0001437749-21-014514 | 20-F | XBRL Viewer

$ 165,056

$ 177,078

^[1]

$ 161,334

Other income

11,542

^[1]

Operating expenses

(3,315)

(796)

^[1]

(3,644)

(4,312)

(1,545)

^[1]

(72)

Personnel expenses including share-based remuneration

(700)

(208)

^[1]

(62,103)

(62,323)

^[1]

(41,004)

(47,860)

(65,074)

^[1]

(31,543)

Credit loss expense related to divested joint venture

(1,849)

(577)

^[1]

678

(10,476)

^[1]

Depreciation and amortization

(20,234)

(18,843)

^[1]

(12,694)

Other expenses

(28,197)

(28,248)

^[1]

(28,674)

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

(179,046)

(177,614)

^[1]

(116,953)

Operating profit (loss)

(2,448)

(537)

^[1]

44,381

2,005

(3,818)

^[1]

(3,248)

Change in fair value of preferred shares in associates

24,000

37,900

^[1]

Net finance income (expense)

Finance income

13,633

10,532

^[1]

1,626

Finance expense

(516)

(655)

^[1]

(1,694)

Net foreign exchange gain (loss)

833

(25)

^[1]

(365)

Net finance income (expense)

11,980

8,756

(433)

Profit before income taxes

37,507

43,396

^[1]

40,700

Income tax (expense) benefit is attributable to:

(75)

(2,658)

^[1]

(6,481)

Profit from continuing operations

37,432

40,739

^[1]

34,219

141,742

17,161

^[1]

941

Equity holders of the parent

179,174

57,899

^[1]

35,160

Net income attributable to:

179,174

57,899

^[1]

35,160

Non-controlling interests

^[1]

$ 179,174

$ 57,899

^[1]

$ 35,160

$ 0.16

$ 0.18

$ 0.17

0.16

0.18

0.16

0.76

0.26

0.17

0.75

0.25

0.17

Ordinary shares [member]

Net income attributable to:

0.16

0.18

^[1]

0.17

0.16

0.18

^[1]

0.16

0.76

0.26

^[1]

0.17

Profit from continuing operations

$ 0.75

$ 0.25

^[1]

$ 0.17

ADS [member]

Net finance income (expense)

$ 37,432

$ 40,739

$ 34,219

Equity holders of the parent

141,742

17,161

941

Net income attributable to:

$ 179,174

$ 57,899

$ 35,160

$ 0.32

$ 0.36

^[1]

$ 0.34

0.32

0.36

^[1]

0.33

1.53

0.52

^[1]

0.35

$ 1.51

$ 0.51

^[1]

$ 0.34

[1]

Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information.

Consolidated Statement of Comprehensive Income - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Other comprehensive income that may be reclassified to the Statement of Operations in subsequent periods (net of tax)

$ 179,174

$ 57,899

^[1]

$ 35,160

Exchange differences on translation of foreign operations

(1,790)

(1,245)

Reclassification of exchange differences on loss of control

2,936

(138)

Share of other comprehensive income (loss) of associates and joint ventures

(935)

(41)

Net other comprehensive income (loss) that may be reclassified to the Statement of Operations in subsequent periods

2,043

(1,824)

(1,289)

Total comprehensive income attributable to:

181,217

56,075

33,871

Equity holders of the parent

181,217

56,075

33,871

Non-controlling interests

As of December 31, 2017 at Dec. 31, 2017

$ 181,217

$ 56,075

$ 33,871

[1]

Consolidated Statement of Financial Position - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Non-current assets
Furniture, fixtures and equipment	$ 18,167	$ 26,053
Intangible assets	111,954	110,807
Goodwill	424,961	421,578
Investments in associates and joint ventures	364,946	76,300
Non-current financial assets	1,490	1,351
Deferred tax assets	4,383	6,204
Total non-current assets	925,901	642,293
Current assets
Trade receivables	28,809	49,371
Loans to customers	68	93,115
Other receivables	10,750	59,112
Prepayments	9,061	25,809
Inventories		7,752
Other current financial assets	856	1,535
Marketable securities		42,146
Cash and cash equivalents	134,168	139,487
Total cash, cash equivalents, and marketable securities	134,168	181,633
Total current assets	183,711	418,327
TOTAL ASSETS	1,109,612	1,060,620
Equity
Share capital	24	24
Other paid in capital	765,129	814,177
Retained earnings	283,334	99,513
Foreign currency translation reserve	408	(1,508)
Equity attributed to equity holders of the parent	1,048,895	912,206
Non-controlling interests
Total equity	1,048,895	912,206
Non-current liabilities
Non-current lease liabilities and other loans	3,584	9,181
Deferred tax liabilities	11,745	10,526
Other non-current liabilities	68	137
Total non-current liabilities	15,397	19,844
Current liabilities
Trade and other payables	25,454	57,125
Current lease liabilities and other loans	5,389	47,793
Income tax payable	1,094	7,803
Deferred revenue	345	708
Other current liabilities	13,040	15,142
Total current liabilities	45,320	128,570
Total liabilities	60,717	148,414
TOTAL EQUITY AND LIABILITIES	$ 1,109,612	$ 1,060,620

Consolidated Statement of Changes In Equity - USD ($)
$ in Thousands

Issued capital [member]

^[1]

Share premium [member]

Retained earnings [member]

Reserve of exchange differences on translation [member]

Total

$ 19

$ 576,512

$ 5,366

$ 1,605

$ 583,503

Impact of implementing IFRS 9 and IFRS 15 at Dec. 31, 2017

(629)

Beginning balance at Dec. 31, 2017

576,512

4,737

1,605

582,874

Other comprehensive income (loss)

35,160

(1,289)

Business combination with entity under common control

35,160

(1,289)

33,871

(9,904)

Contribution of equity, net of transaction costs

(4,875)

167,053

167,056

Share-based remuneration expense (Note 5)

6,439

Ending balance at Dec. 31, 2018

738,690

36,432

316

775,460

Impact of implementing IFRS 9 and IFRS 15 at Dec. 31, 2018

Beginning balance at Dec. 31, 2018

738,690

36,496

316

775,524

Other comprehensive income (loss)

57,899

^[2]

(1,824)

57,899

(1,824)

56,075

Contribution of equity, net of transaction costs

(5,780)

81,267

81,269

Share-based remuneration expense (Note 5)

5,118

Ending balance at Dec. 31, 2019

814,177

99,513

(1,508)

912,206

Other comprehensive income (loss)

179,174

2,043

179,174

2,043

181,217

Share-based remuneration expense (Note 5)

(49,049)

4,521

Reclassification of foreign currency translation reserve

126

(126)

Ending balance at Dec. 31, 2020

$ 24

$ 765,129

$ 283,334

$ 408

$ 1,048,895

[1]	Opera Limited, the Group's parent, was established in 2018. The amount of share capital in the prior period reflects the share capital of the parent at the time of incorporation.
[2]	Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information.

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Cash flows from operating activities

Profit before income taxes from continuing operations

$ 37,507

$ 43,396

$ 40,700

Profit before income taxes from discontinued operations

139,792

20,105

941

Income taxes paid

(9,887)

(9,870)

(4,381)

Depreciation and amortization

20,390

18,934

12,694

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

(2,005)

3,818

3,248

Change in fair value of preferred shares in associates

(24,000)

(37,900)

^[1]

Share-based payment expense

4,521

5,118

6,439

Gain on disposal of emerging market fintech operations

(151,368)

Impact of divestment of joint venture

1,834

Net finance income (expense)

(11,980)

(8,756)

433

Change in inventories

7,752

(7,752)

Change in trade and other receivables

22,101

(14,206)

(6,543)

Change in loans to customers

75,064

(90,023)

(3,092)

Change in trade and other payables

(25,135)

39,168

(5,635)

Change in deferred revenue

(346)

(1,224)

460

Change in prepayments

12,032

(11,437)

(12,205)

Change in other liabilities

(1,482)

5,441

1,507

Net cash flow from (used in) operating activities

(1,466)

724

(738)

93,324

(44,464)

33,828

Cash flows from investment activities

Purchase of intangibles assets

(2,286)

Proceeds from sales of equipment and intangible assets

Purchase of equipment

(2,484)

(8,868)

(2,616)

Settlement of earnout obligation

(600)

