Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Entity Registrant Name | Opera Ltd |
Entity Central Index Key | 0001737450 |
Trading Symbol | opra |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 228,285,684 |
Entity Shell Company | false |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Title of 12(b) Security | American Depositary Shares, each representing two ordinary shares, par value US$0.0001 per share |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | ||||
Revenue | $ 165,056 | $ 177,078 | [1] | $ 161,334 |
Other income | 11,542 | [1] | ||
Operating expenses | ||||
Technology and platform fees | (3,315) | (796) | [1] | (3,644) |
Content cost | (4,312) | (1,545) | [1] | (72) |
Cost of inventory sold | (700) | (208) | [1] | |
Personnel expenses including share-based remuneration | (62,103) | (62,323) | [1] | (41,004) |
Marketing and distribution expenses | (47,860) | (65,074) | [1] | (31,543) |
Credit loss expense | (1,849) | (577) | [1] | 678 |
Credit loss expense related to divested joint venture | (10,476) | [1] | ||
Depreciation and amortization | (20,234) | (18,843) | [1] | (12,694) |
Other expenses | (28,197) | (28,248) | [1] | (28,674) |
Total operating expenses | (179,046) | (177,614) | [1] | (116,953) |
Operating profit (loss) | (2,448) | (537) | [1] | 44,381 |
Share of net income (loss) of associates and joint ventures | 2,005 | (3,818) | [1] | (3,248) |
Change in fair value of preferred shares in associates | 24,000 | 37,900 | [1] | |
Net finance income (expense) | ||||
Finance income | 13,633 | 10,532 | [1] | 1,626 |
Finance expense | (516) | (655) | [1] | (1,694) |
Net foreign exchange gain (loss) | 833 | (25) | [1] | (365) |
Net finance income (expense) | 11,980 | 8,756 | (433) | |
Profit before income taxes | 37,507 | 43,396 | [1] | 40,700 |
Income tax (expense) benefit is attributable to: | (75) | (2,658) | [1] | (6,481) |
Profit from continuing operations | 37,432 | 40,739 | [1] | 34,219 |
Discontinued operations | 141,742 | 17,161 | [1] | 941 |
Net income | 179,174 | 57,899 | [1] | 35,160 |
Net income attributable to: | ||||
Equity holders of the parent | 179,174 | 57,899 | [1] | 35,160 |
Non-controlling interests | [1] | |||
Net income | $ 179,174 | $ 57,899 | [1] | $ 35,160 |
Basic, US$ (in dollars per share) | $ 0.16 | $ 0.18 | $ 0.17 | |
Diluted, US$ (in dollars per share) | 0.16 | 0.18 | 0.16 | |
Basic, US$ (in dollars per share) | 0.76 | 0.26 | 0.17 | |
Diluted, US$ (in dollars per share) | 0.75 | 0.25 | 0.17 | |
Ordinary shares [member] | ||||
Net income attributable to: | ||||
Basic, US$ (in dollars per share) | 0.16 | 0.18 | [1] | 0.17 |
Diluted, US$ (in dollars per share) | 0.16 | 0.18 | [1] | 0.16 |
Basic, US$ (in dollars per share) | 0.76 | 0.26 | [1] | 0.17 |
Diluted, US$ (in dollars per share) | $ 0.75 | $ 0.25 | [1] | $ 0.17 |
ADS [member] | ||||
Net finance income (expense) | ||||
Profit from continuing operations | $ 37,432 | $ 40,739 | $ 34,219 | |
Discontinued operations | 141,742 | 17,161 | 941 | |
Net income attributable to: | ||||
Equity holders of the parent | $ 179,174 | $ 57,899 | $ 35,160 | |
Basic, US$ (in dollars per share) | $ 0.32 | $ 0.36 | [1] | $ 0.34 |
Diluted, US$ (in dollars per share) | 0.32 | 0.36 | [1] | 0.33 |
Basic, US$ (in dollars per share) | 1.53 | 0.52 | [1] | 0.35 |
Diluted, US$ (in dollars per share) | $ 1.51 | $ 0.51 | [1] | $ 0.34 |
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | ||||
Net income | $ 179,174 | $ 57,899 | [1] | $ 35,160 |
Other comprehensive income that may be reclassified to the Statement of Operations in subsequent periods (net of tax) | ||||
Exchange differences on translation of foreign operations | 42 | (1,790) | (1,245) | |
Reclassification of exchange differences on loss of control | 2,936 | 7 | (138) | |
Share of other comprehensive income (loss) of associates and joint ventures | (935) | (41) | 94 | |
Net other comprehensive income (loss) that may be reclassified to the Statement of Operations in subsequent periods | 2,043 | (1,824) | (1,289) | |
Total comprehensive income | 181,217 | 56,075 | 33,871 | |
Total comprehensive income attributable to: | ||||
Equity holders of the parent | 181,217 | 56,075 | 33,871 | |
Non-controlling interests | ||||
Total comprehensive income | $ 181,217 | $ 56,075 | $ 33,871 | |
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Furniture, fixtures and equipment | $ 18,167 | $ 26,053 |
Intangible assets | 111,954 | 110,807 |
Goodwill | 424,961 | 421,578 |
Investments in associates and joint ventures | 364,946 | 76,300 |
Non-current financial assets | 1,490 | 1,351 |
Deferred tax assets | 4,383 | 6,204 |
Total non-current assets | 925,901 | 642,293 |
Current assets | ||
Trade receivables | 28,809 | 49,371 |
Loans to customers | 68 | 93,115 |
Other receivables | 10,750 | 59,112 |
Prepayments | 9,061 | 25,809 |
Inventories | 7,752 | |
Other current financial assets | 856 | 1,535 |
Marketable securities | 42,146 | |
Cash and cash equivalents | 134,168 | 139,487 |
Total cash, cash equivalents, and marketable securities | 134,168 | 181,633 |
Total current assets | 183,711 | 418,327 |
TOTAL ASSETS | 1,109,612 | 1,060,620 |
Equity | ||
Share capital | 24 | 24 |
Other paid in capital | 765,129 | 814,177 |
Retained earnings | 283,334 | 99,513 |
Foreign currency translation reserve | 408 | (1,508) |
Equity attributed to equity holders of the parent | 1,048,895 | 912,206 |
Non-controlling interests | ||
Total equity | 1,048,895 | 912,206 |
Non-current liabilities | ||
Non-current lease liabilities and other loans | 3,584 | 9,181 |
Deferred tax liabilities | 11,745 | 10,526 |
Other non-current liabilities | 68 | 137 |
Total non-current liabilities | 15,397 | 19,844 |
Current liabilities | ||
Trade and other payables | 25,454 | 57,125 |
Current lease liabilities and other loans | 5,389 | 47,793 |
Income tax payable | 1,094 | 7,803 |
Deferred revenue | 345 | 708 |
Other current liabilities | 13,040 | 15,142 |
Total current liabilities | 45,320 | 128,570 |
Total liabilities | 60,717 | 148,414 |
TOTAL EQUITY AND LIABILITIES | $ 1,109,612 | $ 1,060,620 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Equity - USD ($) $ in Thousands | Issued capital [member] | [1] | Share premium [member] | Retained earnings [member] | Reserve of exchange differences on translation [member] | Total | |
As of December 31, 2017 at Dec. 31, 2017 | $ 19 | $ 576,512 | $ 5,366 | $ 1,605 | $ 583,503 | ||
Impact of implementing IFRS 9 and IFRS 15 at Dec. 31, 2017 | (629) | (629) | |||||
Beginning balance at Dec. 31, 2017 | 19 | 576,512 | 4,737 | 1,605 | 582,874 | ||
Statement Line Items [Line Items] | |||||||
Net income | 35,160 | 35,160 | |||||
Other comprehensive income (loss) | (1,289) | (1,289) | |||||
Total comprehensive income | 35,160 | (1,289) | 33,871 | ||||
Business combination with entity under common control | (9,904) | (9,904) | |||||
Acquisition of treasury shares | (4,875) | (4,875) | |||||
Contribution of equity, net of transaction costs | 3 | 167,053 | 167,056 | ||||
Share-based remuneration expense (Note 5) | 6,439 | 6,439 | |||||
Ending balance at Dec. 31, 2018 | 22 | 738,690 | 36,432 | 316 | 775,460 | ||
Impact of implementing IFRS 9 and IFRS 15 at Dec. 31, 2018 | 64 | 64 | |||||
Beginning balance at Dec. 31, 2018 | 22 | 738,690 | 36,496 | 316 | 775,524 | ||
Statement Line Items [Line Items] | |||||||
Net income | 57,899 | 57,899 | [2] | ||||
Other comprehensive income (loss) | (1,824) | (1,824) | |||||
Total comprehensive income | 57,899 | (1,824) | 56,075 | ||||
Acquisition of treasury shares | (5,780) | (5,780) | |||||
Contribution of equity, net of transaction costs | 2 | 81,267 | 81,269 | ||||
Share-based remuneration expense (Note 5) | 5,118 | 5,118 | |||||
Ending balance at Dec. 31, 2019 | 24 | 814,177 | 99,513 | (1,508) | 912,206 | ||
Statement Line Items [Line Items] | |||||||
Net income | 179,174 | 179,174 | |||||
Other comprehensive income (loss) | 2,043 | 2,043 | |||||
Total comprehensive income | 179,174 | 2,043 | 181,217 | ||||
Acquisition of treasury shares | (49,049) | (49,049) | |||||
Share-based remuneration expense (Note 5) | 4,521 | 4,521 | |||||
Reclassification of foreign currency translation reserve | 126 | (126) | |||||
Ending balance at Dec. 31, 2020 | $ 24 | $ 765,129 | $ 283,334 | $ 408 | $ 1,048,895 | ||
[1] | Opera Limited, the Group's parent, was established in 2018. The amount of share capital in the prior period reflects the share capital of the parent at the time of incorporation. | ||||||
[2] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash flows from operating activities | ||||
Profit before income taxes from continuing operations | $ 37,507 | $ 43,396 | $ 40,700 | |
Profit before income taxes from discontinued operations | 139,792 | 20,105 | 941 | |
Income taxes paid | (9,887) | (9,870) | (4,381) | |
Depreciation and amortization | 20,390 | 18,934 | 12,694 | |
Share of net loss (income) of associates and joint ventures | (2,005) | 3,818 | 3,248 | |
Change in fair value of preferred shares in associates | (24,000) | (37,900) | [1] | |
Share-based payment expense | 4,521 | 5,118 | 6,439 | |
Gain on disposal of emerging market fintech operations | (151,368) | |||
Impact of divestment of joint venture | 1,834 | |||
Net finance income (expense) | (11,980) | (8,756) | 433 | |
Change in inventories | 7,752 | (7,752) | ||
Change in trade and other receivables | 22,101 | (14,206) | (6,543) | |
Change in loans to customers | 75,064 | (90,023) | (3,092) | |
Change in trade and other payables | (25,135) | 39,168 | (5,635) | |
Change in deferred revenue | (346) | (1,224) | 460 | |
Change in prepayments | 12,032 | (11,437) | (12,205) | |
Change in other liabilities | (1,482) | 5,441 | 1,507 | |
Other | (1,466) | 724 | (738) | |
Net cash flow from (used in) operating activities | 93,324 | (44,464) | 33,828 | |
Cash flows from investment activities | ||||
Purchase of intangibles assets | (2,286) | |||
Proceeds from sales of equipment and intangible assets | 6 | |||
Purchase of equipment | (2,484) | (8,868) | (2,616) | |
Settlement of earnout obligation | (600) | |||
Receipt of contingent consideration | 2,945 | |||
Acquisition of subsidiary, net of cash acquired | (4,882) | (7,901) | ||
Cash transferred upon loss of control over emerging market fintech operations | (39,260) | |||
Release of escrow account | 1,000 | 2,508 | ||
Deposit of collateral for subsidiaries' loan facility | (1,000) | (52,878) | ||
Disbursement of short-term loans | (6,332) | (2,400) | ||
Repayment of short-term loans | 6,332 | |||
Investment in, and loans to associates and joint ventures | (440) | (6,550) | (32,867) | |
Repayment of loans to associates and joint ventures | 726 | |||
Net sale (purchase) of listed equity instruments | 58,535 | (35,250) | (2,188) | |
Interest income received | 326 | |||
Development expenditure | (6,553) | (4,173) | (4,132) | |
Net cash flow from (used in) investing activities | 2,956 | (106,987) | (47,250) | |
Cash flows from financing activities | ||||
Proceeds from issues of equity instruments | 82,630 | 170,871 | ||
Transaction costs on issue of equity instruments | (1,364) | (2,992) | ||
Acquisition of treasury shares | (49,049) | (5,780) | (4,875) | |
Proceeds from loans and borrowings | 6,905 | 43,163 | ||
Interests on loans and borrowings | (1,752) | (1,184) | ||
Repayment of loans and borrowings | (52,874) | (1,509) | (1,765) | |
Payment of lease liabilities | (4,202) | (2,755) | (2,293) | |
Net cash flow from (used in) financing activities | (100,972) | 113,200 | 158,946 | |
Net change in cash and cash equivalents | (4,692) | (38,248) | 145,524 | |
Cash and cash equivalents at beginning of period | 139,487 | 177,873 | 33,207 | |
Net foreign exchange difference | (627) | (137) | (857) | |
Cash and cash equivalents at end of period | $ 134,168 | $ 139,487 | $ 177,873 | |
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. |
Note 1 - Corporate Information
Note 1 - Corporate Information | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of general information about financial statements [text block] | NOTE 1. CORPORATE INFORMATION Opera Limited (the “Company” and “Parent”), with its office at Maples Corporate Services Limited, PO Box 309, KY1 1104, 4, 0485 Opera Limited and its subsidiaries (the “Group”) is a leading global internet brand with an engaged and growing user base. Building on over 20 4 25. 26. The consolidated financial statements of the Group for the year ended December 31, 2020, June 10, 2021. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | NOTE 2. SIGNIFICANT ACCOUNTING POLICIES 2.1 The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on a historical cost basis, except for preferred shares in associates and listed equity instruments that have been measured at fair value. The consolidated financial statements are presented in U.S. Dollars (US$) and all values are rounded to the nearest thousand ( US$000 may The consolidated financial statements provide comparative information in respect of the previous two December 31, 2019. 2020, December 31, 2019. not 2.2 The consolidated financial statements comprise the financial statements of Opera Limited and its subsidiaries. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Generally, there is a presumption that a majority of voting rights results in control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with an investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: ● power over the investee (i.e., existing and potential rights that give it the current ability to direct the relevant activities of the investee); ● exposure, or rights, to variable returns from its involvement with the investee; and ● the ability to use its power over the investee to affect its return. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value, including any retained interest in a former subsidiary comprising a business that is sold or contributed to an equity-accounted investee. 2.3 Foreign currencies The consolidated financial statements are presented in U.S. Dollars, which is also the functional currency of the parent company. For each entity, the Group determines the functional currency, which is the currency of the primary economic environment in which the entity operates. Items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions are recognized by the Group's entities at their respective functional currency spot rate at the date the transaction first The assets and liabilities of entities within the Group with a functional currency which differs from the Group's presentation currency, are translated using the currency exchange rates of the reporting date. Income and expense items are translated at average currency exchange rates for the respective period. The overall net foreign currency impact from translating assets, liabilities, income and expenses to U.S. Dollars is recognized in the Statement of Comprehensive Income as Exchange differences on translation of foreign operations. Investments in joint ventures and associates A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Associates are those entities in which the Group has significant influence, meaning power to participate in the financial and operating policy decisions of the investee, but not 20 50 Investments in associates and joint ventures are accounted for using the equity method (equity-accounted investees) and are recognized initially at cost. On acquisition of an equity-accounted investee, the Group identifies and values assets and liabilities of the associate or joint venture, as if it had acquired a business. While these fair value adjustments are not Upon loss of control of a subsidiary that constitutes a business with a retained interest that is an investment in an associate or joint venture, the retained interest is remeasured at its fair value and this fair value becomes the cost on initial recognition of the investment in the associate or joint venture. The consolidated financial statements include the Group's share of the net income or loss and other comprehensive income, after adjustments to align the accounting policies of the associates and joint ventures with those of the Group, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. Any change in other comprehensive income of those investees is presented as part of the Group's other comprehensive income. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. However, in the acquisition of a business from an equity-accounted investee, Opera does not When the Group's share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest, including any long-term interests that in substance form part of its net investment, is reduced to zero, and the recognition of further losses is discontinued. However, additional losses are provided for, and a liability is recognized, to the extent that the Group has incurred legal or constructive obligations or has made payments on behalf of the investee. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value. The Group has invested in preferred shares in OPay and StarMaker, both entities classified as associates of the Group. These preferred shares represent a long-term interest that in substance form part of the net investment in the associates. Due to their characteristics the preferred shares are not not Business combinations and goodwill Business combinations, except those occurring under common control, are accounted for using the acquisition method. Acquired businesses are included in the consolidated financial statements from the date the Group obtains control. The cost of an acquisition is measured as the consideration transferred, which is measured at acquisition date fair value. Acquisition-related costs are expensed as incurred. The Group initially measures goodwill at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held, over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is from the acquisition date allocated to the Group's cash generating units (CGUs) that are expected to benefit from the transaction. Furniture, fixtures and equipment Furniture, fixtures and equipment, including leasehold improvements, are recognized at cost, less accumulated depreciation and impairment losses. Depreciation and amortization of furniture, fixtures and equipment is recognized on a straight-line basis over the asset's estimated useful life as follows: ● Leasehold improvements: Up to 6 ● Equipment: Up to 10 ● Furniture and fixtures: Up to 5 Residual values, useful lives and the depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate. At the end of each reporting period, furniture, fixtures and equipment are assessed for any indications of impairment. If there are indications implying that an asset may Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination, which for the group includes customer relationships and trademark, is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may For goodwill and other intangible assets that have an indefinite useful life and intangible assets that are not Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate all of the following: ● the technical feasibility of completing the intangible asset so that it will be available for use or sale; ● its intention to complete the intangible asset and use or sell it; ● its ability to use or sell the intangible asset; ● how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset; ● the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and ● its ability to measure reliably the expenditure attributable to the intangible asset during its development. The cost of developing new features, together with significant and pervasive improvements of core platform functionality, that meet the criteria above for development activities are capitalized as separate assets or as additions to existing assets and amortized on a straight-line basis, generally over a period of up to 3 2016 5 Expenditures related to product maintenance, such as “bug fixes”, updates needed to comply with changes in laws and regulations, or updates needed to keep pace with the latest trends, are expensed in the period they are incurred. Intangible assets related to customer relationships, which result from business combinations, are measured at cost less accumulated amortization and impairment losses and are amortized over the estimated customer relationship period up to 15 Leases At the commencement date of the lease (i.e., the date the underlying asset is available for use), the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include: ● fixed payments (and payments that are fixed in substance) less any lease incentives; ● variable lease payments that depend on an index or a rate; ● amounts expected to be paid under residual value guarantees; and ● the exercise price of any purchase option reasonably certain to be exercised by the Group, and payments of penalties for terminating a lease, if the lease term reflects the Group's expectation of exercising the option to terminate. Variable lease payments that do not In calculating the present value of lease payments, the Group uses the estimated incremental borrowing rate at the lease commencement date unless the interest rate implicit in the lease is readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments), or a change in the assessment of an option to purchase the underlying asset. The Group recognizes right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of use assets are subject to impairment. Lease payments on short-term leases of office properties and equipment, and leases of office equipment of low value are recognized as expenses on a straight-line basis over the lease term. Prior to the implementation of IFRS 16 Leases January 1, 2019, 17 Leases 17, 2019 Finance leases, which for the Group primarily were related to network server equipment, were capitalized at the commencement of the lease at the inception date fair value of the leased equipment or, if lower, at the present value of the minimum lease payments. Lease payments were apportioned between finance charges and reduction of the lease liability to achieve a constant rate of interest on the remaining balance of the liability. Finance charges were recognized in finance costs in the Statement of Operations. A leased asset was depreciated over the useful life of the asset, consistent with the useful lives for furniture, fixtures and equipment disclosed above. However, if there was no An operating lease was a lease other than a finance lease. Operating lease payments were recognized as operating expenses in the Statement of Operations on a straight-line basis over the lease term. Financial assets The Group has the following financial assets: ● Loans and receivables: Trade receivables, other receivables, preferred shares and other current and non-current financial assets. ● Equity instruments: Holdings of publicly traded securities. Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss. The Group did not The classification of debt instruments at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group's business model for managing them. Trade receivables that do not not In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income it needs to give rise to cash flows that are solely payments of principal and interest ("SPPI") on the principal amount outstanding. This assessment is performed at an instrument level. The Group's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets are measured at amortized cost if the financial assets satisfy the SPPI criteria and are held within a business model whose objective is to collect the contractual cash flows. If the financial asset is held within a business model that is achieved by both collecting contractual cash flows and selling and which contain contractual terms that are SPPI, the assets are measured at fair value through other comprehensive income. Financial assets with cash flows that are not Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades, such as publicly traded securities) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Subsequent measurement at amortized cost Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Group's financial assets at amortized cost includes trade receivables, loans to associates and joint ventures and other loans. A receivable represents the Group's right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Subsequent measurement at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the Statement of Financial Position at fair value with changes in fair value recognized in the Statement of Operations. This category includes listed equity instruments held for trading and preferred shares in OPay and StarMaker. Financial instruments are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derecognition A financial asset is primarily derecognized when: ● the rights to receive cash flows from the asset have expired, or ● the Group has transferred its rights to receive cash flows from the asset and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset Financial liabilities Financial liabilities of the Group comprise of loans, borrowings and payables, including interest bearing loans, lease liabilities, trade payables, other payables and other current and non-current financial liabilities. Initial recognition and measurement All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement Interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method (EIR). Gains and losses are recognized in the Statement of Operations when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the Statement of Operations. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. Impairment Impairment of financial assets The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not no The Group normally considers a financial asset in default when contractual payments are 90 may no Impairment of non-financial assets The Group assesses, at each reporting date, whether there is an indication that an asset may not Goodwill is tested for impairment annually as of December 31, may In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Group bases its impairment calculation on detailed budgets and forecast calculations. These budgets and forecast calculations cover a period of one four 12 For assets, excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no Fair value measurement The Group measures certain financial assets and liabilities, as disclosed in Note 16, Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ● in the principal market for the asset or liability; or ● in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. All assets and liabilities for which fair value is disclosed in the financial statements are categorized within the fair value hierarchy, based on the lowest level input that is significant to the fair value measurement as a whole: ● Level 1: ● Level 2: ● Level 3: For the investments in listed equity instruments, quoted market prices in active markets for identical assets form the basis for fair value measurement. For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Provisions A provision is recognized in the Statement of Financial Position when the Group has a currently existing legal or constructive obligation as a result of a past event, and it is probable that a future outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Revenue The Group has the following primary sources of revenue: i. Search ii. Advertising iii. Technology licensing and other revenue Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services (the transaction price). Revenues from each of these categories are recognized as follows: i. Search Search revenue is generated when a user conducts a qualified search using a search partner (such as Google or Yandex) through the built-in combined address and search bar provided in Opera's PC and mobile browsers, or when otherwise redirected to the search partner via browser functionality. Search revenue is recognized in the period the qualified search occurs based upon the contractually agreed revenue share amount. ii. Advertising Advertising includes revenues from all other user-generated activities excluding search revenues. Advertising revenues include revenues from industry-standard ad units, predefined partner bookmarks (“Speed Dials”) and subscriptions of various promoted services that are provided by the Group. Revenue is recognized when our advertising services are delivered based on the specific terms of the underlying contract, which are commonly based on revenue sharing, clicks, or subscription revenues collected by third The majority of advertising revenue is reported based on the amounts the Group is entitled to receive from advertising partners. In limited instances where the Group has developed or procured a service which it promotes to the users, the Group considers itself the principal party to a transaction and not iii. Technology licensing and other revenue Technology licensing and other revenue include other revenues that are not third Licensing agreements may not not Maintenance, support and hosting revenues are generally recognized ratably over the term that these services are provided. Revenue from software developed specifically for one 15 Revenue from distinct professional services is recognized over the development period in line with the degree of completion. Set-up activities that do not not 15 The allocation of revenue for contracts with multiple elements is based on the Group's estimate of its standalone selling prices. Such estimates are based on relevant historical information and can include past contracts with fewer elements, or the Group's typical hourly rates for professional services compared with an estimated number of hours required. Revenue from operators is included in the “Technology licensing and other revenue” category even if there are variable components that scale with the number of users. This is related to the fact that such operator agreements typically contain licensing fees based on usage, as well as hosting and support services. Other income Other income is income which is not Personnel expenses Personnel expenses, other than share-based payments to employees, include short-term employee benefits, such as wages, salaries and social security contributions, paid annual leave and paid sick leave, performance-based bonuses and non-monetary benefits. It also includes expenses related to defined contribution schemes provided to employees as post-employment benefits. Personnel expenses are recognized at the undiscounted amount due to the employees or the de-facto employees when these have rendered service to the Group or when the liability otherwise arises. Income taxes Income tax expense consists of the sum of (i) current year income taxes payable plus (ii) the change in deferred taxes and liabilities, except if income taxes relate to items recognized in other comprehensive income, in which case it is recognized in other comprehensive income. Current year income taxes payable is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the year-end date, and any adjustment to tax payable in respect of previous years. The Group includes deductions for uncertain tax positions when it is probable that the tax position will be sustained in a tax review. The Group records provisions relating to uncertain or disputed tax positions at the amount expected to be paid. Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realization or settlement of the underlying items, using tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is only recognized to the extent that it is probable that future taxable profits will allow the deferred tax asset to be realized. Recognized assets are reversed when realization is no Income taxes include all domestic and foreign taxes, which are based on taxable profits, including withholding taxes. Discontinued operations A discontinued operation is a component of the Group that has been disposed of or is a disposal group classified as held for sale, and ● represents a separate major line of business or geographical area of operations; ● is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or ● is a subsidiary acquired exclusively with a view to resale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Statement of Operations. In 2020, 9. The Statement of Cash Flows, which is prepared based on the indirect method, reflects the cash flows of discontinued operations up to the date of disposal. Items of working capital, such as receivables and payables, that are disposed of, are eliminated from the balance sheet changes to such items in the reconciliation of profit to operating cash flows. The amount of cash and cash equivalents in subsidiaries disposed of is classified as an investing activity at the time of disposal. Government grants Government grants are recognized when there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. The Group has received government grants that relate to the development of technology, which includes expenditures that are capitalized. Those government grants are deducted in arriving at the carrying amount of the asset. Government grants related to income are recognized as Other income in the Statement of Operations. Treasury shares Treasury shares are shares in Opera Limited, the parent, that are reacquired under a repurchase program. Treasury shares are recognized at cost and deducted from equity. No 2.4 The preparation of the Group's consolidated financial statements requires management to make judgments, estimates and assumptions that may not may The following summarizes the most significant judgments and estimates in preparing the consolidated financial statements. Fair value of investment in Nanobank On August 19, 2020, 42% August 19, 2020. August 19, 2020, US$265.9 13 26 On acquisition of the investment in Nanobank, the Group used assumptions in identifying and valuing the assets and liabilities of the entity, including goodwill. The Group identified intangible assets that were not August 19, 2020. Significant influence over OPay and basis of accounting for investment The Group determined that it has significant influence over OPay Limited even though it was diluted in 2019 19.9% 13.1% not The Group holds preferred shares in OPay, acquired in 2019, 13 16. Fair value of preferred shares in associates The Group has invested in preferred shares in OPay and StarMaker, both entities classified as associates of the Group. These preferred shares represent a long-term interest that in substance form part of the net investment in the associates. Due to their characteristics the preferred shares are not not The fair values of preferred shares in OPay and StarMaker as of December 31, 2020, three December 31, 2019, 16. Collectability of consideration from Powerbets In order to recognize revenue from a contract with a customer within the scope of IFRS 15, may Effective from the beginning of 2020, not not 2019, US$2,210 2018: US$4,369 December 31, 2020, US$6,579 December 31, 2019: US$6,579 In assessing whether the collectability criterion was met for contracts with Powerbets, management considered the likelihood of and timing for when Powerbets will start generating net cash inflows from its operating activities and other factors that are relevant in assessing the timing of revenue recognition and collectability of related accounts receivable. The Group disposed of its equity investment in Powerbets in December 2020. 13, 14 26 As of December 31, 2020, nil US$10,476 US$6,579 US$3,897 Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. Goodwill and the Opera brand (“Trademark”), which have indefinite useful lives, were tested for impairment as of December 31, 2020, 12. Capitalized development costs The Group capitalizes expenditure incurred in the development of new products and services. Initial capitalization of expenditure is based on management's judgment that the project meets all of the six The Group periodically, and when circumstances warrant, reviews capitalized costs to evaluate whether there are indicators of impairment for individual assets. If indicators of impairment are identified, the Group tests the asset or CGU to which it is included for impairment in accordance with the principles discussed above. In the event the Group abandons a development project, the asset is written off immediately. See Note 12 |
