Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0001737450 |
Entity Registrant Name | Opera Ltd |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2021 |
Document Type | 20-F |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Document Transition Report | false |
Entity File Number | 001-38588 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | Vitaminveien 4 |
Entity Address, Postal Zip Code | 0485 |
Entity Address, City or Town | Oslo |
Entity Address, Country | NO |
Title of 12(b) Security | American Depositary Shares, each representing two ordinary shares, par value US$0.0001 per share |
Trading Symbol | OPRA |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 230,291,732 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Document Shell Company Report | false |
Document Registration Statement | false |
Auditor Name | KPMG AS |
Auditor Location | Oslo, Norway |
Auditor Firm ID | 1363 |
ICFR Auditor Attestation Flag | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Vitaminveien 4 |
Entity Address, Postal Zip Code | 0485 |
Entity Address, City or Town | Oslo |
Entity Address, Country | NO |
City Area Code | 47 |
Local Phone Number | 2369-2400 |
Contact Personnel Name | Mr. Yahui Zhou, Chief Executive Officer c/o Aaron McParlan, General Counsel |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | ||||
Revenue | $ 250,991 | $ 165,056 | $ 177,078 | |
Other operating income | 466 | 11,542 | 0 | |
Operating expenses: | ||||
Technology and platform fees | (4,472) | (3,315) | (796) | |
Content cost | (3,712) | (4,312) | (1,545) | |
Cost of inventory sold | (5,507) | (700) | (208) | |
Personnel expenses including share-based remuneration | (74,450) | (62,103) | (62,323) | |
Marketing and distribution expenses | (120,944) | (47,860) | (65,074) | |
Credit loss expense | (557) | (1,849) | (577) | |
Credit loss expense related to divested joint venture | 0 | (10,476) | 0 | |
Depreciation and amortization | (19,600) | (20,234) | (18,843) | |
Impairment of non-financial assets | (5,624) | 0 | 0 | |
Other operating expenses | (22,802) | (28,197) | (28,248) | |
Total operating expenses | (257,668) | (179,046) | (177,614) | |
Operating loss | (6,211) | (2,448) | (536) | |
Share of net income (loss) of equity-accounted investees | (26,675) | 2,005 | (3,818) | |
Impairment of equity-accounted investee | (118,178) | 0 | 0 | |
Fair value gain on investments | 116,561 | 24,000 | 37,900 | |
Finance income | 123 | 13,633 | 10,532 | |
Finance expense | (6,912) | (516) | (655) | |
Foreign exchange gain (loss) | (1,814) | 833 | (25) | |
Net finance income (expense) | (8,603) | 13,950 | 9,851 | |
Profit (loss) before income taxes | (43,106) | 37,507 | 43,396 | |
Profit from continuing operations | (43) | (75) | (2,658) | |
Profit (loss) from continuing operations | (43,149) | 37,432 | 40,739 | |
Profit (loss) from discontinued operations | (816) | 141,742 | 17,161 | |
Net income (loss) attributable to owners of the parent | $ (43,964) | $ 179,174 | $ 57,899 | |
Earnings per ADS and per share for profit (loss) from continuing operations (1): | ||||
Diluted earnings per ADS, US$ (in dollars per share) | [1] | $ (0.37) | $ 0.32 | $ 0.36 |
Earnings per ADS and per share for net income (loss) (1): | ||||
Diluted earnings per ADS, US$ (in dollars per share) | [1] | (0.38) | 1.51 | 0.51 |
ADS [member] | ||||
Earnings per ADS and per share for profit (loss) from continuing operations (1): | ||||
Basic earnings per share, US$ (in dollars per share) | [1] | (0.37) | 0.32 | 0.36 |
Earnings per ADS and per share for net income (loss) (1): | ||||
Basic earnings per share, US$ (in dollars per share) | [1] | (0.38) | 1.53 | 0.52 |
Ordinary shares [member] | ||||
Earnings per ADS and per share for profit (loss) from continuing operations (1): | ||||
Basic earnings per share, US$ (in dollars per share) | [1] | (0.19) | 0.16 | 0.18 |
Diluted earnings per ADS, US$ (in dollars per share) | [1] | (0.19) | 0.16 | 0.18 |
Earnings per ADS and per share for net income (loss) (1): | ||||
Basic earnings per share, US$ (in dollars per share) | [1] | (0.19) | 0.76 | 0.26 |
Diluted earnings per ADS, US$ (in dollars per share) | [1] | $ (0.19) | $ 0.75 | $ 0.25 |
[1] | Each ADS in Opera Limited (Nasdaq: OPRA) represents two underlying shares. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Net income (loss) | $ (43,964) | $ 179,174 | $ 57,899 |
Other comprehensive income (loss): | |||
Exchange differences on translation of foreign operations | (1,156) | 42 | (1,790) |
Reclassification of exchange differences on loss of control | 0 | 2,936 | 7 |
Share of other comprehensive income (loss) of equity-accounted investees | 227 | (935) | (41) |
Total other comprehensive income (loss) | (928) | 2,043 | (1,824) |
Total comprehensive income (loss) attributable to owners of the parent | $ (44,891) | $ 181,217 | $ 56,075 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Property and equipment | $ 12,263 | $ 18,167 |
Intangible assets | 103,627 | 111,954 |
Goodwill | 430,378 | 424,961 |
Investments in associates and joint ventures | 6 | 364,946 |
Non-current financial assets | 2,878 | 1,490 |
Deferred tax assets | 2,323 | 4,383 |
Total non-current assets | 551,474 | 925,901 |
Trade receivables | 43,864 | 28,809 |
Other current receivables | 18,538 | 11,674 |
Prepayments | 9,192 | 9,061 |
Marketable securities | 78,135 | 0 |
Cash and cash equivalents | 102,876 | 134,168 |
Total cash, cash equivalents, and marketable securities | 181,011 | 134,168 |
Assets held for sale | 288,379 | 0 |
Total current assets | 540,986 | 183,711 |
Total assets | 1,092,460 | 1,109,612 |
Equity: | ||
Share capital | 24 | 24 |
Other paid in capital | 764,381 | 765,129 |
Retained earnings | 249,155 | 283,334 |
Foreign currency translation reserve | (520) | 408 |
Total equity attributable to owners of the parent | 1,013,039 | 1,048,895 |
Liabilities: | ||
Non-current lease liabilities and other loans | 2,081 | 3,584 |
Deferred tax liabilities | 6,532 | 11,745 |
Other non-current liabilities | 23 | 68 |
Total non-current liabilities | 8,635 | 15,397 |
Trade and other payables | 38,378 | 25,454 |
Deferred revenue | 1,092 | 345 |
Current lease liabilities and other loans | 11,427 | 5,389 |
Income tax payable | 763 | 1,094 |
Other current liabilities | 19,125 | 13,040 |
Total current liabilities | 70,786 | 45,320 |
Total liabilities | 79,421 | 60,717 |
Total equity and liabilities | $ 1,092,460 | $ 1,109,612 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Equity - USD ($) $ in Thousands | Issued capital [member] | Share premium [member] | Retained earnings [member] | Reserve of exchange differences on translation [member] | Total |
As of December 31, 2018 at Dec. 31, 2018 | $ 22 | $ 738,690 | $ 36,432 | $ 316 | $ 775,460 |
Impact of implementing IFRS 16 at Dec. 31, 2018 | 0 | 0 | 64 | 0 | 64 |
Beginning balance at Dec. 31, 2018 | 22 | 738,690 | 36,496 | 316 | 775,524 |
Statement Line Items [Line Items] | |||||
Net income (loss) | 0 | 0 | 57,899 | 0 | 57,899 |
Other comprehensive income (loss) | 0 | 0 | 0 | (1,824) | (1,824) |
Total comprehensive income (loss) | 0 | 0 | 57,899 | (1,824) | 56,075 |
Contribution of equity, net of transaction costs | 2 | 81,267 | 0 | 0 | 81,269 |
Acquisition of treasury shares | 0 | (5,780) | 0 | 0 | (5,780) |
Share-based remuneration | 0 | 0 | 5,118 | 0 | 5,118 |
Ending balance at Dec. 31, 2019 | 24 | 814,177 | 99,513 | (1,508) | 912,206 |
Statement Line Items [Line Items] | |||||
Net income (loss) | 0 | 0 | 179,174 | 0 | 179,174 |
Other comprehensive income (loss) | 0 | 0 | 0 | 2,043 | 2,043 |
Total comprehensive income (loss) | 0 | 0 | 179,174 | 2,043 | 181,217 |
Acquisition of treasury shares | 0 | (49,049) | 0 | 0 | (49,049) |
Share-based remuneration | 0 | 0 | 4,521 | 0 | 4,521 |
Reclassification of foreign currency translation reserve | 0 | 0 | 126 | (126) | 0 |
Ending balance at Dec. 31, 2020 | 24 | 765,129 | 283,334 | 408 | 1,048,895 |
Statement Line Items [Line Items] | |||||
Net income (loss) | 0 | 0 | (43,964) | 0 | (43,964) |
Other comprehensive income (loss) | 0 | 0 | 0 | (928) | (928) |
Total comprehensive income (loss) | 0 | 0 | (43,964) | (928) | (44,891) |
Acquisition of treasury shares | 0 | (749) | 0 | 0 | (749) |
Share-based remuneration | 0 | 0 | 9,785 | 0 | 9,785 |
Ending balance at Dec. 31, 2021 | $ 24 | $ 764,381 | $ 249,155 | $ (520) | $ 1,013,039 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Profit (loss) before income taxes from continuing operations | $ (43,106) | $ 37,507 | $ 43,396 |
Profit (loss) before income taxes from discontinued operations | (1,053) | 139,792 | 20,105 |
Adjustments to reconcile profit before income taxes to net cash flows: | |||
Share-based payment expense | 9,785 | 4,521 | 5,118 |
Depreciation and amortization | 19,600 | 20,390 | 18,934 |
Impairment of non-financial assets | 5,624 | 0 | 0 |
Share of net loss (income) of equity-accounted investees | 26,675 | (2,005) | 3,818 |
Impairment of equity-accounted investee | 118,178 | 0 | 0 |
Fair value gain on investments | (116,561) | (24,000) | (37,900) |
Gain on disposal of emerging market fintech operations | 0 | (151,368) | 0 |
Impact of divestment of joint venture | 0 | 1,834 | 0 |
Net finance expense (income) | 8,603 | (11,980) | (8,756) |
Other adjustments | (1,833) | (1,466) | 726 |
Changes in working capital: | |||
Change in trade and other receivables | (7,383) | 22,101 | (14,206) |
Change in prepayments | (132) | 12,032 | (11,437) |
Change in inventories | 24 | 7,752 | (7,752) |
Change in loans to customers | 68 | 75,064 | (90,023) |
Change in trade and other payables | 12,925 | (25,135) | 39,168 |
Change in deferred revenue | 747 | (346) | (1,224) |
Change in other liabilities | (146) | (1,482) | 5,441 |
Income taxes paid | (5,452) | (9,887) | (9,870) |
Net cash flow from (used in) operating activities | 26,564 | 93,324 | (44,464) |
Cash flows from investment activities: | |||
Purchase of equipment | (1,060) | (2,484) | (8,868) |
Purchase of intangibles assets | 0 | (2,286) | 0 |
Development expenditure | (4,836) | (6,553) | (4,173) |
Proceeds from sales of equipment and intangible assets | 0 | 0 | 6 |
Acquisition of subsidiary, net of cash acquired | (9,008) | (4,882) | 0 |
Cash transferred upon loss of control over emerging market fintech operations | 0 | (39,260) | 0 |
Deposit of collateral for subsidiaries' loan facility | 0 | (1,000) | (52,878) |
Release of escrow account | 0 | 1,000 | 0 |
Disbursement of short-term loans | 0 | (6,332) | 0 |
Repayment of short-term loans | 0 | 6,332 | 0 |
Investment in, and loans to associates and joint ventures | 0 | (440) | (6,550) |
Proceeds from sale of shares in associate | 50,000 | 0 | 0 |
Repayment of loans to associates and joint ventures | 0 | 0 | 726 |
Net sale (purchase) of listed equity instruments | (84,835) | 58,535 | (35,250) |
Interest income received | 35 | 326 | 0 |
Net cash flow from (used in) investing activities | (49,703) | 2,956 | (106,987) |
Cash flows from financing activities: | |||
Proceeds from issues of equity instruments | 0 | 0 | 82,630 |
Transaction costs on issue of equity instruments | 0 | 0 | (1,364) |
Acquisition of treasury shares | (749) | (49,049) | (5,780) |
Proceeds from loans and borrowings | 0 | 6,905 | 43,163 |
Interests on loans and borrowings | (316) | (1,752) | (1,184) |
Repayment of loans and borrowings | (499) | (52,874) | (1,509) |
Payment of lease liabilities | (5,119) | (4,202) | (2,755) |
Net cash flow from (used in) financing activities | (6,683) | (100,972) | 113,200 |
Net change in cash and cash equivalents | (29,822) | (4,692) | (38,248) |
Cash and cash equivalents at beginning of period | 134,168 | 139,487 | 177,873 |
Effect of exchange rate changes on cash and cash equivalents | (1,472) | (627) | (137) |
Cash and cash equivalents at end of period | $ 102,876 | $ 134,168 | $ 139,487 |
Note 1 - Accounting Policies
Note 1 - Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 1. Accounting Policies Basis of Preparation The consolidated financial statements of Opera Limited and its subsidiaries (collectively “Opera” or “the Group”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The board of directors of Opera Limited (“the Company” or “the Parent”) authorized the consolidated financial statements for issue on April 26, 2022. The consolidated financial statements have been prepared on a historical cost basis, except for investments in equity securities, preferred shares, and derivatives, which are measured at fair value. 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, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, Opera considers the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. The consolidated financial statements are presented in U.S. dollars (US$) and all amounts are rounded to the nearest thousand ( US$000 may Certain amounts in the comparable period in the Statement of Financial Position have been reclassified to conform to current year presentation. This reclassification did not The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgment in applying Opera’s accounting policies. Significant accounting estimates, judgments and assumptions are disclosed in Note 2. New Standards, Interpretations, and Amendments The accounting policies applied in the preparation of the consolidated financial statements are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2020. first 2021, not 10 28 not not None not Basis of Consolidation The consolidated financial statements comprise the financial statements of Opera Limited and entities it controls. Control is achieved when Opera 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. Generally, there is a presumption that a majority of voting rights results in control. If Opera 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. Foreign Currencies Items included in the financial statements of Opera’s entities are measured using the currency of the primary economic environment in which the entity operates, i.e., the functional currency. The consolidated financial statements are presented in U.S. dollars, which is also the functional currency of the parent company. Foreign currency transactions are recognized at their respective functional currency spot rate at the date the transaction first The assets and liabilities of entities within the Group with functional currencies other than U.S. dollars are translated into U.S. dollars using the currency exchange rates at the reporting date. Income and expense items are translated at average currency exchange rates for the respective period. The overall 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. Revenue Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which Opera expects to be entitled in exchange for those goods or services (the transaction price). Opera generates revenue from the provision of search, advertising, technology licensing and related services. 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. 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 Opera. Revenue is recognized when the 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 Most of the advertising revenue is reported based on the amounts Opera is entitled to receive from advertising partners. In limited instances where Opera has developed or procured a service which it promotes to the users, Opera considers itself the principal party to a transaction and not Technology licensing and other revenue Technology licensing and other revenue include income from the sale of software and licenses to GameMaker Studio, a platform for developing games. Revenue from these transactions is recognized on completion of the performance obligation, which is typically on delivery of the software and licenses, at which time control has passed to the buyer. Technology licensing and other revenue also include income from the provision of engineering services, such as integrations of customers’ products and services with Opera’s browsers. Revenue from distinct engineering services is recognized over the development period in line with the degree of completion. Other Operating Income Other operating income is income which is not Personnel Expenses Including Share-based Remuneration 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. These personnel expenses are recognized at the undiscounted amount due to the employees or the de-facto employees when these have rendered service to Opera or when the liability otherwise arises. Opera has established an employee equity plan to provide long-term incentives for its employees, whereby employees render services as consideration for equity instruments. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in Note 5. Income Taxes The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where Opera operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. Opera measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. 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. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realized simultaneously. Discontinued Operations A discontinued operation is a component of Opera that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the Statement of Operations. 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 as part of discontinued operations, are eliminated from the balance sheet changes to such items in the reconciliation of profit to cash flows from operating activities. The amount of cash and cash equivalents in subsidiaries disposed of is presented as a cash outflow within investing activities. 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. Government grants that relate to the development of technology are deducted in arriving at the carrying amount of the asset, while grants that compensate Opera for expenses are recognized as other operating income in the Statement of Operations. Property and Equipment Property and equipment, which include right-of-use assets acquired under leases, are recognized at cost, less accumulated depreciation, and impairment losses. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the remaining lease term, whichever is shorter. The estimated useful lives of the separate categories of property and equipment are outlined in Note 10. Useful lives, residual values and the depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate. At the end of each reporting period, property and equipment are assessed for any indications of impairment. If there are indications implying that an asset may Intangible Assets Intangible assets are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their useful lives and assessed for impairment whenever there is an indication that the intangible assets may 11. Goodwill and other intangible assets that have indefinite useful lives are not Research costs are expensed as incurred, while development expenditures are recognized as intangible assets when Opera 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. 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. Business Combinations and Goodwill Business combinations, except those occurring under common control, are accounted for using the acquisition method when Opera obtains control over the acquired business. The consideration transferred in the acquisition, including any contingent consideration, is measured at fair value on the acquisition date, as are the identifiable assets acquired and liabilities assumed. Acquisition-related costs are expensed as incurred. Goodwill is measured 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 Opera’s cash generating units (CGUs) that are expected to benefit from the acquisition in which the goodwill arose. Impairment of Non-financial Assets Goodwill and intangible assets that have an indefinite useful life are not may not Interests in Equity-accounted Investees Opera's interests in equity-accounted investees comprised interests in associates and a joint venture. Classification An associate is an entity over which Opera has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but not Equity Method Investments in associates and joint ventures are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost and adjusted thereafter to recognize Opera’s share of the post-acquisition profits or losses of the investee in the Statement of Operations, and Opera’s share of movements in other comprehensive income of the investee in the Statement of Comprehensive Income. 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. On acquisition of the investment in an associate or joint venture, Opera identifies and values assets and liabilities of the investee, as if it had acquired a business. While these fair value adjustments are not not Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of Opera’s interest in the investee. However, in the acquisition of a business from an equity-accounted investee, Opera does not When Opera’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 Opera has incurred legal or constructive obligations or has made payments on behalf of the investee. Impairment After application of the equity method, Opera determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, Opera calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying amount. The recoverable amount of the investment is calculated in accordance with the principles for impairment of non-financial assets, as outlined above. Financial Assets Classification On initial recognition, Opera classifies financial assets as subsequently measured at amortized cost or fair value through profit or loss. The classification depends on Opera’s business model for managing the financial assets and the contractual terms of the cash flows. Opera did not Recognition and Derecognition Purchases and sales of publicly traded securities are recognized on trade date, being the date on which Opera commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and Opera has transferred substantially all the risks and rewards of ownership. Measurement Trade receivables that do not not Subsequent measurement of debt instruments depends on Opera’s business model for managing the asset and the cash flow characteristics of the asset. There are two ● Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in the Statement of Operations together with foreign exchange gains and losses. Impairment losses are presented as credit loss expense. ● Fair value through profit or loss (FVPL): Assets that do not All equity investments are subsequently measured at fair value through profit or loss. Management has not Impairment Opera recognizes an allowance for expected credit losses (ECLs) for all debt instruments not For trade receivables and contract assets, Opera applies a simplified approach in calculating ECLs. Under the simplified approach, Opera does not no Assets Held for Sale Opera classifies non-current assets as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. For a sale to be highly probable, actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell, except for financial assets held for sale, which continue to be measured in accordance with the accounting policies for such assets, as outlined above. Once classified as held for sale, investments in associates and joint ventures are no Leases At inception of a contract, Opera assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of the lease (i.e., the date the underlying asset is available for use), Opera recognizes a lease liability and a right-of-use asset. The lease liability is initially measured at the present value of the lease payments to be made over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Opera’s incremental borrowing rate. Generally, Opera uses its incremental borrowing rate as the discount rate. 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 Opera, and payments of penalties for terminating a lease, if the lease term reflects management’s expectation of exercising the option to terminate. Variable lease payments that do not 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 right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to Opera by the end of the lease term or the cost of the right-of-use asset reflects that Opera will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset will be reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. 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. Financial Liabilities Financial liabilities include loans, borrowings and payables, including interest bearing loans, lease liabilities, trade payables, other payables and other current and non-current financial liabilities. 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. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the Statement of Operations over the period of the borrowings using the effective interest method. A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in the Statement of Operations. Financial liabilities are classified as current liabilities unless Opera has an unconditional right to defer settlement of the liability for at least 12 Provisions A provision is recognized when Opera has a present legal or constructive obligation because of a past event, it is probable that a future outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Treasury Shares Treasury shares are shares in the parent that are reacquired under a repurchase program. Treasury shares are recognized at cost and deducted from equity. No |
