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TIGO Millicom International Cellular

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  • 33.120
  • +0.620+1.91%
Close Apr 24 16:00 ET
  • 33.120
  • 0.0000.00%
Post 17:22 ET
5.53BMarket Cap22.68P/E (TTM)

Millicom International Cellular Key Stats

Quarterly+Annual
YOY yoy
Hide blank lines yoy
(FY)Dec 31, 2024
(Q4)Dec 31, 2024
(Q3)Sep 30, 2024
(Q2)Jun 30, 2024
(Q1)Mar 31, 2024
(FY)Dec 31, 2023
(Q4)Dec 31, 2023
(Q3)Sep 30, 2023
(Q2)Jun 30, 2023
(Q1)Mar 31, 2023
Assets
Current assets
Cash, cash equivalents and short term investments
-9.81%699M
-9.81%699M
5.80%803M
13.63%792M
-31.12%622M
-25.41%775M
-25.41%775M
-14.14%759M
-10.18%697M
29.93%903M
-Cash and cash equivalents
-9.81%699M
-9.81%699M
5.80%803M
13.63%792M
-31.12%622M
-25.41%775M
-25.41%775M
-14.14%759M
-10.18%697M
29.93%903M
Receivables
-8.64%677M
-8.64%677M
2.55%805M
-2.67%839M
12.60%876M
6.01%741M
6.01%741M
3.29%785M
12.53%862M
-2.99%778M
-Accounts receivable
-12.19%389M
-12.19%389M
-3.09%408M
-14.52%418M
12.53%431M
16.89%443M
16.89%443M
8.79%421M
26.36%489M
-2.54%383M
-Taxes receivable
-7.63%109M
-7.63%109M
-18.52%88M
-11.34%86M
1.80%113M
6.31%118M
6.31%118M
-6.09%108M
19.75%97M
24.72%111M
-Related party accounts receivable
25.00%15M
25.00%15M
0.00%16M
-5.56%17M
-12.50%14M
-20.00%12M
-20.00%12M
-15.79%16M
-51.35%18M
-62.79%16M
-Other receivables
-2.38%164M
-2.38%164M
22.08%293M
23.26%318M
18.66%318M
-13.40%168M
-13.40%168M
0.42%240M
-1.15%258M
-3.25%268M
Inventory
-2.22%44M
-2.22%44M
-7.69%60M
-8.70%63M
-13.24%59M
-15.09%45M
-15.09%45M
-2.99%65M
-33.65%69M
-24.44%68M
Prepaid assets
6.80%110M
6.80%110M
-45.45%12M
14.29%16M
57.14%22M
390.48%103M
390.48%103M
4.76%22M
-26.32%14M
-26.32%14M
Restricted cash
1.79%57M
1.79%57M
-1.92%51M
-8.62%53M
-3.64%53M
-1.75%56M
-1.75%56M
-1.89%52M
1.75%58M
0.00%55M
Other current assets
-12.63%166M
-12.63%166M
-23.90%156M
27.91%165M
50.46%164M
-3.55%190M
-3.55%190M
5.67%205M
-36.14%129M
-55.33%109M
Total current assets
24.22%2.38B
24.22%2.38B
48.04%2.8B
54.78%2.83B
42.40%2.74B
-7.26%1.92B
-7.26%1.92B
-4.60%1.89B
-4.94%1.83B
-24.90%1.93B
Non current assets
Net PPE
-9.10%3.64B
-9.10%3.64B
-7.44%3.61B
-7.11%3.65B
-1.77%3.83B
3.38%4B
3.38%4B
-0.46%3.9B
-2.24%3.93B
-6.03%3.89B
-Gross PPE
-3.02%11.3B
-3.02%11.3B
-7.44%3.61B
-7.11%3.65B
-1.77%3.83B
15.75%11.65B
15.75%11.65B
-0.46%3.9B
-2.24%3.93B
-6.03%3.89B
-Accumulated depreciation
-0.16%-7.66B
-0.16%-7.66B
----
----
----
-23.47%-7.65B
-23.47%-7.65B
----
----
----
Goodwill and other intangible assets
-11.27%6.91B
-11.27%6.91B
-11.35%6.82B
-10.70%6.88B
-8.88%6.95B
5.76%7.79B
5.76%7.79B
3.78%7.69B
2.87%7.7B
1.11%7.63B
-Goodwill
-0.32%4.09B
-0.32%4.09B
----
----
----