Note 3 - Changes in Accounting
Note 3 - Changes in Accounting Policies and Disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of changes in accounting policies [text block] | NOTE 3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES 3.1 The accounting policies applied in the preparation of the consolidated financial statements are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2019. first 2020 not 10 28 not not 2 3.2 not The following new and amended standards that are issued, but not not ● COVID- 19 16 ● Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16 ● Reference to Conceptual Framework (Amendments to IFRS 3 ● Classification of Liabilities as Current or Non-current (Amendments to IAS 1 ● Onerous Contracts – Costs of Fulfilling a Contract (Amendments to IAS 37 ● IFRS 17 ● Annual Improvements to IFRS Standards 2018 2020 1, 9, 16 41 ● Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 ● Definition of Accounting Estimates (Amendments to IAS 8 ● Disclosure Initiative – Accounting Policies (Amendments to IAS 1 |
Note 4 - Segment and Revenue In
Note 4 - Segment and Revenue Information | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of revenue from contracts with customers [text block] | NOTE 4. SEGMENT AND REVENUE INFORMATION For management reporting purposes, the Group is organized into business units based on its products and services, and has two ● Browser and News ● Other The prior segments “Retail” and “Fintech” (relating to fintech businesses in emerging markets) were discontinued in 2020 no An operating segment captures relatively distinct business activities from which the Group earns revenue and incurs expenses. Furthermore, the segments' operating results are regularly reviewed by the chief operating decision maker ("CODM") to make decisions about resources to be allocated to the various business activities and to assess performance. Management has determined that the CEO, who is also the Chairman of the Board, is the Group's CODM. The operating and reportable segments are based on the Group's main categories of products and services. The segment profit or loss is the Contribution by segment, which is calculated as revenue, less (i) technology and platform fees, (ii) content cost, (iii) cost of inventory sold, (iv) other cost of revenue (v) marketing and distribution expense, and (vi) credit loss expense. The Browser and News segment includes the Group's PC and mobile browser business as well as the Opera News platform, both as leveraged within the Group's browsers and as made available through standalone apps. These products have similar characteristics and are often closely bundled. The segment Other includes licensing of the Group's proprietary technology to third [US$ thousands] Year ended December 31, 2018 Segments Browser and News Other Total Revenue Revenue from contracts with customers 138,444 22,890 161,334 Total revenue 138,444 22,890 161,334 Technology and platform fees (3,644 ) - (3,644 ) Content cost (77 ) 5 (72 ) Cost of inventory sold - - - Other cost of revenue 84 (6,853 ) (6,769 ) Marketing and distribution expenses (31,336 ) - (31,336 ) Credit loss expense 678 - 678 Direct expenses (34,295 ) (6,848 ) (41,143 ) Contribution by segment 104,149 16,042 120,191 [US$ thousands] Year ended December 31, 2019 Segments Browser and News Other Total Revenue Revenue from contracts with customers 154,968 22,110 177,078 Total revenue 154,968 22,110 177,078 Technology and platform fees (796 ) - (796 ) Content cost (1,545 ) - (1,545 ) Cost of inventory sold - (208 ) (208 ) Other cost of revenue (301 ) (11,389 ) (11,690 ) Marketing and distribution expenses (64,685 ) (198 ) (64,883 ) Credit loss expense (448 ) (129 ) (577 ) Direct expenses (67,775 ) (11,924 ) (79,699 ) - Contribution by segment 87,193 10,186 97,379 [US$ thousands] Year ended December 31, 2020 Segments Browser and News Other Total Revenue Revenue from contracts with customers 155,472 9,584 165,056 Total revenue 155,472 9,584 165,056 Technology and platform fees (3,315 ) - (3,315 ) Content cost (4,312 ) - (4,312 ) Cost of inventory sold - (700 ) (700 ) Other cost of revenue 140 (3,925 ) (3,785 ) Marketing and distribution expenses (47,042 ) (818 ) (47,860 ) Credit loss expense (568 ) (1,281 ) (1,849 ) Direct expenses (55,097 ) (6,724 ) (61,821 ) - Contribution by segment 100,375 2,860 103,235 The table below specifies the items of income and expenses that are not [US$ thousands] Year ended December 31, Reconciliation 2018 2019 2020 Contribution by segment 120,191 97,379 103,235 Other income - - 11,542 Personnel expenses including share-based remuneration (1) (34,719 ) (51,283 ) (59,977 ) Credit loss expense related to divested joint venture - - (10,476 ) Depreciation and amortization (12,694 ) (18,843 ) (20,234 ) Other expenses (1) (28,397 ) (27,791 ) (26,538 ) Share of net income (loss) of associates and joint ventures (3,248 ) (3,818 ) 2,005 Change in fair value of preferred shares in associates - 37,900 24,000 Finance income 1,626 10,532 13,633 Finance expense (1,694 ) (655 ) (516 ) Net foreign exchange gains (losses) (365 ) (25 ) 833 Profit before income taxes from continuing operations 40,700 43,396 37,507 ( 1 not Revenue Set out below is the disaggregation of the Group's revenue from contracts with customers. [US$ thousands] Year ended December 31, 2018 Segments Browser and News Other Total Type of goods or service Search 80,204 - 80,204 Advertising 58,240 - 58,240 Technology licensing and other revenue - 22,890 22,890 Total revenue from contracts with customers 138,444 22,890 161,334 [US$ thousands] Year ended December 31, 2019 Segments Browser and News Other Total Type of goods or service Search 86,155 - 86,155 Advertising 68,813 - 68,813 Technology licensing and other revenue - 22,110 22,110 Total revenue from contracts with customers 154,968 22,110 177,078 [US$ thousands] Year ended December 31, 2020 Segments Browser and News Other Total Type of goods or service Search 84,180 - 84,180 Advertising 71,292 216 71,508 Technology licensing and other revenue - 9,368 9,368 Total revenue from contracts with customers 155,472 9,584 165,056 The table below presents the revenue by customer location. [US$ thousands] Year ended December 31, Revenue by customer location 2018 2019 2020 Ireland 76,791 81,637 80,059 Russia 17,356 17,265 15,239 Other 67,187 78,176 69,758 Total 161,334 177,078 165,056 Revenue by country is based upon the customers' countries of domicile, which is not The Group has two 10% [US$ thousands] Year ended December 31, 2018 2019 2020 Customer group 1 67,882 74,572 76,184 Customer group 2 17,017 17,758 16,281 Revenue from Customer group 1 2 Other income The table below specifies the nature of other income. [US$ thousands] Year ended December 31, Other income 2018 2019 2020 Gain from disposal of subsidiaries (See Note 26) - - 5,289 Gain from divestment of joint venture (See Note 13) - - 2,063 Government granted VAT refund in China - - 4,030 Other items - - 160 Total - - 11,542 |
Note 5 - Personnel Expenses Inc
Note 5 - Personnel Expenses Including Share-based Remuneration | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of employee benefits [text block] | NOTE 5. PERSONNEL EXPENSES INCLUDING SHARE-BASED REMUNERATION The table below specifies the amounts of personnel expenses including share-based remuneration. [US$ thousands] Year ended December 31, Personnel expenses including share-based remuneration 2018 2019 2020 Salaries incl. bonuses 26,733 42,185 40,301 Social security cost, excluding amounts related to share-based remuneration 3,428 3,774 4,624 External temporary hires 1,687 2,474 7,090 Defined-contribution pension cost 2,066 3,616 3,279 Other personnel related expenses 2,244 4,345 2,103 Personnel expenses excluding share-based remuneration 36,158 56,395 57,397 Share-based remuneration, including related social security costs 4,846 5,928 4,706 Total 41,004 62,323 62,103 The amount of expensed versus capitalized development cost is detailed in the following table. [US$ thousands] Year ended December 31, Research and development expenditure 2018 2019 2020 Total research and development expenditure 26,418 34,143 38,736 Less: Capitalized development expenditure excluded from personnel expenses 4,545 4,056 7,110 Net expensed research and development expenditure 21,873 30,087 31,626 The table below specifies the amount of compensation to key management personnel, which include Officers and Directors of the Group. [US$ thousands] Year ended December 31, Compensation of key management personnel 2018 2019 2020 Short-term employee benefits 843 2,121 2,032 Post-employment and medical benefits 57 59 51 Share-based remuneration 621 536 1,179 Total 1,521 2,716 3,262 The amounts disclosed as short-term benefits in the table above are the amounts recognized as an expense during the reporting period. In 2019, 2020 $1,179 US$536 2019 US$621 2018. No no not Share-based remuneration On April 7, 2017, 2018. 10% On January 10, 2019, 20,000,000 10,000,000 In 2020, 401,818 2020 25% January 1 2021 2024. The equity unit value applied for the 2020 The Group accrues for relevant social security costs based on the most recent available measure of the equity value, with the same straight-line recognition over the vesting period. As of December 31, 2020, The expense recognized for the employee services received is shown in the following table. [US$ thousands] Year ended December 31, Expense from share-based payment transactions 2018 2019 2020 Expense arising from equity-settled share-based payment transactions (1) 4,846 5,928 4,706 Expense arising from cash-settled share-based payment transactions - - - Total 4,846 5,928 4,706 ( 1 Movements during the period: Number of RSUs and options as expressed in equivalent ADSs: Year ended December 31, RSUs 2019 2020 Outstanding at period start 4,244,132 2,983,940 Granted during the period 1,019,000 401,818 Forfeited during the period (550,700 ) (346,200 ) Exercised during the period (1,728,492 ) (1,122,818 ) Expired during the period - - Outstanding at period end 2,983,940 1,916,740 Year ended December 31, Options 2019 2020 Outstanding at period start - 150,000 Granted during the period 150,000 - Forfeited during the period - - Exercised during the period - - Expired during the period - - Outstanding at period end 150,000 150,000 The weighted average remaining vesting period for the equity instruments outstanding as of December 31, 2020, 0.73 December 31, 2019: 0.95 Fair value measurement per awarded equity unit as converted to ADS equivalent: 2019 grants: RSU valuation input 2019 grants: Option valuation input 2020 grants: RSU valuation input 2020 grants: Option valuation input Equity unit price valuation ($) 9,09 (3) 7.42 8.07 N/A Model Used Monte Carlo Black-Scholes Monte Carlo Expected Volatility (%) (1), (2) 40.00 % 40 % 40.00 % Risk free interest rate (%) (1) 1.70 % 2.43 % 0.58 % Dividend Yield (%) 0 % 0 % 0 % Duration of initial simulation period (years to longstop date) 3.16 4.81 3.81 Duration of second simulation period with postponed exercise (years) 3.00 N/A 3.00 Fair value at the measurement date ($) 8.92 2.36 7.84 ( 1 4 ( 2 ( 3 2020. |
Note 6 - Other Expenses
Note 6 - Other Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other expenses [text block] | NOTE 6. OTHER EXPENSES The table below specifies the nature of other expenses. [US$ thousands] Year ended December 31, Other expenses 2018 2019 2020 Hosting 10,146 7,344 8,056 Audit, legal and other advisory services (1) 8,323 6,742 10,863 Software license fees 1,799 2,397 1,882 Rent and other office expenses 4,573 4,175 3,318 Travel 2,057 3,903 1,304 Other 1,776 3,686 2,774 Total 28,674 28,248 28,197 ( 1 2020 US$3,543 |
Note 7 - Finance Income and Exp
Note 7 - Finance Income and Expense | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of finance income (cost) [text block] | NOTE 7. FINANCE INCOME AND EXPENSE [US$ thousands] Year ended December 31, Finance income 2018 2019 2020 Interest income 1,375 2,045 326 Other finance income 251 10 275 Net fair value gain related to listed equity instruments (1) - 8,477 13,033 Total 1,626 10,532 13,633 [US$ thousands] Year ended December 31, Finance expense 2018 2019 2020 Interest expense 182 562 447 Other financial cost 27 93 69 Net fair value loss related to listed equity instruments (1) 1,485 - - Total 1,694 655 516 ( 1 2019 2020. 2018, 16 [US$ thousands] Year ended December 31, Foreign exchange gain (loss) 2018 2019 2020 Unrealized foreign exchange gain (loss) (1,116 ) 166 2,365 Realized foreign exchange gain (loss) 751 (191 ) (1,532 ) Total (365 ) (25 ) 833 |
Note 8 - Income Tax
Note 8 - Income Tax | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | NOTE 8. INCOME TAX A summary of income tax (expense) benefit is as follows. [US$ thousands] Year ended December 31, Income tax (expense) benefit 2018 2019 2020 Current income taxes (4,322 ) (5,112 ) 1,983 Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1) (615 ) (322 ) (1,272 ) Deferred taxes (1,544 ) (168 ) 1,164 Income tax (expense) benefit (6,481 ) (5,602 ) 1,876 Income tax (expense) benefit is attributable to: Profit from continuing operations (6,481 ) (2,658 ) (75 ) Profit from discontinued operation - (2,944 ) 1,950 ( 1 The Group's parent company is domiciled in the Cayman Islands, where the applicable tax rate is zero. With the headquarter of the Group being located in Norway and a large share of the income from the browser and news segment being recognized by Opera Norway AS, the reconciliation of the expected to actual income tax (expense) benefit effective tax rate is based on the applicable tax rate in Norway, which was 22% 2020 2019 2018: 23% 22% 2021. [US$ thousands] Year ended December 31, Reconciliation of tax (expense) benefit to Norwegian nominal statutory tax rate 2018 2019 2020 Profit from continuing operations before income tax expense 40,700 43,396 37,507 Profit from discontinued operation before income tax expense 941 20,105 139,792 Basis for calculation of the tax (expense) benefit 41,641 63,500 177,299 Tax expense at nominal tax rate in Norway (9,577 ) (13,970 ) (39,006 ) Effect of different tax rates applied by subsidiaries (167 ) (2,118 ) 11,543 Permanent differences Tax effect of translation differences exempted for tax 218 1,155 99 Tax effect of financial items exempted from tax 1,726 1,917 20,143 Tax effects of losses in associates and joint ventures which are non-deductible (744 ) 383 2,200 Withholding taxes paid - (232 ) (271 ) Net other permanent differences (not) tax deductible (617 ) 4,269 5,313 Other effects Change to previously recognized deferred tax assets 1,589 27 246 Currency effect on income tax (expense) benefit, adjustments recognized in the period for current tax of prior periods and other effects (615 ) 3,162 670 Change in unrecognized deferred tax assets 1,144 (314 ) 952 Change in tax rate 561 119 (14 ) Income tax (expense) benefit for the year (6,481 ) (5,602 ) 1,876 Effective tax rate 15.6 % 8.8 % -1.1 % The following summarizes the Group's deferred tax assets and liabilities. [US$ thousands] As of December 31, Deferred tax asset and deferred tax liability 2019 2020 Furniture, fixtures and equipment, and intangible assets 22,703 21,969 Other (8,479 ) (1,274 ) Trade receivables (121 ) (591 ) Intercompany interest costs subject to limitations (7,714 ) (9,361 ) Withholding tax expected to be credited (credit method) (1,065 ) (364 ) Tax losses carried forward (1,003 ) (3,017 ) Net deferred tax liability recognized 4,322 7,362 The following summarizes the Group's changes in deferred taxes during the periods. [US$ thousands] As of December 31, Change in net deferred tax liability 2019 2020 Net deferred tax liability as of January 1 12,414 4,322 Expense (benefit) in Statement of Operations (8,092 ) 3,040 Net deferred tax liability 4,322 7,362 [US$ thousands] As of December 31, Deferred tax assets and liabilities 2019 2020 Deferred tax assets 6,204 4,383 Deferred tax liabilities 10,526 11,745 Net deferred tax liability 4,322 7,362 Deferred tax liability related to furniture, fixtures and equipment The deferred tax liability relates mainly to excess values identified in the purchase price allocation performed in accounting for the acquisition of Opera Norway AS (formerly Opera Software AS) with subsidiaries in 2016. Deferred tax assets on interest charges carried forward Deferred tax assets relate to Norwegian limitations to interest deductions on intercompany loans, carried forward due to restrictions. The interest subject to limitations must be utilized within ten Management has assessed that there is convincing evidence that future taxable profits will be available in order to utilize the interest charges within the time restriction period. |
Note 9 - Discontinued Operation
Note 9 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of non-current assets held for sale and discontinued operations [text block] | NOTE 9. DISCONTINUED OPERATIONS On August 19, 2020, 42% no 42% 13 26 On September 25, 2020, two December 31, 2020. no The results of TenSpot Pesa Limited and its subsidiaries up until August 19, 2020, [US$ thousands] Year ended December 31, Discontinued operations 2018 2019 2020 Revenue 10,942 157,776 136,246 Expenses (10,001 ) (137,671 ) (147,822 ) Profit (loss) before income tax 941 20,105 (11,576 ) Income tax (expense) benefit - (2,944 ) 1,950 Profit (loss) after income tax 941 17,161 (9,626 ) Gain on sale of the subsidiary after income tax - - 151,368 Profit from discontinued operation 941 17,161 141,742 Exchange differences on translation of discontinued operations (11 ) (1,134 ) (1,802 ) Other comprehensive loss from discontinued operations (11 ) (1,134 ) (1,802 ) TenSpot Pesa Limited and its subsidiaries generated revenue from instant app-based microloans to customers in exchange for an origination fee that remained fixed regardless of any early repayment. The origination fee was compensation for the credit risk and time value of money. Additional fees in the form of interest accrued only if and after a loan was not Revenue from the retail business was recognized when the contracted good or service was transferred to the customer, after which the Group did not not The table below presents the calculation of the gain on loss of control over TenSpot Pesa Limited. [US$ thousands] As of August 19, Gain on sale of fintech segment 2020 Fair value of shares in Nanobank 264,936 Carrying amount of net assets disposed of (22,766 ) Carrying amount of TenSpot Pesa Limited receivables transferred to Nanobank (87,867 ) Gain on sale before income tax and reclassification of foreign currency translation reserve 154,304 Reclassification of foreign currency translation reserve (2,936 ) Income tax expense on gain - Gain on sale after income tax 151,368 The table below provides a specification of the assets and liabilities disposed of. [US$ thousands] As of August 19, Assets and liabilities of the fintech segment, as disposed of 2020 Furniture, fixtures and equipment 1,014 Non-current financial assets 566 Deferred tax assets 7,467 Trade receivables 1,377 Loans to customers 17,983 Other receivables 45,445 Prepayments 4,703 Cash and cash equivalents 38,957 Total assets 117,512 Non-current lease liabilities and other loans 8 Other non-current liabilities 4 Trade and other payables 6,376 Current lease liabilities and other loans 87,879 Income tax payable 246 Deferred revenue 17 Other current liabilities 457 Total liabilities 94,987 The table below presents the net cash flows incurred by TenSpot Pesa Limited, its subsidiaries, and the discontinued operations of PT Inpesa Digital Teknologi and Opera Lifestyle: [US$ thousands] Year ended December 31, Net cash flows incurred by discontinued operations 2018 2019 2020 Net cash inflow from operating activities (3,349 ) (108,813 ) 65,806 Net cash inflow/(outflow) from investing activities (227 ) (507 ) (576 ) Net cash (outflow) from financing activities 5,963 125,675 (44,711 ) Net cash (outflow)/inflow 2,387 16,354 20,518 As of August 19, 2020, US$39.3 The table below presents the basic and diluted earnings per share from discontinued operations. [Net income per share and ADS in US$] Year ended December 31, Earnings per share from discontinued operations 2018 2019 2020 Basic net income from discontinued operations per share, US$ 0.00 0.08 0.60 Diluted net income from discontinued operations per share, US$ 0.00 0.07 0.60 Basic net income from discontinued operations per ADS, US$ 0.01 0.15 1.21 Diluted net income from discontinued operations per ADS, US$ 0.01 0.15 1.19 |
Note 10 - Net Income Per Share
Note 10 - Net Income Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | NOTE 10. NET INCOME PER SHARE Basic net income per share is calculated by dividing the net income for the year attributable to ordinary equity holders of Opera Limited by the weighted average number of ordinary shares outstanding during the year. Diluted net income per share is calculated by dividing the net income attributable to ordinary equity holders of Opera Limited by the weighted average number of ordinary shares outstanding during the year plus the number of ordinary shares that would be issued pursuant to our employee equity program based on period-average employee equity awards. The net dilutive effect of these awards is determined by application of the treasury stock method related to the share equivalents of unrecognized share compensation expense on employee equity grants outstanding at period end. The net income per share calculation for all periods prior to the Initial Public Offering reflects 200 9.75 two December 31, 2020, 228,285,684, US$0.0001. The following tables show the income and share data used in the basic and diluted net income per share calculations. [Net income in US$ thousands] Year ended December 31, Net income attributable to the owners of the parent 2018 2019 2020 Continuing operations 34,219 40,739 37,432 Discontinued operations 941 17,161 141,742 Net income attributable to the owners of the parent for basic and diluted earnings 35,160 57,899 179,174 Issued ordinary shares at beginning of period 190,250,000 220,119,343 237,826,326 Effect of shares issued 12,504,070 7,422,487 1,889,770 Effect of treasury shares held (133,681 ) (2,913,330 ) (5,146,244 ) Basic weighted-average number of ordinary shares in the period 202,620,388 224,628,500 234,569,852 Effect of employee equity grants 6,107,813 4,437,167 2,816,613 Diluted weighted-average number of ordinary shares in the period 208,728,201 229,065,667 237,386,466 Basic net income from continuing operations per share, US$ 0.17 0.18 0.16 Basic net income per share, US$ 0.17 0.26 0.76 Diluted net income from continuing operations per share, US$ 0.16 0.18 0.16 Diluted net income per share, US$ 0.17 0.25 0.75 Opera Limited, the parent, has American Depositary Shares (ADSs) listed on Nasdaq, trading under the OPRA ticker symbol. Each ADS represents two [Net income in US$ thousands] Year ended December 31, Net income attributable to the owners of the parent 2018 2019 2020 Continuing operations 34,219 40,739 37,432 Discontinued operations 941 17,161 141,742 Net income attributable to the owners of the parent for basic and diluted earnings 35,160 57,899 179,174 ADS equivalent of basic weighted-average number of ordinary shares 101,310,194 112,314,250 117,284,926 ADS equivalent of diluted weighted-average number of ordinary shares 104,364,101 114,532,833 118,693,233 Basic net income from continuing operations per ADS, US$ 0.34 0.36 0.32 Basic net income per ADS, US$ 0.35 0.52 1.53 Diluted net income from continuing operations per ADS, US$ 0.33 0.36 0.32 Diluted net income per ADS, US$ 0.34 0.51 1.51 |
Note 11 - Furniture, Fixtures a
Note 11 - Furniture, Fixtures and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | NOTE 11. FURNITURE, FIXTURES AND EQUIPMENT [US$ thousands] Office properties Furniture and fixtures Equipment Leasehold improvements Total Cost As of January 1, 2019 6,739 629 32,804 1,738 41,911 Additions 1,228 243 9,197 78 10,746 Disposals - - (13,672 ) - (13,672 ) Exchange rate differences - 5 (321 ) (69 ) (385 ) As of December 31, 2019 7,967 878 28,008 1,747 38,601 Additions 1,135 198 2,259 17 3,608 Additions through business combinations - - 11 - 11 Disposals (852 ) (284 ) (1,205 ) (37 ) (2,377 ) Exchange rate differences - (19 ) 632 7 619 As of December 31, 2020 8,250 773 29,705 1,733 40,462 Depreciation and impairment As of January 1, 2019 - 324 13,831 628 14,780 Depreciation for the year 1,766 139 8,585 258 10,748 Disposals - - (12,994 ) - (12,994 ) Exchange rate differences - 1 24 (17 ) 8 As of December 31, 2019 1,766 464 9,446 869 12,543 Depreciation for the year 2,221 128 7,301 260 9,912 Disposals (71 ) (12 ) (77 ) (5 ) (164 ) Exchange rate differences - 5 - - 5 As of December 31, 2020 3,917 586 16,670 1,124 22,295 Net book value as of December 31, 2019 6,201 415 18,562 878 26,053 Net book value as of December 31, 2020 4,333 187 13,034 609 18,167 Office properties Fixture and fittings Equipment Leasehold improvements Useful life Up to 6 years Up to 5 years Up to 10 years, or term of lease contract (1) Up to 6 years, or term of lease contract Depreciation plan Straight-line Straight-line Straight-line Straight-line ( 1 one 2022. |
Note 12 - Intangible Assets
Note 12 - Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets [text block] | NOTE 12. INTANGIBLE ASSETS [US$ thousands] Goodwill Customer relationships Technology Trademarks Other intangible assets Total Cost As of January 1, 2019 421,578 40,700 18,677 70,600 2,047 553,602 Additions (1) - - 3,545 - - 3,545 Disposals - - - - - - Exchange differences - - - - - - As of December 31, 2019 421,578 40,700 22,222 70,600 2,047 557,147 Additions (1) - - 6,553 - 2,287 8,840 Additions from business combination (2) 2,998 32 1,695 - - 4,725 Disposals - - - - - - Exchange differences 385 - 187 - 114 686 As of December 31, 2020 424,961 40,732 30,657 70,600 4,448 571,398 Amortization and impairment As of January 1, 2019 - 6,457 8,122 - 2,002 16,581 Amortization for the year - 2,980 5,203 - 2 8,185 Disposals - - - - - - Exchange differences - - - - (4 ) (4 ) As of December 31, 2019 - 9,437 13,325 - 2,000 24,762 Amortization for the year - 3,013 6,674 - 2 9,689 Disposals - - - - - - Exchange differences - (1 ) - - 33 32 As of December 31, 2020 - 12,449 19,999 - 2,035 34,483 Net book value as of December 31, 2019 421,578 31,263 8,897 70,600 47 532,385 Net book value as of December 31, 2020 424,961 28,283 10,658 70,600 2,413 536,915 Goodwill Customer relationships Technology Trademarks Other intangible assets Useful life Indefinite Up to 15 years Up to 5 years Indefinite Up to 5 years Amortization method Straight-line Straight-line Straight-line ( 1 ( 2 25 Goodwill and our brand of Opera (the trademark) have indefinite useful lives and are tested for impairment at least annually. Both assets were initially recognized in November 2016 one 2020, two 1 2 2020, 9. 2019. The goodwill and trademark allocated to the Browser and News CGU, with carrying amounts of US$421,578 US$70,600 December 31, 2020. December 31, 2020, US$550,184 December 31, 2019: US$577,376 In the annual impairment test of goodwill and trademark allocated to the Browser and News CGU, a discounted cash flow model was used to determine the value in use for the CGU. The projected cash flows were based on the most up-to-date forecast that have been approved by management and do not not not 2021 not 2022 2024 2024 two not 2024, The value-in-use calculation demonstrated that the value in use exceeded the carrying amount of the CGU, thus no Key assumptions Key assumptions used in the calculation of value in use are the nominal cash flows in the forecast period, including revenue growth rate, discount rate, and estimated long-term growth. Cash flows Cash inflows in the Browser and News segment are expected to grow over the projected period reaching its long-term stable level. The cash inflows are forecasted for each product and country where there are sufficient and reliable data on which to base the projections. The revenue from the PC browser is expected to grow steadily, reflecting an expectation that we will continue to strengthen our position in western markets. This will bring users with strong monetization potential. Our mobile revenues are expected to increase faster, including in developing markets from product development that has been committed to and has substantively commenced, and from the undertaking of cost-effective and efficient marketing and distribution initiatives. Forecasted cash outflows are partly based on actual costs in 2020 Discount rate The discount rate represents the current market assessment of the risk specific to the Browser and News CGU. The discount rate is based on the after-tax Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM) methodology and incremental borrowing rate, assuming cash flows in U.S. Dollars. The WACC calculation is based on a risk-free rate in 2020 0.84% 10 2019: 1.9% 4.97% 2019: 5.2% 0.91 2019: 1.4 100% 2019: 100% 11.8% 2019: 13.1% Long-term growth In estimating the long-term growth in the terminal value, we estimated long-term GDP growth in the relevant regions. We assumed no no zero 2025, 2.5% 2019: 3% Sensitivity We have simulated a variety of sensitivities to the key assumptions, including revenue growth rate, OPEX (as % of revenue), capital expenditure necessary for maintenance, long-term growth and the WACC. Since the Browser and News CGU is in a growth period, we consider changes of +/- 3 three 1 No December 31, 2020. ● Decrease in annual revenue growth in the projected period of 11.1 ● Increase in operating expenditure as percent of revenue by more than 11.0 ● Increase of WACC by more than 4.3 No No 0% |
Note 13 - Investments in Associ
Note 13 - Investments in Associates and Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of interests in other entities [text block] | NOTE 13. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES The Group has investments in associates and joint ventures, which are accounted for in accordance with the equity method, except for the preferred shares in OPay and StarMaker, as outlined below. Nanobank On August 19, 2020, 42% 9 26 Nanobank provides microlending services in Indonesia, India, Mexico and Kenya. It expects to fuel growth through scaling in existing markets, continued geographic expansion, and from the launch of financial services beyond microlending. In addition, Nanobank will benefit from shared technologies, data aggregation and central functions, such as risk management and credit scoring through user profiling and know-your-customer (KYC) efforts, shared operational know-how and a more holistic view and adaptation to regulation. Certain significant subsidiaries of Nanobank are regulated entities in the markets in which they provide microlending services. Maintaining their licenses could be prerequisites for them being able to continue providing microlending services, and each relevant regulator has specific and evolving operational requirements to which any licensed entity must comply. P.C. Financial Services Private Limited, Nanobank's subsidiary in India, is regulated by the Reserve Bank of India and in late 2020, not not Nanobank is an associate of the Group, which is accounted for in accordance with the equity method. The acquisition cost of the Group's investment was measured as the fair value of the 42% August 19, 2020. August 19, 2020, US$265.9 On acquisition of the investment in Nanobank, the Group used assumptions in identifying and valuing the assets and liabilities of the entity, including goodwill. The Group identified intangible assets that were not August 19, 2020. not In the period from August 19, 2020, December 31, 2020, US$60.9 US$46.1 US$6.2 US$14.8 US$14.2 August 19, 2020. US$0.6 August 19, 2020, December 31, 2020, Period from August 19, until December 31, [US$ thousands] 2020 The Group's interest 42 % Net revenue Interest income 60,887 Interest expense (621 ) Other revenue 669 Operating income 60,935 Operating expenses Credit loss expense on loans to customers (20,755 ) Personnel expenses (9,399 ) Marketing expenses (5,101 ) Technical service fee (3,956 ) Collection service fee (1,027 ) Commission fee (1,930 ) Depreciation and amortization (1) (7,492 ) Other expenses (2,163 ) Net foreign exchange gain 5,702 Total operating expenses (46,121 ) Profit before income taxes 14,814 Income tax expense (14,193 ) Net income (loss) 621 Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods (net of tax) Exchange difference on translation of foreign operations (2,227 ) Total comprehensive income (loss) (1,606 ) Group's share of net income (loss) 261 Group's share of other comprehensive income (loss) (935 ) ( 1 US$6.2 As of December 31, [US$ thousands] 2020 Assets, excluding goodwill 254,596 Goodwill 447,300 Liabilities 72,702 Equity 629,194 OPay OPay Limited is an associate in which the Group has a 13.10% 10.24% 2.86% 16. In 2018, one In 2020, fourth 2020 450% first 2020, US$38.4 US$69 fourth 2020 US$13.3 US$48.6 US$30.6 2020. To fund its growth, OPay raised a total of US$170 2019 May 27, 2019, 3,210,617 US$7.5 May 29, 2019, 1,230,736 US$4.6 US$2.67 US$1.93 2019, US$12.1 2019, US$4,969 no 2020, US$30 StarMaker Star Group Interactive Inc. (formerly StarMaker Inc. and here referred to as “StarMaker”) is an associate in which the Group has preferred shares representing a 19.35% 16. StarMaker is a technology-driven social media company focused on music and entertainment. StarMaker enables users to record and share their own music videos, collaborate with other musicians, connect with other users and follow their idols on the social platform. In 2020, 210% US$89.9 US$127 fourth US$13.2 2020. nHorizon nHorizon is a joint venture in which the Group has a 29.09% August 2011. 2016. Powerbets Powerbets Holdings Limited was a joint venture in which the Group held a 50.1% 49.9%. August 1, 2017. The Group disposed of its entire Powerbets ownership interest in December 2020, US$2.1 2020, US$10.5 2017 2020. 14 2018 Year ended December 31, 2018 [US$ thousands] OPay StarMaker nHorizon Powerbets The Group's interest 19.90 % 19.35% (1) 29.09 % 50.10 % Revenue 848 12,332 48,992 4,498 Operating profit (loss) (359 ) (9,535 ) (1,568 ) (4,528 ) Net income (loss) (384 ) (8,497 ) (2,056 ) (4,735 ) Other comprehensive income that may be reclassified to net income - - - 188 Total comprehensive income (384 ) (8,497 ) (2,056 ) (4,547 ) Group's share of net income (loss) (76 ) N/A (598 ) (2,372 ) Current assets 4,302 21,366 9,761 2,751 Non-current assets 4,918 11,245 1,065 2,851 Current liabilities 12,043 30,163 3,818 7,818 Non-current liabilities 453 - 5,469 5,114 Equity (3,276 ) 2,448 1,539 (7,331 ) 2019 Year ended December 31, 2019 [US$ thousands] OPay StarMaker nHorizon Powerbets The Group's interest 13.10% (2) 19.35% (1) 29.09 % 50.10 % Revenue 16,687 29,035 43,335 4,990 Operating profit (loss) (71,678 ) (8,485 ) 1,821 (3,016 ) Net income (loss) (71,474 ) (8,485 ) 1,780 (5,134 ) Other comprehensive income that may be reclassified to net income - - - - Total comprehensive income (71,474 ) (8,485 ) 1,780 (5,134 ) Group's share of net income (loss) (2,938 ) N/A 518 (2,572 ) Gain on partial disposal 1,174 - - - Total share of net income (loss) (1,764 ) N/A 518 (2,572 ) Current assets 99,238 13,869 8,225 4,447 Non-current assets 24,656 11,377 695 1,560 Current liabilities 28,870 29,870 5,875 13,074 Non-current liabilities 170,015 - - 5,754 Equity (74,992 ) (4,624 ) 3,045 (12,822 ) 2020 Year ended December 31, 2020 [US$ thousands] OPay StarMaker nHorizon Powerbets The Group's interest 13.10% (2) 19.35% (1) 29.09 % 0.00 % Revenue 38,388 89,937 12,837 9,638 Operating profit (loss) (30,700 ) 13,298 (1,827 ) (1,029 ) Net income (loss) (30,618 ) 13,151 (1,840 ) (1,481 ) Other comprehensive income that may be reclassified to net income - - - - Total comprehensive income (30,618 ) 13,151 (1,840 ) (1,481 ) Group's share of net income (loss) (876 ) N/A (535 ) (742 ) Current assets 72,573 36,600 6,068 N/A Non-current assets 34,860 13,000 578 N/A Current liabilities 40,368 36,900 5,302 N/A Non-current liabilities 180,639 34,800 - N/A Equity (113,575 ) (22,100 ) 1,343 N/A ( 1 ( 2 December 31, 2019 2020, 10.24% 2.86% 8.85% Year ended December 31, 2019 [US$ thousands] OPay StarMaker nHorizon Powerbets Carrying amount as of January 1, 2019 4,330 30,000 443 289 Investment during the year 7,131 - - 366 Change in fair value of preferred shares 33,900 4,000 - - Foreign exchange adjustment - - 3 - Other adjustments 673 - - 157 Share of net income (loss) (2,938 ) N/A 518 (2,572 ) Share of other comprehensive income - NA - - Carrying amount as of December 31, 2019 43,096 34,000 963 (1,760 ) Groups share in % 13.10% 19.35 % 29.09 % 50.10 % Groups share in equity (2,145 ) n/a 886 (6,424 ) Unrecognized intangible assets - n/a - 566 Equity method adjustments (759 ) n/a 77 4,097 Fair value of preferred shares (1) 46,000 34,000 - - Carrying amount as of December 31, 2019 43,096 34,000 963 (1,760 ) Year ended December 31, 2020 [US$ thousands] Nanobank OPay StarMaker nHorizon Powerbets Carrying amount as of January 1, 2020 - 43,096 34,000 963 (1,760 ) Investment during the year (2) 264,936 - - - 440 Change in fair value of preferred shares - 3,000 21,000 - - Foreign exchange adjustment - - - 35 - Share of net income (loss) (3) 261 (876 ) N/A (535 ) (742 ) Share of other comprehensive income (loss) (935 ) - - - - Disposal of investment - - - - 2,063 Carrying amount as of December 31, 2020 264,261 45,220 55,000 463 - Groups share in % 42.00 % 13.10 % 19.35 % 29.09 % 0% Groups share in equity 264,261 (3,248 ) N/A 391 N/A Equity method adjustments - (532 ) - 72 - Fair value of preferred shares (1) N/A 49,000 55,000 - N/A Carrying amount as of December 31, 2020 264,261 45,220 55,000 463 - ( 1 ( 2 ( 3 2020, US$3,897 2017 2020, zero 2020. not |