Note 2 - Accounting Judgments a
Note 2 - Accounting Judgments and Estimation Uncertainty | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of accounting judgements and estimates [text block] | 2. Accounting Judgments and Estimation Uncertainty The preparation of Opera’s consolidated financial statements requires the use of accounting estimates. Management also needs to exercise judgment in applying Opera’s accounting policies. These estimates and judgments affect the reported amounts of assets, liabilities, income and expenses, and the accompanying disclosures. Accounting estimates and assumptions, which are continuously reviewed, are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Uncertainty about these estimates and assumptions could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. A change in an accounting estimate is recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following summarizes the most significant judgments and estimates used in preparing the consolidated financial statements. Fair Value Measurement for Investments Held for Sale At the end of 2021, X, December 31, 2021. not X, Nanobank Fair value less costs to sell was determined based on the transaction Opera entered into in March 2022, 19. 2021 2022 not US$127.1 two US$120.3 US$118.2 12 OPay The fair value of the shares in OPay was measured using methods and techniques that reflect the economic rights and benefits of the shares. These rights and benefits include redemption rights and liquidation preferences. Management determined that a combination of the probability weighted expected return model (“PWERM”) and the option pricing model (“OPM”) were appropriate when estimating the fair value of both the preferred and ordinary shares in OPay in 2021. 2020, 2021 three 12. Star X The fair value of the preferred shares in Star X 2021, 2021 2022 X, X not X. 12 X 2021 19 2022 Classification of Investment in OPay Opera has invested in ordinary and preferred shares in OPay Limited ("OPay"), holding 6.44% of the total number of shares outstanding as of December 31, 2021, December 31, 2020. 2021 Management considered all relevant facts and circumstances related to the investment in OPay and concluded that as of mid- 2021, no no As a result of Opera losing significant influence over OPay, the investment in ordinary shares was measured at fair value through profit or loss. The reclassification of the investment in OPay did not Up until Opera lost significant influence over OPay in mid- 2021, 12 Basis of Accounting for Investment in Preferred Shares in Star X Opera had invested in preferred shares in Star Group Interactive Inc. ("Star X", 9 28 not ● Redemption right: The ability to reclaim the invested amount plus 8% per annum if certain defined events occur. ● Liquidation preference: In the event of liquidation, holders of the preferred shares are entitled to receive an amount equal to 100% of the share issue price and their pro rata share of any proceeds in excess of the share issue price. ● Dividend right: Holders of the preferred shares are entitled to an annual non-cumulative dividend equal to 8% of the share issue price, payable only if and when declared by the board of directors of Star X. The rights of the preferred shares entail that they are debt instruments, but they do not X 2021, 2021 not X. 12 19 Recoverable Amount for Goodwill and Other Intangible 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, 2021, 11. Opera periodically, and when circumstances warrant, reviews capitalized development expenditure to evaluate whether there are indicators of impairment for individual assets. If indicators of impairment are identified, Opera tests the asset or CGU to which it is included for impairment in accordance with the principles for impairment of non-financial assets, as disclosed in Note 1. 11 Capitalized Development Expenditure Opera capitalized 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 1. Share-based Remuneration Estimating fair value for share-based awards requires an assessment of an appropriate valuation model, which depends on the terms and conditions of the grant. The estimate of fair value also requires an assessment of the most appropriate inputs to the valuation model, including grant date fair value of the underlying equity, the expected life of the grant, volatility, and dividend yield. Assumptions and models used for current grants are disclosed in Note 5. |
Note 3 - Corporate Information
Note 3 - Corporate Information and Group Composition | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of general information about financial statements [text block] | 3. Corporate Information and Group Composition Opera is a leading global internet brand with an engaged user base. Building on over 20 The chart below provides an overview of the corporate structure of the Group, including the places of incorporation of the Parent and its material subsidiaries. Notes: ( 1 20% ( 2 1 ( 3 Variable interest entity contractually controlled by Opera Software International AS. Opera Limited, with its office at Maples Corporate Services Limited, PO Box 309, KY1 1104, 4, 0485 There were no In addition to the subsidiaries outlined above, Opera has investments in unconsolidated companies, including associates, a joint venture, and other investees. Details on these investments are provided in Note 12. Capital Management The primary objective of Opera’s capital management is 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. Investment Program The board of directors of the Company has adopted an investment program under which up to US$70 may US$80 US$7.5 December 31, 2021, may 14, 17 18 Share Repurchases On January 17, 2020, US$50.0 January 17, 2021, may January 17, 2021, US$49.8 2020, US$10.7 2018. 2021, 19 2022. Business Combinations YoYo Games On January 11, 2021, US$9.5 US$9.0 The assets and liabilities recognized as a result of the acquisition are as follows. [US$ thousands] Fair value recognized on acquisition Assets: Intangible assets (technology) 331 Property and equipment (equipment) 37 Right-of-use assets (property) 234 Trade receivables 131 Prepayments 8 Cash 481 Liabilities: Lease liabilities 234 Deferred tax liabilities 48 Trade payables 102 Income tax payable 63 Other current liabilities 67 Total identifiable net assets at fair value 708 Goodwill arising on acquisition 8,792 Cash consideration transferred 9,500 The goodwill of US$8.8 not 11 The acquired business contributed revenue of US$2.2 US$1.2 January 11, 2021, December 31, 2021. not January 1, 2021. PocoSys On January 17, 2020, US$5.0 US$1.7 US$3.0 not 11 2021 Discontinued Operations On August 19, 2020, 12 In 2020, 2021, US$1.1 US$0.2 2021. The table below presents the profit or loss from discontinued operations, comprising the results of TenSpot Pesa Limited and its subsidiaries up until August 19, 2020, Year ended December 31, [US$ thousands] 2019 2020 2021 Revenue 157,776 136,246 - Expenses (137,671 ) (147,822 ) (1,053 ) Profit (loss) before income tax 20,105 (11,576 ) (1,053 ) Income tax benefit (expense) (2,944 ) 1,950 237 Profit (loss) after income tax 17,161 (9,626 ) (816 ) Gain on sale of the subsidiary after income tax - 151,368 - Profit (loss) from discontinued operation 17,161 141,742 (816 ) Exchange differences on translation of discontinued operations (1,134 ) (1,802 ) - Other comprehensive loss from discontinued operations (1,134 ) (1,802 ) - The table below presents the calculation of the gain in 2020 As of August 19, [US$ thousands] 2020 Fair value of shares in Nanobank 264,936 Less: Carrying amount of net assets disposed of 22,766 Less: 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 presents the net cash flows incurred by TenSpot Pesa Limited, its subsidiaries, and the discontinued retail operations. Year ended December 31, [US$ thousands] 2019 2020 2021 Net cash flow from (used in) discontinued operating activities (108,813 ) 65,806 - Net cash flow used in discontinued investing activities (507 ) (576 ) - Net cash flow from (used in) discontinued financing activities 125,675 (44,711 ) - Net change in cash and cash equivalents 16,354 20,518 - As of August 19, 2020, US$39.3 The table below presents the basic and diluted earnings per share from discontinued operations. Year ended December 31, [Net income per ADS and share in US$] 2019 2020 2021 Basic net income from discontinued operations per ADS 0.15 1.21 (0.01 ) Diluted net income from discontinued operations per ADS 0.15 1.19 (0.01 ) Basic net income from discontinued operations per share 0.08 0.60 (0.00 ) Diluted net income from discontinued operations per share 0.07 0.60 (0.00 ) |
Note 4 - Segment and Revenue In
Note 4 - Segment and Revenue Information | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of revenue from contracts with customers [text block] | 4. Segment and Revenue Information For management reporting purposes, Opera is organized into business units based on its main categories of products and services. Opera has two ● Browser and News ● Other The prior segments “Retail” and “Fintech” were discontinued in 2020 no 3. An operating segment captures relatively distinct business activities from which Opera 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 Opera’s CODM. 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 Opera’s PC and mobile browsers as well as the Opera News platform, which is integrated in Opera’s browsers and available through standalone apps. Following the acquisition of YoYo Games in 2021, 3, third The tables below present the contributions from each segment, including a disaggregation of the revenue from contracts with customers into the types of goods or services provided. Year ended December 31, 2019 [US$ thousands] Browser and News Other Total Revenue from contracts with customers: Search 86,155 - 86,155 Advertising 68,813 - 68,813 Technology licensing and other revenue - 22,110 22,110 Total revenue 154,968 22,110 177,078 Direct expenses: 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 ) Total direct expenses (67,775 ) (11,924 ) (79,699 ) Contribution by segment 87,193 10,186 97,379 Year ended December 31, 2020 [US$ thousands] Browser and News Other Total Revenue from contracts with customers: Search 84,180 - 84,180 Advertising 71,292 216 71,508 Technology licensing and other revenue - 9,368 9,368 Total revenue 155,472 9,584 165,056 Direct expenses: 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 ) Total direct expenses (55,097 ) (6,724 ) (61,821 ) Contribution by segment 100,375 2,860 103,235 Year ended December 31, 2021 [US$ thousands] Browser and News Other Total Revenue from contracts with customers: Search 121,961 - 121,961 Advertising 123,870 40 123,910 Technology licensing and other revenue 2,182 2,937 5,120 Total revenue 248,013 2,978 250,991 Direct expenses: Technology and platform fees (3,899 ) (573 ) (4,472 ) Content cost (3,712 ) - (3,712 ) Cost of inventory sold (5,506 ) (1 ) (5,507 ) Marketing and distribution expenses (120,385 ) (559 ) (120,944 ) Credit loss expense (557 ) - (557 ) Total direct expenses (134,059 ) (1,132 ) (135,191 ) Contribution by segment 113,954 1,846 115,800 The table below reconciles the segment profit to profit before income taxes from continuing operations. It specifies the items of income and expenses that are managed and monitored on a group basis and thus not Year ended December 31, [US$ thousands] 2019 2020 2021 Contribution by segment 97,379 103,235 115,800 Other operating income - 11,542 466 Personnel expenses including share-based remuneration (1) (51,283 ) (59,977 ) (74,450 ) Credit loss expense related to divested joint venture - (10,476 ) - Depreciation and amortization (18,843 ) (20,234 ) (19,600 ) Impairment of non-financial assets - - (5,624 ) Other operating expenses (1) (27,791 ) (26,538 ) (22,802 ) Share of net income (loss) of equity-accounted investees (3,818 ) 2,005 (26,675 ) Impairment of equity-accounted investee - - (118,178 ) Fair value gain on investments 37,900 24,000 116,561 Finance income 10,532 13,633 123 Finance expense (655 ) (516 ) (6,912 ) Foreign exchange gain (loss) (25 ) 833 (1,814 ) Profit (loss) before income taxes from continuing operations 43,396 37,507 (43,106 ) ( 1 Certain personnel and other operating expenses are included as part of "other cost of revenue" in the measure of segment profit. Accordingly, the amounts for personnel and other operating expenses in this reconciliation are not Revenue The table below presents the revenue by customer location. Year ended December 31, [US$ thousands] 2019 2020 2021 Ireland 81,637 80,059 126,837 Singapore 2,335 5,901 24,440 Russia 17,265 15,239 16,156 Other locations 75,841 63,857 83,558 Total revenue 177,078 165,056 250,991 Revenue by country is based upon the customers' countries of domicile, which is not Opera has two 10% one Year ended December 31, [US$ thousands] 2019 2020 2021 Customer group 1 74,572 76,184 128,650 Customer group 2 17,758 16,281 18,494 Revenue from Customer group 1 2 Other Operating Income The table below specifies the nature of other operating income. Year ended December 31, [US$ thousands] 2019 2020 2021 Gain on disposal of subsidiaries - 5,289 - Gain on divestment of joint venture - 2,063 - Government granted VAT refund - 4,030 - Other items - 160 466 Total other operating income - 11,542 466 |
Note 5 - Personnel Expenses, In
Note 5 - Personnel Expenses, Including Share-based Remuneration | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of employee benefits [text block] | 5. Personnel Expenses, Including Share-based Remuneration The table below specifies the amounts of personnel expenses including share-based remuneration. Year ended December 31, [US$ thousands] 2019 2020 2021 Salaries, including bonuses 42,185 40,301 43,440 Social security tax, excluding amounts related to share-based remuneration 3,774 4,624 5,371 External temporary hires 2,474 7,090 8,617 Defined contribution pension expense 3,616 3,279 4,477 Other personnel-related expenses 4,345 2,103 2,080 Total personnel expenses, excluding share-based remuneration 56,395 57,397 63,984 Share-based remuneration, including related social security tax 5,928 4,706 10,466 Total personnel expenses, including share-based remuneration 62,323 62,103 74,450 Research and development expenditure predominantly consist of compensation for engineering and technical employees responsible for research and development of Opera’s existing and new products and services. The following table specifies the amounts of expensed and capitalized research and development expenditure. Year ended December 31, [US$ thousands] 2019 2020 2021 Total research and development expenditure 34,143 38,736 44,055 Less: Capitalized development expenditure excluded from personnel expenses (Note 11) 4,056 7,110 4,862 Net expensed research and development expenditure 30,087 31,626 39,193 Compensation for Key Management Personnel The table below specifies the amounts of compensation for key management personnel, which include the officers and directors of Opera. Year ended December 31, [US$ thousands] 2019 2020 2021 Short-term employee benefits 2,121 2,032 2,046 Post-employment and medical benefits 59 51 60 Share-based payment transactions 536 1,179 1,209 Total compensation for key management personnel 2,716 3,262 3,315 The amounts disclosed in the table above are the amounts recognized as an expense during the reporting period. Effective from January 1, 2021, No no not Share-based Remuneration On April 7, 2017, January 10, 2019. In 2021, 2021 January 1 2022 2025. RSUs Options Total Outstanding as of January 1, 2020 2,983,940 150,000 3,133,940 Granted during the year 401,818 - 401,818 Forfeited during the year (346,200 ) - (346,200 ) Exercised during the year (1,122,818 ) - (1,122,818 ) Expired during the year - - - Outstanding as of December 31, 2020 1,916,740 150,000 2,066,740 Granted during the year 1,990,825 40,000 2,030,825 Forfeited during the year (154,700 ) (90,000 ) (244,700 ) Exercised during the year (1,086,340 ) - (1,086,340 ) Expired during the year - - - Outstanding as of December 31, 2021 2,666,525 100,000 2,766,525 The weighted average remaining vesting period for the equity instruments outstanding as of December 31, 2021, December 31, 2020: The fair value of RSU grants was measured using a Monte Carlo simulation, while the fair value of option grants was measured based on a Black-Scholes model. The table below specifies the inputs to the models used for estimating the fair values of the awarded equity units, as converted to their ADS equivalents. The table presents the weighted average values across grants within each category of equity award instruments. 2020 grants: RSU valuation input 2021 grants: RSU valuation input 2021 grants: Option valuation input Equity unit price valuation ($) 8.07 10.49 10.48 Model Used Monte Carlo Monte Carlo Black-Scholes Expected Volatility (%) (1), (2) 40.00 % 66.55 % 68.10 % Risk free interest rate (%) (1) 0.58 % 0.22 % 0.46 % Dividend Yield (%) 0 % 0 % 0 % Duration of initial simulation period (years to longstop date) 3.81 3.23 3.02 Duration of second simulation period with postponed exercise (years) 3.00 3.00 3.00 Fair value at the measurement date ($) 7.84 10.35 4.96 ( 1 Specified value is 4 ( 2 Based on a defined peer group of companies considered comparable to Opera. The equity cost of each award is recognized on a straight-line basis over the vesting period. The total share-based payment expense, including social related social security cost, is specified in the table above showing the amounts of personnel expenses. Opera accrues for social security contributions based on the market price of the ADSs at the reporting date, with a straight-line recognition over the vesting period consistent with the equity cost. |
Note 6 - Other Operating Expens
Note 6 - Other Operating Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of other expenses [text block] | 6. Other Operating Expenses The table below specifies the nature of other operating expenses. Year ended December 31, [US$ thousands] 2019 2020 2021 Hosting 7,344 8,056 7,647 Audit, legal and other advisory services (1) 6,742 10,863 6,579 Software license fees 2,397 1,882 1,782 Rent and other office expenses 4,175 3,318 3,152 Travel 3,903 1,304 542 Other 3,686 2,774 3,101 Total other operating expenses 28,248 28,197 22,802 ( 1 Amount in 2020 US$3.5 |
Note 7 - Finance Income and Exp
Note 7 - Finance Income and Expense | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of finance income (cost) [text block] | 7. Finance Income and Expense The table below specifies the nature of finance income and expenses, including foreign exchange gains and losses. Year ended December 31, [US$ thousands] 2019 2020 2021 Finance income: Interest income 2,045 326 35 Net gain on investment portfolio held for trading (Note 14) 8,477 13,033 - Other finance income 10 275 88 Total finance income 10,532 13,633 123 Finance expense: Interest expense (562 ) (447 ) (316 ) Net loss on investment portfolio held for trading (Note 14) - - (4,944 ) Other finance costs (93 ) (69 ) (1,652 ) Total finance expense (655 ) (516 ) (6,912 ) Foreign exchange gain (loss): Unrealized foreign exchange gain (loss) 166 2,365 (494 ) Realized foreign exchange gain (loss) (191 ) (1,532 ) (1,320 ) Total foreign exchange gain (loss) (25 ) 833 (1,814 ) Net finance income (expense) 9,851 13,950 (8,603 ) |
Note 8 - Income Tax
Note 8 - Income Tax | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 8. Income Tax The table below provides a specification of the income tax expense. Year ended December 31, [US$ thousands] 2019 2020 2021 Current income taxes (5,112 ) 1,983 (4,109 ) Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1) (322 ) (1,272 ) 852 Deferred taxes (168 ) 1,164 3,452 Income tax benefit (expense) (5,602 ) 1,876 194 Income tax expense is attributable to: Profit from continuing operations (2,658 ) (75 ) (43 ) Profit from discontinued operation (2,944 ) 1,950 237 ( 1 Currency effect on income tax (expense) benefit due to corporate income tax filing in NOK for Norwegian entities with USD as functional currency. Opera Limited, the Parent, is domiciled in the Cayman Islands, where the applicable tax rate is zero. With Opera being headquartered in Norway and with a large share of the income from the Browser and News segment being recognized by Opera Norway AS, a subsidiary domiciled in Norway, the reconciliation below between the income tax benefit (expense) and the accounting profit is based on the tax rate applicable in Norway, which was 22% in 2021 2022. Year ended December 31, [US$ thousands] 2019 2020 2021 Profit (loss) from continuing operations before income tax expense 43,396 37,507 (43,106 ) Profit (loss) from discontinued operation before income tax expense 20,105 139,792 (1,053 ) Basis for calculation of the tax (expense) benefit 63,500 177,299 (44,159 ) Tax (expense) benefit at nominal tax rate in Norway (13,970 ) (39,006 ) 9,715 Effect of different tax rates applied by subsidiaries (2,118 ) 11,543 (44,054 ) Permanent differences: Tax effect of translation differences exempted for tax 1,155 99 358 Tax effect of financial items exempted from tax 1,917 20,143 35,961 Tax effects of losses in equity-accounted investees which are non-deductible 383 (2,200 ) (35 ) Withholding taxes paid (232 ) (271 ) (324 ) Net other permanent differences (not) tax deductible 4,269 9,713 (2,008 ) Other effects: Change in income tax losses carried forward 27 246 (227 ) Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods 3,162 670 852 Change in withholding taxes and restricted interest deduction carried forward (314 ) 952 147 Change in tax rate 119 (14 ) (190 ) Income tax (expense) benefit for the year (5,602 ) 1,876 194 Effective tax rate 8.8 % (1.1 )% 0.4 % The following summarizes Opera’s deferred tax assets and liabilities. As of December 31, [US$ thousands] 2020 2021 Property, equipment and intangible assets 21,969 20,948 Trade receivables (591 ) (337 ) Intercompany interest costs subject to limitations (9,361 ) (9,710 ) Withholding tax expected to be credited (credit method) (364 ) (166 ) Tax losses carried forward (3,017 ) (5,818 ) Other (1,274 ) (709 ) Net deferred tax liability 7,362 4,209 Recognized and classified as: Deferred tax assets 4,383 2,323 Deferred tax liabilities 11,745 6,532 Net deferred tax liability 7,362 4,209 The deferred tax liability for property, equipment and intangible assets is mainly related to differences between the fair values and tax bases for such assets that were recognized in 2016 Opera has recognized deferred tax assets related to intercompany interest costs that are carried forward due to limitations in Norway to the annual amount that can be deducted for tax purposes. Such intercompany interest cost can be carried forward for up to ten The following table specifies the changes in the net deferred tax liability. Year ended December 31, [US$ thousands] 2020 2021 Net deferred tax liability as of January 1 4,322 7,362 Addition from business combination (Note 3) - 48 Expense (benefit) in the Statement of Operations 3,040 (3,452 ) Expense (benefit) in the Statement of Comprehensive Income - 251 Net deferred tax liability as of December 31 7,362 4,209 |
Note 9 - Net Income Per Share