1.18%4.11B
1.18%4.11B
----
----
----
-Other intangible assets
-23.49%2.81B
-23.49%2.81B
----
----
----
11.39%3.68B
11.39%3.68B
----
----
----
Investments and advances
-2.60%561M
-2.60%561M
5.35%610M
-0.50%599M
-0.51%589M
-2.37%576M
-2.37%576M
-1.03%579M
-3.06%602M
-3.27%592M
Related parties assets
25.00%15M
25.00%15M
0.00%16M
-5.56%17M
-12.50%14M
-20.00%12M
-20.00%12M
-15.79%16M
-51.35%18M
-62.79%16M
Financial assets
----
----
----
----
----
----
----
-41.18%10M
-7.69%12M
23.08%16M
Non current deferred assets
7.84%165M
7.84%165M
-34.48%152M
-33.33%152M
-30.45%153M
-28.50%153M
-28.50%153M
29.61%232M
23.24%228M
13.99%220M
Other non current assets
0.00%85M
0.00%85M
-46.84%84M
-46.41%82M
-40.14%88M
8.97%85M
8.97%85M
132.35%158M
118.57%153M
101.37%147M
Total non current assets
-9.87%11.36B
-9.87%11.36B
-10.31%11.27B
-10.02%11.36B
-7.14%11.61B
3.86%12.6B
3.86%12.6B
3.22%12.57B
1.78%12.62B
-0.79%12.5B
Total assets
-5.37%13.74B
-5.37%13.74B
-2.70%14.07B
-1.81%14.19B
-0.51%14.35B
2.24%14.52B
2.24%14.52B
2.13%14.46B
0.87%14.45B
-4.87%14.43B
Liabilities
Current liabilities
Payables
13.43%1.08B
13.43%1.08B
-13.03%674M
-20.82%673M
-23.84%703M
-9.06%953M
-9.06%953M
-6.29%775M
-2.52%850M
0.00%923M
-accounts payable
-23.08%300M
-23.08%300M
-14.77%277M
-15.47%306M
-20.20%312M
-2.50%390M
-2.50%390M
0.00%325M
2.26%362M
2.89%391M
-Total tax payable
6.42%199M
6.42%199M
8.14%93M
23.61%89M
29.03%120M
15.43%187M
15.43%187M
-28.93%86M
-29.41%72M
-21.85%93M
-Dividends payable
--172M
--172M
----
----
----
--0
--0
----
----
----
-Due to related parties current
69.35%105M
69.35%105M
41.67%102M
-16.51%91M
-32.97%61M
6.90%62M
6.90%62M
84.62%72M
45.33%109M
18.18%91M
-Other payable
-2.87%305M
-2.87%305M
-30.82%202M
-39.09%187M
-39.66%210M
-26.64%314M
-26.64%314M
-14.62%292M
-9.97%307M
0.29%348M
Current accrued expenses
-5.18%421M
-5.18%421M
6.74%491M
7.69%476M
13.93%458M
7.77%444M
7.77%444M
7.23%460M
-5.56%442M
-12.23%402M
Current provisions
1,125.00%98M
1,125.00%98M
--313M
----
----
-33.33%8M
-33.33%8M
----
----
-4.64%308M
Current debt and capital lease obligation
6.83%438M
6.83%438M
5.62%432M
5.97%408M
88.44%652M
19.53%410M
19.53%410M
44.52%409M
39.49%385M
-50.29%346M
-Current debt
27.60%282M
27.60%282M
4.29%243M
-2.65%220M
150.84%449M
22.78%221M
22.78%221M
80.62%233M
75.19%226M
-66.97%179M
-Current capital lease obligation
-17.46%156M
-17.46%156M
7.39%189M
18.24%188M
21.56%203M
15.95%189M
15.95%189M
14.29%176M
8.16%159M
8.44%167M
Current deferred liabilities
-13.92%266M
-13.92%266M
-23.95%127M
-26.74%126M
23.86%109M
28.22%309M
28.22%309M
87.64%167M
91.11%172M
-4.35%88M
Other current liabilities
295.61%811M
295.61%811M
137.25%847M
278.72%1.25B
--1.27B
220.31%205M
220.31%205M
--357M
