;
     * In February 2001 MIC was awarded a nationwide GSM license in the
      Democratic Republic of Congo, formerly Zaire;
     * In the first quarter of 2001 MIC increased its shareholding in Honduras
      from 25% to 50%;
     * In March 2001 MIC increased its shareholding in Celcaribe from 73.2% to
      76.25%:
     * MIC repurchased $34 million in value of the Celcaribe high yield note
      trust certificate;
     * MIC reduced its holding in Tele2 AB to 12.73% in February 2001
 
                              Review of Operations
 
     Subscriber Growth
     During the twelve month period ended March 31, 2001, MIC's worldwide
 cellular subscriber base grew by 55% to 3,422,623 cellular subscribers from
 2,206,431.  Proportional cellular subscribers grew by 63% to 2,340,304 at
 March 31, 2001 compared to 1,435,150 subscribers at the end of March 2000.
     For the Group there was an increase in total minutes of over 69% in the
 quarter ended March 31, 2001 relative to the first quarter of 2000, with no
 one region recording an increase of less than 35%.
     Within the 3,422,623 cellular subscribers reported in the first quarter,
 2,509,597 subscribers were prepaid customers, representing a 68% increase on
 the 1,491,575 prepaid subscribers recorded in March 2000.  Prepaid subscribers
 currently represent 73% of gross reported cellular subscribers.
     In the first quarter of 2001, the most significant regional increases were
 in Latin America where 135,057 net new cellular subscribers were added and in
 Sanbao, which added 106,861 cellular subscribers.
 
     Financial Results For The Three Months Ended March 31, 2001
     Total revenues for the three months ended December 31, 2000 were $169.8
 million compared to $126.5 million for the same period of 2000, an increase of
 34%.
     Strong revenue growth of 46% was experienced in Sanbao for the first
 quarter of 2001 compared to the first quarter of 2000, with Cambodia and
 Vietnam providing the most significant increases.  Latin America experienced
 revenue growth of 32% for the first quarter of 2001 compared to the first
 quarter of 2000 with the strongest growth recorded in El Salvador and
 Honduras.  Total revenues increased by 27% in both Russia and Africa,
 demonstrating the success of initiatives taken to accelerate pre-paid growth
 in these regions, and most notably in St Petersburg and Tanzania.  These
 levels of revenue growth were records for Sanbao, Russia and Africa.
     MIC Systems saw a marginal increase in revenues for the first quarter of
 2001 compared to the same period in 2000, reflecting increased competition and
 pricing pressure.  Significantly, in the three months ended March 31, 2001
 MACH handled approximately 1.5 billion call records, an increase of 34% on the
 call records handled in the same period of 2000.
     EBITDA increased by 31% to $68.1 million in the first quarter of 2001
 compared to $52.1 million in the comparable period of 2000 with all of MIC's
 regions recording an increase.  In the first quarter, FORA Telecom experienced
 an increase in EBITDA of over 200% to $2.4 million from the same period in
 2000. Asia increased EBITDA by 42% to $23.4 million, compared to $16.6 million
 in the first quarter of 2000, with the comparable increase for MIC Latin
 America being 30%.  EBITDA for MIC Systems increased by 11% on an annualized
 basis to $2.5 million.
     Group EBITDA margins remained above 40%.  Taking into account the current
 investment in high-speed wireless data services where EBITDA losses in
 Argentina, Peru and the UK amounted to $2.2 million against revenues of
 $1.3 million, a 40% EBITDA margin was an outstanding achievement and shows the
 underlying strength and efficiency of the cellular operations.
     A significant impact on the results for the quarter was the $173.0 million
 charge taken in respect of the investment in Tele2 AB, which was due to the
 decline in Tele2 AB's share price.
 