Note 14 - Trade Receivables, Ot
Note 14 - Trade Receivables, Other Receivables and Prepayments | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | NOTE 14. TRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAYMENTS [US$ thousands] As of December 31, Trade receivables 2019 2020 Trade receivables 39,981 18,152 Unbilled receivables 9,390 10,658 Total 49,371 28,809 [US$ thousands] As of December 31, Other receivables 2019 2020 VAT 1,232 1,218 Receivable due from Otello Corporation ASA 924 - Receivable due from OPay (1) - 5,000 Deposit in restricted escrow account 52,878 - Other 4,078 4,532 Total 59,112 10,750 ( 1 26 [US$ thousands] As of December 31, Prepayments 2019 2020 Prepaid expenses (1) 25,809 9,061 Total 25,809 9,061 ( 1 26 [US$ thousands] As of December 31, Allowance for impairment of trade receivables 2019 2020 As of period start 1,619 1,446 Loss allowance related to trade receivables due from Powerbets - 6,579 Other changes in the period (173 ) (382 ) As of period end 1,446 7,643 As of period end, the aging of trade receivables was as follows. [US$ thousands] Neither past due Past due Aging analysis of trade receivables Total nor impaired <30 days 31-60 days 61-90 days >90 days (1) As of December 31, 2019 39,981 22,125 8,761 657 341 8,097 As of December 31, 2020 18,152 14,647 1,425 367 117 1,597 ( 1 2020, nil December 31, 2019: US$6,579 For trade receivables, the Group recognizes a loss allowance based on lifetime expected credit losses as of each reporting date. The Group makes specific loss provisions at the level of specific invoices where information exists that management can utilize in its determination of risk. For trade receivables where no December 31, 2020, US$85 December 31, 2019: US$0 As of December 31, 2020, US$7,643 26.5% December 31, 2019: US$1,446 2.9% Of the total loss allowance of US$7,643 US$6,579 December 2020, US$3,897 2017 2020, zero 2020. December 31, 2020, For details regarding the Group's procedures on managing credit risk, please refer to Note 23. |
Note 15 - Cash and Cash Equival
Note 15 - Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of cash and cash equivalents [text block] | NOTE 15. CASH AND CASH EQUIVALENTS [US$ thousands] As of December 31, Cash and cash equivalents 2019 2020 Restricted cash 216 280 Cash and cash equivalents 139,271 133,888 Total 139,487 134,168 Restricted cash Restricted cash is related to employee payroll tax withholdings for Norwegian employees, which are held in restricted deposit accounts under applicable regulations. The Group considers these balances to be cash equivalents because the related liabilities are settled from these accounts on a continuous basis. |
Note 16 - Financial Assets and
Note 16 - Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | NOTE 16. FINANCIAL ASSETS AND LIABILITIES In 2019 2020 ● Loans and receivables: Trade receivables, loans to customers, other receivables, preferred shares, and other current and non-current financial assets. ● Equity instruments: Holdings of publicly traded securities. ● Loans, borrowings and payables: Interest-bearing loans, lease liabilities, trade payables, other payables and other current and non-current financial liabilities. The tables below show the various financial assets and liabilities, grouped in the different categories of financial instruments. [US$ thousands] As of December 31, Financial assets 2019 2020 Financial assets at amortized cost Non-current financial assets (1) 1,351 1,490 Trade receivables 49,371 28,809 Other short-term receivables (2) 59,112 10,750 Loans to customers - 68 Other current financial assets 1,535 856 Total financial assets at amortized cost 111,369 41,973 Financial assets at fair value through profit or loss Preferred shares in associates (3) 80,000 104,000 Loans to customers (2) 93,115 - Listed equity instruments 42,146 - Total financial assets at fair value through profit or loss 215,261 104,000 Total financial assets 326,630 145,973 ( 1 ( 2 US$52.9 December 31, 2019, 9 ( 3 2020, US$24.0 2019: US$37.9 2018: US$0 13 [US$ thousands] As of December 31, Financial liabilities 2019 2020 Financial liabilities at amortized cost Lease liabilities and other loans (1) 56,974 8,972 Trade and other payables 57,125 25,454 Other financial liabilities 15,279 13,107 Total financial liabilities at amortized cost 129,378 47,533 Financial liabilities at fair value through profit or loss Short position in listed equity instruments - 744 Total financial liabilities at fair value through profit or loss - 744 Total financial liabilities 129,378 48,277 ( 1 17 22 The tables below specify the gains (losses) from the Group's investments in listed equity instruments. [US$ thousands] Gain (loss) on listed equity instruments in 2019 Realized gain (loss) Unrealized gain (loss) Total Long positions 6,278 2,564 8,842 Short positions (365 ) - (365 ) Total 5,913 2,564 8,477 [US$ thousands] Gain (loss) on listed equity instruments in 2020 Realized gain (loss) Unrealized gain (loss) Total Long positions 12,910 - 12,910 Short positions 10 113 123 Total 12,920 113 13,033 Net gains from publicly traded securities in 2019 2020 2018 16.1 The fair values of cash and cash equivalents, trade receivables, trade payables and other current liabilities approximate their carrying amounts largely due to the relatively short-term maturities of these instruments. For lease liabilities and other loans, the difference between the carrying amount and fair value is not The fair values of financial assets and liabilities are measured as the price that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date. Fair values of listed equity instruments are determined by reference to published price quotations in active markets. Fair value of preferred shares in OPay and StarMaker The fair values of preferred shares in OPay and StarMaker as of year-end 2019 2020 8% 8% A combination of the following three ● Probability-weighted expected return method (“PWERM”) ● Option pricing model (“OPM”) ● Current value method (“CV”) Under the probability weighted expected return model, fair value of the preferred shares is estimated based upon the probability-weighted present value of expected future investment returns, considering a range of possible future scenarios and outcomes available to the company, as well as the rights of each share class. The PWERM is most appropriate when there are a set of visible future liquidity events and when the time to liquidity is short. The option pricing model treats ordinary and preferred shares as call options on the company's equity value, with exercise prices based on the liquidation preferences of the preferred shares. Under this model, the ordinary shares have a positive fair value only if the funds available for distribution to shareholders exceed the value of the liquidation preferences. The OPM is most appropriate when specific future liquidity events are challenging to forecast. The current value method allocates value to each share class based on an estimated equity value (on a controlling basis). The method bases allocation of value as of the valuation date and not Under all three 10 20% December 31, 2019: 5 15% 30 40% December 31, 2019: 25 35% not The option pricing model and the current value method builds on estimates of the fair value of the equity in the investees. For OPay, the estimate for fair value of equity as of December 31, 2020, US$555 December 31, 2019: US$500 US$350 December 31, 2019: US$155 The Group determined that the rounded mid-points of the averages of estimated ranges of fair values reflected the best estimate of the price that would be received in orderly transactions if the preferred shares were sold as of December 31, 2019 2020. US$49.0 December 31, 2019: 46.0 US$55.0 December 31, 2019: US$34.0 2019 US$12.1 2018 US$30.0 A key unobservable input in all the three [US$ thousands] As of December 31, 2019 As of December 31, 2020 Effect on fair value measurement of preferred shares in OPay Key unobservable input Decrease Increase Decrease Increase Discount for lack of marketability (5 percentage points movement) PWERM, OPM and CVM 2,720 (2,409 ) 2,811 (2,811 ) Weighted average cost of capital (2 percentage points movement) PWERM 1,408 (608 ) 1,087 (1,009 ) Equity value of the company (10% movement) OPM and CVM (3,597 ) 2,406 (3,093 ) 3,092 [US$ thousands] As of December 31, 2019 As of December 31, 2020 Effect on fair value measurement of preferred shares in StarMaker Key unobservable input Decrease Increase Decrease Increase Discount for lack of marketability (5 percentage points movement) PWERM, OPM and CVM 2,585 (2,293 ) 4,221 (4,221 ) Weighted average cost of capital (2 percentage points movement) PWERM 389 (85 ) 367 (351 ) Equity value of the company (10% movement) OPM and CVM (1,449 ) 1,438 (2,947 ) 2,944 The following table provides the fair value measurement hierarchy of the Group's assets and liabilities. Fair value measurement hierarchy for assets as of December 31, 2019 Fair value measurement using [US$ thousands] Date of valuation Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets measured at fair value Preferred shares in associates December 31, 2019 - - 80,000 Loans to customers December 31, 2019 - - 93,115 Listed equity instruments December 31, 2019 42,146 - - Fair value measurement hierarchy for assets as of December 31, 2020 Fair value measurement using [US$ thousands] Date of valuation Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets measured at fair value Preferred shares in associates December 31, 2020 - - 104,000 Fair value measurement hierarchy for liabilities as of December 31, 2020 Fair value measurement using [US$ thousands] Date of valuation Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Liabilities measured at fair value Short position in listed equity instruments December 31, 2020 744 - - There were no December 31, 2019. There were no 2019 2020. |
Note 17 - Lease Liabilities and
Note 17 - Lease Liabilities and Other Loans | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | NOTE 17. LEASE LIABILITIES AND OTHER LOANS The terms, including interest rates and maturities, and the total carrying amount of lease liabilities and interest-bearing loans are presented below. [US$ thousands] As of December 31, Lease liabilities and interest-bearing loans Interest rate Maturity 2019 2020 Lease liabilities 12,003 7,800 Interest-bearing loans 4.00% January 2021 - July 2023 43,904 801 Total 55,907 8,601 Total lease liabilities and other loans, non-current and current are summarized below. [US$ thousands] As of December 31, Non-current lease liabilities and other loans 2019 2020 Lease liabilities 7,378 3,094 Interest-bearing loans 736 490 Other loans 1,067 - Total 9,181 3,584 [US$ thousands] As of December 31, Current lease liabilities and other loans 2019 2020 Lease liabilities 4,625 4,706 Interest-bearing loans 43,169 311 Other loans - 371 Total 47,793 5,389 See Note 20 The Group is the lessee for leases of office space, data centers and servers and other equipment used in its operations. The Statement of Financial Position has the following amounts relating to leases. [US$ thousands] As of December 31, Amounts recognized in the Statement of Financial Position 2019 2020 Right-of-use assets (1) Office properties 6,178 4,974 Equipment 5,528 2,335 Total 11,706 7,309 Lease liabilities Current 4,625 4,706 Non-current 7,378 3,094 Total 12,003 7,800 ( 1 2020 US$1.1 The Statement of Operations has the following amounts relating to leases. [US$ thousands] Year ended December 31, Amounts recognized in the Statement of Operations 2019 2020 Depreciation charge of right-of-use assets Office properties 1,752 2,221 Equipment 2,739 2,529 Total 4,491 4,750 Interest expense (included in Finance expense) 457 397 Net foreign exchange gain (loss) - (140 ) The total cash outflow for leases in 2020 US$7,639 Lease contracts are typically made for fixed periods of 6 6 may may 22. may not Prior to the adoption of IFRS 16 January 1, 2019, 2, January 1, 2019, 12 To determine the incremental borrowing rate, which was the basis on which lease payments were discounted, the Group: ● Where possible, uses recent third third ● Used a build-up approach that started with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not third ● Made adjustments specific to the lease, e.g., term, country, currency and security. Extension and termination options Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group's operations. The majority of extension and termination options held are exercisable only by the Group and not |
Note 18 - Trade and Other Payab
Note 18 - Trade and Other Payables | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | NOTE 18. TRADE AND OTHER PAYABLES [US$ thousands] As of December 31, Trade and other payables 2019 2020 Trade payables due to related parties (1) 28,864 4,685 Other trade payables 19,813 17,764 Employee withholding tax 325 1,044 VAT 7,361 1,162 Payroll tax (2) 761 799 Total 57,125 25,454 ( 1 26 ( 2 For a schedule of maturities for trade and other payables, see Note 20. |
Note 19 - Other Current Liabili
Note 19 - Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other current liabilities [text block] | NOTE 19. OTHER CURRENT LIABILITIES [US$ thousands] As of December 31, Other current liabilities 2019 2020 Accrued personnel expenses 10,472 11,985 Trading liability (1) - 744 Customer deposits 2,694 - Other current liabilities 1,976 310 Total 15,142 13,040 ( 1 16 |
Note 20 - Scheduled Maturities
Note 20 - Scheduled Maturities of Financial Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of maturity analysis for non-derivative financial liabilities [text block] | NOTE 20. SCHEDULED MATURITIES OF FINANCIAL LIABILITIES [US$ thousands] Less than 1 to 3 Over 3 As of December 31, 2019 12 months years years Total Non-current Lease liabilities (Note 17) - 7,681 1,247 8,928 Interest-bearing loans including interest (Note 17) - 1,840 - 1,840 Other non-current liabilities - - 137 137 Current Trade and other payables (Note 18) 57,125 - - 57,125 Lease liabilities (Note 17) 4,930 - - 4,930 Interest-bearing loans including interest (Note 17) 43,303 - - 43,303 Other current liabilities (Note 19) 15,142 - - 15,142 Total financial liabilities including interest 120,500 9,521 1,384 131,405 [US$ thousands] Less than 1 to 3 Over 3 As of December 31, 2020 12 months years years Total Non-current Lease liabilities (Note 17) - 3,224 - 3,224 Interest-bearing loans including interest (Note 17) - 505 - 505 Other non-current liabilities - - 68 68 Current Trade and other payables (Note 18) 25,454 - - 25,454 Lease liabilities (Note 17) 4,914 - - 4,914 Interest-bearing loans including interest (Note 17) 337 - - 337 Other current liabilities (Note 19) 13,040 - - 13,040 Total financial liabilities including interest 43,744 3,729 68 47,541 |
Note 21 - Changes in Liabilitie
Note 21 - Changes in Liabilities Arising from Financing Activities | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of information that enables users of financial statements to evaluate changes in liabilities arising from financing activities [text block] | NOTE 21. CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES Changes in liabilities arising from financing activities in 2019 [US$ thousands] As of January 1, 2019 Impact of adopting IFRS 16 Cash flows Foreign exchange movement Other (1) As of December 31, 2019 Interest-bearing loans and liabilities, non-current 2,238 - (1,509 ) - 7 736 Lease liabilities, non-current 33 10,709 (1,693 ) (33 ) (1,638 ) 7,378 Interest bearing loans and liabilities, current 196 - 43,163 - 10 43,369 Lease liabilities, current 1,802 4,260 (1,062 ) - (375 ) 4,625 Other loans 492 (64 ) - - 439 867 Total liabilities from financing activities 4,761 14,905 38,899 (33 ) (1,557 ) 56,975 Changes in liabilities arising from financing activities in 2020 [US$ thousands] As of January 1, 2020 Cash flows Foreign exchange movement Other (1) As of December 31, 2020 Interest-bearing loans and liabilities, non-current 736 (246 ) - - 490 Lease liabilities, non-current 7,378 (3,782 ) - (502 ) 3,094 Interest bearing loans and liabilities, current 43,369 (43,058 ) - - 311 Lease liabilities, current 4,625 (420 ) - 502 4,707 Other loans 867 - - (496 ) 371 Total liabilities from financing activities 56,975 (47,506 ) - (496 ) 8,973 ( 1 not All items of liabilities are included in "Non-current lease liabilities and other loans" or "Current lease liabilities and other loans" in the Statement of Financial Position. |
Note 22 - Guarantees and Other
Note 22 - Guarantees and Other Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of commitments [text block] | NOTE 22. GUARANTEES AND OTHER COMMITMENTS A guarantee has been made by the Group in favor of Dell Bank International d.a.c. ("Dell") as a security for all present and future lease liabilities of the Group (as the lessee) to Dell. This guarantee is limited to a principal amount of US$11,660 10 January 17, 2017. |
Note 23 - Financial Risk Manage
Note 23 - Financial Risk Management | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of financial risk management [text block] | NOTE 23. FINANCIAL RISK MANAGEMENT Overview The Group is exposed to market risk, liquidity risk and credit risk. The Group's management seeks to minimize potential adverse effects of these risks through sound business practices and risk management. The Board of Directors, together with senior management, is involved in the risk assessment process. The Group has not Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group is exposed to three Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group's exposure to interest risk is limited because financial liabilities have fixed interest rates and future interest payments on these will thus not not Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Our exposure to the risk of changes in foreign exchange rates relates primarily to our consolidated results being presented in U.S. Dollar, while our revenues are generated in nearly all global currencies, though often converted to USD or EUR before being paid to us from our partners. The Group incurs operating expenses in various currencies, including the Norwegian krone, Chinese renminbi, Polish zloty, Swedish krona, Indian rupee, Kenyan shilling, Nigerian naira, Great British Pounds and the Euro. Additionally, the Group is exposed to foreign currency risk due to monetary items recognized on the balance sheet being denominated in currencies other than the functional currency, which for most of the Group's entities is the U.S. Dollar. Management is closely monitoring the Group's exposure to foreign currency risk and seeks to minimize its exposure to such risk. The Group's exposure to foreign currency risk related to cash on hand is limited. Equity price risk While the Group did not December 31, 2020, 2020. Our investment activity in listed equity instruments is managed by Kunlun Group Limited, a related party of the Group, and is overseen by the Group's CEO. The investment activity, including risk management, is subject to set requirements for performance monitoring, risk tolerance, investment strategies and diversification. Under the applicable policies of the Group, the total capital allocated to investments in listed equity instruments is limited up to US$70 2020, US$124 2020. US$744 December 31, 2020. not 2020, As of December 31, 2020, no 2019: US$42,146 The net gain from publicly traded instruments in 2020 US$13,033 2019: US$8,477 2018: US$1,485 The goal of investing in listed equity instruments is to achieve the highest possible return on invested capital relative to the risk taken. The Group seeks to invest in liquid equity instruments in order to reduce costs when instruments are to be realized. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Group's liquidity risk is limited given its significant cash position and low debt-to-equity ratio as of December 31, 2020. 20 Credit risk Credit risk is the risk that a counterparty will not The Group is exposed to credit risk from its operating activities, primarily trade receivables, and from its cash management activities, including deposits with banks and financial institutions, and other receivables, such as loans to associates and joint ventures (details in Note 26 30 90 90 14. |
Note 24 - Capital Management
Note 24 - Capital Management | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of capital management [text block] | NOTE 24. CAPITAL MANAGEMENT The objectives of the Group's capital management are to maintain a strong capital base to support investor, creditor and market confidence and to sustain future development of the business in accordance with its growth plans. As part of the Group's cash management policy, up to US$70 may 2020, US$124 not 2020. 2019, US$365 2018, US$38 December 31, 2020, US$744 not December 31, 2019, US$42,146 2020 US$13,033 US$8,477 2019 US$1,485 2018. On January 17, 2020, US$50.0 January 17, 2021, may December 31, 2020, 5,893,139 11,786,278 US$49,049 As of December 31, 2020, 94% US$138,609 US$134,168 See Note 20 |
Note 25 - Group Information
Note 25 - Group Information | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of subsidiaries [text block] | NOTE 25. GROUP INFORMATION The following subsidiaries are included in the Group's consolidated financial statements. Parent company Registered office Domicile Opera Limited George Town Cayman Islands Registered Ownership interest Group entities office Domicile and voting rights Kunhoo Software LLC George Town Cayman Islands 100% Kunhoo Software Limited Hong Kong Hong Kong 100% Kunhoo Software S.a.r.l. Luxembourg Luxembourg 100% Kunhoo Software AS Oslo Norway 100% Opera Norway AS Oslo Norway 100% Opera Software Holdings LLC San Mateo USA 100% Opera Software Ireland Ltd. Dublin Ireland 100% Opera Sweden AB Linköping Sweden 100% Opera Software International AS Oslo Norway 100% Opera Software Netherlands B.V. Amsterdam Netherlands 100% Opera Software India Pvt. Ltd. Chandigarh India 100% Opera Software Poland sp. z.o.o. Wroclaw Poland 100% Opera Software Technology (Beijing) Co. Ltd. Beijing China 100% Opera Unite HK Limited Hong Kong Hong Kong 100% Opera Unite Pte. Ltd. Singapore Singapore 100% Opesa South Africa (Pty) Limited Cape Town South Africa 100% O-Play Digital Services Ltd. Lagos Nigeria 100% O-Play Kenya Limited (2) Nairobi Kenya 80% Phoneserve Technologies Co. Ltd. (2) Nairobi Kenya 80% O-Play Zambia Limited Lusaka Zambia 100% PT Inpesa Digital Teknologi (3) Jakarta Indonesia 100% Opera Lifestyle George Town Cayman Islands 100% Opera Lifestyle Nigeria Ltd. Lagos Nigeria 100% OList Homes Ltd. (1) Lagos Nigeria 100% OÜ PocoSys (1) Tallinn Estonia 100% P2C International Limited (1) London United Kingdom 100% Dify Financial Technologies Iberia S.L.A. (1) Barcelona Spain 100% Opera Financial Technologies Limited London United Kingdom 100% Blueboard Limited (1) Dublin Ireland 100% Beijing Yuega Software Tech. Srvc. Co. Ltd. (3) Beijing China 100% ( 1 2020. ( 2 20% ( 3 The Group's ownership interest and voting rights did not 2020. no Business combination On January 17, 2020, 100% US$5.0 US$1.7 US$3.0 not |
Note 26 - Related Parties
Note 26 - Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | NOTE 26. RELATED PARTIES At the time of the transactions described in this note, the Group's Chairman and Chief Executive Officer had control or significant influence over Beijing Kunlun Online Network Tech Co Ltd, Beijing Kunlun Tech, Kunlun Group Limited, Mobimagic Digital Technology Ltd, Nanocred Cayman Company Limited, OPay Limited, Star Group Interactive Inc. (formerly known as StarMaker Interactive Inc.) and Ying Liang Limited, either directly or through other investments. The Group has significant influence over OPay Limited and Star Group Interactive Inc. through ownership interests in those entities. Moreover, the Group has joint control over nHorizon by having contractually agreed to the sharing of control. In mid- 2019, August 19, 2020, 9. Effective from January 1, 2020, 23 24. 8% 2020, US$0.5 4% 2020. On March 3, 2020, 100% US$0.1 March 17, 2020, 100% US$5.0 US$5.3 2020. On May 19, 2020, 200 US$1.9 8% October 19, 2020. 2020, US$62 On August 19, 2020, 42% 9 13. The Group provides and receives professional services to a number of other related parties. Services received from Beijing Kunlun Tech consist of shared office facilities in Beijing, China. Services provided to OPay consist of development and key management personnel services and have been invoiced based on time used. Services received from Mobimagic Digital Technology Ltd are related to distribution and promotion of the Group's products worldwide. Mobimagic Digital Technology Ltd was initially a subsidiary of the Qihoo 360 360 two third two third December 31, 2020, US$3.8 December 31, 2020, US$15.5 December 31, 2019, nil On November 11, 2020, 2020, US$3.7 Additional information about transactions with associates and joint ventures is included in Note 13. Outstanding balances as of December 31, 2019 2020 no [US$ thousands] As of December 31, Balances with related parties Category of related party Type of balance 2019 2020 Beijing Kunlun Lexiang Network Technology Co., Ltd. Key management personnel Other payables - (15 ) Beijing Kunlun Online Network Tech Co., Ltd. Key management personnel Other payables - (45 ) Beijing Kunlun Tech Co., Ltd. Key management personnel Other payables (177 ) (773 ) Beijing Kunlun Tech Co., Ltd. Key management personnel Trade receivables - 13 Beijing OFY Co., Ltd. Associate / Key management personnel Trade receivables - 51 Beijing Xianlaihuyu Network Tech Co., Ltd. Key management personnel Other payables - (5 ) Blue Ridge Micro Finance Bank Ltd. Associate / Key management personnel Trade payables - (30 ) Kunlun Global International Sdn. Bhd. Key management personnel Other payables - (8 ) Kunlun Group Ltd. Key management personnel Trade payables (436 ) (520 ) Kunlun Tech Ltd. Key management personnel Trade receivables - 568 Mobimagic Digital Tech. Ltd. Key management personnel Distribution prepayment 15,527 3,848 Mobimagic Digital Tech. Ltd. Key management personnel Trade and other payables (2,760 ) - Mobimagic Cayman Co. Ltd. Key management personnel Trade receivables 303 - Mobimagic Cayman Co. Ltd. / Hong Kong Fintango Ltd. Key management personnel Trade and other payables (25,598) - Nanocred Cayman Company Limited and subsidiaries Associate / Key management personnel Other receivables - 138 nHorizon Infinite (Beijing) Software Ltd. Joint venture Trade receivables - 278 nHorizon Innovation (Beijing) Software Ltd. Joint venture Revenue share liability (23 ) (23 ) nHorizon Innovation (Beijing) Software Ltd. Joint venture Trade receivables 146 - nHorizon Innovation (Beijing) Software Ltd. Joint venture Professional service payable (543 ) (533 ) OPay Digital Services Ltd. Associate / Key management personnel Loan receivable - - OPay Digital Services Ltd. Associate / Key management personnel Trade receivables 17,450 615 OPay Digital Services Ltd. Associate / Key management personnel Contract liability (6,274 ) - OPay Digital Services Ltd. Associate / Key management personnel Other receivables - 5,000 Paycom Nigeria Ltd. Key management personnel Trade receivables 1,466 - Paycom Nigeria Ltd. Key management personnel Trade and other payables (26 ) (136 ) Powerbets Holdings Ltd. Joint venture Loan receivable 3,039 - Powerbets Holdings Ltd. Joint venture Trade receivable 6,579 - Starmaker Entertainment Technology India Pvt., Ltd. Key management personnel Trade receivables 22 - Wisdom Connection III Holding Inc. Key management personnel Other receivables 500 500 Xinyu Kunnuo Investment Management Co., Ltd. Key management personnel Other payables - 180 Ying Liang Ltd. Key management personnel Distribution prepayment - 22 Ying Liang Ltd. Key management personnel Trade and other payables - (3,673 ) Ying Liang Ltd. Key management personnel Trade receivables - 209 [US$ thousands] Year ended December 31, Transactions with related parties Category of related party Type of transaction 2018 2019 2020 Beijing Kunlun Tech Co., Ltd. Key management personnel Office facilities (1,072 ) (1,545 ) (1,533 ) Beijing Kunlun Tech Co., Ltd. Key management personnel Technology licensing and other revenue - 13 - Beijing Kunlun Tech Co., Ltd. Key management personnel Professional services - (30 ) - Beijing Kunlun Lexiang Network Technology Co., Ltd. Key management personnel Professional services - (79 ) (15 ) Beijing Kunlun Online Network Tech Co., Ltd. Key management personnel Professional services - (125 ) (44 ) Beijing Xianlaihuyu Network Tech Co., Ltd. Key management personnel Professional services - (39 ) (5 ) Beijing OFY Co., Ltd. Associate / Key management personnel Technology licensing and other revenue - - 543 Kunlun Global International Sdn. Bhd. Key management personnel Advertising revenue 68 2 - Kunlun Global International Sdn. Bhd. Key management personnel Professional services - - (8 ) Kunlun Group Ltd. Key management personnel Professional investment advisory services - (436 ) (582 ) Mobimagic Digital Tech. Ltd. Key management personnel Technology licensing, advertising and other revenue 3,069 - 496 Mobimagic Digital Tech. Ltd. Key management personnel Marketing and distribution (7,522 ) (25,767 ) (9,719 ) Mobimagic Digital Tech. Ltd. Key management personnel Software license fees - (500 ) - Mobimagic Cayman Co. Ltd. Key management personnel Technology licensing and other revenue - 303 596 Mobimagic Cayman Co. Ltd. / Hong Kong Fintango Ltd. Key management personnel Technology and platform fees - (25,598) (23,007 ) Mobimagic Cayman Co. Ltd. Key management personnel Professional services - (325 ) - nHorizon Innovation (Beijing) Software Ltd. Joint venture Technology licensing and other revenue (18 ) 146 - nHorizon Innovation (Beijing) Software Ltd. Joint venture Content cost (45 ) (38 ) - nHorizon Infinite (Beijing) Software Ltd. Joint venture Professional services (941 ) (156 ) - nHorizon Infinite (Beijing) Software Ltd. Joint venture Technology licensing and other revenue - - 133 OPay Digital Services Ltd. Associate / Key management personnel Acquisition of business (9,500 ) - - OPay Digital Services Ltd. Associate / Key management personnel Investment - (7,131 ) - OPay Digital Services Ltd. Associate / Key management personnel Technology and platform fees (455 ) - - OPay Digital Services Ltd. Associate / Key management personnel Technology licensing and other revenue 10,899 15,960 7,626 OPay Digital Services Ltd. Associate / Key management personnel Interest income - 323 - OPay Digital Services Ltd. Associate / Key management personnel Other income - - 5,289 Paycom Nigeria Ltd. Associate / Key management personnel Advertising and other revenue - 1,565 866 Powerbets Holdings Ltd. Joint venture Technology licensing, advertising and other revenue 4,369 2,210 - Puto Novi Financing Corporation Key management personnel Finance income - - 97 StarMaker Interactive Inc. Key management personnel Investment (30,000 ) - - StarMaker Interactive Inc. Key management personnel Professional services 175 150 - Wisdom Connection III Holding Inc. Key management personnel Other revenue - 8 - Wisdom Connection III Holding Inc. Key management personnel Disposal of shares in associates - 500 - Xinyu Kunnuo Investment Management Co., Ltd. Key management personnel Professional services - - 180 Ying Liang Ltd. Key management personnel Marketing and distribution expenses - - (3,716 ) Ying Liang Ltd. Key management personnel Technology licensing and other revenue - - 209 |
