MILLICOM INTERNATIONAL CELLULAR S.A. - FINAL AUDITED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2002

MILLICOM INTERNATIONAL CELLULAR S.A. - FINAL AUDITED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2002 New York, London and Luxembourg - April 10, 2003 - Millicom International Cellular S.A. (Nasdaq Stock Market: MICC), the global telecommunications investor, today announces it has amended its accounting policy in relation to the revaluation of certain securities which are classified as "Investment in securities" in the balance sheet. Accordingly, as at December 31, 2002, the accumulated fair value adjustments related to certain Investment in securities (which had previously been recorded within the caption "Revaluation Reserve" within Shareholders' Equity) have now been charged to the Income Statement for the year ended December 31, 2002. Whilst this is a non-cash adjustment, the net loss for the year ended December 31, 2002 (as previously disclosed in our press release dated February 12, 2003) has been restated from US$278,199,000 to US$397,337,000. This restatement has no effect on total Shareholders' Equity. In addition, following the successful completion of the sale of Celcaribe, MIC's Colombian cellular operation, the Company has released a non-cash impairment charge of $12,194,000 previously recorded in the Income Statement for the year ended December 31, 2002. The effect of this release is to reduce the loss for the year to $385,143,000 and total negative Shareholders' Equity to $295,259,000. CONTACTS: Marc Beuls Telephone: +352 27 759 101 President and Chief Executive Officer Millicom International Cellular S.A., Luxembourg Jim Millstein Telephone: +1 212 632 6000 Lazard, New York Peter Warner Telephone: +44 20 7588 2721 Daniel Bordessa Cyrus Kapadia Lazard, London Andrew Best Telephone: +44 20 7321 5022 Investor Relations Shared Value Ltd, London Visit our web site at http://www.millicom.com APPENDICES: · Consolidated statements of profit and loss for the year ended Dec 31, 2002 and 2001 · Consolidated balance sheets as at Dec 31, 2002 and 2001 · Consolidated statements of cashflows for the year ended Dec 31, 2002 and 2001 · Consolidated statements of changes in shareholders' equity for the year ended Dec 31, 2002 and 2001 Millicom International Cellular S.A. Consolidated statements of profit and loss for the year ended December 31, 2002 and 2001 Total Total 2002 2001 (Audited) (Audited) US$ '000 US$ '000 Revenues 605,186 644,570 Operating expenses Cost of revenues (excluding depreciation and (164,707) (185,253) amortization) Sales and marketing (80,941) (95,463) General and administrative expenses (87,998) (104,602) Corporate and license acquisition costs (21,591) (25,271) Write-down of assets, net (89,709) (23,068) Depreciation and amortization (139,318) (153,174) Operating profit 20,922 57,739 (Loss) / Gain on exchange and disposal of (198,572) 19,116 investments Profit / (loss) from associate companies 62 (3,112) (Loss) / profit before financing and taxes (177,588) 73,743 Interest expense (185,959) (209,912) Interest income 12,726 22,768 Other income 42,247 11,596 Charge for financial instruments (7,858) (9,914) Exchange loss, net (23,483) (17,313) Loss before taxes (339,915) (129,032) Taxes (22,734) (8,217) Loss after taxes (362,649) (137,249) Minority interest (22,494) (804) Loss for the year (385,143) (138,053) Loss per common share (US$) (7.87) (2.82) Weighted average number of shares outstanding in the period (in thousands) 48,954 48,943 Millicom International Cellular S.A. Consolidated balance sheets as at December 31, 2002 and 2001 Dec 31, Dec 31, 2002 2001 (Audited) (Audited) US$ '000 US$ '000 Assets Non-current assets Intangible assets Goodwill, net 10,172 52,575 Licenses, net 84,471 164,541 Deferred costs and other non-current assets, net 4,919 15,685 Tangible assets, net 458,933 512,236 Financial assets Investment in securities 220,386 676,829 Investment in associated companies 1,013 52,858 Pledged deposits 32,921 47,404 Deferred taxation 8,470 3,785 Total non-current assets 821,285 1,525,913 Current assets Investment in securities 