Receipt of contingent consideration

2,945

Acquisition of subsidiary, net of cash acquired

(4,882)

(7,901)

Cash transferred upon loss of control over emerging market fintech operations

(39,260)

Release of escrow account

1,000

2,508

Deposit of collateral for subsidiaries' loan facility

(1,000)

(52,878)

Disbursement of short-term loans

(6,332)

(2,400)

Repayment of short-term loans

6,332

Investment in, and loans to associates and joint ventures

(440)

(6,550)

(32,867)

Repayment of loans to associates and joint ventures

726

Net sale (purchase) of listed equity instruments

58,535

(35,250)

(2,188)

Interest income received

326

Development expenditure

(6,553)

(4,173)

(4,132)

Net cash flow from (used in) investing activities

2,956

(106,987)

(47,250)

Cash flows from financing activities

Proceeds from issues of equity instruments

82,630

170,871

Transaction costs on issue of equity instruments

(1,364)

(2,992)

Proceeds from loans and borrowings

(49,049)

(5,780)

(4,875)

6,905

43,163

Interests on loans and borrowings

(1,752)

(1,184)

Repayment of loans and borrowings

(52,874)

(1,509)

(1,765)

Payment of lease liabilities

(4,202)

(2,755)

(2,293)

Net cash flow from (used in) financing activities

(100,972)

113,200

158,946

Net change in cash and cash equivalents

(4,692)

(38,248)

145,524

Cash and cash equivalents at beginning of period

139,487

177,873

33,207

Net foreign exchange difference

(627)

(137)

(857)

Cash and cash equivalents at end of period

$ 134,168

$ 139,487

$ 177,873

[1]

Note 1 - Corporate Information

12 Months Ended

Dec. 31, 2020

Disclosure of general information about financial statements [text block]

NOTE

CORPORATE INFORMATION

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 the Cayman Islands. The address of the principal executive office is Vitaminveien

0485

Oslo, Norway. The Company is listed on Nasdaq under the ticker symbol OPRA.

Opera Limited and its subsidiaries (the “Group”) is a leading global internet brand with an engaged and growing user base. Building on over

years of innovation, starting with its browser products, the Group is increasingly leveraging its brand and user base in order to expand its offerings and its business. Today, the Group offers a range of products and services that include PC and mobile browsers as well as AI-powered news reader Opera News and fintech solutions. Information on the Group's segments and structure is provided in Notes

and

25.

Information on related parties of the Group is provided in Note

26.

The consolidated financial statements of the Group for the year ended

December 31, 2020,

were authorized for issue in accordance with a resolution of the directors on

June

10,

2021.

Note 2 - Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Disclosure of significant accounting policies [text block]

NOTE

SIGNIFICANT ACCOUNTING POLICIES

2.1

Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

The consolidated financial statements have been prepared on a historical cost basis, except for preferred shares in associates and listed equity instruments that have been measured at fair value. The consolidated financial statements are presented in U.S. Dollars (US$) and all values are rounded to the nearest thousand (

US$000

), except when otherwise indicated. Rounding differences

may

occur.

The consolidated financial statements provide comparative information in respect of the previous

two

periods, except for the Statement of Financial Position and related disclosures, which provide comparative information as of

December 31, 2019.

Certain amounts in the comparable years have been restated to conform to current year presentation. In

2020,

the Group reclassified items of Technology and Platform Fees, Content Cost and Cost of Inventory Sold. These items were presented as cost of revenue in the consolidated financial statements for the year ended

December 31, 2019.

These reclassifications did

not

have any impact on the classification of assets and liabilities of the Group.

2.2

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. Generally, there is a presumption that a majority of voting rights results in control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with an investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:

●

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

●

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

●

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

If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value, including any retained interest in a former subsidiary comprising a business that is sold or contributed to an equity-accounted investee.

2.3

Summary of significant accounting policies

Foreign currencies

The consolidated financial statements are presented in U.S. Dollars, which is also the functional currency of the parent company.

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

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

first

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 as Exchange differences on translation of foreign operations.

Investments in joint ventures and associates

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

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

not

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. On acquisition of an equity-accounted investee, the Group identifies and values assets and liabilities of the associate or joint venture, as if it had acquired a business. While these fair value adjustments are

not

recognized separately, the fair values identified form the basis for additional depreciation, amortization and similar adjustments that are reflected in the Group's share of the results in subsequent years. Any excess between the cost of the investment and the Group's share of the net fair value of the investee's identifiable assets and liabilities, i.e., goodwill, is included in the carrying amount of the investment.

Upon loss of control of a subsidiary that constitutes a business with a retained interest that is an investment in an associate or joint venture, the retained interest is remeasured at its fair value and this fair value becomes the cost on initial recognition of the investment in the associate or joint venture.

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

not

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. However, additional losses are provided for, and a liability is recognized, to the extent that the Group has incurred legal or constructive obligations or has made payments on behalf of the investee.

After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value.

The Group has invested in preferred shares in OPay and StarMaker, both entities classified as associates of the Group. These preferred shares represent a long-term interest that in substance form part of the net investment in the associates. Due to their characteristics the preferred shares are

not

equity instruments and do

not

give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Thus, the preferred shares are measured at fair value through profit or loss. The carrying amount of the preferred shares is presented as Investments in associates and joint ventures in the Statement of Financial Position, while changes in fair value is presented as Change in fair value of preferred shares in associates in the Statement of Operations. Losses recognized using the equity method in excess of the Group's investment in ordinary shares are applied to the other components of the entity's interest in the associates, including preferred shares, in the reverse order of their seniority (i.e., priority in liquidation).

Business combinations and goodwill

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

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

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

Furniture, fixtures and equipment

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

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

●

Leasehold improvements: Up to

years.

●

Equipment: Up to

years.

●

Furniture and fixtures: Up to

years.

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

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

may

be impaired, the recoverable amount is estimated. See below for accounting policies for impairment of non-financial assets.

Intangible assets

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

not

capitalized and the related expenditure is recognized as an expense 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 other 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; and

●

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

The cost of developing new features, together with significant and pervasive improvements of core platform functionality, that meet the criteria above for development activities are capitalized as separate assets or as additions to existing assets and amortized on a straight-line basis, generally over a period of up to

years. Intangible assets classified as technology acquired in the acquisition of Opera Norway AS in

2016

are amortized over

years.

Expenditures related to product maintenance, such as “bug fixes”, updates needed to comply with changes in laws and regulations, or updates needed to keep pace with the latest trends, are expensed in the period they are incurred.

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

years. Customer relationship and trademark assets are evaluated for impairment at least annually and more frequently when circumstances warrant.

Leases

At the commencement date of the lease (i.e., the date the underlying asset is available for use), the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include:

●

fixed payments (and payments that are fixed in substance) less any lease incentives;

●

variable lease payments that depend on an index or a rate;

●

amounts expected to be paid under residual value guarantees; and

●

the exercise price of any purchase option reasonably certain to be exercised by the Group, and payments of penalties for terminating a lease, if the lease term reflects the Group's expectation of exercising the option to terminate.

Variable lease payments that do

not

depend on an index or a rate are recognized as an expense in the period when the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses the estimated incremental borrowing rate at the lease commencement date unless the interest rate implicit in the lease is readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments), or a change in the assessment of an option to purchase the underlying asset.

The Group recognizes right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of use assets are subject to impairment.

Lease payments on short-term leases of office properties and equipment, and leases of office equipment of low value are recognized as expenses on a straight-line basis over the lease term.

Prior to the implementation of IFRS

Leases

as of

January 1, 2019,

the Group applied IAS

Leases

. In accordance with IAS

17,

a lease was classified at the inception date as a finance lease or an operating lease. A lease that transferred substantially all the risks and rewards incidental to ownership to the Group was classified as a finance lease. Additional details about the accounting policies applied prior to

2019

are provided below.

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

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

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

An operating lease was a lease other than a finance lease. Operating lease payments were recognized as operating expenses in the Statement of Operations on a straight-line basis over the lease term.

Financial assets

The Group has the following financial assets:

●

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

●

Equity instruments: Holdings of publicly traded securities.

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss. The Group did

not

have financial assets measured at fair value through other comprehensive income.