Note 9 - Net Income Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | 9. Net Income Per Share Basic earnings per share is calculated by dividing the net income or loss for the year attributable to ordinary equity holders of Opera Limited by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by dividing the net income or loss 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. In 2021, Opera Limited, the Parent, has American Depositary Shares (ADSs) listed on Nasdaq, trading under the OPRA ticker symbol. Each ADS represents two ordinary shares in the Parent. As of December 31, 2021, US$0.0001. The following table shows the income and share data used in the basic and diluted net income per ADS and per share calculations. Year ended December 31, [US$ thousands, except per ADS and share amounts] 2019 2020 2021 Profit (loss) from continuing operations 40,739 37,432 (43,149 ) Profit (loss) from discontinued operations 17,161 141,742 (816 ) Net income (loss) attributable to the owners of the parent for basic and diluted earnings 57,899 179,174 (43,964 ) Issued ordinary shares at beginning of period 220,119,343 237,826,326 228,285,684 Effect of shares issued 7,422,487 1,889,770 2,165,283 Effect of shares bought to treasury (2,913,330 ) (5,146,244 ) (164,324 ) Basic weighted-average number of ordinary shares in the period 224,628,500 234,569,852 230,286,642 ADS equivalent of basic weighted-average number of ordinary shares 112,314,250 117,284,926 115,143,321 Effect of employee equity grants 4,437,167 2,816,613 - Diluted weighted-average number of ordinary shares in the period 229,065,667 237,386,466 230,286,642 ADS equivalent of diluted weighted-average number of ordinary shares 114,532,833 118,693,233 115,143,321 Earnings per ADS and per share for profit (loss) from continuing operations: Basic earnings per ADS, US$ 0.36 0.32 (0.37 ) Diluted earnings per ADS, US$ 0.36 0.32 (0.37 ) Basic earnings per share, US$ 0.18 0.16 (0.19 ) Diluted earnings per share, US$ 0.18 0.16 (0.19 ) Earnings per ADS and per share for net income (loss): Basic earnings per ADS, US$ 0.52 1.53 (0.38 ) Diluted earnings per ADS, US$ 0.51 1.51 (0.38 ) Basic earnings per share, US$ 0.26 0.76 (0.19 ) Diluted earnings per share, US$ 0.25 0.75 (0.19 ) |
Note 10 - Property and Equipmen
Note 10 - Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 10. Property and Equipment [US$ thousands] Office properties Furniture and fixtures Equipment Leasehold improvements Total Cost: Cost as of January 1, 2020 7,967 878 28,008 1,747 38,601 Additions 1,135 198 2,259 17 3,608 Acquisition of a subsidiary (Note 3) - - 11 - 11 Disposals (852 ) (284 ) (1,205 ) (37 ) (2,377 ) Effect of movements in exchange rates - (19 ) 632 7 619 As of December 31, 2020 8,250 773 29,705 1,733 40,462 Additions - 13 1,020 2 1,034 Acquisition of a subsidiary (Note 3) 234 4 26 7 271 Adjustments to right-of-use assets 2,029 - 457 - 2,486 Disposals (243 ) (4 ) (2,331 ) (2 ) (2,580 ) Effect of movements in exchange rates (13 ) (4 ) (273 ) (21 ) (310 ) As of December 31, 2021 10,257 782 28,604 1,719 41,363 Depreciation and impairment: As of January 1, 2020 1,766 464 9,446 869 12,543 Depreciation 2,221 128 7,301 260 9,912 Disposals (71 ) (12 ) (77 ) (5 ) (164 ) Effect of movements in exchange rates - 5 - - 5 As of December 31, 2020 3,917 586 16,670 1,124 22,295 Depreciation 2,407 86 6,440 251 9,184 Disposals (243 ) (2 ) (2,309 ) - (2,554 ) Effect of movements in exchange rates 6 - 153 13 172 As of December 31, 2021 6,086 670 20,955 1,388 29,097 Net book value as of December 31, 2020 4,333 187 13,034 609 18,167 Net book value as of December 31, 2021 4,171 111 7,649 331 12,263 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 Up to 6 years, or term of lease contract Depreciation method Straight-line Straight-line Straight-line Straight-line |
Note 11 - Goodwill and Intangib
Note 11 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets [text block] | 11. Goodwill and Intangible Assets Customer Other intangible [US$ thousands] Goodwill relationships Technology Trademarks assets Total Cost: Cost as of January 1, 2020 421,578 40,700 22,222 70,600 2,047 557,147 Additions (1) - - 6,553 - 2,287 8,840 Acquisition of a subsidiary (Note 3) 2,998 32 1,695 - - 4,725 Disposals - - - - - - Effect of movements in exchange rates 385 - 187 - 114 686 As of December 31, 2020 424,961 40,732 30,657 70,600 4,448 571,398 Additions (1) - - 4,031 - 5 4,036 Acquisition of a subsidiary (Note 3) 8,792 - 331 - - 9,124 Disposals - - - - (370 ) (370 ) Effect of movements in exchange rates (294 ) - 259 - (5 ) (40 ) As of December 31, 2021 433,459 40,732 35,279 70,600 4,077 584,147 Amortization and impairment: As of January 1, 2020 - 9,437 13,325 - 2,000 24,762 Amortization - 3,013 6,674 - 2 9,689 Disposals - - - - - - Effect of movements in exchange rates - (1 ) - - 33 32 As of December 31, 2020 - 12,449 19,999 - 2,035 34,483 Amortization - 2,913 7,381 - 122 10,416 Impairment 3,081 - 1,596 - 947 5,624 Disposals - - - - (223 ) (223 ) Effect of movements in exchange rates - - (169 ) - 12 (157 ) As of December 31, 2021 3,081 15,362 28,807 - 2,893 50,142 Net book value as of December 31, 2020 424,961 28,283 10,658 70,600 2,413 536,915 Net book value as of December 31, 2021 430,378 25,370 6,472 70,600 1,185 534,005 ( 1 Represents capitalized development expenditure net of grants received from the Norwegian government. Customer Other intangible Goodwill relationships Technology Trademarks 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 Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, which is the operating segments. A segment-level summary of the goodwill allocation is presented below. [US$ thousands] Browser and news Other Total Carrying amount as of January 1, 2020 421,578 - 421,578 Addition from business combination (Note 3) - 2,998 2,998 Effect of movements in exchange rates - 385 385 Carrying amount as of December 31, 2020 421,578 3,383 424,961 Addition from business combination (Note 3) 8,792 - 8,792 Effect of movements in exchange rates 8 (302 ) (294 ) Impairment - (3,081 ) (3,081 ) Carrying amount as of December 31, 2021 430,378 - 430,378 Impairment Loss on Goodwill and Intangible Assets Related to European Fintech Business In 2021, third US$3.1 US$1.6 Impairment Loss on Individual Intangible Asset In 2021, US$0.9 no US$1.1 Impairment Test for Goodwill and Other Intangible Assets Allocated to the Browser and News Segment The goodwill allocated to the browser and news operating segment comprises goodwill recognized in 2016 US$421.6 US$8.8 2021. US$70.6 Opera performed the annual impairment test in the fourth 2021. not not not 2022 not 2023 2025 2025 two not 2025, The value-in-use calculation demonstrated that the recoverable amount exceeded the carrying amount of the CGUs comprising the browser and news operating segment, meaning goodwill allocated to the segment was not Cash Flows Cash inflows in the Browser and News segment are expected to grow at an annualized rate of 16% over the projected period before 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. Forecasted cash outflows are partly based on actual costs in 2021 Long-term Growth In estimating the long-term growth in the terminal value, management estimated long-term GDP growth in the relevant regions. Management assumed no no zero 2026, 2020: Discount Rate The discount rate represents the current market assessment of the risks specific to the Browser and News segment. The discount rate was based on the estimated weighted average cost of capital (WACC), assuming cash flows in U.S. dollars. Based on the inputs listed below, the post-tax WACC used to discount the forecasted cash flows was 11.1% ( 2020: 2020: ● Risk free rate: 1.6% ( 2020: ● Market risk premium: 4.84% ( 2020: ● Equity beta: 0.88 ( 2020: ● Country risk premium: 1.82% ( 2020: ● Size premium: 3.42% ( 2020: ● Equity to assets ratio: 100% ( 2020: Sensitivity Because the Browser and News segment is in a growth period, management considered changes of +/- 5 1 None ● Decrease in annual revenue growth in the projected period of 7.8 percentage points. ● Increase of WACC by more than 4.0 percentage points. ● Decrease in the long-term growth rate of 6.3 percentage points (which would entail negative long-term growth rate). |
Note 12 - Associates, Joint Ven
Note 12 - Associates, Joint Ventures, and Other Investments | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of interests in other entities [text block] | 12. Associates, Joint Ventures, and Other Investments As of year-end, Opera held investments in the following companies. Carrying amount of net investment as of December 31, Investee Nature of ownership interest Ownership interest Classification of investee Basis of accounting 2020 2021 Nanobank Ordinary shares 42.35 % Associate held for sale (1) FVLCTS (2) 264,261 120,311 OPay Ordinary and preferred shares 6.44 % (3) Financial asset held for sale (1) FVTPL (3, 4) 45,220 84,600 Star X Preferred shares 19.35 % Associate held for sale (1) FVTPL (4) 55,000 83,468 nHorizon Ordinary shares 29.09 % Joint venture Equity method 463 6 Fjord Bank Ordinary shares 6.09 % Non-current financial asset FVTPL (4) - 897 ( 1 The investments in Nanobank, OPay, and Star X 2021. ( 2 The investment in Nanobank was accounted for in accordance with the equity method until the end for 2021, ( 3 Until mid- 2021, ( 4 Fair value through profit or loss ("FVTPL"). Investments Held for Sale At the end of 2021, X, December 31, 2021. not X, X December 31, 2021. Nanobank NanoCred Cayman Company Limited (“Nanobank”), the parent of a group of companies providing online microlending services in Africa, Latin America, South Asia, and Southeast Asia, as well as credit card services in Latin America, was classified as an associate of Opera until it was divested in March 2022. August 19, 2020, 3. US$264.9 2020 US$151.4 On June 11, 2021, not The investment in Nanobank was accounted for in accordance with the equity method until the end of 2021, 2021 US$26.0 US$0.2 2020, US$0.3 US$0.9 August 2020. US$26.6 2021, US$6.2 2020. When the investment in Nanobank was classified as held for sale at the end of 2021, US$120.3 US$118.2 2, March 2022, 2021. US$127.1 two 1.0% US$1.3 19 OPay OPay Limited (“OPay”) is a mobile payment fintech company that focuses on emerging markets, with Nigeria and Egypt as initial key markets. OPay provides online and offline payments, and digital wallet services leveraging AI, big data and other fintech innovations, thus helping countries in emerging markets transform into cashless societies. As of year-end 2021, US$50.0 US$29.6 US$44.4 not 2020 2021. OPay was classified as an associate until the series C funding round in mid- 2021, 2. 2021 US$0.2 US$4.0 not Because the shares in OPay are accounted for as financial assets at fair value through profit or loss, the classification as held for sale as of year-end 2021 The fair value of the preferred shares in OPay was measured using methods and techniques that reflect the economic rights and benefits of the shares. These rights and benefits include redemption rights and liquidation preferences. Management determined that a combination of the probability weighted expected return model (“PWERM”) and the option pricing model (“OPM”) was appropriate when measuring the fair value of the preferred in OPay as of December 31, 2021. two 2020, 2021 2021 Method Description of method Probability-weighted expected return method (“PWERM”) ● 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. Option pricing model (“OPM”) ● 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. Current value method (“CV”) ● The current value method allocates value to each share class based on an estimated equity value (on a controlling basis). not Because OPay is a private company and its shares are illiquid, management at Opera determined that it was appropriate to apply a DLOM in the range of 10-20%, similar to the range used in 2020. The estimate for fair value of equity in OPay, which the OPM and CV methods build on, was US$1.8 December 31, 2021 ( December 31, 2020: US$555 2021, US$59.5 US$25.1 US$84.6 2020, US$49.0 3 December 31, 2021, 2018 2019 US$6.5 Key unobservable inputs in the valuation methods included the discount for lack of marketability, weighted average cost of capital, and the value of equity. The table below shows the sensitivities to the key unobservable inputs in the measurement of the fair value of the preferred and ordinary shares in OPay. As of December 31, 2020 As of December 31, 2021 [US$ thousands] Key unobservable input Decrease Increase Decrease Increase Discount for lack of marketability (5 percentage points movement) PWERM, OPM and CV (1) 2,811 (2,811 ) 4,700 (4,700 ) Weighted average cost of capital (2 percentage points movement) PWERM, OPM and CV (1) 1,087 (1,009 ) 1,978 (1,885 ) Equity value of the company (10% movement) OPM and CV (1) (3,093 ) 3,092 (5,115 ) 5,103 ( 1 The indicated sensitivities as of December 31, 2021, not December 31, 2020, The combined fair value gain on the ordinary and preferred shares was recognized as fair value gain on investments in the Statement of Operations, while the carrying amount of the investments was recognized as assets held for sale in the Statement of Financial Position. In 2020, The table below provides a reconciliation of the carrying amount of Opera’s investment in OPay. Year ended December 31, [US$ thousands] 2020 2021 Carrying amount as of January 1 43,096 45,220 Share of net income (loss) (876 ) (214 ) Change in fair value of preferred shares 3,000 29,415 Change in fair value of ordinary shares - 29,094 Disposal - (18,915 ) Carrying amount as of December 31 45,220 84,600 Star X Star Group Interactive Inc. (“Star X", X X Opera held preferred shares in Star X 2. X 2021 not Fair value of the preferred shares as of year-end 2021 2022 19. 2021. X X US$83.5 US$28.5 In 2020, three X X, US$350 December 31, 2020. 2020. X US$55.0 December 31, 2020, 2020 US$21.0 X X Because the fair value measurement incorporated significant unobservable inputs, it was classified as a level 3 X 2018 US$30.0 nHorizon nHorizon, in which Opera has a 29.09% ownership interest, is a joint venture with Telling Telecom. nHorizon operates an Opera browser in China with monetization partners, including Baidu, Sogou and others. nHorizon consists of nHorizon Innovation (Beijing) Software Limited and nHorizon Infinite (Beijing) Software Limited (collectively, “nHorizon”). The table below specifies Opera’s share of net income (loss) and the carrying amount of the investment in nHorizon. Year ended December 31, [US$ thousands] 2019 2020 2021 Opera's share in % 29.09 % 29.09 % 29.09 % Opera's share of net income (loss) 518 (535 ) (458 ) Opera's share in equity 886 391 (120 ) Equity method adjustments 77 72 126 Carrying amount as of December 31 963 463 6 Reconciliation of carrying amount: Carrying amount as of January 1 443 963 463 Foreign exchange adjustments 3 35 1 Share of net income (loss) 518 (535 ) (458 ) Carrying amount as of December 31 963 463 6 Fjord Bank Fjord Bank is a full-digital consumer finance bank that was founded in March 2017. December 2019, In January 2021, US$0.9 2021, not 2021, 2021, not 2021. As of year-end 2021, US$0.9 2021. 3 Powerbets Powerbets Holdings Limited (“Powerbets”) was a joint venture in which Opera held 50.1% of the shares until December 2020, 2020 US$2.1 2020, US$10.5 2017 2020. 13 |
Note 13 - Trade Receivables, Ot
Note 13 - Trade Receivables, Other Current Receivables, and Prepayments | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 13. Trade Receivables, Other Current Receivables, and Prepayments Trade Receivables The table below specifies items of trade receivables. As of December 31, [US$ thousands] 2020 2021 Trade receivables due from third-party customers 34,927 44,510 Trade receivables due from associates and joint ventures (Note 20) 893 734 Trade receivables due from other related parties (Note 20) 632 1,417 Total gross trade receivables 36,452 46,661 Allowance for expected credit losses (7,643 ) (2,796 ) Trade receivables net of loss allowance 28,809 43,864 For trade receivables, Opera recognizes a loss allowance based on lifetime expected credit losses as of each reporting date. Opera makes specific loss provisions at the level of individual invoices where information exists that management can utilize in its determination of credit risk. For trade receivables where no Past due [US$ thousands] As of December 31, 2020 Current (not past due) <30 days 30-60 days 61-90 days >91 days Total Weighted-average expected credit loss rate 0.4 % 2.8 % 1.2 % 16.2 % 82.4 % 21.0 % Gross carrying amount 25,403 1,466 372 140 9,074 36,452 Loss allowance as of December 31, 2020 98 41 5 23 7,477 7,643 Past due [US$ thousands] As of December 31, 2021 Current (not past due) <30 days 30-60 days 61-90 days >91 days Total Weighted-average expected credit loss rate 0.4 % 1.8 % 2.5 % 3.2 % 50.3 % 6.0 % Gross carrying amount 35,717 3,666 1,483 758 5,036 46,661 Loss allowance as of December 31, 2021 135 67 37 24 2,533 2,796 The reduction in the weighted-average expected loss rates for periods greater than 60 2020 2021 not 2020. The loss allowance for trade receivables as of year-end reconciles to the opening loss allowance as follows. As of December 31, [US$ thousands] 2020 2021 Loss allowance as of period start 1,446 7,643 Loss allowance related to trade receivables due from a former joint venture 6,579 (6,579 ) Other changes in the period (382 ) 1,732 Loss allowance as of period end 7,643 2,796 Trade receivables are written off where there is no no 180 2021, no 2021, US$6.6 US$3.9 See Note 17 Other Current Receivables and Prepayments The table below specifies the items of other receivables and prepayments. As of December 31, [US$ thousands] 2020 2021 Other current receivables: Value added tax 1,218 1,525 Receivable due from OPay 5,000 - Unsettled trades (Note 14) 856 15,462 Other 4,600 1,551 Total other current receivables 11,674 18,538 Prepayments: Prepaid equipment - 1,073 Prepaid corporate income taxes 2,448 4,485 Other prepaid expenses 6,613 3,635 Total prepayments 9,061 9,192 In 2020 2021, |
Note 14 - Financial Assets and
Note 14 - Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 14. Financial Assets and Liabilities Opera held the following financial assets and liabilities. As of December 31, [US$ thousands] 2020 2021 Financial assets at amortized cost: Non-current receivables (1) 1,490 1,980 Trade receivables (Note 13) 28,809 43,864 Other current receivables (Note 13) 11,674 18,538 Total financial assets at amortized cost 41,973 64,382 Financial assets at fair value through profit or loss: Unlisted preferred and ordinary shares (Note 12) (2) 104,000 168,965 Listed equity securities (3) - 78,135 Total financial assets at fair value through profit or loss 104,000 247,100 Total financial assets 145,973 311,482 Financial liabilities at amortized cost: Lease liabilities and other loans (Note 15) 8,972 13,508 Trade and other payables (Note 16) 25,454 38,753 Other financial liabilities 13,107 19,148 Total financial liabilities at amortized cost 47,533 71,409 Financial liabilities at fair value through profit or loss: Equity derivatives (3) 744 - Total financial liabilities at fair value through profit or loss 744 - Total financial liabilities 48,277 71,409 ( 1 Non-current receivables are presented as part of non-current financial assets in the Statement of Financial Position. ( 2 In 2021, X, 2021, X 2020, X 12 ( 3 In the Statement of Financial Position, investments in listed equity securities are presented as marketable securities while equity derivative liabilities are presented as other current liabilities, as specified in Note 16. Opera’s exposure to various risks associated with the financial instruments is discussed in Note 17. Financial Assets and Liabilities Held for Trading Opera has invested in a portfolio of marketable securities under an investment program, as discussed in the section for capital management in Note 3. 2021, 2021, December 31, 2021, US$7.5 Year ended December 31, [US$ thousands] 2019 2020 2021 Listed equity securities: Realized net gain (loss) 6,278 12,910 (11,201 ) Change in unrealized net gain (loss) 2,564 - (11,696 ) Listed equity securities sold short: Realized net gain (loss) (365 ) - 17,123 Change in unrealized net gain (loss) - - - Equity derivatives: Realized net gain (loss) - 10 830 Change in unrealized net gain (loss) - 113 - Net gain (loss) on investment portfolio held for trading 8,477 13,033 (4,944 ) The net loss in 2021 2019 2020 Fair Value of Financial Instruments The fair values of cash and cash equivalents, trade and other current 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 Fair values of listed equity securities were determined by reference to published price quotations in active markets. As such, the fair value measurement of marketable securities held as of December 31, 2021, 1 2020, For information on the fair value measurements of ordinary and preferred shares in OPay, preferred shares in Star X 12. |
Note 15 - Lease Liabilities and
Note 15 - Lease Liabilities and Other Loans | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 15. Lease Liabilities and Other Loans Total lease liabilities and other loans, non-current and current, are summarized below. As of December 31, [US$ thousands] 2020 2021 Non-current lease liabilities and other loans: Lease liabilities 3,094 1,925 Interest-bearing loans 490 155 Total non-current lease liabilities and other loans 3,584 2,081 Current lease liabilities and other loans: Lease liabilities 4,706 3,449 Interest-bearing loans 311 7,784 Other loans 371 194 Total current lease liabilities and other loans 5,389 11,427 Total lease liabilities and other loans 8,972 13,508 As of December 31, 2020, 2021, one 60 June 2023. 2022 December 31, 2021. As of December 31, 2021, US$7.5 3 14. See Note 17 Leases Opera is the lessee for leases of property, data centers, servers and other equipment used in its operations. The Statement of Financial Position has the following amounts relating to leases. As of December 31, [US$ thousands] 2020 2021 Right-of-use assets: Office properties (Note 10) 4,974 4,171 Equipment (Note 10) 2,335 1,070 Total right-of-use assets 7,309 5,241 Lease liabilities: Non-current 3,094 1,925 Current 4,706 3,449 Total lease liabilities 7,800 5,374 Additions to and remeasurements of the right-of-use assets during 2021 US$2.7 2020: US$1.1 The Statement of Operations has the following amounts relating to leases. Year ended December 31, [US$ thousands] 2020 2021 Depreciation expense of right-of-use assets classified as property 2,221 2,407 Depreciation expense of right-of-use assets classified as equipment 2,529 2,347 Interest expense (included in finance expense) 397 266 Expense relating to short-term leases (included in other operating expenses) 3,201 2,104 Foreign exchange loss 140 277 Total lease-related expenses 8,489 7,400 The total cash outflow for leases in 2021 US$7.5 2020: US$7.6 2019: US$5.3 Lease contracts are typically made for fixed periods of 6 months up to 6 years but may may may not To determine the incremental borrowing rate, which was the basis on which lease payments were discounted, management used the rate in recent third third not third Extension and Termination Options Extension and termination options are included in a number of property and equipment leases. These are used to maximize operational flexibility in terms of managing the assets used in Opera’s operations. The majority of extension and termination options held are exercisable only by Opera and not Guarantee A guarantee has been made by Opera in favor of Dell Bank International d.a.c. ("Dell") as a security for all present and future lease liabilities of Opera (as the lessee) to Dell. This guarantee is limited to a principal amount of NOK 100.0 million, equal to US$11.4 2021, January 17, 2027. Changes in Liabilities Arising From Financing Activities The table below specifies changes in liabilities arising from financing activities. [US$ thousands] Non-current lease liabilities Non-current interest- bearing loans Current lease liabilities Current interest- bearing loans Other current loans Total As of January 1, 2020 7,378 736 4,625 43,369 867 56,975 Net cash flows (3,782 ) (246 ) (420 ) (43,058 ) - (47,506 ) New and modified leases 236 - 864 - - 1,100 Other changes (1) (738 ) - (362 ) - (496 ) (1,596 ) Balance as of December 31, 2020 3,094 490 4,707 311 371 8,973 Net cash flows (1,836 ) (33 ) (3,283 ) (311 ) (154 ) (5,617 ) Change in credit facility - - - 7,483 - 7,483 New and modified leases 667 - 2,025 - - 2,692 Other changes (1) - (301 ) - 301 (23 ) (23 ) Balance as of December 31, 2021 1,925 155 3,449 7,784 194 13,508 ( 1 "Other changes" 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 |
Note 16 - Trade and Other Payab