Note 27 - Events After the Repo
Note 27 - Events After the Reporting Period | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | NOTE 27. EVENTS AFTER THE REPORTING PERIOD The adverse impact from the global COVID- 19 first 2020 second 2021, 2021 On May 29, 2020, 9.9% January 4, 2021, US$0.9 March 2017. December 2019, On January 8, 2021, 19.5 124.0 53.9% On January 11, 2021, 100% US$9.5 US$9.0 US$6.4 not On January 17, 2021, 24 5,976,455 US$49.8 Subsequent to February 25, 2021, third January 1, 2021. 1,086,340 May 25, 2021, 40,000 1,965,825 2022 2025. 2017. 22% 2022, 24% 2023, 27% 2024 27% 2025. In January 2020, No. 20 674 March 13, 2021, April 22, 2021. On June 4, 2021, 41,071,355 US$50 US$31.1 101,020,495 31,058,025 69,962,470 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Discloure of Significant Accounting Policies | |
Disclosure of basis of preparation of financial statements [text block] | 2.1 The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). The consolidated financial statements have been prepared on a historical cost basis, except for preferred shares in associates and listed equity instruments that have been measured at fair value. The consolidated financial statements are presented in U.S. Dollars (US$) and all values are rounded to the nearest thousand ( US$000 may The consolidated financial statements provide comparative information in respect of the previous two December 31, 2019. 2020, December 31, 2019. not |
Description of accounting policy for consolidation [text block] | 2.2 The consolidated financial statements comprise the financial statements of Opera Limited and its subsidiaries. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Generally, there is a presumption that a majority of voting rights results in control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with an investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: ● power over the investee (i.e., existing and potential rights that give it the current ability to direct the relevant activities of the investee); ● exposure, or rights, to variable returns from its involvement with the investee; and ● the ability to use its power over the investee to affect its return. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value, including any retained interest in a former subsidiary comprising a business that is sold or contributed to an equity-accounted investee. |
Description of accounting policy for foreign currency translation [text block] | Foreign currencies The consolidated financial statements are presented in U.S. Dollars, which is also the functional currency of the parent company. For each entity, the Group determines the functional currency, which is the currency of the primary economic environment in which the entity operates. Items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions are recognized by the Group's entities at their respective functional currency spot rate at the date the transaction first The assets and liabilities of entities within the Group with a functional currency which differs from the Group's presentation currency, are translated using the currency exchange rates of the reporting date. Income and expense items are translated at average currency exchange rates for the respective period. The overall net foreign currency impact from translating assets, liabilities, income and expenses to U.S. Dollars is recognized in the Statement of Comprehensive Income as Exchange differences on translation of foreign operations. |
Description of accounting policy for investment in associates and joint ventures [text block] | Investments in joint ventures and associates A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Associates are those entities in which the Group has significant influence, meaning power to participate in the financial and operating policy decisions of the investee, but not 20 50 Investments in associates and joint ventures are accounted for using the equity method (equity-accounted investees) and are recognized initially at cost. On acquisition of an equity-accounted investee, the Group identifies and values assets and liabilities of the associate or joint venture, as if it had acquired a business. While these fair value adjustments are not Upon loss of control of a subsidiary that constitutes a business with a retained interest that is an investment in an associate or joint venture, the retained interest is remeasured at its fair value and this fair value becomes the cost on initial recognition of the investment in the associate or joint venture. The consolidated financial statements include the Group's share of the net income or loss and other comprehensive income, after adjustments to align the accounting policies of the associates and joint ventures with those of the Group, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. Any change in other comprehensive income of those investees is presented as part of the Group's other comprehensive income. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. However, in the acquisition of a business from an equity-accounted investee, Opera does not When the Group's share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest, including any long-term interests that in substance form part of its net investment, is reduced to zero, and the recognition of further losses is discontinued. However, additional losses are provided for, and a liability is recognized, to the extent that the Group has incurred legal or constructive obligations or has made payments on behalf of the investee. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value. The Group has invested in preferred shares in OPay and StarMaker, both entities classified as associates of the Group. These preferred shares represent a long-term interest that in substance form part of the net investment in the associates. Due to their characteristics the preferred shares are not not |
Description of accounting policy for business combinations [text block] | Business combinations and goodwill Business combinations, except those occurring under common control, are accounted for using the acquisition method. Acquired businesses are included in the consolidated financial statements from the date the Group obtains control. The cost of an acquisition is measured as the consideration transferred, which is measured at acquisition date fair value. Acquisition-related costs are expensed as incurred. The Group initially measures goodwill at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held, over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is from the acquisition date allocated to the Group's cash generating units (CGUs) that are expected to benefit from the transaction. |
Description of accounting policy for property, plant and equipment [text block] | Furniture, fixtures and equipment Furniture, fixtures and equipment, including leasehold improvements, are recognized at cost, less accumulated depreciation and impairment losses. Depreciation and amortization of furniture, fixtures and equipment is recognized on a straight-line basis over the asset's estimated useful life as follows: ● Leasehold improvements: Up to 6 ● Equipment: Up to 10 ● Furniture and fixtures: Up to 5 Residual values, useful lives and the depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate. At the end of each reporting period, furniture, fixtures and equipment are assessed for any indications of impairment. If there are indications implying that an asset may |
Description of accounting policy for intangible assets other than goodwill [text block] | Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination, which for the group includes customer relationships and trademark, is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may For goodwill and other intangible assets that have an indefinite useful life and intangible assets that are not Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate all of the following: ● the technical feasibility of completing the intangible asset so that it will be available for use or sale; ● its intention to complete the intangible asset and use or sell it; ● its ability to use or sell the intangible asset; ● how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset; ● the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and ● its ability to measure reliably the expenditure attributable to the intangible asset during its development. The cost of developing new features, together with significant and pervasive improvements of core platform functionality, that meet the criteria above for development activities are capitalized as separate assets or as additions to existing assets and amortized on a straight-line basis, generally over a period of up to 3 2016 5 Expenditures related to product maintenance, such as “bug fixes”, updates needed to comply with changes in laws and regulations, or updates needed to keep pace with the latest trends, are expensed in the period they are incurred. Intangible assets related to customer relationships, which result from business combinations, are measured at cost less accumulated amortization and impairment losses and are amortized over the estimated customer relationship period up to 15 |
Description of accounting policy for leases [text block] | Leases At the commencement date of the lease (i.e., the date the underlying asset is available for use), the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include: ● fixed payments (and payments that are fixed in substance) less any lease incentives; ● variable lease payments that depend on an index or a rate; ● amounts expected to be paid under residual value guarantees; and ● the exercise price of any purchase option reasonably certain to be exercised by the Group, and payments of penalties for terminating a lease, if the lease term reflects the Group's expectation of exercising the option to terminate. Variable lease payments that do not In calculating the present value of lease payments, the Group uses the estimated incremental borrowing rate at the lease commencement date unless the interest rate implicit in the lease is readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments), or a change in the assessment of an option to purchase the underlying asset. The Group recognizes right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of use assets are subject to impairment. Lease payments on short-term leases of office properties and equipment, and leases of office equipment of low value are recognized as expenses on a straight-line basis over the lease term. Prior to the implementation of IFRS 16 Leases January 1, 2019, 17 Leases 17, 2019 Finance leases, which for the Group primarily were related to network server equipment, were capitalized at the commencement of the lease at the inception date fair value of the leased equipment or, if lower, at the present value of the minimum lease payments. Lease payments were apportioned between finance charges and reduction of the lease liability to achieve a constant rate of interest on the remaining balance of the liability. Finance charges were recognized in finance costs in the Statement of Operations. A leased asset was depreciated over the useful life of the asset, consistent with the useful lives for furniture, fixtures and equipment disclosed above. However, if there was no An operating lease was a lease other than a finance lease. Operating lease payments were recognized as operating expenses in the Statement of Operations on a straight-line basis over the lease term. |
Description of accounting policy for financial assets [text block] | Financial assets The Group has the following financial assets: ● Loans and receivables: Trade receivables, other receivables, preferred shares and other current and non-current financial assets. ● Equity instruments: Holdings of publicly traded securities. Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss. The Group did not The classification of debt instruments at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group's business model for managing them. Trade receivables that do not not In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income it needs to give rise to cash flows that are solely payments of principal and interest ("SPPI") on the principal amount outstanding. This assessment is performed at an instrument level. The Group's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets are measured at amortized cost if the financial assets satisfy the SPPI criteria and are held within a business model whose objective is to collect the contractual cash flows. If the financial asset is held within a business model that is achieved by both collecting contractual cash flows and selling and which contain contractual terms that are SPPI, the assets are measured at fair value through other comprehensive income. Financial assets with cash flows that are not Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades, such as publicly traded securities) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Subsequent measurement at amortized cost Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Group's financial assets at amortized cost includes trade receivables, loans to associates and joint ventures and other loans. A receivable represents the Group's right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Subsequent measurement at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the Statement of Financial Position at fair value with changes in fair value recognized in the Statement of Operations. This category includes listed equity instruments held for trading and preferred shares in OPay and StarMaker. Financial instruments are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derecognition A financial asset is primarily derecognized when: ● the rights to receive cash flows from the asset have expired, or ● the Group has transferred its rights to receive cash flows from the asset and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset |
Description of accounting policy for financial liabilities [text block] | Financial liabilities Financial liabilities of the Group comprise of loans, borrowings and payables, including interest bearing loans, lease liabilities, trade payables, other payables and other current and non-current financial liabilities. Initial recognition and measurement All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement Interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method (EIR). Gains and losses are recognized in the Statement of Operations when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the Statement of Operations. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. |
Description of accounting policy for impairment of assets [text block] | Impairment Impairment of financial assets The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not no The Group normally considers a financial asset in default when contractual payments are 90 may no Impairment of non-financial assets The Group assesses, at each reporting date, whether there is an indication that an asset may not Goodwill is tested for impairment annually as of December 31, may In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Group bases its impairment calculation on detailed budgets and forecast calculations. These budgets and forecast calculations cover a period of one four 12 For assets, excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no |
Description of accounting policy for fair value measurement [text block] | Fair value measurement The Group measures certain financial assets and liabilities, as disclosed in Note 16, Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ● in the principal market for the asset or liability; or ● in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. All assets and liabilities for which fair value is disclosed in the financial statements are categorized within the fair value hierarchy, based on the lowest level input that is significant to the fair value measurement as a whole: ● Level 1: ● Level 2: ● Level 3: For the investments in listed equity instruments, quoted market prices in active markets for identical assets form the basis for fair value measurement. For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. |
Description of accounting policy for provisions [text block] | Provisions A provision is recognized in the Statement of Financial Position when the Group has a currently existing legal or constructive obligation as a result of a past event, and it is probable that a future outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. |
Description of accounting policy for recognition of revenue [text block] | Revenue The Group has the following primary sources of revenue: i. Search ii. Advertising iii. Technology licensing and other revenue Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services (the transaction price). Revenues from each of these categories are recognized as follows: i. Search Search revenue is generated when a user conducts a qualified search using a search partner (such as Google or Yandex) through the built-in combined address and search bar provided in Opera's PC and mobile browsers, or when otherwise redirected to the search partner via browser functionality. Search revenue is recognized in the period the qualified search occurs based upon the contractually agreed revenue share amount. ii. Advertising Advertising includes revenues from all other user-generated activities excluding search revenues. Advertising revenues include revenues from industry-standard ad units, predefined partner bookmarks (“Speed Dials”) and subscriptions of various promoted services that are provided by the Group. Revenue is recognized when our advertising services are delivered based on the specific terms of the underlying contract, which are commonly based on revenue sharing, clicks, or subscription revenues collected by third The majority of advertising revenue is reported based on the amounts the Group is entitled to receive from advertising partners. In limited instances where the Group has developed or procured a service which it promotes to the users, the Group considers itself the principal party to a transaction and not iii. Technology licensing and other revenue Technology licensing and other revenue include other revenues that are not third Licensing agreements may not not Maintenance, support and hosting revenues are generally recognized ratably over the term that these services are provided. Revenue from software developed specifically for one 15 Revenue from distinct professional services is recognized over the development period in line with the degree of completion. Set-up activities that do not not 15 The allocation of revenue for contracts with multiple elements is based on the Group's estimate of its standalone selling prices. Such estimates are based on relevant historical information and can include past contracts with fewer elements, or the Group's typical hourly rates for professional services compared with an estimated number of hours required. Revenue from operators is included in the “Technology licensing and other revenue” category even if there are variable components that scale with the number of users. This is related to the fact that such operator agreements typically contain licensing fees based on usage, as well as hosting and support services. |
Description of accounting policy for other income [text block] | Other income Other income is income which is not |
Description of accounting policy for personal expenses [text block] | Personnel expenses Personnel expenses, other than share-based payments to employees, include short-term employee benefits, such as wages, salaries and social security contributions, paid annual leave and paid sick leave, performance-based bonuses and non-monetary benefits. It also includes expenses related to defined contribution schemes provided to employees as post-employment benefits. Personnel expenses are recognized at the undiscounted amount due to the employees or the de-facto employees when these have rendered service to the Group or when the liability otherwise arises. |
Description of accounting policy for income tax [text block] | Income taxes Income tax expense consists of the sum of (i) current year income taxes payable plus (ii) the change in deferred taxes and liabilities, except if income taxes relate to items recognized in other comprehensive income, in which case it is recognized in other comprehensive income. Current year income taxes payable is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the year-end date, and any adjustment to tax payable in respect of previous years. The Group includes deductions for uncertain tax positions when it is probable that the tax position will be sustained in a tax review. The Group records provisions relating to uncertain or disputed tax positions at the amount expected to be paid. Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realization or settlement of the underlying items, using tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is only recognized to the extent that it is probable that future taxable profits will allow the deferred tax asset to be realized. Recognized assets are reversed when realization is no Income taxes include all domestic and foreign taxes, which are based on taxable profits, including withholding taxes. |
Description of accounting policy for discontinued operations [text block] | Discontinued operations A discontinued operation is a component of the Group that has been disposed of or is a disposal group classified as held for sale, and ● represents a separate major line of business or geographical area of operations; ● is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or ● is a subsidiary acquired exclusively with a view to resale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Statement of Operations. In 2020, 9. The Statement of Cash Flows, which is prepared based on the indirect method, reflects the cash flows of discontinued operations up to the date of disposal. Items of working capital, such as receivables and payables, that are disposed of, are eliminated from the balance sheet changes to such items in the reconciliation of profit to operating cash flows. The amount of cash and cash equivalents in subsidiaries disposed of is classified as an investing activity at the time of disposal. |
Description of accounting policy for government grants [text block] | Government grants Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. The Group has received government grants that relate to the development of technology, which includes expenditures that are capitalized. Those government grants are deducted in arriving at the carrying amount of the asset. Government grants related to income are recognized as Other income in the Statement of Operations. |
Description of accounting policy for treasury shares [text block] | Treasury shares Treasury shares are shares in Opera Limited, the parent, that are reacquired under a repurchase program. Treasury shares are recognized at cost and deducted from equity. No |
Description of accounting policy for significant accounting estimates, judgements and assumptions [text block] | 2.4 The preparation of the Group's consolidated financial statements requires management to make judgments, estimates and assumptions that may not may The following summarizes the most significant judgments and estimates in preparing the consolidated financial statements. Fair value of investment in Nanobank On August 19, 2020, 42% August 19, 2020. August 19, 2020, US$265.9 13 26 On acquisition of the investment in Nanobank, the Group used assumptions in identifying and valuing the assets and liabilities of the entity, including goodwill. The Group identified intangible assets that were not August 19, 2020. Significant influence over OPay and basis of accounting for investment The Group determined that it has significant influence over OPay Limited even though it was diluted in 2019 19.9% 13.1% not The Group holds preferred shares in OPay, acquired in 2019, 13 16. Fair value of preferred shares in associates The Group has invested in preferred shares in OPay and StarMaker, both entities classified as associates of the Group. These preferred shares represent a long-term interest that in substance form part of the net investment in the associates. Due to their characteristics the preferred shares are not not The fair values of preferred shares in OPay and StarMaker as of December 31, 2020, three December 31, 2019, 16. Collectability of consideration from Powerbets In order to recognize revenue from a contract with a customer within the scope of IFRS 15, may Effective from the beginning of 2020, not not 2019, US$2,210 2018: US$4,369 December 31, 2020, US$6,579 December 31, 2019: US$6,579 In assessing whether the collectability criterion was met for contracts with Powerbets, management considered the likelihood of and timing for when Powerbets will start generating net cash inflows from its operating activities and other factors that are relevant in assessing the timing of revenue recognition and collectability of related accounts receivable. The Group disposed of its equity investment in Powerbets in December 2020. 13, 14 26 As of December 31, 2020, nil US$10,476 US$6,579 US$3,897 Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. Goodwill and the Opera brand (“Trademark”), which have indefinite useful lives, were tested for impairment as of December 31, 2020, 12. Capitalized development costs The Group capitalizes expenditure incurred in the development of new products and services. Initial capitalization of expenditure is based on management's judgment that the project meets all of the six The Group periodically, and when circumstances warrant, reviews capitalized costs to evaluate whether there are indicators of impairment for individual assets. If indicators of impairment are identified, the Group tests the asset or CGU to which it is included for impairment in accordance with the principles discussed above. In the event the Group abandons a development project, the asset is written off immediately. See Note 12 |
Note 4 - Segment and Revenue _2
Note 4 - Segment and Revenue Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | [US$ thousands] Year ended December 31, 2018 Segments Browser and News Other Total Revenue Revenue from contracts with customers 138,444 22,890 161,334 Total revenue 138,444 22,890 161,334 Technology and platform fees (3,644 ) - (3,644 ) Content cost (77 ) 5 (72 ) Cost of inventory sold - - - Other cost of revenue 84 (6,853 ) (6,769 ) Marketing and distribution expenses (31,336 ) - (31,336 ) Credit loss expense 678 - 678 Direct expenses (34,295 ) (6,848 ) (41,143 ) Contribution by segment 104,149 16,042 120,191 [US$ thousands] Year ended December 31, 2019 Segments Browser and News Other Total Revenue Revenue from contracts with customers 154,968 22,110 177,078 Total revenue 154,968 22,110 177,078 Technology and platform fees (796 ) - (796 ) Content cost (1,545 ) - (1,545 ) Cost of inventory sold - (208 ) (208 ) Other cost of revenue (301 ) (11,389 ) (11,690 ) Marketing and distribution expenses (64,685 ) (198 ) (64,883 ) Credit loss expense (448 ) (129 ) (577 ) Direct expenses (67,775 ) (11,924 ) (79,699 ) - Contribution by segment 87,193 10,186 97,379 [US$ thousands] Year ended December 31, 2020 Segments Browser and News Other Total Revenue Revenue from contracts with customers 155,472 9,584 165,056 Total revenue 155,472 9,584 165,056 Technology and platform fees (3,315 ) - (3,315 ) Content cost (4,312 ) - (4,312 ) Cost of inventory sold - (700 ) (700 ) Other cost of revenue 140 (3,925 ) (3,785 ) Marketing and distribution expenses (47,042 ) (818 ) (47,860 ) Credit loss expense (568 ) (1,281 ) (1,849 ) Direct expenses (55,097 ) (6,724 ) (61,821 ) - Contribution by segment 100,375 2,860 103,235 |
Reconciliation of contribution by segment to net income (loss) [text block] | [US$ thousands] Year ended December 31, Reconciliation 2018 2019 2020 Contribution by segment 120,191 97,379 103,235 Other income - - 11,542 Personnel expenses including share-based remuneration (1) (34,719 ) (51,283 ) (59,977 ) Credit loss expense related to divested joint venture - - (10,476 ) Depreciation and amortization (12,694 ) (18,843 ) (20,234 ) Other expenses (1) (28,397 ) (27,791 ) (26,538 ) Share of net income (loss) of associates and joint ventures (3,248 ) (3,818 ) 2,005 Change in fair value of preferred shares in associates - 37,900 24,000 Finance income 1,626 10,532 13,633 Finance expense (1,694 ) (655 ) (516 ) Net foreign exchange gains (losses) (365 ) (25 ) 833 Profit before income taxes from continuing operations 40,700 43,396 37,507 |
Disclosure of disaggregation of revenue from contracts with customers [text block] | [US$ thousands] Year ended December 31, 2018 Segments Browser and News Other Total Type of goods or service Search 80,204 - 80,204 Advertising 58,240 - 58,240 Technology licensing and other revenue - 22,890 22,890 Total revenue from contracts with customers 138,444 22,890 161,334 [US$ thousands] Year ended December 31, 2019 Segments Browser and News Other Total Type of goods or service Search 86,155 - 86,155 Advertising 68,813 - 68,813 Technology licensing and other revenue - 22,110 22,110 Total revenue from contracts with customers 154,968 22,110 177,078 [US$ thousands] Year ended December 31, 2020 Segments Browser and News Other Total Type of goods or service Search 84,180 - 84,180 Advertising 71,292 216 71,508 Technology licensing and other revenue - 9,368 9,368 Total revenue from contracts with customers 155,472 9,584 165,056 [US$ thousands] Year ended December 31, Revenue by customer location 2018 2019 2020 Ireland 76,791 81,637 80,059 Russia 17,356 17,265 15,239 Other 67,187 78,176 69,758 Total 161,334 177,078 165,056 [US$ thousands] Year ended December 31, 2018 2019 2020 Customer group 1 67,882 74,572 76,184 Customer group 2 17,017 17,758 16,281 |
Disclosure of other operating income [text block] | [US$ thousands] Year ended December 31, Other income 2018 2019 2020 Gain from disposal of subsidiaries (See Note 26) - - 5,289 Gain from divestment of joint venture (See Note 13) - - 2,063 Government granted VAT refund in China - - 4,030 Other items - - 160 Total - - 11,542 |
Note 5 - Personnel Expenses I_2
Note 5 - Personnel Expenses Including Share-based Remuneration (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of personnel expenses including share-based remuneration [text block] | [US$ thousands] Year ended December 31, Personnel expenses including share-based remuneration 2018 2019 2020 Salaries incl. bonuses 26,733 42,185 40,301 Social security cost, excluding amounts related to share-based remuneration 3,428 3,774 4,624 External temporary hires 1,687 2,474 7,090 Defined-contribution pension cost 2,066 3,616 3,279 Other personnel related expenses 2,244 4,345 2,103 Personnel expenses excluding share-based remuneration 36,158 56,395 57,397 Share-based remuneration, including related social security costs 4,846 5,928 4,706 Total 41,004 62,323 62,103 |
Disclosure of research and development expense [text block] | [US$ thousands] Year ended December 31, Research and development expenditure 2018 2019 2020 Total research and development expenditure 26,418 34,143 38,736 Less: Capitalized development expenditure excluded from personnel expenses 4,545 4,056 7,110 Net expensed research and development expenditure 21,873 30,087 31,626 |
Disclosure of information about key management personnel [text block] | [US$ thousands] Year ended December 31, Compensation of key management personnel 2018 2019 2020 Short-term employee benefits 843 2,121 2,032 Post-employment and medical benefits 57 59 51 Share-based remuneration 621 536 1,179 Total 1,521 2,716 3,262 |
Explanation of effect of share-based payments on entity's profit or loss [text block] | [US$ thousands] Year ended December 31, Expense from share-based payment transactions 2018 2019 2020 Expense arising from equity-settled share-based payment transactions (1) 4,846 5,928 4,706 Expense arising from cash-settled share-based payment transactions - - - Total 4,846 5,928 4,706 |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | Year ended December 31, RSUs 2019 2020 Outstanding at period start 4,244,132 2,983,940 Granted during the period 1,019,000 401,818 Forfeited during the period (550,700 ) (346,200 ) Exercised during the period (1,728,492 ) (1,122,818 ) Expired during the period - - Outstanding at period end 2,983,940 1,916,740 |
Disclosure of number and weighted average exercise prices of share options [text block] | Year ended December 31, Options 2019 2020 Outstanding at period start - 150,000 Granted during the period 150,000 - Forfeited during the period - - Exercised during the period - - Expired during the period - - Outstanding at period end 150,000 150,000 |
Disclosure of indirect measurement of fair value of goods or services received, other equity instrument granted during period [text block] | 2019 grants: RSU valuation input 2019 grants: Option valuation input 2020 grants: RSU valuation input 2020 grants: Option valuation input Equity unit price valuation ($) 9,09 (3) 7.42 8.07 N/A Model Used Monte Carlo Black-Scholes Monte Carlo Expected Volatility (%) (1), (2) 40.00 % 40 % 40.00 % Risk free interest rate (%) (1) 1.70 % 2.43 % 0.58 % Dividend Yield (%) 0 % 0 % 0 % Duration of initial simulation period (years to longstop date) 3.16 4.81 3.81 Duration of second simulation period with postponed exercise (years) 3.00 N/A 3.00 Fair value at the measurement date ($) 8.92 2.36 7.84 |
Note 6 - Other Expenses (Tables
Note 6 - Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other expenses by nature [text block] | [US$ thousands] Year ended December 31, Other expenses 2018 2019 2020 Hosting 10,146 7,344 8,056 Audit, legal and other advisory services (1) 8,323 6,742 10,863 Software license fees 1,799 2,397 1,882 Rent and other office expenses 4,573 4,175 3,318 Travel 2,057 3,903 1,304 Other 1,776 3,686 2,774 Total 28,674 28,248 28,197 |
Note 7 - Finance Income and E_2
Note 7 - Finance Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of finance income [text block] | [US$ thousands] Year ended December 31, Finance income 2018 2019 2020 Interest income 1,375 2,045 326 Other finance income 251 10 275 Net fair value gain related to listed equity instruments (1) - 8,477 13,033 Total 1,626 10,532 13,633 |
Disclosure of finance cost [text block] | [US$ thousands] Year ended December 31, Finance expense 2018 2019 2020 Interest expense 182 562 447 Other financial cost 27 93 69 Net fair value loss related to listed equity instruments (1) 1,485 - - Total 1,694 655 516 |