The classification of debt instruments at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group's business model for managing them. Trade receivables that do

not

contain a significant financing component are initially measured at the transaction price determined in accordance with the accounting policies for revenue recognition (see below). All other financial assets are initially measured at their fair value plus, in the case of a financial asset

not

at fair value through profit or loss, transaction costs. Transaction costs of financial assets measured at fair value through profit or loss are expensed when incurred.

In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income it needs to give rise to cash flows that are solely payments of principal and interest ("SPPI") on the principal amount outstanding. This assessment is performed at an instrument level. The Group's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets are measured at amortized cost if the financial assets satisfy the SPPI criteria and are held within a business model whose objective is to collect the contractual cash flows. If the financial asset is held within a business model that is achieved by both collecting contractual cash flows and selling and which contain contractual terms that are SPPI, the assets are measured at fair value through other comprehensive income. Financial assets with cash flows that are

not

SPPI are classified and measured at fair value through profit or loss, irrespective of business model.

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

Subsequent measurement at amortized cost

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

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

Subsequent measurement at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the Statement of Financial Position at fair value with changes in fair value recognized in the Statement of Operations. This category includes listed equity instruments held for trading and preferred shares in OPay and StarMaker. Financial instruments are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term.

Derecognition

A financial asset is primarily derecognized when:

●

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

●

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

Financial liabilities

Financial liabilities of the Group comprise of loans, borrowings and payables, including interest bearing loans, lease liabilities, trade payables, other payables and other current and non-current financial liabilities.

Initial recognition and measurement

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

Subsequent measurement

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

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

Derecognition

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

Impairment

Impairment of financial assets

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

not

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.

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 on 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 the 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 an 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

16,

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, quoted market prices in active markets for identical assets form the basis for fair value measurement.

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

Provisions

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

Revenue

The Group has the following primary sources of revenue:

ii.

Advertising

iii.

Technology licensing and other revenue

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

Revenues from each of these categories are recognized as follows:

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.

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 providing professional services, from device manufacturers and mobile communication operators. We generate such revenue 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. We also generate such revenue from providing development and managerial services to certain equity-accounted investees.

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 is 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 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 scale with the number of users. This is related to the fact that such operator agreements typically contain licensing fees based on usage, as well as hosting and support services.

Other income

Other income is income which is

not

related to the Group's ordinary activities and is presented net of associated costs. Other income includes the gain from loss of control over subsidiaries and the gain on disposal of equity-accounted investees.

Personnel expenses

Personnel expenses, other than share-based payments to employees, include short-term employee benefits, such as wages, salaries and social security contributions, paid annual leave and paid sick leave, performance-based bonuses and non-monetary benefits. It also includes expenses related to defined contribution schemes provided to employees as post-employment benefits. Personnel expenses are recognized at the undiscounted amount due to the employees or the de-facto employees when these have rendered service to the Group or when the liability otherwise arises.

Income taxes

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

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

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

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

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.

Discontinued operations

A discontinued operation is a component of the Group that has been disposed of or is a disposal group classified as held for sale, and

●

represents a separate major line of business or geographical area of operations;

●

is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or

●

is a subsidiary acquired exclusively with a view to resale.

Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Statement of Operations. In

2020,

the Group disposed of its microlending business and terminated its retail business, both classified as discontinued operations. Additional disclosures on discontinued operations are provided in Note

All other notes to the consolidated financial statements include amounts for continuing operations, unless indicated otherwise.

The Statement of Cash Flows, which is prepared based on the indirect method, reflects the cash flows of discontinued operations up to the date of disposal. Items of working capital, such as receivables and payables, that are disposed of, are eliminated from the balance sheet changes to such items in the reconciliation of profit to operating cash flows. The amount of cash and cash equivalents in subsidiaries disposed of is classified as an investing activity at the time of disposal.

Government grants

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

Treasury shares

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

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

2.4

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.

Fair value of investment in Nanobank

August 19, 2020,

the Group contributed TenSpot Pesa Limited and its subsidiaries to Nanobank, a related party, in exchange for the Group obtaining an ownership interest of

42%

in Nanobank. The Group concluded that the investment in Nanobank is an associate to be accounted for in accordance with the equity method. The cost of the investment in Nanobank, i.e., the amount at which it initially was recognized, was the estimated fair value of the investment as of

August 19, 2020.

The Group estimated the fair value using a combination of methodologies, including income and market-based approaches. Under the income approach, the Group estimated expected future cash flows for each component of Nanobank and then discounted those cash flows using an estimated weighted average cost of capital ("WACC"). The estimates for future cash flows were based on assumptions that included the number of loans to customers, nominal size of loans, amount of interest and fees generated and credit losses. The estimate for WACC was based on estimates for risk-free rate, beta, equity risk premium, cost of debt and a company-specific risk premium. Under the market approach, the Group used judgment in identifying comparable companies. Based on the combination of the income and market approaches, the Group concluded that the estimate for fair value of the investment in Nanobank as of

August 19, 2020,

was

US$265.9

million, which became the deemed cost of the investment. See Notes

and

for more information.

On acquisition of the investment in Nanobank, the Group used assumptions in identifying and valuing the assets and liabilities of the entity, including goodwill. The Group identified intangible assets that were

not

separately recognized by Nanobank, including trademarks, technology, customer relationships and licenses. For all identified assets and liabilities, the Group estimated their fair values as of

August 19, 2020.

In estimating the fair value of the trademarks and technology assets, the Group used a relief-from-royalty method that included estimates for royalty rates and future revenue related to the trademarks. In estimating the fair value of the customer relationships, the Group estimated future revenue from the customer base of Nanobank and the churn rate for customers. The identified licenses were valued using a combination of a cost-based approach that estimated the cost of acquiring the licenses and a market-based approach under which the Group estimated a transaction price for similar licenses. For all identified assets, the Group used judgment in determining their useful lives.

Significant influence over OPay and basis of accounting for investment

The Group determined that it has significant influence over OPay Limited even though it was diluted in

2019

from holding

19.9%

13.1%

of the voting rights in the company and does

not

have a direct representation on the board of directors. In determining that it has significant influence, the Group considered the influence its chairman and CEO is capable of exercising on its behalf. The Group's chairman and CEO is also the chairman and CEO of OPay, though appointed as a representative of a personal investment entity, which also is an investor in OPay. Based on the assessment that the chairman and CEO of the Group is capable of exercising significant influence in OPay on behalf of the Group, it was determined that it has power to participate in the financial and operating policy decisions of OPay and thus the investment was classified as an associate.

The Group holds preferred shares in OPay, acquired in

2019,

as disclosed in Notes

and

16.

While the preferred shares have characteristics similar to equity instruments, the Group determined that the rights and benefits inherent in the preferred shares, including redemption rights and liquidation preference, entail that they in substance are debt instruments. Consequently, the Group classified the preferred shares as financial instruments measured at fair value through profit or loss. The carrying amount of the preferred shares is part of the Group's net investment in OPay. The Group applied significant judgment in determining the share of net income (loss) to be recognized under the equity method. The Group considered the rights and benefits of all classes of shares issued by OPay and determined that the Group's share was to be calculated based on its number of ordinary shares relative to the total number of shares outstanding, including preferred shares, opposed to only the total number of ordinary shares outstanding.

Fair value of preferred shares in associates

not

equity instruments and do

not

give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Thus, the preferred shares are measured at fair value through profit or loss.

The fair values of preferred shares in OPay and StarMaker as of

December 31, 2020,

were measured using methods and techniques that reflect the economic rights and benefits of the preferred shares. These rights and benefits include redemption rights and liquidation preferences. A combination of the following

three

valuation methods was used to estimate the fair value of the preferred shares: Probability weighted expected return model (“PWERM”); Option pricing model (“OPM”); and Current value method (“CV”). These models, which also were used to estimate fair values as of

December 31, 2019,

build on estimates, such as discount for lack of marketability and the fair value of equity in OPay and StarMaker. Moreover, the PWERM model is based on estimates for future scenarios and outcomes, including sale transactions, initial public offering, dissolution, and redemption. More details on the models and input are provided in Note

16.

Collectability of consideration from Powerbets

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.