Note 16 - Trade and Other Payables, and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | 16. Trade and Other Payables, and Other Current Liabilities The table below specifies the items of trade and other payables, and other current liabilities. As of December 31, [US$ thousands] 2020 2021 Trade and other payables: Trade payables due to third party suppliers 20,181 32,506 Trade and other payables due to related parties (Note 20) 2,268 1,505 Employee withholding tax 1,044 1,737 Value added tax 1,162 1,648 Payroll tax (1) 799 982 Total trade and other payables 25,454 38,378 Other current liabilities: Accrued personnel expenses 11,985 11,793 Equity derivative liabilities (Note 14) 744 - Unsettled trades (Note 14) - 6,931 Other current liabilities 310 401 Total other current liabilities 13,040 19,125 ( 1 Includes accruals for social security costs related to share-based remuneration. For a schedule of maturities for trade and other payables, and other current liabilities, see Note 17. |
Note 17 - Financial Risk Manage
Note 17 - Financial Risk Management | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of financial risk management [text block] | 17. Financial Risk Management Overview The financial assets and liabilities held by Opera create exposure to market risk, liquidity risk and credit risk. The management team 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. Opera 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. Opera 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. Opera’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. Opera is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables, and payables are denominated and the respective functional currencies of Group companies. Most of the revenue is denominated in U.S. dollars and Euro, while operating expenses are incurred in a wider specter of currencies, including the Norwegian krone, Chinese renminbi, Polish zloty, Swedish krona, British pound, Kenyan shilling, Nigerian naira, and the Euro. The functional currencies of entities in the Group are primarily the U.S. dollars, Euro, and the Chinese renminbi. Management is closely monitoring Opera’s exposure to foreign currency risk and seeks to minimize its exposure to such risk. Opera’s exposure to foreign currency risk related to cash is limited. In addition to transactional foreign currency risk, Opera is exposed to foreign currency translation risk arising from financial and non-financial items held by subsidiaries with functional currencies that are different from U.S. dollars, which is the presentation currency for the consolidated financial statements. Price Risk As of year-end, Opera was exposed to equity price risk from its investments in listed equity securities. During 2021, 3. US$70 During 2021, 14 Opera was also exposed to price risk from its investments in ordinary and preferred shares in OPay, preferred shares in Star X, 12 X 19. Liquidity Risk Liquidity risk is the risk that Opera will encounter difficulty in meeting its obligations associated with financial liabilities that are settled by delivering cash or another financial asset. In accordance with the Opera’s investment program, as discussed above and in Note 3, may 2021, As of year-end 2021, The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments. As of December 31, 2020 [US$ thousands] Less than 12 months 1 to 3 years Over 3 years Total Non-current: Lease liabilities (Note 15) - 3,224 - 3,224 Interest-bearing loans, including interest (Note 15) - 505 - 505 Other non-current liabilities - - 68 68 Current: Trade and other payables (Note 16) 25,454 - - 25,454 Lease liabilities (Note 15) 4,914 - - 4,914 Interest-bearing loans, including interest (Note 15) 337 - - 337 Other current liabilities (Note 16) 13,040 - - 13,040 Total financial liabilities, including interest 43,744 3,729 68 47,541 As of December 31, 2021 [US$ thousands] Less than 12 months 1 to 3 years Over 3 years Total Non-current: Lease liabilities (Note 15) - 1,944 - 1,944 Interest-bearing loans, including interest (Note 15) - 160 - 160 Other non-current liabilities - - 23 23 Current: - - - Trade and other payables (Note 16) 38,753 - - 38,753 Lease liabilities (Note 15) 3,482 - - 3,482 Interest-bearing loans, including interest (Note 15) 7,793 - - 7,793 Other current liabilities (Note 16) 19,125 - - 19,125 Total financial liabilities, including interest 69,153 2,104 23 71,280 Credit Risk Credit risk is the risk that a counterparty will not X. Credit risk is managed on a group basis. Deposits of cash are only made with banks and financial institutions that are considered solvent, resulting in management considering its exposure to credit risk for cash being low. For trade receivables due from customers, the exposure to credit risk is limited by Opera having established maximum payment periods in the range of 30 90 The exposure to credit risk from the investments in preferred shares in OPay and Star X X X, 19, See Note 13 12 |
Note 18 - Related Parties
Note 18 - Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 18. Related Parties Set out in the table below are the related parties with which Opera has had transactions in the periods included in these consolidated financial statements. Reference Companies Nature of related party relationship Beijing OFY ● Beijing OFY Co., Ltd. Key management personnel. Kunlun Tech ● Kunlun Tech Co., Ltd. (parent) Key management personnel and effective from 2021, 50% Mobimagic Digital Tech ● Mobimagic Digital Tech. Ltd. Key management personnel. Nanobank ● NanoCred Cayman Co., Ltd. (formerly Mobimagic Cayman Co. Ltd.) Key management personnel and effective from August 2020, nHorizon ● nHorizon Innovation (Beijing) Software Ltd. Joint venture of Opera. OPay ● OPay Digital Services Ltd. Key management personnel and an associate of Opera until mid- 2021. Powerbets ● Powerbets Holdings Ltd. Joint venture of Opera until year-end 2020. Star X ● Star Group Interactive Inc. Associate of Opera and effective from 2021, Wisdom Connection III Holding ● Wisdom Connection III Holding Inc. Entity controlled by former director of Opera and member of key management personnel of Opera's parent. At the time of the transactions disclosed in this note, Opera’s chairman and CEO had control or significant influence over Beijing OFY, Kunlun Tech, Mobimagic Digital Tech, Nanobank, OPay, and Star X. For disclosure purposes, transactions and balances with related parties are aggregated to the consolidated level of the related party. Transactions with Related Parties Sales to related parties in 2021 Kunlun Tech provides investment management services to Opera under an investment and management agreement, as disclosed in the section for capital management in Note 3. 2021, US$0 2020: US$0.5 Opera also acquired certain other services from Kunlun Tech, including a lease of office property in Beijing, China, and engineering services. Certain costs that Opera incurs due to being a subsidiary of Kunlun Tech are reimbursed by Kunlun Tech to Opera. Opera has a commercial advertising services agreement with nHorizon, a joint venture, under which nHorizon received 15-30% of the advertising revenue it generated for Opera. The table below shows transactions with related parties. Transactions with Star X X Year ended December 31, [US$ thousands] 2019 2020 2021 Sales of goods and services: Beijing OFY - 543 1,069 Kunlun Tech 15 - - Mobimagic Digital Tech - 496 - Nanobank 303 693 - nHorizon 146 133 456 OPay 24,121 13,819 Powerbets 2,210 - - Star X 150 - - Purchases of goods and services: Kunlun Tech (2,254 ) (2,367 ) (2,207 ) Mobimagic Digital Tech (26,267 ) (9,719 ) - Nanobank (25,923 ) (23,007 ) - nHorizon (193 ) - - Other transactions: OPay: - Investment in preferred shares 7,131 - - Wisdom Connection III Holding: - Sale of shares in OPay 500 - - Nanobank: - Contribution of subsidiaries and receivables (Note 12) - 264,936 - See Note 5 Balances with Related Parties Outstanding balances with related parties include trade receivables and payables related to the transactions disclosed above. Outstanding balances also include a receivable due from Wisdom Connection III Holding Inc. from a sale of shares in OPay in 2019. As of December 31, 2020 As of December 31, 2021 [US$ thousands] Receivables Payables Receivables Payables Beijing OFY 51 - 46 - Kunlun Tech 582 (1,546 ) 781 (794 ) Mobimagic Digital Tech 3,848 - - - Nanocred Cayman 138 - - - nHorizon 278 (556 ) 734 (571 ) OPay 5,615 (166 ) 589 (140 ) Wisdom Connection III Holding 500 - 500 - Total 11,012 (2,268 ) 2,650 (1,505 ) As of December 31, 2021, US$40 December 31, 2020: US$83 |
Note 19 - Events After the Repo
Note 19 - Events After the Reporting Period | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 19. Events After the Reporting Period On January 20, 2022, US$50 March 31, 2024, may February 2022 March 31, 2022, US$3.0 Subsequent to February 17, 2022, fourth January 1, 2022. On February 24, 2022, may On March 22, 2022, US$127.1 two US$120.3 2021, 2, not 2022, no 2021 December 31, 2021. On April 21, 2022, X X, US$83.5 ten US$28.4 December 31st 2023 2024, no US$83.5 X 2021, 2 12, 2022 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Discloure of Significant Accounting Policies | |
Disclosure of basis of preparation of financial statements [text block] | Basis of Preparation The consolidated financial statements of Opera Limited and its subsidiaries (collectively “Opera” or “the Group”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The board of directors of Opera Limited (“the Company” or “the Parent”) authorized the consolidated financial statements for issue on April 26, 2022. The consolidated financial statements have been prepared on a historical cost basis, except for investments in equity securities, preferred shares, and derivatives, which are measured at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, Opera considers the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. The consolidated financial statements are presented in U.S. dollars (US$) and all amounts are rounded to the nearest thousand ( US$000 may Certain amounts in the comparable period in the Statement of Financial Position have been reclassified to conform to current year presentation. This reclassification did not The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgment in applying Opera’s accounting policies. Significant accounting estimates, judgments and assumptions are disclosed in Note 2. |
Description of accounting policy for new standards, interpretations, and amendments [text block] | New Standards, Interpretations, and Amendments The accounting policies applied in the preparation of the consolidated financial statements are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2020. first 2021, not 10 28 not not None not |
Description of accounting policy for consolidation [text block] | Basis of Consolidation The consolidated financial statements comprise the financial statements of Opera Limited and entities it controls. Control is achieved when Opera 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. Generally, there is a presumption that a majority of voting rights results in control. If Opera 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 Items included in the financial statements of Opera’s entities are measured using the currency of the primary economic environment in which the entity operates, i.e., the functional currency. The consolidated financial statements are presented in U.S. dollars, which is also the functional currency of the parent company. Foreign currency transactions are recognized at their respective functional currency spot rate at the date the transaction first The assets and liabilities of entities within the Group with functional currencies other than U.S. dollars are translated into U.S. dollars using the currency exchange rates at the reporting date. Income and expense items are translated at average currency exchange rates for the respective period. The overall 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 recognition of revenue [text block] | Revenue Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which Opera expects to be entitled in exchange for those goods or services (the transaction price). Opera generates revenue from the provision of search, advertising, technology licensing and related services. 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. 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 Opera. Revenue is recognized when the 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 Most of the advertising revenue is reported based on the amounts Opera is entitled to receive from advertising partners. In limited instances where Opera has developed or procured a service which it promotes to the users, Opera considers itself the principal party to a transaction and not Technology licensing and other revenue Technology licensing and other revenue include income from the sale of software and licenses to GameMaker Studio, a platform for developing games. Revenue from these transactions is recognized on completion of the performance obligation, which is typically on delivery of the software and licenses, at which time control has passed to the buyer. Technology licensing and other revenue also include income from the provision of engineering services, such as integrations of customers’ products and services with Opera’s browsers. Revenue from distinct engineering services is recognized over the development period in line with the degree of completion. |
Description of accounting policy for other income [text block] | Other Operating Income Other operating income is income which is not |
Description of accounting policy for personal expenses [text block] | Personnel Expenses Including Share-based Remuneration 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. These personnel expenses are recognized at the undiscounted amount due to the employees or the de-facto employees when these have rendered service to Opera or when the liability otherwise arises. Opera has established an employee equity plan to provide long-term incentives for its employees, whereby employees render services as consideration for equity instruments. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in Note 5. |
Description of accounting policy for income tax [text block] | Income Taxes The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where Opera operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. Opera measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. 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. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realized simultaneously. |
Description of accounting policy for discontinued operations [text block] | Discontinued Operations A discontinued operation is a component of Opera that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the Statement of Operations. 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 as part of discontinued operations, are eliminated from the balance sheet changes to such items in the reconciliation of profit to cash flows from operating activities. The amount of cash and cash equivalents in subsidiaries disposed of is presented as a cash outflow within investing activities. |
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. Government grants that relate to the development of technology are deducted in arriving at the carrying amount of the asset, while grants that compensate Opera for expenses are recognized as other operating income in the Statement of Operations. |
Description of accounting policy for property, plant and equipment [text block] | Property and Equipment Property and equipment, which include right-of-use assets acquired under leases, are recognized at cost, less accumulated depreciation, and impairment losses. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the remaining lease term, whichever is shorter. The estimated useful lives of the separate categories of property and equipment are outlined in Note 10. Useful lives, residual values and the depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate. At the end of each reporting period, property 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 are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their useful lives and assessed for impairment whenever there is an indication that the intangible assets may 11. Goodwill and other intangible assets that have indefinite useful lives are not Research costs are expensed as incurred, while development expenditures are recognized as intangible assets when Opera 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. 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. |
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 when Opera obtains control over the acquired business. The consideration transferred in the acquisition, including any contingent consideration, is measured at fair value on the acquisition date, as are the identifiable assets acquired and liabilities assumed. Acquisition-related costs are expensed as incurred. Goodwill is measured 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 Opera’s cash generating units (CGUs) that are expected to benefit from the acquisition in which the goodwill arose. |
Description of accounting policy for impairment of assets [text block] | Impairment of Non-financial Assets Goodwill and intangible assets that have an indefinite useful life are not may not |
Description of accounting policy for investment in associates and joint ventures [text block] | Interests in Equity-accounted Investees Opera's interests in equity-accounted investees comprised interests in associates and a joint venture. Classification An associate is an entity over which Opera has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but not Equity Method Investments in associates and joint ventures are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost and adjusted thereafter to recognize Opera’s share of the post-acquisition profits or losses of the investee in the Statement of Operations, and Opera’s share of movements in other comprehensive income of the investee in the Statement of Comprehensive Income. 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. On acquisition of the investment in an associate or joint venture, Opera identifies and values assets and liabilities of the investee, as if it had acquired a business. While these fair value adjustments are not not Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of Opera’s interest in the investee. However, in the acquisition of a business from an equity-accounted investee, Opera does not When Opera’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 Opera has incurred legal or constructive obligations or has made payments on behalf of the investee. Impairment After application of the equity method, Opera determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, Opera calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying amount. The recoverable amount of the investment is calculated in accordance with the principles for impairment of non-financial assets, as outlined above. |
Description of accounting policy for financial assets [text block] | Financial Assets Classification On initial recognition, Opera classifies financial assets as subsequently measured at amortized cost or fair value through profit or loss. The classification depends on Opera’s business model for managing the financial assets and the contractual terms of the cash flows. Opera did not Recognition and Derecognition Purchases and sales of publicly traded securities are recognized on trade date, being the date on which Opera commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and Opera has transferred substantially all the risks and rewards of ownership. Measurement Trade receivables that do not not Subsequent measurement of debt instruments depends on Opera’s business model for managing the asset and the cash flow characteristics of the asset. There are two ● Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in the Statement of Operations together with foreign exchange gains and losses. Impairment losses are presented as credit loss expense. ● Fair value through profit or loss (FVPL): Assets that do not All equity investments are subsequently measured at fair value through profit or loss. Management has not Impairment Opera recognizes an allowance for expected credit losses (ECLs) for all debt instruments not For trade receivables and contract assets, Opera applies a simplified approach in calculating ECLs. Under the simplified approach, Opera does not no |
Description of accounting policy for assets or disposal groups classified as held for sale [text block] | Assets Held for Sale Opera classifies non-current assets as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. For a sale to be highly probable, actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell, except for financial assets held for sale, which continue to be measured in accordance with the accounting policies for such assets, as outlined above. Once classified as held for sale, investments in associates and joint ventures are no |
Description of accounting policy for leases [text block] | Leases At inception of a contract, Opera assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of the lease (i.e., the date the underlying asset is available for use), Opera recognizes a lease liability and a right-of-use asset. The lease liability is initially measured at the present value of the lease payments to be made over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Opera’s incremental borrowing rate. Generally, Opera uses its incremental borrowing rate as the discount rate. 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 Opera, and payments of penalties for terminating a lease, if the lease term reflects management’s expectation of exercising the option to terminate. Variable lease payments that do not 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 right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to Opera by the end of the lease term or the cost of the right-of-use asset reflects that Opera will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset will be reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. 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. |
Description of accounting policy for financial liabilities [text block] | Financial Liabilities Financial liabilities include loans, borrowings and payables, including interest bearing loans, lease liabilities, trade payables, other payables and other current and non-current financial liabilities. 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. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the Statement of Operations over the period of the borrowings using the effective interest method. A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in the Statement of Operations. Financial liabilities are classified as current liabilities unless Opera has an unconditional right to defer settlement of the liability for at least 12 |
Description of accounting policy for provisions [text block] | Provisions A provision is recognized when Opera has a present legal or constructive obligation because of a past event, it is probable that a future outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. |
Description of accounting policy for treasury shares [text block] | Treasury Shares Treasury shares are shares in the parent that are reacquired under a repurchase program. Treasury shares are recognized at cost and deducted from equity. No |
Note 3 - Corporate Informatio_2
Note 3 - Corporate Information and Group Composition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about business combination [text block] | [US$ thousands] Fair value recognized on acquisition Assets: Intangible assets (technology) 331 Property and equipment (equipment) 37 Right-of-use assets (property) 234 Trade receivables 131 Prepayments 8 Cash 481 Liabilities: Lease liabilities 234 Deferred tax liabilities 48 Trade payables 102 Income tax payable 63 Other current liabilities 67 Total identifiable net assets at fair value 708 Goodwill arising on acquisition 8,792 Cash consideration transferred 9,500 |
Disclosure of discontinued operations [text block] | Year ended December 31, [US$ thousands] 2019 2020 2021 Revenue 157,776 136,246 - Expenses (137,671 ) (147,822 ) (1,053 ) Profit (loss) before income tax 20,105 (11,576 ) (1,053 ) Income tax benefit (expense) (2,944 ) 1,950 237 Profit (loss) after income tax 17,161 (9,626 ) (816 ) Gain on sale of the subsidiary after income tax - 151,368 - Profit (loss) from discontinued operation 17,161 141,742 (816 ) Exchange differences on translation of discontinued operations (1,134 ) (1,802 ) - Other comprehensive loss from discontinued operations (1,134 ) (1,802 ) - Year ended December 31, [US$ thousands] 2019 2020 2021 Net cash flow from (used in) discontinued operating activities (108,813 ) 65,806 - Net cash flow used in discontinued investing activities (507 ) (576 ) - Net cash flow from (used in) discontinued financing activities 125,675 (44,711 ) - Net change in cash and cash equivalents 16,354 20,518 - Year ended December 31, [Net income per ADS and share in US$] 2019 2020 2021 Basic net income from discontinued operations per ADS 0.15 1.21 (0.01 ) Diluted net income from discontinued operations per ADS 0.15 1.19 (0.01 ) Basic net income from discontinued operations per share 0.08 0.60 (0.00 ) Diluted net income from discontinued operations per share 0.07 0.60 (0.00 ) |