     New Operations and License Awards
     In January 2001, MIC's subsidiary, Millicom Peru SA launched wireless
 broadband services in the principal districts of Lima, following the receipt
 of a license in June 2000.  The two main services being offered are Internet
 and Intranet services using a 50 MHz wide band frequency range within the 3.4
 to 3.425 and 3.5 to 3.525 GHz frequency band.
     In January 2001, MIC was awarded a license to develop GSM1800 cellular
 telephony on the Indonesian island of Sumatra, with a population of
 43 million.
     In February 2001, MIC was awarded a Wireless Local Loop license to develop
 high-speed wireless data and telephony services in Region 2 of Venezuela
 comprising the states of Merida, Tachira, Trujillo and Zulia, with a combined
 population of approximately 6 million.  MIC will focus on providing internet
 access and communications for bandwidth intensive applications to businesses
 and home office workers using a bandwidth of 50 MHz within the 3.45 -- 3.475
 and 3.55 -- 3.575 GHz frequency bands.
     MIC was awarded a GSM 900 license in the Democratic Republic of Congo
 (formerly Zaire) in February 2001, to develop cellular GSM services in a joint
 venture with the local PTT, the Office Centrale des Postes et
 Telecommunications.
 
     Investments
     In February 2001, MIC sold 1,400,000 Class B shares in Tele2 AB (at the
 time, NetCom AB), reducing its investment interest from 13.70% to 12.73%.
     NetCom AB was renamed Tele2 AB on February 16, 2001.
 
     Millicom International Cellular S.A. is a global telecommunications
 investor with cellular operations in Asia, Latin America, Russia and Africa.
 It currently has a total of 34 cellular operations and licenses in 21
 countries.  The Group's cellular operations have a combined population under
 license (excluding Tele2) of approximately 584 million people.  In addition,
 MIC operates the world's largest GSM clearing house, provides high-speed
 wireless data services in seven countries and has a license to develop
 high-speed wireless data services in a further country.  MIC also has a 12.73%
 interest in Tele2 AB, the leading pan-European telecommunications brand
 offering fixed and mobile telephony, data network and internet services to
 over 12 million subscribers in 21 countries.  The Company's shares are traded
 on the Nasdaq Stock Market under the symbol MICC.
     Visit our web site at http://www.millicom.com
 
     Conference Call Details:
     A conference call to discuss the results will be held at 16:00 (Luxembourg
 time) / 10:00 (New York time), on Tuesday, April 24, 2001.  The dial in number
 is: +1 303 267 1002 and participants should quote Millicom.  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.  An instantaneous recording of the conference
 call will be available for 48 hours on +1 303 804 1855, access code: 1011617.
 
     Appendices
     * Consolidated statements of profit and loss for the three months ended
      March 31, 2001 and 2000
     * Consolidated balance sheets as at March 31, 2001 and December 31, 2000.
     * Consolidated statements of cashflows for the three months ended
       March 31, 2001 and 2000
     * Consolidated statements of changes in shareholders' equity for the three
      months ended March 31, 2001 and 2000
     * MIC quarterly analysis by region
 
 
                      Millicom International Cellular S.A.
                   Consolidated statements of profit and loss
               for the three months ended March 31, 2001 and 2000
 
                                                 Quarter ended  Quarter ended
                                                   March 2001     March 2000
 
                                                   (Unaudited)    (Unaudited)
                                                     US$ '000       US$ '000
 
     Revenues                                         169,794        126,499
 
     Operating expenses
      Cost of revenues (excluding depreciation
       and amortization)                              (48,672)       (34,644)
      Sales and marketing                             (25,998)       (17,783)
      General and administrative                      (27,041)       (22,011)
      Corporate costs                                  (8,288)        (7,907)
      Write-down of assets                               (630)          (103)
      Depreciation and amortization                   (38,897)       (27,037)
 
     Operating profit                                  20,268         17,014
      Gain on disposal of investments                     969         55,455
      Loss from associates                                  0        (23,804)
      Profit before financing and taxes                21,237         48,665
      Interest expense                                (52,950)       (45,513)
      Interest income                                   6,471          7,195
      Gain on repurchase of debt                        8,075              0
      Gain on financial instruments                     7,031              0
      Loss on value of investments                   (172,993)             0
      Exchange loss, net                               (9,166)        (4,878)
 
     (Loss) profit before taxes                      (192,295)         5,469
       Charges for taxes                               (5,798)        (5,739)
 
      Loss after taxes                               (198,093)          (270)
       Minority interest                                 (189)          (177)
 
      Retained loss for the quarter                  (198,282)          (447)
 
     Loss per common share (US$)                        (4.06)         (0.01)
 
     Weighted average number of shares
     outstanding in the period (in thousands)          48,865         48,741
 