Effective from the beginning of

2020,

the Group determined that it was

not

probable that it would collect the consideration to which it was entitled for services provided to Powerbets during the year and as a result, the Group did

not

recognize any revenue from these services. However, in

2019,

the Group determined that at the time the collectability criterion was met and based on this the Group recognized

US$2,210

thousand as revenue from contracts with Powerbets (

2018:

US$4,369

thousand). As of

December 31, 2020,

the total amount of outstanding trade receivables due from Powerbets was

US$6,579

thousand (

December 31, 2019:

US$6,579

thousand).

In assessing whether the collectability criterion was met for contracts with Powerbets, management considered the likelihood of and timing for when Powerbets will start generating net cash inflows from its operating activities and other factors that are relevant in assessing the timing of revenue recognition and collectability of related accounts receivable.

The Group disposed of its equity investment in Powerbets in

December 2020.

See Notes

13,

and

for more information.

As of

December 31, 2020,

the Group estimated the lifetime expected credit losses on trade receivables and long-term loans due from Powerbets. In estimating the cash flows the Group expects to receive, it considered a range of possible outcomes, which were assigned weights based on probabilities. Possible outcomes included scenarios in which Powerbets starts generating sufficient cash flows from its operating activities to settle the receivables and capital contributions from new investors in the company. The Group determined that the probability-weighted best estimate for amount to be collected was

nil

and consequently that the trade receivables and the long-term loans were fully impaired. Consequently, the Group recognized an impairment loss of

US$10,476

thousand, of which

US$6,579

thousand was related to trade receivables and

US$3,897

thousand was related to long-term loans. Due to the distinct nature of the expense, the impairment loss was recognized on a separate line item in the Statement of Operations as "Credit loss expense related to divested joint venture".

Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. Goodwill and the Opera brand (“Trademark”), which have indefinite useful lives, were tested for impairment as of

December 31, 2020,

based on estimates of value in use for the CGUs to which the goodwill and Trademark are allocated. The goodwill recognized by the Group is predominantly allocated to the Browser and News CGU, with a smaller amount allocated to the Other CGU. The Trademark is allocated to the Browser and News CGU. 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, discounted 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

12.

Capitalized development costs

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

six

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.

Note 3 - Changes in Accounting Policies and Disclosures

12 Months Ended

Dec. 31, 2020

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 applied in the preparation of the consolidated financial statements are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended

December 31, 2019.

Several amendments to IFRSs apply for the

first

time in

2020

but these did

not

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

and IAS

for sales or contributions of assets between an investor and its associate or joint venture, the Group has

not

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

not

yet effective. See Note

for information about the Group's accounting policies.

3.2

New standards, interpretations and amendments

not

yet effective

The following new and amended standards that are issued, but

not

yet effective, are

not

expected to have a material impact on the Group's consolidated financial statements:

	●	COVID- 19 -Related Rent Concessions (Amendment to IFRS 16 ).
	●	Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16 ).
	●	Reference to Conceptual Framework (Amendments to IFRS 3 ).
	●	Classification of Liabilities as Current or Non-current (Amendments to IAS 1 ).
	●	Onerous Contracts – Costs of Fulfilling a Contract (Amendments to IAS 37 ).
	●	IFRS 17 Insurance Contracts.
	●	Annual Improvements to IFRS Standards 2018 - 2020 Cycle (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41 ).
	●	Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 ).
	●	Definition of Accounting Estimates (Amendments to IAS 8 ).
	●	Disclosure Initiative – Accounting Policies (Amendments to IAS 1 ).

Note 4 - Segment and Revenue Information

12 Months Ended

Dec. 31, 2020

Disclosure of revenue from contracts with customers [text block]

NOTE

SEGMENT AND REVENUE INFORMATION

For management reporting purposes, the Group is organized into business units based on its products and services, and has

two

reportable segments:

●

Browser and News

●

Other

The prior segments “Retail” and “Fintech” (relating to fintech businesses in emerging markets) were discontinued in

2020

and are

longer presented, with prior period results presented net as results from discontinued operations.

An operating segment captures relatively distinct business activities from which the Group earns revenue and incurs expenses. Furthermore, the segments' operating results are regularly reviewed by the chief operating decision maker ("CODM") to make decisions about resources to be allocated to the various business activities and to assess performance. Management has determined that the CEO, who is also the Chairman of the Board, is the Group's CODM.

The operating and reportable segments are based on the Group's main categories of products and services. The segment profit or loss is the Contribution by segment, which is calculated as revenue, less (i) technology and platform fees, (ii) content cost, (iii) cost of inventory sold, (iv) other cost of revenue (v) marketing and distribution expense, and (vi) credit loss expense.

The Browser and News segment includes the Group's PC and mobile browser business as well as the Opera News platform, both as leveraged within the Group's browsers and as made available through standalone apps. These products have similar characteristics and are often closely bundled. The segment Other includes licensing of the Group's proprietary technology to

third

parties, related maintenance, support and hosting services, providing professional services, and providing customized browser configurations to mobile operators.

[US$ thousands]	Year ended December 31, 2018
Segments	Browser and News			Other			Total
Revenue
Revenue from contracts with customers		138,444			22,890			161,334
Total revenue		138,444			22,890			161,334

Technology and platform fees		(3,644	)		-			(3,644	)
Content cost		(77	)		5			(72	)
Cost of inventory sold		-			-			-
Other cost of revenue		84			(6,853	)		(6,769	)
Marketing and distribution expenses		(31,336	)		-			(31,336	)
Credit loss expense		678			-			678
Direct expenses		(34,295	)		(6,848	)		(41,143	)

Contribution by segment		104,149			16,042			120,191

[US$ thousands]	Year ended December 31, 2019
Segments	Browser and News			Other			Total
Revenue
Revenue from contracts with customers		154,968			22,110			177,078
Total revenue		154,968			22,110			177,078

Technology and platform fees		(796	)		-			(796	)
Content cost		(1,545	)		-			(1,545	)
Cost of inventory sold		-			(208	)		(208	)
Other cost of revenue		(301	)		(11,389	)		(11,690	)
Marketing and distribution expenses		(64,685	)		(198	)		(64,883	)
Credit loss expense		(448	)		(129	)		(577	)
Direct expenses		(67,775	)		(11,924	)		(79,699	)
								-
Contribution by segment		87,193			10,186			97,379

[US$ thousands]	Year ended December 31, 2020
Segments	Browser and News			Other			Total
Revenue
Revenue from contracts with customers		155,472			9,584			165,056
Total revenue		155,472			9,584			165,056

Technology and platform fees		(3,315	)		-			(3,315	)
Content cost		(4,312	)		-			(4,312	)
Cost of inventory sold		-			(700	)		(700	)
Other cost of revenue		140			(3,925	)		(3,785	)
Marketing and distribution expenses		(47,042	)		(818	)		(47,860	)
Credit loss expense		(568	)		(1,281	)		(1,849	)
Direct expenses		(55,097	)		(6,724	)		(61,821	)
								-
Contribution by segment		100,375			2,860			103,235

The table below specifies the items of income and expenses that are

not

included in the measure of segment profit as they are managed and monitored on a group basis.

[US$ thousands]	Year ended December 31,
Reconciliation	2018			2019			2020
Contribution by segment		120,191			97,379			103,235
Other income		-			-			11,542
Personnel expenses including share-based remuneration (1)		(34,719	)		(51,283	)		(59,977	)
Credit loss expense related to divested joint venture		-			-			(10,476	)
Depreciation and amortization		(12,694	)		(18,843	)		(20,234	)
Other expenses (1)		(28,397	)		(27,791	)		(26,538	)
Share of net income (loss) of associates and joint ventures		(3,248	)		(3,818	)		2,005
Change in fair value of preferred shares in associates		-			37,900			24,000
Finance income		1,626			10,532			13,633
Finance expense		(1,694	)		(655	)		(516	)
Net foreign exchange gains (losses)		(365	)		(25	)		833
Profit before income taxes from continuing operations		40,700			43,396			37,507

(

)

Certain personnel and other expenses are included as part of "other cost of revenue" in the measure of segment profit. Accordingly, the amounts for personnel and other expenses in this reconciliation are

not

consistent with the equivalent amounts in the Statement of Operations.

Revenue

Set out below is the disaggregation of the Group's revenue from contracts with customers.