Disclosure of gain (loss) on loss of control of discontinued operation [text block] | As of August 19, [US$ thousands] 2020 Fair value of shares in Nanobank 264,936 Less: Carrying amount of net assets disposed of 22,766 Less: 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 4 - Segment and Revenue _2
Note 4 - Segment and Revenue Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | Year ended December 31, 2019 [US$ thousands] Browser and News Other Total Revenue from contracts with customers: Search 86,155 - 86,155 Advertising 68,813 - 68,813 Technology licensing and other revenue - 22,110 22,110 Total revenue 154,968 22,110 177,078 Direct expenses: 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 ) Total direct expenses (67,775 ) (11,924 ) (79,699 ) Contribution by segment 87,193 10,186 97,379 Year ended December 31, 2020 [US$ thousands] Browser and News Other Total Revenue from contracts with customers: Search 84,180 - 84,180 Advertising 71,292 216 71,508 Technology licensing and other revenue - 9,368 9,368 Total revenue 155,472 9,584 165,056 Direct expenses: 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 ) Total direct expenses (55,097 ) (6,724 ) (61,821 ) Contribution by segment 100,375 2,860 103,235 Year ended December 31, 2021 [US$ thousands] Browser and News Other Total Revenue from contracts with customers: Search 121,961 - 121,961 Advertising 123,870 40 123,910 Technology licensing and other revenue 2,182 2,937 5,120 Total revenue 248,013 2,978 250,991 Direct expenses: Technology and platform fees (3,899 ) (573 ) (4,472 ) Content cost (3,712 ) - (3,712 ) Cost of inventory sold (5,506 ) (1 ) (5,507 ) Marketing and distribution expenses (120,385 ) (559 ) (120,944 ) Credit loss expense (557 ) - (557 ) Total direct expenses (134,059 ) (1,132 ) (135,191 ) Contribution by segment 113,954 1,846 115,800 |
Reconciliation of contribution by segment to net income (loss) [text block] | Year ended December 31, [US$ thousands] 2019 2020 2021 Contribution by segment 97,379 103,235 115,800 Other operating income - 11,542 466 Personnel expenses including share-based remuneration (1) (51,283 ) (59,977 ) (74,450 ) Credit loss expense related to divested joint venture - (10,476 ) - Depreciation and amortization (18,843 ) (20,234 ) (19,600 ) Impairment of non-financial assets - - (5,624 ) Other operating expenses (1) (27,791 ) (26,538 ) (22,802 ) Share of net income (loss) of equity-accounted investees (3,818 ) 2,005 (26,675 ) Impairment of equity-accounted investee - - (118,178 ) Fair value gain on investments 37,900 24,000 116,561 Finance income 10,532 13,633 123 Finance expense (655 ) (516 ) (6,912 ) Foreign exchange gain (loss) (25 ) 833 (1,814 ) Profit (loss) before income taxes from continuing operations 43,396 37,507 (43,106 ) |
Disclosure of disaggregation of revenue from contracts with customers [text block] | Year ended December 31, [US$ thousands] 2019 2020 2021 Ireland 81,637 80,059 126,837 Singapore 2,335 5,901 24,440 Russia 17,265 15,239 16,156 Other locations 75,841 63,857 83,558 Total revenue 177,078 165,056 250,991 Year ended December 31, [US$ thousands] 2019 2020 2021 Customer group 1 74,572 76,184 128,650 Customer group 2 17,758 16,281 18,494 |
Disclosure of other operating income [text block] | Year ended December 31, [US$ thousands] 2019 2020 2021 Gain on disposal of subsidiaries - 5,289 - Gain on divestment of joint venture - 2,063 - Government granted VAT refund - 4,030 - Other items - 160 466 Total other operating income - 11,542 466 |
Note 5 - Personnel Expenses, _2
Note 5 - Personnel Expenses, Including Share-based Remuneration (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of personnel expenses including share-based remuneration [text block] | Year ended December 31, [US$ thousands] 2019 2020 2021 Salaries, including bonuses 42,185 40,301 43,440 Social security tax, excluding amounts related to share-based remuneration 3,774 4,624 5,371 External temporary hires 2,474 7,090 8,617 Defined contribution pension expense 3,616 3,279 4,477 Other personnel-related expenses 4,345 2,103 2,080 Total personnel expenses, excluding share-based remuneration 56,395 57,397 63,984 Share-based remuneration, including related social security tax 5,928 4,706 10,466 Total personnel expenses, including share-based remuneration 62,323 62,103 74,450 |
Disclosure of research and development expense [text block] | Year ended December 31, [US$ thousands] 2019 2020 2021 Total research and development expenditure 34,143 38,736 44,055 Less: Capitalized development expenditure excluded from personnel expenses (Note 11) 4,056 7,110 4,862 Net expensed research and development expenditure 30,087 31,626 39,193 |
Disclosure of information about key management personnel [text block] | Year ended December 31, [US$ thousands] 2019 2020 2021 Short-term employee benefits 2,121 2,032 2,046 Post-employment and medical benefits 59 51 60 Share-based payment transactions 536 1,179 1,209 Total compensation for key management personnel 2,716 3,262 3,315 |
Disclosure of number and weighted average exercise prices of share options and other equity instruments [text block] | RSUs Options Total Outstanding as of January 1, 2020 2,983,940 150,000 3,133,940 Granted during the year 401,818 - 401,818 Forfeited during the year (346,200 ) - (346,200 ) Exercised during the year (1,122,818 ) - (1,122,818 ) Expired during the year - - - Outstanding as of December 31, 2020 1,916,740 150,000 2,066,740 Granted during the year 1,990,825 40,000 2,030,825 Forfeited during the year (154,700 ) (90,000 ) (244,700 ) Exercised during the year (1,086,340 ) - (1,086,340 ) Expired during the year - - - Outstanding as of December 31, 2021 2,666,525 100,000 2,766,525 |
Disclosure of indirect measurement of fair value of goods or services received, other equity instrument granted during period [text block] | 2020 grants: RSU valuation input 2021 grants: RSU valuation input 2021 grants: Option valuation input Equity unit price valuation ($) 8.07 10.49 10.48 Model Used Monte Carlo Monte Carlo Black-Scholes Expected Volatility (%) (1), (2) 40.00 % 66.55 % 68.10 % Risk free interest rate (%) (1) 0.58 % 0.22 % 0.46 % Dividend Yield (%) 0 % 0 % 0 % Duration of initial simulation period (years to longstop date) 3.81 3.23 3.02 Duration of second simulation period with postponed exercise (years) 3.00 3.00 3.00 Fair value at the measurement date ($) 7.84 10.35 4.96 |
Note 6 - Other Operating Expe_2
Note 6 - Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of other expenses by nature [text block] | Year ended December 31, [US$ thousands] 2019 2020 2021 Hosting 7,344 8,056 7,647 Audit, legal and other advisory services (1) 6,742 10,863 6,579 Software license fees 2,397 1,882 1,782 Rent and other office expenses 4,175 3,318 3,152 Travel 3,903 1,304 542 Other 3,686 2,774 3,101 Total other operating expenses 28,248 28,197 22,802 |
Note 7 - Finance Income and E_2
Note 7 - Finance Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about finance income (cost) [text block] | Year ended December 31, [US$ thousands] 2019 2020 2021 Finance income: Interest income 2,045 326 35 Net gain on investment portfolio held for trading (Note 14) 8,477 13,033 - Other finance income 10 275 88 Total finance income 10,532 13,633 123 Finance expense: Interest expense (562 ) (447 ) (316 ) Net loss on investment portfolio held for trading (Note 14) - - (4,944 ) Other finance costs (93 ) (69 ) (1,652 ) Total finance expense (655 ) (516 ) (6,912 ) Foreign exchange gain (loss): Unrealized foreign exchange gain (loss) 166 2,365 (494 ) Realized foreign exchange gain (loss) (191 ) (1,532 ) (1,320 ) Total foreign exchange gain (loss) (25 ) 833 (1,814 ) Net finance income (expense) 9,851 13,950 (8,603 ) |
Note 8 - Income Tax (Tables)
Note 8 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Major components of tax expense (income) [text block] | Year ended December 31, [US$ thousands] 2019 2020 2021 Current income taxes (5,112 ) 1,983 (4,109 ) Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1) (322 ) (1,272 ) 852 Deferred taxes (168 ) 1,164 3,452 Income tax benefit (expense) (5,602 ) 1,876 194 Income tax expense is attributable to: Profit from continuing operations (2,658 ) (75 ) (43 ) Profit from discontinued operation (2,944 ) 1,950 237 |
Reconciliation of accounting profit multiplied by applicable tax rates [text block] | Year ended December 31, [US$ thousands] 2019 2020 2021 Profit (loss) from continuing operations before income tax expense 43,396 37,507 (43,106 ) Profit (loss) from discontinued operation before income tax expense 20,105 139,792 (1,053 ) Basis for calculation of the tax (expense) benefit 63,500 177,299 (44,159 ) Tax (expense) benefit at nominal tax rate in Norway (13,970 ) (39,006 ) 9,715 Effect of different tax rates applied by subsidiaries (2,118 ) 11,543 (44,054 ) Permanent differences: Tax effect of translation differences exempted for tax 1,155 99 358 Tax effect of financial items exempted from tax 1,917 20,143 35,961 Tax effects of losses in equity-accounted investees which are non-deductible 383 (2,200 ) (35 ) Withholding taxes paid (232 ) (271 ) (324 ) Net other permanent differences (not) tax deductible 4,269 9,713 (2,008 ) Other effects: Change in income tax losses carried forward 27 246 (227 ) Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods 3,162 670 852 Change in withholding taxes and restricted interest deduction carried forward (314 ) 952 147 Change in tax rate 119 (14 ) (190 ) Income tax (expense) benefit for the year (5,602 ) 1,876 194 Effective tax rate 8.8 % (1.1 )% 0.4 % |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | As of December 31, [US$ thousands] 2020 2021 Property, equipment and intangible assets 21,969 20,948 Trade receivables (591 ) (337 ) Intercompany interest costs subject to limitations (9,361 ) (9,710 ) Withholding tax expected to be credited (credit method) (364 ) (166 ) Tax losses carried forward (3,017 ) (5,818 ) Other (1,274 ) (709 ) Net deferred tax liability 7,362 4,209 Recognized and classified as: Deferred tax assets 4,383 2,323 Deferred tax liabilities 11,745 6,532 Net deferred tax liability 7,362 4,209 |
Disclosure of changes in deferred taxes [text block] | Year ended December 31, [US$ thousands] 2020 2021 Net deferred tax liability as of January 1 4,322 7,362 Addition from business combination (Note 3) - 48 Expense (benefit) in the Statement of Operations 3,040 (3,452 ) Expense (benefit) in the Statement of Comprehensive Income - 251 Net deferred tax liability as of December 31 7,362 4,209 |
Note 9 - Net Income Per Share (
Note 9 - Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | Year ended December 31, [US$ thousands, except per ADS and share amounts] 2019 2020 2021 Profit (loss) from continuing operations 40,739 37,432 (43,149 ) Profit (loss) from discontinued operations 17,161 141,742 (816 ) Net income (loss) attributable to the owners of the parent for basic and diluted earnings 57,899 179,174 (43,964 ) Issued ordinary shares at beginning of period 220,119,343 237,826,326 228,285,684 Effect of shares issued 7,422,487 1,889,770 2,165,283 Effect of shares bought to treasury (2,913,330 ) (5,146,244 ) (164,324 ) Basic weighted-average number of ordinary shares in the period 224,628,500 234,569,852 230,286,642 ADS equivalent of basic weighted-average number of ordinary shares 112,314,250 117,284,926 115,143,321 Effect of employee equity grants 4,437,167 2,816,613 - Diluted weighted-average number of ordinary shares in the period 229,065,667 237,386,466 230,286,642 ADS equivalent of diluted weighted-average number of ordinary shares 114,532,833 118,693,233 115,143,321 Earnings per ADS and per share for profit (loss) from continuing operations: Basic earnings per ADS, US$ 0.36 0.32 (0.37 ) Diluted earnings per ADS, US$ 0.36 0.32 (0.37 ) Basic earnings per share, US$ 0.18 0.16 (0.19 ) Diluted earnings per share, US$ 0.18 0.16 (0.19 ) Earnings per ADS and per share for net income (loss): Basic earnings per ADS, US$ 0.52 1.53 (0.38 ) Diluted earnings per ADS, US$ 0.51 1.51 (0.38 ) Basic earnings per share, US$ 0.26 0.76 (0.19 ) Diluted earnings per share, US$ 0.25 0.75 (0.19 ) |
Note 10 - Property and Equipm_2
Note 10 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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: Cost as of January 1, 2020 7,967 878 28,008 1,747 38,601 Additions 1,135 198 2,259 17 3,608 Acquisition of a subsidiary (Note 3) - - 11 - 11 Disposals (852 ) (284 ) (1,205 ) (37 ) (2,377 ) Effect of movements in exchange rates - (19 ) 632 7 619 As of December 31, 2020 8,250 773 29,705 1,733 40,462 Additions - 13 1,020 2 1,034 Acquisition of a subsidiary (Note 3) 234 4 26 7 271 Adjustments to right-of-use assets 2,029 - 457 - 2,486 Disposals (243 ) (4 ) (2,331 ) (2 ) (2,580 ) Effect of movements in exchange rates (13 ) (4 ) (273 ) (21 ) (310 ) As of December 31, 2021 10,257 782 28,604 1,719 41,363 Depreciation and impairment: As of January 1, 2020 1,766 464 9,446 869 12,543 Depreciation 2,221 128 7,301 260 9,912 Disposals (71 ) (12 ) (77 ) (5 ) (164 ) Effect of movements in exchange rates - 5 - - 5 As of December 31, 2020 3,917 586 16,670 1,124 22,295 Depreciation 2,407 86 6,440 251 9,184 Disposals (243 ) (2 ) (2,309 ) - (2,554 ) Effect of movements in exchange rates 6 - 153 13 172 As of December 31, 2021 6,086 670 20,955 1,388 29,097 Net book value as of December 31, 2020 4,333 187 13,034 609 18,167 Net book value as of December 31, 2021 4,171 111 7,649 331 12,263 |
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 Up to 6 years, or term of lease contract Depreciation method Straight-line Straight-line Straight-line Straight-line |
Note 11 - Goodwill and Intang_2
Note 11 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about intangible assets [text block] | Customer Other intangible [US$ thousands] Goodwill relationships Technology Trademarks assets Total Cost: Cost as of January 1, 2020 421,578 40,700 22,222 70,600 2,047 557,147 Additions (1) - - 6,553 - 2,287 8,840 Acquisition of a subsidiary (Note 3) 2,998 32 1,695 - - 4,725 Disposals - - - - - - Effect of movements in exchange rates 385 - 187 - 114 686 As of December 31, 2020 424,961 40,732 30,657 70,600 4,448 571,398 Additions (1) - - 4,031 - 5 4,036 Acquisition of a subsidiary (Note 3) 8,792 - 331 - - 9,124 Disposals - - - - (370 ) (370 ) Effect of movements in exchange rates (294 ) - 259 - (5 ) (40 ) As of December 31, 2021 433,459 40,732 35,279 70,600 4,077 584,147 Amortization and impairment: As of January 1, 2020 - 9,437 13,325 - 2,000 24,762 Amortization - 3,013 6,674 - 2 9,689 Disposals - - - - - - Effect of movements in exchange rates - (1 ) - - 33 32 As of December 31, 2020 - 12,449 19,999 - 2,035 34,483 Amortization - 2,913 7,381 - 122 10,416 Impairment 3,081 - 1,596 - 947 5,624 Disposals - - - - (223 ) (223 ) Effect of movements in exchange rates - - (169 ) - 12 (157 ) As of December 31, 2021 3,081 15,362 28,807 - 2,893 50,142 Net book value as of December 31, 2020 424,961 28,283 10,658 70,600 2,413 536,915 Net book value as of December 31, 2021 430,378 25,370 6,472 70,600 1,185 534,005 |
Disclosure of intangible assets with indefinite and definite useful life [text block] | Customer Other intangible Goodwill relationships Technology Trademarks 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 |
Disclosure of reconciliation of changes in goodwill [text block] | [US$ thousands] Browser and news Other Total Carrying amount as of January 1, 2020 421,578 - 421,578 Addition from business combination (Note 3) - 2,998 2,998 Effect of movements in exchange rates - 385 385 Carrying amount as of December 31, 2020 421,578 3,383 424,961 Addition from business combination (Note 3) 8,792 - 8,792 Effect of movements in exchange rates 8 (302 ) (294 ) Impairment - (3,081 ) (3,081 ) Carrying amount as of December 31, 2021 430,378 - 430,378 |
Note 12 - Associates, Joint V_2
Note 12 - Associates, Joint Ventures, and Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of carrying amounts of investments in associates and joint ventures [text block] | Carrying amount of net investment as of December 31, Investee Nature of ownership interest Ownership interest Classification of investee Basis of accounting 2020 2021 Nanobank Ordinary shares 42.35 % Associate held for sale (1) FVLCTS (2) 264,261 120,311 OPay Ordinary and preferred shares 6.44 % (3) Financial asset held for sale (1) FVTPL (3, 4) 45,220 84,600 Star X Preferred shares 19.35 % Associate held for sale (1) FVTPL (4) 55,000 83,468 nHorizon Ordinary shares 29.09 % Joint venture Equity method 463 6 Fjord Bank Ordinary shares 6.09 % Non-current financial asset FVTPL (4) - 897 Year ended December 31, [US$ thousands] 2020 2021 Carrying amount as of January 1 43,096 45,220 Share of net income (loss) (876 ) (214 ) Change in fair value of preferred shares 3,000 29,415 Change in fair value of ordinary shares - 29,094 Disposal - (18,915 ) Carrying amount as of December 31 45,220 84,600 Year ended December 31, [US$ thousands] 2019 2020 2021 Opera's share in % 29.09 % 29.09 % 29.09 % Opera's share of net income (loss) 518 (535 ) (458 ) Opera's share in equity 886 391 (120 ) Equity method adjustments 77 72 126 Carrying amount as of December 31 963 463 6 Reconciliation of carrying amount: Carrying amount as of January 1 443 963 463 Foreign exchange adjustments 3 35 1 Share of net income (loss) 518 (535 ) (458 ) Carrying amount as of December 31 963 463 6 |
Disclosure of sensitivity analysis for equity [text block] | As of December 31, 2020 As of December 31, 2021 [US$ thousands] Key unobservable input Decrease Increase Decrease Increase Discount for lack of marketability (5 percentage points movement) PWERM, OPM and CV (1) 2,811 (2,811 ) 4,700 (4,700 ) Weighted average cost of capital (2 percentage points movement) PWERM, OPM and CV (1) 1,087 (1,009 ) 1,978 (1,885 ) Equity value of the company (10% movement) OPM and CV (1) (3,093 ) 3,092 (5,115 ) 5,103 |
Note 13 - Trade Receivables, _2
Note 13 - Trade Receivables, Other Current Receivables, and Prepayments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of trade receivables, prepayments and other receivables [text block] | As of December 31, [US$ thousands] 2020 2021 Trade receivables due from third-party customers 34,927 44,510 Trade receivables due from associates and joint ventures (Note 20) 893 734 Trade receivables due from other related parties (Note 20) 632 1,417 Total gross trade receivables 36,452 46,661 Allowance for expected credit losses (7,643 ) (2,796 ) Trade receivables net of loss allowance 28,809 43,864 As of December 31, [US$ thousands] 2020 2021 Other current receivables: Value added tax 1,218 1,525 Receivable due from OPay 5,000 - Unsettled trades (Note 14) 856 15,462 Other 4,600 1,551 Total other current receivables 11,674 18,538 Prepayments: Prepaid equipment - 1,073 Prepaid corporate income taxes 2,448 4,485 Other prepaid expenses 6,613 3,635 Total prepayments 9,061 9,192 |
Disclosure of aging of trade receivables [text block] | Past due [US$ thousands] As of December 31, 2020 Current (not past due) <30 days 30-60 days 61-90 days >91 days Total Weighted-average expected credit loss rate 0.4 % 2.8 % 1.2 % 16.2 % 82.4 % 21.0 % Gross carrying amount 25,403 1,466 372 140 9,074 36,452 Loss allowance as of December 31, 2020 98 41 5 23 7,477 7,643 Past due [US$ thousands] As of December 31, 2021 Current (not past due) <30 days 30-60 days 61-90 days >91 days Total Weighted-average expected credit loss rate 0.4 % 1.8 % 2.5 % 3.2 % 50.3 % 6.0 % Gross carrying amount 35,717 3,666 1,483 758 5,036 46,661 Loss allowance as of December 31, 2021 135 67 37 24 2,533 2,796 |
Provision for impairment of trade receivables [text block] | As of December 31, [US$ thousands] 2020 2021 Loss allowance as of period start 1,446 7,643 Loss allowance related to trade receivables due from a former joint venture 6,579 (6,579 ) Other changes in the period (382 ) 1,732 Loss allowance as of period end 7,643 2,796 |
Note 14 - Financial Assets an_2
Note 14 - Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial instruments [text block] | As of December 31, [US$ thousands] 2020 2021 Financial assets at amortized cost: Non-current receivables (1) 1,490 1,980 Trade receivables (Note 13) 28,809 43,864 Other current receivables (Note 13) 11,674 18,538 Total financial assets at amortized cost 41,973 64,382 Financial assets at fair value through profit or loss: Unlisted preferred and ordinary shares (Note 12) (2) 104,000 168,965 Listed equity securities (3) - 78,135 Total financial assets at fair value through profit or loss 104,000 247,100 Total financial assets 145,973 311,482 Financial liabilities at amortized cost: Lease liabilities and other loans (Note 15) 8,972 13,508 Trade and other payables (Note 16) 25,454 38,753 Other financial liabilities 13,107 19,148 Total financial liabilities at amortized cost 47,533 71,409 Financial liabilities at fair value through profit or loss: Equity derivatives (3) 744 - Total financial liabilities at fair value through profit or loss 744 - Total financial liabilities 48,277 71,409 |
Disclosure of gain (loss) on trading securities [text block] | Year ended December 31, [US$ thousands] 2019 2020 2021 Listed equity securities: Realized net gain (loss) 6,278 12,910 (11,201 ) Change in unrealized net gain (loss) 2,564 - (11,696 ) Listed equity securities sold short: Realized net gain (loss) (365 ) - 17,123 Change in unrealized net gain (loss) - - - Equity derivatives: Realized net gain (loss) - 10 830 Change in unrealized net gain (loss) - 113 - Net gain (loss) on investment portfolio held for trading 8,477 13,033 (4,944 ) |
Note 15 - Lease Liabilities a_2
Note 15 - Lease Liabilities and Other Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings and finance lease liabilities [text block] | As of December 31, [US$ thousands] 2020 2021 Non-current lease liabilities and other loans: Lease liabilities 3,094 1,925 Interest-bearing loans 490 155 Total non-current lease liabilities and other loans 3,584 2,081 Current lease liabilities and other loans: Lease liabilities 4,706 3,449 Interest-bearing loans 311 7,784 Other loans 371 194 Total current lease liabilities and other loans 5,389 11,427 Total lease liabilities and other loans 8,972 13,508 |
Disclosure of lease amounts included in financial statements [text block] | As of December 31, [US$ thousands] 2020 2021 Right-of-use assets: Office properties (Note 10) 4,974 4,171 Equipment (Note 10) 2,335 1,070 Total right-of-use assets 7,309 5,241 Lease liabilities: Non-current 3,094 1,925 Current 4,706 3,449 Total lease liabilities 7,800 5,374 Year ended December 31, [US$ thousands] 2020 2021 Depreciation expense of right-of-use assets classified as property 2,221 2,407 Depreciation expense of right-of-use assets classified as equipment 2,529 2,347 Interest expense (included in finance expense) 397 266 Expense relating to short-term leases (included in other operating expenses) 3,201 2,104 Foreign exchange loss 140 277 Total lease-related expenses 8,489 7,400 |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | [US$ thousands] Non-current lease liabilities Non-current interest- bearing loans Current lease liabilities Current interest- bearing loans Other current loans Total As of January 1, 2020 7,378 736 4,625 43,369 867 56,975 Net cash flows (3,782 ) (246 ) (420 ) (43,058 ) - (47,506 ) New and modified leases 236 - 864 - - 1,100 Other changes (1) (738 ) - (362 ) - (496 ) (1,596 ) Balance as of December 31, 2020 3,094 490 4,707 311 371 8,973 Net cash flows (1,836 ) (33 ) (3,283 ) (311 ) (154 ) (5,617 ) Change in credit facility - - - 7,483 - 7,483 New and modified leases 667 - 2,025 - - 2,692 Other changes (1) - (301 ) - 301 (23 ) (23 ) Balance as of December 31, 2021 1,925 155 3,449 7,784 194 13,508 |
Note 16 - Trade and Other Pay_2