--329M
----
Current liabilities
33.75%3.12B
33.75%3.12B
33.03%2.88B
34.48%2.93B
54.57%3.2B
9.86%2.33B
9.86%2.33B
12.74%2.17B
7.93%2.18B
-41.31%2.07B
Non current liabilities
Long term provisions
-7.82%165M
-7.82%165M
----
----
----
4.68%179M
4.68%179M
----
----
-16.48%304M
Long term debt and capital lease obligation
-13.63%6.33B
-13.63%6.33B
-6.98%6.82B
-4.22%7.07B
-6.58%7.03B
-1.97%7.33B
-1.97%7.33B
-3.62%7.33B
-3.20%7.38B
-3.48%7.53B
-Long term debt
-14.56%5.53B
-14.56%5.53B
-8.63%5.93B
-5.12%6.18B
-8.59%6.09B
-2.23%6.48B
-2.23%6.48B
-3.67%6.49B
-3.34%6.51B
-3.10%6.67B
-Long term capital lease obligation
-6.56%798M
-6.56%798M
5.69%891M
2.53%890M
9.08%937M
0.12%854M
0.12%854M
-3.21%843M
-2.14%868M
-6.32%859M
Non current deferred liabilities
0.58%172M
0.58%172M
-0.70%142M
-6.80%137M
-5.41%140M
-5.00%171M
-5.00%171M
-5.30%143M
-1.34%147M
-6.92%148M
Due to related parties non current
183.33%34M
183.33%34M
570.00%67M
--46M
--22M
--12M
--12M
--10M
----
----
Employee benefits
-13.73%44M
-13.73%44M
----
----
----
37.84%51M
37.84%51M
----
----
----
Derivative product liabilities
28.26%59M
28.26%59M
-31.75%43M
-13.11%53M
3.51%59M
-13.21%46M
-13.21%46M
-21.25%63M
27.08%61M
256.25%57M
Other non current liabilities
-27.94%49M
-27.94%49M
-2.96%295M
-73.63%288M
31,500.00%316M
28.30%68M
28.30%68M
-36.53%304M
117.96%1.09B
-99.81%1M
Total non current liabilities
-19.38%7.05B
-19.38%7.05B
-14.25%7.46B
-11.62%7.67B
-12.37%7.65B
3.53%8.74B
3.53%8.74B
0.50%8.7B
0.14%8.68B
-1.40%8.73B
Total liabilities
-8.20%10.16B
-8.20%10.16B
-4.81%10.34B
-2.37%10.6B
0.44%10.84B
4.80%11.07B
4.80%11.07B
2.72%10.86B
1.61%10.86B
-12.76%10.8B
Shareholders'equity
Share capital
0.00%258M
0.00%258M
0.00%258M
0.00%258M
0.00%258M
0.00%258M
0.00%258M
0.00%258M
0.00%258M
68.63%258M
-common stock
0.00%258M
0.00%258M
0.00%258M
0.00%258M
0.00%258M
0.00%258M
0.00%258M
0.00%258M
0.00%258M
68.63%258M
Retained earnings
6.59%2.88B
6.59%2.88B
6.04%3.02B
1.44%2.89B
-1.88%2.82B
-5.75%2.7B
-5.75%2.7B
1.35%2.85B
0.18%2.85B
8.87%2.87B
Paid-in capital
-1.12%1.06B
-1.12%1.06B
-1.39%1.06B
-1.48%1.07B
-1.66%1.07B
-0.83%1.08B
-0.83%1.08B
-0.55%1.08B
-0.37%1.08B
128.90%1.09B
Less: Treasury stock
437.50%43M
437.50%43M
-20.00%12M
-43.33%17M
-69.57%14M
-82.98%8M
-82.98%8M
-68.09%15M
-37.50%30M
-8.00%46M
Gains losses not affecting retained earnings
-6.20%-531M
-6.20%-531M
0.57%-525M
2.81%-519M
2.96%-525M
10.55%-500M
10.55%-500M
7.37%-528M
3.96%-534M
6.88%-541M
Other equity interest
---1M
---1M
----
----
----
----
----
----
----
----
Total stockholders'equity
2.81%3.63B
2.81%3.63B
4.47%3.81B
1.46%3.68B
-0.66%3.6B
-2.11%3.53B
-2.11%3.53B
3.00%3.64B
1.12%3.62B
37.75%3.63B
Noncontrolling interests
35.71%-54M
35.71%-54M
-61.22%-79M