[US$ thousands]	Year ended December 31, 2018
Segments	Browser and News		Other		Total
Type of goods or service
Search		80,204		-		80,204
Advertising		58,240		-		58,240
Technology licensing and other revenue		-		22,890		22,890
Total revenue from contracts with customers		138,444		22,890		161,334

[US$ thousands]	Year ended December 31, 2019
Segments	Browser and News		Other		Total
Type of goods or service
Search		86,155		-		86,155
Advertising		68,813		-		68,813
Technology licensing and other revenue		-		22,110		22,110
Total revenue from contracts with customers		154,968		22,110		177,078

[US$ thousands]	Year ended December 31, 2020
Segments	Browser and News		Other		Total
Type of goods or service
Search		84,180		-		84,180
Advertising		71,292		216		71,508
Technology licensing and other revenue		-		9,368		9,368
Total revenue from contracts with customers		155,472		9,584		165,056

The table below presents the revenue by customer location.

[US$ thousands]	Year ended December 31,
Revenue by customer location	2018		2019		2020
Ireland		76,791		81,637		80,059
Russia		17,356		17,265		15,239
Other		67,187		78,176		69,758
Total		161,334		177,078		165,056

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

not

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 each has exceeded

10%

of the Group's revenue in the periods below.

[US$ thousands]	Year ended December 31,
	2018		2019		2020
Customer group 1		67,882		74,572		76,184
Customer group 2		17,017		17,758		16,281

Revenue from Customer group

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

includes only search services.

Other income

The table below specifies the nature of other income.

[US$ thousands]	Year ended December 31,
Other income	2018		2019		2020
Gain from disposal of subsidiaries (See Note 26)		-		-		5,289
Gain from divestment of joint venture (See Note 13)		-		-		2,063
Government granted VAT refund in China		-		-		4,030
Other items		-		-		160
Total		-		-		11,542

Note 5 - Personnel Expenses Including Share-based Remuneration

12 Months Ended

Dec. 31, 2020

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.

[US$ thousands]	Year ended December 31,
Personnel expenses including share-based remuneration	2018		2019		2020
Salaries incl. bonuses		26,733		42,185		40,301
Social security cost, excluding amounts related to share-based remuneration		3,428		3,774		4,624
External temporary hires		1,687		2,474		7,090
Defined-contribution pension cost		2,066		3,616		3,279
Other personnel related expenses		2,244		4,345		2,103
Personnel expenses excluding share-based remuneration		36,158		56,395		57,397
Share-based remuneration, including related social security costs		4,846		5,928		4,706
Total		41,004		62,323		62,103

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

[US$ thousands]	Year ended December 31,
Research and development expenditure	2018		2019		2020
Total research and development expenditure		26,418		34,143		38,736
Less: Capitalized development expenditure excluded from personnel expenses		4,545		4,056		7,110
Net expensed research and development expenditure		21,873		30,087		31,626

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

[US$ thousands]	Year ended December 31,
Compensation of key management personnel	2018		2019		2020
Short-term employee benefits		843		2,121		2,032
Post-employment and medical benefits		57		59		51
Share-based remuneration		621		536		1,179
Total		1,521		2,716		3,262

The amounts disclosed as short-term benefits in the table above are the amounts recognized as an expense during the reporting period. In

2019,

the Chairman and CEO started receiving remuneration from the Group. The cost of equity grants to Officers that vested in

2020

was

$1,179

thousand, compared to

US$536

thousand in

2019

and

US$621

thousand in

2018.

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.

Share-based remuneration

April 7, 2017,

the Group adopted an RSU (Restricted Share Unit) plan for employees of 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.

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

2020,

RSU grants corresponding to

401,818

ADSs were made. The average vesting schedule for the majority of

2020

grants were

25%

on each

January 1

of the years

2021

2024.

The equity unit value applied for the

2020

RSU grants was determined based on the market value of the Company on the date of each grant and was determined by Monte Carlo simulation as specified below. The table presents the weighted average values across grants within each category of equity award instruments. The equity cost of each award 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, 2020,

social security cost was accrued based on the period-end market value of the Company.

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

[US$ thousands]	Year ended December 31,
Expense from share-based payment transactions	2018		2019		2020
Expense arising from equity-settled share-based payment transactions (1)		4,846		5,928		4,706
Expense arising from cash-settled share-based payment transactions		-		-		-
Total		4,846		5,928		4,706

(

)

Including accrued social security cost.

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

	Year ended December 31,
RSUs	2019			2020
Outstanding at period start		4,244,132			2,983,940
Granted during the period		1,019,000			401,818
Forfeited during the period		(550,700	)		(346,200	)
Exercised during the period		(1,728,492	)		(1,122,818	)
Expired during the period		-			-
Outstanding at period end		2,983,940			1,916,740

	Year ended December 31,
Options	2019		2020
Outstanding at period start		-		150,000
Granted during the period		150,000		-
Forfeited during the period		-		-
Exercised during the period		-		-
Expired during the period		-		-
Outstanding at period end		150,000		150,000

The weighted average remaining vesting period for the equity instruments outstanding as of

December 31, 2020,

was

0.73

years (

December 31, 2019:

0.95

years).

Fair value measurement per awarded equity unit as converted to ADS equivalent:

	2019 grants: RSU valuation input			2019 grants: Option valuation input			2020 grants: RSU valuation input			2020 grants: Option valuation input
Equity unit price valuation ($)		9,09	(3)		7.42			8.07			N/A
Model Used		Monte Carlo			Black-Scholes			Monte Carlo
Expected Volatility (%) (1), (2)		40.00	%		40	%		40.00	%
Risk free interest rate (%) (1)		1.70	%		2.43	%		0.58	%
Dividend Yield (%)		0	%		0	%		0	%
Duration of initial simulation period (years to longstop date)		3.16			4.81			3.81
Duration of second simulation period with postponed exercise (years)		3.00			N/A			3.00
Fair value at the measurement date ($)		8.92			2.36			7.84

(

)

Specified value is

years (modelled on yearly basis).

(

)

Based on a defined peer group of companies considered comparable to the Group.

(

)

Weighted average equity unit price valuation of all grants in

2020.

Note 6 - Other Expenses

12 Months Ended

Dec. 31, 2020

Disclosure of other expenses [text block]

NOTE

OTHER EXPENSES

The table below specifies the nature of other expenses.

[US$ thousands]	Year ended December 31,
Other expenses	2018		2019		2020
Hosting		10,146		7,344		8,056
Audit, legal and other advisory services (1)		8,323		6,742		10,863
Software license fees		1,799		2,397		1,882
Rent and other office expenses		4,573		4,175		3,318
Travel		2,057		3,903		1,304
Other		1,776		3,686		2,774
Total		28,674		28,248		28,197

(

)

Amount in

2020

includes

US$3,543

thousand related to actions taken following a short seller report.

Note 7 - Finance Income and Expense

12 Months Ended

Dec. 31, 2020

Disclosure of finance income (cost) [text block]

NOTE

FINANCE INCOME AND EXPENSE

[US$ thousands]	Year ended December 31,
Finance income	2018		2019		2020
Interest income		1,375		2,045		326
Other finance income		251		10		275
Net fair value gain related to listed equity instruments (1)		-		8,477		13,033
Total		1,626		10,532		13,633

[US$ thousands]	Year ended December 31,
Finance expense	2018		2019		2020
Interest expense		182		562		447
Other financial cost		27		93		69
Net fair value loss related to listed equity instruments (1)		1,485		-		-
Total		1,694		655		516

(

)

The increase in fair value of listed equity instruments is the net gain from our investments of listed equity instruments in

2019

and

2020.

2018,

the investments in listed equity instruments resulted in a net loss, classified as a finance expense. See Note

for more information.

[US$ thousands]	Year ended December 31,
Foreign exchange gain (loss)	2018			2019			2020
Unrealized foreign exchange gain (loss)		(1,116	)		166			2,365
Realized foreign exchange gain (loss)		751			(191	)		(1,532	)
Total		(365	)		(25	)		833

Note 8 - Income Tax

12 Months Ended

Dec. 31, 2020

Disclosure of income tax [text block]

NOTE

INCOME TAX

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

[US$ thousands]	Year ended December 31,
Income tax (expense) benefit	2018			2019			2020
Current income taxes		(4,322	)		(5,112	)		1,983
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1)		(615	)		(322	)		(1,272	)
Deferred taxes		(1,544	)		(168	)		1,164
Income tax (expense) benefit		(6,481	)		(5,602	)		1,876

Income tax (expense) benefit is attributable to:
Profit from continuing operations		(6,481	)		(2,658	)		(75	)
Profit from discontinued operation		-			(2,944	)		1,950

(

)

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 the Cayman Islands, where the applicable tax rate is zero. With the headquarter of the Group being located in Norway and a large share of the income from the browser and news segment being recognized by Opera Norway AS, the reconciliation of the expected to actual income tax (expense) benefit effective tax rate is based on the applicable tax rate in Norway, which was

22%

2020

and

2019

(

2018:

23%

). The tax rate in Norway will remain

22%

2021.