Note 16 - Trade and Other Payables, and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about trade and other payables [text block] | As of December 31, [US$ thousands] 2020 2021 Trade and other payables: Trade payables due to third party suppliers 20,181 32,506 Trade and other payables due to related parties (Note 20) 2,268 1,505 Employee withholding tax 1,044 1,737 Value added tax 1,162 1,648 Payroll tax (1) 799 982 Total trade and other payables 25,454 38,378 Other current liabilities: Accrued personnel expenses 11,985 11,793 Equity derivative liabilities (Note 14) 744 - Unsettled trades (Note 14) - 6,931 Other current liabilities 310 401 Total other current liabilities 13,040 19,125 |
Note 17 - Financial Risk Mana_2
Note 17 - Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of financial liabilities [text block] | As of December 31, 2020 [US$ thousands] Less than 12 months 1 to 3 years Over 3 years Total Non-current: Lease liabilities (Note 15) - 3,224 - 3,224 Interest-bearing loans, including interest (Note 15) - 505 - 505 Other non-current liabilities - - 68 68 Current: Trade and other payables (Note 16) 25,454 - - 25,454 Lease liabilities (Note 15) 4,914 - - 4,914 Interest-bearing loans, including interest (Note 15) 337 - - 337 Other current liabilities (Note 16) 13,040 - - 13,040 Total financial liabilities, including interest 43,744 3,729 68 47,541 As of December 31, 2021 [US$ thousands] Less than 12 months 1 to 3 years Over 3 years Total Non-current: Lease liabilities (Note 15) - 1,944 - 1,944 Interest-bearing loans, including interest (Note 15) - 160 - 160 Other non-current liabilities - - 23 23 Current: - - - Trade and other payables (Note 16) 38,753 - - 38,753 Lease liabilities (Note 15) 3,482 - - 3,482 Interest-bearing loans, including interest (Note 15) 7,793 - - 7,793 Other current liabilities (Note 16) 19,125 - - 19,125 Total financial liabilities, including interest 69,153 2,104 23 71,280 |
Note 18 - Related Parties (Tabl
Note 18 - Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | Year ended December 31, [US$ thousands] 2019 2020 2021 Sales of goods and services: Beijing OFY - 543 1,069 Kunlun Tech 15 - - Mobimagic Digital Tech - 496 - Nanobank 303 693 - nHorizon 146 133 456 OPay 24,121 13,819 Powerbets 2,210 - - Star X 150 - - Purchases of goods and services: Kunlun Tech (2,254 ) (2,367 ) (2,207 ) Mobimagic Digital Tech (26,267 ) (9,719 ) - Nanobank (25,923 ) (23,007 ) - nHorizon (193 ) - - Other transactions: OPay: - Investment in preferred shares 7,131 - - Wisdom Connection III Holding: - Sale of shares in OPay 500 - - Nanobank: - Contribution of subsidiaries and receivables (Note 12) - 264,936 - As of December 31, 2020 As of December 31, 2021 [US$ thousands] Receivables Payables Receivables Payables Beijing OFY 51 - 46 - Kunlun Tech 582 (1,546 ) 781 (794 ) Mobimagic Digital Tech 3,848 - - - Nanocred Cayman 138 - - - nHorizon 278 (556 ) 734 (571 ) OPay 5,615 (166 ) 589 (140 ) Wisdom Connection III Holding 500 - 500 - Total 11,012 (2,268 ) 2,650 (1,505 ) |
Note 2 - Accounting Judgments_2
Note 2 - Accounting Judgments and Estimation Uncertainty (Details Textual) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Statement Line Items [Line Items] | |||
Current assets or disposal groups classified as held for sale | $ 288,379 | $ 0 | |
Star X [member] | |||
Statement Line Items [Line Items] | |||
Financial assets at fair value through profit or loss, redemption right | 8.00% | ||
Financial assets at fair value through profit or loss, liquidation preference | 100.00% | ||
Financial assets at fair value through profit or loss, dividend right | 8.00% | ||
OPay Digital Services Limited [member] | |||
Statement Line Items [Line Items] | |||
Proportion of ownership interest in associate | 13.10% | 6.44% | 13.10% |
Nanobank [member] | Disposal groups classified as held for sale [member] | |||
Statement Line Items [Line Items] | |||
Disposal group held for sale, consideration to be received | $ 127,100 | ||
Disposal group held for sale, consideration to be received, number of quarterly installments | 8 | ||
Disposal group held for sale, consideration to be received, term (Year) | 2 years | ||
Disposal group held for sale, discount rate | 5.00% | ||
Current assets or disposal groups classified as held for sale | $ 120,300 | ||
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation | $ 118,200 |
Note 3 - Corporate Informatio_3
Note 3 - Corporate Information and Group Composition (Details Textual) - USD ($) $ in Thousands | Jan. 11, 2021 | Aug. 19, 2020 | Dec. 31, 2021 | Dec. 31, 2021 | Jan. 17, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Jan. 17, 2020 |
Statement Line Items [Line Items] | |||||||||
Maximum capital capacity, invest in publicly traded securities | $ 70,000 | $ 70,000 | |||||||
Total borrowings | 13,508 | 13,508 | $ 8,972 | ||||||
Payments to acquire or redeem entity's shares | 749 | 49,049 | $ 5,780 | ||||||
Goodwill at end of period | 430,378 | 430,378 | 424,961 | 421,578 | $ 421,578 | ||||
Tax expense (income) relating to profit (loss) from ordinary activities of discontinued operations | (237) | $ (1,950) | $ 2,944 | ||||||
Nanobank [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Proportion of ownership interest in subsidiary | 42.35% | 42.00% | |||||||
Nanobank [member] | Discontinued operations [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets | 1,100 | ||||||||
Tax expense (income) relating to profit (loss) from ordinary activities of discontinued operations | $ 200 | ||||||||
Discontinued operations, cash and cash equivalents | $ 39,300 | ||||||||
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 | 8,800 | ||||||||
Revenue of acquiree since acquisition date | 2,200 | ||||||||
Profit (loss) of acquiree since acquisition date | $ 1,200 | ||||||||
Goodwill recognised as of acquisition date | $ 8,792 | ||||||||
OU PocoSys [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Percentage of voting equity interests acquired | 100.00% | ||||||||
Total consideration transferred, acquisition-date fair value | $ 5,000 | ||||||||
Identifiable intangible assets recognised as of acquisition date | 1,700 | ||||||||
Goodwill recognised as of acquisition date | 3,000 | ||||||||
ADS [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Share repurchase program, maximum authorized amount | $ 50,000 | ||||||||
Number of shares repurchased (in shares) | 4,927,297 | 4,927,297 | 5,976,455 | 1,500,000 | 1,500,000 | ||||
Payments to acquire or redeem entity's shares | $ 49,800 | $ 10,700 | |||||||
Ordinary shares [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Number of shares repurchased (in shares) | 9,854,594 | 9,854,594 | |||||||
Credit facility [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowing facilities, maximum borrowing capacity | $ 80,000 | $ 80,000 | |||||||
Total borrowings | $ 7,500 | $ 7,500 |
Note 3 - Corporate Informatio_4
Note 3 - Corporate Information and Group Information - Assets and Liabilities Recognised as a Result of Acquisition (Details) - YoYo Games Limited [member] $ in Thousands | Jan. 11, 2021USD ($) |
Statement Line Items [Line Items] | |
Intangible assets (technology) | $ 331 |
Property and equipment (equipment) | 37 |
Right-of-use assets (property) | 234 |
Trade receivables | 131 |
Prepayments | 8 |
Cash | 481 |
Lease liabilities | 234 |
Deferred tax liabilities | 48 |
Trade payables | 102 |
Income tax payable | 63 |
Other current liabilities | 67 |
Total identifiable net assets at fair value | 708 |
Goodwill arising on acquisition | 8,792 |
Cash consideration transferred | $ 9,500 |
Note 3 - Corporate Informatio_5
Note 3 - Corporate Information and Group Composition - Results of Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 19, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||||
Revenue | $ 250,991 | $ 165,056 | $ 177,078 | |
Profit (loss) before income tax | (1,053) | 139,792 | 20,105 | |
Profit (loss) from discontinued operation | (816) | 141,742 | 17,161 | |
Exchange differences on translation of discontinued operations | 0 | (2,936) | (7) | |
Other comprehensive loss from discontinued operations | (44,891) | 181,217 | 56,075 | |
Net cash flow from (used in) discontinued operating activities | 0 | 65,806 | (108,813) | |
Net cash flow used in discontinued investing activities | 0 | (576) | (507) | |
Net cash flow from (used in) discontinued financing activities | 0 | (44,711) | 125,675 | |
Net change in cash and cash equivalents | 0 | 20,518 | 16,354 | |
Discontinued operations [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue | 0 | 136,246 | 157,776 | |
Expenses | 1,053 | 147,822 | 137,671 | |
Profit (loss) before income tax | (1,053) | (11,576) | 20,105 | |
Income tax benefit (expense) | 237 | 1,950 | (2,944) | |
Profit (loss) after income tax | (816) | (9,626) | 17,161 | |
Gain on sale of the subsidiary after income tax | $ 151,368 | 0 | 151,368 | 0 |
Profit (loss) from discontinued operation | (816) | 141,742 | 17,161 | |
Exchange differences on translation of discontinued operations | $ 2,936 | 0 | (1,802) | (1,134) |
Other comprehensive loss from discontinued operations | $ 0 | $ (1,802) | $ (1,134) | |
Basic net income from discontinued operations per share (in dollars per share) | $ 0 | $ 0.60 | $ 0.08 | |
Diluted net income from discontinued operations per share (in dollars per share) | 0 | 0.60 | 0.07 | |
Discontinued operations [member] | ADS [member] | ||||
Statement Line Items [Line Items] | ||||
Basic net income from discontinued operations per share (in dollars per share) | (0.01) | 1.21 | 0.15 | |
Diluted net income from discontinued operations per share (in dollars per share) | $ (0.01) | $ 1.19 | $ 0.15 |
Note 3 - Corporate Informatio_6
Note 3 - Corporate Information and Group Composition - Gain on Loss of Control (Details) - USD ($) $ in Thousands | Aug. 19, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||||
Reclassification of foreign currency translation reserve | $ 0 | $ 2,936 | $ 7 | |
Discontinued operations [member] | ||||
Statement Line Items [Line Items] | ||||
Fair value of shares in Nanobank | $ 264,936 | |||
Less: Carrying amount of net assets disposed of | 22,766 | |||
Less: 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) | 0 | 1,802 | 1,134 |
Income tax expense on gain | 0 | |||
Gain on sale after income tax | $ 151,368 | $ 0 | $ 151,368 | $ 0 |
Note 4 - Segment and Revenue _3
Note 4 - Segment and Revenue Information - Contribution by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | ||||
Revenue | $ 250,991 | $ 165,056 | $ 177,078 | |
Technology and platform fees | (4,472) | (3,315) | (796) | |
Content cost | (3,712) | (4,312) | (1,545) | |
Cost of inventory sold | (5,507) | (700) | (208) | |
Other cost of revenue | (3,785) | (11,690) | ||
Marketing and distribution expenses | (120,944) | (47,860) | (64,883) | |
Credit loss expense | [1] | (557) | (1,849) | (577) |
Total direct expenses | (135,191) | (61,821) | (79,699) | |
Contribution by segment | 115,800 | 103,235 | 97,379 | |
Browser and News [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue | 248,013 | 155,472 | 154,968 | |
Technology and platform fees | (3,899) | (3,315) | (796) | |
Content cost | (3,712) | (4,312) | (1,545) | |
Cost of inventory sold | (5,506) | 0 | 0 | |
Other cost of revenue | 140 | (301) | ||
Marketing and distribution expenses | (120,385) | (47,042) | (64,685) | |
Credit loss expense | [1] | (557) | (568) | (448) |
Total direct expenses | (134,059) | (55,097) | (67,775) | |
Contribution by segment | 113,954 | 100,375 | 87,193 | |
All other segments [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue | 2,978 | 9,584 | 22,110 | |
Technology and platform fees | (573) | 0 | 0 | |
Content cost | 0 | 0 | 0 | |
Cost of inventory sold | (1) | (700) | (208) | |
Other cost of revenue | (3,925) | (11,389) | ||
Marketing and distribution expenses | (559) | (818) | (198) | |
Credit loss expense | [1] | 0 | (1,281) | (129) |
Total direct expenses | (1,132) | (6,724) | (11,924) | |
Contribution by segment | 1,846 | 2,860 | 10,186 | |
Search [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | 121,961 | 84,180 | 86,155 | |
Search [member] | Browser and News [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | 121,961 | 84,180 | 86,155 | |
Search [member] | All other segments [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Advertising [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | 123,910 | 71,508 | 68,813 | |
Advertising [member] | Browser and News [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | 123,870 | 71,292 | 68,813 | |
Advertising [member] | All other segments [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | 40 | 216 | 0 | |
Technology licensing and other [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | 5,120 | 9,368 | 22,110 | |
Technology licensing and other [member] | Browser and News [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | 2,182 | 0 | 0 | |
Technology licensing and other [member] | All other segments [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | $ 2,937 | $ 9,368 | $ 22,110 | |
[1] | 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | ||||
Contribution by segment | $ 115,800 | $ 103,235 | $ 97,379 | |
Other operating income | 466 | 11,542 | 0 | |
Personnel expenses including share-based remuneration (1) | [1] | (74,450) | (59,977) | (51,283) |
Credit loss expense related to divested joint venture | 0 | (10,476) | 0 | |
Depreciation and amortization | (19,600) | (20,234) | (18,843) | |
Impairment of non-financial assets | (5,624) | 0 | 0 | |
Other operating expenses (1) | [1] | (22,802) | (26,538) | (27,791) |
Share of net income (loss) of equity-accounted investees | (26,675) | 2,005 | (3,818) | |
Impairment of equity-accounted investee | (118,178) | 0 | 0 | |
Fair value gain on investments | 116,561 | 24,000 | 37,900 | |
Finance income | 123 | 13,633 | 10,532 | |
Finance expense | (6,912) | (516) | (655) | |
Foreign exchange gain (loss) | (1,814) | 833 | (25) | |
Profit (loss) before income taxes from continuing operations | $ (43,106) | $ 37,507 | $ 43,396 | |
[1] | Certain personnel and other operating expenses are included as part of "other cost of revenue" in the measure of segment profit. Accordingly, the amounts for personnel and other operating expenses in this 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Revenue | $ 250,991 | $ 165,056 | $ 177,078 |
Customer group 1 [member] | |||
Statement Line Items [Line Items] | |||
Revenue from contracts with customers | 128,650 | 76,184 | 74,572 |
Customer group 2 [member] | |||
Statement Line Items [Line Items] | |||
Revenue from contracts with customers | 18,494 | 16,281 | 17,758 |
Ireland [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 126,837 | 80,059 | 81,637 |
Singapore 1 [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 24,440 | 5,901 | 2,335 |
Russia 1 [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 16,156 | 15,239 | 17,265 |
Other geographical areas [member] | |||
Statement Line Items [Line Items] | |||
Revenue | $ 83,558 | $ 63,857 | $ 75,841 |
Note 4 - Segment and Revenue _6
Note 4 - Segment and Revenue Information - Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Gain on disposal of subsidiaries | $ 0 | $ 5,289 | $ 0 |
Gain on divestment of joint venture | 0 | 2,063 | 0 |
Government granted VAT refund | 0 | 4,030 | 0 |
Other items | 466 | 160 | 0 |
Total other operating income | $ 466 | $ 11,542 | $ 0 |
Note 5 - Personnel Expenses, _3
Note 5 - Personnel Expenses, Including Share-based Remuneration (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 10, 2019 | |
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 | ||
Number of share options and other equity instruments granted in share-based payment arrangement (in shares) | 2,030,825 | ||
Options and RSUs [member] | |||
Statement Line Items [Line Items] | |||
Number of share options and other equity instruments granted in share-based payment arrangement (in shares) | 2,030,825 | 401,818 | |
Weighted average remaining contractual life of outstanding share options and other equity instruments (Year) | 1 year 3 months 18 days | 8 months 23 days | |
Options and RSUs [member] | ADS [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% |
Note 5 - Personnel Expenses, _4
Note 5 - Personnel Expenses, Including Share-based Remuneration - Personnel Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Salaries, including bonuses | $ 43,440 | $ 40,301 | $ 42,185 |
Social security tax, excluding amounts related to share-based remuneration | 5,371 | 4,624 | 3,774 |
External temporary hires | 8,617 | 7,090 | 2,474 |
Defined contribution pension expense | 4,477 | 3,279 | 3,616 |
Other personnel-related expenses | 2,080 | 2,103 | 4,345 |
Total personnel expenses, excluding share-based remuneration | 63,984 | 57,397 | 56,395 |
Share-based remuneration, including related social security tax | 10,466 | 4,706 | 5,928 |
Total personnel expenses, including share-based remuneration | $ 74,450 | $ 62,103 | $ 62,323 |
Note 5 - Personnel Expenses, _5
Note 5 - Personnel Expenses, Including Share-based Remuneration - Research and Development Expenditure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Total research and development expenditure | $ 44,055 | $ 38,736 | $ 34,143 |
Less: Capitalized development expenditure excluded from personnel expenses (Note 11) | 4,862 | 7,110 | 4,056 |
Net expensed research and development expenditure | $ 39,193 | $ 31,626 | $ 30,087 |
Note 5 - Personnel Expenses, _6
Note 5 - Personnel Expenses, Including Share-based Remuneration - Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Short-term employee benefits | $ 2,046 | $ 2,032 | $ 2,121 |
Post-employment and medical benefits | 60 | 51 | 59 |
Share-based payment transactions | 1,209 | 1,179 | 536 |
Total compensation for key management personnel | $ 3,315 | $ 3,262 | $ 2,716 |
Note 5 - Personnel Expenses, _7
Note 5 - Personnel Expenses, Including Share-based Remuneration - RSUs and Option Activities (Details) | 12 Months Ended | |
Dec. 31, 2021shares | Dec. 31, 2020shares | |
Statement Line Items [Line Items] | ||
Outstanding at period start, options | 150,000 | 150,000 |
Granted during the year, options | 40,000 | 0 |
Forfeited during the year, options | (90,000) | 0 |
Exercised during the year, options | 0 | 0 |
Expired during the year, options | 0 | 0 |
Outstanding at period end, options | 100,000 | 150,000 |
RSU [member] | ||
Statement Line Items [Line Items] | ||
Outstanding at period start, RSUs | 1,916,740 | 2,983,940 |
Granted during the year, RSUs | 1,990,825 | 401,818 |
Forfeited during the year, RSUs | (154,700) | (346,200) |
Exercised during the year, RSUs | (1,086,340) | (1,122,818) |
Expired during the year, RSUs | 0 | 0 |
Outstanding at period end, RSUs | 2,666,525 | 1,916,740 |
Options and RSUs [member] | ||
Statement Line Items [Line Items] | ||
Outstanding at period start, total (in shares) | 2,066,740 | 3,133,940 |
Granted during the year, total (in shares) | 2,030,825 | 401,818 |
Forfeited during the year, total (in shares) | (244,700) | (346,200) |
Exercised during the year, total (in shares) | (1,086,340) | (1,122,818) |
Expired during the year, total (in shares) | 0 | 0 |
Outstanding at period end, total (in shares) | 2,766,525 | 2,066,740 |
Note 5 - Personnel Expenses, _8
Note 5 - Personnel Expenses, Including Share-based Remuneration - Fair Value Measurement (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
RSU [member] | |||
Statement Line Items [Line Items] | |||
Equity unit price valuation ($) (in dollars per share) | $ 10.49 | $ 8.07 | |
Expected Volatility (%) (1), (2) | [1],[2] | 66.55% | 40.00% |
Risk free interest rate (%) (1) | [2] | 0.22% | 0.58% |
Dividend Yield (%) | 0.00% | 0.00% | |
Duration of initial simulation period (years to longstop date) (Year) | 3 years 2 months 23 days | 3 years 9 months 21 days | |
Duration of second simulation period with postponed exercise (years) (Year) | 3 years | 3 years | |
Fair value at the measurement date ($) | $ 10.35 | $ 7.84 | |
Option [member] | |||
Statement Line Items [Line Items] | |||
Equity unit price valuation ($), option (in dollars per share) | $ 10.48 | ||
Expected Volatility (%) (1), (2), option | [1],[2] | 68.10% | |
Risk free interest rate (%) (1), option | [2] | 0.46% | |
Dividend Yield (%), option | 0.00% | ||
Duration of initial simulation period (years to longstop date), option (Year) | 3 years 7 days | ||
Duration of second simulation period with postponed exercise (years), option (Year) | 3 years | ||
Fair value at the measurement date ($), option | $ 4.96 | ||
[1] | Based on a defined peer group of companies considered comparable to the Group. | ||
[2] | Specified value is 4 years (modeled on yearly basis). |
Note 6 - Other Operating Expe_3
Note 6 - Other Operating Expenses (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Statement Line Items [Line Items] | |
Professional fees expense, actions taken following a short seller report | $ 3.5 |
Note 6 - Other Operating Expe_4
Note 6 - Other Operating Expenses - Other Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | ||||
Hosting | $ 7,647 | $ 8,056 | $ 7,344 | |
Audit, legal and other advisory services (1) | [1] | 6,579 | 10,863 | 6,742 |
Software license fees | 1,782 | 1,882 | 2,397 | |
Rent and other office expenses | 3,152 | 3,318 | 4,175 | |
Travel | 542 | 1,304 | 3,903 | |
Other | 3,101 | 2,774 | 3,686 | |
Total other operating expenses | $ 22,802 | $ 28,197 | $ 28,248 | |
[1] | Amount in 2020 includes US$3.5 million related to actions taken following a short seller report. |
Note 7 - Finance Income and E_3
Note 7 - Finance Income and Expense - Finance Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Interest income | $ 35 | $ 326 | $ 2,045 |
Net gain on investment portfolio held for trading (Note 14) | 0 | 13,033 | 8,477 |
Other finance income | 88 | 275 | 10 |
Total finance income | 123 | 13,633 | 10,532 |
Interest expense | (316) | (447) | (562) |
Net loss on investment portfolio held for trading (Note 14) | (4,944) | 0 | 0 |
Other finance costs | (1,652) | (69) | (93) |
Total finance expense | (6,912) | (516) | (655) |
Unrealized foreign exchange gain (loss) | (494) | 2,365 | 166 |
Realized foreign exchange gain (loss) | (1,320) | (1,532) | (191) |
Total foreign exchange gain (loss) | (1,814) | 833 | (25) |
Net finance income (expense) | $ (8,603) | $ 13,950 | $ 9,851 |
Note 8 - Income Tax (Details Te
Note 8 - Income Tax (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Applicable tax rate | 22.00% | |
Changes in tax rates or tax laws enacted or announced [member] | ||
Statement Line Items [Line Items] | ||
Applicable tax rate | 22.00% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | ||||
Current income taxes | $ (4,109) | $ 1,983 | $ (5,112) | |
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1) | [1] | 852 | (1,272) | (322) |
Deferred taxes | 3,452 | 1,164 | (168) | |
Income tax benefit (expense) | 194 | 1,876 | (5,602) | |
Profit from continuing operations | (43) | (75) | (2,658) | |
Profit from discontinued operation | $ 237 | $ 1,950 | $ (2,944) | |
[1] | Currency effect on income tax (expense) benefit due to corporate income tax filing in NOK for Norwegian entities with USD as functional currency. |
Note 8 - Income Tax - Reconcili
Note 8 - Income Tax - Reconciliation of Tax (Expense) Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Profit (loss) from continuing operations before income tax expense | $ (43,106) | $ 37,507 | $ 43,396 |
Profit (loss) before income tax | (1,053) | 139,792 | 20,105 |
Basis for calculation of the tax (expense) benefit | (44,159) | 177,299 | 63,500 |
Tax (expense) benefit at nominal tax rate in Norway | 9,715 | (39,006) | (13,970) |
Effect of different tax rates applied by subsidiaries | (44,054) | 11,543 | (2,118) |
Tax effect of translation differences exempted for tax | 358 | 99 | 1,155 |
Tax effect of financial items exempted from tax | 35,961 | 20,143 | 1,917 |
Tax effects of losses in equity-accounted investees which are non-deductible | (35) | (2,200) | 383 |
Withholding taxes paid | (324) | (271) | (232) |
Net other permanent differences (not) tax deductible | (2,008) | 9,713 | 4,269 |
Change in income tax losses carried forward | (227) | 246 | 27 |
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods | 852 | 670 | 3,162 |
Change in withholding taxes and restricted interest deduction carried forward | 147 | 952 | (314) |
Change in tax rate | (190) | (14) | 119 |
Income tax (expense) benefit for the year | $ 194 | $ 1,876 | $ (5,602) |
Effective tax rate | 0.40% | (1.10%) | 8.80% |
Note 8 - Income Tax - Deferred
Note 8 - Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | $ 4,209 | $ 7,362 | $ 4,322 |
Deferred tax assets | 2,323 | 4,383 | |
Deferred tax liabilities | 6,532 | 11,745 | |
