(8,106,000)

$ (8,106,000)

(667,000)

Net equity transactions with Otello Corporation ASA

(8,773)

(8,773,000)

(497,000)

hare-based payments

768,000

Ending balance at Nov. 03, 2016

98,077,000

Beginning balance at Jul. 25, 2016

(7,704,000)

(630,000)

Ending balance at Dec. 31, 2016

(7,704,000)

(630,000)

(8,334,000)

19,025,000

557,506,000

(7,704,000)

(630,000)

568,197,000

Beginning balance at Nov. 03, 2016

Contributed equity

19,025,000

557,506,000

576,531,000

$ 98,077,000

Ending balance at Dec. 31, 2016

19,025,000

557,506,000

(7,704,000)

(630,000)

568,197,000

6,064,000

2,235,000

Ending balance at Dec. 31, 2017

6,064,000

2,235,000

8,299,000

hare-based payments

7,006,000

19,025,000

557,506,000

5,366,000

1,605,000

583,503,000

35,160,000

(1,289,000)

Ending balance at Dec. 31, 2018

35,160,000

(1,289,000)

33,871,000

hare-based payments

6,439,000

22,012,000

716,700,000

36,432,000

316,000

775,460,000

Impact of new accounting standards (Note 3) at Dec. 31, 2017

Contributed equity

2,987,000

164,069,000

167,056,000

(629,000)

Beginning balance at Dec. 31, 2017

$ 19,025,000

557,506,000

4,737,000

$ 1,605,000

582,874,000

Business combination with entity under common control (Note 28)

$ (9,904,000)

(9,904,000)

Acquisition of treasury shares (Notes 18 and 26)

$ (4,875,000)

[1]	Opera Limited, the Group's parent, was established in 2018. The amount of share capital in prior periods reflects the share capital of the parent at the time of incorporation, as if the share capital was contributed in 2016.?

Consolidated Statement of Cash Flows - USD ($)
$ in Thousands

5 Months Ended

10 Months Ended

12 Months Ended

Dec. 31, 2016

Nov. 03, 2016

Dec. 31, 2018

Dec. 31, 2017

Cash flow from operating activities

Net income (loss) before income taxes

$ (9,800)

$ (8,849)

$ 41,641

$ 7,504

Income taxes paid

(369)

(1,759)

(4,381)

(3,202)

Gain on disposal of equipment and intangible assets

(5,460)

Depreciation and amortization

3,082

9,586

12,694

16,604

Share of net loss (income) of associates and joint ventures

237

2,664

3,248

1,670

Share-based payment expense

768

6,439

7,006

Change in trade and other receivables

(3,947)

(5,391)

(9,635)

(235)

Change in trade and other payables

11,855

2,645

(5,635)

(8,509)

Change in deferred revenue

(429)

(81)

460

(2,106)

Change in prepayments

(12,205)

(136)

Change in other liabilities

1,507

(1,402)

Net cash flow from (used in) operating activities

1,067

(14)

(303)

(81)

1,697

(432)

33,828

11,653

Cash flow from investment activities

Proceeds from sales of equipment and intangible assets

5,716

Purchase of equipment

(314)

(2,569)

(2,616)

(3,523)

Settlement of earnout obligation

(600)

Receipt of contingent consideration (1)

^[1]

31,655

2,945

Acquisition of subsidiary, net of cash acquired

(7,901)

Release of escrow account

2,508

5,402

Disbursement of short-term loans

(2,400)

(500)

Investment in, and loans to associates and joint ventures

(5,486)

(4,050)

(32,867)

(6,896)

Net proceeds from purchase and sale of listed equity instruments

(2,188)

Development expenditure

(318)

(1,610)

(4,132)

(3,503)

Net cash flow from (used in) investment activities

25,538

(8,229)

(47,250)

(3,305)

Cash flow from financing activities

Proceeds from issues of equity instruments

1,580

170,871

Transaction costs on issue of equity instruments

(2,992)

Acquisition of treasury shares

(4,875)

Proceeds from loans and borrowings

5,512

Repayment of loans and borrowings

(1,765)

(4,372)

Payment of finance lease liabilities

(146)

(4,980)

(2,293)

(5,659)

Net cash flow from (used in) financing activities

6,946

(4,980)

158,946

(10,031)

Net change in cash and cash equivalents

34,181

(13,641)

145,524

(1,683)

Cash and cash equivalents at beginning of period

30,602

33,207

34,181

Net foreign exchange difference

212

(857)

709

Cash and cash equivalents at end of period

$ 34,181

$ 17,173

$ 177,873

$ 33,207

[1]	Relates to settlements of accounts receievables guarantee from Otello Corporation ASA associated with the acquisition of Opera Software AS, the "Consumer Business", in 2016.

Note 1 - Corporate Information	12 Months Ended
Note 1 - Corporate Information	Dec. 31, 2018
Statement Line Items [Line Items]
Disclosure of general information about financial statements [text block]	Note 1 Corporate information Successor Opera Limited (the “Company” and “Parent”), with its office at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1 - 1104, Cayman Islands, is an exempted company under the laws of Cayman Islands. The address of the principal executive office is Gjerdrums vei 19, 0484 Oslo, Norway. The Company was incorporated in the Cayman Islands as of March 19, 2018, with the purpose of being the issuer in our initial public offering of American Depository Shares (ADSs) on Nasdaq following a corporate reorganization in 2018. The reorganization resulted in the members of Kunhoo Software LLC, the group’s parent company as of December 31, 2017 and at the time of the reorganization, exchanging their ownership interests for common shares and ownership in Opera Limited with substantially the same rights and proportionate ownership. For periods prior to the reorganization, the share amounts have been adjusted to reflect those of Opera Limited. In July 2018, Opera Limited listed on Nasdaq under the OPRA ticker symbol. Opera Limited and its subsidiaries (the “Group”) are one of the world’s leading browser providers and an influential player in the field of integrated AI-driven digital content discovery and recommendation platforms. The consolidated financial statements of the Group for the year ended December 31, 2018 were authorized for issue in accordance with a resolution of the directors on April 17, 2019. Predecessor On November 3, 2016, Kunhoo Software LLC through wholly-owned subsidiaries acquired Opera Software AS (with subsidiaries, the “Acquired Companies”), which included the “Consumer Business” of Otello Corporation ASA, formerly Opera Software ASA (“Otello”). The Consumer Business consisted of mobile and PC web browsers as well as certain related products and services. It was managed from Norway, with key engineering operations located in Poland, Sweden and China.

Note 2 - Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Disclosure of significant accounting policies [text block]

Note

Significant accounting policies

2.1

Basis of preparation of Successor and Predecessor

The Successor and Predecessor Financial Statements (collectively, the “consolidated financial statements”), as defined below, are presented as required by Regulation S-

Article

and prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements of Opera Limited, which became our parent company in

June 2018

by way of an exchange of equity interests, are a continuation of the consolidated financial statements of Kunhoo Software LLC, the parent company as of

December 31, 2017.

As a result of the acquisition of Opera Software AS (with subsidiaries, the “Acquired Companies”) on

November 3, 2016,

the Group carries forward and continues to operate the Acquired Companies’ business from that date. Prior to the acquisition of the Acquired Companies, the Group had

operations in the period from

July 26, 2016

November 3, 2016

but did incur transaction costs.

The Successor and Predecessor Financial Statements are defined as follows:

Successor: The consolidated financial statements of Opera Limited and subsidiaries comprise the consolidated Statements of Financial Position as of

December 31, 2017

and

2018,

and the related consolidated Statements of Operations, Statements of Comprehensive Income (Loss), Statements of Changes in Equity, and Statements of Cash Flows, and related notes for the period from inception on

July 26, 2016 (

inception) to

December 31, 2016

and for the years ended

December 31, 2017

and

2018,

with the Acquired Companies included from

November 4, 2016 (

the “Successor”)

Predecessor: The consolidated Statement of Operations, Statement of Comprehensive Income (Loss), Statement of Changes in Equity, Statement of Cash Flows, and related notes for the period from

January 1, 2016

November 3, 2016

of the Consumer Business of Otello (the “Predecessor”).

The Successor and Predecessor Financial Statements have been prepared with a “black line presentation” to distinctly highlight the periods pre- and post-acquisition.

The comparability of the Successor periods to the Predecessor periods is affected by the application of the acquisition method.

The consolidated financial statements have been prepared on a historical cost basis except for the financial assets and liabilities described in Notes

and

15,

which are measured at fair value. The consolidated financial statements are presented in U.S. Dollars and all values are rounded to the nearest thousand (US$ thousand), except when otherwise indicated. Subtotals and totals in some tables

may

not

equal the sum of the amounts shown.

Certain prior year balances have been reclassified to conform to the current year’s presentation. Such reclassifications did

not

affect total cash flows, total net revenues, operating loss, net loss, total assets, total liabilities or shareholders’ equity.

2.2

Basis of preparation of the Predecessor

Prior to

November 3, 2016,

the Consumer Business was

one

of Otello’s major businesses lines. A significant part of the Consumer Business was owned and operated within Otello’s ultimate holding company until

March 2016

when the Consumer Business was contributed to Opera Software AS, its wholly owned subsidiary that was formed in

December 2015.

Otello completed a reorganization in order to establish Opera Software AS as the ultimate holding company of all entities related to its Consumer Business, and to have Otello’s other businesses held outside Opera Software AS, prior to the sale to the Group.

The Predecessor and Successor have applied the same accounting policies.

Carve-out approach

Neither the Acquired Companies nor the Consumer Business had presented standalone financial statements on a consolidated basis prior to the formation of the Group. Preparing such financial statements was accomplished by extracting information for the Consumer Business from Otello’s historical financial records and applying certain adjustments and allocations as required to reflect all of the revenues and costs relevant to the Consumer Business. Accordingly, financial performance, cash flows and changes in owner’s equity of the Consumer Business have been “carved out” from Otello for the period

January 1, 2016

November 3, 2016

to prepare the Predecessor’s consolidated financial statements.

The Consumer Business was generally managed separately from Otello’s other businesses and did

not

have significant recurring inter-business relationships with Otello other than cash pooling, financing and certain sales, corporate and administrative functions. Intercompany transactions within the Consumer Business have been eliminated in preparing the consolidated financial statements of the Predecessor.

The consolidated financial statements of the Predecessor do

not

necessarily reflect the financial performance, cash flows and changes equity that would be been presented if the Consumer Business existed as an independent business during the period presented.

Revenue

In the Predecessor’s consolidated financial statements, the majority of the revenues of the Consumer Business were included within distinct business units and were readily identifiable from Otello’s other revenues.

Personnel expenses

Otello’s personnel expenses have been tracked on an individual employee level. Accordingly, in the Predecessor’s consolidated financial statements, employee compensation costs were allocated to the Consumer Business based upon the actual employees included within the Consumer Business, reflecting costs for product development, sales, corporate and administrative functions including accounting and finance.

Furthermore, the cost of Otello’s share-based incentive program is reflected in the Predecessor’s consolidated financial statements based upon the cost allocated by Otello to the specific employees that were part of the Consumer Business.

Depreciation and amortization

In the Predecessor financial statements, depreciation and amortization expenses were directly identifiable based on the furniture, fixtures and equipment and intangible assets that were included within the Consumer Business.

Other operational expenses

The majority of the Consumer Business’s other operational expenses could be clearly identified. In the limited instances where cost categories within an entity were shared across the Otello businesses, such expense categories were reviewed and allocated using an appropriate method. For example, the Consumer Business shared office space with Otello in its Oslo, Norway headquarters. Related office costs been allocated to the Consumer Business based on the relative number of full time equivalent employees of the Consumer Business and Otello’s other activities.

Restructuring costs

2016,

the Consumer Business underwent restructuring activities that included offering separation agreements to certain employees and reducing the office area usage in

two

locations. Restructuring costs have been included based on the specific severance agreements with affected employees, and the specific costs related to the reduction in office space relative to pre-existing lease commitments.

Finance expense

Otello maintained a bank credit facility for general corporate purposes, which was

not

transferred to the Consumer Business as part of the business combination described above. Certain of the Consumer Business assets were pledged as security for the bank credit facility. In preparing the Predecessor’s consolidated financial statements, management reviewed the historical borrowings under the bank credit facility that were linked to the Consumer Business. Based upon this review and Otello’s estimated borrowing rate, interest cost has been allocated to the Predecessor’s consolidated financial statements based upon an estimate of Otello’s borrowings that were related to the Consumer Business.

Income taxes

Income taxes have been prepared on a separate return basis for the net income (loss) from operations of the Consumer Business, based upon the estimated applicable income tax rates for the jurisdictions in which the Consumer Business is taxable.

2.3

Basis of consolidation

The consolidated financial statements comprise the financial statements of Opera Limited and its subsidiaries. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Control is achieved when the Group is exposed, or has rights, to variable returns from our 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. Specifically, the Group controls an investee if, and only if, the Group has:

Power over the investee (i.e., existing and potential rights that give it the current ability to direct the relevant activities of the investee);

Exposure, or rights, to variable returns from its involvement with the investee;

The ability to use its power over the investee to affect its return.

2.4

Significant accounting policies

Foreign currencies

The Successor and Predecessor financial statements are presented in U.S. Dollars (US$), which is also the functional currency of the parent company.

For each entity, the Group determines the functional currency, which is the currency of the primary economic environment in which the entity operates. Items included in the financial statements of each entity are measured using that functional currency.

Foreign currency transactions are recognized by the Group’s entities at their respective functional currency spot rate at the date the transaction

first

qualifies for initial recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates at the reporting date. Gains or losses arising from settlement or translation of monetary items are recognized in the Statement of Operations as Net foreign exchange gain (loss). Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

The assets and liabilities of entities within the Group with a functional currency which differs from the Group’s presentation currency, are translated using the currency exchange rates of the reporting date. Income and expense items are translated at average currency exchange rates for the respective period. The overall net foreign currency impact from translating assets, liabilities, income and expenses to U.S. Dollars is recognized in the Statement of Comprehensive Income (Loss).

Investments in joint ventures and associates

A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

Associates are those entities in which the Group has significant influence, meaning power to participate in the financial and operating policy decisions of the investee, but

not

control or joint control of those policies. Significant influence is presumed to exist when the Group holds between

and

percent of the voting power of another entity.

Investments in associates and joint ventures are accounted for using the equity method (equity-accounted investees) and are recognized initially at cost.

The consolidated financial statements include the Group’s share of the net income or loss and other comprehensive income, after adjustments, to align the accounting policies of the associates and joint ventures with those of the Group from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. Any change in other comprehensive income of those investees is presented as part of the Group’s other comprehensive income. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. However, in the acquisition of a business from an equity-accounted investee, Opera does

not

eliminate its share of gains or losses.

When the Group’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest, including any long-term interests that in substance form part of its net investment, is reduced to zero, and the recognition of further losses is discontinued. Additional losses are provided for, and a liability is recognized, only to the extent that the Group has incurred legal or constructive obligations or has made payments on behalf of the investee.

The Group has invested in preferred shares in StarMaker resulting in us having significant influence, as discussed in Note

28.

These preferred shares represent a long-term interest that in substance form part of the net investment in the associate. The preferred shares accounted for as financial assets are measured at fair value on a recurring basis through the Statement of Operations. As of

December 31, 2018,

the Group has

not

taken account of any losses of the associate that would have arisen from applying the equity method, or any impairment losses on the net investment.

Business combinations and goodwill

Business combinations, except those occurring under common control, are accounted for using the acquisition method. Acquired businesses are included in the consolidated financial statements from the date the Group obtains control. The cost of an acquisition is measured as the consideration transferred, which is measured at acquisition date fair value. Acquisition-related costs are expensed as incurred.

The Group initially measures goodwill at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held, over the net identifiable assets acquired and liabilities assumed.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is from the acquisition date allocated to the Group’s cash generating units (CGUs) that are expected to benefit from the transaction. The goodwill recognized by the Group is allocated to the Consumer Business CGU.

The acquisition of a microfinance business primarily operating under the brand OKash, as discussed in Note

28,

occurred under common control. Business combinations under common control are accounted for using predecessor accounting. Under this method, assets and liabilities of the acquired entity are stated at predecessor carrying values; they are

not

measured at acquisition date fair values.

new goodwill is recognized. Any difference between the consideration given and the aggregate carrying value of the assets and liabilities of the acquired entity at the date of the transaction is included in equity in retained earnings. The acquired entity’s results from operations, assets and liabilities are incorporated prospectively from the date on which the business combination between entities under common control occurred.

Furniture, fixtures and equipment

Furniture, fixtures and equipment, including leasehold improvements, are recognized at cost, less accumulated depreciation and impairment losses.

Depreciation and amortization of furniture, fixtures and equipment is recognized on a straight-line basis over the asset’s estimated useful life as follows:

Leasehold improvements: Up to

years.

Equipment: Up to

years.

Furniture and fixtures Up to

years.

Residual values, useful lives and depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate.

At the end of each reporting period, furniture, fixtures and equipment are assessed for any indications of impairment. If there are indications implying that an asset

may

be impaired, the recoverable amount is estimated.

Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination, which for the group includes customer relationships and trademark, is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are

not

capitalized and the related expenditure is reflected in the Statement of Operations in the period in which the expenditure is incurred.

The useful lives of intangible assets are assessed as either finite or indefinite.

Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset

may

be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period.

For goodwill and intangible assets that have an indefinite useful life and intangible assets that are

not

yet available for use, the recoverable amount is estimated at a minimum at each reporting date.

Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate all of the following:

the technical feasibility of completing the intangible asset so that it will be available for use or sale;

its intention to complete the intangible asset and use or sell it;

its ability to use or sell the intangible asset;

how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset;

the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;

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, are capitalized as development costs and amortized on a straight-line basis, generally over a period of up to

years. Intangible assets classified as technology acquired in the acquisition of Opera Software AS are amortized over

years.

Other engineering work related to research activities or ongoing 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 web trends, are expensed in the period they are incurred.

Intangible assets related to customer relationships, which result from business combinations, are recognized at cost less accumulated amortization and impairment losses and are amortized over the estimated customer relationship period up to

years. Customer relationship and trademark assets are evaluated for impairment when circumstances warrant.

Leases

A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership to the Group is classified as a finance lease.

Finance leases, which for the Group primarily relates to network server equipment, are capitalized at the commencement of the lease at the inception date fair value of the leased equipment or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in finance costs in the Statement of Operations.

A leased asset is depreciated over the useful life of the asset, consistent with the useful lives for furniture, fixtures and equipment disclosed above. However, if there is

reasonable certainty that the Group will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term.

An operating lease is a lease other than a finance lease. Operating lease payments are recognized as an operating expense in the Statement of Operations on a straight-line basis over the lease term.

Financial assets

The Group has the following financial assets:

Loans and receivables: Trade receivables, other receivables and non-current financial assets.

Equity instruments: Holdings of publicly traded securities.

See Note

for information about the implementation of IFRS

Financial Instruments

. IFRS

mainly changed the Group’s accounting for impairment losses for trade receivables by replacing the incurred loss approach with a forward-looking expected loss approach. See accounting policy below for impairment of financial assets for a description of both the accounting policies prior and subsequent to the implementation of IFRS

as of

January 1, 2018.

Initial recognition and measurement

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do

not

contain a significant financing component or for which the Group has applied the practical expedient, which are measured at the transaction price determined in accordance with the accounting principles for revenue recognition (see below), the Group initially measures a financial asset at its fair value plus, in the case of a financial asset

not

at fair value through the Statement of Operations, transaction costs.

In order for a financial asset to be classified and measured at amortized cost it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is performed at an instrument level. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.

Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets of the Group are classified in

two

categories:

Financial assets at amortized cost (debt instruments)

Financial assets at fair value through the Statement of Operations

The Group measures financial assets at amortized cost if both of the following conditions are met:

The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and

The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at amortized cost are subsequently measured using the effective interest method (EIR) and are subject to impairment. Gains and losses are recognized in the Statement of Operations when the asset is derecognized, modified or impaired.

The Group’s financial assets at amortized cost includes trade receivables, and loans to associates and joint ventures. A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).

Financial assets at fair value through the Statement of Operations include financial assets held for trading, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. For the Group, financial assets held for trading includes holdings of publicly traded securities. Financial assets with cash flows that are

not

solely payments of principal and interest are classified and measured at fair value through the Statement of Operations, irrespective of the business model. This includes the Group’s investment in preferred shares in StarMaker (see Note

Financial assets at fair value through the Statement of Operations are carried in the statement of financial position at fair value with net changes in fair value recognized in the Statement of Operations.

Derecognition

A financial asset is primarily derecognized when:

The rights to receive cash flows from the asset have expired, or

The Group has transferred its rights to receive cash flows from the asset and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

Financial liabilities

Financial liabilities of the Group comprise of loans, borrowings and payables, including interest bearing loans, finance lease liabilities, short (liability) positions, trade payables, other payables and other current and non-current financial liabilities.

See Note

for information about the implementation of IFRS

Initial recognition and measurement

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

Subsequent measurement

Financial liabilities held for trading, which for the Group include liabilities arising from short positions related to publicly traded securities, are measured at fair value through the Statement of Operations. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.

Interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method (EIR). Gains and losses are recognized in the Statement of Operations when the liabilities are derecognized as well as through the EIR amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the Statement of Operations.

Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.

Impairment

Impairment of financial assets

The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments

not

held at fair value through the Statement of Operations. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does

not

track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group makes specific loss provisions at the level of specific invoices where information exists that management can utilize in its determination of credit risk. For trade receivables where

specific risk information is identified, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

The Group normally considers a financial asset in default when contractual payments are

days past due. In certain cases, the Group

may

also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is

reasonable expectation of recovering the contractual cash flows.

Prior to the implementation of IFRS

as of

January 1, 2018,

the Group assessed, at each reporting date, whether there was objective evidence that a financial asset or a group of financial assets was impaired. An impairment existed if

one

or more events that had occurred since the initial recognition of the asset (an incurred "loss event"), had an impact on the estimated future cash flows of the financial asset or the group of financial assets that could be reliably estimated. The amount of impairment losses identified was measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that had

not

yet been incurred).

Impairment of non-financial assets

The Group assesses, at each reporting date, whether there is an indication that an asset

may

be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does

not

generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

Goodwill is tested for impairment annually as of

December 31,

and when circumstances indicate that the carrying value

may

be impaired.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

The Group bases its impairment calculation on detailed budgets and forecast calculations. These budgets and forecast calculations cover a period of

one

year. Because the length of the projection period for the cash flow forecast where a CGU has goodwill or intangible assets with indefinite lives is into perpetuity, we identify a “steady state” set of assumptions for the cash flows based an approach where we estimate cash flows for the following

four

years and then using the estimated cash flows in the final year of estimation as the basis for the terminal value. A long-term growth rate is calculated and applied to project future cash flows after projected period. See Note

for more information.

For assets, excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses

longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized.

Fair value measurement

The Group measures certain financial assets and liabilities, as disclosed in Note

15,

at fair value at each reporting date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

In the principal market for the asset or liability, or

In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

All assets and liabilities for which fair value is disclosed in the financial statements are categorized within the fair value hierarchy, based on the lowest level input that is significant to the fair value measurement as a whole:

Level

— Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level

— Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

Level

— Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For the investments in listed equity instruments, including, when applicable, the fair value of a short position in listed equities, quoted market prices in active markets for identical assets form the basis for fair value measurement.

For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

Provisions

A provision is recognized in the statement of financial position when the Group has a currently existing legal or constructive obligation as a result of a past event, and it is probable that a future outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

A provision for restructuring costs is recognized when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced.

Revenue recognition

Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services (the transaction price).

The Group has the following primary sources of revenue:

ii.

Advertising

iii.

Retail

iv.

Technology licensing and other revenue

See Note

for information about the implementation of IFRS

Revenue from Contracts with Customers

. Prior to the implementation of IFRS

as of

January 1, 2018,

the Group recognized revenue to the extent that it was probable that the economic benefits would flow to the Group and the revenue could be reliably measured, regardless of when the payment was received. Revenue was measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. The sections below describe the accounting principles for revenue recognition in

2018.