 
                      Millicom International Cellular S.A.
                          Consolidated balance sheets
                   as at March 31, 2001 and December 31, 2000
 
                                                  March 31, 2001   Dec 31, 2000
                                                     (Unaudited)      (Audited)
                                                       US$ '000       US$ '000
     Assets
     Fixed assets
      Intangible assets
       Goodwill                                          58,489         54,981
       Licenses                                         196,941        201,124
       Deferred costs and other non-current
        assets, net                                      35,765         34,858
      Tangible assets                                   587,423        577,501
       Financial assets
       Long-term trade investment                        12,133         11,114
       Pledged deposits                                  30,768         30,679
       Deferred taxation                                    671            712
 
     Total fixed assets                                 922,190        910,969
 
     Current assets
      Short-term trade investments                      561,101        800,070
      Inventories                                        17,163         18,507
      Debtors
       Trade debtors, net                               146,213        136,682
       Amounts due from joint ventures                   32,313         32,367
       Amounts due from affiliates                        7,545          7,245
      Prepaid and other current assets                  100,821         90,859
      Time deposits                                      28,585         30,947
      Cash and cash equivalents                          83,613         94,921
 
     Total current assets                               977,354      1,211,598
 
     Total assets                                     1,899,544      2,122,567
 
 
                        Millicom International Cellular S.A.
                            Consolidated balance sheets
                     as at March 31, 2001 and December 31, 2000
 
                                                    March 31,        Dec 31,
                                                         2001           2000
                                                  (Unaudited)      (Audited)
                                                     US$ '000       US$ '000
 
     Shareholders' equity and liabilities
     Shareholders' equity
      Share capital and premium                       278,990        278,990
      Treasury stock                                  (52,041)       (52,041)
      Legal reserve                                       907            907
      Retained profit (loss) brought forward           83,683       (226,441)
      Losses current                                 (198,282)       355,388
      Revaluation reserve                                   0         17,736
      Currency translation reserve                   (39,040)       (33,348)
 
     Total shareholders' equity                        74,217        341,191
 
     Minority interest                                  7,930          7,672
 
     Liabilities
      Liabilities due after more than one year
       Deferred taxation                               42,030         41,315
       Corporate subordinated debt                    941,731        911,315
       Other debt and financing                       130,555        170,040
                                                    1,114,316      1,122,670
 
      Liabilities due within one year
       Other debt and financing                       376,435        370,484
       Trade creditors                                128,208        126,349
       Amounts due to shareholders                      6,558          6,253
       Amounts due to affiliated companies              1,909          2,094
       Accrued expenses and other current liabilities 189,971        145,854
                                                      703,081        651,034
     Total liabilities                              1,817,397      1,773,704
 
     Total shareholders' equity and liabilities     1,899,544      2,122,567
 
 
                        Millicom International Cellular S.A.
                       Consolidated statements of cash flows
                 for the three months ended March 31, 2001 and 2000
 
                                                     March 31       March 31
                                                         2001           2000
                                                  (Unaudited)    (Unaudited)
                                                     US$ '000       US$ '000
 
     Net cash provided by operating activities          5,487         23,042
 
     Cash flow from investing activities               16,442        (46,987)
     Cash flow from financing activities              (32,499)        33,431
     Cash effect of exchange rate changes                (738)          (280)
 
     Net (decrease) / increase in cash and
      cash equivalents                                (11,308)         9,206
 
     Cash and cash equivalents, beginning              94,921         38,083
 
     Cash and cash equivalents, ending                 83,613         47,289
 
 
                        Millicom International Cellular S.A.
             Consolidated statement of changes in shareholders' equity
                 for the three months ended March 31, 2001 and 2000
 
                                                     March 31       March 31
                                                         2001           2000
 
                                                   (Unaudited)     (Unaudited)
                                                     US$ '000        US$ '000
 
     Shareholders' equity at January 1,
      as previously reported                          341,191        294,829
     Effect of adopting IAS 39, financial
      instruments                                     (45,264)
     Shareholders' equity at January 1, as restated   295,927
 
     Shares issued/sold via exercise of share options       0          2,878
     Net loss in period                              (198,282)          (447)
     Movement in marketable securities valuation      (17,736)        41,036
     Movement in currency translation reserve          (5,692)        (3,775)
 