-214.81%-85M
-2,450.00%-94M
-389.66%-84M
-389.66%-84M
-213.95%-49M
-145.00%-27M
-97.47%4M
Total equity
3.74%3.57B
3.74%3.57B
3.70%3.73B
-0.14%3.59B
-3.36%3.51B
-5.20%3.45B
-5.20%3.45B
0.39%3.59B
-1.29%3.6B
30.10%3.63B
Currency Unit
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Accounting Standards
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
Audit Opinions
Unqualified Opinion
--
--
--
--
Unqualified Opinion
--
--
--
--
(FY)Dec 31, 2024(Q4)Dec 31, 2024(Q3)Sep 30, 2024(Q2)Jun 30, 2024(Q1)Mar 31, 2024(FY)Dec 31, 2023(Q4)Dec 31, 2023(Q3)Sep 30, 2023(Q2)Jun 30, 2023(Q1)Mar 31, 2023
Assets
Current assets
Cash, cash equivalents and short term investments -9.81%699M-9.81%699M5.80%803M13.63%792M-31.12%622M-25.41%775M-25.41%775M-14.14%759M-10.18%697M29.93%903M
-Cash and cash equivalents -9.81%699M-9.81%699M5.80%803M13.63%792M-31.12%622M-25.41%775M-25.41%775M-14.14%759M-10.18%697M29.93%903M
Receivables -8.64%677M-8.64%677M2.55%805M-2.67%839M12.60%876M6.01%741M6.01%741M3.29%785M12.53%862M-2.99%778M
-Accounts receivable -12.19%389M-12.19%389M-3.09%408M-14.52%418M12.53%431M16.89%443M16.89%443M8.79%421M26.36%489M-2.54%383M
-Taxes receivable -7.63%109M-7.63%109M-18.52%88M-11.34%86M1.80%113M6.31%118M6.31%118M-6.09%108M19.75%97M24.72%111M
-Related party accounts receivable 25.00%15M25.00%15M0.00%16M-5.56%17M-12.50%14M-20.00%12M-20.00%12M-15.79%16M-51.35%18M-62.79%16M
-Other receivables -2.38%164M-2.38%164M22.08%293M23.26%318M18.66%318M-13.40%168M-13.40%168M0.42%240M-1.15%258M-3.25%268M
Inventory -2.22%44M-2.22%44M-7.69%60M-8.70%63M-13.24%59M-15.09%45M-15.09%45M-2.99%65M-33.65%69M-24.44%68M
Prepaid assets 6.80%110M6.80%110M-45.45%12M14.29%16M57.14%22M390.48%103M390.48%103M4.76%22M-26.32%14M-26.32%14M
Restricted cash 1.79%57M1.79%57M-1.92%51M-8.62%53M-3.64%53M-1.75%56M-1.75%56M-1.89%52M1.75%58M0.00%55M
Other current assets -12.63%166M-12.63%166M-23.90%156M27.91%165M50.46%164M-3.55%190M-3.55%190M5.67%205M-36.14%129M-55.33%109M
Total current assets 24.22%2.38B24.22%2.38B48.04%2.8B54.78%2.83B42.40%2.74B-7.26%1.92B-7.26%1.92B-4.60%1.89B-4.94%1.83B-24.90%1.93B
Non current assets
Net PPE -9.10%3.64B-9.10%3.64B-7.44%3.61B-7.11%3.65B-1.77%3.83B3.38%4B3.38%4B-0.46%3.9B-2.24%3.93B-6.03%3.89B
-Gross PPE -3.02%11.3B-3.02%11.3B-7.44%3.61B-7.11%3.65B-1.77%3.83B15.75%11.65B15.75%11.65B-0.46%3.9B-2.24%3.93B-6.03%3.89B
-Accumulated depreciation -0.16%-7.66B-0.16%-7.66B-------------23.47%-7.65B-23.47%-7.65B------------
Goodwill and other intangible assets -11.27%6.91B-11.27%6.91B-11.35%6.82B-10.70%6.88B-8.88%6.95B5.76%7.79B5.76%7.79B3.78%7.69B2.87%7.7B1.11%7.63B
-Goodwill -0.32%4.09B-0.32%4.09B------------1.18%4.11B1.18%4.11B------------