Revenues from each of these areas are recognized as follows:

Search revenue is generated when a user conducts a qualified search using a search partner (such as Google or Yandex) through the built-in combined address and search bar provided in Opera’s PC and mobile browsers, or when otherwise redirected to the search partner via browser functionality. Search revenue is recognized in the period the qualified search occurs based upon the contractually agreed revenue share amount.

ii.

Advertising

Advertising includes revenues from all other user-generated activities excluding search revenues. Advertising revenues include revenues from industry-standard ad units, predefined partner bookmarks (“Speed Dials”) and subscriptions of various promoted services that are provided by the Group. Revenue is recognized when our advertising services are delivered based on the specific terms of the underlying contract, which are commonly based on revenue sharing, clicks, or subscription revenues collected by

third

parties on behalf of the Group.

The majority of advertising revenue is reported based on the amounts the Group is entitled to receive from advertising partners. In limited instances where the Group has developed or procured a service which it promotes to the users, the Group considers itself the principal party to a transaction and

not

an agent of another entity. In such cases, the Group will recognize revenue on a gross basis. In the Group’s determination as to whether it is the principal, it considers its (i) responsibility to provide the service to the end-user, (ii) ability to determine pricing, (iii) exposure to risk. The associated costs for these transactions are included in the Statement of Operations within cost of revenue.

iii.

Retail

Retail includes sale of prepaid airtime and data to consumers and wholesalers in certain African countries and Indonesia. Retail revenues also includes consideration from sale of handsets to wholesalers in Indonesia. Revenue is recognized when the contracted good or service is transferred to the customer, after which the Group does

not

have any remaining obligations, except for a potential obligation to provide refunds customers in some arrangements if certain criteria are met. This right of refund creates variability in the transaction price. The amount of revenue recognized includes variable consideration to which we expect to be entitled. In

2018,

customers’ right of refund did

not

materially impact the amount of revenue recognized. The Group updates its estimates of refund liabilities (and the corresponding change in the transaction price) at the end of each reporting period.

The Group has concluded that it is a principal for all its existing arrangements with customers classified as retail, based on the factors discussed above for Advertising revenue. Although other parties are involved in the supply of the contracted good or service to the customer, Opera controls the contracted good or service before it is transferred.

iv.

Technology licensing and other revenue

Technology licensing and other revenue include other revenues that are

not

generated by the Group’s user base, such as revenues from device manufacturers and mobile communication operators. We generate such revenue mainly from licensing of our proprietary compression technology and providing related maintenance, supporting and hosting services to

third

parties, as well as providing professional services, and enabling customized browser configurations to mobile operators.

Licensing agreements

may

in addition to licensing of technology, include related professional services, maintenance and support, as well as hosting services. Depending on the customization and integration level, the software licenses are either distinct or

not

distinct performance obligations from related professional services, and accordingly, the licensing revenue is recognized either separately when control is transferred to the customer or together with the implementation services. Sale of licenses that are part of a multi-element contract where the license is

not

distinct from maintenance, support or hosting services, are recognized over the contract period.

Maintenance, support and hosting revenues are generally recognized ratably over the term that these services are provided.

Revenue from software developed specifically for

one

customer is recognized over the development period in line with the degree of completion, provided that the criteria for recognizing revenue over time defined in IFRS

are met.

Revenue from distinct professional services are recognized over the development period in line with the degree of completion.

Set-up activities that do

not

result in the transfer of a promised good or service, are

not

identified as a performance obligation to the customer. The costs of set-up activities are recognized as an asset, provided the criteria defined in IFRS

are met.

The allocation of revenue for contracts with multiple elements is based on the Group’s estimate of its standalone selling prices. Such estimates are based on relevant historical information and can include past contracts with fewer elements, or the Group’s typical hourly rates for professional services compared with an estimated number of hours required.

Revenue from operators is included in the “Technology licensing and other revenue” category even if there are variable components that scales with the number of users. This is related to the fact that such operator agreements typically contain licensing fees based on usage, as well as hosting and support services.

Other income

Other income is income which is

not

related to the Group’s ordinary activities and is presented net of associated costs. This includes net gain from sale of fixed and intangible assets in

2017.

Cost of revenue

Cost of revenue comprises the cost of handsets and airtime sold to customers. It also includes payments to publishers and monetization partners, including the costs of any platform or collection service used to facilitate subscription services where the Group is the principal of the transaction. Payments to publishers and monetization partners typically consist of fees based upon a percentage of relevant revenues, such as publishers providing content in which the Group delivers mobile ads or operators facilitating payments of Opera branded services. The Group recognizes such costs at the same time it recognizes the associated revenue.

Income taxes

Income tax consists of the sum of (i) current year income taxes payable plus (ii) the change in deferred taxes and liabilities, except if income taxes relate to items recognized in other comprehensive income, in which case it is recognized in other comprehensive income (loss).

Current year income taxes payable is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the year-end date, and any adjustment to tax payable in respect of previous years. The Group includes deductions for uncertain tax positions when it is probable that the tax position will be sustained in a tax review. The Group records provisions relating to uncertain or disputed tax positions at the amount expected to be paid. The provision is reversed if the disputed tax position is settled in favor of the Group and can

longer be appealed.

Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realization or settlement of the underlying items, using tax rates enacted or substantively enacted at the reporting date.

A deferred tax asset is only recognized to the extent that it is probable that future taxable profits will allow the deferred tax asset to be realized. Recognized assets are reversed when realization is

longer probable. 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.

Income taxes include all domestic and foreign taxes, which are based on taxable profits, including withholding taxes.

Government grants

Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. The Group has received government grants that relate to the development of technology, which includes expenditures that are capitalized. Those government grants are deducted in arriving at the carrying amount of the asset.

Treasury shares

Treasury shares are shares in Opera Limited, the parent, that are reacquired under a repurchase program. Treasury shares are recognized at cost and deducted from equity.

gain or loss is recognized in the Statement of Operations on the purchase, sale, reissue or cancellation of the Group’s own equity instruments.

2.5

Significant accounting estimates, judgments and assumptions

The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that

may

affect the reported amounts of assets, liabilities, income and expenses, and the accompanying disclosures. The estimates and assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which forms the basis for making the judgments about carrying values of assets and liabilities that are

not

readily apparent from other sources. Actual results

may

differ from these estimates. The estimates and underlying assumptions are reviewed continuously. Changes in accounting estimates are 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 in preparing the consolidated financial statements.

Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The Group has tested the consumer business CGU, which includes goodwill and the Opera brand (“Trademark”), for impairment as of

December 31, 2018,

based on an estimate of its value in use. The value in use calculation is based on a discounted cash flow (“DCF”) model. It requires management to estimate future cash flows expected to arise from the CGU using a suitable discount rate. The key assumptions in determining the value in use are the expected future cash flows, long-term growth rate and the discount rate. The key assumptions, including a sensitivity analysis, are disclosed in Note

Control over Opera Limited

The Group has concluded that Opera Limited is controlled by its Chairman and CEO. Business combinations in which the Group acquires control of another business controlled by its Chairman and CEO will thus occur under common control. The determination that Opera Limited is controlled by its Chairman and CEO is based on significant judgment. The Chairman and CEO’s ownership interest and voting rights are established by his control of Keeneyes Future Holding Inc and Kunlun Tech Limited, a subsidiary of Beijing Kunlun Tech Co. Ltd. Although the Chairman and CEO does

not

hold a majority of the shares and voting rights in the latter, the Group has concluded that he has de facto control over that entity based on his practical ability to direct the relevant activities unilaterally. This is based on him being the largest holder of voting rights in Beijing Kunlun Tech Co. Ltd, effectively controlling

33.77%

of the voting rights directly. The recent history of voting in general meetings for Beijing Kunlun Tech Co. Ltd demonstrates that the Group’s Chairman and CEO controlled significantly more than

50%

of the shares registered to vote. The remaining shares in Beijing Kunlun Tech Co. Ltd are widely dispersed among a large number of other shareholders.

Applicable IFRS does

not

prescribe how to account for business combinations under common control. Accordingly, the Group has established accounting policies for such transactions that results in information that is relevant to the economic decisions-making needs of users and reliable. Specifically, the Group has adopted predecessor method accounting, or historical cost accounting as it is known in some jurisdictions, when accounting for business combinations under common control. See Note

for more information.

Share-based payments

The Group has established an employee equity plan to provide long-term incentives for its employees.

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 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

25.

When applicable, employer social security costs are accrued over the vesting period of each award, based on the award’s intrinsic value of the underlying equity interest as of the reporting date.

Both periodic equity costs and social security cost accruals are adjusted for estimated forfeitures.

Capitalized development costs

The Group capitalizes expenditure incurred in the development of new products and services. Initial capitalization of expenditure is based on management’s judgment that the project meets all of the

six

criteria discussed above in the accounting policy for intangible assets. Assessing if and when all of these criteria are met is based on judgment, which takes into account past experiences and expectations about the technical ability to complete the asset as intended.

The Group periodically, and when circumstances warrant, reviews capitalized costs to evaluate whether there are indicators of impairment for individual assets. If indicators of impairment are identified, the Group tests the asset or CGU to which it is included for impairment in accordance with the principles discussed above. In the event the Group abandons a development project, the asset is written off immediately. See Note

for more information.

Trade receivables

A trade receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).

At each reporting date a loss allowance is recognized based on lifetime expected credit losses. The Group makes specific loss provisions at the level of specific invoices where information exists that management can utilize in its determination of credit risk. For trade receivables where

for more information.

Collectability of consideration from Opay

In order to recognize revenue from a contract with a customer within the scope of IFRS

15,

certain criteria must be met, including it being probable that the Group will collect the consideration to which it will be entitled in exchange for the goods or services transferred to the customer. In evaluating whether collectability of an amount of consideration is probable, the Group considers the customer’s ability and intention to pay that amount of consideration, which

may

involve significant judgment.

2018,

the Group recognized

US$10.9

million of revenue under the "Technology licensing and other revenue" category from contracts with Opay. As of

December 31, 2018,

the total amount of outstanding trade receivables due from Opay was

US$4.3

million.

In assessing whether the collectability criterion was met for contracts with Opay, management considered the maturity of Opay’s businesses, its access to debt and equity capital from existing and new investors, and other factors that are relevant in assessing the timing of revenue recognition and collectability of related accounts receivable.

See Note

for more information.

Note 3 - Changes in Accounting Policies and Disclosures

12 Months Ended

Dec. 31, 2018

Disclosure of changes in accounting policies [text block]

Note

Changes in accounting policies and disclosures

3.1

New standards, interpretations and amendments adopted by the Group

The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements as of for the year ended

December 31, 2017,

except for the adoption of IFRS

Revenue from Contracts with Customers

and IFRS

Financial Instruments

, which became effective starting from

January 1, 2018.

The Group has also early adopted the amendments to IAS

Investments in Associates and Joint Ventures

for long-term interests in associates and joint ventures, and the amendments to IFRS

Consolidated Financial Statements

and IAS

for sale or contribution of assets between an investor and its associate or joint venture. See Note

for information about the Group’s accounting policies.

Several other amendments and interpretations apply for the

first

time in

2018

but did

not

have an impact on the consolidated financial statements of the Group. Except for the amendments to IAS

and IFRS

10,

the Group has

not

early adopted other standards, interpretations or amendments that have been issued but is

not

yet effective.

IFRS

Revenue from Contracts with Customers

The Group applied IFRS

starting from

January 1, 2018.

In accordance with the transition provisions in the standard, the new principles have been adopted using the modified retrospective method and the cumulative effect of the initial application of the standard has been recognized as an adjustment to the opening balance of retained earnings on the effective date. The Group chose to apply the standard only to contracts that were

not

completed at this date.

The Group’s accounting principles for revenue recognition have been adjusted to align with IFRS

15.

The adjusted principles did

not

lead to any significant changes in the amount and timing of revenue recognition. The effect on equity

January 1, 2018

is a decrease of retained earnings of

US$552

thousand due to a change in revenue recognition of

one

licensing agreement.

The cumulative effect of the adjustments made to our consolidated statement of financial position at

January 1, 2018

from the adoption of IFRS

was as follows:

[US$ thousands]	Balance as of December 31, 2017 (IAS 18)		Adjustments due to IFRS 15		Balance as of January 1, 2018 (IFRS 15)
Assets
Deferred tax asset		958		165		1,123
Liabilities
Deferred revenue		1,472		717		2,188
Equity
Retained earnings		5,366		(552)		4,814

The impact of the adoption of IFRS

on our consolidated Statement of Financial Position, Statement of Operations and Statement of Cash Flows for the year ended

December 31, 2018

is immaterial.

IFRS

Financial Instruments

IFRS

replaced IAS

Financial Instruments: Recognition and Measurement

for the annual period beginning on

January 1, 2018,

bringing together all

three

aspects of the accounting for financial instruments: classification and measurement; impairment; and hedge accounting.

The Group has applied IFRS

retrospectively, with the initial application date of

January 1, 2018

and applied the exemption, as allowed by the standard,

not

to restate comparative periods.

The Group’s accounting principles for financial instruments have been adjusted to align with IFRS

The adoption of IFRS

has mainly changed the Group’s accounting for impairment losses for trade receivables by replacing the incurred loss approach with a forward-looking expected loss approach. This new model lead to an increase of

US$100

thousand in the provision for bad debt as of

January 1, 2018.

The post-tax adjustment of

US$77

thousand was recognized in retained earnings at the date of initial application, i.e.

January 1, 2018.

There were

other impacts due to the adoption.

3.2

New standards, interpretations and amendments

not

yet effective

Future consolidated financial statements will be affected by IFRS

Leases

, which became effective on

January 1, 2019.

Other new and amended IFRSs, interpretations and amendments, which have been published but are

not

effective as of

December 31, 2018,

are

not

expected to have a material impact on the consolidated financial statements.

IFRS

Leases

IFRS

was issued in

January 2016

and it replaces IAS

Leases

, IFRIC

Determining whether an Arrangement contains a Lease

, SIC-

Operating Leases-Incentives

and SIC-

Evaluating the Substance of Transactions Involving the Legal Form of a Lease

. IFRS

sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under IAS

17.

The standard includes

two

optional recognition exemptions for lessees – leases of “low-value” assets (e.g., printers) and short-term leases (i.e., leases with a lease term of

months or less). At the commencement date of a lease, a lessee will recognize a liability to make lease payments (i.e., the lease liability) and an asset representing the right to use the underlying asset during the lease term (i.e., the right-of-use asset). Lessees will be required to separately recognize the interest expense on the lease liability and the depreciation expense on the right-of-use asset.

Lessees will also be required to remeasure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognize the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset.

IFRS

also requires more extensive disclosures than under IAS

17.

The Group plans to adopt IFRS

retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. This entails that the group does

not

restate comparative information, but instead recognizes the cumulative effect of initially applying this standard as an adjustment to the opening balance of retained earnings at the date of initial application. The right-of-use asset is recognized at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the statement of financial position immediately before the date of initial application. For leases that were classified as finance leases applying IAS

17,

the carrying amount of the right-of-use asset and the lease liability at

January 1, 2019

will be the carrying amount of the lease asset and lease liability immediately before that date measured applying IAS

17.

The Group will elect to apply the recognition exemptions for short-term leases and leases for which the underlying asset is of low value. The Group has certain short-term office leases and leases of office equipment, including printers and photocopying machines, where the underlying assets are of low value. Non-lease components such as maintenance and supply of utilities will be identified and accounted for separately from lease components.

During

2018

and into

2019,

the Group has performed a detailed assessment of the impact IFRS

will have on the Consolidated Financial Statement of Financial Position on adoption of the standard. In summary, the impact of adopting IFRS

is expected to be as follows:

The statement of financial position increase (decrease) as of

January 1, 2019:

	[US$ thousands]
Assets
Furniture, fixtures and equipment		15,000

Liabilities
Finance lease liabilities and other loans - non-current		10,700
Finance lease liabilities and other loans - current		4,300
Other liabilities		(100)
Net impact on equity		100

The net impact on the Group’s equity on

January 1, 2019

is due to the derecognition of an accrued liability related to a period of free rent of an office space, which was accounted for as a lease incentive under IAS

and SIC

15.

Note 4 - Revenue and Other Income

12 Months Ended

Dec. 31, 2018

Disclosure of revenue from contracts with customers [text block]

Note

Revenue and other income

Revenue

The business and reporting structure for the Group, based on information provided to its chief operating decision maker, consists of

one

operating segment (Consumer Business). The Group sees the current consumer products to be an integrated portfolio with key resources leveraged across the Consumer Business.

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
[US$ thousands]	November 3,		December 31,		December 31,		December 31,
Revenue by customer location	2016		2016		2017		2018
Ireland		32,730		9,310		63,152		76,791
Russia		13,883		2,868		18,251		17,356
Other		41,904		6,589		47,490		78,129
Total		88,518		18,767		128,893		172,276

Revenue by country is based upon the customers’ countries of domicile, which is

not

necessarily an indication of where activities occur because the end-users of the Group’s products are located worldwide.

The Group has

two

customer groups that have each exceeded

10%

of the Group’s revenue in the periods below:

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
	November 3,		December 31,		December 31,		December 31,
[US$ thousands]	2016		2016		2017		2018
Customer group 1		33,265		7,561		55,685		67,882
Customer group 2		12,775		2,594		16,604		17,017

Revenue from Customer group

includes both search and advertising services, while revenue from Customer group

includes only search services.

The table below specifies the amount of revenue recognized from each of the Group’s

four

categories of products and services:

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
[US$ thousands]	November 3,		December 31,		December 31,		December 31,
Revenue type	2016		2016		2017		2018
Search		44,347		10,215		68,192		80,204
Advertising		27,960		5,219		41,047		59,895
Retail		—		—		—		9,287
Technology licensing and other revenue		16,211		3,333		19,653		22,890
Total		88,518		18,767		128,893		172,276

For more details about the revenue types, please refer to Note

Retail

2018

the Group entered into the business of selling prepaid airtime and data to consumers and wholesalers in certain African countries and Indonesia. Retail revenues also includes consideration from sale of handsets to wholesalers in Indonesia.

Other income

During

2017,

the Group entered into a set of agreements with

one

customer that included a sale of intellectual property, which had embedded technology licensed from Otello Corporations ASA, and certain time-restricted hosting services. The sale of intellectual property (IP), net of associated costs and the book value of the divested IP, and the costs of external technology required to enable the intellectual property to be transferred, is presented net as Other income. Revenue related to the licensing of the Group’s own IP and the revenues from hosting services are included in the Technology licensing and other revenue category.

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
[US$ thousands]	November 3,		December 31,		December 31,		December 31,
Other income	2016		2016		2017		2018
Proceeds allocated to divestment of IP		—		—		7,800		—
Cost of technology license obtained from		—		—		—		—
Otello Corporation ASA		—		—		(2,000)		—
Book value of associated capitalized development costs		—		—		(256)		—
Legal fees related to the divestment process		—		—		(84)		—
Total		—		—		5,460		—

Note 5 - Personnel Expenses Including Share-based Remuneration

12 Months Ended

Dec. 31, 2018

Disclosure of employee benefits [text block]

Note

Personnel expenses including share-based remuneration

The table below specifies the amounts of personnel expenses including share-based remuneration:

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
[US$ thousands]	November 3,		December 31,		December 31,		December 31,
Personnel expenses including share-based remuneration	2016		2016		2017		2018
Salaries including bonuses		26,599		3,965		25,895		26,697
Social security cost, excluding amounts related to share-based remuneration		4,260		1,007		4,235		3,428
External temporary hires		672		27		686		1,687
Defined-contribution pension cost		1,555		429		2,068		2,066
Other personnel related expenses		1,493		544		1,935		2,244
Personnel expenses excluding share-based remuneration		34,579		5,972		34,819		36,121
Share-based remuneration, including related social security costs		914		—		9,496		4,846
Total		35,493		5,972		44,315		40,968

The amount of expensed versus capitalized development cost is detailed in the following table:

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
[US$ thousands]	November 3,		December 31,		December 31,		December 31,
Research and development expenditure	2016		2016		2017		2018
Total research and development expenditure		17,660		3,504		23,386		26,418
Less: Capitalized development expenditure excluded from personnel expenses		1,610		318		3,503		4,545
Net expensed research and development expenditure		16,050		3,186		19,883		21,873

The table below specifies the amount of compensation to key management personnel, which include Officers and Directors of the Group:

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
[US$ thousands]	November 3,		December 31,		December 31,		December 31,
Compensation of key management personnel	2016		2016		2017		2018
Short-term employee benefits		398		55		946		843
Post-employment and medical benefits		34		7		47		57
Termination benefits		—		—		—		—
Share-based payment transactions		107		—		—		621
Total		539		62		993		1,521

The Chairman and CEO did

not

receive any remuneration from the Group in the periods presented. The amounts disclosed as short-term benefits in the table are the amounts recognized as an expense during the reporting period related to key management personnel. The cost of equity grants to Officers that vested in

2018

was

US$621

thousand. During the periods from

July 26, 2016

December 31, 2016

and

2017,

equity grants vested.

loans have been granted and

guarantees have been issued to key management personnel. Key management personnel do

not

have any agreements for compensation upon termination or change of employment or directorship.

Note 8 - Furniture, Fixture and Equipment

12 Months Ended

Dec. 31, 2018

Disclosure of property, plant and equipment [text block]

Note

Furniture, fixtures and equipment

[US$ thousands]	Furniture and fixtures			Equipment			Leasehold improvements			Total
Cost
Cost as of January 1, 2017		518			11,584			1,454			13,556
Additions		15			8,434			—			8,449
Disposals		(68	)		(-356	)		(14	)		(438	)
Exchange rate differences		13			1,023			252			1,288
As of December 31, 2017		478			20,685			1,692			22,855
Additions		149			4,201			139			4,489
Disposals		—			—			—			—
Exchange rate differences		4			(-312	)		(93	)		(401	)
As of December 31, 2018		629			24,574			1,738			26,942


Depreciation and impairment
As of January 1, 2017		58			1,575			135			1,768
Depreciation for the year		163			7,562			249			7,974
Disposals		—			(326	)		—			(326	)
Exchange rate differences		(35	)		(9	)		22			(21	)
As of December 31, 2017		186			8,802			406			9,394
Depreciation for the year		116			5,001			243			5,360
Disposals		—			—			—			—
Exchange rate differences		21			28			(22	)		26
As of December 31, 2018		324			13,832			628			14,780


Net book value as of December 31, 2017		291			11,883			1,286			13,460
Net book value as of December 31, 2018		306			10,742			1,109			12,162

Furniture fixture and equipment	Fixture and fixtures	Equipment	Leasehold improvements
Useful life	Up to 5 years	Up to 10 years, or term of lease agreement (1)	Up to 6 years, or term of lease agreement
Depreciation method	Straight-line	Straight-line	Straight-line

(

)

The Group has

one

finance lease agreement classified as Equipment which expires in

2022.

Note 9 - Intangible Assets

12 Months Ended

Dec. 31, 2018

Disclosure of intangible assets [text block]

Note

Intangible assets

[US$ thousands]	Goodwill		Customer relationships		Technology			Trademarks		Other intangible assets		Total
Cost
Cost as of January 1, 2017		421,578		40,700		12,835			70,600		1,877		547,590
Additions (1)		—		—		2,936			—		143		3,079
Disposals		—		—		(1,226	)		—		—		(1,226	)
Exchange differences		—		—		—			—		—		—
As of December 31, 2017		421,578		40,700		14,545			70,600		2,020		549,443

Additions (1)		—		—		4,132			—		27		4,159
Disposals		—		—		—			—		—		—
Exchange differences		—		—		—			—		—		—
As of December 31, 2018		421,578		40,700		18,677			70,600		2,047		553,602

Amortization and impairment
As of January 1, 2017		—		497		855			—		124		1,476
Amortization for the year		—		2,980		4,033			—		1,617		8,630
Disposals		—		—		(861	)		—		—		(861	)
Exchange differences		—		—		—			—		—		—
As of December 31, 2017		—		3,477		4,028			—		1,741		9,246
													—
Amortization for the year		—		2,980		4,094			—		261		7,335
Disposals		—		—		—			—		—		—
Exchange differences		—		—		—			—		—		—
As of December 31, 2018		—		6,457		8,122			—		2,003		16,581


Net book value as of December 31, 2017		421,578		37,222		10,518			70,600		279		540,197
Net book value as of December 31, 2018		421,578		34,243		10,555			70,600		44		537,021

Intangible assets	Goodwill	Customer relationships	Technology	Trademarks	Other intangible assets
Useful life	Indefinite	Up to 15 years	Up to 5 years	Indefinite	Up to 5 years
Amortization method		Straight-line	Straight-line		Straight-line

(

)

Represents capitalized development expenditure net of grants received from the Norwegian government.