[US$ thousands]	Year ended December 31,
Reconciliation of tax (expense) benefit to Norwegian nominal statutory tax rate	2018			2019			2020
Profit from continuing operations before income tax expense		40,700			43,396			37,507
Profit from discontinued operation before income tax expense		941			20,105			139,792
Basis for calculation of the tax (expense) benefit		41,641			63,500			177,299
Tax expense at nominal tax rate in Norway		(9,577	)		(13,970	)		(39,006	)
Effect of different tax rates applied by subsidiaries		(167	)		(2,118	)		11,543
Permanent differences
Tax effect of translation differences exempted for tax		218			1,155			99
Tax effect of financial items exempted from tax		1,726			1,917			20,143
Tax effects of losses in associates and joint ventures which are non-deductible		(744	)		383			2,200
Withholding taxes paid		-			(232	)		(271	)
Net other permanent differences (not) tax deductible		(617	)		4,269			5,313
Other effects
Change to previously recognized deferred tax assets		1,589			27			246
Currency effect on income tax (expense) benefit, adjustments recognized in the period for current tax of prior periods and other effects		(615	)		3,162			670
Change in unrecognized deferred tax assets		1,144			(314	)		952
Change in tax rate		561			119			(14	)
Income tax (expense) benefit for the year		(6,481	)		(5,602	)		1,876
Effective tax rate		15.6	%		8.8	%		-1.1	%

The following summarizes the Group's deferred tax assets and liabilities.

[US$ thousands]	As of December 31,
Deferred tax asset and deferred tax liability	2019			2020
Furniture, fixtures and equipment, and intangible assets		22,703			21,969
Other		(8,479	)		(1,274	)
Trade receivables		(121	)		(591	)
Intercompany interest costs subject to limitations		(7,714	)		(9,361	)
Withholding tax expected to be credited (credit method)		(1,065	)		(364	)
Tax losses carried forward		(1,003	)		(3,017	)
Net deferred tax liability recognized		4,322			7,362

The following summarizes the Group's changes in deferred taxes during the periods.

[US$ thousands]	As of December 31,
Change in net deferred tax liability	2019			2020
Net deferred tax liability as of January 1		12,414			4,322
Expense (benefit) in Statement of Operations		(8,092	)		3,040
Net deferred tax liability		4,322			7,362

[US$ thousands]	As of December 31,
Deferred tax assets and liabilities	2019		2020
Deferred tax assets		6,204		4,383
Deferred tax liabilities		10,526		11,745
Net deferred tax liability		4,322		7,362

Deferred tax liability related to furniture, fixtures and equipment

The deferred tax liability relates mainly to excess values identified in the purchase price allocation performed in accounting for the acquisition of Opera Norway AS (formerly Opera Software AS) with subsidiaries in

2016.

Deferred tax assets on interest charges carried forward

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

ten

years.

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

Note 9 - Discontinued Operations

12 Months Ended

Dec. 31, 2020

Disclosure of non-current assets held for sale and discontinued operations [text block]

NOTE

DISCONTINUED OPERATIONS

August 19, 2020,

the board of directors of the Company approved a transaction in which TenSpot Pesa Limited, a wholly owned subsidiary at the time, was to be contributed to a subsidiary of NanoCred Cayman Company Limited (“Nanobank”) in exchange for the Group obtaining an ownership interest of

42%

in Nanobank. As part of the transaction, the Group agreed to transfer receivables due from TenSpot Pesa Limited to Nanobank. The transaction was completed on the same date. The business of TenSpot Pesa Limited and its subsidiaries represented the entirety of the Group's fintech operating segment at the time, comprising of apps in emerging markets that offered instant microloans to approved borrowers. Since TenSpot Pesa Limited and its subsidiaries represented a separate major line of business of the Group, it has been classified as a discontinued operation. The fintech segment is

longer presented in the segment note. Because TenSpot Pesa Limited and its subsidiaries represented a business, the Group recognized the gain from loss of control as the difference between the fair value of the

42%

ownership interest in Nanobank obtained and the net carrying amount of equity in TenSpot Pesa Limited. The gain was presented as a component of the profit from discontinued operations. See Notes

and

for information on the Group's investment in Nanobank.

September 25, 2020,

the Group decided to terminate the retail operating segment under which the Group sold prepaid airtime and handsets. The retail segment was conducted in PT Inpesa Digital Teknologi and Opera Lifestyle,

two

wholly owned subsidiaries. The retail business was completely terminated prior to

December 31, 2020.

The retail operating segment represented a separate major line of business and was thus classified as a discontinued operation and is

longer presented in the segment note.

The results of TenSpot Pesa Limited and its subsidiaries up until

August 19, 2020,

and the discontinued operations of PT Inpesa Digital Teknologi and Opera Lifestyle, are presented in the table below.

[US$ thousands]	Year ended December 31,
Discontinued operations	2018			2019			2020
Revenue		10,942			157,776			136,246
Expenses		(10,001	)		(137,671	)		(147,822	)
Profit (loss) before income tax		941			20,105			(11,576	)
Income tax (expense) benefit		-			(2,944	)		1,950
Profit (loss) after income tax		941			17,161			(9,626	)
Gain on sale of the subsidiary after income tax		-			-			151,368
Profit from discontinued operation		941			17,161			141,742

Exchange differences on translation of discontinued operations		(11	)		(1,134	)		(1,802	)
Other comprehensive loss from discontinued operations		(11	)		(1,134	)		(1,802	)

TenSpot Pesa Limited and its subsidiaries generated revenue from instant app-based microloans to customers in exchange for an origination fee that remained fixed regardless of any early repayment. The origination fee was compensation for the credit risk and time value of money. Additional fees in the form of interest accrued only if and after a loan was

not

repaid by its due date. While loans to customers were classified as financial assets measured at fair value through profit or loss, changes in fair value were disaggregated into interest income and credit losses. Interest income, presented as revenue, was recognized when the interest was accrued based on the effective interest rate – the rate that at inception exactly discounts the estimated contractual future cash receipts through the expected life of the loans to the disbursed amount.

Revenue from the retail business was recognized when the contracted good or service was transferred to the customer, after which the Group did

not

have any remaining obligations, except for a potential obligation to provide refunds to customers in some arrangements if certain criteria were met. This right of refund created variability in the transaction price. The amount of revenue recognized included variable consideration to which the Group expected to be entitled. Customers' right of refund did

not

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

The table below presents the calculation of the gain on loss of control over TenSpot Pesa Limited.

[US$ thousands]	As of August 19,
Gain on sale of fintech segment	2020
Fair value of shares in Nanobank		264,936

Carrying amount of net assets disposed of		(22,766	)
Carrying amount of TenSpot Pesa Limited receivables transferred to Nanobank		(87,867	)
Gain on sale before income tax and reclassification of foreign currency translation reserve		154,304
Reclassification of foreign currency translation reserve		(2,936	)
Income tax expense on gain		-
Gain on sale after income tax		151,368

The table below provides a specification of the assets and liabilities disposed of.