-Other intangible assets -23.49%2.81B-23.49%2.81B------------11.39%3.68B11.39%3.68B------------
Investments and advances -2.60%561M-2.60%561M5.35%610M-0.50%599M-0.51%589M-2.37%576M-2.37%576M-1.03%579M-3.06%602M-3.27%592M
Related parties assets 25.00%15M25.00%15M0.00%16M-5.56%17M-12.50%14M-20.00%12M-20.00%12M-15.79%16M-51.35%18M-62.79%16M
Financial assets -----------------------------41.18%10M-7.69%12M23.08%16M
Non current deferred assets 7.84%165M7.84%165M-34.48%152M-33.33%152M-30.45%153M-28.50%153M-28.50%153M29.61%232M23.24%228M13.99%220M
Other non current assets 0.00%85M0.00%85M-46.84%84M-46.41%82M-40.14%88M8.97%85M8.97%85M132.35%158M118.57%153M101.37%147M
Total non current assets -9.87%11.36B-9.87%11.36B-10.31%11.27B-10.02%11.36B-7.14%11.61B3.86%12.6B3.86%12.6B3.22%12.57B1.78%12.62B-0.79%12.5B
Total assets -5.37%13.74B-5.37%13.74B-2.70%14.07B-1.81%14.19B-0.51%14.35B2.24%14.52B2.24%14.52B2.13%14.46B0.87%14.45B-4.87%14.43B
Liabilities
Current liabilities
Payables 13.43%1.08B13.43%1.08B-13.03%674M-20.82%673M-23.84%703M-9.06%953M-9.06%953M-6.29%775M-2.52%850M0.00%923M
-accounts payable -23.08%300M-23.08%300M-14.77%277M-15.47%306M-20.20%312M-2.50%390M-2.50%390M0.00%325M2.26%362M2.89%391M
-Total tax payable 6.42%199M6.42%199M8.14%93M23.61%89M29.03%120M15.43%187M15.43%187M-28.93%86M-29.41%72M-21.85%93M
-Dividends payable --172M--172M--------------0--0------------
-Due to related parties current 69.35%105M69.35%105M41.67%102M-16.51%91M-32.97%61M6.90%62M6.90%62M84.62%72M45.33%109M18.18%91M
-Other payable -2.87%305M-2.87%305M-30.82%202M-39.09%187M-39.66%210M-26.64%314M-26.64%314M-14.62%292M-9.97%307M0.29%348M
Current accrued expenses -5.18%421M-5.18%421M6.74%491M7.69%476M13.93%458M7.77%444M7.77%444M7.23%460M-5.56%442M-12.23%402M
Current provisions 1,125.00%98M1,125.00%98M--313M---------33.33%8M-33.33%8M---------4.64%308M
Current debt and capital lease obligation 6.83%438M6.83%438M5.62%432M5.97%408M88.44%652M19.53%410M19.53%410M44.52%409M39.49%385M-50.29%346M
-Current debt 27.60%282M27.60%282M4.29%243M-2.65%220M150.84%449M22.78%221M22.78%221M80.62%233M75.19%226M-66.97%179M
-Current capital lease obligation -17.46%156M-17.46%156M7.39%189M18.24%188M21.56%203M15.95%189M15.95%189M14.29%176M8.16%159M8.44%167M
Current deferred liabilities -13.92%266M-13.92%266M-23.95%127M-26.74%126M23.86%109M28.22%309M28.22%309M87.64%167M91.11%172M-4.35%88M
Other current liabilities 295.61%811M295.61%811M137.25%847M278.72%1.25B--1.27B220.31%205M220.31%205M--357M--329M----
Current liabilities 33.75%3.12B33.75%3.12B33.03%2.88B34.48%2.93B54.57%3.2B9.86%2.33B9.86%2.33B12.74%2.17B7.93%2.18B-41.31%2.07B
Non current liabilities
Long term provisions -7.82%165M-7.82%165M------------4.68%179M4.68%179M---------16.48%304M