Goodwill and our brand of Opera (the Trademark) have indefinite useful lives and are tested for impairment at least annually. Both assets were initially recognized in

November 2016

through the acquisition of the Consumer Business. The Group consists of

one

operating segment: the Consumer Business, to which goodwill and the trademark are allocated.

The Group performed its annual impairment test as of

December 2018.

The Group considers the relationship between its market capitalization and its book value of equity, among other factors, when reviewing for indicators of impairment. As of

December 31, 2018,

the market capitalization of the Group was below the book value of its equity, indicating a potential impairment of goodwill. This contrasted to the overall positive performance of the Consumer Business in

2018

and management’s outlook for the future.

The carrying amount of the CGU as of

December 31, 2018

was

US$580,705

thousand (

December 31, 2017:

US$566,356

thousand)

For carrying out the annual impairment testing, a discounted cash flow model is used to determine the value in use for the cash generating unit with goodwill and intangible assets with indefinite lives. The projected cash flows are based on the most up-to-date forecast that have been approved by management and do

not

include cash flows arising from future enhancements. The approved forecast is for

2019

only as management does

not

approve forecasts for a longer period. Because the length of the projection period for the cash flow forecast where a CGU has goodwill or intangible assets with indefinite lives is into perpetuity, we have identified a “steady state” set of assumptions for the cash flows based an approach where we estimate cash flows for the years

2020

2022

and then using the estimated cash flows in

2022

as the basis for the terminal value. This

two

-stage approach is aimed to take cash flows to a level at which they can be regarded as reflecting maintainable earnings and to the period in a mid-point of the cycle – i.e.

not

at peak or trough of the cycle. Beyond

2022,

the cash flows are extrapolated using constant nominal growth rates.

The value-in-use calculation demonstrates that the value in use exceed the carrying amount of the CGU, i.e. it was

not

impaired.

Key assumptions

Key assumptions used in the calculation of value in use are the nominal cash flows in the forecast period, including revenue growth rate, discount rate, and estimated long-term growth.

Cash flows

Cash inflows are expected to continue to grow over the projected period. The cash inflows are forecasted for each product and country where have sufficient and reliable data on which to base the projections. Our PC browser revenue is expected to grow steadily, reflecting an expectation that we will continue to strengthen our position in western markets. This will bring users with strong monetization potential. Our mobile revenues are expected to increase faster, including in developing markets by continuous product development and the undertaking of cost-effective and efficient marketing and distribution initiatives.

Forecasted cash outflows are partly based on actual costs in

2018

and a bottom-up assessment for each operating unit. Operating expenditures are expected to grow, primarily due to user acquisition initiatives and increases in cost of revenue following full-year effects of the Retail business as well as closer cooperation with publishers that collect revenue shares. The estimated increase in users will also lead to an uplift in hosting costs that are variable by its nature, like CDN, bandwidth and cloud services.

Discount rate

The discount rate represents the current market assessment of the risk specific to the Consumer Business CGU. The discount rate is based on the after-tax Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM) methodology and incremental borrowing rate, assuming cash flows in U.S. Dollars. The WACC calculation is based on a risk-free rate of

3.0%

(

2017:

2.6%

), in

2018

based on the

-year US Treasury Rate, while in

2017

based on the

-year US Treasury Rate, and a market risk premium of

5.68%

(

6.0%

2017

). The estimated beta for equity was

1.20

(

2017:

1.35

). Cost of debt after tax was estimated to be

4.0%,

while the equity to total capital ratio was

97%

(

2017:

100%

). This resulted in a post-tax WACC of

10.6%

(

2017:

10.7%

Long-term growth

In estimating the long-term growth in the terminal value, we estimated long-term GDP growth in the relevant regions. We assumed

growth in labor force as well as

improvement in labor productivity, which results in

zero

real GDP growth. Moreover, for estimating long-term inflation we used IMF’s inflation estimates for

2023,

broken down across regions as the basis. Based on this we estimated a long-term nominal growth rate

2.5%

for the Consumer Business CGU (

2017:

2.5%

Sensitivity

We have simulated a variety of sensitivities to the key assumptions, including revenue growth rate, OPEX (as % of revenue), capital expenditure necessary for maintenance, long-term growth and the WACC. Since Opera is in a high-growth period, we consider changes of +/-

percentage points for the

three

former metrics and narrower +/-

percentage point for the long-term growth and WACC to be reasonable possible changes.

reasonable possible change in the key assumptions would result in the CGU being impaired as of

December 31, 2018.

The following thresholds would trigger an impairment loss:

- Decrease in annual revenue growth in the projected period of

6.0

percentage points.

- Increase in operating expenditure as percent of revenue by more than

9.4

percentage points.

- Increase of WACC by more than

8.6

percentage points.

economically reasonable changes to capital maintenance expenditure and the long-term growth rate would trigger the CGU to be impaired. For instance, there is

positive value of long-term growth that would result in impairment.

Note 10 - Leases

12 Months Ended

Dec. 31, 2018

Disclosure of leases [text block]

Note

Leases

Operating leases

The Group has operating lease agreements for office rentals. The major office leases are for offices in Oslo, Norway, Wroclaw, Poland, Linköping and Gothenburg, Sweden, and Beijing, China.

The Group has subleases of

50%

of the Oslo office to Otello in the period

October 1, 2016

until lease expiration on

November 30, 2019.

The remaining Oslo office lease obligation was approximately

US$0.8

million as of

December 31, 2018 (

December 31, 2017:

US$1.6

million) of which

50%,

US$0.4

million, will be covered by Otello under the sublease agreement. The remaining Wroclaw office lease obligation is approximately

US$4.9

million as of

December 31, 2018 (

December 31, 2017:

US$6.5

million).

The Group also has operating leases relating to data center locations. These are located in the US, Singapore and the Netherlands. These leases are cancelable on a short-term basis. The lease with the longest lease term is cancelable with a termination period of

months.

	Predecessor		Successor
[US$ thousands]	Period from January 1 to November 3,		Period from July 26 to December 31,		Year ended December 31,		Year ended December 31,
Leasing costs expensed	2016		2016		2017		2018
Office leasing costs expensed (1)		2,619		494		3,085		3,063
Data center leasing costs expensed (2)		—		1,717		5,366		4,627

( 1 )	Included in Rent and other office expenses in Note 6
( 2 )	Included in Hosting expenses in Note 6

	As of		As of
[US$ thousands]	December 31,		December 31,
Non-cancellable operating leases due in:	2017		2018
Less than one year		3,250		3,249
Between one to five years		6,702		4,541
More than five years		638		—
Total		10,589		7,790

Finance lease liabilities

The Group leases server equipment, some of which provide the option to buy the equipment at the end of the leasing period. Minimum lease payments made for finance leases are allocated between interest expense and the reduction of the outstanding liability.

[US$ thousands] Finance lease liabilities as of December 31, 2017	Present value of minimum lease payments		Interest		Future minimum lease payments
Less than one year		2,073		74		2,148
Between one and five years		265		13		278
More than five years		—		—		—
Total		2,339		87		2,426

[US$ thousands] Finance lease liabilities as of December 31, 2018	Present value of minimum lease payments		Interest		Future minimum lease payments
Less than one year		196		5		201
Between one and five years		33		—		33
More than five years		—		—		—
Total		229		5		234

assets have been pledged as security, but the Group has issued a guarantee as disclosed in Note

13.

Note 15 - Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2018

Disclosure of financial instruments [text block]

Note

Financial assets and liabilities

The group has the following financial instruments:

- Loans and receivables: Trade receivables, other receivables and current and non-current financial assets.

- Equity instruments: Holdings of publicly traded securities.

- Loans, borrowings and payables: Interest bearing loans, finance lease liabilities, short (liability) positions, trade payables, other payables and other current and non-current financial liabilities.

The table below shows the various financial assets and liabilities, grouped in the different categories of financial instruments according to IFRS

	Financial				Financial
	assets at				liabilities
	fair value		Debt		at fair value		Financial
	through		instrument at		through		liabilities
[US$ thousands]	net income		amortized		net income		at amortized
As of December 31, 2017	(loss)		cost		(loss)		cost		Total
Financial assets
Non-current
Other financial assets (1)		—		1,857		—		—		1,857
Current
Trade receivables (Note 20)		—		31,072		—		—		31,072
Other receivables (Note 20)		—		7,865		—		—		7,865
Total		—		40,795		—		—		40,795


Financial liabilities
Non-current
Financial lease liabilities and other loans (Notes 10 and 11)		—		—		—		4,032		4,032
Other non-current liabilities		—		—		—		87		87
Current
Trade and other payables (Note 21)		—		—		—		21,401		21,401
Financial lease liabilities and other loans (Notes 10 and 11)		—		—		—		2,073		2,073
Other current liabilities (Note 14)		—		—		600		7,595		8,195
Total		—		—		600		35,789		35,789

(

)

Includes long-term deposits for office rent.

	Financial				Financial
	assets at				liabilities
	fair value		Debt		at fair value		Financial
	through		instrument at		through		liabilities
[US$ thousands]	net income		amortized		net income		at amortized
As of December 31, 2018	(loss)		cost		(loss)		cost		Total
Assets
Non-current
Other financial assets - non-current (2)		—		2,025		—		—		2,025
Investment in associate (preferred shares in StarMaker) (Note 29)		30,000		—		—		—		30,000
Current
Trade receivables (Note 20)		—		37,468		—		—		37,468
Other receivables (Note 20)		—		7,123		—		—		7,123
Other financial assets - current (3)		1,165		89		—		—		1,254
Total financial assets		1,165		46,704		—		—		77,869


Liabilities
Non-current										—
Financial lease liabilities and other loans (Notes 10 and 11)		—		—		—		2,271		2,271
Other non-current liabilities		—		—		—		212		212
Current
Trade and other payables (Note 21)		—		—		—		17,957		17,957
Financial lease liabilities and other loans (Notes 10 and 11)		—		—		—		2,490		2,490
Other current liabilities (Note 14) (3)		—		—		500		9,201		9,701
Total financial liabilities		—		—		500		32,132		32,632

( 2 )	Includes long-term deposits for office rent.
( 3 )	The Group holds certain publicly traded securities. See Note 17 for more information.

The table below specifies the gain (loss) in

2018

from the Group’s investments in listed equity instruments. The Group did

not

invest in listed equity instruments in prior periods.

[US$ thousands]	Realized gain (loss)		Unrealized gain (loss)		Total
Long positions		(1,353)		(169)		(1,522)
Short positions		48		(11)		38
Total		(1,305)		(180)		(1,485)

Net loss from publicly traded securities is recognized in the Statement of Operations as finance expense.

Fair value of financial instruments

The fair values of cash and cash equivalents, trade receivables, accounts payables and other current liabilities approximate their carrying amounts largely due to the relatively short-term maturities of these instruments. For finance lease liabilities and other loans, the difference between the carrying amount and fair value is

not

material.

The fair values of financial assets and liabilities are measured as the price that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date.

Fair values of listed equity instruments are determined by reference to published price quotations in an active market. Short positions in listed equity instruments are equally measured at the published price quotations of the equity instrument the Group has a short position in.

The fair value of preferred shares in StarMaker is measured at each reporting date using a discounted cash flow method. Free cash flow is estimated based on company budgets and forecasts and discounted by weighted average cost of capital (WACC). Terminal value is calculated using Gordon growth. The fair value of the Group’s preferred shares in StarMaker was the same as of

December 31, 2018

as of the point in time of acquisition, at

November 5, 2018,

and

adjustment has been made to account for the below specified commitments by the investee over the short time period of relevance. The preferred shares have the following rights and benefits over other shares in StarMaker:

) priority on any dividend equal to a specified annual minimum return on the invested amount,

) liquidation preference up to the invested amount,

) ability to reclaim the invested amount plus a specified return p.a. following certain covenant breaches.

The measurement of fair value of the Group’s preferred shares in StarMaker as of

December 31, 2018,

is based on significant unobservable input, including

- long-term growth of

- long-term EBITDA margin of

34%

- WACC of

21%

If the long-term growth increased by

percentage point, or the long-term EBITDA margin increased by

percentage points, the fair value of the Group’s preferred shares would increase by

US$2.0

million. If the cost of capital was reduced by

percentage point, the fair value would increase by

US$3.3

million.

Due to the rights and benefits inherent in the Group’s preferred shares, the risk of loss in future periods is immaterial.

Fair value measurement hierarchy for liabilities as of

December 2017:

[US$ thousands]

Date of

valuation

Carrying amount

Fair value

Level 1

Level 2

Level 3

Liabilities measured at fair value

Contingent consideration (Note 12)

December 31, 2017

600

Liabilities for which fair values are disclosed

Financial lease liabilities and other loans (Note 10)

December 31, 2017

6,106

There were

financial assets measured at fair value as of

December 31, 2017.

For all other financial assets, the carrying amount approximated fair value.

Fair value measurement hierarchy for assets as of

December 2018:

[US$ thousands]

Date of

valuation

Carrying amount

Fair value

Level 1

Level 2

Level 3

Assets measured at fair value

Other financial assets (listed equity instruments)

December 31, 2018

1,165

Investment in associate (preferred shares in StarMaker) (Note 29)

December 31, 2018

30,000

Fair value measurement hierarchy for liabilities as of

December 2018:

[US$ thousands]

Date of

valuation

Carrying amount

Fair value

Level 1

Level 2

Level 3

Liabilities measured at fair value

Other liabilities (short position)

December 31, 2018

500

Liabilities for which fair values are disclosed

Finance lease liabilities and other loans (Note 10)

December 31, 2018

4,762

Note 16 - Scheduled of Maturities of Financial Liabilities

12 Months Ended

Dec. 31, 2018

Disclosure of maturity analysis for non-derivative financial liabilities [text block]

Note

Scheduled maturities of financial liabilities

[US$ thousands]	Less than		1 to 3		Over 3
As of December 31, 2017	12 months		years		years		Total
Non-current
Financial lease liabilities and other loans (Notes 10 and 11) including interest		—		4,230		—		4,230
Other liabilities		—		—		87		87
Current
Trade and other payables (Note 21)		21,401		—		—		21,401
Financial lease liabilities and other loans (Notes 10 and 11) including interest		2,148		—		—		2,148
Other liabilities (Note 14)		8,195		—		—		8,195
Total financial liabilities including interest		31,744		4,230		87		36,060

[US$ thousands]	Less than		1 to 3		Over 3
As of December 31, 2018	12 months		years		years		Total
Non-current
Financial lease liabilities and other loans (Notes 10 and 11) including interest		—		2194		158		2,352
Other liabilities		—		—		212		212
Current
Trade and other payables (Note 21)		17,957		—		—		17,957
Financial lease liabilities and other loans (Notes 10 and 11) including interest		2,591		—		—		2,591
Other liabilities (Note 14)		9,701		—		—		9,701
Total financial liabilities including interest		30,249		2,194		370		32,813

Note 17 - Financial Risk Management	12 Months Ended
Note 17 - Financial Risk Management	Dec. 31, 2018
Statement Line Items [Line Items]
Disclosure of financial risk management [text block]	Note 17 Financial risk management Overview The Group is exposed to market risk, liquidity risk and credit risk. The Group’s management seeks to minimize potential adverse effects of these risks through sound business practices and risk management. The Board of Directors, together with senior management, is involved in the risk assessment process. The Group has not utilized derivatives for hedging purposes. Mark et ri sk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group is exposed to three types of market risk: Interest rate risk, foreign currency risk and equity price risk. Financial instruments affected by market risk include loans and borrowings, trade receivables, trade payables and accrued liabilities. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to interest risk is not material. Financial liabilities have fixed interest rates and future interest payments on these will thus not fluctuate. The Group expects to settle all financial liabilities at maturity, meaning changes in market interest rates will only impact their fair value temporarily. Financial assets are not interest-bearing, except for deposits with banks. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Our exposure to the risk of changes in foreign exchange rates relates primarily to the U.S. Dollar, the primary currency in which revenues are generated, relative to other currencies. The Group incurs operating expenses in various currencies, including the Norwegian Krone, Chinese Renminbi, Polish Zloty, Swedish Krone and the Euro. The latter is also the base currency of some of the Group’s revenue. Additionally, the Group is exposed to foreign currency risk due to monetary items recognized in the balance sheet being denominated in currencies other than the functional currency, which for most of the Group’s entities is the U.S. Dollar. Management is closely monitoring the Group’s exposure to foreign currency risk and seeks to minimize its exposure to such risk. The Group was not exposed to material foreign currency risk in 2017 and 2018. Equity price risk The Group is exposed to equity price risk related to its limited holding of publicly traded securities. Such holdings are susceptible to market price risk arising from uncertainties about future values of such securities. Our holding of publicly traded securities is overseen by the Group’s CEO and conducted within a US$20 million initial capital allocation. As of December 31, 2018, the value of such holdings was US$667 thousand. Total loss from publicly traded securities in 2018 was US$1,485 thousand. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The group is not exposed to material liquidity risk given its significant cash position and low debt-to-equity ratio as of December 31, 2018. See note 16 for an overview of maturity profile on the Group’s financial liabilities. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss for the Group. The Group is exposed to credit risk from its operating activities, primarily trade receivables, and from its cash management activities, including deposits with banks and financial institutions, and other receivables, such as loans to associates and joint ventures (details in Note 29 ). The Group’s revenue comes mainly from sales where settlement in cash generally takes place within 30 - 90 days of the invoice being issued, which is concurrently when the Group has an unconditional right to consideration. For some specific revenue streams, including relative to Opay and Powerbets, settlement is agreed to extend 90 days. Details of outstanding accounts receivable are disclosed in Notes 20 and 30.

Note 20 - Trade Receivables, Prepayments and Other Receivables

12 Months Ended

Dec. 31, 2018

Disclosure of trade and other receivables [text block]

Note

Trade receivables, other receivables and prepayments

	As of		As of
[US$ thousands]	December 31,		December 31,
Trade receivables	2017		2018
Trade receivables		14,072		24,594
Unbilled receivables		17,001		12,874
Total		31,073		37,468

	As of		As of
[US$ thousands]	December 31,		December 31,
Other receivables	2017		2018
VAT		367		754
Receivable from Otello Corporation ASA		2,945		1,267
Escrow account pledged as loan for joint venture		2,508		—
Other		2,046		5,102
Total		7,866		7,123

	As of		As of
	December 31,		December 31,
[US$ thousands]	2017		2018
Prepayments
Prepaid expenses (1)		2,167		14,372
Total		2,167		14,372

(

)

See Note

for specification of amount of prepaid expenses with

360

Mobile Security.

[US$ thousands]	As of December 31,		As of December 31,
Provision for impairment of trade receivables	2017		2018
As of period start, as previously reported		—		1,837
Impact of IFRS 9		—		100
As of period start, restated		—		1,937
Change in the period		1,837		(318	)
As of period end		1,837		1,619

As of

January 1, 2017,

there was

provision for impairment of trade receivables as collection risk was already reflected in the fair value of receivables in the Acquired Companies.

As of period end, the aging of trade receivables was as follows:

[US$ thousands]			Neither past due		Past due
Aging analysis of trade receivables	Total		nor impaired		<30 days		31-60 days		61-90 days		>90 days
As of December 31, 2017		14,072		4,172		1,597		1,390		518		6,395
As of December 31, 2018		24,594		15,603		3,252		2,588		690		2,460

For trade receivables, the Group recognizes a loss allowance based on lifetime expected credit losses as of each reporting date. The Group makes specific loss provisions at the level of specific invoices where information exists that management can utilize in its determination of credit risk. For trade receivables where

specific risk information is identified, the Group uses a provision matrix that is based on the nature of the receivable, location of its invoicing and the age of the invoice relative to its due date, reflecting its historical credit loss experience and adjusting for forward-looking factors specific to the debtors and the economic environment. Receivables associated with the newly acquired microfinance business are subject to significantly higher general provisions due to the nature of the receivables, including the direct exposure to individuals. The Group has

not

recognized loss provisions related to receivables due from related parties due to the Group’s influence and insight over these entities. As of

December 31, 2018,

the loss allowance totaled

US$1,619

thousand, corresponding to

4.3%

of trade receivables (

December 31, 2017:

US$1,837

thousand, corresponding to

5.9%

of trade receivables).

The Group implemented IFRS

as of

January 1, 2018.

IFRS

introduced a new impairment model for debt instruments, including accounts receivable. This new model lead to an increase of

US$100

thousand in the provision for bad debt as of

January 1, 2018.

For details regarding the Group’s procedures on managing credit risk, please refer to Note

17.

Note 22 - Finance Income and Expenses

12 Months Ended

Dec. 31, 2018

Disclosure of finance income (cost) [text block]

Note

Finance income and expense

	Predecessor		Successor
	Period from
	January 1 to		Period from July 26		Year ended		Year ended
[US$ thousands]	November 3,		to December 31,		December 31,		December 31,
Finance income	2016		2016		2017		2018
Interest income		—		37		54		1,386
Other finance income		—		—		1,000		251
Total		—		37		1,054		1,637

	Predecessor		Successor
	Period from
	January 1 to		Period from July 26		Year ended		Year ended
[US$ thousands]	November 3,		to December 31,		December 31,		December 31,
Finance expense	2016		2016		2017		2018
Interest expense		1,378		24		238		184
Other financial cost		—		—		—		27
Decrease in fair value financial instruments (1)		—		—		—		1,485
Total		1,378		24		238		1,695

(

)

The decrease in fair value of financial instruments is the net result from our holding of publicly traded securities. See Notes

and

for more information.

	Predecessor			Successor
	Period from
	January 1 to			Period from July 26			Year ended			Year ended
[US$ thousands]	November 3,			to December 31,			December 31,			December 31,
Foreign exchange gain (loss)	2016			2016			2017			2018
Unrealized foreign exchange gain (loss)		(1,777	)		(352	)		(1,172	)		(1,091	)
Realized foreign exchange gain (loss)		565			564			(709	)		736
Total		(1,212	)		212			(1,881	)		(354	)

Note 23 - Changes in Liabilities Arising From Financing Activities

12 Months Ended

Dec. 31, 2018

Disclosure of information that enables users of financial statements to evaluate changes in liabilities arising from financing activities [text block]

Note

Changes in liabilities arising from financing activities

	As of January 1,												As of December 31,
[US$ thousands] 2017	2017		Cash flows			Foreign exchange movement		New liabilities		Other (1)			2017
Interest-bearing loans and liabilities, non-current		—		(889	)		456		4,199		—			3,767
Finance lease liabilities, non-current		1,724		—			—		688		(2,147	)		265
Interest bearing loans and liabilities, current		5,512		(3,483	)		—		—		(2,029	)		—
Finance lease liabilities, current		4,809		(5,659	)		521		—		2,402			2,073
Total liabilities from financing activities		12,045		(10,031	)		978		4,887		(1,774	)		6,106

(

)

The "Other" column includes the effect of reclassification of the non-current portion of financial lease liabilities to current due to the passage of time in addition to other non-cash costs and other non-cash interest related to financial leases. Furthermore, this column includes current interest bearing loans and liabilities, which is offset against receivables from Otello.

