Millicom International Cellular S.A. (MICC) Q2 2010 Earnings Call Transcript July 20, 2010 9:00 am ET Executives Mikael Grahne – President and CEO François-Xavier Roger – CFO Analysts David Kestenbaum – Morgan Joseph Stephen Mead – Anchor Capital Advisors Ric Prentiss – Raymond James Soomit Datta – New Street Research Sven Sköld – Swedbank James Rivett – Citi William Miller – J.M. Hartwell Peter Nielsen – Cheuvreux Jean-Charles Lemardeley – JPMorgan Sean Gardiner – Morgan Stanley Stefan Gauffin – Nordea Bank Lena Osterberg – Carnegie Investment Bank Andreas Joelsson – SEB Enskilda Jan Dworsky – Handelsbanken Capital Markets Kevin Roe – Roe Equity Research PresentationOperator
Good day, ladies and gentlemen, and welcome to the Millicom’s Q2 2010 results conference call. For your information, this conference is being recorded. May I also remind you this call is being audio streamed over the web and is accessible at www.millicom.com together with the presentation summarizing the key features of the results. I would now like to turn the call over to your host today Mr. Mikael Grahne, President and CEO and Mr. François-Xavier Roger, CFO. Please go ahead gentlemen. Mikael Grahne Thank you operator and welcome to you all. As usual you can find the slides for this call on our website. Please turn to slide number three. Our second quarter continued the positive trends seen in Q1. Revenues were up 14% with local currency revenue growth of 11% as the main driver. EBITDA margins continued to improve hitting the 47% mark in Q2 with year-on-year gains in all regions. Cash flow was strong with an operating free cash flow margin of 24%. We paid total dividends of $6 per share during the quarter and commenced our 300 million buyback program, which intend to pursue through the rest of the year. After the period end we reached an agreement with our local partner in Honduras which gives us full control there. François-Xavier will cover this in more detail in his presentation.