Long term debt and capital lease obligation -13.63%6.33B-13.63%6.33B-6.98%6.82B-4.22%7.07B-6.58%7.03B-1.97%7.33B-1.97%7.33B-3.62%7.33B-3.20%7.38B-3.48%7.53B
-Long term debt -14.56%5.53B-14.56%5.53B-8.63%5.93B-5.12%6.18B-8.59%6.09B-2.23%6.48B-2.23%6.48B-3.67%6.49B-3.34%6.51B-3.10%6.67B
-Long term capital lease obligation -6.56%798M-6.56%798M5.69%891M2.53%890M9.08%937M0.12%854M0.12%854M-3.21%843M-2.14%868M-6.32%859M
Non current deferred liabilities 0.58%172M0.58%172M-0.70%142M-6.80%137M-5.41%140M-5.00%171M-5.00%171M-5.30%143M-1.34%147M-6.92%148M
Due to related parties non current 183.33%34M183.33%34M570.00%67M--46M--22M--12M--12M--10M--------
Employee benefits -13.73%44M-13.73%44M------------37.84%51M37.84%51M------------
Derivative product liabilities 28.26%59M28.26%59M-31.75%43M-13.11%53M3.51%59M-13.21%46M-13.21%46M-21.25%63M27.08%61M256.25%57M
Other non current liabilities -27.94%49M-27.94%49M-2.96%295M-73.63%288M31,500.00%316M28.30%68M28.30%68M-36.53%304M117.96%1.09B-99.81%1M
Total non current liabilities -19.38%7.05B-19.38%7.05B-14.25%7.46B-11.62%7.67B-12.37%7.65B3.53%8.74B3.53%8.74B0.50%8.7B0.14%8.68B-1.40%8.73B
Total liabilities -8.20%10.16B-8.20%10.16B-4.81%10.34B-2.37%10.6B0.44%10.84B4.80%11.07B4.80%11.07B2.72%10.86B1.61%10.86B-12.76%10.8B
Shareholders'equity
Share capital 0.00%258M0.00%258M0.00%258M0.00%258M0.00%258M0.00%258M0.00%258M0.00%258M0.00%258M68.63%258M
-common stock 0.00%258M0.00%258M0.00%258M0.00%258M0.00%258M0.00%258M0.00%258M0.00%258M0.00%258M68.63%258M
Retained earnings 6.59%2.88B6.59%2.88B6.04%3.02B1.44%2.89B-1.88%2.82B-5.75%2.7B-5.75%2.7B1.35%2.85B0.18%2.85B8.87%2.87B
Paid-in capital -1.12%1.06B-1.12%1.06B-1.39%1.06B-1.48%1.07B-1.66%1.07B-0.83%1.08B-0.83%1.08B-0.55%1.08B-0.37%1.08B128.90%1.09B
Less: Treasury stock 437.50%43M437.50%43M-20.00%12M-43.33%17M-69.57%14M-82.98%8M-82.98%8M-68.09%15M-37.50%30M-8.00%46M
Gains losses not affecting retained earnings -6.20%-531M-6.20%-531M0.57%-525M2.81%-519M2.96%-525M10.55%-500M10.55%-500M7.37%-528M3.96%-534M6.88%-541M
Other equity interest ---1M---1M--------------------------------
Total stockholders'equity 2.81%3.63B2.81%3.63B4.47%3.81B1.46%3.68B-0.66%3.6B-2.11%3.53B-2.11%3.53B3.00%3.64B1.12%3.62B37.75%3.63B
Noncontrolling interests 35.71%-54M35.71%-54M-61.22%-79M-214.81%-85M-2,450.00%-94M-389.66%-84M-389.66%-84M-213.95%-49M-145.00%-27M-97.47%4M
Total equity 3.74%3.57B3.74%3.57B3.70%3.73B-0.14%3.59B-3.36%3.51B-5.20%3.45B-5.20%3.45B0.39%3.59B-1.29%3.6B30.10%3.63B
Currency Unit USDUSDUSDUSDUSDUSDUSDUSDUSDUSD
Accounting Standards US-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAP
Audit Opinions Unqualified Opinion--------Unqualified Opinion--------

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