	As of January 1,												As of December 31,
[US$ thousands] 2018	2018		Cash flows			Foreign exchange movement		New liabilities		Other (2)			2018
Interest-bearing loans and liabilities, non-current		3,767		—			—		1,435		(2,964	)		2,238
Finance lease liabilities, non-current		265		—			—		—		(232	)		33
Interest bearing loans and liabilities, current		—		(1,739	)		—		191		1,744			196
Finance lease liabilities, current		2,073		(2,042	)		—		—		1,771			1,802
Other loans		—		—			—		492		—			492
Total liabilities from financing activities		6,106		(3,781	)		—		2,118		319			4,761

All items of liabilities are included in "Finance lease liabilities and other loans" in the Statement of Financial Position.

(

)

Note 24 - Income Tax (Expense) Benefit

12 Months Ended

Dec. 31, 2018

Disclosure of income tax [text block]

Note

Income tax (expense) benefit

A summary of income tax (expense) benefit is as follows:

	Predecessor			Successor
[US$ thousands]	Period from January 1 to November 3,			Period from July 26 to December 31,			Year ended December 31,			Year ended December 31,
Income tax (expense) benefit	2016			2016			2017			2018
Current income taxes		(2,077	)		(223	)		(5,449	)		(4,322	)
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1)		—			—			—			(615	)
Deferred taxes		2,820			2,319			4,009			(1,544	)
Income tax (expense) benefit		743			2,096			(1,440	)		(6,481	)

(

)

Currency effect on income tax (expense) benefit due to corporate income tax filing in NOK for Norwegian entities with USD as functional currency.

The Group’s parent company is domiciled in Cayman Islands, where the applicable tax rate is zero. As most of the activities of the Group are consolidated in Norway, the reconciliation of the expected to actual income tax (expense) benefit effective tax rate is based on the applicable tax rate in Norway, which was

% in

2016,

24%

2017

and

23%

2018

(

22%

2019

	Predecessor			Successor
[US$ thousands]	Period from January 1 to November 3,			Period from July 26 to December 31,			Year ended December 31,			Year ended December 31,
Reconciliation of tax (expense) benefit to Norwegian nominal statutory tax rate	2016			2016			2017			2018
Net income (loss) before income taxes		(8,849	)		(9,800	)		7,504			41,641
Tax (expense) benefit at applicable tax rate		2,212			2,450			(1,801	)		(9,577	)
Effect of different tax rates applied by subsidiaries		(99	)		(2,339	)		1,120			(167	)
Permanent differences
Tax effect of translation differences exempted for tax		0			1,599			(1,287	)		218
Tax effect of financial items exempted from tax		0			144			1,614			1,726
Tax effects of losses in associates and joint ventures which are non-deductible		(636	)		(84	)		(401	)		(744	)
Net other permanent differences (not) tax deductible		(685	)		(344	)		2,289			(617	)
Other effects
Change to previously recognized deferred tax assets		—			(70	)		(1,812	)		1,589
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods		—			—			—			(615	)
Change in unrecognized deferred tax assets		(48	)		(7	)		(1,554	)		1,144
Change in tax rate		—			746			392			561
Income tax (expense) benefit for the year		743			2,096			(1,440	)		(6,481	)
Effective tax rate		8.4	%		21.4	%		19.2	%		15.6	%

The following summarizes the Group’s deferred tax assets and liabilities:

[US$ thousands]	As of December 31,			As of December 31,
Deferred tax asset and deferred tax liability	2017			2018
Furniture, fixtures and equipment, and intangible assets		24,496			22,201
Other		(1,003	)		(445	)
Trade receivables		(134	)		(133	)
Intercompany interest costs subject to limitations		(3,841	)		(5,243	)
Withholding tax expected to be credited (credit method)		—			(3,849	)
Tax losses carried forward		(8,648	)		(117	)
Net deferred tax liability (asset) recognized		10,870			12,414

The following summarizes the Group’s changes in deferred taxes during the periods:

[US$ thousands]	As of December 31,			As of December 31,
	2017			2018
Net deferred tax liability (asset) as of January 1		14,879			10,870
Expense (benefit) in Statement of Operations		(4,009	)		1,544
Net deferred tax liability (asset)		10,870			12,414

[US$ thousands]	As of December 31,		As of December 31,
	2017		2018
Deferred tax assets		958		944
Deferred tax liabilities		11,828		13,358
Net deferred tax liability		10,870		12,414

Deferred tax liability related to furniture, fixtures and equipment

The deferred tax liability relates mainly to excess values identified in the purchase price allocation performed in accounting for the Acquired Companies, as described in Notes

and

Deferred tax assets on interest charges carried forward

Deferred tax assets relate to Norwegian limitations to interest deductions on intercompany loans, carried forward due to restrictions. The interest subject to limitations must be utilized within

ten

years. Management has assessed that there is convincing evidence that future profits will be available in order to utilize the interest charges within the time restriction period.

Note 25 - Share-based Payments

12 Months Ended

Dec. 31, 2018

Disclosure of share-based payment arrangements [text block]

Note

Share-based payments

April 7, 2017

the Group adopted an RSU (Restricted Share Unit) plan for employees in the Group. The program was transferred to the Group’s new parent company, Opera Limited, in connection with the Group’s IPO in

2018.

Awards equal to

10%

of the equity of the Company are made available for grants.

The program was established with an assumption that there would be

500

million shares in the ultimate issuer entity. Opera Limited was set up with

200

million shares, resulting in a conversion ratio of

0.4

from the count of RSUs granted to the ultimate shares to be delivered. As each traded ADS represents

two

shares, the reported grants have been further adjusted by a factor of

0.5.

Accordingly, for the purpose of these consolidated financial statements, all counts of RSUs and per-unit values are communicated as converted to ADS equivalent units.

2018,

grants were made on

three

dates:

February 12 (

488,000

RSUs),

April 23 (

10,000

RSUs) and

June 27 (

18,000

RSUs). The default vesting schedule for the majority of

2018

grants were

20%,

30%,

30%

January 1

in each of the years

2019

2022.

The equity unit value applied for the

2018

grants of

US$7.75

was determined based on a combination of DCF and multiple based analyses carried out as of

February 12, 2018.

The fair value per RSU of

US$7.12

was determined by Monte Carlo simulation, as specified below. The equity cost of each RSU is recognized on a straight-line basis over the vesting period.

The Group accrues for relevant social security costs based on the most recent available measure of the equity value, with the same straight-line recognition over the vesting period. As of

December 31, 2018,

social security cost was accrued based on the year-end market value of Opera Limited.

The expense recognized for the employee services received is shown in the following table:

[US$ thousands]	Year ended December 31,		Year ended December 31,
Expense from share-based payment transactions	2017		2018
Expense arising from equity-settled share-based payment transactions (1)		9,496		4,846
Expense arising from cash-settled share-based payment transactions		—		—
Total expense from share-based payment transactions		9,496		4,846

(

)

Including

US$896

thousand in accrued social security cost (

2017:

US$2,490

thousand).

Movements during the period: Number of RSUs as expressed in equivalent ADSs:

	Year ended December 31,			Year ended December 31,
	2017			2018
Outstanding at period start		—			3,882,600
Granted during the period		4,221,600			516,000
Forfeited during the period		(339,000	)		(154,468	)
Exercised during the period		—			—
Expired during the period		—			—
Outstanding at period end		3,882,600			4,244,132

The weighted average remaining vesting period for the RSUs outstanding as of

December 31, 2018

was

0.97

years (

December 31, 2017:

1.61

years).

Fair value measurement per RSU as converted to ADS equivalent:

	2017 RSU grants: RSU valuation input			2018 RSU grants: RSU valuation input
Current equity unit price valuation ($)		5.70			7.75
Model Used	Monte Carlo			Monte Carlo
Expected Volatility (%) (1), (2)		37.44	%		35.29	%
Risk free interest rate (%) (1)		1.61	%		2.43	%
Dividend Yield (%)		0	%		0	%
Duration of initial simulation period (years to longstop date)		4.55			4.73
Duration of second simulation period with postponed exercise (years)		3.00			3.00
Fair value at the measurement date ($)		4.50			7.12

( 1 )	Specified value is 4 years (modelled on yearly basis).
( 2 )	Based on a defined peer group of companies considered comparable to the Group.

Note 27 - Group Entities

12 Months Ended

Dec. 31, 2018

Disclosure of subsidiaries [text block]

Note

Group entities

The following subsidiaries are included in the Group's consolidated financial statements:

	Registered
Parent company	office	Domicile
Opera Limited (1)	George Town	Cayman Islands

	Registered		Ownership interest
Group entities:	office	Domicile	and voting rights
Kunhoo Software LLC	George Town	Cayman Islands	100%
Kunhoo Software Limited	Hong Kong	Hong Kong	100%
Kunhoo Software S.a.r.l	Luxembourg	Luxembourg	100%
Kunhoo Software AS	Oslo	Norway	100%
Opera Software AS	Oslo	Norway	100%
Opera Software Holdings LLC	San Mateo	US	100%
Opera Software Americas LLC	San Mateo	US	100%
Opera Software Ireland Limited	Dublin	Ireland	100%
Hern Labs AB	Linköping	Sweden	100%
Opera Software International AS	Oslo	Norway	100%
Opera Software Netherlands BV	Amsterdam	Netherlands	100%
Opera Software India Private limited	Chandigarh	India	100%
Opera Software Poland sp. Z.o.o.	Wroclaw	Poland	100%
Opera Software Technology (Beijing) Co.,Ltd	Beijing	China	100%
Beijing Yuega Software Tech. Srvc. Co. Ltd. (2)	Beijing	China	100%
Opesa South Africa (Pty) Limited	Cape Town	South Africa	100%
O-Play Digital Services Ltd.	Lagos	Nigeria	100%
O-Play Kenya Limited	Nairobi	Kenya	80%
Phoneservice Technologies Co. Ltd.	Nairobi	Kenya	80%
O-Play Zambia Limited (3)	Lusaka	Zambia	100%
TenSpot Pesa Limited (3)	Hong Kong	Hong Kong	100%
LLC "Microcredit Company O-Pay" (3)	St. Petersburg	Russia	100%
Neofin Malelane (Pty) Ltd. (3)	Johannesburg	South Africa	100%
Opay Finance India (Pty) Ltd. (3)	Mumbai	India	100%
Blue Ridge Micro Finance Bank Ltd. (3)	Lagos	Nigeria	100%
Oplay Digital Serivces SA de CV (3)	Mexico City	Mexico	100%
PT Opay Finance Services (3)	Jakarta	Indonesia	100%
PT lnpesa Digital Teknologi (4)	Jakarta	Indonesia	100%
TenSpot Kenya Limited (3)	Nairobi	Kenya	100%
P C Financial Services Pvt Ltd. (3)	Delhi	India	100%

( 1 )	The Company was incorporated in the Cayman Islands as of March 19, 2018, with the purpose of being the issuer in our initial public offering of ADSs on Nasdaq following a corporate reorganization in 2018. The reorganization resulted in the members of Kunhoo Software LLC, the Group’s parent company as of December 31, 2017, and at the time of the reorganization, exchanging their ownership interests for common shares and ownership in Opera Limited with substantially the same rights and proportionate ownership.

( 2 )	Variable Interest Entity (VIE) contractually controlled by the Group.

( 3 )	Entities were incorporated in 2018.

( 4 )	VIE established in February 2018, contractually controlled by the Group.

The Group’s ownership interest and voting rights in subsidiaries as of

December 31, 2017

did

not

change in

2018.

There were

material non-controlling interests in the Group’s subsidiaries.

Opera Software Iceland, edf. was dissolved in

2018.

The Group held

100%

of the shares and voting rights in the company.

Note 28 - Business Combinations	12 Months Ended
Note 28 - Business Combinations	Dec. 31, 2018
Statement Line Items [Line Items]
Disclosure of business combinations [text block]	Note 28 Business combinations On December 19, 2018, the Group acquired 100% of the shares and voting rights in TenSpot Pesa Limited (with subsidiaries, the “TenSpot Group”). The TenSpot Group is the owner of OKash, a microfinance business currently active in Kenya with plans to launch in additional countries in 2019. OKash represents a new user-driven business opportunity that will benefit from Opera’s existing reach and scale in relevant African and Asian markets, and of relevant demographics. We determined that the TenSpot Group met the definition of a business after considering that it had technology, key processes and was generating revenue from customers as of the acquisition date. A net cash consideration of US$9.5 million was transferred to Opay Digital Services Limited (Opay), the seller of TenSpot Pesa Limited. Opay, in which the Group has a 19.9% ownership share, is an associate accounted for in accordance with the equity method (see Note 29 for more information). The combined businesses are ultimately controlled by the Group’s Chairman and CEO, both before and after the transaction. As such, it was a business combination under common control. The determination that Opera Limited is controlled by its Chairman and CEO is based on significant judgment. The Chairman and CEO’s ownership interest and voting rights are established by his control of Keeneyes Future Holding Inc and Kunlun Tech Limited, a subsidiary of Beijing Kunlun Tech Co. Ltd. Although the Chairman and CEO does not hold a majority of the shares and voting rights in the latter, the Group has concluded that he has de-facto control over that entity based on his practical ability to direct the relevant activities. This is based on him being the largest holder of voting rights in Beijing Kunlun Tech Co. Ltd, effectively controlling 33.77% of the voting rights directly. The recent history of voting in general meetings for Beijing Kunlun Tech Co. Ltd demonstrates that the Group’s Chairman and CEO controlled significantly more than 50% of the shares registered to vote. The remaining shares in Beijing Kunlun Tech Co. Ltd are widely disbursed among a large number of other shareholders. IFRS does not prescribe how to account for business combinations under common control. In the absence of specific guidance in IFRS, management has used judgment in developing and applying an accounting policy that is relevant and reliable. Other standard-setting bodies have issued guidance for common control business combinations and some allow or require predecessor accounting, or historical cost accounting as it is known in some jurisdictions, in accounting for business combinations involving entities under common control. Historical cost accounting is also supported by authoritative accounting literature. Based on this, the Group decided to adopt historical cost accounting in accounting for the acquisition of TenSpot Pesa Limited. Under the predecessor method of accounting, as adopted by the Group, the assets and liabilities of the TenSpot Group are reflected at their carrying amounts as they were in the consolidated financial statements for TenSpot Pesa Limited. No adjustments were made to reflect fair values, or recognize any new assets or liabilities, at the date of the combination that would otherwise be done under the acquisition method. Moreover, no adjustments were necessary to align accounting policies of TenSpot Pesa Limited with those adopted by the Group. In addition to the net cash consideration transferred to Opay, the Group had receivables due from TenSpot Pesa Limited with a carrying amount of US$2.0 million, which was effectively settled in the acquisition. The acquired companies had no material assets or liabilities except for cash and cash equivalents with a carrying amount of US$1.6 million. The difference between the consideration transferred, including the effective settlement of receivables, and the net assets acquired, was recognized as a reduction of retained earnings ( US$9.9 million). The Group decided not to re-present its comparatives and adjust its current reporting period before the date of the acquisition as if the business combination had occurred before the start of the earliest period presented. Consequently, the impact of transactions between the Group and the TenSpot Group prior to December 19, 2018 have not been eliminated. See Note 29 for information about the gain recognized by Opay from the loss of control over TenSpot Pesa Limited.

Note 29 - Investments in Associates and Joint Ventures

12 Months Ended

Dec. 31, 2018

Disclosure of interests in other entities [text block]

Note

Investments in associates and joint ventures

The Group has investments in associates and joint ventures, which are accounted for in accordance with the equity method, except for the investment in StarMaker, as detailed below.

Opay Digital Services Limited

Opay is an associate in which the Group has a

19.9%

ownership share. It launched its mobile money services in

2018.

Opay has focused its efforts in Nigeria, a market characterized by a large un-banked population with low mobile money penetration. Opay launched an agent-centric operation in

July 2018

as a means to reach the underserved population. By

December 31, 2018,

Opay had recruited

3,000

agents and average daily transaction volume in

December 2018

was in excess of

US$1

million, with peak days exceeding

US$1.5

million, placing Opay among the top-tier mobile money providers in Nigeria less than

one

year after launch.

2018,

Opay also launched a separate microfinance product in Kenya, branded OKash. On

December 19, 2018,

the Group paid

US$9.5

million to Opay to acquire

100%

of the shares in TenSpot Pesa Limited, the owner of the OKash business. The transaction resulted in Opay recognizing a gain in its separate financial statements of which

US$1.9

million was the Group’s proportionate share, which is included in the share of Opay’s net loss recognized by the Group. See Note

for more information.

StarMaker Inc.

StarMaker is an associate in which the Group acquired a

19.35%

ownership share on

November 5, 2018,

by investing

US$30

million in exchange for preferred shares in the company. The preferred shares have dividend and liquidation preference. As part of the investment, the Group also obtained an option to increase its ownership to

51%

in the

second

half of the year

2020.

StarMaker is a technology-driven social media company focused on music and entertainment. StarMaker enables users to record and share their own music videos, collaborate with other musicians, connect with other users and follow their idols on the social platform. During the

second

half of

2018,

StarMaker expanded into short-form music and video clips of a more viral nature.

The preferred shares are accounted for as long-term interests in StarMaker, measured at fair value through the Statement of Operations. In future periods, if StarMaker remains loss-making, the Group

may

be required to apply the equity method and recognize its share of losses in reverse order of seniority versus the ordinary shares of the company.

The option to increase our ownership to

51%

in the

second

half of the year

2020,

if exercised, will entail the Group acquiring the shares at either fair value, or at a proxy of fair value. Accordingly, the fair value of the option is immaterial as of

December 31, 2018.

nHorizon

nHorizon is a joint venture in which the Group has a

29.09%

ownership share. 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 joint venture was co-founded by Otello Corporation ASA and Telling Telecom in

August 2011.

The Group acquired the investment in nHorizon as a result of the acquisition of Opera Software AS in

2016.

Powerbets Holdings Limited

Powerbets is a joint venture in which the Group has a

50.1%

ownership share. It is a joint venture with a group related to Supabets HK Limited. The joint venture was established on

August 1, 2017.

It provides a platform for sports betting, virtual sports betting, and gaming services throughout Africa. Having

one

of the largest gaming footprints in Africa, Powerbets is licensed in

nine

African markets and operational in seven.

2016

summary information regarding nHorizon:

	Predecessor			Successor
[US$ thousands]	Period from January 1 to November 3 2016			Period from November 4 to December 31 2016
Revenue		21,590			9,187
Operating profit (loss)		(8,713	)		(736	)
Net income (loss)		(9,159	)		(815	)
Group ’ s share of net income (loss)		(2,664	)		(237	)

Assets		12,954			22,487
Short-term liabilities		27,627			18,854
Equity		(14,673	)		3,634

2017

summary information regarding nHorizon, Powerbets and Opay:

	nHorizon			Powerbets Holdings Limited			Opay Digital Services Limited
[US$ thousands]	Year ended December 31,			Period from August 1 to December 31,			Period from November 1 to December 31,
The Group ’ s interest		29.09	%		50.10	%		19.90	%
Revenue		42,298			7,562			—
Operating profit (loss)		(2,219	)		(505	)		(2,831	)
Net income (loss)		(2,710	)		(529	)		(2,831	)
Group’s share of net income (loss), before adjustment		(788	)		(265	)		(563	)
Adjustments related to amortization of intangible assets		—			(54	)		—
Group ’ s share of net income (loss)		(788	)		(318	)		(563	)

Assets		19,302			2,672			5,655
Short-term liabilities		15,720			5,649			8,431
Equity		3,583			(2,977	)		(2,776	)

2018

summary information regarding nHorizon, Powerbets, Opay and StarMaker:

	nHorizon			Powerbets Holdings Limited			Opay Digital Services Limited			StarMaker Inc.
[US$ thousands]	Year ended December 31,			Year ended December 31,			Year ended December 31,			Year ended December 31,
The Group ’ s interest		29.09	%		50.10	%		19.90	%		19.35	%
Revenue		48,992			4,498			848			12,332
Operating profit (loss)		(1,568	)		(4,528	)		(384	)		(9,639	)
Net income (loss)		(2,056	)		(4,735	)		(384	)		(8,602	)
Other comprehensive income that may be reclassified to net income		—			188			—			—
Total comprehensive income		(2,056	)		(4,547	)		(384	)		(8,602	)
Group ’ s share of net income (loss)		(598	)		(2,372	)		(76	)		N/a


Current assets		9,761			2,751			4,302			21,366
Non-current assets		1,065			2,851			4,918			11,245
Current liabilities		3,818			7,818			12,043			30,163
Non-current liabilities		5,469			5,114			453			—
Equity		1,539			(7,331	)		(3,276	)		2,448

The following tables specify the carrying amounts for investments in associates and joint ventures:

As of December 31, 2017

[US$ thousands]
Carrying amount	nHorizon			Powerbets Holdings Limited			Opay Digital Services Limited
Investment (Booked value January 1, 2017)		1,043			—			—
Investment during the fiscal year		770			200			4,969
Loan made to Powerbets Holdings reclassified from other receivables		—			110			—
FX adjustment		86			8			1
Share of net income (loss)		(788	)		(318	)		(563	)
Total		1,110			—			4,406

Group’s share in %		29.09	%		50.10	%		19.90	%
Group’s share in equity		1,042			(1,492	)		(552	)
Intangible assets		—			1,492			—
Other equity method adjustments		68			—			4,959
Carrying amount		1,110			—			4,406

As of December 31, 2018

[US$ thousands]
Carrying amount	nHorizon			Powerbets Holdings Limited			Opay Digital Services Limited
Investment (Booked value January 1, 2018)		1,110			—			4,406
Investment during the year		—			2,567			—
FX adjustment		(69	)		—			—
Share of net income (loss)		(598	)		(2,372	)		(76	)
Share of other comprehensive income		—			94			—
Total		443			289			4,330

Group’s share in %		29.09	%		50.10	%		19.90	%
Group’s share in equity		448			(3,673	)		(652	)
Intangible assets		—			1,492			—
Equity method adjustments		(5	)		2,469			4,982
Carrying amount		443			289			4,330

Note 30 - Related Parties

12 Months Ended

Dec. 31, 2018

Disclosure of related party [text block]

Note

Related parties

At the time of the transactions described in this note, the Group’s Chairman and Chief Executive Officer had control or significant influence over Beijing Kunlun Tech, StarMaker Interactive, Kunlun AI and

360

Mobile Security, either directly or through other investments. He further controls Opay through Balder Investment Inc, where certain other officers in the Group also have financial interests but

voting rights.

The Group has significant influence over Opay and StarMaker through ownership interests in those entities. Moreover, the Group has joint control over Powerbets and nHorizon by having contractually agreed the sharing of control.

November 1, 2017,

the Group provided a revolving line of credit of

US$6.0

million to Opay. The Group

may

call the principal and interest at any time after

November 1, 2019.

Opay

may

elect to make early repayment at any time in its discretion. As of

December 31, 2018,

the total amount drawn under the credit facility was

US$1.4

million (

December 31, 2017:

0.2

million). The total amount of loans receivable due from Opay as of

December 31, 2018

includes a loan of

US$0.4

million provided under a separate loan agreement.

October 4, 2018,

the Group provided a revolving line of credit of

US$6.0

million to Powerbets. Prior to this, the Group had already advanced the sum of

US$2.0

million to Powerbets, which was deemed to be advanced under the terms of the credit facility. The principal, together with all accrued and unpaid interest, shall be repaid on the date set by Powerbets’ board of directors, which effectively requires the consent of the other investor in Powerbets. As of

December 31, 2018,

a total of

US$2.6

million was drawn under the credit facility.

repayment date has been set. That long-term loan is accounted for as part of our long-term interest in Powerbets.

Effective from

January 1, 2018,

the Group and Powerbets entered into a software development and consultancy agreement. The Group has also provided advertising services to Powerbets during

2018.

November 5, 2018,

the Group invested

US$30

million in StarMaker by purchasing preferred shares, resulting in a voting interest of

19.35%

and the Group having significant influence over the entity. As part of the investment, the Group also obtained an option to increase its ownership to

51%

in the

second

half of the year

2020.

StarMaker is controlled by the Group’s Chairman and Chief Executive Officer. See Note

for additional information.