[US$ thousands]	As of August 19,
Assets and liabilities of the fintech segment, as disposed of	2020
Furniture, fixtures and equipment		1,014
Non-current financial assets		566
Deferred tax assets		7,467
Trade receivables		1,377
Loans to customers		17,983
Other receivables		45,445
Prepayments		4,703
Cash and cash equivalents		38,957
Total assets		117,512

Non-current lease liabilities and other loans		8
Other non-current liabilities		4
Trade and other payables		6,376
Current lease liabilities and other loans		87,879
Income tax payable		246
Deferred revenue		17
Other current liabilities		457
Total liabilities		94,987

The table below presents the net cash flows incurred by TenSpot Pesa Limited, its subsidiaries, and the discontinued operations of PT Inpesa Digital Teknologi and Opera Lifestyle:

[US$ thousands]	Year ended December 31,
Net cash flows incurred by discontinued operations	2018			2019			2020
Net cash inflow from operating activities		(3,349	)		(108,813	)		65,806
Net cash inflow/(outflow) from investing activities		(227	)		(507	)		(576	)
Net cash (outflow) from financing activities		5,963			125,675			(44,711	)
Net cash (outflow)/inflow		2,387			16,354			20,518

As of

August 19, 2020,

TenSpot Pesa Limited and its subsidiaries had

US$39.3

million in cash and cash equivalents, which were derecognized by the Group when accounting for the loss of control.

The table below presents the basic and diluted earnings per share from discontinued operations.

[Net income per share and ADS in US$]	Year ended December 31,
Earnings per share from discontinued operations	2018		2019		2020

Basic net income from discontinued operations per share, US$		0.00		0.08		0.60
Diluted net income from discontinued operations per share, US$		0.00		0.07		0.60

Basic net income from discontinued operations per ADS, US$		0.01		0.15		1.21
Diluted net income from discontinued operations per ADS, US$		0.01		0.15		1.19

Note 10 - Net Income Per Share

12 Months Ended

Dec. 31, 2020

Earnings per share [text block]

NOTE

10.

NET INCOME PER SHARE

Basic net income per share is calculated by dividing the net income for the year attributable to ordinary equity holders of Opera Limited by the weighted average number of ordinary shares outstanding during the year. Diluted net income per share is calculated by dividing the net income attributable to ordinary equity holders of Opera Limited by the weighted average number of ordinary shares outstanding during the year plus the number of ordinary shares that would be issued pursuant to our employee equity program based on period-average employee equity awards. The net dilutive effect of these awards is determined by application of the treasury stock method related to the share equivalents of unrecognized share compensation expense on employee equity grants outstanding at period end.

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

200

million shares as outstanding, less

9.75

million shares that were surrendered by

two

shareholders upon completion of the IPO. As of

December 31, 2020,

the total number of shares outstanding for Opera Limited was

228,285,684,

each with a par value of

US$0.0001.

The following tables show the income and share data used in the basic and diluted net income per share calculations.

[Net income in US$ thousands]	Year ended December 31,
Net income attributable to the owners of the parent	2018			2019			2020
Continuing operations		34,219			40,739			37,432
Discontinued operations		941			17,161			141,742
Net income attributable to the owners of the parent for basic and diluted earnings		35,160			57,899			179,174

Issued ordinary shares at beginning of period		190,250,000			220,119,343			237,826,326
Effect of shares issued		12,504,070			7,422,487			1,889,770
Effect of treasury shares held		(133,681	)		(2,913,330	)		(5,146,244	)
Basic weighted-average number of ordinary shares in the period		202,620,388			224,628,500			234,569,852
Effect of employee equity grants		6,107,813			4,437,167			2,816,613
Diluted weighted-average number of ordinary shares in the period		208,728,201			229,065,667			237,386,466

Basic net income from continuing operations per share, US$		0.17			0.18			0.16
Basic net income per share, US$		0.17			0.26			0.76

Diluted net income from continuing operations per share, US$		0.16			0.18			0.16
Diluted net income per share, US$		0.17			0.25			0.75

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

two

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

[Net income in US$ thousands]	Year ended December 31,
Net income attributable to the owners of the parent	2018		2019		2020
Continuing operations		34,219		40,739		37,432
Discontinued operations		941		17,161		141,742
Net income attributable to the owners of the parent for basic and diluted earnings		35,160		57,899		179,174

ADS equivalent of basic weighted-average number of ordinary shares		101,310,194		112,314,250		117,284,926
ADS equivalent of diluted weighted-average number of ordinary shares		104,364,101		114,532,833		118,693,233

Basic net income from continuing operations per ADS, US$		0.34		0.36		0.32
Basic net income per ADS, US$		0.35		0.52		1.53

Diluted net income from continuing operations per ADS, US$		0.33		0.36		0.32
Diluted net income per ADS, US$		0.34		0.51		1.51

Note 11 - Furniture, Fixtures and Equipment

12 Months Ended

Dec. 31, 2020

Disclosure of property, plant and equipment [text block]

NOTE

11.

FURNITURE, FIXTURES AND EQUIPMENT

[US$ thousands]	Office properties			Furniture and fixtures			Equipment			Leasehold improvements			Total
Cost
As of January 1, 2019		6,739			629			32,804			1,738			41,911
Additions		1,228			243			9,197			78			10,746
Disposals		-			-			(13,672	)		-			(13,672	)
Exchange rate differences		-			5			(321	)		(69	)		(385	)
As of December 31, 2019		7,967			878			28,008			1,747			38,601

Additions		1,135			198			2,259			17			3,608
Additions through business combinations		-			-			11			-			11
Disposals		(852	)		(284	)		(1,205	)		(37	)		(2,377	)
Exchange rate differences		-			(19	)		632			7			619
As of December 31, 2020		8,250			773			29,705			1,733			40,462

Depreciation and impairment
As of January 1, 2019		-			324			13,831			628			14,780
Depreciation for the year		1,766			139			8,585			258			10,748
Disposals		-			-			(12,994	)		-			(12,994	)
Exchange rate differences		-			1			24			(17	)		8
As of December 31, 2019		1,766			464			9,446			869			12,543

Depreciation for the year		2,221			128			7,301			260			9,912
Disposals		(71	)		(12	)		(77	)		(5	)		(164	)
Exchange rate differences		-			5			-			-			5
As of December 31, 2020		3,917			586			16,670			1,124			22,295


Net book value as of December 31, 2019		6,201			415			18,562			878			26,053
Net book value as of December 31, 2020		4,333			187			13,034			609			18,167

	Office properties	Fixture and fittings	Equipment	Leasehold improvements
Useful life	Up to 6 years	Up to 5 years	Up to 10 years, or term of lease contract (1)	Up to 6 years, or term of lease contract
Depreciation plan	Straight-line	Straight-line	Straight-line	Straight-line

(

)

The Group has

one

lease agreement classified as Equipment, which expires in

2022.

Note 12 - Intangible Assets

12 Months Ended

Dec. 31, 2020

Disclosure of intangible assets [text block]

NOTE

12.

INTANGIBLE ASSETS

[US$ thousands]	Goodwill		Customer relationships			Technology		Trademarks		Other intangible assets			Total
Cost
As of January 1, 2019		421,578		40,700			18,677		70,600		2,047			553,602
Additions (1)		-		-			3,545		-		-			3,545
Disposals		-		-			-		-		-			-
Exchange differences		-		-			-		-		-			-
As of December 31, 2019		421,578		40,700			22,222		70,600		2,047			557,147

Additions (1)		-		-			6,553		-		2,287			8,840
Additions from business combination (2)		2,998		32			1,695		-		-			4,725
Disposals		-		-			-		-		-			-
Exchange differences		385		-			187		-		114			686
As of December 31, 2020		424,961		40,732			30,657		70,600		4,448			571,398

Amortization and impairment
As of January 1, 2019		-		6,457			8,122		-		2,002			16,581
Amortization for the year		-		2,980			5,203		-		2			8,185
Disposals		-		-			-		-		-			-
Exchange differences		-		-			-		-		(4	)		(4	)
As of December 31, 2019		-		9,437			13,325		-		2,000			24,762

Amortization for the year		-		3,013			6,674		-		2			9,689
Disposals		-		-			-		-		-			-
Exchange differences		-		(1	)		-		-		33			32
As of December 31, 2020		-		12,449			19,999		-		2,035			34,483


Net book value as of December 31, 2019		421,578		31,263			8,897		70,600		47			532,385
Net book value as of December 31, 2020		424,961		28,283			10,658		70,600		2,413			536,915

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

(

)

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

(

)

See Note

for additional information on the business combination.

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 Opera Norway AS with subsidiaries, consisting of

one

segment – “the Consumer business”. At the end of

2020,

the Group comprises of

two

operating segments:

) Browser and News, and

) Other. The prior fintech and retail operating segments were discontinued in

2020,

as discussed in Note

The goodwill and the trademark that previously was allocated to the Consumer business cash-generating unit (“CGU”) was reallocated to the Browser and News CGU in

2019.