101,540 - Inventories 6,962 12,932 Debtors Trade receivables, net 113,221 136,078 Amounts due from joint ventures 14,045 46,001 Amounts due from other related parties 6,806 9,258 Prepaid and accrued income 14,148 27,228 Other current assets 38,453 35,800 Time deposits 16,200 21,444 Cash and cash equivalents 70,451 56,276 Total current assets 381,834 345,017 Total assets 1,203,119 1,870,930 Millicom International Cellular S.A. Consolidated balance sheets as at December 31, 2002 and 2001 Dec 31 Dec 31, 2002 2001 (Audited) (Audited) US$ '000 US$ '000 Shareholders' equity and liabilities Shareholders' equity Share capital and premium 281,989 281,989 Treasury stock (54,521) (52,033) Legal reserve 4,256 4,256 Retained (loss) profit brought forward (57,719) 80,334 Loss for the year (385,143) (138,053) Revaluation reserve - (61,325) Currency translation reserve (84,121) (46,274) Total shareholders' equity (295,259) 68,894 Minority interest 23,733 10,262 Liabilities Non-current liabilities Deferred taxation 26,874 20,507 Corporate subordinated debt 912,539 954,601 Other debt and financing 159,370 347,475 1,098,783 1,322,583 Liabilities due within one year Other debt and financing 156,666 153,898 Trade payables 90,945 109,739 Amounts due to shareholders 4,021 7,158 Amounts due to other related parties 6,487 11,304 Other financial liabilities - 36,365 Accrued interest and other expenses 42,745 57,981 Other current liabilities 74,998 92,746 375,862 469,191 Total liabilities 1,474,645 1,791,774 Total shareholders' equity and liabilities 1,203,119 1,870,930 Millicom International Cellular S.A. Consolidated statements of cash flows for the year ended December 31, 2002 and 2001 Dec 31 Dec 31 2002 2001 (Audited) (Audited) US$ '000 US$ '000 Net cash provided by operating activities 70,745 103,969 Cash flow from investing activities 143,501 (167,074) Cash flow from financing activities (199,780) 22,576 Cash effect of exchange rate changes (291) 1,884 Net decrease in cash and cash equivalents 14,175 (38,645) Cash and cash equivalents, beginning 56,276 94,921 Cash and cash equivalents, ending 70,451 56,276 Millicom International Cellular S.A. Consolidated statements of changes in shareholders' equity for the year ended December 31, 2002 and 2001 Dec 31 Dec 31 2002 2001 (Audited) (Audited) US$ '000 US$ '000 Shareholders' equity at January 1, as previously 341,191 reported Effect of adopting IAS 39, financial instruments (45,264) Shareholders' equity at January 1, as restated 68,894 295,927 Shares issued via exercise of share options - 8 8 Shares issued - 2,999 Purchase of treasury stock (2,488) - Loss for the year (385,143) (138,053) Movement in revaluation reserve - (79,061) Prolonged decrease in market value 61,325 - Movement in currency translation reserve (37,847) (12,926) Shareholders' equity (295,259) 68,894 Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has a total of 16 cellular operations and licenses in 15 countries. The Group's cellular operations have a combined population under license (excluding Tele2) of approximately 382 million people. In addition, MIC provides high-speed wireless data services in six countries. MIC also has a 6.8% interest in Tele2 AB, the leading alternative pan-European telecommunications company offering fixed and mobile telephony, data network and Internet services to 16.8 million customers in 22 countries. The Company's shares are traded on the Luxembourg Bourse and the Nasdaq Stock Market under the symbol MICC. 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 members or persons 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. Lazard is acting for Millicom International Cellular S.A. in connection with the exchange offer and consent solicitation and no-one else and will not be responsible to anyone other than Millicom International Cellular S.A. for providing the protections offered to clients of Lazard nor for providing advice in relation to the exchange offer or consent solicitation. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/04/10/20030410BIT01140/wkr0001.doc http://www.waymaker.net/bitonline/2003/04/10/20030410BIT01140/wkr0002.pdf