December 19, 2018,

the Group acquired a microfinance business from Opay for a total consideration of

US$9.5

million. See Notes

and

for more information on the acquisition.

The Group provides services to, or receives services from, certain related parties. Services received from Beijing Kunlun Tech consist of shared office facilities in Beijing, China. Services provided to Opay consist of development and key management personnel services and are invoiced based on time used and with a

markup dependent of the type of service. The Group has also provided development and advertising services to Powerbets. Services received from

360

Mobile Security are related to distribution and promotion of the Group’s products worldwide. As of

December 31, 2018,

the Group had provided prepayments to

360

Mobile Security for distribution and promotion services as part of an agreement where

360

Mobile Security accepts financial risk related to the retention of acquired new users. The prepayments had a carrying amount of

US$10.4

million. On

December 21, 2018,

the Group entered into a strategic cooperation agreement with

360

Mobile Security related to acquiring its assistance in launching microfinance offerings in additional countries. Additional information about transactions with associates and joint ventures is included in Note

29.

Outstanding balances as of

December 31, 2017

and

2018

are unsecured and interest free and settlement occurs in cash. There have been

guarantees provided or received for any related party receivable or payable.

[US$ thousands]			As of December 31,			As of December 31,
Balances with related parties	Category of related party	Type of balance	2017			2018
360 Mobile Security Limited	Key management personnel	Accounts receivable		—			770
360 Mobile Security Limited	Key management personnel	Distribution prepayment (liability)		(3,279	)		10,420
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Other payables		(123	)		(169	)
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Revenue share liability		(150	)		—
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Professional service receivable		239			—
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Professional service payable		(480	)		(979	)
Opay Digital Services Limited (HK)	Associate / Key management personnel	Loans receivable		631			1,779
Opay Digital Services Limited (HK)	Associate / Key management personnel	Trade receivable		2,829			4,271
Opay Digital Services Limited (HK)	Associate / Key management personnel	Accounts payable		—			(455)
Powerbets Holding Limited	Joint venture	Loans receivable		200			2,567
Powerbets Holding Limited	Joint venture	Trade receivable		—			4,369
StarMaker Interactive Inc.	Key management personnel	Loan receivable		516			—

			Predecessor			Successor
[US$ thousands]			Period from January 1 to November 3,			Period from July 26 to December 31,			Year ended December 31,			Year ended December 31,
Transactions with related parties	Category of related party	Type of transaction	2016			2016			2017			2018
Opay Digital Services Limited (HK)	Associate / Key management personnel	Technology licensing and other revenue		—			—			2,829			10,899
Powerbets Holdings Limited	Joint venture	Technology licensing and other, and advertising revenue		—			—			—			4,369
360 Mobile Security Limited	Entity with board member interest	Technology licensing and other, and advertising revenue		—			—			—			3,069
KUNLUN GLOBAL INTERNATIONAL SDN. BHD.	Key management personnel	Advertising revenue		—			—			—			68
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Technology licensing and other revenue		2,238			315			387			(18	)
StarMaker Interactive Inc.	Key management personnel	Investment		—			—			—			(30,000	)
360 Mobile Security Limited	Entity with board member interest	Marketing and distribution		(4,457	)		(5,193	)		(8,416	)		(7,522	)
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Office facilities		—			(233	)		(1,425	)		(1,072	)
Kunlun AI Inc.	Key management personnel	Professional services		(600	)		(100	)		—			—
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Cost of revenue		—			—			(72	)		(45	)
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Professional services		(1,107	)		—			(513	)		(941	)
StarMaker Interactive Inc.	Key management personnel	Professional services		—			—			16			175
Opay Digital Services Limited (HK)	Associate / Key management personnel	Acquisition of business		—			—			—			(9,500	)
Opay Digital Services Limited (HK)	Associate / Key management personnel	Investment		—			—			(4,969	)		—
Opay Digital Services Limited (HK)	Associate / Key management personnel	License fee (cost of revenue)		—			—			—			(455	)
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Investment		—			(1,314	)		(770	)		—
Powerbets Holdings Limited	Joint venture	Investment		—			—			(310	)		—

Following the acquisition of Opera Software AS, the Group and Otello entered into a time-restricted Transitional Service Agreement whereby individuals from each party provided support to

one

another in line with historical activity. These activities were tracked and invoiced based on actual cost, which have resulted in only minimal net payments.

Note 31 - Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2018

Earnings per share [text block]

Note

Net income (loss) per share

Basic net income (loss) per share is calculated by dividing the net income (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 net income (loss) per share is calculated by dividing the net income (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.

The net income (loss) per share calculation for all periods prior to the Initial Public Offering reflects

200

million shares as outstanding, less

9.75

million shares that were surrendered by

two

shareholders upon completion of the IPO. As of

December 31, 2018,

the total number of shares outstanding for Opera Limited was

218,661,519.

The following table specifies the income (loss) and share data used in the basic and diluted net income (loss) per share calculations:

	Predecessor			Successor
[Net income (loss) in US$ thousands]	Period from January 1 to November 3,			Period from July 26 to December 31,			Year ended December 31,		Year ended December 31,
Basic net income (loss) per share	2016			2016			2017		2018

Net income (loss) attributable to the owners of the parent		(8,106	)		(7,704	)		6,064		35,160

Issued ordinary shares at beginning of period		190,250,000			190,250,000			190,250,000		190,250,000
Effect of shares issued		—			—			—		12,504,070
Effect of treasury shares held		—			—			—		(133,681	)
Basic weighted-average number of ordinary shares in the period		190,250,000			190,250,000			190,250,000		202,620,388

Basic net income (loss) per share, US$		(0.043	)		(0.040	)		0.032		0.174


	Predecessor			Successor
[Net income (loss) in US$ thousands]	Period from January 1 to November 3,			Period from July 26 to December 31,			Year ended December 31,		Year ended December 31,
Diluted net income (loss) per share	2016			2016			2017		2018

Net income (loss) attributable to the owners of the parent		(8,106	)		(7,704	)		6,064		35,160

Basic weighted-average number of ordinary shares		190,250,000			190,250,000			190,250,000		202,620,388
Effect of employee equity grants		—			—			2,449,186		6,107,813
Diluted weighted-average number of ordinary shares in the period		190,250,000			190,250,000			192,699,186		208,728,202

Diluted net income per share, US$		(0.043	)		(0.040	)		0.031		0.168

In the period from

January 1

November 3, 2016,

and from

July 26

December 31, 2016,

restricted share unites were excluded from the diluted weighted average number of ordinary shares calculation because their effect would have been anti-dilutive.

Opera Limited, the parent, has American Depository Shares (ADSs) listed on Nasdaq, trading under the OPRA ticker symbol. Each ADS represents

two

ordinary shares in the parent. The table below specifies net income (loss) per ADS.


	Predecessor			Successor
[Net income (loss) in US$ thousands]	Period from January 1 to November 3,			Period from July 26 to December 31,			Year ended December 31,		Year ended December 31,
Net income (loss) per ADS, basic and diluted	2016			2016			2017		2018

Net income (loss) attributable to the owners of the parent		(8,106	)		(7,704	)		6,064		35,160

ADS equivalent of basic weighted-average number of ordinary shares		95,125,000			95,125,000			95,125,000		101,310,194
ADS equivalent of diluted weighted-average number of ordinary shares		95,125,000			95,125,000			96,349,593		104,364,101

Basic net income (loss) per ADS, US$		(0.085	)		(0.081	)		0.064		0.347
Diluted net income (loss) per ADS, US$		(0.085	)		(0.081	)		0.063		0.337

Note 32 - Events After the Reporting Period	12 Months Ended
Note 32 - Events After the Reporting Period	Dec. 31, 2018
Statement Line Items [Line Items]
Disclosure of events after reporting period [text block]	Note 32 Events after the reporting period On January 10, 2019, the Group amended and restated its share incentive plan. The plan was adopted for the purpose of rewarding, attracting and retaining employees of the Group. Under the amended plan, a total of 20,000,000 ordinary shares are issuable to employees, corresponding to 10,000,000 ADSs. On January 31, 2019, the Group entered into a new lease agreement for our Oslo headquarters. The new lease commences on November 15, 2019, while the lease of the current office terminates on November 30, 2019. Minimum lease payments under the new lease are US$278 thousand per year until November 14, 2024, the end of the lease term. On February 8, 2019, the Group completed its share repurchase program by having successfully repurchased a total of 1.5 million ADSs, representing 3.0 million shares. The average price paid for the 1.5 million ADSs was US$7.08 ( US$7.10 including commissions). Subsequent to February 21, 2019, the first exercise period of the Group’s equity program took place, including RSUs that had vested on January 1, 2017, and January 1, 2018. A total of 1,728,492 RSUs were exchanged for an equivalent number of ADSs in Opera Limited. On February 25, 2019, Kunlun Tech Limited entered into a share transfer agreement with Golden Brick Capital Private Equity Fund I L.P., pursuant to which Golden Brick transferred all its 8,500,000 ordinary shares of Opera Limited to Kunlun Tech Limited, for consideration of US$34.8 million. F- 63

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Discloure of Significant Accounting Policies

Description of accounting policy for basis of preparation of successor and predecessor [text block]

2.1

Basis of preparation of Successor and Predecessor

The Successor and Predecessor Financial Statements (collectively, the “consolidated financial statements”), as defined below, are presented as required by Regulation S-

Article

June 2018

by way of an exchange of equity interests, are a continuation of the consolidated financial statements of Kunhoo Software LLC, the parent company as of

December 31, 2017.

As a result of the acquisition of Opera Software AS (with subsidiaries, the “Acquired Companies”) on

November 3, 2016,

the Group carries forward and continues to operate the Acquired Companies’ business from that date. Prior to the acquisition of the Acquired Companies, the Group had

operations in the period from

July 26, 2016

November 3, 2016

but did incur transaction costs.

The Successor and Predecessor Financial Statements are defined as follows:

Successor: The consolidated financial statements of Opera Limited and subsidiaries comprise the consolidated Statements of Financial Position as of

December 31, 2017

and

2018,

July 26, 2016 (

inception) to

December 31, 2016

and for the years ended

December 31, 2017

and

2018,

with the Acquired Companies included from

November 4, 2016 (

the “Successor”)

Predecessor: The consolidated Statement of Operations, Statement of Comprehensive Income (Loss), Statement of Changes in Equity, Statement of Cash Flows, and related notes for the period from

January 1, 2016

November 3, 2016

of the Consumer Business of Otello (the “Predecessor”).

The Successor and Predecessor Financial Statements have been prepared with a “black line presentation” to distinctly highlight the periods pre- and post-acquisition.

The comparability of the Successor periods to the Predecessor periods is affected by the application of the acquisition method.

The consolidated financial statements have been prepared on a historical cost basis except for the financial assets and liabilities described in Notes

and

15,

may

not

equal the sum of the amounts shown.

Certain prior year balances have been reclassified to conform to the current year’s presentation. Such reclassifications did

not

affect total cash flows, total net revenues, operating loss, net loss, total assets, total liabilities or shareholders’ equity.

2.2

Basis of preparation of the Predecessor

Prior to

November 3, 2016,

the Consumer Business was

one

of Otello’s major businesses lines. A significant part of the Consumer Business was owned and operated within Otello’s ultimate holding company until

March 2016

when the Consumer Business was contributed to Opera Software AS, its wholly owned subsidiary that was formed in

December 2015.

The Predecessor and Successor have applied the same accounting policies.

Carve-out approach

January 1, 2016

November 3, 2016

to prepare the Predecessor’s consolidated financial statements.

The Consumer Business was generally managed separately from Otello’s other businesses and did

not

The consolidated financial statements of the Predecessor do

not

necessarily reflect the financial performance, cash flows and changes equity that would be been presented if the Consumer Business existed as an independent business during the period presented.

Revenue

Personnel expenses

Depreciation and amortization

Other operational expenses

Restructuring costs

2016,

the Consumer Business underwent restructuring activities that included offering separation agreements to certain employees and reducing the office area usage in

two

Finance expense

Otello maintained a bank credit facility for general corporate purposes, which was

not

Income taxes

Description of accounting policy for consolidation [text block]

2.3

Basis of consolidation

Power over the investee (i.e., existing and potential rights that give it the current ability to direct the relevant activities of the investee);

Exposure, or rights, to variable returns from its involvement with the investee;

The ability to use its power over the investee to affect its return.

Description of accounting policy for foreign currency translation [text block]

Foreign currencies

The Successor and Predecessor financial statements are presented in U.S. Dollars (US$), which is also the functional currency of the parent company.

Foreign currency transactions are recognized by the Group’s entities at their respective functional currency spot rate at the date the transaction

first

Description of accounting policy for investment in associates and joint ventures [text block]

Investments in joint ventures and associates

Associates are those entities in which the Group has significant influence, meaning power to participate in the financial and operating policy decisions of the investee, but

not

control or joint control of those policies. Significant influence is presumed to exist when the Group holds between

and

percent of the voting power of another entity.

Investments in associates and joint ventures are accounted for using the equity method (equity-accounted investees) and are recognized initially at cost.

not

eliminate its share of gains or losses.

The Group has invested in preferred shares in StarMaker resulting in us having significant influence, as discussed in Note

28.

December 31, 2018,

the Group has

not

taken account of any losses of the associate that would have arisen from applying the equity method, or any impairment losses on the net investment.

Description of accounting policy for business combinations [text block]

Business combinations and goodwill

The acquisition of a microfinance business primarily operating under the brand OKash, as discussed in Note

28,

not

measured at acquisition date fair values.

Description of accounting policy for property, plant and equipment [text block]

Furniture, fixtures and equipment

Furniture, fixtures and equipment, including leasehold improvements, are recognized at cost, less accumulated depreciation and impairment losses.

Depreciation and amortization of furniture, fixtures and equipment is recognized on a straight-line basis over the asset’s estimated useful life as follows:

Leasehold improvements: Up to

years.

Equipment: Up to

years.

Furniture and fixtures Up to

years.

Residual values, useful lives and depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate.

At the end of each reporting period, furniture, fixtures and equipment are assessed for any indications of impairment. If there are indications implying that an asset

may

be impaired, the recoverable amount is estimated.

Description of accounting policy for intangible assets other than goodwill [text block]

Intangible assets

not

capitalized and the related expenditure is reflected in the Statement of Operations in the period in which the expenditure is incurred.

The useful lives of intangible assets are assessed as either finite or indefinite.

Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset

may

be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period.

For goodwill and intangible assets that have an indefinite useful life and intangible assets that are

not

yet available for use, the recoverable amount is estimated at a minimum at each reporting date.

Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate all of the following:

the technical feasibility of completing the intangible asset so that it will be available for use or sale;

its intention to complete the intangible asset and use or sell it;

its ability to use or sell the intangible asset;

the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;

its ability to measure reliably the expenditure attributable to the intangible asset during its development.

years. Intangible assets classified as technology acquired in the acquisition of Opera Software AS are amortized over

years.

years. Customer relationship and trademark assets are evaluated for impairment when circumstances warrant.

Description of accounting policy for leases [text block]

Leases

A leased asset is depreciated over the useful life of the asset, consistent with the useful lives for furniture, fixtures and equipment disclosed above. However, if there is

reasonable certainty that the Group will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term.

An operating lease is a lease other than a finance lease. Operating lease payments are recognized as an operating expense in the Statement of Operations on a straight-line basis over the lease term.

Description of accounting policy for financial assets [text block]

g)	Financial assets

The Group has the following financial assets:

Loans and receivables: Trade receivables, other receivables and non-current financial assets.

Equity instruments: Holdings of publicly traded securities.

See Note

for information about the implementation of IFRS

Financial Instruments

. IFRS

as of

January 1, 2018.

Initial recognition and measurement

not

at fair value through the Statement of Operations, transaction costs.

Subsequent measurement

For purposes of subsequent measurement, financial assets of the Group are classified in

two

categories:

Financial assets at amortized cost (debt instruments)

Financial assets at fair value through the Statement of Operations

The Group measures financial assets at amortized cost if both of the following conditions are met:

The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and

The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

not

Derecognition

A financial asset is primarily derecognized when:

The rights to receive cash flows from the asset have expired, or

Description of accounting policy for financial liabilities [text block]

Financial liabilities

See Note

for information about the implementation of IFRS

Initial recognition and measurement

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

Subsequent measurement

Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.

Description of accounting policy for impairment of assets [text block]

Impairment

Impairment of financial assets

The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments

not

For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does

not

The Group normally considers a financial asset in default when contractual payments are

days past due. In certain cases, the Group

may

reasonable expectation of recovering the contractual cash flows.

Prior to the implementation of IFRS

as of

January 1, 2018,

the Group assessed, at each reporting date, whether there was objective evidence that a financial asset or a group of financial assets was impaired. An impairment existed if

one

not

yet been incurred).

Impairment of non-financial assets

The Group assesses, at each reporting date, whether there is an indication that an asset

may

not

Goodwill is tested for impairment annually as of

December 31,

and when circumstances indicate that the carrying value

may

be impaired.

The Group bases its impairment calculation on detailed budgets and forecast calculations. These budgets and forecast calculations cover a period of

one

four

for more information.

For assets, excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses

Description of accounting policy for fair value measurement [text block]

Fair value measurement

The Group measures certain financial assets and liabilities, as disclosed in Note

15,

at fair value at each reporting date.

In the principal market for the asset or liability, or

In the absence of a principal market, in the most advantageous market for the asset or liability.

Level

— Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level

— Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

Level

— Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

Description of accounting policy for provisions [text block]

k)	Provisions

A provision for restructuring costs is recognized when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced.

Description of accounting policy for recognition of revenue [text block]

Revenue recognition

The Group has the following primary sources of revenue:

ii.

Advertising

iii.

Retail

iv.

Technology licensing and other revenue

See Note

for information about the implementation of IFRS

Revenue from Contracts with Customers

. Prior to the implementation of IFRS

as of

January 1, 2018,

2018.

Revenues from each of these areas are recognized as follows:

ii.

Advertising

third

parties on behalf of the Group.

not

iii.

Retail

not

2018,

customers’ right of refund did

not

materially impact the amount of revenue recognized. The Group updates its estimates of refund liabilities (and the corresponding change in the transaction price) at the end of each reporting period.

iv.

Technology licensing and other revenue

Technology licensing and other revenue include other revenues that are

not

third

parties, as well as providing professional services, and enabling customized browser configurations to mobile operators.

Licensing agreements

may

not

distinct from maintenance, support or hosting services, are recognized over the contract period.

Maintenance, support and hosting revenues are generally recognized ratably over the term that these services are provided.

Revenue from software developed specifically for

one

customer is recognized over the development period in line with the degree of completion, provided that the criteria for recognizing revenue over time defined in IFRS

are met.

Revenue from distinct professional services are recognized over the development period in line with the degree of completion.

Set-up activities that do

not

result in the transfer of a promised good or service, are

not

identified as a performance obligation to the customer. The costs of set-up activities are recognized as an asset, provided the criteria defined in IFRS

are met.

Description of accounting policy for other income [text block]

Other income

Other income is income which is

not

related to the Group’s ordinary activities and is presented net of associated costs. This includes net gain from sale of fixed and intangible assets in

2017.

Description of accounting policy for expenses [text block]

Cost of revenue

Description of accounting policy for income tax [text block]

Income taxes

longer be appealed.

Income taxes include all domestic and foreign taxes, which are based on taxable profits, including withholding taxes.

Description of accounting policy for government grants [text block]

Government grants

Description of accounting policy for treasury shares [text block]

Treasury shares

Treasury shares are shares in Opera Limited, the parent, that are reacquired under a repurchase program. Treasury shares are recognized at cost and deducted from equity.

gain or loss is recognized in the Statement of Operations on the purchase, sale, reissue or cancellation of the Group’s own equity instruments.

Description of accounting policy for significant accounting estimates, judgements and assumptions [text block]

2.5

Significant accounting estimates, judgments and assumptions

The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that

may

not

readily apparent from other sources. Actual results

may

The following summarizes the most significant judgments and estimates in preparing the consolidated financial statements.

Impairment of non-financial assets

December 31, 2018,

Control over Opera Limited

not

33.77%

of the voting rights directly. The recent history of voting in general meetings for Beijing Kunlun Tech Co. Ltd demonstrates that the Group’s Chairman and CEO controlled significantly more than

50%

of the shares registered to vote. The remaining shares in Beijing Kunlun Tech Co. Ltd are widely dispersed among a large number of other shareholders.

Applicable IFRS does

not

for more information.

Share-based payments

The Group has established an employee equity plan to provide long-term incentives for its employees.

25.

When applicable, employer social security costs are accrued over the vesting period of each award, based on the award’s intrinsic value of the underlying equity interest as of the reporting date.

Both periodic equity costs and social security cost accruals are adjusted for estimated forfeitures.

Capitalized development costs

The Group capitalizes expenditure incurred in the development of new products and services. Initial capitalization of expenditure is based on management’s judgment that the project meets all of the

six

for more information.

Trade receivables

A trade receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).

for more information.

Collectability of consideration from Opay

In order to recognize revenue from a contract with a customer within the scope of IFRS

15,

may

involve significant judgment.

2018,

the Group recognized

US$10.9

million of revenue under the "Technology licensing and other revenue" category from contracts with Opay. As of

December 31, 2018,

the total amount of outstanding trade receivables due from Opay was

US$4.3

million.

See Note

for more information.