     Shareholders' equity at March 31                  74,217        334,521
 
 
                      Millicom International Cellular S.A.
                          Quarterly Analysis by Region
 
                      01 Q1        00 Q4       00 Q3       00 Q2        00 Q1
 
     Gross cellular subs
     Sanbao
      Telecom      1,115,332    1,008,471    821,839      764,171     715,864
     MIC Latin
      America      1,894,071    1,759,014  1,526,982    1,352,009   1,243,534
     FORA Telecom    201,842      198,649    179,999      165,476     145,624
     MIC Africa      211,378      181,053    158,940      129,353     101,409
                   3,422,623    3,147,187  2,687,760    2,411,009   2,206,431
     SEC                   -            -          -      112,226      87,865
     Total         3,422,623    3,147,187  2,687,760    2,523,235   2,294,296
 
     Prop cellular subs
     Sanbao
      Telecom        657,816      598,228    454,698      422,113     398,532
     MIC Latin
      America      1,441,731    1,297,260  1,102,563      968,723     903,892
     FORA Telecom     99,689       95,621     82,223       72,239      58,707
     MIC Africa      141,068      119,748    104,252       84,103      74,019
                   2,340,304    2,110,857  1,743,736    1,547,178   1,435,150
     SEC                   -            -          -       33,185      25,982
     Total         2,340,304    2,110,857  1,743,736    1,580,363   1,461,132
 
     Revenue (US$ '000)
     Sanbao Telecom   52,185       45,433     36,911       35,810      35,688
     MIC Latin
      America         89,050       88,950     81,682       75,651      67,559
     FORA Telecom      9,391       10,543     10,723        8,330       7,403
     MIC Africa       10,992        7,744      7,556        9,960       8,637
     MIC Systems       6,308        6,425      8,688        6,621       6,293
     Other             1,868          929      1,666          719         919
     Total           169,794      160,024    147,226      137,091     126,499
 
     EBITDA (US$ '000)
     Sanbao Telecom   23,446       20,665      17,776      17,584       16,565
     MIC Latin
      America         37,918       38,560      33,089      30,717       28,888
     FORA Telecom      2,407        2,449       2,722       1,058          757
     MIC Africa        3,950        2,046       2,321       3,999        3,824
     MIC Systems       2,496        2,492       4,645       2,659        2,251
     Other            (2,134)      (3,699)     (2,105)         94         (224)
     Total            68,083       62,513      58,448      56,111       52,061
 
 

SOURCE Millicom International Cellular SA
    NEW YORK, LONDON and LUXEMBOURG, April 24 /PRNewswire/ --
 Millicom International Cellular SA (Nasdaq:   MICC), the global
 telecommunications investor, today announced results for the quarter ended
 March 31, 2001.
 
             Financial summary for the quarter ended March 31, 2001
 
                                          2001          2000      Change
     Worldwide subscribers: (i), (ii)
     * proportional cellular            2,340,304     1,435,150     63%
     * gross cellular                   3,422,623     2,206,431     55%
 
     US$ '000
     Revenue                              169,794       126,499     34%
 
     Operating profit before depreciation
      and amortization, EBITDA (iii)       68,083        52,060     31%
 
     Gain on disposal of investments          969        55,455
     Operating profit before
      financing and taxes                  21,237        48,665
     Loss for the period                 (198,282)         (447)
     Loss per common MIC share (US$)        (4.06)        (0.01)
 
     Weighted average number
      of shares (thousands)                48,865        48,741
 
     (i)   Subscriber figures represent the worldwide total number of
          subscribers of cellular systems in which MIC has an ownership
          interest.  They do not include the subscribers of Tele2 AB, in which
          MIC has a 12.73% interest.
     (ii)  The comparable figures for 2000 have been restated to exclude SEC.
     (iii) EBITDA, operating profit before interest, taxation, depreciation and
          amortization, is derived by deducting cost of revenues, sales and
          marketing costs, and general and administrative costs from revenues.
 