Disclosure of effect of changes in foreign exchange rates [text block] | [US$ thousands] Year ended December 31, Foreign exchange gain (loss) 2018 2019 2020 Unrealized foreign exchange gain (loss) (1,116 ) 166 2,365 Realized foreign exchange gain (loss) 751 (191 ) (1,532 ) Total (365 ) (25 ) 833 |
Note 8 - Income Tax (Tables)
Note 8 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Major components of tax expense (income) [text block] | [US$ thousands] Year ended December 31, Income tax (expense) benefit 2018 2019 2020 Current income taxes (4,322 ) (5,112 ) 1,983 Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1) (615 ) (322 ) (1,272 ) Deferred taxes (1,544 ) (168 ) 1,164 Income tax (expense) benefit (6,481 ) (5,602 ) 1,876 Income tax (expense) benefit is attributable to: Profit from continuing operations (6,481 ) (2,658 ) (75 ) Profit from discontinued operation - (2,944 ) 1,950 |
Reconciliation of accounting profit multiplied by applicable tax rates [text block] | [US$ thousands] Year ended December 31, Reconciliation of tax (expense) benefit to Norwegian nominal statutory tax rate 2018 2019 2020 Profit from continuing operations before income tax expense 40,700 43,396 37,507 Profit from discontinued operation before income tax expense 941 20,105 139,792 Basis for calculation of the tax (expense) benefit 41,641 63,500 177,299 Tax expense at nominal tax rate in Norway (9,577 ) (13,970 ) (39,006 ) Effect of different tax rates applied by subsidiaries (167 ) (2,118 ) 11,543 Permanent differences Tax effect of translation differences exempted for tax 218 1,155 99 Tax effect of financial items exempted from tax 1,726 1,917 20,143 Tax effects of losses in associates and joint ventures which are non-deductible (744 ) 383 2,200 Withholding taxes paid - (232 ) (271 ) Net other permanent differences (not) tax deductible (617 ) 4,269 5,313 Other effects Change to previously recognized deferred tax assets 1,589 27 246 Currency effect on income tax (expense) benefit, adjustments recognized in the period for current tax of prior periods and other effects (615 ) 3,162 670 Change in unrecognized deferred tax assets 1,144 (314 ) 952 Change in tax rate 561 119 (14 ) Income tax (expense) benefit for the year (6,481 ) (5,602 ) 1,876 Effective tax rate 15.6 % 8.8 % -1.1 % |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | [US$ thousands] As of December 31, Deferred tax asset and deferred tax liability 2019 2020 Furniture, fixtures and equipment, and intangible assets 22,703 21,969 Other (8,479 ) (1,274 ) Trade receivables (121 ) (591 ) Intercompany interest costs subject to limitations (7,714 ) (9,361 ) Withholding tax expected to be credited (credit method) (1,065 ) (364 ) Tax losses carried forward (1,003 ) (3,017 ) Net deferred tax liability recognized 4,322 7,362 |
Disclosure of changes in deferred taxes [text block] | [US$ thousands] As of December 31, Change in net deferred tax liability 2019 2020 Net deferred tax liability as of January 1 12,414 4,322 Expense (benefit) in Statement of Operations (8,092 ) 3,040 Net deferred tax liability 4,322 7,362 [US$ thousands] As of December 31, Deferred tax assets and liabilities 2019 2020 Deferred tax assets 6,204 4,383 Deferred tax liabilities 10,526 11,745 Net deferred tax liability 4,322 7,362 |
Note 9 - Discontinued Operati_2
Note 9 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of discontinued operations [text block] | [US$ thousands] Year ended December 31, Discontinued operations 2018 2019 2020 Revenue 10,942 157,776 136,246 Expenses (10,001 ) (137,671 ) (147,822 ) Profit (loss) before income tax 941 20,105 (11,576 ) Income tax (expense) benefit - (2,944 ) 1,950 Profit (loss) after income tax 941 17,161 (9,626 ) Gain on sale of the subsidiary after income tax - - 151,368 Profit from discontinued operation 941 17,161 141,742 Exchange differences on translation of discontinued operations (11 ) (1,134 ) (1,802 ) Other comprehensive loss from discontinued operations (11 ) (1,134 ) (1,802 ) [US$ thousands] As of August 19, Assets and liabilities of the fintech segment, as disposed of 2020 Furniture, fixtures and equipment 1,014 Non-current financial assets 566 Deferred tax assets 7,467 Trade receivables 1,377 Loans to customers 17,983 Other receivables 45,445 Prepayments 4,703 Cash and cash equivalents 38,957 Total assets 117,512 Non-current lease liabilities and other loans 8 Other non-current liabilities 4 Trade and other payables 6,376 Current lease liabilities and other loans 87,879 Income tax payable 246 Deferred revenue 17 Other current liabilities 457 Total liabilities 94,987 [US$ thousands] Year ended December 31, Net cash flows incurred by discontinued operations 2018 2019 2020 Net cash inflow from operating activities (3,349 ) (108,813 ) 65,806 Net cash inflow/(outflow) from investing activities (227 ) (507 ) (576 ) Net cash (outflow) from financing activities 5,963 125,675 (44,711 ) Net cash (outflow)/inflow 2,387 16,354 20,518 [Net income per share and ADS in US$] Year ended December 31, Earnings per share from discontinued operations 2018 2019 2020 Basic net income from discontinued operations per share, US$ 0.00 0.08 0.60 Diluted net income from discontinued operations per share, US$ 0.00 0.07 0.60 Basic net income from discontinued operations per ADS, US$ 0.01 0.15 1.21 Diluted net income from discontinued operations per ADS, US$ 0.01 0.15 1.19 |
Disclosure of gain (loss) on loss of control of discontinued operation [text block] | [US$ thousands] As of August 19, Gain on sale of fintech segment 2020 Fair value of shares in Nanobank 264,936 Carrying amount of net assets disposed of (22,766 ) Carrying amount of TenSpot Pesa Limited receivables transferred to Nanobank (87,867 ) Gain on sale before income tax and reclassification of foreign currency translation reserve 154,304 Reclassification of foreign currency translation reserve (2,936 ) Income tax expense on gain - Gain on sale after income tax 151,368 |
Note 10 - Net Income Per Share
Note 10 - Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | [Net income in US$ thousands] Year ended December 31, Net income attributable to the owners of the parent 2018 2019 2020 Continuing operations 34,219 40,739 37,432 Discontinued operations 941 17,161 141,742 Net income attributable to the owners of the parent for basic and diluted earnings 35,160 57,899 179,174 Issued ordinary shares at beginning of period 190,250,000 220,119,343 237,826,326 Effect of shares issued 12,504,070 7,422,487 1,889,770 Effect of treasury shares held (133,681 ) (2,913,330 ) (5,146,244 ) Basic weighted-average number of ordinary shares in the period 202,620,388 224,628,500 234,569,852 Effect of employee equity grants 6,107,813 4,437,167 2,816,613 Diluted weighted-average number of ordinary shares in the period 208,728,201 229,065,667 237,386,466 Basic net income from continuing operations per share, US$ 0.17 0.18 0.16 Basic net income per share, US$ 0.17 0.26 0.76 Diluted net income from continuing operations per share, US$ 0.16 0.18 0.16 Diluted net income per share, US$ 0.17 0.25 0.75 [Net income in US$ thousands] Year ended December 31, Net income attributable to the owners of the parent 2018 2019 2020 Continuing operations 34,219 40,739 37,432 Discontinued operations 941 17,161 141,742 Net income attributable to the owners of the parent for basic and diluted earnings 35,160 57,899 179,174 ADS equivalent of basic weighted-average number of ordinary shares 101,310,194 112,314,250 117,284,926 ADS equivalent of diluted weighted-average number of ordinary shares 104,364,101 114,532,833 118,693,233 Basic net income from continuing operations per ADS, US$ 0.34 0.36 0.32 Basic net income per ADS, US$ 0.35 0.52 1.53 Diluted net income from continuing operations per ADS, US$ 0.33 0.36 0.32 Diluted net income per ADS, US$ 0.34 0.51 1.51 |
Note 11 - Furniture, Fixtures_2
Note 11 - Furniture, Fixtures and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | [US$ thousands] Office properties Furniture and fixtures Equipment Leasehold improvements Total Cost As of January 1, 2019 6,739 629 32,804 1,738 41,911 Additions 1,228 243 9,197 78 10,746 Disposals - - (13,672 ) - (13,672 ) Exchange rate differences - 5 (321 ) (69 ) (385 ) As of December 31, 2019 7,967 878 28,008 1,747 38,601 Additions 1,135 198 2,259 17 3,608 Additions through business combinations - - 11 - 11 Disposals (852 ) (284 ) (1,205 ) (37 ) (2,377 ) Exchange rate differences - (19 ) 632 7 619 As of December 31, 2020 8,250 773 29,705 1,733 40,462 Depreciation and impairment As of January 1, 2019 - 324 13,831 628 14,780 Depreciation for the year 1,766 139 8,585 258 10,748 Disposals - - (12,994 ) - (12,994 ) Exchange rate differences - 1 24 (17 ) 8 As of December 31, 2019 1,766 464 9,446 869 12,543 Depreciation for the year 2,221 128 7,301 260 9,912 Disposals (71 ) (12 ) (77 ) (5 ) (164 ) Exchange rate differences - 5 - - 5 As of December 31, 2020 3,917 586 16,670 1,124 22,295 Net book value as of December 31, 2019 6,201 415 18,562 878 26,053 Net book value as of December 31, 2020 4,333 187 13,034 609 18,167 |
Disclosure of detailed information about the estimated useful lives of property, plant and equipment [text block] | Office properties Fixture and fittings Equipment Leasehold improvements Useful life Up to 6 years Up to 5 years Up to 10 years, or term of lease contract (1) Up to 6 years, or term of lease contract Depreciation plan Straight-line Straight-line Straight-line Straight-line |
Note 12 - Intangible Assets (Ta
Note 12 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about intangible assets [text block] | [US$ thousands] Goodwill Customer relationships Technology Trademarks Other intangible assets Total Cost As of January 1, 2019 421,578 40,700 18,677 70,600 2,047 553,602 Additions (1) - - 3,545 - - 3,545 Disposals - - - - - - Exchange differences - - - - - - As of December 31, 2019 421,578 40,700 22,222 70,600 2,047 557,147 Additions (1) - - 6,553 - 2,287 8,840 Additions from business combination (2) 2,998 32 1,695 - - 4,725 Disposals - - - - - - Exchange differences 385 - 187 - 114 686 As of December 31, 2020 424,961 40,732 30,657 70,600 4,448 571,398 Amortization and impairment As of January 1, 2019 - 6,457 8,122 - 2,002 16,581 Amortization for the year - 2,980 5,203 - 2 8,185 Disposals - - - - - - Exchange differences - - - - (4 ) (4 ) As of December 31, 2019 - 9,437 13,325 - 2,000 24,762 Amortization for the year - 3,013 6,674 - 2 9,689 Disposals - - - - - - Exchange differences - (1 ) - - 33 32 As of December 31, 2020 - 12,449 19,999 - 2,035 34,483 Net book value as of December 31, 2019 421,578 31,263 8,897 70,600 47 532,385 Net book value as of December 31, 2020 424,961 28,283 10,658 70,600 2,413 536,915 |
Disclosure of intangible assets with indefinite and definite useful life [text block] | Goodwill Customer relationships Technology Trademarks Other intangible assets Useful life Indefinite Up to 15 years Up to 5 years Indefinite Up to 5 years Amortization method Straight-line Straight-line Straight-line |
Note 13 - Investments in Asso_2
Note 13 - Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about selected financial information [text block] | Period from August 19, until December 31, [US$ thousands] 2020 The Group's interest 42 % Net revenue Interest income 60,887 Interest expense (621 ) Other revenue 669 Operating income 60,935 Operating expenses Credit loss expense on loans to customers (20,755 ) Personnel expenses (9,399 ) Marketing expenses (5,101 ) Technical service fee (3,956 ) Collection service fee (1,027 ) Commission fee (1,930 ) Depreciation and amortization (1) (7,492 ) Other expenses (2,163 ) Net foreign exchange gain 5,702 Total operating expenses (46,121 ) Profit before income taxes 14,814 Income tax expense (14,193 ) Net income (loss) 621 Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods (net of tax) Exchange difference on translation of foreign operations (2,227 ) Total comprehensive income (loss) (1,606 ) Group's share of net income (loss) 261 Group's share of other comprehensive income (loss) (935 ) As of December 31, [US$ thousands] 2020 Assets, excluding goodwill 254,596 Goodwill 447,300 Liabilities 72,702 Equity 629,194 Year ended December 31, 2018 [US$ thousands] OPay StarMaker nHorizon Powerbets The Group's interest 19.90 % 19.35% (1) 29.09 % 50.10 % Revenue 848 12,332 48,992 4,498 Operating profit (loss) (359 ) (9,535 ) (1,568 ) (4,528 ) Net income (loss) (384 ) (8,497 ) (2,056 ) (4,735 ) Other comprehensive income that may be reclassified to net income - - - 188 Total comprehensive income (384 ) (8,497 ) (2,056 ) (4,547 ) Group's share of net income (loss) (76 ) N/A (598 ) (2,372 ) Current assets 4,302 21,366 9,761 2,751 Non-current assets 4,918 11,245 1,065 2,851 Current liabilities 12,043 30,163 3,818 7,818 Non-current liabilities 453 - 5,469 5,114 Equity (3,276 ) 2,448 1,539 (7,331 ) Year ended December 31, 2019 [US$ thousands] OPay StarMaker nHorizon Powerbets The Group's interest 13.10% (2) 19.35% (1) 29.09 % 50.10 % Revenue 16,687 29,035 43,335 4,990 Operating profit (loss) (71,678 ) (8,485 ) 1,821 (3,016 ) Net income (loss) (71,474 ) (8,485 ) 1,780 (5,134 ) Other comprehensive income that may be reclassified to net income - - - - Total comprehensive income (71,474 ) (8,485 ) 1,780 (5,134 ) Group's share of net income (loss) (2,938 ) N/A 518 (2,572 ) Gain on partial disposal 1,174 - - - Total share of net income (loss) (1,764 ) N/A 518 (2,572 ) Current assets 99,238 13,869 8,225 4,447 Non-current assets 24,656 11,377 695 1,560 Current liabilities 28,870 29,870 5,875 13,074 Non-current liabilities 170,015 - - 5,754 Equity (74,992 ) (4,624 ) 3,045 (12,822 ) Year ended December 31, 2020 [US$ thousands] OPay StarMaker nHorizon Powerbets The Group's interest 13.10% (2) 19.35% (1) 29.09 % 0.00 % Revenue 38,388 89,937 12,837 9,638 Operating profit (loss) (30,700 ) 13,298 (1,827 ) (1,029 ) Net income (loss) (30,618 ) 13,151 (1,840 ) (1,481 ) Other comprehensive income that may be reclassified to net income - - - - Total comprehensive income (30,618 ) 13,151 (1,840 ) (1,481 ) Group's share of net income (loss) (876 ) N/A (535 ) (742 ) Current assets 72,573 36,600 6,068 N/A Non-current assets 34,860 13,000 578 N/A Current liabilities 40,368 36,900 5,302 N/A Non-current liabilities 180,639 34,800 - N/A Equity (113,575 ) (22,100 ) 1,343 N/A |
Disclosure of carrying amounts of investments in associates and joint ventures [text block] | Year ended December 31, 2019 [US$ thousands] OPay StarMaker nHorizon Powerbets Carrying amount as of January 1, 2019 4,330 30,000 443 289 Investment during the year 7,131 - - 366 Change in fair value of preferred shares 33,900 4,000 - - Foreign exchange adjustment - - 3 - Other adjustments 673 - - 157 Share of net income (loss) (2,938 ) N/A 518 (2,572 ) Share of other comprehensive income - NA - - Carrying amount as of December 31, 2019 43,096 34,000 963 (1,760 ) Groups share in % 13.10% 19.35 % 29.09 % 50.10 % Groups share in equity (2,145 ) n/a 886 (6,424 ) Unrecognized intangible assets - n/a - 566 Equity method adjustments (759 ) n/a 77 4,097 Fair value of preferred shares (1) 46,000 34,000 - - Carrying amount as of December 31, 2019 43,096 34,000 963 (1,760 ) Year ended December 31, 2020 [US$ thousands] Nanobank OPay StarMaker nHorizon Powerbets Carrying amount as of January 1, 2020 - 43,096 34,000 963 (1,760 ) Investment during the year (2) 264,936 - - - 440 Change in fair value of preferred shares - 3,000 21,000 - - Foreign exchange adjustment - - - 35 - Share of net income (loss) (3) 261 (876 ) N/A (535 ) (742 ) Share of other comprehensive income (loss) (935 ) - - - - Disposal of investment - - - - 2,063 Carrying amount as of December 31, 2020 264,261 45,220 55,000 463 - Groups share in % 42.00 % 13.10 % 19.35 % 29.09 % 0% Groups share in equity 264,261 (3,248 ) N/A 391 N/A Equity method adjustments - (532 ) - 72 - Fair value of preferred shares (1) N/A 49,000 55,000 - N/A Carrying amount as of December 31, 2020 264,261 45,220 55,000 463 - |
Note 14 - Trade Receivables, _2
Note 14 - Trade Receivables, Other Receivables and Prepayments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of trade receivables, prepayments and other receivables [text block] | [US$ thousands] As of December 31, Trade receivables 2019 2020 Trade receivables 39,981 18,152 Unbilled receivables 9,390 10,658 Total 49,371 28,809 [US$ thousands] As of December 31, Other receivables 2019 2020 VAT 1,232 1,218 Receivable due from Otello Corporation ASA 924 - Receivable due from OPay (1) - 5,000 Deposit in restricted escrow account 52,878 - Other 4,078 4,532 Total 59,112 10,750 [US$ thousands] As of December 31, Prepayments 2019 2020 Prepaid expenses (1) 25,809 9,061 Total 25,809 9,061 |
Provision for impairment of trade receivables [text block] | [US$ thousands] As of December 31, Allowance for impairment of trade receivables 2019 2020 As of period start 1,619 1,446 Loss allowance related to trade receivables due from Powerbets - 6,579 Other changes in the period (173 ) (382 ) As of period end 1,446 7,643 |
Disclosure of aging of trade receivables [text block] | [US$ thousands] Neither past due Past due Aging analysis of trade receivables Total nor impaired <30 days 31-60 days 61-90 days >90 days (1) As of December 31, 2019 39,981 22,125 8,761 657 341 8,097 As of December 31, 2020 18,152 14,647 1,425 367 117 1,597 |
Note 15 - Cash and Cash Equiv_2
Note 15 - Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of cash, cash equivalents, and restricted cash [text block] | [US$ thousands] As of December 31, Cash and cash equivalents 2019 2020 Restricted cash 216 280 Cash and cash equivalents 139,271 133,888 Total 139,487 134,168 |
Note 16 - Financial Assets an_2
Note 16 - Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial instruments [text block] | [US$ thousands] As of December 31, Financial assets 2019 2020 Financial assets at amortized cost Non-current financial assets (1) 1,351 1,490 Trade receivables 49,371 28,809 Other short-term receivables (2) 59,112 10,750 Loans to customers - 68 Other current financial assets 1,535 856 Total financial assets at amortized cost 111,369 41,973 Financial assets at fair value through profit or loss Preferred shares in associates (3) 80,000 104,000 Loans to customers (2) 93,115 - Listed equity instruments 42,146 - Total financial assets at fair value through profit or loss 215,261 104,000 Total financial assets 326,630 145,973 [US$ thousands] As of December 31, Financial liabilities 2019 2020 Financial liabilities at amortized cost Lease liabilities and other loans (1) 56,974 8,972 Trade and other payables 57,125 25,454 Other financial liabilities 15,279 13,107 Total financial liabilities at amortized cost 129,378 47,533 Financial liabilities at fair value through profit or loss Short position in listed equity instruments - 744 Total financial liabilities at fair value through profit or loss - 744 Total financial liabilities 129,378 48,277 |
Disclosure of gain (loss) on trading securities [text block] | [US$ thousands] Gain (loss) on listed equity instruments in 2019 Realized gain (loss) Unrealized gain (loss) Total Long positions 6,278 2,564 8,842 Short positions (365 ) - (365 ) Total 5,913 2,564 8,477 [US$ thousands] Gain (loss) on listed equity instruments in 2020 Realized gain (loss) Unrealized gain (loss) Total Long positions 12,910 - 12,910 Short positions 10 113 123 Total 12,920 113 13,033 |
Disclosure of sensitivity analysis for equity [text block] | [US$ thousands] As of December 31, 2019 As of December 31, 2020 Effect on fair value measurement of preferred shares in OPay Key unobservable input Decrease Increase Decrease Increase Discount for lack of marketability (5 percentage points movement) PWERM, OPM and CVM 2,720 (2,409 ) 2,811 (2,811 ) Weighted average cost of capital (2 percentage points movement) PWERM 1,408 (608 ) 1,087 (1,009 ) Equity value of the company (10% movement) OPM and CVM (3,597 ) 2,406 (3,093 ) 3,092 [US$ thousands] As of December 31, 2019 As of December 31, 2020 Effect on fair value measurement of preferred shares in StarMaker Key unobservable input Decrease Increase Decrease Increase Discount for lack of marketability (5 percentage points movement) PWERM, OPM and CVM 2,585 (2,293 ) 4,221 (4,221 ) Weighted average cost of capital (2 percentage points movement) PWERM 389 (85 ) 367 (351 ) Equity value of the company (10% movement) OPM and CVM (1,449 ) 1,438 (2,947 ) 2,944 |
Disclosure of financial instruments fair value hierarchy [text block] | Fair value measurement using [US$ thousands] Date of valuation Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets measured at fair value Preferred shares in associates December 31, 2019 - - 80,000 Loans to customers December 31, 2019 - - 93,115 Listed equity instruments December 31, 2019 42,146 - - Fair value measurement using [US$ thousands] Date of valuation Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets measured at fair value Preferred shares in associates December 31, 2020 - - 104,000 Fair value measurement using [US$ thousands] Date of valuation Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Liabilities measured at fair value Short position in listed equity instruments December 31, 2020 744 - - |
Note 17 - Lease Liabilities a_2
Note 17 - Lease Liabilities and Other Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | [US$ thousands] As of December 31, Lease liabilities and interest-bearing loans Interest rate Maturity 2019 2020 Lease liabilities 12,003 7,800 Interest-bearing loans 4.00% January 2021 - July 2023 43,904 801 Total 55,907 8,601 |
Disclosure of borrowings and finance lease liabilities [text block] | [US$ thousands] As of December 31, Non-current lease liabilities and other loans 2019 2020 Lease liabilities 7,378 3,094 Interest-bearing loans 736 490 Other loans 1,067 - Total 9,181 3,584 [US$ thousands] As of December 31, Current lease liabilities and other loans 2019 2020 Lease liabilities 4,625 4,706 Interest-bearing loans 43,169 311 Other loans - 371 Total 47,793 5,389 |
Disclosure of lease amounts included in financial statements [text block] | [US$ thousands] As of December 31, Amounts recognized in the Statement of Financial Position 2019 2020 Right-of-use assets (1) Office properties 6,178 4,974 Equipment 5,528 2,335 Total 11,706 7,309 Lease liabilities Current 4,625 4,706 Non-current 7,378 3,094 Total 12,003 7,800 [US$ thousands] Year ended December 31, Amounts recognized in the Statement of Operations 2019 2020 Depreciation charge of right-of-use assets Office properties 1,752 2,221 Equipment 2,739 2,529 Total 4,491 4,750 Interest expense (included in Finance expense) 457 397 Net foreign exchange gain (loss) - (140 ) |
Note 18 - Trade and Other Pay_2
Note 18 - Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about trade and other payables [text block] | [US$ thousands] As of December 31, Trade and other payables 2019 2020 Trade payables due to related parties (1) 28,864 4,685 Other trade payables 19,813 17,764 Employee withholding tax 325 1,044 VAT 7,361 1,162 Payroll tax (2) 761 799 Total 57,125 25,454 |
Note 19 - Other Current Liabi_2
Note 19 - Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about other current liabilities [text block] | [US$ thousands] As of December 31, Other current liabilities 2019 2020 Accrued personnel expenses 10,472 11,985 Trading liability (1) - 744 Customer deposits 2,694 - Other current liabilities 1,976 310 Total 15,142 13,040 |
Note 20 - Scheduled Maturitie_2
Note 20 - Scheduled Maturities of Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of financial liabilities [text block] | [US$ thousands] Less than 1 to 3 Over 3 As of December 31, 2019 12 months years years Total Non-current Lease liabilities (Note 17) - 7,681 1,247 8,928 Interest-bearing loans including interest (Note 17) - 1,840 - 1,840 Other non-current liabilities - - 137 137 Current Trade and other payables (Note 18) 57,125 - - 57,125 Lease liabilities (Note 17) 4,930 - - 4,930 Interest-bearing loans including interest (Note 17) 43,303 - - 43,303 Other current liabilities (Note 19) 15,142 - - 15,142 Total financial liabilities including interest 120,500 9,521 1,384 131,405 [US$ thousands] Less than 1 to 3 Over 3 As of December 31, 2020 12 months years years Total Non-current Lease liabilities (Note 17) - 3,224 - 3,224 Interest-bearing loans including interest (Note 17) - 505 - 505 Other non-current liabilities - - 68 68 Current Trade and other payables (Note 18) 25,454 - - 25,454 Lease liabilities (Note 17) 4,914 - - 4,914 Interest-bearing loans including interest (Note 17) 337 - - 337 Other current liabilities (Note 19) 13,040 - - 13,040 Total financial liabilities including interest 43,744 3,729 68 47,541 |
Note 21 - Changes in Liabilit_2
Note 21 - Changes in Liabilities Arising from Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | Changes in liabilities arising from financing activities in 2019 [US$ thousands] As of January 1, 2019 Impact of adopting IFRS 16 Cash flows Foreign exchange movement Other (1) As of December 31, 2019 Interest-bearing loans and liabilities, non-current 2,238 - (1,509 ) - 7 736 Lease liabilities, non-current 33 10,709 (1,693 ) (33 ) (1,638 ) 7,378 Interest bearing loans and liabilities, current 196 - 43,163 - 10 43,369 Lease liabilities, current 1,802 4,260 (1,062 ) - (375 ) 4,625 Other loans 492 (64 ) - - 439 867 Total liabilities from financing activities 4,761 14,905 38,899 (33 ) (1,557 ) 56,975 Changes in liabilities arising from financing activities in 2020 [US$ thousands] As of January 1, 2020 Cash flows Foreign exchange movement Other (1) As of December 31, 2020 Interest-bearing loans and liabilities, non-current 736 (246 ) - - 490 Lease liabilities, non-current 7,378 (3,782 ) - (502 ) 3,094 Interest bearing loans and liabilities, current 43,369 (43,058 ) - - 311 Lease liabilities, current 4,625 (420 ) - 502 4,707 Other loans 867 - - (496 ) 371 Total liabilities from financing activities 56,975 (47,506 ) - (496 ) 8,973 |
Note 25 - Group Information (Ta
Note 25 - Group Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of interests in subsidiaries [text block] | Parent company Registered office Domicile Opera Limited George Town Cayman Islands Registered Ownership interest Group entities office Domicile and voting rights Kunhoo Software LLC George Town Cayman Islands 100% Kunhoo Software Limited Hong Kong Hong Kong 100% Kunhoo Software S.a.r.l. Luxembourg Luxembourg 100% Kunhoo Software AS Oslo Norway 100% Opera Norway AS Oslo Norway 100% Opera Software Holdings LLC San Mateo USA 100% Opera Software Ireland Ltd. Dublin Ireland 100% Opera Sweden AB Linköping Sweden 100% Opera Software International AS Oslo Norway 100% Opera Software Netherlands B.V. Amsterdam Netherlands 100% Opera Software India Pvt. Ltd. Chandigarh India 100% Opera Software Poland sp. z.o.o. Wroclaw Poland 100% Opera Software Technology (Beijing) Co. Ltd. Beijing China 100% Opera Unite HK Limited Hong Kong Hong Kong 100% Opera Unite Pte. Ltd. Singapore Singapore 100% Opesa South Africa (Pty) Limited Cape Town South Africa 100% O-Play Digital Services Ltd. Lagos Nigeria 100% O-Play Kenya Limited (2) Nairobi Kenya 80% Phoneserve Technologies Co. Ltd. (2) Nairobi Kenya 80% O-Play Zambia Limited Lusaka Zambia 100% PT Inpesa Digital Teknologi (3) Jakarta Indonesia 100% Opera Lifestyle George Town Cayman Islands 100% Opera Lifestyle Nigeria Ltd. Lagos Nigeria 100% OList Homes Ltd. (1) Lagos Nigeria 100% OÜ PocoSys (1) Tallinn Estonia 100% P2C International Limited (1) London United Kingdom 100% Dify Financial Technologies Iberia S.L.A. (1) Barcelona Spain 100% Opera Financial Technologies Limited London United Kingdom 100% Blueboard Limited (1) Dublin Ireland 100% Beijing Yuega Software Tech. Srvc. Co. Ltd. (3) Beijing China 100% |
Note 26 - Related Parties (Tabl
Note 26 - Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | [US$ thousands] As of December 31, Balances with related parties Category of related party Type of balance 2019 2020 Beijing Kunlun Lexiang Network Technology Co., Ltd. Key management personnel Other payables - (15 ) Beijing Kunlun Online Network Tech Co., Ltd. Key management personnel Other payables - (45 ) Beijing Kunlun Tech Co., Ltd. Key management personnel Other payables (177 ) (773 ) Beijing Kunlun Tech Co., Ltd. Key management personnel Trade receivables - 13 Beijing OFY Co., Ltd. Associate / Key management personnel Trade receivables - 51 Beijing Xianlaihuyu Network Tech Co., Ltd. Key management personnel Other payables - (5 ) Blue Ridge Micro Finance Bank Ltd. Associate / Key management personnel Trade payables - (30 ) Kunlun Global International Sdn. Bhd. Key management personnel Other payables - (8 ) Kunlun Group Ltd. Key management personnel Trade payables (436 ) (520 ) Kunlun Tech Ltd. Key management personnel Trade receivables - 568 Mobimagic Digital Tech. Ltd. Key management personnel Distribution prepayment 15,527 3,848 Mobimagic Digital Tech. Ltd. Key management personnel Trade and other payables (2,760 ) - Mobimagic Cayman Co. Ltd. Key management personnel Trade receivables 303 - Mobimagic Cayman Co. Ltd. / Hong Kong Fintango Ltd. Key management personnel Trade and other payables (25,598) - Nanocred Cayman Company Limited and subsidiaries Associate / Key management personnel Other receivables - 138 nHorizon Infinite (Beijing) Software Ltd. Joint venture Trade receivables - 278 nHorizon Innovation (Beijing) Software Ltd. Joint venture Revenue share liability (23 ) (23 ) nHorizon Innovation (Beijing) Software Ltd. Joint venture Trade receivables 146 - nHorizon Innovation (Beijing) Software Ltd. Joint venture Professional service payable (543 ) (533 ) OPay Digital Services Ltd. Associate / Key management personnel Loan receivable - - OPay Digital Services Ltd. Associate / Key management personnel Trade receivables 17,450 615 OPay Digital Services Ltd. Associate / Key management personnel Contract liability (6,274 ) - OPay Digital Services Ltd. Associate / Key management personnel Other receivables - 5,000 Paycom Nigeria Ltd. Key management personnel Trade receivables 1,466 - Paycom Nigeria Ltd. Key management personnel Trade and other payables (26 ) (136 ) Powerbets Holdings Ltd. Joint venture Loan receivable 3,039 - Powerbets Holdings Ltd. Joint venture Trade receivable 6,579 - Starmaker Entertainment Technology India Pvt., Ltd. Key management personnel Trade receivables 22 - Wisdom Connection III Holding Inc. Key management personnel Other receivables 500 500 Xinyu Kunnuo Investment Management Co., Ltd. Key management personnel Other payables - 180 Ying Liang Ltd. Key management personnel Distribution prepayment - 22 Ying Liang Ltd. Key management personnel Trade and other payables - (3,673 ) Ying Liang Ltd. Key management personnel Trade receivables - 209 [US$ thousands] Year ended December 31, Transactions with related parties Category of related party Type of transaction 2018 2019 2020 Beijing Kunlun Tech Co., Ltd. Key management personnel Office facilities (1,072 ) (1,545 ) (1,533 ) Beijing Kunlun Tech Co., Ltd. Key management personnel Technology licensing and other revenue - 13 - Beijing Kunlun Tech Co., Ltd. Key management personnel Professional services - (30 ) - Beijing Kunlun Lexiang Network Technology Co., Ltd. Key management personnel Professional services - (79 ) (15 ) Beijing Kunlun Online Network Tech Co., Ltd. Key management personnel Professional services - (125 ) (44 ) Beijing Xianlaihuyu Network Tech Co., Ltd. Key management personnel Professional services - (39 ) (5 ) Beijing OFY Co., Ltd. Associate / Key management personnel Technology licensing and other revenue - - 543 Kunlun Global International Sdn. Bhd. Key management personnel Advertising revenue 68 2 - Kunlun Global International Sdn. Bhd. Key management personnel Professional services - - (8 ) Kunlun Group Ltd. Key management personnel Professional investment advisory services - (436 ) (582 ) Mobimagic Digital Tech. Ltd. Key management personnel Technology licensing, advertising and other revenue 3,069 - 496 Mobimagic Digital Tech. Ltd. Key management personnel Marketing and distribution (7,522 ) (25,767 ) (9,719 ) Mobimagic Digital Tech. Ltd. Key management personnel Software license fees - (500 ) - Mobimagic Cayman Co. Ltd. Key management personnel Technology licensing and other revenue - 303 596 Mobimagic Cayman Co. Ltd. / Hong Kong Fintango Ltd. Key management personnel Technology and platform fees - (25,598) (23,007 ) Mobimagic Cayman Co. Ltd. Key management personnel Professional services - (325 ) - nHorizon Innovation (Beijing) Software Ltd. Joint venture Technology licensing and other revenue (18 ) 146 - nHorizon Innovation (Beijing) Software Ltd. Joint venture Content cost (45 ) (38 ) - nHorizon Infinite (Beijing) Software Ltd. Joint venture Professional services (941 ) (156 ) - nHorizon Infinite (Beijing) Software Ltd. Joint venture Technology licensing and other revenue - - 133 OPay Digital Services Ltd. Associate / Key management personnel Acquisition of business (9,500 ) - - OPay Digital Services Ltd. Associate / Key management personnel Investment - (7,131 ) - OPay Digital Services Ltd. Associate / Key management personnel Technology and platform fees (455 ) - - OPay Digital Services Ltd. Associate / Key management personnel Technology licensing and other revenue 10,899 15,960 7,626 OPay Digital Services Ltd. Associate / Key management personnel Interest income - 323 - OPay Digital Services Ltd. Associate / Key management personnel Other income - - 5,289 Paycom Nigeria Ltd. Associate / Key management personnel Advertising and other revenue - 1,565 866 Powerbets Holdings Ltd. Joint venture Technology licensing, advertising and other revenue 4,369 2,210 - Puto Novi Financing Corporation Key management personnel Finance income - - 97 StarMaker Interactive Inc. Key management personnel Investment (30,000 ) - - StarMaker Interactive Inc. Key management personnel Professional services 175 150 - Wisdom Connection III Holding Inc. Key management personnel Other revenue - 8 - Wisdom Connection III Holding Inc. Key management personnel Disposal of shares in associates - 500 - Xinyu Kunnuo Investment Management Co., Ltd. Key management personnel Professional services - - 180 Ying Liang Ltd. Key management personnel Marketing and distribution expenses - - (3,716 ) Ying Liang Ltd. Key management personnel Technology licensing and other revenue - - 209 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Aug. 19, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | |||||||
Total revenue | $ 165,056 | $ 177,078 | [1] | $ 161,334 | |||
Trade receivables | 28,809 | 49,371 | |||||
Increase (decrease) through other changes, allowance account for credit losses of financial assets, related to divested joint venture, trade receivables | (6,579) | ||||||
Increase (decrease) through other changes, allowance account for credit losses of financial assets, related to divested joint venture, loans and advances | (3,897) | ||||||
Increase (decrease) through other changes, allowance account for credit losses of financial assets, related to divested joint venture | $ (10,476) | [1] | |||||