Note 4 - Revenue and Other Income (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of disaggregation of revenue from contracts with customers [text block]

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
[US$ thousands]	November 3,		December 31,		December 31,		December 31,
Revenue by customer location	2016		2016		2017		2018
Ireland		32,730		9,310		63,152		76,791
Russia		13,883		2,868		18,251		17,356
Other		41,904		6,589		47,490		78,129
Total		88,518		18,767		128,893		172,276

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
	November 3,		December 31,		December 31,		December 31,
[US$ thousands]	2016		2016		2017		2018
Customer group 1		33,265		7,561		55,685		67,882
Customer group 2		12,775		2,594		16,604		17,017

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
[US$ thousands]	November 3,		December 31,		December 31,		December 31,
Revenue type	2016		2016		2017		2018
Search		44,347		10,215		68,192		80,204
Advertising		27,960		5,219		41,047		59,895
Retail		—		—		—		9,287
Technology licensing and other revenue		16,211		3,333		19,653		22,890
Total		88,518		18,767		128,893		172,276

Disclosure of other operating income [text block]

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
[US$ thousands]	November 3,		December 31,		December 31,		December 31,
Other income	2016		2016		2017		2018
Proceeds allocated to divestment of IP		—		—		7,800		—
Cost of technology license obtained from		—		—		—		—
Otello Corporation ASA		—		—		(2,000)		—
Book value of associated capitalized development costs		—		—		(256)		—
Legal fees related to the divestment process		—		—		(84)		—
Total		—		—		5,460		—

Note 5 - Personnel Expenses Including Share-based Remuneration (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of personnel expenses including share-based remuneration [text block]

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
[US$ thousands]	November 3,		December 31,		December 31,		December 31,
Personnel expenses including share-based remuneration	2016		2016		2017		2018
Salaries including bonuses		26,599		3,965		25,895		26,697
Social security cost, excluding amounts related to share-based remuneration		4,260		1,007		4,235		3,428
External temporary hires		672		27		686		1,687
Defined-contribution pension cost		1,555		429		2,068		2,066
Other personnel related expenses		1,493		544		1,935		2,244
Personnel expenses excluding share-based remuneration		34,579		5,972		34,819		36,121
Share-based remuneration, including related social security costs		914		—		9,496		4,846
Total		35,493		5,972		44,315		40,968

Disclosure of research and development expense [text block]

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
[US$ thousands]	November 3,		December 31,		December 31,		December 31,
Research and development expenditure	2016		2016		2017		2018
Total research and development expenditure		17,660		3,504		23,386		26,418
Less: Capitalized development expenditure excluded from personnel expenses		1,610		318		3,503		4,545
Net expensed research and development expenditure		16,050		3,186		19,883		21,873

Disclosure of information about key management personnel [text block]

	Predecessor		Successor
	Period from		Period from
	January 1 to		July 26 to		Year ended		Year ended
[US$ thousands]	November 3,		December 31,		December 31,		December 31,
Compensation of key management personnel	2016		2016		2017		2018
Short-term employee benefits		398		55		946		843
Post-employment and medical benefits		34		7		47		57
Termination benefits		—		—		—		—
Share-based payment transactions		107		—		—		621
Total		539		62		993		1,521

Note 8 - Furniture, Fixture and Equipment (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of detailed information about property, plant and equipment [text block]

[US$ thousands]	Furniture and fixtures			Equipment			Leasehold improvements			Total
Cost
Cost as of January 1, 2017		518			11,584			1,454			13,556
Additions		15			8,434			—			8,449
Disposals		(68	)		(-356	)		(14	)		(438	)
Exchange rate differences		13			1,023			252			1,288
As of December 31, 2017		478			20,685			1,692			22,855
Additions		149			4,201			139			4,489
Disposals		—			—			—			—
Exchange rate differences		4			(-312	)		(93	)		(401	)
As of December 31, 2018		629			24,574			1,738			26,942


Depreciation and impairment
As of January 1, 2017		58			1,575			135			1,768
Depreciation for the year		163			7,562			249			7,974
Disposals		—			(326	)		—			(326	)
Exchange rate differences		(35	)		(9	)		22			(21	)
As of December 31, 2017		186			8,802			406			9,394
Depreciation for the year		116			5,001			243			5,360
Disposals		—			—			—			—
Exchange rate differences		21			28			(22	)		26
As of December 31, 2018		324			13,832			628			14,780


Net book value as of December 31, 2017		291			11,883			1,286			13,460
Net book value as of December 31, 2018		306			10,742			1,109			12,162

Disclosure of detailed information about the estimated useful lives of property, plant and equipment [text block]

Furniture fixture and equipment	Fixture and fixtures	Equipment	Leasehold improvements
Useful life	Up to 5 years	Up to 10 years, or term of lease agreement (1)	Up to 6 years, or term of lease agreement
Depreciation method	Straight-line	Straight-line	Straight-line

Note 9 - Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of detailed information about intangible assets [text block]

[US$ thousands]	Goodwill		Customer relationships		Technology			Trademarks		Other intangible assets		Total
Cost
Cost as of January 1, 2017		421,578		40,700		12,835			70,600		1,877		547,590
Additions (1)		—		—		2,936			—		143		3,079
Disposals		—		—		(1,226	)		—		—		(1,226	)
Exchange differences		—		—		—			—		—		—
As of December 31, 2017		421,578		40,700		14,545			70,600		2,020		549,443

Additions (1)		—		—		4,132			—		27		4,159
Disposals		—		—		—			—		—		—
Exchange differences		—		—		—			—		—		—
As of December 31, 2018		421,578		40,700		18,677			70,600		2,047		553,602

Amortization and impairment
As of January 1, 2017		—		497		855			—		124		1,476
Amortization for the year		—		2,980		4,033			—		1,617		8,630
Disposals		—		—		(861	)		—		—		(861	)
Exchange differences		—		—		—			—		—		—
As of December 31, 2017		—		3,477		4,028			—		1,741		9,246
													—
Amortization for the year		—		2,980		4,094			—		261		7,335
Disposals		—		—		—			—		—		—
Exchange differences		—		—		—			—		—		—
As of December 31, 2018		—		6,457		8,122			—		2,003		16,581


Net book value as of December 31, 2017		421,578		37,222		10,518			70,600		279		540,197
Net book value as of December 31, 2018		421,578		34,243		10,555			70,600		44		537,021

Disclosure of intangible assets with indefinite and definite useful life [text block]

Intangible assets	Goodwill	Customer relationships	Technology	Trademarks	Other intangible assets
Useful life	Indefinite	Up to 15 years	Up to 5 years	Indefinite	Up to 5 years
Amortization method		Straight-line	Straight-line		Straight-line

Note 10 - Leases (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of operating lease by lessee [text block]

	Predecessor		Successor
[US$ thousands]	Period from January 1 to November 3,		Period from July 26 to December 31,		Year ended December 31,		Year ended December 31,
Leasing costs expensed	2016		2016		2017		2018
Office leasing costs expensed (1)		2,619		494		3,085		3,063
Data center leasing costs expensed (2)		—		1,717		5,366		4,627

	As of		As of
[US$ thousands]	December 31,		December 31,
Non-cancellable operating leases due in:	2017		2018
Less than one year		3,250		3,249
Between one to five years		6,702		4,541
More than five years		638		—
Total		10,589		7,790

Disclosure of finance lease by lessee [text block]

[US$ thousands] Finance lease liabilities as of December 31, 2017	Present value of minimum lease payments		Interest		Future minimum lease payments
Less than one year		2,073		74		2,148
Between one and five years		265		13		278
More than five years		—		—		—
Total		2,339		87		2,426

[US$ thousands] Finance lease liabilities as of December 31, 2018	Present value of minimum lease payments		Interest		Future minimum lease payments
Less than one year		196		5		201
Between one and five years		33		—		33
More than five years		—		—		—
Total		229		5		234

Note 11 - Finance Lease Liabilities and Other Loans (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of detailed information about borrowings [text block]

[US$ thousands]							As of December 31,		As of December 31,
Finance lease liabilities and other loans	Interest rate			Maturity			2017		2018
Finance leases		3.7%			February 2020			2,338		229
Interest bearing loans	1.6%	-	3.8%	February 2019	-	July 2023		3,767		4,040
Total								6,105		4,269

Disclosure of borrowings and finance lease liabilities [text block]

	As of		As of
[US$ thousands]	December 31,		December 31,
Finance lease liabilities and other loans, non-current	2017		2018
Finance lease liabilities		265		33
Interest bearing loans		3,767		2,238
Total		4,032		2,271

	As of		As of
[US$ thousands]	December 31,		December 31,
Finance lease liabilities and other loans, current	2017		2018
Finance lease liabilities		2,073		196
Interest bearing loans		—		1,802
Other loans		—		492
Total		2,073		2,490

Note 15 - Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of detailed information about financial instruments [text block]

	Financial				Financial
	assets at				liabilities
	fair value		Debt		at fair value		Financial
	through		instrument at		through		liabilities
[US$ thousands]	net income		amortized		net income		at amortized
As of December 31, 2017	(loss)		cost		(loss)		cost		Total
Financial assets
Non-current
Other financial assets (1)		—		1,857		—		—		1,857
Current
Trade receivables (Note 20)		—		31,072		—		—		31,072
Other receivables (Note 20)		—		7,865		—		—		7,865
Total		—		40,795		—		—		40,795


Financial liabilities
Non-current
Financial lease liabilities and other loans (Notes 10 and 11)		—		—		—		4,032		4,032
Other non-current liabilities		—		—		—		87		87
Current
Trade and other payables (Note 21)		—		—		—		21,401		21,401
Financial lease liabilities and other loans (Notes 10 and 11)		—		—		—		2,073		2,073
Other current liabilities (Note 14)		—		—		600		7,595		8,195
Total		—		—		600		35,789		35,789

	Financial				Financial
	assets at				liabilities
	fair value		Debt		at fair value		Financial
	through		instrument at		through		liabilities
[US$ thousands]	net income		amortized		net income		at amortized
As of December 31, 2018	(loss)		cost		(loss)		cost		Total
Assets
Non-current
Other financial assets - non-current (2)		—		2,025		—		—		2,025
Investment in associate (preferred shares in StarMaker) (Note 29)		30,000		—		—		—		30,000
Current
Trade receivables (Note 20)		—		37,468		—		—		37,468
Other receivables (Note 20)		—		7,123		—		—		7,123
Other financial assets - current (3)		1,165		89		—		—		1,254
Total financial assets		1,165		46,704		—		—		77,869


Liabilities
Non-current										—
Financial lease liabilities and other loans (Notes 10 and 11)		—		—		—		2,271		2,271
Other non-current liabilities		—		—		—		212		212
Current
Trade and other payables (Note 21)		—		—		—		17,957		17,957
Financial lease liabilities and other loans (Notes 10 and 11)		—		—		—		2,490		2,490
Other current liabilities (Note 14) (3)		—		—		500		9,201		9,701
Total financial liabilities		—		—		500		32,132		32,632

Disclosure of gain (loss) on trading securities [text block]

[US$ thousands]	Realized gain (loss)		Unrealized gain (loss)		Total
Long positions		(1,353)		(169)		(1,522)
Short positions		48		(11)		38
Total		(1,305)		(180)		(1,485)

Disclosure of financial instruments fair value hierarchy [text block]

[US$ thousands]

Date of

valuation

Carrying amount

Fair value

Level 1

Level 2

Level 3

Liabilities measured at fair value

Contingent consideration (Note 12)

December 31, 2017

600

Liabilities for which fair values are disclosed

Financial lease liabilities and other loans (Note 10)

December 31, 2017

6,106

[US$ thousands]

Date of

valuation

Carrying amount

Fair value

Level 1

Level 2

Level 3

Assets measured at fair value

Other financial assets (listed equity instruments)

December 31, 2018

1,165

Investment in associate (preferred shares in StarMaker) (Note 29)

December 31, 2018

30,000

[US$ thousands]

Date of

valuation

Carrying amount

Fair value

Level 1

Level 2

Level 3

Liabilities measured at fair value

Other liabilities (short position)

December 31, 2018

500

Liabilities for which fair values are disclosed

Finance lease liabilities and other loans (Note 10)

December 31, 2018

4,762

Note 16 - Scheduled of Maturities of Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of financial liabilities [text block]

[US$ thousands]	Less than		1 to 3		Over 3
As of December 31, 2017	12 months		years		years		Total
Non-current
Financial lease liabilities and other loans (Notes 10 and 11) including interest		—		4,230		—		4,230
Other liabilities		—		—		87		87
Current
Trade and other payables (Note 21)		21,401		—		—		21,401
Financial lease liabilities and other loans (Notes 10 and 11) including interest		2,148		—		—		2,148
Other liabilities (Note 14)		8,195		—		—		8,195
Total financial liabilities including interest		31,744		4,230		87		36,060

[US$ thousands]	Less than		1 to 3		Over 3
As of December 31, 2018	12 months		years		years		Total
Non-current
Financial lease liabilities and other loans (Notes 10 and 11) including interest		—		2194		158		2,352
Other liabilities		—		—		212		212
Current
Trade and other payables (Note 21)		17,957		—		—		17,957
Financial lease liabilities and other loans (Notes 10 and 11) including interest		2,591		—		—		2,591
Other liabilities (Note 14)		9,701		—		—		9,701
Total financial liabilities including interest		30,249		2,194		370		32,813

Note 20 - Trade Receivables, Prepayments and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of trade receivables, prepayments and other receivables [text block]

	As of		As of
[US$ thousands]	December 31,		December 31,
Trade receivables	2017		2018
Trade receivables		14,072		24,594
Unbilled receivables		17,001		12,874
Total		31,073		37,468

	As of		As of
[US$ thousands]	December 31,		December 31,
Other receivables	2017		2018
VAT		367		754
Receivable from Otello Corporation ASA		2,945		1,267
Escrow account pledged as loan for joint venture		2,508		—
Other		2,046		5,102
Total		7,866		7,123

	As of		As of
	December 31,		December 31,
[US$ thousands]	2017		2018
Prepayments
Prepaid expenses (1)		2,167		14,372
Total		2,167		14,372

Provision for impairment of trade receivables [text block]

[US$ thousands]	As of December 31,		As of December 31,
Provision for impairment of trade receivables	2017		2018
As of period start, as previously reported		—		1,837
Impact of IFRS 9		—		100
As of period start, restated		—		1,937
Change in the period		1,837		(318	)
As of period end		1,837		1,619

Disclosure of aging of trade receivables [text block]

[US$ thousands]			Neither past due		Past due
Aging analysis of trade receivables	Total		nor impaired		<30 days		31-60 days		61-90 days		>90 days
As of December 31, 2017		14,072		4,172		1,597		1,390		518		6,395
As of December 31, 2018		24,594		15,603		3,252		2,588		690		2,460

Note 22 - Finance Income and Expenses (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of finance income [text block]

	Predecessor		Successor
	Period from
	January 1 to		Period from July 26		Year ended		Year ended
[US$ thousands]	November 3,		to December 31,		December 31,		December 31,
Finance income	2016		2016		2017		2018
Interest income		—		37		54		1,386
Other finance income		—		—		1,000		251
Total		—		37		1,054		1,637

Disclosure of finance cost [text block]

	Predecessor		Successor
	Period from
	January 1 to		Period from July 26		Year ended		Year ended
[US$ thousands]	November 3,		to December 31,		December 31,		December 31,
Finance expense	2016		2016		2017		2018
Interest expense		1,378		24		238		184
Other financial cost		—		—		—		27
Decrease in fair value financial instruments (1)		—		—		—		1,485
Total		1,378		24		238		1,695

Disclosure of effect of changes in foreign exchange rates [text block]

	Predecessor			Successor
	Period from
	January 1 to			Period from July 26			Year ended			Year ended
[US$ thousands]	November 3,			to December 31,			December 31,			December 31,
Foreign exchange gain (loss)	2016			2016			2017			2018
Unrealized foreign exchange gain (loss)		(1,777	)		(352	)		(1,172	)		(1,091	)
Realized foreign exchange gain (loss)		565			564			(709	)		736
Total		(1,212	)		212			(1,881	)		(354	)

Note 23 - Changes in Liabilities Arising From Financing Activities (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of reconciliation of liabilities arising from financing activities [text block]

	As of January 1,												As of December 31,
[US$ thousands] 2017	2017		Cash flows			Foreign exchange movement		New liabilities		Other (1)			2017
Interest-bearing loans and liabilities, non-current		—		(889	)		456		4,199		—			3,767
Finance lease liabilities, non-current		1,724		—			—		688		(2,147	)		265
Interest bearing loans and liabilities, current		5,512		(3,483	)		—		—		(2,029	)		—
Finance lease liabilities, current		4,809		(5,659	)		521		—		2,402			2,073
Total liabilities from financing activities		12,045		(10,031	)		978		4,887		(1,774	)		6,106

	As of January 1,												As of December 31,
[US$ thousands] 2018	2018		Cash flows			Foreign exchange movement		New liabilities		Other (2)			2018
Interest-bearing loans and liabilities, non-current		3,767		—			—		1,435		(2,964	)		2,238
Finance lease liabilities, non-current		265		—			—		—		(232	)		33
Interest bearing loans and liabilities, current		—		(1,739	)		—		191		1,744			196
Finance lease liabilities, current		2,073		(2,042	)		—		—		1,771			1,802
Other loans		—		—			—		492		—			492
Total liabilities from financing activities		6,106		(3,781	)		—		2,118		319			4,761

Note 24 - Income Tax (Expense) Benefit (Tables)

12 Months Ended

Dec. 31, 2018

Major components of tax expense (income) [text block]

	Predecessor			Successor
[US$ thousands]	Period from January 1 to November 3,			Period from July 26 to December 31,			Year ended December 31,			Year ended December 31,
Income tax (expense) benefit	2016			2016			2017			2018
Current income taxes		(2,077	)		(223	)		(5,449	)		(4,322	)
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1)		—			—			—			(615	)
Deferred taxes		2,820			2,319			4,009			(1,544	)
Income tax (expense) benefit		743			2,096			(1,440	)		(6,481	)

Reconciliation of accounting profit multiplied by applicable tax rates [text block]

	Predecessor			Successor
[US$ thousands]	Period from January 1 to November 3,			Period from July 26 to December 31,			Year ended December 31,			Year ended December 31,
Reconciliation of tax (expense) benefit to Norwegian nominal statutory tax rate	2016			2016			2017			2018
Net income (loss) before income taxes		(8,849	)		(9,800	)		7,504			41,641
Tax (expense) benefit at applicable tax rate		2,212			2,450			(1,801	)		(9,577	)
Effect of different tax rates applied by subsidiaries		(99	)		(2,339	)		1,120			(167	)
Permanent differences
Tax effect of translation differences exempted for tax		0			1,599			(1,287	)		218
Tax effect of financial items exempted from tax		0			144			1,614			1,726
Tax effects of losses in associates and joint ventures which are non-deductible		(636	)		(84	)		(401	)		(744	)
Net other permanent differences (not) tax deductible		(685	)		(344	)		2,289			(617	)
Other effects
Change to previously recognized deferred tax assets		—			(70	)		(1,812	)		1,589
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods		—			—			—			(615	)
Change in unrecognized deferred tax assets		(48	)		(7	)		(1,554	)		1,144
Change in tax rate		—			746			392			561
Income tax (expense) benefit for the year		743			2,096			(1,440	)		(6,481	)
Effective tax rate		8.4	%		21.4	%		19.2	%		15.6	%

Disclosure of temporary difference, unused tax losses and unused tax credits [text block]

[US$ thousands]	As of December 31,			As of December 31,
Deferred tax asset and deferred tax liability	2017			2018
Furniture, fixtures and equipment, and intangible assets		24,496			22,201
Other		(1,003	)		(445	)
Trade receivables		(134	)		(133	)
Intercompany interest costs subject to limitations		(3,841	)		(5,243	)
Withholding tax expected to be credited (credit method)		—			(3,849	)
Tax losses carried forward		(8,648	)		(117	)
Net deferred tax liability (asset) recognized		10,870			12,414

Disclosure of changes in deferred taxes [text block]

[US$ thousands]	As of December 31,			As of December 31,
	2017			2018
Net deferred tax liability (asset) as of January 1		14,879			10,870
Expense (benefit) in Statement of Operations		(4,009	)		1,544
Net deferred tax liability (asset)		10,870			12,414

[US$ thousands]	As of December 31,		As of December 31,
	2017		2018
Deferred tax assets		958		944
Deferred tax liabilities		11,828		13,358
Net deferred tax liability		10,870		12,414

Note 25 - Share-based Payments (Tables)

12 Months Ended

Dec. 31, 2018

Explanation of effect of share-based payments on entity's profit or loss [text block]

[US$ thousands]	Year ended December 31,		Year ended December 31,
Expense from share-based payment transactions	2017		2018
Expense arising from equity-settled share-based payment transactions (1)		9,496		4,846
Expense arising from cash-settled share-based payment transactions		—		—
Total expense from share-based payment transactions		9,496		4,846

Disclosure of number and weighted average exercise prices of other equity instruments [text block]

	Year ended December 31,			Year ended December 31,
	2017			2018
Outstanding at period start		—			3,882,600
Granted during the period		4,221,600			516,000
Forfeited during the period		(339,000	)		(154,468	)
Exercised during the period		—			—
Expired during the period		—			—
Outstanding at period end		3,882,600			4,244,132

Disclosure of indirect measurement of fair value of goods or services received, other equity instrument granted during period [text block]

	2017 RSU grants: RSU valuation input			2018 RSU grants: RSU valuation input
Current equity unit price valuation ($)		5.70			7.75
Model Used	Monte Carlo			Monte Carlo
Expected Volatility (%) (1), (2)		37.44	%		35.29	%
Risk free interest rate (%) (1)		1.61	%		2.43	%
Dividend Yield (%)		0	%		0	%
Duration of initial simulation period (years to longstop date)		4.55			4.73
Duration of second simulation period with postponed exercise (years)		3.00			3.00
Fair value at the measurement date ($)		4.50			7.12

Note 27 - Group Entities (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of interests in subsidiaries [text block]

	Registered
Parent company	office	Domicile
Opera Limited (1)	George Town	Cayman Islands

	Registered		Ownership interest
Group entities:	office	Domicile	and voting rights
Kunhoo Software LLC	George Town	Cayman Islands	100%
Kunhoo Software Limited	Hong Kong	Hong Kong	100%
Kunhoo Software S.a.r.l	Luxembourg	Luxembourg	100%
Kunhoo Software AS	Oslo	Norway	100%
Opera Software AS	Oslo	Norway	100%
Opera Software Holdings LLC	San Mateo	US	100%
Opera Software Americas LLC	San Mateo	US	100%
Opera Software Ireland Limited	Dublin	Ireland	100%
Hern Labs AB	Linköping	Sweden	100%
Opera Software International AS	Oslo	Norway	100%
Opera Software Netherlands BV	Amsterdam	Netherlands	100%
Opera Software India Private limited	Chandigarh	India	100%
Opera Software Poland sp. Z.o.o.	Wroclaw	Poland	100%
Opera Software Technology (Beijing) Co.,Ltd	Beijing	China	100%
Beijing Yuega Software Tech. Srvc. Co. Ltd. (2)	Beijing	China	100%
Opesa South Africa (Pty) Limited	Cape Town	South Africa	100%
O-Play Digital Services Ltd.	Lagos	Nigeria	100%
O-Play Kenya Limited	Nairobi	Kenya	80%
Phoneservice Technologies Co. Ltd.	Nairobi	Kenya	80%
O-Play Zambia Limited (3)	Lusaka	Zambia	100%
TenSpot Pesa Limited (3)	Hong Kong	Hong Kong	100%
LLC "Microcredit Company O-Pay" (3)	St. Petersburg	Russia	100%
Neofin Malelane (Pty) Ltd. (3)	Johannesburg	South Africa	100%
Opay Finance India (Pty) Ltd. (3)	Mumbai	India	100%
Blue Ridge Micro Finance Bank Ltd. (3)	Lagos	Nigeria	100%
Oplay Digital Serivces SA de CV (3)	Mexico City	Mexico	100%
PT Opay Finance Services (3)	Jakarta	Indonesia	100%
PT lnpesa Digital Teknologi (4)	Jakarta	Indonesia	100%
TenSpot Kenya Limited (3)	Nairobi	Kenya	100%
P C Financial Services Pvt Ltd. (3)	Delhi	India	100%

Note 29 - Investments in Associates and Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of detailed information about selected financial information [text block]

	Predecessor			Successor
[US$ thousands]	Period from January 1 to November 3 2016			Period from November 4 to December 31 2016
Revenue		21,590			9,187
Operating profit (loss)		(8,713	)		(736	)
Net income (loss)		(9,159	)		(815	)
Group ’ s share of net income (loss)		(2,664	)		(237	)

Assets		12,954			22,487
Short-term liabilities		27,627			18,854
Equity		(14,673	)		3,634

	nHorizon			Powerbets Holdings Limited			Opay Digital Services Limited
[US$ thousands]	Year ended December 31,			Period from August 1 to December 31,			Period from November 1 to December 31,
The Group ’ s interest		29.09	%		50.10	%		19.90	%
Revenue		42,298			7,562			—
Operating profit (loss)		(2,219	)		(505	)		(2,831	)
Net income (loss)		(2,710	)		(529	)		(2,831	)
Group’s share of net income (loss), before adjustment		(788	)		(265	)		(563	)
Adjustments related to amortization of intangible assets		—			(54	)		—
Group ’ s share of net income (loss)		(788	)		(318	)		(563	)

Assets		19,302			2,672			5,655
Short-term liabilities		15,720			5,649			8,431
Equity		3,583			(2,977	)		(2,776	)

	nHorizon			Powerbets Holdings Limited			Opay Digital Services Limited			StarMaker Inc.
[US$ thousands]	Year ended December 31,			Year ended December 31,			Year ended December 31,			Year ended December 31,
The Group ’ s interest		29.09	%		50.10	%		19.90	%		19.35	%
Revenue		48,992			4,498			848			12,332
Operating profit (loss)		(1,568	)		(4,528	)		(384	)		(9,639	)
Net income (loss)		(2,056	)		(4,735	)		(384	)		(8,602	)
Other comprehensive income that may be reclassified to net income		—			188			—			—
Total comprehensive income		(2,056	)		(4,547	)		(384	)		(8,602	)
Group ’ s share of net income (loss)		(598	)		(2,372	)		(76	)		N/a


Current assets		9,761			2,751			4,302			21,366
Non-current assets		1,065			2,851			4,918			11,245
Current liabilities		3,818			7,818			12,043			30,163
Non-current liabilities		5,469			5,114			453			—
Equity		1,539			(7,331	)		(3,276	)		2,448