Temporary difference, property, equipment and intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | 20,948 | 21,969 | |
Temporary difference, trade receivables [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | (337) | (591) | |
Temporary difference, intercompany interest costs subject to limitations [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | (9,710) | (9,361) | |
Temporary difference, withholding tax expected to be credited [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | (166) | (364) | |
Allowance for credit losses [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | (5,818) | (3,017) | |
Other temporary differences [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | $ (709) | $ (1,274) |
Note 8 - Income Tax - Changes i
Note 8 - Income Tax - Changes in Deferred Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||
Net deferred tax liability as of January 1 | $ 7,362 | $ 4,322 |
Addition from business combination (Note 3) | 48 | 0 |
Expense (benefit) in the Statement of Operations | (3,452) | 3,040 |
Expense (benefit) in the Statement of Comprehensive Income | 251 | 0 |
Net deferred tax liability as of December 31 | $ 4,209 | $ 7,362 |
Note 9 - Net Income Per Share_2
Note 9 - Net Income Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Statement Line Items [Line Items] | |
Number of ordinary shares per share of ADS (in shares) | 2 |
Number of shares authorised (in shares) | 500,000,000 |
Number of shares outstanding at end of period (in shares) | 230,291,732 |
Par value per share (in dollars per share) | $ / shares | $ 0.0001 |
ADS [member] | |
Statement Line Items [Line Items] | |
Number of instruments with potential future dilutive effect not included in calculation of diluted earnings per share (in shares) | 2,766,525 |
Number of shares outstanding at end of period (in shares) | 115,145,866 |
Note 9 - Net Income Per Share -
Note 9 - Net Income Per Share - Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | ||||
Profit (loss) from continuing operations | $ (43,149) | $ 37,432 | $ 40,739 | |
Profit (loss) from discontinued operations | (816) | 141,742 | 17,161 | |
Net income (loss) attributable to the owners of the parent for basic and diluted earnings | $ (43,964) | $ 179,174 | $ 57,899 | |
Issued ordinary shares at beginning of period (in shares) | 228,285,684 | 237,826,326 | 220,119,343 | |
Effect of shares issued (in shares) | 2,165,283 | 1,889,770 | 7,422,487 | |
Effect of shares bought to treasury (in shares) | (164,324) | (5,146,244) | (2,913,330) | |
Basic weighted-average number of ordinary shares in the period (in shares) | 230,286,642 | 234,569,852 | 224,628,500 | |
Effect of employee equity grants (in shares) | 0 | 2,816,613 | 4,437,167 | |
Diluted weighted-average number of ordinary shares in the period (in shares) | 230,286,642 | 237,386,466 | 229,065,667 | |
Diluted earnings per ADS, US$ (in dollars per share) | [1] | $ (0.37) | $ 0.32 | $ 0.36 |
Diluted earnings per ADS, US$ (in dollars per share) | [1] | $ (0.38) | $ 1.51 | $ 0.51 |
ADS [member] | ||||
Statement Line Items [Line Items] | ||||
Basic weighted-average number of ordinary shares in the period (in shares) | 115,143,321 | 117,284,926 | 112,314,250 | |
Diluted weighted-average number of ordinary shares in the period (in shares) | 115,143,321 | 118,693,233 | 114,532,833 | |
Basic earnings per share, US$ (in dollars per share) | [1] | $ (0.37) | $ 0.32 | $ 0.36 |
Basic earnings per share, US$ (in dollars per share) | [1] | (0.38) | 1.53 | 0.52 |
Ordinary shares [member] | ||||
Statement Line Items [Line Items] | ||||
Basic earnings per share, US$ (in dollars per share) | [1] | (0.19) | 0.16 | 0.18 |
Diluted earnings per ADS, US$ (in dollars per share) | [1] | (0.19) | 0.16 | 0.18 |
Basic earnings per share, US$ (in dollars per share) | [1] | (0.19) | 0.76 | 0.26 |
Diluted earnings per ADS, US$ (in dollars per share) | [1] | $ (0.19) | $ 0.75 | $ 0.25 |
[1] | Each ADS in Opera Limited (Nasdaq: OPRA) represents two underlying shares. |
Note 10 - Property and Equipm_3
Note 10 - Property and Equipment - Components of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||
Beginning of the year | $ 18,167 | |
Beginning of the year | (18,167) | |
End of the year | 12,263 | $ 18,167 |
Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 40,462 | 38,601 |
Additions | 1,034 | 3,608 |
Acquisition of a subsidiary (Note 3) | 271 | 11 |
Disposals | (2,580) | (2,377) |
Effect of movements in exchange rates | (310) | 619 |
Adjustments to right-of-use assets | 2,486 | |
Beginning of the year | (40,462) | (38,601) |
Disposals | 2,580 | 2,377 |
End of the year | 41,363 | 40,462 |
Accumulated depreciation, amortisation and impairment [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (22,295) | (12,543) |
Disposals | 2,554 | 164 |
Effect of movements in exchange rates | 172 | 5 |
Beginning of the year | 22,295 | 12,543 |
Depreciation | 9,184 | 9,912 |
Disposals | (2,554) | (164) |
End of the year | (29,097) | (22,295) |
Office properties [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 4,333 | |
Beginning of the year | (4,333) | |
End of the year | 4,171 | 4,333 |
Office properties [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 8,250 | 7,967 |
Additions | 0 | 1,135 |
Acquisition of a subsidiary (Note 3) | 234 | 0 |
Disposals | (243) | (852) |
Effect of movements in exchange rates | (13) | 0 |
Adjustments to right-of-use assets | 2,029 | |
Beginning of the year | (8,250) | (7,967) |
Disposals | 243 | 852 |
End of the year | 10,257 | 8,250 |
Office properties [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (3,917) | (1,766) |
Disposals | 243 | 71 |
Effect of movements in exchange rates | 6 | 0 |
Beginning of the year | 3,917 | 1,766 |
Depreciation | 2,407 | 2,221 |
Disposals | (243) | (71) |
End of the year | (6,086) | (3,917) |
Furniture and fixture [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 187 | |
Beginning of the year | (187) | |
End of the year | 111 | 187 |
Furniture and fixture [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 773 | 878 |
Additions | 13 | 198 |
Acquisition of a subsidiary (Note 3) | 4 | 0 |
Disposals | (4) | (284) |
Effect of movements in exchange rates | (4) | (19) |
Adjustments to right-of-use assets | 0 | |
Beginning of the year | (773) | (878) |
Disposals | 4 | 284 |
End of the year | 782 | 773 |
Furniture and fixture [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (586) | (464) |
Disposals | 2 | 12 |
Effect of movements in exchange rates | 0 | 5 |
Beginning of the year | 586 | 464 |
Depreciation | 86 | 128 |
Disposals | (2) | (12) |
End of the year | (670) | (586) |
Equipments [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 13,034 | |
Beginning of the year | (13,034) | |
End of the year | 7,649 | 13,034 |
Equipments [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 29,705 | 28,008 |
Additions | 1,020 | 2,259 |
Acquisition of a subsidiary (Note 3) | 26 | 11 |
Disposals | (2,331) | (1,205) |
Effect of movements in exchange rates | (273) | 632 |
Adjustments to right-of-use assets | 457 | |
Beginning of the year | (29,705) | (28,008) |
Disposals | 2,331 | 1,205 |
End of the year | 28,604 | 29,705 |
Equipments [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (16,670) | (9,446) |
Disposals | 2,309 | 77 |
Effect of movements in exchange rates | 153 | 0 |
Beginning of the year | 16,670 | 9,446 |
Depreciation | 6,440 | 7,301 |
Disposals | (2,309) | (77) |
End of the year | (20,955) | (16,670) |
Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 609 | |
Beginning of the year | (609) | |
End of the year | 331 | 609 |
Leasehold improvements [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 1,733 | 1,747 |
Additions | 2 | 17 |
Acquisition of a subsidiary (Note 3) | 7 | 0 |
Disposals | (2) | (37) |
Effect of movements in exchange rates | (21) | 7 |
Adjustments to right-of-use assets | 0 | |
Beginning of the year | (1,733) | (1,747) |
Disposals | 2 | 37 |
End of the year | 1,719 | 1,733 |
Leasehold improvements [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (1,124) | (869) |
Disposals | 0 | 5 |
Effect of movements in exchange rates | 13 | 0 |
Beginning of the year | 1,124 | 869 |
Depreciation | 251 | 260 |
Disposals | 0 | (5) |
End of the year | $ (1,388) | $ (1,124) |
Note 10 - Property and Equipm_4
Note 10 - Property and Equipment - Estimated Useful Lives of Property, Plant and Equipment (Details) - Top of range [member] | 12 Months Ended | |
Dec. 31, 2021 | ||
Office properties [member] | ||
Statement Line Items [Line Items] | ||
Useful life (Year) | 6 years | |
Depreciation method | Straight-line | |
Furniture and Fixtures [member] | ||
Statement Line Items [Line Items] | ||
Useful life (Year) | 5 years | |
Depreciation method | Straight-line | |
Equipment [member] | ||
Statement Line Items [Line Items] | ||
Useful life (Year) | 10 years | [1] |
Depreciation method | Straight-line | |
Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Useful life (Year) | 6 years | |
Depreciation method | Straight-line | |
[1] | The Group has one lease agreement classified as Equipment, which expires in 2022. |
Note 11 - Goodwill and Intang_3
Note 11 - Goodwill and Intangible Assets (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jan. 11, 2021USD ($) | Dec. 31, 2016USD ($) | |
Statement Line Items [Line Items] | ||||
Total intangible assets other than goodwill | $ 103,627 | $ 111,954 | ||
Cash generating unit, nominal growth rate | 1.90% | 2.50% | ||
Risk-free rate, significant unobservable inputs, assets | 1.60% | 0.84% | ||
Market risk premium rate, ignificant unobservable inputs, assets | 4.84% | 4.97% | ||
Estimated beta for equity | 0.88 | 0.91 | ||
Equity to total capital, percent | 100.00% | 100.00% | ||
Sensitivity analysis, reasonably possible increase (decrease) in revenue | 7.80% | |||
Sensitivity analysis, reasonably possible increase (decrease) in operating expenditure | 4.00% | |||
Sensitivity analysis, reasonably possible increase (decrease) in WACC | 6.30% | |||
Weighted average cost of capital, measurement input [member] | ||||
Statement Line Items [Line Items] | ||||
Significant unobservable input, assets | 11.1 | 11.8 | ||
Weighted average cost of capital pre-tax, measurement input [member] | ||||
Statement Line Items [Line Items] | ||||
Significant unobservable input, assets | 12.9 | 13.7 | ||
Country risk premium, measurement input [member] | ||||
Statement Line Items [Line Items] | ||||
Significant unobservable input, assets | 1.82 | 3.17 | ||
Size premium, measurement input [member] | ||||
Statement Line Items [Line Items] | ||||
Significant unobservable input, assets | 3.42 | 3.32 | ||
Opera Norway AS [member] | ||||
Statement Line Items [Line Items] | ||||
Goodwill recognised as of acquisition date | $ 421,600 | |||
YoYo Games Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Goodwill recognised as of acquisition date | $ 8,792 | |||
Licences [member] | ||||
Statement Line Items [Line Items] | ||||
Impairment loss recognised in profit or loss, intangible assets other than goodwill | $ 900 | |||
Total intangible assets other than goodwill | 1,100 | |||
European fintech business [member] | ||||
Statement Line Items [Line Items] | ||||
Adjustments for impairment loss recognised in profit or loss, goodwill | 3,100 | |||
European fintech business [member] | Technology-based intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Impairment loss recognised in profit or loss, intangible assets other than goodwill | $ 1,600 | |||
Browser and News [member] | ||||
Statement Line Items [Line Items] | ||||
Cash flows, annualized growth rate | 16.00% | |||
Browser and News [member] | Trademark [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets with indefinite useful life | $ 70,600 |
Note 11 - Goodwill and Intang_4
Note 11 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | |||
Beginning of the year | $ 536,915 | ||
Beginning of the year | (536,915) | ||
End of the year | 534,005 | $ 536,915 | |
Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 571,398 | 557,147 | |
Additions (1) | [1] | 4,036 | 8,840 |
Acquisition of a subsidiary (Note 3) | 9,124 | 4,725 | |
Disposals | (370) | 0 | |
Effect of movements in exchange rates | (40) | 686 | |
Beginning of the year | (571,398) | (557,147) | |
Disposals | 370 | 0 | |
End of the year | 584,147 | 571,398 | |
Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | (34,483) | (24,762) | |
Disposals | 223 | 0 | |
Effect of movements in exchange rates | (157) | 32 | |
Beginning of the year | 34,483 | 24,762 | |
Amortization | 10,416 | 9,689 | |
Disposals | (223) | 0 | |
Impairment | 5,624 | ||
End of the year | (50,142) | (34,483) | |
Goodwill [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 424,961 | ||
Beginning of the year | (424,961) | ||
End of the year | 430,378 | 424,961 | |
Goodwill [member] | Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 424,961 | 421,578 | |
Additions (1) | [1] | 0 | 0 |
Acquisition of a subsidiary (Note 3) | 8,792 | 2,998 | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | (294) | 385 | |
Beginning of the year | (424,961) | (421,578) | |
Disposals | 0 | 0 | |
End of the year | 433,459 | 424,961 | |
Goodwill [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 0 | 0 | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | 0 | 0 | |
Beginning of the year | 0 | 0 | |
Amortization | 0 | 0 | |
Disposals | 0 | 0 | |
Impairment | 3,081 | ||
End of the year | (3,081) | 0 | |
Customer-related intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 28,283 | ||
Beginning of the year | (28,283) | ||
End of the year | 25,370 | 28,283 | |
Customer-related intangible assets [member] | Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 40,732 | 40,700 | |
Additions (1) | [1] | 0 | 0 |
Acquisition of a subsidiary (Note 3) | 0 | 32 | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | 0 | 0 | |
Beginning of the year | (40,732) | (40,700) | |
Disposals | 0 | 0 | |
End of the year | 40,732 | 40,732 | |
Customer-related intangible assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | (12,449) | (9,437) | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | 0 | (1) | |
Beginning of the year | 12,449 | 9,437 | |
Amortization | 2,913 | 3,013 | |
Disposals | 0 | 0 | |
Impairment | 0 | ||
End of the year | (15,362) | (12,449) | |
Technology-based intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 10,658 | ||
Beginning of the year | (10,658) | ||
End of the year | 6,472 | 10,658 | |
Technology-based intangible assets [member] | Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 30,657 | 22,222 | |
Additions (1) | [1] | 4,031 | 6,553 |
Acquisition of a subsidiary (Note 3) | 331 | 1,695 | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | 259 | 187 | |
Beginning of the year | (30,657) | (22,222) | |
Disposals | 0 | 0 | |
End of the year | 35,279 | 30,657 | |
Technology-based intangible assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | (19,999) | (13,325) | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | (169) | 0 | |
Beginning of the year | 19,999 | 13,325 | |
Amortization | 7,381 | 6,674 | |
Disposals | 0 | 0 | |
Impairment | 1,596 | ||
End of the year | (28,807) | (19,999) | |
Trademark [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 70,600 | ||
Beginning of the year | (70,600) | ||
End of the year | 70,600 | 70,600 | |
Trademark [member] | Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 70,600 | 70,600 | |
Additions (1) | [1] | 0 | 0 |
Acquisition of a subsidiary (Note 3) | 0 | 0 | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | 0 | 0 | |
Beginning of the year | (70,600) | (70,600) | |
Disposals | 0 | 0 | |
End of the year | 70,600 | 70,600 | |
Trademark [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 0 | 0 | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | 0 | 0 | |
Beginning of the year | 0 | 0 | |
Amortization | 0 | 0 | |
Disposals | 0 | 0 | |
Impairment | 0 | ||
End of the year | 0 | 0 | |
Other intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 2,413 | ||
Beginning of the year | (2,413) | ||
End of the year | 1,185 | 2,413 | |
Other intangible assets [member] | Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 4,448 | 2,047 | |
Additions (1) | [1] | 5 | 2,287 |
Acquisition of a subsidiary (Note 3) | 0 | 0 | |
Disposals | (370) | 0 | |
Effect of movements in exchange rates | (5) | 114 | |
Beginning of the year | (4,448) | (2,047) | |
Disposals | 370 | 0 | |
End of the year | 4,077 | 4,448 | |
Other intangible assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | (2,035) | (2,000) | |
Disposals | 223 | 0 | |
Effect of movements in exchange rates | 12 | 33 | |
Beginning of the year | 2,035 | 2,000 | |
Amortization | 122 | 2 | |
Disposals | (223) | 0 | |
Impairment | 947 | ||
End of the year | $ (2,893) | $ (2,035) | |
[1] | Represents capitalized development expenditure net of grants received from the Norwegian government. |
Note 11 - Goodwill and Intang_5
Note 11 - Goodwill and Intangible Assets - Useful Life of Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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 life (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 life (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 life (Year) | 5 years |
Note 11 - Goodwill and Intang_6
Note 11 - Goodwill and Intangible Assets - Summary of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||
Carrying amount as of January 1 | $ 424,961 | $ 421,578 |
Addition from business combination (Note 3) | 8,792 | 2,998 |
Effect of movements in exchange rates | (294) | 385 |
Impairment | (3,081) | |
Carrying amount as of December 31 | 430,378 | 424,961 |
Browser and News [member] | ||
Statement Line Items [Line Items] | ||
Carrying amount as of January 1 | 421,578 | 421,578 |
Addition from business combination (Note 3) | 8,792 | 0 |
Effect of movements in exchange rates | 8 | 0 |
Impairment | 0 | |
Carrying amount as of December 31 | 430,378 | 421,578 |
All other segments [member] | ||
Statement Line Items [Line Items] | ||
Carrying amount as of January 1 | 3,383 | 0 |
Addition from business combination (Note 3) | 0 | 2,998 |
Effect of movements in exchange rates | (302) | 385 |
Impairment | (3,081) | |
Carrying amount as of December 31 | $ 0 | $ 3,383 |
Note 12 - Associates, Joint V_3
Note 12 - Associates, Joint Ventures, and Other Investments (Details Textual) $ in Thousands | Jan. 11, 2021 | Aug. 19, 2020USD ($) | Aug. 01, 2017 | Jan. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2021 | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) |
Statement Line Items [Line Items] | ||||||||||||
Profit (loss) | $ (43,964) | $ 179,174 | $ 57,899 | |||||||||
Total other comprehensive income | (928) | 2,043 | (1,824) | |||||||||
Total depreciation and amortisation expense | 19,600 | 20,234 | 18,843 | |||||||||
Current assets or disposal groups classified as held for sale | $ 0 | $ 0 | 288,379 | 0 | ||||||||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, associates equity | 116,561 | 24,000 | 37,900 | |||||||||
Total equity | 1,048,895 | 1,048,895 | 1,013,039 | 1,048,895 | 912,206 | $ 775,460 | $ 912,206 | |||||
Issued capital | 24 | $ 24 | 24 | 24 | ||||||||
Increase (decrease) through other changes, allowance account for credit losses of financial assets | $ (557) | (1,849) | (577) | |||||||||
nHorizon [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interest in associate | 29.09% | |||||||||||
Profit (loss) | $ (458) | (535) | $ 518 | |||||||||
Powerbets Holdings Limited [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interest in joint venture | 50.10% | |||||||||||
Gains on disposals of investments | $ 2,100 | |||||||||||
Increase (decrease) through other changes, allowance account for credit losses of financial assets | $ 10,500 | |||||||||||
Weighted average cost of capital, measurement input [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Significant unobservable input, assets | 11.8 | 11.8 | 11.1 | 11.8 | ||||||||
Nanobank [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interest in subsidiary | 42.35% | 42.00% | ||||||||||
Investments in associates | $ 264,900 | |||||||||||
Gain (loss) on change in fair value of subsidiary | $ 151,400 | |||||||||||
Profit (loss) | $ (26,000) | 300 | ||||||||||
Total other comprehensive income | 200 | $ (900) | ||||||||||
Total depreciation and amortisation expense | $ 6,200 | 26,600 | ||||||||||
Nanobank [member] | Disposal groups classified as held for sale [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Current assets or disposal groups classified as held for sale | 120,300 | |||||||||||
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation | 118,200 | |||||||||||
Disposal group held for sale, consideration to be received | $ 127,100 | |||||||||||
Disposal group held for sale, consideration to be received, number of quarterly installments | 8 | |||||||||||
Disposal group held for sale, consideration to be received, term (Year) | 2 years | |||||||||||
Disposal group held for sale, discount rate | 5.00% | |||||||||||
Effect of one percent change in discount rate | $ 1,300 | |||||||||||
OPay Digital Services Limited [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interest in associate | 13.10% | 6.44% | 13.10% | |||||||||
Shares in associate held (in shares) | shares | 31,058,025 | |||||||||||
Shares in associate sold (in shares) | shares | 30,768,400 | |||||||||||
Shares in associate sold, value | $ 50,000 | |||||||||||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, associates equity | 29,600 | |||||||||||
Adjustments for gain (loss) on disposal of investments in subsidiaries, joint ventures and associates | 44,400 | |||||||||||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | (200) | |||||||||||
Net carrying amount of investment in associate | (4,000) | |||||||||||
Total equity | $ 555,000 | 555,000 | 1,800,000 | $ 555,000 | ||||||||
Issued capital | $ 84,600 | |||||||||||
Shares in associate purchased, value | $ 6,500 | |||||||||||
OPay Digital Services Limited [member] | Weighted average cost of capital, measurement input [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Significant unobservable input, assets | 0.17 | |||||||||||
OPay Digital Services Limited [member] | Bottom of range [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Preferred shares, DLOM | 10.00% | |||||||||||
OPay Digital Services Limited [member] | Top of range [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Preferred shares, DLOM | 20.00% | |||||||||||
OPay Digital Services Limited [member] | Preference shares [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Shares in associate held (in shares) | shares | 69,962,470 | |||||||||||
Shares in associate sold (in shares) | shares | 10,302,955 | |||||||||||
Issued capital | 49,000 | 49,000 | $ 25,100 | 49,000 | ||||||||
OPay Digital Services Limited [member] | Ordinary shares [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Issued capital | $ 59,500 | |||||||||||
Star X [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interest in associate | 19.35% | |||||||||||
Investments in associates | $ 83,500 | |||||||||||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, associates equity | $ 28,500 | |||||||||||
Total equity | 350,000 | 350,000 | 350,000 | |||||||||
Shares in associate purchased, value | $ 30,000 | |||||||||||
Star X [member] | Bottom of range [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Preferred shares, DLOM | 30.00% | |||||||||||
Star X [member] | Top of range [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Preferred shares, DLOM | 40.00% | |||||||||||
Star X [member] | Preference shares [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, associates equity | 21,000 | |||||||||||
Issued capital | $ 55,000 | $ 55,000 | $ 55,000 | |||||||||
AB Fjord Bank [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Shares in associate purchased (in shares) | shares | 3,252,300 | |||||||||||
Investments in associates accounted for using equity method | $ 900 | $ 900 | ||||||||||
Investments in associates accounted for using equity method, ownership percentage | 9.90% | 6.09% |
Note 12 - Associates, Joint V_4
Note 12 - Associates, Joint Ventures, and Other Long-term Investments - Carrying Amounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | ||||
Investments in associates and joint ventures | $ 6 | $ 364,946 | ||
Net income (loss) | $ (43,964) | $ 179,174 | $ 57,899 | |
nHorizon [member] | ||||
Statement Line Items [Line Items] | ||||
Ownership interest | 29.09% | 29.09% | 29.09% | |
Investments in associates and joint ventures | $ 6 | $ 463 | $ 963 | |
Carrying amount as of January 1 | 463 | 963 | 443 | |