OPay Digital Services Limited [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of ownership interest in associate | 13.10% | [2] | 13.10% | [2] | 19.90% | ||
Total revenue | $ 38,388 | $ 16,687 | $ 848 | ||||
Powerbets Holdings Limited [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total revenue | 2,210 | $ 4,369 | |||||
Trade receivables | $ 6,579 | $ 6,579 | |||||
Nanobank [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of ownership interest in subsidiary | 42.00% | ||||||
Investments in subsidiaries | $ 265,900 | ||||||
Top of range [member] | Capitalised development expenditure [member] | |||||||
Statement Line Items [Line Items] | |||||||
Useful lives or amortisation rates, intangible assets other than goodwill (Year) | 3 years | ||||||
Top of range [member] | Technology-based intangible assets [member] | |||||||
Statement Line Items [Line Items] | |||||||
Useful lives or amortisation rates, intangible assets other than goodwill (Year) | 5 years | ||||||
Top of range [member] | Customer-related intangible assets [member] | |||||||
Statement Line Items [Line Items] | |||||||
Useful lives or amortisation rates, intangible assets other than goodwill (Year) | 15 years | ||||||
Leasehold improvements [member] | Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Useful lives or depreciation rates, property, plant and equipment (Year) | 6 years | ||||||
Equipment [member] | Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Useful lives or depreciation rates, property, plant and equipment (Year) | [3] | 10 years | |||||
Furniture and Fixtures [member] | Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Useful lives or depreciation rates, property, plant and equipment (Year) | 5 years | ||||||
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. | ||||||
[2] | Reflects the total ownership interest in OPay as of December 31, 2019 and 2020, 10.24% of which is held in preferred shares and 2.86% in ordinary shares. The share of net income (loss) recognized under the equity method was calculated based on the investment in ordinary shares, relative to the total number of shares outstanding. The Group owns 8.85% of the total number of ordinary shares issued by OPay. | ||||||
[3] | The Group has one lease agreement classified as Equipment, which expires in 2022. |
Note 4 - Segment and Revenue _3
Note 4 - Segment and Revenue Information - Contribution by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | $ 165,056 | $ 177,078 | $ 161,334 | ||
Revenue | 165,056 | 177,078 | [1] | 161,334 | |
Technology and platform fees | (3,315) | (796) | [1] | (3,644) | |
Content cost | (4,312) | (1,545) | [1] | (72) | |
Cost of inventory sold | (700) | (208) | [1] | ||
Marketing and distribution expenses | (47,860) | (64,883) | (31,336) | ||
Credit loss expense | [2] | (1,849) | (577) | 678 | |
Direct expenses | (61,821) | (79,699) | (41,143) | ||
Contribution by segment | 103,235 | 97,379 | 120,191 | ||
Browser and News [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | 155,472 | 154,968 | 138,444 | ||
Revenue | 155,472 | 154,968 | 138,444 | ||
Technology and platform fees | (3,315) | (796) | (3,644) | ||
Content cost | (4,312) | (1,545) | (77) | ||
Cost of inventory sold | |||||
Marketing and distribution expenses | (47,042) | (64,685) | (31,336) | ||
Credit loss expense | [2] | (568) | (448) | 678 | |
Direct expenses | (55,097) | (67,775) | (34,295) | ||
Contribution by segment | 100,375 | 87,193 | 104,149 | ||
All other segments [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | 9,584 | 22,110 | 22,890 | ||
Revenue | 9,584 | 22,110 | 22,890 | ||
Technology and platform fees | |||||
Content cost | 5 | ||||
Cost of inventory sold | (700) | (208) | |||
Marketing and distribution expenses | (818) | (198) | |||
Credit loss expense | [2] | (1,281) | (129) | ||
Direct expenses | (6,724) | (11,924) | (6,848) | ||
Contribution by segment | $ 2,860 | $ 10,186 | $ 16,042 | ||
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. | ||||
[2] | For the Browser and News segment, Credit loss expense in the segment reporting is consistent with Other credit loss expense in the Statement of Operations, while for the Fintech segment, Credit loss expense is consistent with Other changes in fair value of loans to customers in the Statement of Operations. |
Note 4 - Segment and Revenue _4
Note 4 - Segment and Revenue Information - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | |||||
Contribution by segment | $ 103,235 | $ 97,379 | $ 120,191 | ||
Other income | 11,542 | [1] | |||
Personnel expenses including share-based remuneration (1) | [2] | (59,977) | (51,283) | (34,719) | |
Credit loss expense related to divested joint venture | (10,476) | [1] | |||
Depreciation and amortization | (20,234) | (18,843) | [1] | (12,694) | |
Other expenses (1) | [2] | (26,538) | (27,791) | (28,397) | |
Share of net income (loss) of associates and joint ventures | 2,005 | (3,818) | [1] | (3,248) | |
Change in fair value of preferred shares in associates | 24,000 | 37,900 | [1] | ||
Finance income | 13,633 | 10,532 | [1] | 1,626 | |
Finance expense | (516) | (655) | [1] | (1,694) | |
Net foreign exchange gains (losses) | 833 | (25) | [1] | (365) | |
Profit before income taxes from continuing operations | $ 37,507 | $ 43,396 | $ 40,700 | ||
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. | ||||
[2] | Certain personnel and other expenses are included as part of the segment profit. Accordingly the amounts for personnel and other expenses in the reconciliation are not consistent with the equivalent amounts in the Statement of Operations. |
Note 4 - Segment and Revenue _5
Note 4 - Segment and Revenue Information - Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | $ 165,056 | $ 177,078 | $ 161,334 | ||
Revenue | 165,056 | 177,078 | [1] | 161,334 | |
Search [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | 84,180 | 86,155 | 80,204 | ||
Advertising [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | 71,508 | 68,813 | 58,240 | ||
Technology licensing and other [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | [2] | 9,368 | 22,110 | 22,890 | |
Browser and News [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | 155,472 | 154,968 | 138,444 | ||
Revenue | 155,472 | 154,968 | 138,444 | ||
Browser and News [member] | Search [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | 84,180 | 86,155 | 80,204 | ||
Browser and News [member] | Advertising [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | 71,292 | 68,813 | 58,240 | ||
Browser and News [member] | Technology licensing and other [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | [2] | ||||
All other segments [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | 9,584 | 22,110 | 22,890 | ||
Revenue | 9,584 | 22,110 | 22,890 | ||
All other segments [member] | Search [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | |||||
All other segments [member] | Advertising [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | 216 | ||||
All other segments [member] | Technology licensing and other [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | [2] | 9,368 | 22,110 | 22,890 | |
Customer group 1 [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | 76,184 | 74,572 | 67,882 | ||
Customer group 2 [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue from contracts with customers | 16,281 | 17,758 | 17,017 | ||
Ireland [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue | 80,059 | 81,637 | 76,791 | ||
RUSSIAN FEDERATION | |||||
Statement Line Items [Line Items] | |||||
Revenue | 15,239 | 17,265 | 17,356 | ||
Other geographical areas [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue | [3] | $ 69,758 | $ 78,176 | $ 67,187 | |
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. | ||||
[2] | Technology licensing and other revenue in 2019 include US$18,632 thousand related to professional services provided to associates and other related parties of the Group (2018: US$18,319 thousand and 2017: US$3,216 thousand). | ||||
[3] | No other individual country exceeded 10% of total revenue. |
Note 4 - Segment and Revenue _6
Note 4 - Segment and Revenue Information - Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | ||||
Gain from disposal of subsidiaries (See Note 26) | $ 5,289 | |||
Gain from divestment of joint venture (See Note 13) | 2,063 | |||
Government granted VAT refund in China | 4,030 | |||
Other items | 160 | |||
Total | $ 11,542 | [1] | ||
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. |
Note 5 - Personnel Expenses I_3
Note 5 - Personnel Expenses Including Share-based Remuneration (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 10, 2019shares | |
Statement Line Items [Line Items] | ||||
Key management personnel compensation, share-based payment | $ | $ 1,179 | $ 536 | $ 621 | |
Number of other equity instruments granted in share-based payment arrangement | 401,818 | 1,019,000 | ||
RSU [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of equity available for grants | 10.00% | |||
Weighted average remaining contractual life of outstanding other equity instruments (Year) | 266 days | 346 days | ||
RSU [member] | ADS [member] | ||||
Statement Line Items [Line Items] | ||||
Number of other equity instruments granted in share-based payment arrangement | 401,818 | |||
Share-based payments arrangement, vesting schedule, in year one | 25.00% | |||
Share-based payments arrangement, vesting schedule, in year two | 25.00% | |||
Share-based payments arrangement, vesting schedule, in year three | 25.00% | |||
Share-based payments arrangement, vesting schedule, in year four | 25.00% | |||
Amended and restated share incentive plan [member] | ||||
Statement Line Items [Line Items] | ||||
Number of shares reserved for issue under options and contracts for sale of shares (in shares) | 20,000,000 | |||
Amended and restated share incentive plan [member] | ADS [member] | ||||
Statement Line Items [Line Items] | ||||
Number of shares reserved for issue under options and contracts for sale of shares (in shares) | 10,000,000 |
Note 5 - Personnel Expenses I_4
Note 5 - Personnel Expenses Including Share-based Remuneration - Personnel Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | ||||
Salaries incl. bonuses | $ 40,301 | $ 42,185 | $ 26,733 | |
Social security cost, excluding amounts related to share-based remuneration | 4,624 | 3,774 | 3,428 | |
External temporary hires | 7,090 | 2,474 | 1,687 | |
Defined-contribution pension cost | 3,279 | 3,616 | 2,066 | |
Other personnel related expenses | 2,103 | 4,345 | 2,244 | |
Personnel expenses excluding share-based remuneration | 57,397 | 56,395 | 36,158 | |
Share-based remuneration, including related social security costs | 4,706 | 5,928 | 4,846 | |
Total | $ 62,103 | $ 62,323 | [1] | $ 41,004 |
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. |
Note 5 - Personnel Expenses I_5
Note 5 - Personnel Expenses Including Share-based Remuneration - Research and Development Expenditure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Total research and development expenditure | $ 38,736 | $ 34,143 | $ 26,418 |
Less: Capitalized development expenditure excluded from personnel expenses | 7,110 | 4,056 | 4,545 |
Net expensed research and development expenditure | $ 31,626 | $ 30,087 | $ 21,873 |
Note 5 - Personnel Expenses I_6
Note 5 - Personnel Expenses Including Share-based Remuneration - Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Short-term employee benefits | $ 2,032 | $ 2,121 | $ 843 |
Post-employment and medical benefits | 51 | 59 | 57 |
Share-based remuneration | 1,179 | 536 | 621 |
Total | $ 3,262 | $ 2,716 | $ 1,521 |
Note 5 - Personnel Expenses I_7
Note 5 - Personnel Expenses Including Share-based Remuneration - Expenses from Share-based Payments Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | ||||
Expense arising from equity-settled share-based payment transactions (1) | [1] | $ 4,706 | $ 5,928 | $ 4,846 |
Expense arising from cash-settled share-based payment transactions | ||||
Total | $ 4,706 | $ 5,928 | $ 4,846 | |
[1] | Including accrued social security cost. |
Note 5 - Personnel Expenses I_8
Note 5 - Personnel Expenses Including Share-based Remuneration - RSUs Activities (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Outstanding at period start | 2,983,940 | 4,244,132 |
Granted during the period | 401,818 | 1,019,000 |
Forfeited during the period | (346,200) | (550,700) |
Exercised during the period | (1,122,818) | (1,728,492) |
Expired during the period | ||
Outstanding at period end | 1,916,740 | 2,983,940 |
Note 5 - Personnel Expenses I_9
Note 5 - Personnel Expenses Including Share-based Remuneration - Options Activities (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Outstanding at period start | 150,000 | |
Number of share options granted in share-based payment arrangement | 150,000 | |
Forfeited during the period | ||
Exercised during the period | ||
Expired during the period | ||
Outstanding at period end | 150,000 | 150,000 |
Note 5 - Personnel Expenses _10
Note 5 - Personnel Expenses Including Share-based Remuneration - Fair Value Measurement (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Statement Line Items [Line Items] | ||||
Expected Volatility (%) (1), (2), option | [1],[2] | |||
Risk free interest rate (%) (1), option | [2] | |||
Dividend Yield (%), option | ||||
Duration of initial simulation period (years to longstop date), option (Year) | ||||
Duration of second simulation period with postponed exercise (years), option (Year) | ||||
Fair value at the measurement date ($), option | ||||
RSU [member] | ||||
Statement Line Items [Line Items] | ||||
Equity unit price valuation ($) (in dollars per share) | $ 8.07 | $ 909 | [3] | |
Equity unit price valuation ($), option (in dollars per share) | $ 7.42 | |||
Expected Volatility (%) (1), (2) | [1],[2] | 40.00% | 40.00% | |
Expected Volatility (%) (1), (2), option | [1],[2] | 40.00% | ||
Risk free interest rate (%) (1) | [2] | 0.58% | 1.70% | |
Risk free interest rate (%) (1), option | 2.43% | |||
Dividend Yield (%) | 0.00% | 0.00% | ||
Dividend Yield (%), option | 0.00% | |||
Duration of initial simulation period (years to longstop date) (Year) | 3 years 295 days | 3 years 58 days | ||
Duration of initial simulation period (years to longstop date), option (Year) | 4 years 295 days | |||
Duration of second simulation period with postponed exercise (years) (Year) | 3 years | 3 years | ||
Fair value at the measurement date ($) | $ 7.84 | $ 8.92 | ||
Fair value at the measurement date ($), option | $ 2.36 | |||
[1] | Based on a defined peer group of companies considered comparable to the Group. | |||
[2] | Specified value is 4 years (modelled on yearly basis). | |||
[3] | Weighted average equity unit price valuation of all grants in 2020. |
Note 6 - Other Expenses (Detail
Note 6 - Other Expenses (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Statement Line Items [Line Items] | |
Professional fees expense, actions taken following a short seller report | $ 3,543 |
Note 6 - Other Expenses - Other
Note 6 - Other Expenses - Other Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | |||||
Hosting | $ 8,056 | $ 7,344 | $ 10,146 | ||
Audit, legal and other advisory services (1) | [1] | 10,863 | 6,742 | 8,323 | |
Software license fees | 1,882 | 2,397 | 1,799 | ||
Rent and other office expenses | 3,318 | 4,175 | 4,573 | ||
Travel | 1,304 | 3,903 | 2,057 | ||
Other | 2,774 | 3,686 | 1,776 | ||
Total | $ 28,197 | $ 28,248 | [2] | $ 28,674 | |
[1] | Amount in 2020 includes US$3,543 thousand related to actions taken following a short seller report. | ||||
[2] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. |
Note 7 - Finance Income and E_3
Note 7 - Finance Income and Expense - Finance Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | |||||
Interest income | $ 326 | $ 2,045 | $ 1,375 | ||
Other finance income | 275 | 10 | 251 | ||
Net fair value gain related to listed equity instruments (1) | [1] | 13,033 | 8,477 | ||
Total | $ 13,633 | $ 10,532 | [2] | $ 1,626 | |
[1] | The increase in fair value of listed equity instruments is the net gain from our investments of listed equity instruments in 2019 and 2020. In 2018, the investments in listed equity instruments resulted in a net loss, classified as a finance expense. See Note 16 for more information. | ||||
[2] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. |
Note 7 - Finance Income and E_4
Note 7 - Finance Income and Expense - Finance Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | |||||
Interest expense | $ 447 | $ 562 | $ 182 | ||
Other financial cost | 69 | 93 | 27 | ||
Net fair value loss related to listed equity instruments (1) | [1] | 1,485 | |||
Total | $ 516 | $ 655 | [2] | $ 1,694 | |
[1] | The increase in fair value of listed equity instruments is the net gain from our investments of listed equity instruments in 2019 and 2020. In 2018, the investments in listed equity instruments resulted in a net loss, classified as a finance expense. See Note 16 for more information. | ||||
[2] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. |
Note 7 - Finance Income and E_5
Note 7 - Finance Income and Expense - Foreign Exchange Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | ||||
Unrealized foreign exchange gain (loss) | $ 2,365 | $ 166 | $ (1,116) | |
Realized foreign exchange gain (loss) | (1,532) | (191) | 751 | |
Total | $ 833 | $ (25) | [1] | $ (365) |
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. |
Note 8 - Income Tax (Details Te
Note 8 - Income Tax (Details Textual) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Applicable tax rate | 22.00% | 22.00% | 23.00% |
Note 8 - Income Tax - Summary o
Note 8 - Income Tax - Summary of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | |||||
Current income taxes | $ 1,983 | $ (5,112) | $ (4,322) | ||
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1) | [1] | (1,272) | (322) | (615) | |
Deferred taxes | 1,164 | (168) | (1,544) | ||
Income tax (expense) benefit | 1,876 | (5,602) | (6,481) | ||
Income tax (expense) benefit is attributable to: | (75) | (2,658) | [2] | (6,481) | |
Profit from continuing operations | $ (75) | $ (2,658) | $ (6,481) | ||
[1] | Currency effect on income tax (expense) benefit due to corporate income tax filing in NOK for Norwegian entities with USD as functional currency. | ||||
[2] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. |
Note 8 - Income Tax - Reconcili
Note 8 - Income Tax - Reconciliation of Tax (Expense) Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Profit from continuing operations before income tax expense | $ 37,507 | $ 43,396 | $ 40,700 |
Profit from discontinued operation before income tax expense | 139,792 | 20,105 | 941 |
Basis for calculation of the tax (expense) benefit | 177,299 | 63,500 | 41,641 |
Tax expense at nominal tax rate in Norway | (39,006) | (13,970) | (9,577) |
Effect of different tax rates applied by subsidiaries | 11,543 | (2,118) | (167) |
Tax effect of translation differences exempted for tax | 99 | 1,155 | 218 |
Tax effect of financial items exempted from tax | 20,143 | 1,917 | 1,726 |
Tax effects of losses in associates and joint ventures which are non-deductible | 2,200 | 383 | (744) |
Withholding taxes paid | (271) | (232) | |
Net other permanent differences (not) tax deductible | 5,313 | 4,269 | (617) |
Change to previously recognized deferred tax assets | 246 | 27 | 1,589 |
Currency effect on income tax (expense) benefit, adjustments recognized in the period for current tax of prior periods and other effects | 670 | 3,162 | (615) |
Change in unrecognized deferred tax assets | 952 | (314) | 1,144 |
Change in tax rate | (14) | 119 | 561 |
Income tax (expense) benefit for the year | $ 1,876 | $ (5,602) | $ (6,481) |
Effective tax rate | 1.10% | 8.80% | 15.60% |
Note 8 - Income Tax - Deferred
Note 8 - Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | $ 7,362 | $ 4,322 | $ 12,414 |
Temporary difference, furniture, fixtures and equipment, and intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | 21,969 | 22,703 | |
Other temporary differences [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | (1,274) | (8,479) | |
Temporary difference, trade receivables [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | (591) | (121) | |
Temporary difference, intercompany interest costs subject to limitations [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | (9,361) | (7,714) | |
Temporary difference, withholding tax expected to be credited [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | (364) | (1,065) | |
Allowance for credit losses [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | $ (3,017) | $ (1,003) |
Note 8 - Income Tax - Changes i
Note 8 - Income Tax - Changes in Deferred Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||||
Net deferred tax liability as of January 1 | $ 4,322 | $ 12,414 | ||
Expense (benefit) in Statement of Operations | 3,040 | (8,092) | ||
Net deferred tax liability | 7,362 | 4,322 | ||
Deferred tax assets | $ 4,383 | $ 6,204 | ||
Deferred tax liabilities | 11,745 | 10,526 | ||
Net deferred tax liability | $ 7,362 | $ 12,414 | $ 7,362 | $ 4,322 |
Note 9 - Discontinued Operati_3
Note 9 - Discontinued Operations (Details Textual) $ in Thousands | Aug. 19, 2020USD ($) |
Discontinued operations [member] | |
Statement Line Items [Line Items] | |
Discontinued operations, cash and cash equivalents | $ 38,957 |
Nanobank [member] | |
Statement Line Items [Line Items] | |
Proportion of ownership interest in subsidiary | 42.00% |
Note 9 - Discontinued Operati_4
Note 9 - Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 19, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||||
Revenue | $ 165,056 | $ 177,078 | [1] | $ 161,334 | |
Profit from discontinued operation before income tax expense | 139,792 | 20,105 | 941 | ||
Profit from discontinued operation | 141,742 | 17,161 | [1] | 941 | |
Exchange differences on translation of discontinued operations | (2,936) | (7) | 138 | ||
Other comprehensive loss from discontinued operations | 181,217 | 56,075 | 33,871 | ||
Net cash inflow from operating activities | 65,806 | (108,813) | (3,349) | ||
Net cash inflow/(outflow) from investing activities | (576) | (507) | (227) | ||
Net cash (outflow) from financing activities | (44,711) | 125,675 | 5,963 | ||
Net cash (outflow)/inflow | 20,518 | 16,354 | 2,387 | ||
ADS [member] | |||||
Statement Line Items [Line Items] | |||||
Profit from discontinued operation | 141,742 | 17,161 | 941 | ||
Discontinued operations [member] | |||||
Statement Line Items [Line Items] | |||||
Revenue | 136,246 | 157,776 | 10,942 | ||
Expenses | 147,822 | 137,671 | 10,001 | ||
Profit from discontinued operation before income tax expense | (11,576) | 20,105 | 941 | ||
Income tax (expense) benefit | 1,950 | (2,944) | |||
Profit (loss) after income tax | (9,626) | 17,161 | 941 | ||
Gain on sale of the subsidiary after income tax | $ 151,368 | 151,368 | |||
Profit from discontinued operation | 141,742 | 17,161 | 941 | ||
Exchange differences on translation of discontinued operations | 2,936 | (1,802) | (1,134) | (11) | |
Other comprehensive loss from discontinued operations | $ (1,802) | $ (1,134) | $ (11) | ||
Furniture, fixtures and equipment | 1,014 | ||||
Non-current financial assets | 566 | ||||
Deferred tax assets | 7,467 | ||||
Trade receivables | 1,377 | ||||
Loans to customers | 17,983 | ||||
Other receivables | 45,445 | ||||
Prepayments | 4,703 | ||||
Cash and cash equivalents | 38,957 | ||||
Total assets | 117,512 | ||||
Non-current lease liabilities and other loans | 8 | ||||
Other non-current liabilities | 4 | ||||
Trade and other payables | 6,376 | ||||
Current lease liabilities and other loans | 87,879 | ||||
Income tax payable | 246 | ||||
Deferred revenue | 17 | ||||
Other current liabilities | 457 | ||||
Total liabilities | $ 94,987 | ||||
Basic net income from discontinued operations per share (in dollars per share) | $ 0.60 | $ 0.08 | $ 0 | ||
Diluted net income from discontinued operations per share (in dollars per share) | 0.60 | 0.07 | 0 | ||
Discontinued operations [member] | ADS [member] | |||||
Statement Line Items [Line Items] | |||||
Basic net income from discontinued operations per share (in dollars per share) | 1.21 | 0.15 | 0.01 | ||
Diluted net income from discontinued operations per share (in dollars per share) | $ 1.19 | $ 0.15 | $ 0.01 | ||
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. |
Note 9 - Discontinued Operati_5
Note 9 - Discontinued Operations - Gain on Loss of Control (Details) - USD ($) $ in Thousands | Aug. 19, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||||
Reclassification of foreign currency translation reserve | $ 2,936 | $ 7 | $ (138) | |
Discontinued operations [member] | ||||
Statement Line Items [Line Items] | ||||
Fair value of shares in Nanobank | $ 264,936 | |||
Carrying amount of net assets disposed of | (22,766) | |||
Carrying amount of TenSpot Pesa Limited receivables transferred to Nanobank | (87,867) | |||
Gain on sale before income tax and reclassification of foreign currency translation reserve | 154,304 | |||
Reclassification of foreign currency translation reserve | (2,936) | 1,802 | 1,134 | 11 |
Income tax expense on gain | ||||
Gain on sale after income tax | $ 151,368 | $ 151,368 |
Note 10 - Net Income Per Shar_2
Note 10 - Net Income Per Share (Details Textual) - $ / shares | 1 Months Ended | |
Jul. 31, 2018 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||
Number of shares outstanding at end of period (in shares) | 200,000,000 | 228,285,684 |
Number of share surrendered (in shares) | 9,750,000 | |
Par value per share (in dollars per share) | $ 0.0001 | |
Number of ordinary shares per share of ADS (in shares) | 2 |
Note 10 - Net Income Per Shar_3
Note 10 - Net Income Per Share - Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | ||||
Continuing operations | $ 37,432 | $ 40,739 | [1] | $ 34,219 |
Discontinued operations | 141,742 | 17,161 | [1] | 941 |
Net income attributable to the owners of the parent for basic and diluted earnings | $ 179,174 | $ 57,899 | [1] | $ 35,160 |
Issued ordinary shares at beginning of period (in shares) | 237,826,326 | 220,119,343 | 190,250,000 | |
Effect of shares issued (in shares) | 1,889,770 | 7,422,487 | 12,504,070 | |
Effect of treasury shares held (in shares) | (5,146,244) | (2,913,330) | (133,681) | |
Basic weighted-average number of ordinary shares in the period (in shares) | 234,569,852 | 224,628,500 | 202,620,388 | |
Effect of employee equity grants (in shares) | 2,816,613 | 4,437,167 | 6,107,813 | |
Diluted weighted-average number of ordinary shares in the period (in shares) | 237,386,466 | 229,065,667 | 208,728,201 | |
Basic net income from continuing operations per share, US$ (in dollars per share) | $ 0.16 | $ 0.18 | $ 0.17 | |
Basic net income per share, US$ (in dollars per share) | 0.76 | 0.26 | 0.17 | |
Diluted net income from continuing operations per share, US$ (in dollars per share) | 0.16 | 0.18 | 0.16 | |
Diluted net income per share, US$ (in dollars per share) | $ 0.75 | $ 0.25 | $ 0.17 | |
ADS equivalent of basic weighted-average number of ordinary shares (in shares) | 237,826,326 | 220,119,343 | 190,250,000 | |
ADS equivalent of diluted weighted-average number of ordinary shares (in shares) | 234,569,852 | 224,628,500 | 202,620,388 | |
ADS [member] | ||||
Statement Line Items [Line Items] | ||||
Continuing operations | $ 37,432 | $ 40,739 | $ 34,219 | |
Discontinued operations | 141,742 | 17,161 | 941 | |
Net income attributable to the owners of the parent for basic and diluted earnings | $ 179,174 | $ 57,899 | $ 35,160 | |
Issued ordinary shares at beginning of period (in shares) | 117,284,926 | 112,314,250 | 101,310,194 | |
Basic weighted-average number of ordinary shares in the period (in shares) | 118,693,233 | 114,532,833 | 104,364,101 | |
Basic net income from continuing operations per share, US$ (in dollars per share) | $ 0.32 | $ 0.36 | [1] | $ 0.34 |
Basic net income per share, US$ (in dollars per share) | 1.53 | 0.52 | [1] | 0.35 |
Diluted net income from continuing operations per share, US$ (in dollars per share) | 0.32 | 0.36 | [1] | 0.33 |
Diluted net income per share, US$ (in dollars per share) | $ 1.51 | $ 0.51 | [1] | $ 0.34 |
ADS equivalent of basic weighted-average number of ordinary shares (in shares) | 117,284,926 | 112,314,250 | 101,310,194 | |
ADS equivalent of diluted weighted-average number of ordinary shares (in shares) | 118,693,233 | 114,532,833 | 104,364,101 | |
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. |
Note 11 - Furniture, Fixtures_3
Note 11 - Furniture, Fixtures and Equipment (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Total lease liabilities | $ 7,800 | $ 12,003 |
Equipment [member] | ||
Statement Line Items [Line Items] | ||
Total lease liabilities | $ 37 |
Note 11 - Furniture, Fixtures_4
Note 11 - Furniture, Fixtures and Equipment - Components of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Beginning of the year | $ 26,053 | |
Beginning of the year | (26,053) | |
End of the year | 18,167 | $ 26,053 |
Office properties [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 6,201 | |
Beginning of the year | (6,201) | |
End of the year | 4,333 | 6,201 |
Furniture and fixture [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 415 | |
Beginning of the year | (415) | |
End of the year | 187 | 415 |
Equipments [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 18,562 | |
Beginning of the year | (18,562) | |
End of the year | 13,034 | 18,562 |
Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 878 | |
Beginning of the year | (878) | |
End of the year | 609 | 878 |
Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 38,601 | 41,911 |
Additions | 3,608 | 10,746 |
Disposals | (2,377) | (13,672) |
Exchange rate differences | 619 | (385) |
Additions through business combinations | 11 | |
Beginning of the year | (38,601) | (41,911) |
Disposals | 2,377 | 13,672 |
End of the year | 40,462 | 38,601 |
Gross carrying amount [member] | Office properties [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 7,967 | 6,739 |
Additions | 1,135 | 1,228 |
Disposals | (852) | |
Exchange rate differences | ||
Additions through business combinations | ||
Beginning of the year | (7,967) | (6,739) |
Disposals | 852 | |
End of the year | 8,250 | 7,967 |
Gross carrying amount [member] | Furniture and fixture [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 878 | 629 |
Additions | 198 | 243 |
Disposals | (284) | |
Exchange rate differences | (19) | 5 |
Additions through business combinations | ||
Beginning of the year | (878) | (629) |
Disposals | 284 | |
End of the year | 773 | 878 |
Gross carrying amount [member] | Equipments [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 28,008 | 32,804 |
Additions | 2,259 | 9,197 |
Disposals | (1,205) | (13,672) |
Exchange rate differences | 632 | (321) |
Additions through business combinations | 11 | |
Beginning of the year | (28,008) | (32,804) |
Disposals | 1,205 | 13,672 |
End of the year | 29,705 | 28,008 |
Gross carrying amount [member] | Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 1,747 | 1,738 |
Additions | 17 | 78 |
Disposals | (37) | |
Exchange rate differences | 7 | (69) |
Additions through business combinations | ||
Beginning of the year | (1,747) | (1,738) |
Disposals | 37 | |
End of the year | 1,733 | 1,747 |
Accumulated depreciation, amortisation and impairment [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (12,543) | (14,780) |
Disposals | 164 | 12,994 |
Exchange rate differences | 5 | 8 |
Beginning of the year | 12,543 | 14,780 |
Depreciation for the year | 9,912 | 10,748 |
Disposals | (164) | (12,994) |
End of the year | (22,295) | (12,543) |
Accumulated depreciation, amortisation and impairment [member] | Office properties [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (1,766) | |
Disposals | 71 | |
Exchange rate differences | ||
Beginning of the year | 1,766 | |
Depreciation for the year | 2,221 | 1,766 |
Disposals | (71) | |
End of the year | (3,917) | (1,766) |
Accumulated depreciation, amortisation and impairment [member] | Furniture and fixture [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (464) | (324) |
Disposals | 12 | |
Exchange rate differences | 5 | 1 |
Beginning of the year | 464 | 324 |
Depreciation for the year | 128 | 139 |
Disposals | (12) | |
End of the year | (586) | (464) |
Accumulated depreciation, amortisation and impairment [member] | Equipments [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (9,446) | (13,831) |
Disposals | 77 | 12,994 |
Exchange rate differences | 24 | |
Beginning of the year | 9,446 | 13,831 |
Depreciation for the year | 7,301 | 8,585 |
Disposals | (77) | (12,994) |
End of the year | (16,670) | (9,446) |
Accumulated depreciation, amortisation and impairment [member] | Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (869) | (628) |
Disposals | 5 | |
Exchange rate differences | (17) | |
Beginning of the year | 869 | 628 |
Depreciation for the year | 260 | 258 |
Disposals | (5) | |
End of the year | $ (1,124) | $ (869) |
Note 11 - Furniture, Fixtures_5
Note 11 - Furniture, Fixtures and Equipment - Estimated Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended | |
Dec. 31, 2020 | ||
Office properties [member] | ||
Statement Line Items [Line Items] | ||
Depreciation plan | Straight-line | |
Office properties [member] | Top of range [member] | ||
Statement Line Items [Line Items] | ||
Useful life (Year) | 6 years | |
Furniture and Fixtures [member] | ||
Statement Line Items [Line Items] | ||
Depreciation plan | Straight-line | |
Furniture and Fixtures [member] | Top of range [member] | ||
Statement Line Items [Line Items] | ||
Useful life (Year) | 5 years | |
Equipment [member] | ||
Statement Line Items [Line Items] | ||
Depreciation plan | Straight-line | |
Equipment [member] | Top of range [member] | ||
Statement Line Items [Line Items] | ||
Useful life (Year) | 10 years | [1] |
Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Depreciation plan | Straight-line | |
Leasehold improvements [member] | Top of range [member] | ||
Statement Line Items [Line Items] | ||
Useful life (Year) | 6 years | |
[1] | The Group has one lease agreement classified as Equipment, which expires in 2022. |
Note 12 - Intangible Assets (De
Note 12 - Intangible Assets (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Statement Line Items [Line Items] | ||
Number of major business segments | 1 | |
Total intangible assets and goodwill | $ 536,915 | $ 532,385 |
Recoverable amount of asset or cash-generating unit | $ 550,184 | $ 577,376 |
Risk-free rate, significant unobservable inputs, assets | 0.84% | 1.90% |
Market risk premium rate, ignificant unobservable inputs, assets | 4.97% | 5.20% |
Estimated beta for equity | 0.91 | 1.4 |
Equity to total capital, percent | 100.00% | 100.00% |
Cash generating unit, nominal growth rate | 2.50% | 3.00% |
Sensitivity analysis, reasonably possible increase (decrease) in revenue | 11.10% | |