Disclosure of carrying amounts of investments in associates and joint ventures [text block]

As of December 31, 2017

[US$ thousands]
Carrying amount	nHorizon			Powerbets Holdings Limited			Opay Digital Services Limited
Investment (Booked value January 1, 2017)		1,043			—			—
Investment during the fiscal year		770			200			4,969
Loan made to Powerbets Holdings reclassified from other receivables		—			110			—
FX adjustment		86			8			1
Share of net income (loss)		(788	)		(318	)		(563	)
Total		1,110			—			4,406

Group’s share in %		29.09	%		50.10	%		19.90	%
Group’s share in equity		1,042			(1,492	)		(552	)
Intangible assets		—			1,492			—
Other equity method adjustments		68			—			4,959
Carrying amount		1,110			—			4,406

As of December 31, 2018

[US$ thousands]
Carrying amount	nHorizon			Powerbets Holdings Limited			Opay Digital Services Limited
Investment (Booked value January 1, 2018)		1,110			—			4,406
Investment during the year		—			2,567			—
FX adjustment		(69	)		—			—
Share of net income (loss)		(598	)		(2,372	)		(76	)
Share of other comprehensive income		—			94			—
Total		443			289			4,330

Group’s share in %		29.09	%		50.10	%		19.90	%
Group’s share in equity		448			(3,673	)		(652	)
Intangible assets		—			1,492			—
Equity method adjustments		(5	)		2,469			4,982
Carrying amount		443			289			4,330

Note 30 - Related Parties (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of transactions between related parties [text block]

[US$ thousands]			As of December 31,			As of December 31,
Balances with related parties	Category of related party	Type of balance	2017			2018
360 Mobile Security Limited	Key management personnel	Accounts receivable		—			770
360 Mobile Security Limited	Key management personnel	Distribution prepayment (liability)		(3,279	)		10,420
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Other payables		(123	)		(169	)
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Revenue share liability		(150	)		—
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Professional service receivable		239			—
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Professional service payable		(480	)		(979	)
Opay Digital Services Limited (HK)	Associate / Key management personnel	Loans receivable		631			1,779
Opay Digital Services Limited (HK)	Associate / Key management personnel	Trade receivable		2,829			4,271
Opay Digital Services Limited (HK)	Associate / Key management personnel	Accounts payable		—			(455)
Powerbets Holding Limited	Joint venture	Loans receivable		200			2,567
Powerbets Holding Limited	Joint venture	Trade receivable		—			4,369
StarMaker Interactive Inc.	Key management personnel	Loan receivable		516			—

			Predecessor			Successor
[US$ thousands]			Period from January 1 to November 3,			Period from July 26 to December 31,			Year ended December 31,			Year ended December 31,
Transactions with related parties	Category of related party	Type of transaction	2016			2016			2017			2018
Opay Digital Services Limited (HK)	Associate / Key management personnel	Technology licensing and other revenue		—			—			2,829			10,899
Powerbets Holdings Limited	Joint venture	Technology licensing and other, and advertising revenue		—			—			—			4,369
360 Mobile Security Limited	Entity with board member interest	Technology licensing and other, and advertising revenue		—			—			—			3,069
KUNLUN GLOBAL INTERNATIONAL SDN. BHD.	Key management personnel	Advertising revenue		—			—			—			68
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Technology licensing and other revenue		2,238			315			387			(18	)
StarMaker Interactive Inc.	Key management personnel	Investment		—			—			—			(30,000	)
360 Mobile Security Limited	Entity with board member interest	Marketing and distribution		(4,457	)		(5,193	)		(8,416	)		(7,522	)
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Office facilities		—			(233	)		(1,425	)		(1,072	)
Kunlun AI Inc.	Key management personnel	Professional services		(600	)		(100	)		—			—
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Cost of revenue		—			—			(72	)		(45	)
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Professional services		(1,107	)		—			(513	)		(941	)
StarMaker Interactive Inc.	Key management personnel	Professional services		—			—			16			175
Opay Digital Services Limited (HK)	Associate / Key management personnel	Acquisition of business		—			—			—			(9,500	)
Opay Digital Services Limited (HK)	Associate / Key management personnel	Investment		—			—			(4,969	)		—
Opay Digital Services Limited (HK)	Associate / Key management personnel	License fee (cost of revenue)		—			—			—			(455	)
nHorizon Innovation (Beijing) Software Ltd	Joint venture	Investment		—			(1,314	)		(770	)		—
Powerbets Holdings Limited	Joint venture	Investment		—			—			(310	)		—

Note 31 - Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of earnings per share [text block]

	Predecessor			Successor
[Net income (loss) in US$ thousands]	Period from January 1 to November 3,			Period from July 26 to December 31,			Year ended December 31,		Year ended December 31,
Basic net income (loss) per share	2016			2016			2017		2018

Net income (loss) attributable to the owners of the parent		(8,106	)		(7,704	)		6,064		35,160

Issued ordinary shares at beginning of period		190,250,000			190,250,000			190,250,000		190,250,000
Effect of shares issued		—			—			—		12,504,070
Effect of treasury shares held		—			—			—		(133,681	)
Basic weighted-average number of ordinary shares in the period		190,250,000			190,250,000			190,250,000		202,620,388

Basic net income (loss) per share, US$		(0.043	)		(0.040	)		0.032		0.174


	Predecessor			Successor
[Net income (loss) in US$ thousands]	Period from January 1 to November 3,			Period from July 26 to December 31,			Year ended December 31,		Year ended December 31,
Diluted net income (loss) per share	2016			2016			2017		2018

Net income (loss) attributable to the owners of the parent		(8,106	)		(7,704	)		6,064		35,160

Basic weighted-average number of ordinary shares		190,250,000			190,250,000			190,250,000		202,620,388
Effect of employee equity grants		—			—			2,449,186		6,107,813
Diluted weighted-average number of ordinary shares in the period		190,250,000			190,250,000			192,699,186		208,728,202

Diluted net income per share, US$		(0.043	)		(0.040	)		0.031		0.168


	Predecessor			Successor
[Net income (loss) in US$ thousands]	Period from January 1 to November 3,			Period from July 26 to December 31,			Year ended December 31,		Year ended December 31,
Net income (loss) per ADS, basic and diluted	2016			2016			2017		2018

Net income (loss) attributable to the owners of the parent		(8,106	)		(7,704	)		6,064		35,160

ADS equivalent of basic weighted-average number of ordinary shares		95,125,000			95,125,000			95,125,000		101,310,194
ADS equivalent of diluted weighted-average number of ordinary shares		95,125,000			95,125,000			96,349,593		104,364,101

Basic net income (loss) per ADS, US$		(0.085	)		(0.081	)		0.064		0.347
Diluted net income (loss) per ADS, US$		(0.085	)		(0.081	)		0.063		0.337

Note 2 - Significant Accounting Policies (Details Textual) - USD ($)
$ in Thousands

5 Months Ended

10 Months Ended

12 Months Ended

Dec. 31, 2016

Nov. 03, 2016

Dec. 31, 2018

Dec. 31, 2017

Total revenue

$ 18,767

$ 88,518

$ 172,276

$ 128,893

Trade receivables

$ 37,468

$ 31,073

Yahui Zhou [member]

Proportion of voting rights in Beijing Kunlun Tech Co. Ltd. held by a counterparty

33.77%

Opay Digital Services Limited [member]

Opay Digital Services Limited [member] | Technology licensing and other revenue [member]

Trade receivables

$ 4,300

Capitalised development expenditure [member]

Total revenue

$ 10,900

Useful lives or amortisation rates, intangible assets other than goodwill

Up to 3 years

Technology-based intangible assets [member]

Useful lives or amortisation rates, intangible assets other than goodwill

Up to 5 years

Useful lives or amortisation rates, intangible assets other than goodwill

Up to 15 years

Leasehold improvements [member]

Useful lives or depreciation rates, property, plant and equipment

Up to 6 years

Equipment [member]

Useful lives or depreciation rates, property, plant and equipment

^[1]

Up to 10 years

Furniture and Fixtures [member]

Useful lives or depreciation rates, property, plant and equipment

Up to 5 years

[1]	The Group has one finance lease agreement classified as Equipment which expires in 2022.

Note 3 - Changes in Accounting Policies and Disclosures (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Retained earnings	$ 36,432	$ 4,814	$ 5,366
Increase (decrease) due to application of IFRS 15 [member]
Statement Line Items [Line Items]
Retained earnings		(552)
Increase (decrease) due to application of IFRS 9 [member]
Statement Line Items [Line Items]
Retained earnings		(77)
Total provisions		$ 100

Note 3 - Change in Accounting Policies and Disclosures - Adoption of New Accounting Standard (Details) - USD ($)	Jan. 01, 2019	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Deferred tax asset		$ 944,000	$ 1,123,000	$ 958,000
Deferred revenue			2,188,000
Retained earnings		36,432,000	4,814,000	5,366,000
Furniture, fixtures and equipment		12,162,000		13,460,000
Finance lease liabilities and other loans - non-current		2,271,000		4,032,000
Finance lease liabilities and other loans - current		2,490,000		2,073,000
Other liabilities		9,701,000		8,195,000
Net impact on equity		$ 775,460,000		583,503,000	$ 568,197,000
Previously stated [member]
Statement Line Items [Line Items]
Deferred tax asset				958,000
Deferred revenue				1,472,000
Retained earnings				$ 5,366,000
Increase (decrease) due to application of IFRS 15 [member]
Statement Line Items [Line Items]
Deferred tax asset			165,000
Deferred revenue			717,000
Retained earnings			$ (552,000)
Increase (decrease) due to application of IFRS 16 [member] \| Change in accounting policies [member]
Statement Line Items [Line Items]
Furniture, fixtures and equipment	$ 15,000,000
Finance lease liabilities and other loans - non-current	10,700,000
Finance lease liabilities and other loans - current	4,300,000
Other liabilities	(100,000)
Net impact on equity	$ 100,000

Note 4 - Revenue and Other Income - Revenue (Details) - USD ($) $ in Thousands	5 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2016	Nov. 03, 2016	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Revenue	$ 18,767	$ 88,518	$ 172,276	$ 128,893
Search [member]
Statement Line Items [Line Items]
Revenue	10,215	44,347	80,204	68,192
Advertising [member]
Statement Line Items [Line Items]
Revenue	5,219	27,960	59,895	41,047
Retail [member]
Statement Line Items [Line Items]
Revenue			9,287
Technology licensing and other [member]
Statement Line Items [Line Items]
Revenue	3,333	16,211	22,890	19,653
Customer group 1 [member]
Statement Line Items [Line Items]
Revenue	7,561	33,265	67,882	55,685
Customer group 2 [member]
Statement Line Items [Line Items]
Revenue	2,594	12,775	17,017	16,604
Ireland [member]
Statement Line Items [Line Items]
Revenue	9,310	32,730	76,791	63,152
RUSSIAN FEDERATION
Statement Line Items [Line Items]
Revenue	2,868	13,883	17,356	18,251
Other geographical areas [member]
Statement Line Items [Line Items]
Revenue	$ 6,589	$ 41,904	$ 78,129	$ 47,490

Note 4 - Revenue and Other Income - Other Income (Details) - USD ($) $ in Thousands	5 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2016	Nov. 03, 2016	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Proceeds allocated to divestment of IP				$ 7,800
Cost of technology license obtained from
Otello Corporation ASA				2,000
Book value of associated capitalized development costs				256
Legal fees related to the divestment process				84
Total				$ 5,460

Note 5 - Personnel Expenses Including Share-based Remuneration - Personnel Expenses (Details) - USD ($) $ in Thousands	5 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2016	Nov. 03, 2016	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Salaries including bonuses	$ 3,965	$ 26,599	$ 26,697	$ 25,895
Social security cost, excluding amounts related to share-based remuneration	1,007	4,260	3,428	4,235
External temporary hires	27	672	1,687	686
Defined-contribution pension cost	429	1,555	2,066	2,068
Other personnel related expenses	544	1,493	2,244	1,935
Personnel expenses excluding share-based remuneration	5,972	34,579	36,121	34,819
Share-based remuneration, including related social security costs		914	4,846	9,496
Total	$ 5,972	$ 35,493	$ 40,968	$ 44,315

Note 5 - Personnel Expenses Including Share-based Remuneration - Research and Development Expenditure (Details) - USD ($) $ in Thousands	5 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2016	Nov. 03, 2016	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Total research and development expenditure	$ 3,504	$ 17,660	$ 26,418	$ 23,386
Less: Capitalized development expenditure excluded from personnel expenses	318	1,610	4,545	3,503
Net expensed research and development expenditure	$ 3,186	$ 16,050	$ 21,873	$ 19,883

Note 5 - Personnel Expenses Including Share-based Remuneration - Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands	5 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2016	Nov. 03, 2016	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Short-term employee benefits	$ 55	$ 398	$ 843	$ 946
Post-employment and medical benefits	7	34	57	47
Termination benefits
Share-based payment transactions		107	621
Total	$ 62	$ 539	$ 1,521	$ 993

Note 6 - Other Expenses - Other Expenses (Details) - USD ($) $ in Thousands	5 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2016	Nov. 03, 2016	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Marketing and distribution	$ 7,980	$ 22,550	$ 31,581	$ 30,971
Hosting	2,215	7,894	10,146	12,105
Audit, legal and other advisory services	6,359	1,577	8,324	3,529
Software license fees	253	1,068	1,799	1,346
Rent and other office expenses	545	3,407	4,573	4,304
Travel	983	1,880	2,058	1,775
Other	698	4,110	1,517	4,622
Total	$ 19,032	$ 42,486	$ 59,997	$ 58,652

Note 7 - Restructuring Costs - Restructuring Costs (Details) - USD ($) $ in Thousands	5 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2016	Nov. 03, 2016	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Severance cost		$ 3,586		$ 2,707
Office restructuring cost		231		306
Legal fees related to restructuring		94		227
Total		$ 3,911		$ 3,240

Note 8 - Furniture, Fixture and Equipment - Components of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Beginning of the year	$ 13,460
End of the year	12,162	$ 13,460
Furniture and Fixtures [member]
Statement Line Items [Line Items]
Beginning of the year	291
End of the year	306	291
Equipment [member]
Statement Line Items [Line Items]
Beginning of the year	11,883
End of the year	10,742	11,883
Leasehold improvements [member]
Statement Line Items [Line Items]
Beginning of the year	1,286
End of the year	1,109	1,286
Gross carrying amount [member]
Statement Line Items [Line Items]
Beginning of the year	22,855	13,556
Additions	4,489	8,449
Disposals		(438)
Exchange rate differences	(401)	1,288
End of the year	26,942	22,855
Gross carrying amount [member] \| Furniture and Fixtures [member]
Statement Line Items [Line Items]
Beginning of the year	478	518
Additions	149	15
Disposals		(68)
Exchange rate differences	4	13
End of the year	629	478
Gross carrying amount [member] \| Equipment [member]
Statement Line Items [Line Items]
Beginning of the year	20,685	11,584
Additions	4,201	8,434
Disposals		(356)
Exchange rate differences	(312)	1,023
End of the year	24,574	20,685
Gross carrying amount [member] \| Leasehold improvements [member]
Statement Line Items [Line Items]
Beginning of the year	1,692	1,454
Additions	139
Disposals		(14)
Exchange rate differences	(93)	252
End of the year	1,738	1,692
Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Beginning of the year	9,394	1,768
Disposals		(326)
Exchange rate differences	26	(21)
Depreciation for the year	5,360	7,974
End of the year	14,780	9,394
Accumulated depreciation, amortisation and impairment [member] \| Furniture and Fixtures [member]
Statement Line Items [Line Items]
Beginning of the year	186	58
Disposals
Exchange rate differences	21	(35)
Depreciation for the year	116	163
End of the year	324	186
Accumulated depreciation, amortisation and impairment [member] \| Equipment [member]
Statement Line Items [Line Items]
Beginning of the year	8,802	1,575
Disposals		(326)
Exchange rate differences	28	(9)
Depreciation for the year	5,001	7,562
End of the year	13,832	8,802
Accumulated depreciation, amortisation and impairment [member] \| Leasehold improvements [member]
Statement Line Items [Line Items]
Beginning of the year	406	135
Disposals
Exchange rate differences	(22)	22
Depreciation for the year	243	249
End of the year	$ 628	$ 406

Note 9 - Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Number of major business segments	1
Recoverable amount of asset or cash-generating unit	$ 580,705	$ 566,356
Risk-free rate, significant unobservable inputs, assets	3.00%	2.60%
Market risk premium rate, ignificant unobservable inputs, assets	5.68%	6.00%
Estimated beta for equity	1.2	1.35
Cost of debt after tax, percent	4.00%
Equity to total capital, percent	97.00%	100.00%
Weighted average cost of capital, significant unobservable inputs, assets	10.60%	10.70%
Cash generating unit, nominal growth rate	2.50%	2.50%
Sensitivity analysis, reasonably possible increase (decrease) in revenue	6.00%
Sensitivity analysis, reasonably possible increase (decrease) in operating expenditure	9.40%
Sensitivity analysis, reasonably possible increase (decrease) in WACC	8.60%

Note 9 - Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

$ 540,197

537,021

$ 540,197

Goodwill [member]

421,578

421,578

37,222

Technology-based intangible assets [member]

34,243

37,222

10,518

10,555

10,518

Trademarks [member]

70,600

Other intangible assets [member]

70,600

279

Gross carrying amount [member]

279

549,443

547,590

Additions (1)

^[1]

4,159

3,079

(1,226)

Gross carrying amount [member] | Goodwill [member]

553,602

549,443

Gross carrying amount [member] | Customer-related intangible assets [member]

421,578

^[1]

421,578

Gross carrying amount [member] | Technology-based intangible assets [member]

40,700

^[1]

40,700

14,545

12,835

Additions (1)

^[1]

4,132

2,936

(1,226)

Gross carrying amount [member] | Trademarks [member]

18,677

14,545

Gross carrying amount [member] | Other intangible assets [member]

70,600

^[1]

70,600

2,020

1,877

Additions (1)

^[1]

143

Accumulated depreciation, amortisation and impairment [member]

2,047

2,020

9,246

1,476

(861)

7,335

8,630

Accumulated depreciation, amortisation and impairment [member] | Goodwill [member]

16,581

9,246

Accumulated depreciation, amortisation and impairment [member] | Customer-related intangible assets [member]

3,477

497

2,980

Accumulated depreciation, amortisation and impairment [member] | Technology-based intangible assets [member]

6,457

3,477

4,028

855

(861)

4,094

4,033

Accumulated depreciation, amortisation and impairment [member] | Trademarks [member]

8,122

4,028

Accumulated depreciation, amortisation and impairment [member] | Other intangible assets [member]

1,741

124

261

1,617

$ 2,003

$ 1,741

[1]	Represents capitalized development expenditure net of grants received from the Norwegian government.

Note 9 - Intangible Assets - Useful Life of Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2018
Goodwill [member]
Statement Line Items [Line Items]
Useful life	Indefinite
Customer-related intangible assets [member]
Statement Line Items [Line Items]
Useful life (Year)	15 years
Technology-based intangible assets [member]
Statement Line Items [Line Items]
Useful life (Year)	5 years
Trademarks [member]
Statement Line Items [Line Items]
Useful life	Indefinite
Other intangible assets [member]
Statement Line Items [Line Items]
Useful life	Up to 5 years

Note 10 - Leases (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Minimum lease payments payable under non-cancellable operating lease	$ 7,790	$ 10,589
Lease termination period	1 year
Financial assets pledged as collateral for liabilities or contingent liabilities	$ 0
Oslo office lease [member]
Statement Line Items [Line Items]
Minimum lease payments payable under non-cancellable operating lease	800	1,600
Expected future minimum sublease payments receivable under non-cancellable subleases, classified as operating lease	400
Wroclaw office lease [member]
Statement Line Items [Line Items]
Minimum lease payments payable under non-cancellable operating lease	$ 4,900	$ 6,500

Note 10 - Leases - Operating Leases (Details) - USD ($)
$ in Thousands

5 Months Ended

10 Months Ended

12 Months Ended

Dec. 31, 2016

Nov. 03, 2016

Dec. 31, 2018

Dec. 31, 2017

$ 7,790

$ 10,589

Office lease [member]

Date center lease [member]

Leasing costs expensed

^[1]

$ 494

$ 2,619

3,063

3,085

Not later than one year [member]

Leasing costs expensed

^[2]

$ 1,717

4,627

5,366

Later than one year and not later than five years [member]

3,249

3,250

Later than five years [member]

4,541

6,702

$ 638

[1]	Included in Rent and other office expenses in Note 6
[2]	Included in Hosting expenses in Note 6

Note 10 - Leases - Finance Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Present value of minimum lease payments	$ 229	$ 2,339
Interest	5	87
Future minimum lease payments	234	2,426
Not later than one year [member]
Statement Line Items [Line Items]
Present value of minimum lease payments	196	2,073
Interest	5	74
Future minimum lease payments	201	2,148
Later than one year and not later than five years [member]
Statement Line Items [Line Items]
Present value of minimum lease payments	33	265
Interest		13
Future minimum lease payments	33	278
Later than five years [member]
Statement Line Items [Line Items]
Present value of minimum lease payments
Interest
Future minimum lease payments

Note 11 - Finance Lease Liabilities and Other Loans - Finance Lease Liabilities and Other Loans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Outstanding	$ 6,105	$ 4,269
Interest bearing loans [member]
Statement Line Items [Line Items]
Outstanding	$ 3,767	$ 4,040
Interest bearing loans [member] \| Bottom of range [member]
Statement Line Items [Line Items]
Interest rate	1.60%
Maturity	February 2019
Interest bearing loans [member] \| Top of range [member]
Statement Line Items [Line Items]
Interest rate	3.80%
Maturity	July 2023

Note 11 - Finance Lease Liabilities and Other Loans - Noncurrent and Current (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Non-current portion	$ 2,271	$ 4,032
Current portion	2,490	2,073
Finance leases [member]
Statement Line Items [Line Items]
Non-current portion	33	265
Current portion	196	2,073
Interest bearing loans [member]
Statement Line Items [Line Items]
Non-current portion	2,238	3,767
Current portion	1,802
Other loans [member]
Statement Line Items [Line Items]
Current portion	$ 492

Note 12 - Other Commitments (Details Textual) - Opera Software AS [member] - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 03, 2016
Statement Line Items [Line Items]
Contingent liabilities recognised in business combination at end of period				$ 2.0
Liabilities incurred		$ 0.6	$ 1.6	$ 1.6
Settled liabilities, contingent liabilities recognised in business combination	$ 0.6

Note 14 - Other Current Liabilities - Other Current Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2018

Dec. 31, 2017

Accrued personnel expenses

$ 6,919

$ 6,195

Trading liability (1)

^[1]

500

Unsettled trades (1)

^[1]

335

Other current liabilities

1,947

2,000

$ 9,701

$ 8,195

[1]	See Note 15 for further information.