     Marc Beuls, MIC's President and Chief Executive Officer stated: "MIC has
 started the year strongly with cellular revenues increasing by 34% against the
 first quarter last year, with all four regions showing strong revenue growth.
 EBITDA advanced by 31% year on year while the Group continued to maintain
 EBITDA margins over 40% despite the negative impact as high-speed wireless
 data operations commence.  These results show that MIC is continuing to
 consolidate its market leadership across its emerging market licenses.  We are
 confident that we can continue to grow at this rate, with high margins, as
 emerging market penetration rates are still relatively low and our brand
 awareness is strong and increasing."
 
                       Financial and Operating Highlights
 
     Subscriber growth:
     * An annualized increase in worldwide proportional cellular subscribers of
      63% to 2,340,304 at March 31, 2001;
     * An annualized increase in worldwide gross cellular subscribers of 55% to
      3,422,623 at March 31, 2001;
     * Net new gross cellular subscribers in the first quarter of 2001 were
      275,436, an increase of 59% over the same period of 2000;
     * A 68% annualized increase in prepaid subscribers to 2,509,597 as at
      March 31, 2001;
 
     Financial highlights:
     * Revenue grew 34% in the first quarter of 2001 ($169.8 million) relative
      to the first quarter of 2000 ($126.5 million);
     * MIC Latin America recorded revenue growth of 32% in quarter one 2001,
      relative to quarter one 2000;
     * Sanbao Telecom recorded revenue growth of 46% in quarter one 2001,
      relative to quarter one 2000;
     * EBITDA increased by 31% in the first quarter of 2001 to $68.1 million
      compared to the first quarter of 2000;
 
     * Total cellular minutes increased 69% for the quarter ended March 31,
      2001 compared to the same period in 2000;
     * In January 2001, MIC was awarded a GSM cellular license in Indonesia;
     * MIC launched high-speed wireless data services in Peru in January 2001;
     * A Wireless Local Loop (WLL) license was awarded to MIC in Venezuela in
      February 2001;
     * In February 2001 MIC was awarded a nationwide GSM license in the
      Democratic Republic of Congo, formerly Zaire;
     * In the first quarter of 2001 MIC increased its shareholding in Honduras
      from 25% to 50%;
     * In March 2001 MIC increased its shareholding in Celcaribe from 73.2% to
      76.25%:
     * MIC repurchased $34 million in value of the Celcaribe high yield note
      trust certificate;
     * MIC reduced its holding in Tele2 AB to 12.73% in February 2001
 
                              Review of Operations
 
     Subscriber Growth
     During the twelve month period ended March 31, 2001, MIC's worldwide
 cellular subscriber base grew by 55% to 3,422,623 cellular subscribers from
 2,206,431.  Proportional cellular subscribers grew by 63% to 2,340,304 at
 March 31, 2001 compared to 1,435,150 subscribers at the end of March 2000.
     For the Group there was an increase in total minutes of over 69% in the
 quarter ended March 31, 2001 relative to the first quarter of 2000, with no
 one region recording an increase of less than 35%.
     Within the 3,422,623 cellular subscribers reported in the first quarter,
 2,509,597 subscribers were prepaid customers, representing a 68% increase on
 the 1,491,575 prepaid subscribers recorded in March 2000.  Prepaid subscribers
 currently represent 73% of gross reported cellular subscribers.
     In the first quarter of 2001, the most significant regional increases were
 in Latin America where 135,057 net new cellular subscribers were added and in
 Sanbao, which added 106,861 cellular subscribers.
 