Sensitivity analysis, reasonably possible increase (decrease) in operating expenditure | 11.00% | |
Sensitivity analysis, reasonably possible increase (decrease) in WACC | 4.30% | |
Weighted average cost of capital, measurement input [member] | ||
Statement Line Items [Line Items] | ||
Significant unobservable input, assets | 11.8 | 13.1 |
Browser [member] | ||
Statement Line Items [Line Items] | ||
Total intangible assets and goodwill | $ 421,578 | |
News CGU [member] | ||
Statement Line Items [Line Items] | ||
Total intangible assets and goodwill | $ 70,600 |
Note 12 - Intangible Assets - I
Note 12 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | $ 532,385 | ||
Beginning of the year | (532,385) | ||
End of the year | (536,915) | $ (532,385) | |
End of the year | 536,915 | 532,385 | |
Goodwill [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | 421,578 | ||
Beginning of the year | (421,578) | ||
End of the year | (424,961) | (421,578) | |
End of the year | 424,961 | 421,578 | |
Customer-related intangible assets [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | 31,263 | ||
Beginning of the year | (31,263) | ||
End of the year | (28,283) | (31,263) | |
End of the year | 28,283 | 31,263 | |
Technology-based intangible assets [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | 8,897 | ||
Beginning of the year | (8,897) | ||
End of the year | (10,658) | (8,897) | |
End of the year | 10,658 | 8,897 | |
Trademark [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | 70,600 | ||
Beginning of the year | (70,600) | ||
End of the year | (70,600) | (70,600) | |
End of the year | 70,600 | 70,600 | |
Other intangible assets [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | 47 | ||
Beginning of the year | (47) | ||
End of the year | (2,413) | (47) | |
End of the year | 2,413 | 47 | |
Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | 557,147 | 553,602 | |
Additions (1) | [1] | 8,840 | 3,545 |
Disposals | |||
Exchange differences | 686 | ||
Additions from business combination (2) | [2] | 4,725 | |
Beginning of the year | (557,147) | (553,602) | |
End of the year | (571,398) | (557,147) | |
End of the year | 571,398 | 557,147 | |
Gross carrying amount [member] | Goodwill [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | 421,578 | 421,578 | |
Additions (1) | [1] | ||
Disposals | |||
Exchange differences | 385 | ||
Additions from business combination (2) | [2] | 2,998 | |
Beginning of the year | (421,578) | (421,578) | |
End of the year | (424,961) | (421,578) | |
End of the year | 424,961 | 421,578 | |
Gross carrying amount [member] | Customer-related intangible assets [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | 40,700 | 40,700 | |
Additions (1) | [1] | ||
Disposals | |||
Exchange differences | |||
Additions from business combination (2) | [2] | 32 | |
Beginning of the year | (40,700) | (40,700) | |
End of the year | (40,732) | (40,700) | |
End of the year | 40,732 | 40,700 | |
Gross carrying amount [member] | Technology-based intangible assets [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | 22,222 | 18,677 | |
Additions (1) | [1] | 6,553 | 3,545 |
Disposals | |||
Exchange differences | 187 | ||
Additions from business combination (2) | [2] | 1,695 | |
Beginning of the year | (22,222) | (18,677) | |
End of the year | (30,657) | (22,222) | |
End of the year | 30,657 | 22,222 | |
Gross carrying amount [member] | Trademark [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | 70,600 | 70,600 | |
Additions (1) | [1] | ||
Disposals | |||
Exchange differences | |||
Additions from business combination (2) | [2] | ||
Beginning of the year | (70,600) | (70,600) | |
End of the year | (70,600) | (70,600) | |
End of the year | 70,600 | 70,600 | |
Gross carrying amount [member] | Other intangible assets [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | 2,047 | 2,047 | |
Additions (1) | [1] | 2,287 | |
Disposals | |||
Exchange differences | 114 | ||
Additions from business combination (2) | [2] | ||
Beginning of the year | (2,047) | (2,047) | |
End of the year | (4,448) | (2,047) | |
End of the year | 4,448 | 2,047 | |
Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | (24,762) | (16,581) | |
Disposals | |||
Exchange differences | 32 | (4) | |
Beginning of the year | 24,762 | 16,581 | |
Amortization for the year | 9,689 | 8,185 | |
End of the year | 34,483 | 24,762 | |
End of the year | (34,483) | (24,762) | |
Accumulated depreciation, amortisation and impairment [member] | Goodwill [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | |||
Disposals | |||
Exchange differences | |||
Beginning of the year | |||
Amortization for the year | |||
End of the year | |||
End of the year | |||
Accumulated depreciation, amortisation and impairment [member] | Customer-related intangible assets [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | (9,437) | (6,457) | |
Disposals | |||
Exchange differences | (1) | ||
Beginning of the year | 9,437 | 6,457 | |
Amortization for the year | 3,013 | 2,980 | |
End of the year | 12,449 | 9,437 | |
End of the year | (12,449) | (9,437) | |
Accumulated depreciation, amortisation and impairment [member] | Technology-based intangible assets [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | (13,325) | (8,122) | |
Disposals | |||
Exchange differences | |||
Beginning of the year | 13,325 | 8,122 | |
Amortization for the year | 6,674 | 5,203 | |
End of the year | 19,999 | 13,325 | |
End of the year | (19,999) | (13,325) | |
Accumulated depreciation, amortisation and impairment [member] | Trademark [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | |||
Disposals | |||
Exchange differences | |||
Beginning of the year | |||
Amortization for the year | |||
End of the year | |||
End of the year | |||
Accumulated depreciation, amortisation and impairment [member] | Other intangible assets [member] | |||
Statement Line Items [Line Items] | |||
As of January 1, 2019 | (2,000) | (2,002) | |
Disposals | |||
Exchange differences | 33 | (4) | |
Beginning of the year | 2,000 | 2,002 | |
Amortization for the year | 2 | 2 | |
End of the year | 2,035 | 2,000 | |
End of the year | $ (2,035) | $ (2,000) | |
[1] | Represents capitalized development expenditure net of grants received from the Norwegian government. | ||
[2] | See Note 25 for additional information on the business combination. |
Note 12 - Intangible Assets - U
Note 12 - Intangible Assets - Useful Life of Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Customer-related intangible assets [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Customer-related intangible assets [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful lives or amortisation rates, intangible assets other than goodwill (Year) | 15 years |
Technology-based intangible assets [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Technology-based intangible assets [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful lives or amortisation rates, intangible assets other than goodwill (Year) | 5 years |
Other intangible assets [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Other intangible assets [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful lives or amortisation rates, intangible assets other than goodwill (Year) | 5 years |
Note 13 - Investments in Asso_3
Note 13 - Investments in Associates and Joint Ventures (Details Textual) - USD ($) $ in Thousands | Aug. 19, 2020 | May 29, 2019 | May 27, 2019 | Aug. 01, 2017 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | ||||||||||||
Profit (loss) from operating activities | $ (2,448) | $ (537) | [1] | $ 44,381 | ||||||||
Operating expense | 179,046 | 177,614 | [1] | 116,953 | ||||||||
Total depreciation and amortisation expense | 20,234 | 18,843 | [1] | 12,694 | ||||||||
Profit (loss) before tax | 37,507 | 43,396 | [1] | 40,700 | ||||||||
Tax income (expense) | 75 | 2,658 | [1] | 6,481 | ||||||||
Profit (loss) | 179,174 | 57,899 | [1] | 35,160 | ||||||||
Total revenue | 165,056 | 177,078 | [1] | 161,334 | ||||||||
Cost of sales | 700 | 208 | [1] | |||||||||
Proceeds from issuing shares | 82,630 | 170,871 | ||||||||||
Increase (decrease) through other changes, allowance account for credit losses of financial assets | (1,849) | (577) | [1] | 678 | ||||||||
nHorizon [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Profit (loss) from operating activities | (1,827) | 1,821 | (1,568) | |||||||||
Profit (loss) | $ (1,840) | $ 1,780 | $ (2,056) | |||||||||
Proportion of ownership interest in associate | 29.09% | 29.09% | 29.09% | |||||||||
Total revenue | $ 12,837 | $ 43,335 | $ 48,992 | |||||||||
Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares | ||||||||||||
Gains on disposals of investments | ||||||||||||
Powerbets Holdings Limited [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Profit (loss) from operating activities | (1,029) | (3,016) | (4,528) | |||||||||
Profit (loss) | $ (1,481) | $ (5,134) | $ (4,735) | |||||||||
Proportion of ownership interest in associate | 0.00% | 50.10% | 50.10% | |||||||||
Total revenue | $ 9,638 | $ 4,990 | $ 4,498 | |||||||||
Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares | ||||||||||||
Proportion of ownership interest in joint venture | 50.10% | |||||||||||
Gains on disposals of investments | $ 2,100 | 2,063 | ||||||||||
Increase (decrease) through other changes, allowance account for credit losses of financial assets | 10,500 | |||||||||||
Impairment loss recognised in profit or loss, loans and advances | 3,897 | |||||||||||
Investments in joint ventures accounted for using equity method | 0 | $ 0 | 0 | |||||||||
Receivables due from related parties | $ 0 | $ 0 | 0 | |||||||||
Powerbets Holdings Limited [member] | Supabets HL Limited [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interest in joint venture | 49.90% | |||||||||||
OPay Digital Services Limited [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Investments in associates | 12,100 | |||||||||||
Profit (loss) from operating activities | (30,700) | (71,678) | (359) | |||||||||
Operating expense | 48,600 | |||||||||||
Profit (loss) | $ (30,618) | $ (71,474) | $ (384) | |||||||||
Proportion of ownership interest in associate | 13.10% | [2] | 13.10% | [2] | 19.90% | |||||||
Revenue growth rate | 450.00% | |||||||||||
Total revenue | $ 38,388 | $ 16,687 | $ 848 | |||||||||
Annual revenue rate | 69,000 | |||||||||||
Cost of sales | 13,300 | |||||||||||
Proceeds from issuing shares | 170,000 | |||||||||||
Amount of debt converted to equity | $ 2,670 | $ 7,500 | ||||||||||
Cash transferred | $ 1,930 | |||||||||||
Debt converted to equity, classified as prior period investment | 4,969 | |||||||||||
Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares | 3,000 | 33,900 | ||||||||||
Gains on disposals of investments | ||||||||||||
OPay Digital Services Limited [member] | Preference shares [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interest in associate | 10.24% | |||||||||||
Shares in associate purchased (in shares) | 1,230,736 | 3,210,617 | ||||||||||
Shares in associate purchased, value | $ 4,600 | |||||||||||
OPay Digital Services Limited [member] | Ordinary shares [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interest in associate | 2.86% | |||||||||||
Proportion of ordinary shares owned | 8.85% | 8.85% | 8.85% | |||||||||
StarMaker Inc. [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Profit (loss) from operating activities | $ 13,298 | (8,485) | (9,535) | |||||||||
Profit (loss) | $ 13,151 | $ (8,485) | $ (8,497) | |||||||||
Proportion of ownership interest in associate | [3] | 19.35% | 19.35% | 19.35% | ||||||||
Revenue growth rate | 210.00% | |||||||||||
Total revenue | $ 89,937 | $ 29,035 | $ 12,332 | |||||||||
Annual revenue rate | 127,000 | |||||||||||
Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares | 21,000 | $ 4,000 | ||||||||||
Gains on disposals of investments | ||||||||||||
Nanobank [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interest in subsidiary | 42.00% | |||||||||||
Investments in associates | $ 265,900 | |||||||||||
Profit (loss) from operating activities | $ 60,900 | |||||||||||
Operating expense | 46,100 | |||||||||||
Total depreciation and amortisation expense | 6,200 | |||||||||||
Profit (loss) before tax | 14,800 | |||||||||||
Tax income (expense) | 14,200 | |||||||||||
Profit (loss) | $ 600 | |||||||||||
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. | |||||||||||
[2] | Reflects the total ownership interest in OPay as of December 31, 2019 and 2020, 10.24% of which is held in preferred shares and 2.86% in ordinary shares. The share of net income (loss) recognized under the equity method was calculated based on the investment in ordinary shares, relative to the total number of shares outstanding. The Group owns 8.85% of the total number of ordinary shares issued by OPay. | |||||||||||
[3] | The Group ownership interest in StarMaker is held through preferred shares, which are measured at fair value through profit or loss. |
Note 13 - Investments in Asso_4
Note 13 - Investments in Associates and Joint Ventures - Information Regarding Investments (Details) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Statement Line Items [Line Items] | ||||||||
Interest income | $ 326 | $ 2,045 | $ 1,375 | |||||
Interest expense | (447) | (562) | (182) | |||||
Other income | 11,542 | [1] | ||||||
Operating income | (2,448) | (537) | [1] | 44,381 | ||||
Credit loss expense on loans to customers | (1,849) | (577) | [1] | 678 | ||||
Personnel expenses | 62,103 | 62,323 | [1] | 41,004 | ||||
Marketing expenses | 47,860 | 65,074 | [1] | 31,543 | ||||
Depreciation and amortization (1) | 20,234 | 18,843 | [1] | 12,694 | ||||
Other expenses | 28,197 | 28,248 | [1] | 28,674 | ||||
Net foreign exchange gains (losses) | 833 | (25) | [1] | (365) | ||||
Total operating expenses | 179,046 | 177,614 | [1] | 116,953 | ||||
Profit before income taxes | 37,507 | 43,396 | [1] | 40,700 | ||||
Income tax expense | 75 | 2,658 | [1] | 6,481 | ||||
Net income (loss) | 179,174 | 57,899 | [1] | 35,160 | ||||
Exchange difference on translation of foreign operations | 2,043 | (1,824) | (1,289) | |||||
Other comprehensive loss from discontinued operations | 181,217 | 56,075 | 33,871 | |||||
Group's share of net income (loss) | 179,174 | 57,899 | [1] | 35,160 | ||||
Group's share of other comprehensive income (loss) | 181,217 | 56,075 | 33,871 | |||||
Goodwill at end of period | $ 424,961 | 424,961 | 421,578 | |||||
Liabilities | 60,717 | 60,717 | 148,414 | |||||
Equity | 45,320 | 45,320 | 128,570 | |||||
Revenue | 165,056 | 177,078 | [1] | 161,334 | ||||
Current assets | 183,711 | 183,711 | 418,327 | |||||
Non-current assets | 925,901 | 925,901 | 642,293 | |||||
Non-current liabilities | 15,397 | 15,397 | 19,844 | |||||
Total equity | 1,048,895 | 1,048,895 | 912,206 | 775,460 | $ 583,503 | |||
Share of net income (loss) of associates and joint ventures | $ 2,005 | $ (3,818) | [1] | $ (3,248) | ||||
nHorizon [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
The Group's interest | 29.09% | 29.09% | 29.09% | |||||
Operating income | $ (1,827) | $ 1,821 | $ (1,568) | |||||
Net income (loss) | (1,840) | 1,780 | (2,056) | |||||
Exchange difference on translation of foreign operations | ||||||||
Other comprehensive loss from discontinued operations | (1,840) | 1,780 | (2,056) | |||||
Group's share of net income (loss) | (535) | 518 | (598) | |||||
Equity | 5,302 | 5,302 | 5,875 | 3,818 | ||||
Revenue | 12,837 | 43,335 | 48,992 | |||||
Current assets | 6,068 | 6,068 | 8,225 | 9,761 | ||||
Non-current assets | 578 | 578 | 695 | 1,065 | ||||
Non-current liabilities | 5,469 | |||||||
Total equity | $ 1,343 | $ 1,343 | 3,045 | $ 1,539 | ||||
Gain on partial disposal | ||||||||
Share of net income (loss) of associates and joint ventures | $ 518 | |||||||
Powerbets Holdings Limited [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
The Group's interest | 0.00% | 50.10% | 50.10% | |||||
Operating income | $ (1,029) | $ (3,016) | $ (4,528) | |||||
Credit loss expense on loans to customers | 10,500 | |||||||
Net income (loss) | (1,481) | (5,134) | (4,735) | |||||
Exchange difference on translation of foreign operations | 188 | |||||||
Other comprehensive loss from discontinued operations | (1,481) | (5,134) | (4,547) | |||||
Group's share of net income (loss) | (742) | (2,572) | (2,372) | |||||
Equity | 13,074 | 7,818 | ||||||
Revenue | 9,638 | 4,990 | 4,498 | |||||
Current assets | 4,447 | 2,751 | ||||||
Non-current assets | 1,560 | 2,851 | ||||||
Non-current liabilities | 5,754 | 5,114 | ||||||
Total equity | (12,822) | $ (7,331) | ||||||
Gain on partial disposal | ||||||||
Share of net income (loss) of associates and joint ventures | $ (2,572) | |||||||
Nanobank [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
The Group's interest | 42.00% | |||||||
Interest income | $ 60,887 | |||||||
Interest expense | (621) | |||||||
Other income | 669 | |||||||
Operating income | 60,935 | |||||||
Credit loss expense on loans to customers | 20,755 | |||||||
Personnel expenses | 9,399 | |||||||
Marketing expenses | 5,101 | |||||||
Technical service fee | 3,956 | |||||||
Collection service fee | 1,027 | |||||||
Commission fee | 1,930 | |||||||
Depreciation and amortization (1) | [2] | 7,492 | ||||||
Other expenses | 2,163 | |||||||
Net foreign exchange gains (losses) | 5,702 | |||||||
Total operating expenses | 46,121 | |||||||
Profit before income taxes | 14,814 | |||||||
Income tax expense | 14,193 | |||||||
Net income (loss) | 621 | |||||||
Exchange difference on translation of foreign operations | (2,227) | |||||||
Other comprehensive loss from discontinued operations | (1,606) | |||||||
Group's share of net income (loss) | 261 | |||||||
Group's share of other comprehensive income (loss) | (935) | |||||||
Assets, excluding goodwill | 254,596 | 254,596 | ||||||
Goodwill at end of period | 447,300 | 447,300 | ||||||
Liabilities | 72,702 | 72,702 | ||||||
Equity | 629,194 | $ 629,194 | ||||||
OPay Digital Services Limited [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
The Group's interest | 13.10% | [3] | 13.10% | [3] | 19.90% | |||
Operating income | $ (30,700) | $ (71,678) | $ (359) | |||||
Total operating expenses | 48,600 | |||||||
Net income (loss) | (30,618) | (71,474) | (384) | |||||
Exchange difference on translation of foreign operations | ||||||||
Other comprehensive loss from discontinued operations | (30,618) | (71,474) | (384) | |||||
Group's share of net income (loss) | (876) | (2,938) | (76) | |||||
Equity | 40,368 | 40,368 | 28,870 | 12,043 | ||||
Revenue | 38,388 | 16,687 | 848 | |||||
Current assets | 72,573 | 72,573 | 99,238 | 4,302 | ||||
Non-current assets | 34,860 | 34,860 | 24,656 | 4,918 | ||||
Non-current liabilities | 180,639 | 180,639 | 170,015 | 453 | ||||
Total equity | (113,575) | $ (113,575) | (74,992) | $ (3,276) | ||||
Gain on partial disposal | 1,174 | |||||||
Share of net income (loss) of associates and joint ventures | $ (1,764) | |||||||
StarMaker Inc. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
The Group's interest | [4] | 19.35% | 19.35% | 19.35% | ||||
Operating income | $ 13,298 | $ (8,485) | $ (9,535) | |||||
Net income (loss) | 13,151 | (8,485) | (8,497) | |||||
Exchange difference on translation of foreign operations | ||||||||
Other comprehensive loss from discontinued operations | 13,151 | (8,485) | (8,497) | |||||
Equity | 36,900 | 36,900 | 29,870 | 30,163 | ||||
Revenue | 89,937 | 29,035 | 12,332 | |||||
Current assets | 36,600 | 36,600 | 13,869 | 21,366 | ||||
Non-current assets | 13,000 | 13,000 | 11,377 | 11,245 | ||||
Non-current liabilities | 34,800 | 34,800 | ||||||
Total equity | $ (22,100) | $ (22,100) | (4,624) | $ 2,448 | ||||
Gain on partial disposal | ||||||||
[1] | Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information. | |||||||
[2] | Includes US$6.2 million in depreciation and amortization of fair value adjustments done by the Group. | |||||||
[3] | Reflects the total ownership interest in OPay as of December 31, 2019 and 2020, 10.24% of which is held in preferred shares and 2.86% in ordinary shares. The share of net income (loss) recognized under the equity method was calculated based on the investment in ordinary shares, relative to the total number of shares outstanding. The Group owns 8.85% of the total number of ordinary shares issued by OPay. | |||||||
[4] | The Group ownership interest in StarMaker is held through preferred shares, which are measured at fair value through profit or loss. |
Note 13 - Investments in Asso_5
Note 13 - Investments in Associates and Joint Ventures - Carrying Amounts (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Statement Line Items [Line Items] | |||||
Carrying amount as of January 1, 2019 | $ 76,300 | ||||
Unrecognized intangible assets | $ 536,915 | 536,915 | $ 532,385 | ||
Carrying amount as of December 31, 2020 | 364,946 | 364,946 | 76,300 | ||
nHorizon [member] | |||||
Statement Line Items [Line Items] | |||||
Carrying amount as of January 1, 2019 | 443 | ||||
Investment during the year | [1] | ||||
Change in fair value of preferred shares | |||||
Foreign exchange adjustment | 35 | 3 | |||
Other adjustments | |||||
Share of net income (loss) | (535) | [2] | 518 | ||
Share of other comprehensive income | |||||
Carrying amount as of December 31, 2019 | $ 963 | ||||
Groups share in % | 29.09% | 29.09% | |||
Groups share in equity | 391 | $ 391 | $ 886 | ||
Unrecognized intangible assets | |||||
Equity method adjustments | 72 | 77 | |||
Fair value of preferred shares (1) | [3] | ||||
Carrying amount as of January 1, 2020 | 963 | ||||
Disposal of investment | |||||
Carrying amount as of December 31, 2020 | 463 | 463 | |||
Powerbets Holdings Limited [member] | |||||
Statement Line Items [Line Items] | |||||
Carrying amount as of January 1, 2019 | 289 | ||||
Investment during the year | 440 | [1] | 366 | ||
Change in fair value of preferred shares | |||||
Foreign exchange adjustment | |||||
Other adjustments | 157 | ||||
Share of net income (loss) | (742) | [2] | (2,572) | ||
Share of other comprehensive income | |||||
Carrying amount as of December 31, 2019 | $ (1,760) | ||||
Groups share in % | 0.00% | 50.10% | |||
Groups share in equity | $ (6,424) | ||||
Unrecognized intangible assets | 566 | ||||
Equity method adjustments | 4,097 | ||||
Fair value of preferred shares (1) | [3] | ||||
Carrying amount as of January 1, 2020 | (1,760) | ||||
Disposal of investment | 2,100 | 2,063 | |||
Carrying amount as of December 31, 2020 | |||||
OPay Digital Services Limited [member] | |||||
Statement Line Items [Line Items] | |||||
Carrying amount as of January 1, 2019 | 4,330 | ||||
Investment during the year | [1] | 7,131 | |||
Change in fair value of preferred shares | 3,000 | 33,900 | |||
Foreign exchange adjustment | |||||
Other adjustments | 673 | ||||
Share of net income (loss) | (876) | [2] | (2,938) | ||
Share of other comprehensive income | |||||
Carrying amount as of December 31, 2019 | $ 43,096 | ||||
Groups share in % | 13.10% | 13.10% | |||
Groups share in equity | (3,248) | $ (3,248) | $ (2,145) | ||
Unrecognized intangible assets | |||||
Equity method adjustments | (532) | (759) | |||
Fair value of preferred shares (1) | [3] | 49,000 | 46,000 | ||
Carrying amount as of January 1, 2020 | 43,096 | ||||
Disposal of investment | |||||
Carrying amount as of December 31, 2020 | 45,220 | 45,220 | |||
StarMaker Inc. [member] | |||||
Statement Line Items [Line Items] | |||||
Carrying amount as of January 1, 2019 | 30,000 | ||||
Investment during the year | [1] | ||||
Change in fair value of preferred shares | 21,000 | 4,000 | |||
Foreign exchange adjustment | |||||
Other adjustments | |||||
Share of other comprehensive income | |||||
Carrying amount as of December 31, 2019 | $ 34,000 | ||||
Groups share in % | 19.35% | 19.35% | |||
Equity method adjustments | |||||
Fair value of preferred shares (1) | [3] | 55,000 | $ 34,000 | ||
Carrying amount as of January 1, 2020 | 34,000 | ||||
Disposal of investment | |||||
Carrying amount as of December 31, 2020 | 55,000 | 55,000 | |||
Nanobank [member] | |||||
Statement Line Items [Line Items] | |||||
Investment during the year | [1] | 264,936 | |||
Change in fair value of preferred shares | |||||
Foreign exchange adjustment | |||||
Share of net income (loss) | [2] | 261 | |||
Share of other comprehensive income | $ (935) | ||||
Carrying amount as of December 31, 2019 | |||||
Groups share in % | 42.00% | ||||
Groups share in equity | 264,261 | $ 264,261 | |||
Equity method adjustments | |||||
Fair value of preferred shares (1) | [3] | ||||
Carrying amount as of January 1, 2020 | |||||
Disposal of investment | |||||
Carrying amount as of December 31, 2020 | $ 264,261 | $ 264,261 | |||
[1] | The cost of the investment in Nanobank was the fair value of the Group's ownership interest in the entity obtained following the contribution of TenSpot Pesa Limited. | ||||
[2] | In 2020, the Group recognized US$3,897 thousand in credit loss expense on long-term loans due from Powerbets. Because the long-term loans were classified as part of the net investment in Powerbets, these had absorbed losses under the equity method in the period from 2017 until 2020, resulting in their carrying amount being zero at the time the Group concluded that they were credit impaired. Upon recognition of the impairment loss, the equivalent amount was recognized as income on the line item for Share of net income (loss) of associates and joint ventures in the Statement of Operations. Thus, the credit loss expense was effectively reclassified as such in the Statement of Operations for 2020. The amount for share of net loss from Powerbets in the table above does not include the impact of that reclassification. | ||||
[3] | The carrying amount of the preferred shares form part of the net investment in the associates. |
Note 14 - Trade Receivables, _3
Note 14 - Trade Receivables, Other Receivables and Prepayments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2020 | ||
Statement Line Items [Line Items] | ||||
Trade receivables, excluding unbilled receivables | $ 18,152 | $ 39,981 | ||
Trade receivables, loss allowance | $ 7,643 | $ 1,446 | ||
Allowance of trade receivables, percentage | 26.50% | 2.90% | ||
Powerbets Holdings Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Impairment loss recognised in profit or loss, loans and advances | $ 3,897 | |||
Investments in joint ventures accounted for using equity method | 0 | |||
Receivables due from related parties | 0 | |||
Related parties [member] | ||||
Statement Line Items [Line Items] | ||||
Impairment loss recognised in profit or loss, trade receivables | 85 | $ 0 | ||
Powerbets Holdings Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Trade receivables, loss allowance | $ 6,579 | |||
Impairment loss recognised in profit or loss, loans and advances | 3,897 | |||
Receivables due from related parties | 0 | |||
More than three months [member] | ||||
Statement Line Items [Line Items] | ||||
Trade receivables, excluding unbilled receivables | [1] | $ 1,597 | 8,097 | |
More than three months [member] | Powerbets Holdings Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Trade receivables, excluding unbilled receivables | $ 6,579 | |||
[1] | As of year-end 2020, the total amount of trade receivables due from Powerbets, which was a joint venture until its disposal, was US$ nil ( December 31, 2019: US$6,579 thousand). |
Note 14 - Trade Receivables, _4
Note 14 - Trade Receivables, Other Receivables and Prepayments - Trade Receivables, Prepayments and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Trade receivables, excluding unbilled receivables | $ 18,152 | $ 39,981 | |
Unbilled receivables | 10,658 | 9,390 | |
Total | 28,809 | 49,371 | |
VAT | 1,218 | 1,232 | |
Deposit in restricted escrow account | 52,878 | ||
Other | 4,532 | 4,078 | |
Total | 10,750 | 59,112 | |
Prepaid expenses | [1] | 9,061 | 25,809 |
Total | 9,061 | 25,809 | |
Otello Corporation ASA [member] | |||
Statement Line Items [Line Items] | |||
Receivables due from related parties | 924 | ||
OPay Digital Services Limited [member] | |||
Statement Line Items [Line Items] | |||
Receivables due from related parties | [2] | $ 5,000 | |
[1] | As of year-end 2020, the total amount of trade receivables due from Powerbets, which was a joint venture until its disposal, was US$ nil ( December 31, 2019: US$6,579 thousand). | ||
[2] | The receivable due from OPay is the consideration for the sale of Blue Ridge Microfinance Bank. See Note 26 additional information. |
Note 14 - Trade Receivables, _5
Note 14 - Trade Receivables, Other Receivables and Prepayments - Provision for Impairment of Trade Receivables (Details) - Provision for impairment of trade receivables [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
As of period start | $ 1,446 | $ 1,619 |
Loss allowance related to trade receivables due from Powerbets | 6,579 | |
Other changes in the period | (382) | (173) |
Ending balance | 7,643 | 1,446 |
Previously stated [member] | ||
Statement Line Items [Line Items] | ||
As of period start | $ 1,446 | |
Ending balance | $ 1,446 |
Note 14 - Trade Receivables, _6
Note 14 - Trade Receivables, Other Receivables and Prepayments - Aging of Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Aging analysis of trade receivables | $ 18,152 | $ 39,981 | |
Current [member] | |||
Statement Line Items [Line Items] | |||
Aging analysis of trade receivables | 14,647 | 22,125 | |
Later than one month and not later than two months [member] | |||
Statement Line Items [Line Items] | |||
Aging analysis of trade receivables | 1,425 | 8,761 | |
Later than two months and not later than three months [member] | |||
Statement Line Items [Line Items] | |||
Aging analysis of trade receivables | 367 | 657 | |
Later than three months [member] | |||
Statement Line Items [Line Items] | |||
Aging analysis of trade receivables | 117 | 341 | |
More than three months [member] | |||
Statement Line Items [Line Items] | |||
Aging analysis of trade receivables | [1] | $ 1,597 | $ 8,097 |
[1] | As of year-end 2020, the total amount of trade receivables due from Powerbets, which was a joint venture until its disposal, was US$ nil ( December 31, 2019: US$6,579 thousand). |
Note 15 - Cash and Cash Equiv_3
Note 15 - Cash and Cash Equivalents - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | ||||
Restricted cash | $ 280 | $ 216 | ||
Cash and cash equivalents | 133,888 | 139,271 | ||
Total | $ 134,168 | $ 139,487 | $ 177,873 | $ 33,207 |
Note 16 - Financial Assets an_3
Note 16 - Financial Assets and Liabilities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Deposit in restricted escrow account | $ 52,878 | |||
Unrealized gain exchange differences, fair value measurement, associates equity | $ 24,000 | 37,900 | $ 0 | |
Preferred shares, annual return rights, percent | 8.00% | |||
Total equity | $ 1,048,895 | 912,206 | 775,460 | $ 583,503 |
Issued capital | 24 | 24 | ||
Purchase of interests in associates | 4,882 | 7,901 | ||
Financial liabilities, at fair value | 0 | |||
OPay Digital Services Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Total equity | 555,000 | 500,000 | ||
OPay Digital Services Limited [member] | Preferred shares [member] | ||||
Statement Line Items [Line Items] | ||||
Issued capital | 49,000 | 46,000 | ||
Purchase of interests in associates | 12,100 | |||
StarMaker Inc. [member] | ||||
Statement Line Items [Line Items] | ||||
Total equity | 350,000 | 155,000 | ||
StarMaker Inc. [member] | Preferred shares [member] | ||||
Statement Line Items [Line Items] | ||||
Issued capital | $ 55,000 | $ 34,000 | ||
Purchase of interests in associates | $ 30,000 | |||
OPay Digital Services Limited [member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Preferred shares, DLOM | 10.00% | 5.00% | ||
OPay Digital Services Limited [member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Preferred shares, DLOM | 20.00% | 15.00% | ||
StarMaker Inc. [member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Preferred shares, DLOM | 30.00% | 25.00% | ||
StarMaker Inc. [member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Preferred shares, DLOM | 40.00% | 35.00% |
Note 16 - Financial Assets an_4
Note 16 - Financial Assets and Liabilities - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Financial assets | $ 145,973 | $ 326,630 | |
Financial liabilities | 48,277 | 129,378 | |
Current financial liabilities | 13,040 | 15,142 | |
Trade and other payables [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 25,454 | 57,125 | |
Financial liabilities at amortised cost, category [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 47,533 | 129,378 | |
Financial liabilities at amortised cost, category [member] | Financial lease liabilities and other loans [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | [1] | 8,972 | 56,974 |
Financial liabilities at amortised cost, category [member] | Trade and other payables [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 25,454 | 57,125 | |
Financial liabilities at amortised cost, category [member] | Other financial liabilities [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 13,107 | 15,279 | |
Financial liabilities at fair value through profit or loss, category [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 744 | ||
Financial liabilities at fair value through profit or loss, category [member] | Short position in listed equity instruments [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 744 | ||
Financial assets at amortised cost, category [member] | |||
Statement Line Items [Line Items] | |||
Non-current financial assets | [2] | 1,490 | 1,351 |
Financial assets | 41,973 | 111,369 | |
Financial assets at amortised cost, category [member] | Trade receivables [member] | |||
Statement Line Items [Line Items] | |||
Current financial assets | 28,809 | 49,371 | |
Financial assets at amortised cost, category [member] | Other short-term receivables [member] | |||
Statement Line Items [Line Items] | |||
Current financial assets | [3] | 10,750 | 59,112 |
Financial assets at amortised cost, category [member] | Loans to consumers [member] | |||
Statement Line Items [Line Items] | |||
Current financial assets | 68 | ||
Financial assets at amortised cost, category [member] | Other financial assets [member] | |||
Statement Line Items [Line Items] | |||
Current financial assets | 856 | 1,535 | |
Financial assets at fair value through profit or loss, category [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 104,000 | 215,261 | |
Financial assets at fair value through profit or loss, category [member] | Preferred shares in associates [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | [4] | 104,000 | 80,000 |
Financial assets at fair value through profit or loss, category [member] | Loans to customers [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 93,115 | ||
Financial assets at fair value through profit or loss, category [member] | Listed equity instruments [member[ | |||
Statement Line Items [Line Items] | |||
Financial assets | $ 42,146 | ||
[1] | See Notes 17 and 22 for more information. | ||
[2] | Includes long-term deposits for office rent | ||