Note 15 - Financial Assets and Liabilities (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Long-term growth rate, significant unobservable inputs, entity's own equity instruments	5.00%
Long-term EBITDA margin, significant unobservable inputs, entity's own equity instruments	34.00%
Weighted average cost of capital, significant unobservable inputs, entity's own equity instruments	21.00%
Fair value of preferred shares increase, if long-term growth increased by 1 percentage or EBITDA margin incresed by 2 percentage	$ 2,000
Fair value of preferred shares increase, if cost of capital reduced by 1 percentage	$ 3,300
Financial assets, at fair value		$ 0

Note 15 - Financial Assets and Liabilities - Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2018

Dec. 31, 2017

$ 77,869

$ 40,795

Financial lease liabilities and other loans [member]

32,632

35,789

4,032

Other noncurrent liabilities [member]

2,490

2,073

Trade and other payables [member]

212

Other current liabilities [member]

17,957

21,401

Financial liabilities at fair value through profit or loss, category [member]

9,701

8,195

Financial liabilities at fair value through profit or loss, category [member] | Financial lease liabilities and other loans [member]

500

600

Financial liabilities at fair value through profit or loss, category [member] | Other noncurrent liabilities [member]

Financial liabilities at fair value through profit or loss, category [member] | Trade and other payables [member]

Financial liabilities at fair value through profit or loss, category [member] | Other current liabilities [member]

Financial liabilities at amortised cost, category [member]

500

600

Financial liabilities at amortised cost, category [member] | Financial lease liabilities and other loans [member]

32,132

35,789

2,271

4,032

Financial liabilities at amortised cost, category [member] | Other noncurrent liabilities [member]

2,490

2,073

Financial liabilities at amortised cost, category [member] | Trade and other payables [member]

212

Financial liabilities at amortised cost, category [member] | Other current liabilities [member]

17,957

21,401

Other financial assets [member]

9,201

7,595

2,025

^[1]

1,857

^[2]

Other financial assets [member] | Financial liabilities at fair value through profit or loss, category [member]

^[3]

1,254

^[1]

^[2]

Other financial assets [member] | Financial liabilities at amortised cost, category [member]

^[3]

^[1]

^[2]

Investment in associate (preferred shares in StarMaker) [member]

^[3]

Investment in associate (preferred shares in StarMaker) [member] | Financial liabilities at fair value through profit or loss, category [member]

30,000

Investment in associate (preferred shares in StarMaker) [member] | Financial liabilities at amortised cost, category [member]

Trade receivables [member]

Trade receivables [member] | Financial liabilities at fair value through profit or loss, category [member]

37,468

31,072

Trade receivables [member] | Financial liabilities at amortised cost, category [member]

Other receivables [member]

Other receivables [member] | Financial liabilities at fair value through profit or loss, category [member]

7,123

7,865

Other receivables [member] | Financial liabilities at amortised cost, category [member]

Financial assets at fair value through profit or loss, category [member]

1,165

Financial assets at fair value through profit or loss, category [member] | Financial lease liabilities and other loans [member]

Financial assets at fair value through profit or loss, category [member] | Other noncurrent liabilities [member]

Financial assets at fair value through profit or loss, category [member] | Trade and other payables [member]

Financial assets at fair value through profit or loss, category [member] | Other current liabilities [member]

Financial assets at fair value through profit or loss, category [member] | Other financial assets [member]

^[1]

^[2]

Financial assets at fair value through profit or loss, category [member] | Investment in associate (preferred shares in StarMaker) [member]

^[3]

1,165

Financial assets at fair value through profit or loss, category [member] | Trade receivables [member]

30,000

Financial assets at fair value through profit or loss, category [member] | Other receivables [member]

Financial assets at amortised cost, category [member]

46,704

40,795

Financial assets at amortised cost, category [member] | Financial lease liabilities and other loans [member]

Financial assets at amortised cost, category [member] | Other noncurrent liabilities [member]

Financial assets at amortised cost, category [member] | Trade and other payables [member]

Financial assets at amortised cost, category [member] | Other current liabilities [member]

Financial assets at amortised cost, category [member] | Other financial assets [member]

2,025

^[1]

1,857

^[2]

Financial assets at amortised cost, category [member] | Investment in associate (preferred shares in StarMaker) [member]

^[3]

Financial assets at amortised cost, category [member] | Trade receivables [member]

Financial assets at amortised cost, category [member] | Other receivables [member]

37,468

31,072

$ 7,123

$ 7,865

[1]	Includes long-term deposits for office rent
[2]	Includes long-term deposits for office rent.
[3]	The Group holds certain publicly traded securities. See Note 17 for more information.

Note 15 - Financial Assets and Liabilities - Gain (Loss) on Trading Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Statement Line Items [Line Items]
Realized gain (loss)	$ (1,305)
Unrealized gain (loss)	(180)
Long positions	(1,485)
Long position trading securities [member]
Statement Line Items [Line Items]
Realized gain (loss)	(1,353)
Unrealized gain (loss)	(169)
Long positions	(1,522)
Short position trading securities [member]
Statement Line Items [Line Items]
Realized gain (loss)	48
Unrealized gain (loss)	(11)
Long positions	$ 38

Note 15 - Financial Assets and Liabilities - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Fair value of assets		$ 0
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] \| Other financial assets [member]
Statement Line Items [Line Items]
Fair value of assets	$ 1,165
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] \| Investment in associate [member]
Statement Line Items [Line Items]
Fair value of assets	30,000
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] \| Contingent consideration [member]
Statement Line Items [Line Items]
Fair value of liabilities		600
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] \| Other liabilities [member]
Statement Line Items [Line Items]
Fair value of liabilities	500
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] \| Financial lease liabilities and other loans [member]
Statement Line Items [Line Items]
Fair value of liabilities	4,762	6,106
At fair value [member] \| Other financial assets [member]
Statement Line Items [Line Items]
Fair value of assets	1,165
At fair value [member] \| Investment in associate [member]
Statement Line Items [Line Items]
Fair value of assets	30,000
At fair value [member] \| Contingent consideration [member]
Statement Line Items [Line Items]
Fair value of liabilities		600
At fair value [member] \| Other liabilities [member]
Statement Line Items [Line Items]
Fair value of liabilities	500
At fair value [member] \| Financial lease liabilities and other loans [member]
Statement Line Items [Line Items]
Fair value of liabilities	$ 4,762	$ 6,106

Note 16 - Schedule of Maturities of Financial Liabilities - Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Total financial liabilities including interest	$ 32,813	$ 36,060
Financial lease liabilities and other loans [member]
Statement Line Items [Line Items]
Non-current financial liabilities, including interest	2,352	4,230
Non-current financial liabilities		4,032
Current financial liabilities	2,490	2,073
Current financial liabilities, including interest	2,591	2,148
Other liabilities [member]
Statement Line Items [Line Items]
Non-current financial liabilities	212	87
Current financial liabilities	9,701	8,195
Trade and other payables [member]
Statement Line Items [Line Items]
Current financial liabilities	17,957	21,401
Not later than one year [member]
Statement Line Items [Line Items]
Total financial liabilities including interest	30,249	31,744
Not later than one year [member] \| Financial lease liabilities and other loans [member]
Statement Line Items [Line Items]
Non-current financial liabilities, including interest
Current financial liabilities, including interest	2,591	2,148
Not later than one year [member] \| Other liabilities [member]
Statement Line Items [Line Items]
Non-current financial liabilities
Current financial liabilities	9,701	8,195
Not later than one year [member] \| Trade and other payables [member]
Statement Line Items [Line Items]
Current financial liabilities	17,957	21,401
Later than one year and not later than three years [member]
Statement Line Items [Line Items]
Total financial liabilities including interest	2,194	4,230
Later than one year and not later than three years [member] \| Financial lease liabilities and other loans [member]
Statement Line Items [Line Items]
Non-current financial liabilities, including interest	2,194	4,230
Current financial liabilities, including interest
Later than one year and not later than three years [member] \| Other liabilities [member]
Statement Line Items [Line Items]
Non-current financial liabilities
Current financial liabilities
Later than one year and not later than three years [member] \| Trade and other payables [member]
Statement Line Items [Line Items]
Current financial liabilities
Later than three years [member]
Statement Line Items [Line Items]
Total financial liabilities including interest	370	87
Later than three years [member] \| Financial lease liabilities and other loans [member]
Statement Line Items [Line Items]
Non-current financial liabilities, including interest	158
Current financial liabilities, including interest
Later than three years [member] \| Other liabilities [member]
Statement Line Items [Line Items]
Non-current financial liabilities	212	87
Current financial liabilities
Later than three years [member] \| Trade and other payables [member]
Statement Line Items [Line Items]
Current financial liabilities

Note 17 - Financial Risk Management (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Financial assets at end of period	$ 77,869	$ 40,795
Equity price risk [member]
Statement Line Items [Line Items]
Initial capital allocation	20,000
Equity price risk [member] \| Equity investments [member]
Statement Line Items [Line Items]
Financial assets at end of period	667
Gain (loss) on change in fair value of hedging instrument used as basis for recognising hedge ineffectiveness	$ 1,485

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

Note 18 - Capital Management (Details Textual) - USD ($) $ in Thousands		1 Months Ended	4 Months Ended	5 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2018	Jul. 31, 2018	Feb. 28, 2019	Dec. 31, 2016	Nov. 03, 2016	Dec. 31, 2018	Dec. 31, 2017	Nov. 30, 2018	Jul. 25, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Proceeds from issuing shares				$ 1,580		$ 170,871
Total cash and cash equivalents	$ 177,873			$ 34,181	$ 17,173	$ 177,873	$ 33,207			$ 30,602
Private investors [member]
Statement Line Items [Line Items]
Proceeds from issuing shares		$ 57,000
ADS [member]
Statement Line Items [Line Items]
Proceeds from issuing shares		$ 110,800
Repurchase program, share authorized								1,500,000
Number of share repurcahsed	728,912		1,500,000
Purchase of treasury shares	$ 4,900		$ 10,700
Purchase of treasury shares, Net			$ 10,600

Note 19 - Cash and Cash Equivalents - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 03, 2016	Dec. 31, 2015
Statement Line Items [Line Items]
Restricted cash	$ 229	$ 238
Cash and cash equivalents	177,643	32,969
Total	$ 177,873	$ 33,207	$ 34,181	$ 17,173	$ 30,602

Note 20 - Trade Receivables, Prepayments and Other Receivables (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Trade receivables, loss allowance	$ 1,619		$ 1,837
Allowance of trade receivables, percentage	4.30%		5.90%
Increase (decrease) due to application of IFRS 9 [member]
Statement Line Items [Line Items]
Total provisions		$ 100

Note 20 - Trade Receivables, Prepayments and Other Receivables - Trade Receivables, Prepayments and Other Receivables (Details) - USD ($)
$ in Thousands

Dec. 31, 2018

Dec. 31, 2017

Trade receivables

$ 24,594

$ 14,072

Unbilled receivables

12,874

17,001

Related party receivables

37,468

31,073

VAT

754

367

1,267

2,945

Escrow account pledged as loan for joint venture

2,508

5,102

2,046

7,123

7,866

Prepaid expenses (1)

^[1]

14,372

2,167

$ 14,372

$ 2,167

[1]	See Note 30 for specification of amount of prepaid expenses with 360 Mobile Security.

Note 20 - Trade Receivables, Prepayments and Other Receivables - Provision for Impairment of Trade Receivables (Details) - Provision for impairment of trade receivables [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Beginning balance	$ 1,937
Change in the period	(318)	1,837
Ending balance	1,619	1,937
Previously stated [member]
Statement Line Items [Line Items]
Beginning balance	1,837
Ending balance		1,837
Increase (decrease) due to application of IFRS 9 [member]
Statement Line Items [Line Items]
Beginning balance	$ 100
Ending balance		$ 100

Note 20 - Trade Receivables, Prepayments and Other Receivables - Aging of Trade Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Aging analysis of trade receivables	$ 24,594	$ 14,072
Current [member]
Statement Line Items [Line Items]
Aging analysis of trade receivables	15,603	4,172
Later than one month and not later than two months [member]
Statement Line Items [Line Items]
Aging analysis of trade receivables	3,252	1,597
Later than two months and not later than three months [member]
Statement Line Items [Line Items]
Aging analysis of trade receivables	2,588	1,390
Later than three months [member]
Statement Line Items [Line Items]
Aging analysis of trade receivables	690	518
More than three months [member]
Statement Line Items [Line Items]
Aging analysis of trade receivables	$ 2,460	$ 6,395

Note 21 - Trade and Other Payables - Trade and Other Payables (Details) - USD ($)
$ in Thousands

Dec. 31, 2018

Dec. 31, 2017

Trade payables

$ 14,914

$ 16,521

Sales tax payables

Employee withholding tax

370

VAT

809

792

Payroll tax (1)

^[1]

2,200

3,699

$ 17,957

$ 21,401

[1]	Includes accruals for social security costs related to share-based remuneration.

Note 22 - Finance Income and Expenses - Finance Income (Details) - USD ($) $ in Thousands	5 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2016	Nov. 03, 2016	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Interest income	$ 37		$ 1,386	$ 54
Other finance income			251	1,000
Total	$ 37		$ 1,637	$ 1,054

Note 22 - Finance Income and Expenses - Finance Expenses (Details) - USD ($)
$ in Thousands

5 Months Ended

10 Months Ended

12 Months Ended

Dec. 31, 2016

Nov. 03, 2016

Dec. 31, 2018

Dec. 31, 2017

Decrease in fair value financial instruments (1)

Interest expense

$ 24

$ 1,378

$ 184

$ 238

Other financial cost

^[1]

1,485

$ 24

$ 1,378

$ 1,695

$ 238

[1]	The decrease in fair value of financial instruments is the net result from our holding of publicly traded securities. See Notes 15 and 17 for more information.

Note 22 - Finance Income and Expenses - Foreign Exchange Gain (Loss) (Details) - USD ($) $ in Thousands	5 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2016	Nov. 03, 2016	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Unrealized foreign exchange gain (loss)	$ (352)	$ (1,777)	$ (1,091)	$ (1,172)
Realized foreign exchange gain (loss)	564	565	736	(709)
Total	$ 212	$ (1,212)	$ (354)	$ (1,881)

Note 23 - Changes in Liabilities Arising From Financing Activities - Changes in Liabilities Arising From Financing Activities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

$ 6,106

$ 12,045

(3,781)

(10,031)

978

2,118

4,887

319

^[1]

(1,774)

^[2]

Interest-bearing loans and liabilities, non-current [member]

4,761

6,106

3,767

(889)

456

1,435

4,199

(2,964)

^[1]

^[2]

Finance lease liabilities, non-current [member]

2,238

3,767

265

1,724

688

(232)

^[1]

(2,147)

^[2]

Interest bearing loans and liabilities, current [member]

265

5,512

(1,739)

(3,483)

191

1,744

^[1]

(2,029)

^[2]

Finance lease liabilities, current [member]

196

2,073

4,809

(2,042)

(5,659)

521

1,771

^[1]

2,402

^[2]

1,802

2,073

Other loans [member]

492

$ 492

[1]	The "Other" column includes the effect of reclassification of the non-current portion of financial lease liabilities to current due to the passage of time in addition to other non-cash adjustments related to finance leases.
[2]	The "Other" column includes the effect of reclassification of the non-current portion of financial lease liabilities to current due to the passage of time in addition to other non-cash costs and other non-cash interest related to financial leases. Furthermore, this column includes current interest bearing loans and liabilities, which is offset against receivables from Otello.

Note 24 - Income Tax (Expense) Benefit - Summary of Income Tax (Expense) Benefit (Details) - USD ($)
$ in Thousands

5 Months Ended

10 Months Ended

12 Months Ended

Dec. 31, 2016

Nov. 03, 2016

Dec. 31, 2018

Dec. 31, 2017

Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1)

Current income taxes

$ (223)

$ (2,077)

$ (4,322)

$ (5,449)

^[1]

(615)

Deferred taxes

2,319

2,820

(1,544)

4,009

Income tax (expense) benefit

$ 2,096

$ 743

$ (6,481)

$ (1,440)

[1]	Currency effect on income tax (expense) benefit due to corporate income tax filing in NOK for Norwegian entities with USD as functional currency.

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Note 24 - Income Tax (Expense) Benefit - Reconciliation of Tax (Expense) Benefit (Details) - USD ($)
$ in Thousands

5 Months Ended

10 Months Ended

12 Months Ended

Dec. 31, 2016

Nov. 03, 2016

Dec. 31, 2018

Dec. 31, 2017

Net income (loss) before income taxes

$ (9,800)

$ (8,849)

$ 41,641

$ 7,504

Tax (expense) benefit at applicable tax rate

2,450

2,212

(9,577)

(1,801)

Effect of different tax rates applied by subsidiaries

(2,339)

(99)

(167)

1,120

Tax effect of translation differences exempted for tax

1,599

218

(1,287)

Tax effect of financial items exempted from tax

144

1,726

1,614

Tax effects of losses in associates and joint ventures which are non-deductible

(84)

(636)

(744)

(401)

Net other permanent differences (not) tax deductible

(344)

(685)

(617)

2,289

Change to previously recognized deferred tax assets

(70)

1,589

(1,812)

Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1)

^[1]

(615)

Change in unrecognized deferred tax assets

(7)

(48)

1,144

(1,554)

Change in tax rate

746

561

392

Income tax (expense) benefit for the year

$ 2,096

$ 743

$ (6,481)

$ (1,440)

Effective tax rate

21.40%

8.40%

15.60%

19.20%

[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 24 - Income Tax (Expense) Benefit - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	$ 12,414	$ 10,870	$ 14,879
Temporary difference, furniture, fixtures and equipment, and intangible assets [member]
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	22,201	24,496
Other temporary differences [member]
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	(445)	(1,003)
Temporary difference, trade receivables [member]
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	(133)	(134)
Temporary difference, intercompany interest costs subject to limitations [member]
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	(5,243)	(3,841)
Temporary difference, withholding tax expected to be credited [member]
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	(3,849)
Allowance for credit losses [member]
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	$ (117)	$ (8,648)

Note 24 - Income Tax (Expense) Benefit - Changes in Deferred Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Net deferred tax liability (asset) as of January 1	$ 10,870	$ 14,879
Expense (benefit) in Statement of Operations	1,544	(4,009)
Net deferred tax liability (asset)	12,414	10,870
Deferred tax assets			$ 944	$ 958
Deferred tax liabilities			13,358	11,828
Net deferred tax liability	$ 10,870	$ 10,870	$ 12,414	$ 10,870

Note 25 - Share-based Payments (Details Textual)				5 Months Ended	10 Months Ended	12 Months Ended
Note 25 - Share-based Payments (Details Textual)	Jun. 27, 2018	Apr. 23, 2018	Feb. 12, 2018	Dec. 31, 2016 USD ($)	Nov. 03, 2016 USD ($)	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($)
Statement Line Items [Line Items]
Number of other equity instruments granted in share-based payment arrangement						516,000	4,221,600
Social security contributions				$ 1,007,000	$ 4,260,000	$ 3,428,000	$ 4,235,000
RSU [member]
Statement Line Items [Line Items]
Percentage of equity available for grants						10.00%
Number of shares in ultimate issure entity \| shares						500,000,000
Number of shares set up with parent company for share-based payments arrangement \| shares						200,000,000
Conversion ratio from the count of RSUs granted to ultimate shares to be delivered						0.4
Number of shares represented by ADS \| shares						2
Adjustment factor for reported grants in a share-based payments arrangment						0.5
Number of other equity instruments granted in share-based payment arrangement	18,000	10,000	488,000
Share-based payments arrangement, vesting schedule, in year one						20.00%
Share-based payments arrangement, vesting schedule, in year two						20.00%
Share-based payments arrangement, vesting schedule, in yearthree						30.00%
Share-based payments arrangement, vesting schedule, in year four						30.00%
Weighted average exercise price of other equity instruments granted in share-based payment arrangement						$ 7.75
Weighted average fair value at measurement date, other equity instruments granted						7.12	4.50
Social security contributions						$ 896,000	$ 2,490,000
Weighted average remaining contractual life of outstanding other equity instruments						0.97	1.61

Note 25 - Share-based Payments - Expenses from Share-based Payments Transactions (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Expense arising from equity-settled share-based payment transactions (1)

^[1]

$ 4,846

$ 9,496

Expense arising from cash-settled share-based payment transactions

Total expense from share-based payment transactions

$ 4,846

$ 9,496

[1]	Including US$896 thousand in accrued social security cost (2017: US$2,490 thousand)

Note 25 - Share-based Payments - RSUs Activities (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Outstanding at period start	3,882,600
Granted during the period	516,000	4,221,600
Forfeited during the period	(154,468)	(339,000)
Exercised during the period
Expired during the period
Outstanding at period end	4,244,132	3,882,600

Note 25 - Share-based Payments -Fair Value Measurement (Details) - RSU [member] - USD ($)

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Current equity unit price valuation ($)

$ 7.75

$ 5.70

Expected Volatility (%) (1), (2)

^[1],[2]

35.29%

37.44%

Risk free interest rate (%) (1)

^[2]

2.43%

1.61%

Dividend Yield (%)

0.00%

Duration of initial simulation period (years to longstop date) (Year)

4 years 266 days

4 years 200 days

Duration of second simulation period with postponed exercise (years) (Year)

3 years

Fair value at the measurement date ($)

$ 7.12

$ 4.50

[1]	Based on a defined peer group of companies considered comparable to the Group.
[2]	Specified value is 4 years (modelled on yearly basis)

Note 26 - Shareholders and Share Capital (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Jul. 31, 2018
Statement Line Items [Line Items]
Dividends recognised as distributions to owners	$ 0
Number of shares outstanding at end of period	218,661,519	200,000,000
ADS [member]
Statement Line Items [Line Items]
Shares repurchased during period, shares	728,912
Shares repurchased during period, value	$ 4,875
Ordinary shares [member]
Statement Line Items [Line Items]
Number of shares outstanding at end of period	218,661,519
Par value per share	$ 0.0001
Number of shares authorised	500,000,000
Share repurchase program, accumulated shares repurchased	1,457,824

Note 26 - Shareholders and Share Capital - Shareholders' Ownership Interest (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Shareholders' ownership interest	100.00%	100.00%
Kunlun Tech Limited [member]
Statement Line Items [Line Items]
Shareholders' ownership interest	43.90%	33.33%
Keeneyes Future Holding Inc. [member]
Statement Line Items [Line Items]
Shareholders' ownership interest	17.84%	21.67%
Future Holding L.P. [member]
Statement Line Items [Line Items]
Shareholders' ownership interest	0.00%	12.50%
Qifei International Development Co, Ltd [member]
Statement Line Items [Line Items]
Shareholders' ownership interest	21.38%	27.50%
Golden Brick Capital Private Equity Fund I L.P. [member]
Statement Line Items [Line Items]
Shareholders' ownership interest	3.89%	5.00%
Tospring Technology Ltd. [member]
Statement Line Items [Line Items]
Shareholders' ownership interest	3.81%	0.00%
The Bank of New York Mellon [member]
Statement Line Items [Line Items]
Shareholders' ownership interest	8.42%	0.00%
IDG China Capital Fund III L.P. [member]
Statement Line Items [Line Items]
Shareholders' ownership interest	0.73%	0.00%
IDG China Capital III Investors L.P. [member]
Statement Line Items [Line Items]
Shareholders' ownership interest	0.04%	0.00%

Note 27 - Group Entities - Subsidiaries (Details)

12 Months Ended

Dec. 31, 2018

Kunhoo Software [member]

Kunhoo Software Limited [member]

100.00%

Kunhoo Software S.a.r.l [member]

100.00%

Kunhoo Software AS [member]

100.00%

Opera Software AS [member]

100.00%

Opera Software Holdings [member]

100.00%

Opera Software Americas [member]

100.00%

Opera Software Ireland Limited [member]

100.00%

100.00%

Hern Labs AB [member]

Opera Software International AS [member]

100.00%

Opera Software Netherlands BV [member]

100.00%

Opera Software India Private Limited [Member]

100.00%

Opera Software Poland [member]

100.00%

Opera Software Technology (Beijing) [member]

100.00%

Beijing Yuega Software Tech. Srvc. Co. Ltd [member]

100.00%

Opesa South Afri Ca (Pty) Limited [member]

100.00%

^[1]

O-Play Digital Services [member]

100.00%

O-Play Kenya Limited [member]

100.00%

Phoneservice Technologies [member]

80.00%

O-Play Zambia Limited [member]

80.00%

TenSpot Pesa Limited [member]

100.00%

^[2]

LLC Microcredit Company O-Pay [member]

100.00%

^[2]

100.00%

^[2]

Neofin Mailane [member]

Opay Finance India [member]

100.00%

^[2]

Blue Ridge Micro Finance Bank [member]

100.00%

^[2]

Oplay Digital Services SA [member]

100.00%

^[2]

PT Opay Finance Services [member]

100.00%

^[2]

PT lnpesa Digital Teknologi [member]

100.00%

^[2]

TenSpot Kenya Limited [member]

100.00%

^[3]

PC Financial Services Pvt [member]

100.00%

^[2]