     Financial Results For The Three Months Ended March 31, 2001
     Total revenues for the three months ended December 31, 2000 were $169.8
 million compared to $126.5 million for the same period of 2000, an increase of
 34%.
     Strong revenue growth of 46% was experienced in Sanbao for the first
 quarter of 2001 compared to the first quarter of 2000, with Cambodia and
 Vietnam providing the most significant increases.  Latin America experienced
 revenue growth of 32% for the first quarter of 2001 compared to the first
 quarter of 2000 with the strongest growth recorded in El Salvador and
 Honduras.  Total revenues increased by 27% in both Russia and Africa,
 demonstrating the success of initiatives taken to accelerate pre-paid growth
 in these regions, and most notably in St Petersburg and Tanzania.  These
 levels of revenue growth were records for Sanbao, Russia and Africa.
     MIC Systems saw a marginal increase in revenues for the first quarter of
 2001 compared to the same period in 2000, reflecting increased competition and
 pricing pressure.  Significantly, in the three months ended March 31, 2001
 MACH handled approximately 1.5 billion call records, an increase of 34% on the
 call records handled in the same period of 2000.
     EBITDA increased by 31% to $68.1 million in the first quarter of 2001
 compared to $52.1 million in the comparable period of 2000 with all of MIC's
 regions recording an increase.  In the first quarter, FORA Telecom experienced
 an increase in EBITDA of over 200% to $2.4 million from the same period in
 2000. Asia increased EBITDA by 42% to $23.4 million, compared to $16.6 million
 in the first quarter of 2000, with the comparable increase for MIC Latin
 America being 30%.  EBITDA for MIC Systems increased by 11% on an annualized
 basis to $2.5 million.
     Group EBITDA margins remained above 40%.  Taking into account the current
 investment in high-speed wireless data services where EBITDA losses in
 Argentina, Peru and the UK amounted to $2.2 million against revenues of
 $1.3 million, a 40% EBITDA margin was an outstanding achievement and shows the
 underlying strength and efficiency of the cellular operations.
     A significant impact on the results for the quarter was the $173.0 million
 charge taken in respect of the investment in Tele2 AB, which was due to the
 decline in Tele2 AB's share price.
 
     New Operations and License Awards
     In January 2001, MIC's subsidiary, Millicom Peru SA launched wireless
 broadband services in the principal districts of Lima, following the receipt
 of a license in June 2000.  The two main services being offered are Internet
 and Intranet services using a 50 MHz wide band frequency range within the 3.4
 to 3.425 and 3.5 to 3.525 GHz frequency band.
     In January 2001, MIC was awarded a license to develop GSM1800 cellular
 telephony on the Indonesian island of Sumatra, with a population of
 43 million.
     In February 2001, MIC was awarded a Wireless Local Loop license to develop
 high-speed wireless data and telephony services in Region 2 of Venezuela
 comprising the states of Merida, Tachira, Trujillo and Zulia, with a combined
 population of approximately 6 million.  MIC will focus on providing internet
 access and communications for bandwidth intensive applications to businesses
 and home office workers using a bandwidth of 50 MHz within the 3.45 -- 3.475
 and 3.55 -- 3.575 GHz frequency bands.
     MIC was awarded a GSM 900 license in the Democratic Republic of Congo
 (formerly Zaire) in February 2001, to develop cellular GSM services in a joint
 venture with the local PTT, the Office Centrale des Postes et
 Telecommunications.
 
     Investments
     In February 2001, MIC sold 1,400,000 Class B shares in Tele2 AB (at the
 time, NetCom AB), reducing its investment interest from 13.70% to 12.73%.
     NetCom AB was renamed Tele2 AB on February 16, 2001.
 
     Millicom International Cellular S.A. is a global telecommunications
 investor with cellular operations in Asia, Latin America, Russia and Africa.
 It currently has a total of 34 cellular operations and licenses in 21
 countries.  The Group's cellular operations have a combined population under
 license (excluding Tele2) of approximately 584 million people.  In addition,
 MIC operates the world's largest GSM clearing house, provides high-speed
 wireless data services in seven countries and has a license to develop
 high-speed wireless data services in a further country.  MIC also has a 12.73%
 interest in Tele2 AB, the leading pan-European telecommunications brand
 offering fixed and mobile telephony, data network and internet services to
 over 12 million subscribers in 21 countries.  The Company's shares are traded
 on the Nasdaq Stock Market under the symbol MICC.
     Visit our web site at http://www.millicom.com
 
     Conference Call Details:
     A conference call to discuss the results will be held at 16:00 (Luxembourg
 time) / 10:00 (New York time), on Tuesday, April 24, 2001.  The dial in number
 is: +1 303 267 1002 and participants should quote Millicom.  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.  An instantaneous recording of the conference
 call will be available for 48 hours on +1 303 804 1855, access code: 1011617.
 