[3] | Upon loss of control over the microlending business, cash deposited into an escrow account as security for loans from a credit institution, which was US$52.9 million as of December 31, 2019, and loans to customers, were derecognized. See Note 9 for further information. | ||
[4] | The carrying amount of preferred shares is presented as Investments in associates and joint ventures in the Statement of Financial Position, while changes in fair value is presented as Change in fair value of preferred shares in associates in the Statement of Operations. In 2020, the Group recognized an unrealized gain on the preferred shares of US$24.0 million (2019: US$37.9 million, 2018: US$0). See Note 13 for more information. |
Note 16 - Financial Assets an_5
Note 16 - Financial Assets and Liabilities - Gain (Loss) on Trading Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Realized gain (loss) | $ 12,920 | $ 5,913 |
Unrealized gain (loss) | 113 | 2,564 |
Total gain (loss) | 13,033 | 8,477 |
Long position trading securities [member] | ||
Statement Line Items [Line Items] | ||
Realized gain (loss) | 12,910 | 6,278 |
Unrealized gain (loss) | 2,564 | |
Total gain (loss) | 12,910 | 8,842 |
Short position trading securities [member] | ||
Statement Line Items [Line Items] | ||
Realized gain (loss) | 10 | (365) |
Unrealized gain (loss) | 113 | |
Total gain (loss) | $ 123 | $ (365) |
Note 16 - Financial Asset and L
Note 16 - Financial Asset and Liabilities - Sensitivities Analysis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Preferred shares, DLOM of 5% [member] | OPay Digital Services Limited [member] | PWERM, OPM and CVM [member] | ||
Statement Line Items [Line Items] | ||
Decrease | $ 2,811 | $ 2,720 |
Increase | (2,811) | (2,409) |
Preferred shares, DLOM of 5% [member] | StarMaker Inc. [member] | PWERM, OPM and CVM [member] | ||
Statement Line Items [Line Items] | ||
Decrease | 4,221 | 2,585 |
Increase | (4,221) | (2,293) |
Preferred shares, WACC of 2% [member] | OPay Digital Services Limited [member] | PWERM [member] | ||
Statement Line Items [Line Items] | ||
Decrease | 1,087 | 1,408 |
Increase | (1,009) | (608) |
Preferred shares, WACC of 2% [member] | StarMaker Inc. [member] | PWERM [member] | ||
Statement Line Items [Line Items] | ||
Decrease | 367 | 389 |
Increase | (351) | (85) |
Preferred shares, 10% movement [member] | OPay Digital Services Limited [member] | OPM and CVM [member] | ||
Statement Line Items [Line Items] | ||
Decrease | (3,093) | (3,597) |
Increase | 3,092 | 2,406 |
Preferred shares, 10% movement [member] | StarMaker Inc. [member] | OPM and CVM [member] | ||
Statement Line Items [Line Items] | ||
Decrease | (2,947) | (1,449) |
Increase | $ 2,944 | $ 1,438 |
Note 16 - Financial Assets an_6
Note 16 - Financial Assets and Liabilities - Fair Value Measurement Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Fair value of liabilities | $ 0 | |
Level 1 of fair value hierarchy [member] | Liabilities in short position [member] | ||
Statement Line Items [Line Items] | ||
Fair value of liabilities | $ 744 | |
Level 1 of fair value hierarchy [member] | Preferred shares in associates [member] | ||
Statement Line Items [Line Items] | ||
Fair value of assets | ||
Level 1 of fair value hierarchy [member] | Loans to consumers [member] | ||
Statement Line Items [Line Items] | ||
Fair value of assets | ||
Level 1 of fair value hierarchy [member] | Listed equity instruments [member[ | ||
Statement Line Items [Line Items] | ||
Fair value of assets | 42,146 | |
Level 2 of fair value hierarchy [member] | Liabilities in short position [member] | ||
Statement Line Items [Line Items] | ||
Fair value of liabilities | ||
Level 2 of fair value hierarchy [member] | Preferred shares in associates [member] | ||
Statement Line Items [Line Items] | ||
Fair value of assets | ||
Level 2 of fair value hierarchy [member] | Loans to consumers [member] | ||
Statement Line Items [Line Items] | ||
Fair value of assets | ||
Level 2 of fair value hierarchy [member] | Listed equity instruments [member[ | ||
Statement Line Items [Line Items] | ||
Fair value of assets | ||
Level 3 of fair value hierarchy [member] | Liabilities in short position [member] | ||
Statement Line Items [Line Items] | ||
Fair value of liabilities | ||
Level 3 of fair value hierarchy [member] | Preferred shares in associates [member] | ||
Statement Line Items [Line Items] | ||
Fair value of assets | $ 104,000 | 80,000 |
Level 3 of fair value hierarchy [member] | Loans to consumers [member] | ||
Statement Line Items [Line Items] | ||
Fair value of assets | 93,115 | |
Level 3 of fair value hierarchy [member] | Listed equity instruments [member[ | ||
Statement Line Items [Line Items] | ||
Fair value of assets |
Note 17 - Lease Liabilities a_3
Note 17 - Lease Liabilities and Other Loans (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Statement Line Items [Line Items] | |
Additions to right-of-use assets | $ 1,100 |
Cash outflow for leases | $ 7,639 |
Bottom of range [member] | |
Statement Line Items [Line Items] | |
Right-of-use assets, Term of Contract (Month) | 180 days |
Top of range [member] | |
Statement Line Items [Line Items] | |
Right-of-use assets, Term of Contract (Month) | 6 years |
Note 17 - Lease Liabilities a_4
Note 17 - Lease Liabilities and Other Loans - Finance Lease Liabilities and Other Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | |||
Outstanding | $ 8,601 | $ 55,907 | |
Lease liabilities [member] | |||
Statement Line Items [Line Items] | |||
Outstanding | 7,800 | 12,003 | |
Interest bearing loans [member] | |||
Statement Line Items [Line Items] | |||
Outstanding | [1] | $ 801 | $ 43,904 |
Interest rate | [1] | 4.00% | |
Maturity | [1] | January 2021 - July 2023 | |
[1] | See Notes 18 and 19 for more information about a loan of US$42,247 thousand as of December 31, 2019. |
Note 17 - Lease Liabilities a_5
Note 17 - Lease Liabilities and Other Loans - Noncurrent and Current (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Non-current portion | $ 3,584 | $ 9,181 |
Current portion | 5,389 | 47,793 |
Lease liabilities [member] | ||
Statement Line Items [Line Items] | ||
Non-current portion | 3,094 | 7,378 |
Current portion | 4,706 | 4,625 |
Interest bearing loans [member] | ||
Statement Line Items [Line Items] | ||
Non-current portion | 490 | 736 |
Current portion | 311 | 43,169 |
Other loans [member] | ||
Statement Line Items [Line Items] | ||
Non-current portion | 1,067 | |
Current portion | $ 371 |
Note 17 - Lease Liabilities a_6
Note 17 - Lease Liabilities and Other Loans - Lease Amounts Included in Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | |||
Right-of-use assets | $ 7,309 | $ 11,706 | |
Current | 4,706 | 4,625 | |
Non-current | 3,094 | 7,378 | |
Total | 7,800 | 12,003 | |
Depreciation charge of right-of-use assets | 4,750 | 4,491 | |
Interest expense (included in Finance expense) | 397 | 457 | |
Net foreign exchange gain (loss) | (140) | ||
Office properties [member] | |||
Statement Line Items [Line Items] | |||
Right-of-use assets | [1] | 4,974 | 6,178 |
Depreciation charge of right-of-use assets | 2,221 | 1,752 | |
Equipment [member] | |||
Statement Line Items [Line Items] | |||
Right-of-use assets | 2,335 | 5,528 | |
Depreciation charge of right-of-use assets | $ 2,529 | $ 2,739 | |
[1] | Additions to and remeasurements of the right-of-use assets during the 2020 financial year were US$1.1 million. |
Note 18 - Trade and Other Pay_3
Note 18 - Trade and Other Payables - Trade and Other Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Trade payables due to related parties | [1] | $ 4,685 | $ 28,864 |
Other trade payables | 17,764 | 19,813 | |
Employee withholding tax | 1,044 | 325 | |
VAT | 1,162 | 7,361 | |
Payroll tax | [2] | 799 | 761 |
Total | $ 25,454 | $ 57,125 | |
[1] | See Note 26 for more information. | ||
[2] | Includes accruals for social security costs related to share-based remuneration. |
Note 19 - Other Current Liabi_3
Note 19 - Other Current Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Accrued personnel expenses | $ 11,985 | $ 10,472 | |
Trading liability (1) | [1] | 744 | |
Customer deposits | 2,694 | ||
Other current liabilities | 310 | 1,976 | |
Total | $ 13,040 | $ 15,142 | |
[1] | See Note 16 for additional information. |
Note 20 - Scheduled Maturitie_3
Note 20 - Scheduled Maturities of Financial Liabilities - Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Non-current financial liabilities | $ 68 | $ 137 |
Current financial liabilities | 13,040 | 15,142 |
Total financial liabilities including interest | 47,541 | 131,405 |
Lease liabilities [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | 3,224 | 8,928 |
Current financial liabilities | 4,914 | 4,930 |
Interest bearing loans [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities, including interest | 505 | 1,840 |
Current financial liabilities, including interest | 337 | 43,303 |
Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Current financial liabilities | 25,454 | 57,125 |
Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | ||
Current financial liabilities | 13,040 | 15,142 |
Total financial liabilities including interest | 43,744 | 120,500 |
Not later than one year [member] | Lease liabilities [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | ||
Current financial liabilities | 4,914 | 4,930 |
Not later than one year [member] | Interest bearing loans [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities, including interest | ||
Current financial liabilities, including interest | 337 | 43,303 |
Not later than one year [member] | Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Current financial liabilities | 25,454 | 57,125 |
Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | ||
Current financial liabilities | ||
Total financial liabilities including interest | 3,729 | 9,521 |
Later than one year and not later than three years [member] | Lease liabilities [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | 3,224 | 7,681 |
Current financial liabilities | ||
Later than one year and not later than three years [member] | Interest bearing loans [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities, including interest | 505 | 1,840 |
Current financial liabilities, including interest | ||
Later than one year and not later than three years [member] | Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Current financial liabilities | ||
Later than three years [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | 68 | 137 |
Current financial liabilities | ||
Total financial liabilities including interest | 68 | 1,384 |
Later than three years [member] | Lease liabilities [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | 1,247 | |
Current financial liabilities | ||
Later than three years [member] | Interest bearing loans [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities, including interest | ||
Current financial liabilities, including interest | ||
Later than three years [member] | Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Current financial liabilities |
Note 21 - Changes in Liabilit_3
Note 21 - Changes in Liabilities Arising From Financing Activities - Changes in Liabilities Arising From Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | |||
Beginning balance | $ 56,975 | $ 4,761 | |
Impact of adopting IFRS 16 | 14,905 | ||
Cash flows | (47,506) | 38,899 | |
Foreign exchange movement | (33) | ||
Other | [1] | (496) | (1,557) |
Ending balance | 8,973 | 56,975 | |
Interest-bearing loans and liabilities, non-current [member] | |||
Statement Line Items [Line Items] | |||
Beginning balance | 736 | 2,238 | |
Impact of adopting IFRS 16 | |||
Cash flows | (246) | (1,509) | |
Foreign exchange movement | |||
Other | [1] | 7 | |
Ending balance | 490 | 736 | |
Lease liabilities, noncurrent [member] | |||
Statement Line Items [Line Items] | |||
Beginning balance | 7,378 | 33 | |
Impact of adopting IFRS 16 | 10,709 | ||
Cash flows | (3,782) | (1,693) | |
Foreign exchange movement | (33) | ||
Other | [1] | (502) | (1,638) |
Ending balance | 3,094 | 7,378 | |
Interest bearing loans and liabilities, current [member] | |||
Statement Line Items [Line Items] | |||
Beginning balance | 43,369 | 196 | |
Impact of adopting IFRS 16 | |||
Cash flows | (43,058) | 43,163 | |
Foreign exchange movement | |||
Other | [1] | 10 | |
Ending balance | 311 | 43,369 | |
Lease liabilities, current [member] | |||
Statement Line Items [Line Items] | |||
Beginning balance | 4,625 | 1,802 | |
Impact of adopting IFRS 16 | 4,260 | ||
Cash flows | (420) | (1,062) | |
Foreign exchange movement | |||
Other | [1] | 502 | (375) |
Ending balance | 4,707 | 4,625 | |
Other loans [member] | |||
Statement Line Items [Line Items] | |||
Beginning balance | 867 | 492 | |
Impact of adopting IFRS 16 | (64) | ||
Cash flows | |||
Foreign exchange movement | |||
Other | [1] | (496) | 439 |
Ending balance | $ 371 | $ 867 | |
[1] | The "Other" column includes the effect of reclassification of the non-current portion of liabilities to current due to the passage of time and the effect of accrued but not yet paid interest on interest-bearing loans and borrowings, including lease liabilities. |
Note 22 - Guarantees and Othe_2
Note 22 - Guarantees and Other Commitments (Details Textual) - Dell Bank International [member] $ in Thousands | Jan. 17, 2017USD ($) |
Statement Line Items [Line Items] | |
Lease liabilities, guarantee | $ 11,660 |
Finance lease liabilities, guarantee term (Year) | 10 years |
Note 23 - Financial Risk Mana_2
Note 23 - Financial Risk Management (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Total financial assets | $ 145,973 | $ 326,630 | |
Equity investments [member] | Equity price risk [member] | |||
Statement Line Items [Line Items] | |||
Maximum capital allocation to investments | 70,000 | ||
Total financial assets | 0 | 42,146 | |
Gain (loss) on change in fair value of hedging instrument used as basis for recognising hedge ineffectiveness | 13,033 | $ 8,477 | $ 1,485 |
Call options trading securities [member] | Equity price risk [member] | |||
Statement Line Items [Line Items] | |||
Total financial assets | 744 | ||
Gain (loss) on change in fair value of hedging instrument used as basis for recognising hedge ineffectiveness | $ 124 |
Note 24 - Capital Management (D
Note 24 - Capital Management (Details Textual) - USD ($) $ in Thousands | Jan. 17, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 07, 2021 |
Statement Line Items [Line Items] | |||||
Initial capital allocation | $ 70,000 | ||||
Gains (losses) on financial assets at fair value through profit or loss, classified as held for trading | 13,033 | $ 8,477 | $ (1,485) | ||
Current financial assets at fair value through profit or loss, classified as held for trading | 42,146 | ||||
Payments to acquire or redeem entity's shares | $ 49,049 | 5,780 | 4,875 | ||
Equity ratio | 94.00% | ||||
Working capital | $ 138,609 | ||||
Total cash and cash equivalents and marketable securities | $ 134,168 | 181,633 | |||
ADS [member] | |||||
Statement Line Items [Line Items] | |||||
Number of shares repurchased (in shares) | 5,893,139 | ||||
ADS [member] | Major ordinary share transactions [member] | |||||
Statement Line Items [Line Items] | |||||
Share repurchase program, maximum authorized amount | $ 50,000 | ||||
Number of shares repurchased (in shares) | 5,976,455 | ||||
Payments to acquire or redeem entity's shares | $ 49,800 | ||||
Ordinary shares [member] | |||||
Statement Line Items [Line Items] | |||||
Number of shares repurchased (in shares) | 11,786,278 | ||||
Call options trading securities [member] | |||||
Statement Line Items [Line Items] | |||||
Gains (losses) on financial assets at fair value through profit or loss, classified as held for trading | $ 124 | ||||
Current financial assets at fair value through profit or loss, classified as held for trading | 744 | ||||
Short position trading securities [member] | |||||
Statement Line Items [Line Items] | |||||
Gains (losses) on financial assets at fair value through profit or loss, classified as held for trading | $ 0 | $ (365) | $ 38 |
Note 25 - Group Information (De
Note 25 - Group Information (Details Textual) - OU PocoSys [member] $ in Millions | Jan. 17, 2020USD ($) |
Statement Line Items [Line Items] | |
Percentage of voting equity interests acquired | 100.00% |
Total consideration transferred, acquisition-date fair value | $ 5 |
Identifiable intangible assets recognised as of acquisition date | 1.7 |
Goodwill recognised as of acquisition date | $ 3 |
Note 25 - Group Information - S
Note 25 - Group Information - Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2020 | ||
Kunhoo Software [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Kunhoo Software Limited [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Kunhoo Software S.a.r.l [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Kunhoo Software AS [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Opera Norway AS [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Opera Software Holdings [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Opera Software Ireland Limited [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Opera Sweden AB [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Opera Software International AS [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Opera Software Netherlands BV [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Opera Software India Private Limited [Member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Opera Software Poland [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Opera Software Technology (Beijing) [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Opera Unite HK Limited [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | [1] |
Opera Unite Private Limited [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | [1] |
Opesa South Africa (Pty) Limited [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
O-Play Digital Services [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
O-Play Kenya Limited [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 80.00% | [2] |
Phoneserve Technologies [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 80.00% | [2] |
O-Play Zambia Limited [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
PT Inpesa Digital Teknologi [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | [3] |
Opera Lifestyle [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | [1] |
Opera Lifestyle Nigeria Limited [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | [1] |
OList Homes Ltd. [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | [1] |
OU PocoSys [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | [1] |
P2C International Limited [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | [1] |
Dify Financial Technologies Iberia S.L.A. [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | [1] |
Opera Financial Technologies Limited [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | [1] |
Blueboard Limited [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | |
Beijing Yuega Software Tech. Srvc. Co. Ltd [member] | ||
Statement Line Items [Line Items] | ||
Group entities | 100.00% | [3] |
[1] | Entities were purchased or incorporated in 2020. | |
[2] | 20% is held by a nominee shareholder. | |
[3] | Variable Interest Entity (VIE) contractually controlled by the Group. |
Note 26 - Related Parties (Deta
Note 26 - Related Parties (Details Textual) $ in Thousands, Ksh in Billions | Aug. 19, 2020 | Mar. 03, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 19, 2020KES (Ksh) | May 19, 2020USD ($) |
Statement Line Items [Line Items] | |||||||
Net gains (losses) on disposals of investments | $ 5,289 | ||||||
Nanobank [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of ownership interest in subsidiary | 42.00% | ||||||
Neofin Malelane (PTY) Ltd. [member] | OPay Digital Services Limited [member] | Ordinary shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Shares transferred, percentage owned | 100.00% | ||||||
Shares transferred, value | $ 100 | ||||||
Blue Ridge Micro Finance Bank [member] | OPay Digital Services Limited [member] | Ordinary shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Shares transferred, percentage owned | 100.00% | ||||||
Shares transferred, value | $ 5,000 | ||||||
Professional investment advisory services with Kunlun Group Limited [member] | |||||||
Statement Line Items [Line Items] | |||||||
Management fee, maximum percentage of net gain from investment activity | 8.00% | ||||||
Services received, related party transactions | $ 500 | ||||||
Management fee, percentage of net gain of investment activity during the period | 4.00% | ||||||
OStream Credit Limited [member] | |||||||
Statement Line Items [Line Items] | |||||||
Loans receivables, face amount | Ksh 0.2 | $ 1,900 | |||||
Loans receivables, interest rate, stated percentage | 8.00% | 8.00% | |||||
Interest income on loans and receivables | $ 62 | ||||||
Prepayments to 360 Mobile Security [member] | |||||||
Statement Line Items [Line Items] | |||||||
Receivables due from related parties | 3,800 | $ 15,500 | |||||
Marketing and distribution-related services from Ying Liang Ltd [member] | |||||||
Statement Line Items [Line Items] | |||||||
Services received, related party transactions | $ 3,700 |
Note 26 - Related Parties - Out
Note 26 - Related Parties - Outstanding Balances and Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | ||||
Related party payables | [1] | $ (4,685) | $ (28,864) | |
Trade payables due to related parties | [1] | 4,685 | 28,864 | |
Other payables to Beijing Kunlun Lexiang Network Technology Co., Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (15) | |||
Trade payables due to related parties | 15 | |||
Office facilities expense to Beijing Kunlun Tech [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (1,533) | (1,545) | $ (1,072) | |
Other payables to Beijing Kunlun Online Network Tech Co.,Ltd [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (45) | |||
Trade payables due to related parties | 45 | |||
Technology licensing and other revenue from Beijing Kunlan Tech Co Ltd [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 13 | |||
Other payables to Bejing Kunlun Tech [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (773) | (177) | ||
Trade payables due to related parties | 773 | 177 | ||
Professional services to Beijing Kunlun Tech Co., Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (30) | |||
Trade receivables with Beijing Kunlun Tech Co., Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 13 | |||
Professional services to Beijing Kunlun Lexiang Network Technology Co., Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (15) | (79) | ||
Trade receivables with Beijing OFY Co., Ltd [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 51 | |||
Professional services to Beijing Kunlun Online Network Tech Co., Ltd [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (44) | (125) | ||
Other payables with Beijing Xianlaihuyu Network Tech [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (5) | |||
Trade payables due to related parties | 5 | |||
Professional services to Beijing Xianlaihuyu Network Tech Co., Ltd [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (5) | (39) | ||
Trade payables to Blue Ridge Micro Finance Bank Ltd [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (30) | |||
Trade payables due to related parties | 30 | |||
Technology licensing and other revenue from Beijing OFY Co., Ltd [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 543 | |||
Other payable to Kulun Global International SDN BHD [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (8) | |||
Trade payables due to related parties | 8 | |||
Advertising revenue from Kunlun Global International [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 2 | 68 | ||
Trade payables to Kunulun Group Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (520) | (436) | ||
Trade payables due to related parties | 520 | 436 | ||
Professional services to Kunlun Global International SDN. BHD. [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (8) | |||
Trade receivables with Kunlun Tech Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 568 | |||
Professional investment advisory services with Kunlun Group Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (582) | (436) | ||
Distribution prepayment with Mobimagic Digital Tech. Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 3,848 | 15,527 | ||
Technology licensing, advertising and other revenue from Mobimagic Digital Tech. Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 496 | 3,069 | ||
Trade and other payables to Mobimagic Digital Tech. Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (2,760) | |||
Trade payables due to related parties | 2,760 | |||
Marketing and distribution expense to Mobimagic Digital Tech. Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (9,719) | (25,767) | (7,522) | |
Trade receivables with Mobimagic Cayman Co. Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 303 | |||
Software license fees expense to Mobimagic Digital Tech. Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (500) | |||
Trade and other payable to Mobimagic Cayman Co. Ltd. / Hong Kong Fintango Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (25,598) | |||
Trade payables due to related parties | 25,598 | |||
Technology, licensing and other revenue with Mobimagic Cayman Co. Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 596 | 303 | ||
Other receivables with Mobi Magic (Beijing) Information Technology Co., Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 138 | |||
Technology and platform fees with Mobimagic Cayman Co. Ltd. / Hong Kong Fintango Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (23,007) | (25,598) | ||
Trade receivables with Nhorizon Infinite (Beijing) Software Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 278 | |||
Professional services to Mobimagic Cayman Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (325) | |||
Revenue share liability to nHorizon Innovation [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (23) | (23) | ||
Trade payables due to related parties | 23 | 23 | ||
Technology and other revenue from nHorizon Innovation [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 146 | (18) | ||
Professional service receivable from nHorizon Innovation [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 146 | |||
Investment to nHorizon Innovation (Beijing) Software Ltd [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (38) | (45) | ||
Professional service payable to nHorizon Innovation [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (533) | (543) | ||
Trade payables due to related parties | 533 | 543 | ||
Professional services to nHorizon [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (156) | (941) | ||
Loans receivable from Opay Digital Services Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | ||||
Technology licensing and other revenue from nHorizon Infinite (Beijing) Software Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 133 | |||
Trade receivable from Opay Digital Services Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 615 | 17,450 | ||
Aqcuisition cost to Opay Digital Services Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (9,500) | |||
Contract liability from Opay Digital Services Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (6,274) | |||
Trade payables due to related parties | 6,274 | |||
Investment to Opay Digital Services Limited (HK) [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (7,131) | |||
Other receivables with Opay Digital Services Limited (UK) [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 5,000 | |||
License fee (cost of revenue) to Opay Digital Services Limited (HK) [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (455) | |||
Trade receivable from Paycom Nigeria Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 1,466 | |||
Technology and other revenue from Opay Digital Services Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 7,626 | 15,960 | 10,899 | |
Trade and other payables to Paycom Nigeria Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (136) | (26) | ||
Trade payables due to related parties | 136 | 26 | ||
Interest income from Opay Digital Services Limited (HK) [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 323 | |||
Loans receivable from Powerbets Holding Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 3,039 | |||
Other income from Opay Digital Services Limited (UK) [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 5,289 | |||
Trade receivable from Powerbets Holding Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 6,579 | |||
Advertising revenue from Paycom Nigeria Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 866 | 1,565 | ||
Trade receivable from Starmaker Entertainment Technology India Pvt., Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 22 | |||
Technology, other, and advertising revenue from Powerbets Holdings Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 2,210 | 4,369 | ||
Other receivables from Wisdom Connection III Holding Inc. [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 500 | 500 | ||
Finance income with Puto Novi Financing Corporation [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 97 | |||
Other payables to Xinyu Kunnuo Investment Management Co., Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (180) | |||
Trade payables due to related parties | 180 | |||
Investment to Starmaker Interactive [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (30,000) | |||
Prepayment liabilities to Ying Liang Ltd [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 22 | |||
Professional services to Starmaker Interactive [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 150 | 175 | ||
Trade and other payables to Ying Liang Ltd [member] | ||||
Statement Line Items [Line Items] | ||||
Related party payables | (3,673) | |||
Trade payables due to related parties | 3,673 | |||
Other revenue from Wisdom Connection III Holding Inc. [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 8 | |||
Trade receivables with Ying Liang Ltd [member] | ||||
Statement Line Items [Line Items] | ||||
Related party receivables | 209 | |||
Disposal of shares in associates from Wisdom Connection III Holding Inc. [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 500 | |||
Professional services with Xinyu Kunnuo Investment Management Co., Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | 180 | |||
Marketing and distribution expenses to Ying Liang Ltd [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | (3,716) | |||
Technology licensing and other revenue from Ying Liang Ltd [member] | ||||
Statement Line Items [Line Items] | ||||
Transactions with related parties | $ 209 | |||
[1] | See Note 26 for more information. |
Note 27 - Events After the Re_2
Note 27 - Events After the Reporting Period (Details Textual) $ in Thousands | Jun. 04, 2021USD ($)shares | May 25, 2021 | Jan. 17, 2021USD ($)shares | Jan. 08, 2021shares | Apr. 29, 2021 | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 05, 2021shares | Jan. 11, 2021USD ($) | May 29, 2020USD ($) |
Statement Line Items [Line Items] | |||||||||||
Goodwill at end of period | $ 424,961 | $ 421,578 | |||||||||
Payments to acquire or redeem entity's shares | $ 49,049 | $ 5,780 | $ 4,875 | ||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 1,122,818 | 1,728,492 | |||||||||
Number of share options granted in share-based payment arrangement | 150,000 | ||||||||||
Ordinary shares [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares repurchased (in shares) | shares | 11,786,278 | ||||||||||
ADS [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares repurchased (in shares) | shares | 5,893,139 | ||||||||||
ADS [member] | RSU [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Share-based payments arrangement, vesting schedule, in year one | 25.00% | ||||||||||
Share-based payments arrangement, vesting schedule, in year two | 25.00% | ||||||||||
Share-based payments arrangement, vesting schedule, in year three | 25.00% | ||||||||||
Share-based payments arrangement, vesting schedule, in year four | 25.00% | ||||||||||
Major business combination [member] | YoYo Games Limited [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Percentage of voting equity interests acquired | 100.00% | ||||||||||
Total consideration transferred, acquisition-date fair value | $ 9,500 | ||||||||||
Consideration transferred, acquisition-date fair value, net of cash acquired | 9,000 | ||||||||||
Goodwill at end of period | $ 6,400 | ||||||||||
Major ordinary share transactions [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of share options granted in share-based payment arrangement | 40,000 | ||||||||||
Major ordinary share transactions [member] | RSU [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 1,965,825 | 1,086,340 | |||||||||
Major ordinary share transactions [member] | Options and RSUs [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Share-based payments arrangement, vesting schedule, in year one | 22.00% | ||||||||||
Share-based payments arrangement, vesting schedule, in year two | 24.00% | ||||||||||
Share-based payments arrangement, vesting schedule, in year three | 27.00% | ||||||||||
Share-based payments arrangement, vesting schedule, in year four | 27.00% | ||||||||||
Major ordinary share transactions [member] | ADS [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares repurchased (in shares) | shares | 5,976,455 | ||||||||||
Payments to acquire or redeem entity's shares | $ 49,800 | ||||||||||
Kunlun Tech Limited [member] | Major business combination [member] | Ordinary shares [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Shares issued during period (in shares) | shares | 19,500,000 | ||||||||||
Total number of shares issued (in shares) | shares | 124,000,000 | ||||||||||
Proportion of ownership interest held by a counter party | 53.90% | ||||||||||
OPay Digital Services Limited [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Gains on disposals of investments | |||||||||||
OPay Digital Services Limited [member] | Other disposals of assets [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Preferred shares in associate sold (in shares) | shares | 41,071,355 | ||||||||||
Preferred shares in associate sold, consideration | $ 50,000 | ||||||||||
Gains on disposals of investments | $ 31,100 | ||||||||||
OPay Digital Services Limited [member] | Investment ownership [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Shares in associate held (in shares) | shares | 101,020,495 | ||||||||||
Common shares in associate held (in shares) | shares | 31,058,025 | ||||||||||
Preferred shares in associate held (in shares) | shares | 69,962,470 | ||||||||||
Investments accounted for using equity method [member] | AB Fjord Bank [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Investments in associates accounted for using equity method, ownership percentage | 9.90% | ||||||||||
Investments in associates accounted for using equity method | $ 900 |