Share of net income (loss) | (458) | (535) | 518 | |
Carrying amount as of December 31 | 6 | 463 | 963 | |
Net income (loss) | (458) | (535) | 518 | |
Opera's share in equity | (120) | 391 | 886 | |
Equity method adjustments | 126 | 72 | 77 | |
Foreign exchange adjustments | $ 1 | 35 | 3 | |
OPay Digital Services Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Ownership interest | [1] | 6.44% | ||
Investments in associates and joint ventures | $ 84,600 | 45,220 | ||
Carrying amount as of January 1 | 45,220 | 43,096 | ||
Share of net income (loss) | (214) | (876) | ||
Change in fair value of preferred shares | 29,415 | 3,000 | ||
Change in fair value of ordinary shares | 29,094 | 0 | ||
Disposal | (18,915) | 0 | ||
Carrying amount as of December 31 | $ 84,600 | 45,220 | $ 43,096 | |
Star X [member] | ||||
Statement Line Items [Line Items] | ||||
Ownership interest | 19.35% | |||
Investments in associates and joint ventures | $ 83,468 | 55,000 | ||
AB Fjord Bank [member] | ||||
Statement Line Items [Line Items] | ||||
Ownership interest | 6.09% | |||
Investments in associates and joint ventures | $ 897 | 0 | ||
Nanobank [member] | ||||
Statement Line Items [Line Items] | ||||
Ownership interest | 42.35% | |||
Investments in associates and joint ventures | $ 120,311 | 264,261 | ||
Net income (loss) | $ (26,000) | $ 300 | ||
[1] | Until mid-2021, Opera had an ownership interest of 13.1% in OPay and the investment in ordinary shares was accounted for in accordance with the equity method. Subsequently the investment in ordinary shares was measured at fair value through profit or loss, consistent with the accounting for the preferred shares. |
Note 12 - Associates, Joint V_5
Note 12 - Associates, Joint Ventures, and Other Long-term Investments - Sensitivities Analysis (Details) - OPay Digital Services Limited [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Preferred shares, DLOM of 5% [member] | PWERM, OPM and CVM [member] | ||
Statement Line Items [Line Items] | ||
Decrease | $ 4,700 | $ 2,811 |
Increase | (4,700) | (2,811) |
Preferred shares, WACC of 2% [member] | PWERM [member] | ||
Statement Line Items [Line Items] | ||
Decrease | 1,978 | 1,087 |
Increase | (1,885) | (1,009) |
Preferred shares, 10% movement [member] | OPM and CVM [member] | ||
Statement Line Items [Line Items] | ||
Decrease | (5,115) | (3,093) |
Increase | $ 5,103 | $ 3,092 |
Note 13 - Trade Receivables, _3
Note 13 - Trade Receivables, Other Current Receivables, and Prepayments (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Trade receivables [member] | |
Statement Line Items [Line Items] | |
Decrease through write-off, financial assets | $ 6.6 |
Other receivables [member] | |
Statement Line Items [Line Items] | |
Decrease through write-off, financial assets | $ 3.9 |
Note 13 - Trade Receivables, _4
Note 13 - Trade Receivables, Other Current Receivables, and Prepayments - Trade Receivables, Prepayments and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Total gross trade receivables | $ 46,661 | $ 36,452 | |
Allowance for expected credit losses | (2,796) | (7,643) | |
Trade receivables net of loss allowance | 43,864 | 28,809 | |
Value added tax | 1,525 | 1,218 | |
Unsettled trades (Note 14) | 15,462 | 856 | |
Other | 1,551 | 4,600 | |
Total other current receivables | 18,538 | 11,674 | |
Prepaid equipment | 1,073 | 0 | |
Prepaid corporate income taxes | 4,485 | 2,448 | |
Other prepaid expenses | 3,635 | 6,613 | |
Total prepayments | 9,192 | 9,061 | |
OPay Digital Services Limited [member] | |||
Statement Line Items [Line Items] | |||
Receivable due from OPay | [1] | 0 | 5,000 |
Third party receivables [member] | |||
Statement Line Items [Line Items] | |||
Total gross trade receivables | 44,510 | 34,927 | |
Associates and joint ventures [member] | |||
Statement Line Items [Line Items] | |||
Total gross trade receivables | 734 | 893 | |
Other related parties [member] | |||
Statement Line Items [Line Items] | |||
Total gross trade receivables | $ 1,417 | $ 632 | |
[1] | The receivable due from OPay is the consideration for the sale of Blue Ridge Microfinance Bank. See Note 26 additional information. |
Note 13 - Trade Receivables, _5
Note 13 - Trade Receivables, Other Current Receivables, and Prepayments - Aging of Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | ||
Weighted-average expected credit loss rate | 6.00% | 21.00% |
Gross carrying amount | $ 46,661 | $ 36,452 |
Loss allowance as of December 31 | $ 2,796 | $ 7,643 |
Current [member] | ||
Statement Line Items [Line Items] | ||
Weighted-average expected credit loss rate | 0.40% | 0.40% |
Gross carrying amount | $ 35,717 | $ 25,403 |
Loss allowance as of December 31 | $ 135 | $ 98 |
Not later than one month [member] | ||
Statement Line Items [Line Items] | ||
Weighted-average expected credit loss rate | 1.80% | 2.80% |
Gross carrying amount | $ 3,666 | $ 1,466 |
Loss allowance as of December 31 | $ 67 | $ 41 |
Later than one month and not later than two months [member] | ||
Statement Line Items [Line Items] | ||
Weighted-average expected credit loss rate | 2.50% | 1.20% |
Gross carrying amount | $ 1,483 | $ 372 |
Loss allowance as of December 31 | $ 37 | $ 5 |
Later than two months and not later than three months [member] | ||
Statement Line Items [Line Items] | ||
Weighted-average expected credit loss rate | 3.20% | 16.20% |
Gross carrying amount | $ 758 | $ 140 |
Loss allowance as of December 31 | $ 24 | $ 23 |
Later than three months [member] | ||
Statement Line Items [Line Items] | ||
Weighted-average expected credit loss rate | 50.30% | 82.40% |
Gross carrying amount | $ 5,036 | $ 9,074 |
Loss allowance as of December 31 | $ 2,533 | $ 7,477 |
Note 13 - Trade Receivables, _6
Note 13 - Trade Receivables, Other Current 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, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||
Loss allowance as of period start | $ 7,643 | $ 1,446 |
Loss allowance related to trade receivables due from a former joint venture | (6,579) | 6,579 |
Other changes in the period | 1,732 | (382) |
Loss allowance as of period end | $ 2,796 | $ 7,643 |
Note 14 - Financial Assets an_3
Note 14 - Financial Assets and Liabilities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | ||
Total borrowings | $ 13,508 | $ 8,972 |
Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Total borrowings | $ 7,500 |
Note 14 - Financial Assets an_4
Note 14 - Financial Assets and Liabilities - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Financial assets | $ 311,482 | $ 145,973 | |
Financial liabilities | 71,409 | 48,277 | |
Current financial liabilities | 19,125 | 13,040 | |
Financial liabilities at amortised cost, category [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 71,409 | 47,533 | |
Current financial liabilities | 38,753 | 25,454 | |
Financial liabilities at amortised cost, category [member] | Financial lease liabilities and other loans [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 13,508 | 8,972 | |
Financial liabilities at amortised cost, category [member] | Other financial liabilities [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 19,148 | 13,107 | |
Financial liabilities at fair value through profit or loss, category [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 0 | 744 | |
Financial liabilities at fair value through profit or loss, category [member] | Equity derivatives [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | [1] | 0 | 744 |
Financial assets at amortised cost, category [member] | |||
Statement Line Items [Line Items] | |||
Non-current receivables | [2] | 1,980 | 1,490 |
Financial assets | 64,382 | 41,973 | |
Financial assets at amortised cost, category [member] | Trade receivables [member] | |||
Statement Line Items [Line Items] | |||
Current financial assets | 43,864 | 28,809 | |
Financial assets at amortised cost, category [member] | Other receivables [member] | |||
Statement Line Items [Line Items] | |||
Current financial assets | 18,538 | 11,674 | |
Financial assets at fair value through profit or loss, category [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 247,100 | 104,000 | |
Financial assets at fair value through profit or loss, category [member] | Unlisted preferred and ordinary shares [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | [3] | 168,965 | 104,000 |
Financial assets at fair value through profit or loss, category [member] | Listed equity instruments [member[ | |||
Statement Line Items [Line Items] | |||
Financial assets | [1] | $ 78,135 | $ 0 |
[1] | In the Statement of Financial Position, investments in listed equity securities are presented as marketable securities while equity derivative liabilities are presented as other current liabilities, as specified in Note 16. | ||
[2] | Non-current receivables are presented as part of non-current financial assets in the Statement of Financial Position. | ||
[3] | In 2021, Opera held investments in preferred and ordinary shares in OPay, preferred shares in Star X, and ordinary shares in Fjord Bank, all of which are unlisted and measured at fair value through profit or loss. In the Statement of Financial Position as of year-end 2021, the carrying amount of the shares in OPay and Star X were presented as part of assets held for sale, while the investment in Fjord Bank was presented as part of non-current financial assets. In 2020, OPay and Star X were classified as associates and the carrying amounts of the investments were presented as part of investments in associates and joint ventures. Changes in the fair value of unlisted equity investment are presented as fair value gain on investments in the Statement of Operations. See Note 12 for more information. |
Note 14 - Financial Assets an_5
Note 14 - Financial Assets and Liabilities - Gain (Loss) on Trading Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Net gain (loss) on investment portfolio held for trading | $ (4,944) | $ 13,033 | $ 8,477 |
Listed equity instruments [member[ | |||
Statement Line Items [Line Items] | |||
Realized net gain (loss) | (11,201) | 12,910 | 6,278 |
Change in unrealized net gain (loss) | (11,696) | 0 | 2,564 |
Short position in listed equity instruments [member] | |||
Statement Line Items [Line Items] | |||
Realized net gain (loss) | 17,123 | 0 | (365) |
Change in unrealized net gain (loss) | 0 | 0 | 0 |
Equity derivatives [member] | |||
Statement Line Items [Line Items] | |||
Realized net gain (loss) | 830 | 10 | 0 |
Change in unrealized net gain (loss) | $ 0 | $ 113 | $ 0 |
Note 15 - Lease Liabilities a_3
Note 15 - Lease Liabilities and Other Loans (Details Textual) $ in Thousands, kr in Billions | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021NOK (kr) | |
Statement Line Items [Line Items] | ||||
Total borrowings | $ 13,508 | $ 8,972 | ||
Additions to right-of-use assets | 2,700 | 1,100 | ||
Cash outflow for leases | 7,500 | 7,600 | $ 5,300 | |
Total financial liabilities | 71,409 | $ 48,277 | ||
Financial guarantee contracts [member] | ||||
Statement Line Items [Line Items] | ||||
Total financial liabilities | $ 11,400 | kr 0.1 | ||
Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Right-of-use assets, Term of Contract (Month) | 6 months | |||
Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Right-of-use assets, Term of Contract (Month) | 6 years | |||
Interest bearing loans [member] | ||||
Statement Line Items [Line Items] | ||||
Borrowings, interest rate | 3.83% | 3.83% | ||
Credit facility [member] | ||||
Statement Line Items [Line Items] | ||||
Total borrowings | $ 7,500 |
Note 15 - Lease Liabilities a_4
Note 15 - Lease Liabilities and Other Loans - Noncurrent and Current (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | ||
Non-current portion | $ 2,081 | $ 3,584 |
Current portion | 11,427 | 5,389 |
Total lease liabilities and other loans | 13,508 | 8,972 |
Lease liabilities [member] | ||
Statement Line Items [Line Items] | ||
Non-current portion | 1,925 | 3,094 |
Current portion | 3,449 | 4,706 |
Interest bearing loans [member] | ||
Statement Line Items [Line Items] | ||
Non-current portion | 155 | 490 |
Current portion | 7,784 | 311 |
Other loans [member] | ||
Statement Line Items [Line Items] | ||
Current portion | $ 194 | $ 371 |
Note 15 - Lease Liabilities a_5
Note 15 - Lease Liabilities and Other Loans - Lease Amounts Included in Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | |||
Right-of-use assets | $ 5,241 | $ 7,309 | |
Non-current | 1,925 | 3,094 | |
Current | 3,449 | 4,706 | |
Total lease liabilities | 5,374 | 7,800 | |
Interest expense (included in finance expense) | 266 | 397 | |
Expense relating to short-term leases (included in other operating expenses) | 2,104 | 3,201 | |
Foreign exchange loss | (277) | (140) | |
Total lease-related expenses | 7,400 | 8,489 | |
Office properties [member] | |||
Statement Line Items [Line Items] | |||
Right-of-use assets | [1] | 4,171 | 4,974 |
Depreciation expense of right-of-use assets | 2,407 | 2,221 | |
Equipment [member] | |||
Statement Line Items [Line Items] | |||
Right-of-use assets | 1,070 | 2,335 | |
Depreciation expense of right-of-use assets | $ 2,347 | $ 2,529 | |
[1] | Additions to and remeasurements of the right-of-use assets during the 2020 financial year were US$1.1 million. |
Note 15 - Lease Liabilities a_6
Note 15 - Lease Liabilities and Other Loans - Changes in Liabilities Arising from Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | |||
Beginning balance | $ 8,973 | $ 56,975 | |
Net cash flows | (5,617) | (47,506) | |
New and modified leases | 2,692 | 1,100 | |
Other changes (1) | [1] | (23) | (1,596) |
Change in credit facility | 7,483 | ||
Ending balance | 13,508 | 8,973 | |
Non-current lease liabilities [member] | |||
Statement Line Items [Line Items] | |||
Beginning balance | 3,094 | 7,378 | |
Net cash flows | (1,836) | (3,782) | |
New and modified leases | 667 | 236 | |
Other changes (1) | [1] | 0 | (738) |
Change in credit facility | 0 | ||
Ending balance | 1,925 | 3,094 | |
Non-current interest bearing loans [member] | |||
Statement Line Items [Line Items] | |||
Beginning balance | 490 | 736 | |
Net cash flows | (33) | (246) | |
New and modified leases | 0 | 0 | |
Other changes (1) | [1] | (301) | 0 |
Change in credit facility | 0 | ||
Ending balance | 155 | 490 | |
Current lease liabilities [member] | |||
Statement Line Items [Line Items] | |||
Beginning balance | 4,707 | 4,625 | |
Net cash flows | (3,283) | (420) | |
New and modified leases | 2,025 | 864 | |
Other changes (1) | [1] | 0 | (362) |
Change in credit facility | 0 | ||
Ending balance | 3,449 | 4,707 | |
Current interest bearing loans [member] | |||
Statement Line Items [Line Items] | |||
Beginning balance | 311 | 43,369 | |
Net cash flows | (311) | (43,058) | |
New and modified leases | 0 | 0 | |
Other changes (1) | [1] | 301 | 0 |
Change in credit facility | 7,483 | ||
Ending balance | 7,784 | 311 | |
Other current loans [member] | |||
Statement Line Items [Line Items] | |||
Beginning balance | 371 | 867 | |
Net cash flows | (154) | 0 | |
New and modified leases | 0 | 0 | |
Other changes (1) | [1] | (23) | (496) |
Change in credit facility | 0 | ||
Ending balance | $ 194 | $ 371 | |
[1] | "Other changes" 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 16 - Trade and Other Pay_3
Note 16 - Trade and Other Payables, and Other Current Liabilities - Trade and Other Payables, and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Trade payables due to third party suppliers | $ 32,506 | $ 20,181 | |
Trade and other payables due to related parties (Note 20) | 1,505 | 2,268 | |
Employee withholding tax | 1,737 | 1,044 | |
Value added tax | 1,648 | 1,162 | |
Payroll tax | [1] | 982 | 799 |
Total trade and other payables | 38,378 | 25,454 | |
Accrued personnel expenses | 11,793 | 11,985 | |
Equity derivative liabilities (Note 14) | 0 | 744 | |
Unsettled trades (Note 14) | 6,931 | 0 | |
Other current liabilities | 401 | 310 | |
Total other current liabilities | $ 19,125 | $ 13,040 | |
[1] | Includes accruals for social security costs related to share-based remuneration. |
Note 17 - Financial Risk Mana_3
Note 17 - Financial Risk Management (Details Textual) - Equity investments [member] $ in Millions | Dec. 31, 2021USD ($) |
Equity price risk [member] | |
Statement Line Items [Line Items] | |
Maximum capital allocation to investments | $ 70 |
Credit risk [member] | |
Statement Line Items [Line Items] | |
Investment, interest rate | 8.00% |
Note 17 - Financial Risk Mana_4
Note 17 - Financial Risk Management - Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | ||
Non-current financial liabilities | $ 23 | $ 68 |
Current financial liabilities | 19,125 | 13,040 |
Total financial liabilities, including interest | 71,280 | 47,541 |
Lease liabilities [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | 1,944 | 3,224 |
Current financial liabilities | 3,482 | 4,914 |
Interest bearing loans [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities, including interest | 160 | 505 |
Current financial liabilities, including interest | 7,793 | 337 |
Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Current financial liabilities | 38,753 | 25,454 |
Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | 0 | 0 |
Current financial liabilities | 19,125 | 13,040 |
Total financial liabilities, including interest | 69,153 | 43,744 |
Not later than one year [member] | Lease liabilities [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | 0 | 0 |
Current financial liabilities | 3,482 | 4,914 |
Not later than one year [member] | Interest bearing loans [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities, including interest | 0 | 0 |
Current financial liabilities, including interest | 7,793 | 337 |
Not later than one year [member] | Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Current financial liabilities | 38,753 | 25,454 |
Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | 0 | 0 |
Current financial liabilities | 0 | 0 |
Total financial liabilities, including interest | 2,104 | 3,729 |
Later than one year and not later than three years [member] | Lease liabilities [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | 1,944 | 3,224 |
Current financial liabilities | 0 | 0 |
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 | 160 | 505 |
Current financial liabilities, including interest | 0 | 0 |
Later than one year and not later than three years [member] | Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Current financial liabilities | 0 | 0 |
Later than three years [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | 23 | 68 |
Current financial liabilities | 0 | 0 |
Total financial liabilities, including interest | 23 | 68 |
Later than three years [member] | Lease liabilities [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities | 0 | 0 |
Current financial liabilities | 0 | 0 |
Later than three years [member] | Interest bearing loans [member] | ||
Statement Line Items [Line Items] | ||
Non-current financial liabilities, including interest | 0 | 0 |
Current financial liabilities, including interest | 0 | 0 |
Later than three years [member] | Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Current financial liabilities | $ 0 | $ 0 |
Note 18 - Related Parties (Deta
Note 18 - Related Parties (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 0 | $ 500 |
nHorizon [member] | Bottom of range [member] | ||
Statement Line Items [Line Items] | ||
Percent of advertising revenue under agreement | 15.00% | |
nHorizon [member] | Top of range [member] | ||
Statement Line Items [Line Items] | ||
Percent of advertising revenue under agreement | 30.00% | |
Related parties [member] | ||
Statement Line Items [Line Items] | ||
Impairment loss recognised in profit or loss, trade receivables | $ 40 | $ 83 |
Note 18 - Related Parties - Out
Note 18 - Related Parties - Outstanding Balances and Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Receivables | $ 2,650 | $ 11,012 | |
Payables | 1,505 | 2,268 | |
Beijing OFY [member] | |||
Statement Line Items [Line Items] | |||
Sales of goods and services | 1,069 | 543 | $ 0 |
Receivables | 46 | 51 | |
Payables | 0 | 0 | |
Kunlun Tech Limited [member] | |||
Statement Line Items [Line Items] | |||
Sales of goods and services | 0 | 0 | 15 |
Purchases of goods and services | 2,207 | 2,367 | 2,254 |
Receivables | 781 | 582 | |
Payables | 794 | 1,546 | |
Mobimagic Digital Tech [member] | |||
Statement Line Items [Line Items] | |||
Sales of goods and services | 0 | 496 | 0 |
Purchases of goods and services | 0 | 9,719 | 26,267 |
Receivables | 0 | 3,848 | |
Payables | 0 | 0 | |
Nanobank [member] | |||
Statement Line Items [Line Items] | |||
Sales of goods and services | 0 | 693 | 303 |
Purchases of goods and services | 0 | 23,007 | 25,923 |
Other transactions | 0 | 264,936 | 0 |
Nanocred Cayman [member] | |||
Statement Line Items [Line Items] | |||
Receivables | 0 | 138 | |
Payables | 0 | 0 | |
nHorizon [member] | |||
Statement Line Items [Line Items] | |||
Sales of goods and services | 456 | 133 | 146 |
Purchases of goods and services | 0 | 0 | 193 |
Receivables | 734 | 278 | |
Payables | 571 | 556 | |
OPay Digital Services Limited [member] | |||
Statement Line Items [Line Items] | |||
Sales of goods and services | 13,819 | 24,121 | |
Other transactions | 0 | 0 | 7,131 |
Receivables | 589 | 5,615 | |
Payables | 140 | 166 | |
Powerbets Holdings Limited [member] | |||
Statement Line Items [Line Items] | |||
Sales of goods and services | 0 | 0 | 2,210 |
Wisdom Connection III Holding [member] | |||
Statement Line Items [Line Items] | |||
Other transactions | 0 | 0 | 500 |
Receivables | 500 | 500 | |
Payables | 0 | 0 | |
Star X [member] | |||
Statement Line Items [Line Items] | |||
Sales of goods and services | $ 0 | $ 0 | $ 150 |
Note 19 - Events After the Re_2
Note 19 - Events After the Reporting Period (Details Textual) $ in Thousands | Apr. 21, 2022USD ($) | Mar. 22, 2022USD ($) | Feb. 17, 2022 | Jan. 11, 2021 | Aug. 19, 2020 | Mar. 31, 2022USD ($)shares | Dec. 31, 2021USD ($)shares | Jan. 17, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2019USD ($)shares | Jan. 20, 2022USD ($) | Jan. 17, 2020USD ($) |
Statement Line Items [Line Items] | |||||||||||||
Payments to acquire or redeem entity's shares | $ 749 | $ 49,049 | $ 5,780 | ||||||||||
Current assets or disposal groups classified as held for sale | $ 288,379 | $ 0 | |||||||||||
Star X [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Proportion of ownership interest in associate | 19.35% | ||||||||||||
Nanobank [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Proportion of ownership interest in subsidiary | 42.35% | 42.00% | |||||||||||
RSU [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 1,086,340 | 1,122,818 | |||||||||||
ADS [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Share repurchase program, maximum authorized amount | $ 50,000 | ||||||||||||
Number of shares repurchased (in shares) | shares | 4,927,297 | 5,976,455 | 1,500,000 | 1,500,000 | |||||||||
Payments to acquire or redeem entity's shares | $ 49,800 | $ 10,700 | |||||||||||
Potential ordinary share transactions [member] | ADS [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Share repurchase program, maximum authorized amount | $ 50,000 | ||||||||||||
Number of shares repurchased (in shares) | shares | 569,352 | ||||||||||||
Payments to acquire or redeem entity's shares | $ 3,000 | ||||||||||||
Potential ordinary share transactions [member] | ADS [member] | RSU [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 778,750 | ||||||||||||
Disposal of major subsidiary [member] | Star X [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Disposal group held for sale, consideration to be received | $ 83,500 | ||||||||||||
Proportion of ownership interest in associate | 19.35% | ||||||||||||
Disposal group, installment due within 10 days | $ 28,400 | ||||||||||||
Disposal group, number of installments | 2 | ||||||||||||
Disposal group, deferred payments, interest rate | 3.50% | ||||||||||||
Disposal of major subsidiary [member] | Nanobank [member] | Discontinued operations [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Proportion of ownership interest in subsidiary | 42.35% | ||||||||||||
Disposal group held for sale, consideration to be received | $ 127,100 | ||||||||||||
Disposal group held for sale, consideration to be received, number of quarterly installments | 8 | ||||||||||||
Disposal group held for sale, consideration to be received, term (Year) | 2 years | ||||||||||||
Current assets or disposal groups classified as held for sale | $ 120,300 | ||||||||||||
Disposal group held for sale, discount rate | 5.00% |