     Appendices
     * Consolidated statements of profit and loss for the three months ended
      March 31, 2001 and 2000
     * Consolidated balance sheets as at March 31, 2001 and December 31, 2000.
     * Consolidated statements of cashflows for the three months ended
       March 31, 2001 and 2000
     * Consolidated statements of changes in shareholders' equity for the three
      months ended March 31, 2001 and 2000
     * MIC quarterly analysis by region
 
 
                      Millicom International Cellular S.A.
                   Consolidated statements of profit and loss
               for the three months ended March 31, 2001 and 2000
 
                                                 Quarter ended  Quarter ended
                                                   March 2001     March 2000
 
                                                   (Unaudited)    (Unaudited)
                                                     US$ '000       US$ '000
 
     Revenues                                         169,794        126,499
 
     Operating expenses
      Cost of revenues (excluding depreciation
       and amortization)                              (48,672)       (34,644)
      Sales and marketing                             (25,998)       (17,783)
      General and administrative                      (27,041)       (22,011)
      Corporate costs                                  (8,288)        (7,907)
      Write-down of assets                               (630)          (103)
      Depreciation and amortization                   (38,897)       (27,037)
 
     Operating profit                                  20,268         17,014
      Gain on disposal of investments                     969         55,455
      Loss from associates                                  0        (23,804)
      Profit before financing and taxes                21,237         48,665
      Interest expense                                (52,950)       (45,513)
      Interest income                                   6,471          7,195
      Gain on repurchase of debt                        8,075              0
      Gain on financial instruments                     7,031              0
      Loss on value of investments                   (172,993)             0
      Exchange loss, net                               (9,166)        (4,878)
 
     (Loss) profit before taxes                      (192,295)         5,469
       Charges for taxes                               (5,798)        (5,739)
 
      Loss after taxes                               (198,093)          (270)
       Minority interest                                 (189)          (177)
 
      Retained loss for the quarter                  (198,282)          (447)
 
     Loss per common share (US$)                        (4.06)         (0.01)
 
     Weighted average number of shares
     outstanding in the period (in thousands)          48,865         48,741
 
 
                      Millicom International Cellular S.A.
                          Consolidated balance sheets
                   as at March 31, 2001 and December 31, 2000
 
                                                  March 31, 2001   Dec 31, 2000
                                                     (Unaudited)      (Audited)
                                                       US$ '000       US$ '000
     Assets
     Fixed assets
      Intangible assets
       Goodwill                                          58,489         54,981
       Licenses                                         196,941        201,124
       Deferred costs and other non-current
        assets, net                                      35,765         34,858
      Tangible assets                                   587,423        577,501
       Financial assets
       Long-term trade investment                        12,133         11,114
       Pledged deposits                                  30,768         30,679
       Deferred taxation                                    671            712
 
     Total fixed assets                                 922,190        910,969
 
     Current assets
      Short-term trade investments                      561,101        800,070
      Inventories                                        17,163         18,507
      Debtors
       Trade debtors, net                               146,213        136,682
       Amounts due from joint ventures                   32,313         32,367
       Amounts due from affiliates                        7,545          7,245
      Prepaid and other current assets                  100,821         90,859
      Time deposits                                      28,585         30,947
      Cash and cash equivalents                          83,613         94,921
 
     Total current assets                               977,354      1,211,598
 
     Total assets                                     1,899,544      2,122,567
 
 
                        Millicom International Cellular S.A.
                            Consolidated balance sheets
                     as at March 31, 2001 and December 31, 2000
 
                                                    March 31,        Dec 31,
                                                         2001           2000
                                                  (Unaudited)      (Audited)
                                                     US$ '000       US$ '000
 
     Shareholders' equity and liabilities
     Shareholders' equity
      Share capital and premium                       278,990        278,990
      Treasury stock                                  (52,041)       (52,041)
      Legal reserve                                       907            907
      Retained profit (loss) brought forward           83,683       (226,441)
      Losses current                                 (198,282)       355,388
      Revaluation reserve                                   0         17,736
      Currency translation reserve                   (39,040)       (33,348)
 
     Total shareholders' equity                        74,217        341,191
 
     Minority interest                                  7,930          7,672
 
     Liabilities
      Liabilities due after more than one year
       Deferred taxation                               42,030         41,315
       Corporate subordinated debt                    941,731        911,315
       Other debt and financing                       130,555        170,040
                                                    1,114,316      1,122,670
 
      Liabilities due within one year
       Other debt and financing                       376,435        370,484
       Trade creditors                                128,208        126,349
       Amounts due to shareholders                      6,558          6,253
       Amounts due to affiliated companies              1,909          2,094
       Accrued expenses and other current liabilities 189,971        145,854
                                                      703,081        651,034
     Total liabilities                              1,817,397      1,773,704
 
     Total shareholders' equity and liabilities     1,899,544      2,122,567
 
 
                        Millicom International Cellular S.A.
                       Consolidated statements of cash flows
                 for the three months ended March 31, 2001 and 2000
 
                                                     March 31       March 31
                                                         2001           2000
                                                  (Unaudited)    (Unaudited)
                                                     US$ '000       US$ '000
 
     Net cash provided by operating activities          5,487         23,042
 
     Cash flow from investing activities               16,442        (46,987)
     Cash flow from financing activities              (32,499)        33,431
     Cash effect of exchange rate changes                (738)          (280)
 
     Net (decrease) / increase in cash and
      cash equivalents                                (11,308)         9,206
 
     Cash and cash equivalents, beginning              94,921         38,083
 
     Cash and cash equivalents, ending                 83,613         47,289
 
 
                        Millicom International Cellular S.A.
             Consolidated statement of changes in shareholders' equity
                 for the three months ended March 31, 2001 and 2000
 
                                                     March 31       March 31
                                                         2001           2000
 
                                                   (Unaudited)     (Unaudited)
                                                     US$ '000        US$ '000
 
     Shareholders' equity at January 1,
      as previously reported                          341,191        294,829
     Effect of adopting IAS 39, financial
      instruments                                     (45,264)
     Shareholders' equity at January 1, as restated   295,927
 
     Shares issued/sold via exercise of share options       0          2,878
     Net loss in period                              (198,282)          (447)
     Movement in marketable securities valuation      (17,736)        41,036
     Movement in currency translation reserve          (5,692)        (3,775)
 
     Shareholders' equity at March 31                  74,217        334,521
 
 
                      Millicom International Cellular S.A.
                          Quarterly Analysis by Region
 
                      01 Q1        00 Q4       00 Q3       00 Q2        00 Q1
 
     Gross cellular subs
     Sanbao
      Telecom      1,115,332    1,008,471    821,839      764,171     715,864
     MIC Latin
      America      1,894,071    1,759,014  1,526,982    1,352,009   1,243,534
     FORA Telecom    201,842      198,649    179,999      165,476     145,624
     MIC Africa      211,378      181,053    158,940      129,353     101,409
                   3,422,623    3,147,187  2,687,760    2,411,009   2,206,431
     SEC                   -            -          -      112,226      87,865
     Total         3,422,623    3,147,187  2,687,760    2,523,235   2,294,296
 
     Prop cellular subs
     Sanbao
      Telecom        657,816      598,228    454,698      422,113     398,532
     MIC Latin
      America      1,441,731    1,297,260  1,102,563      968,723     903,892
     FORA Telecom     99,689       95,621     82,223       72,239      58,707
     MIC Africa      141,068      119,748    104,252       84,103      74,019
                   2,340,304    2,110,857  1,743,736    1,547,178   1,435,150
     SEC                   -            -          -       33,185      25,982
     Total         2,340,304    2,110,857  1,743,736    1,580,363   1,461,132
 
     Revenue (US$ '000)
     Sanbao Telecom   52,185       45,433     36,911       35,810      35,688
     MIC Latin
      America         89,050       88,950     81,682       75,651      67,559
     FORA Telecom      9,391       10,543     10,723        8,330       7,403
     MIC Africa       10,992        7,744      7,556        9,960       8,637
     MIC Systems       6,308        6,425      8,688        6,621       6,293
     Other             1,868          929      1,666          719         919
     Total           169,794      160,024    147,226      137,091     126,499
 
     EBITDA (US$ '000)
     Sanbao Telecom   23,446       20,665      17,776      17,584       16,565
     MIC Latin
      America         37,918       38,560      33,089      30,717       28,888
     FORA Telecom      2,407        2,449       2,722       1,058          757
     MIC Africa        3,950        2,046       2,321       3,999        3,824
     MIC Systems       2,496        2,492       4,645       2,659        2,251
     Other            (2,134)      (3,699)     (2,105)         94         (224)
     Total            68,083       62,513      58,448      56,111       52,061
 
 SOURCE  Millicom International Cellular SA