The goodwill and trademark allocated to the Browser and News CGU, with carrying amounts of

US$421,578

thousand and

US$70,600

thousand, respectively, were tested for impairment as of

December 31, 2020.

The carrying amount of the CGU as of

December 31, 2020,

was

US$550,184

thousand (

December 31, 2019:

US$577,376

thousand). In addition to goodwill and trademark it included customer relationships, trade and other receivables, trade and other payables and other assets and liabilities allocated to Browser & News CGU.

In the annual impairment test of goodwill and trademark allocated to the Browser and News CGU, a discounted cash flow model was used to determine the value in use for the CGU. The projected cash flows were based on the most up-to-date forecast that have been approved by management and do

not

include cash flows arising from future enhancements of assets that have

not

been committed to and have

not

substantively commenced. The approved forecast is for

2021

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 identified a “steady state” set of assumptions for the cash flows based an approach where we estimate cash flows for the years

2022

2024

and then using the estimated cash flows in

2024

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

2024,

the cash flows are extrapolated using constant nominal growth rates.

The value-in-use calculation demonstrated that the value in use exceeded the carrying amount of the CGU, thus

impairment loss was recognized. For key assumptions and sensitivity analysis, see below.

Key assumptions

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

Cash flows

Cash inflows in the Browser and News segment are expected to grow over the projected period reaching its long-term stable level. The cash inflows are forecasted for each product and country where there are sufficient and reliable data on which to base the projections. The revenue from the PC browser is expected to grow steadily, reflecting an expectation that we will continue to strengthen our position in western markets. This will bring users with strong monetization potential. Our mobile revenues are expected to increase faster, including in developing markets from product development that has been committed to and has substantively commenced, and from the undertaking of cost-effective and efficient marketing and distribution initiatives.

Forecasted cash outflows are partly based on actual costs in

2020

and a bottom-up assessment for the relevant operating unit. Operating expenditures are expected to grow, primarily due to user acquisition initiatives and closer cooperation with publishers and monetization partners which is expected to increase our revenue, but also our content cost as we pay a share of the revenues generated to these parties. The estimated increase in users will also lead to an uplift in hosting costs that are variable by its nature, like content delivery networks, bandwidth and cloud services.

Discount rate

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

2020

0.84%

based on the

-year US Treasury Rate (

2019:

1.9%

), and a market risk premium of

4.97%

(

2019:

5.2%

). The estimated beta for equity was

0.91

(

2019:

1.4

). The equity to total capital ratio was

100%

(

2019:

100%

). This resulted in a post-tax WACC of

11.8%

(

2019:

13.1%

Long-term growth

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

growth in the 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

2025,

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

2.5%

(

2019:

Sensitivity

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

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, 2020.

The following thresholds would individually trigger an impairment loss:

●

Decrease in annual revenue growth in the projected period of

11.1

percentage points.

●

Increase in operating expenditure as percent of revenue by more than

11.0

percentage points.

●

Increase of WACC by more than

4.3

percentage points.

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

impairment would be recognized as long as the long-term growth rate is positive (above

Note 13 - Investments in Associates and Joint Ventures

12 Months Ended

Dec. 31, 2020

Disclosure of interests in other entities [text block]

NOTE

13.

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

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

Nanobank

August 19, 2020,

the Group contributed TenSpot Pesa Limited, a wholly owned subsidiary at the time, to a subsidiary of NanoCred Cayman Company Limited (“Nanobank”) in exchange for the Group obtaining an ownership interest of

42%

in Nanobank. See Note

for additional information on the transaction, including the impact of discontinued operations for the Group, and Note

for disclosures pertaining to it being a transaction with a related party.

Nanobank provides microlending services in Indonesia, India, Mexico and Kenya. It expects to fuel growth through scaling in existing markets, continued geographic expansion, and from the launch of financial services beyond microlending. In addition, Nanobank will benefit from shared technologies, data aggregation and central functions, such as risk management and credit scoring through user profiling and know-your-customer (KYC) efforts, shared operational know-how and a more holistic view and adaptation to regulation.

Certain significant subsidiaries of Nanobank are regulated entities in the markets in which they provide microlending services. Maintaining their licenses could be prerequisites for them being able to continue providing microlending services, and each relevant regulator has specific and evolving operational requirements to which any licensed entity must comply. P.C. Financial Services Private Limited, Nanobank's subsidiary in India, is regulated by the Reserve Bank of India and in late

2020,

the entity became the subject of an annual inspection that has

not

been concluded as of the date these consolidated financial statements are authorized for issue. The Group concluded that the regulatory review itself did

not

constitute an objective indicator of impairment for its investment in Nanobank, as the outcome of the review and any potential implications on the prospective financial performance of Nanobank are highly uncertain.

Nanobank is an associate of the Group, which is accounted for in accordance with the equity method. The acquisition cost of the Group's investment was measured as the fair value of the

42%

ownership interest obtained in Nanobank on

August 19, 2020.

The fair value was estimated using a combination of methodologies, including income-based and market-based approaches. Under the income approach, the Group estimated expected future cash flows for each component of Nanobank and then discounted those cash flows using an estimated weighted average cost of capital ("WACC"). The estimates for future cash flows were based on assumptions that included the number of loans to customers, nominal size of loans, amount of interest and fees generated and credit losses. The estimate for WACC was based on estimates for risk-free rate, beta, equity risk premium, cost of debt and a company-specific risk premium. Under the market approach, the Group used judgment in identifying comparable companies. Based on the combination of the income and market approaches, the Group concluded that the estimate for fair value of the investment in Nanobank as of

August 19, 2020,

was

US$265.9

million, which became the deemed cost of the investment.

not

separately recognized by Nanobank, including trademarks, technology, customer relationships and licenses. For all identified assets and liabilities, the Group estimated their fair values as of

August 19, 2020.

not

recognized separately, the fair values identified form the basis for additional depreciation, amortization and similar adjustments that are reflected in the Group's share of net income. The excess between the cost of the investment and the Group's share of the net fair value of Nanobank's identifiable assets and liabilities, i.e., goodwill, is included in the carrying amount of the investment.

In the period from

August 19, 2020,

until

December 31, 2020,

Nanobank had operating income of

US$60.9

million and operating expenses of

US$46.1

million, which included

US$6.2

million in depreciation and amortization of fair value adjustments that the Group recognizes on top of the underlying results of Nanobank, resulting in a profit before tax of

US$14.8

million. Income tax expense of

US$14.2

million included the impact of derecognizing certain deferred tax assets that were recognized as of

August 19, 2020.

Net income after tax was

US$0.6

million. The tables below specify income and expenses in Nanobank in the period from

August 19, 2020,

until

December 31, 2020,

and the totals for assets, liabilities and equity as of year-end.

	Period from August 19, until December 31,
[US$ thousands]	2020
The Group's interest		42	%

Net revenue
Interest income		60,887
Interest expense		(621	)
Other revenue		669
Operating income		60,935

Operating expenses
Credit loss expense on loans to customers		(20,755	)
Personnel expenses		(9,399	)
Marketing expenses		(5,101	)
Technical service fee		(3,956	)
Collection service fee		(1,027	)
Commission fee		(1,930	)
Depreciation and amortization (1)		(7,492	)
Other expenses		(2,163	)
Net foreign exchange gain		5,702
Total operating expenses		(46,121	)

Profit before income taxes		14,814
Income tax expense		(14,193	)
Net income (loss)		621

Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods (net of tax)
Exchange difference on translation of foreign operations		(2,227	)
Total comprehensive income (loss)		(1,606	)

Group's share of net income (loss)		261
Group's share of other comprehensive income (loss)		(935	)

(

)

Includes

US$6.2

million in depreciation and amortization of fair value adjustments done by the Group.

	As of December 31,
[US$ thousands]	2020
Assets, excluding goodwill		254,596
Goodwill		447,300
Liabilities		72,702
Equity		629,194

OPay

OPay Limited is an associate in which the Group has a

13.10%

ownership interest, of which

10.24%

is held in preferred shares and

2.86%

in ordinary shares. The investment in ordinary shares is accounted for in accordance with the equity method, while the preferred shares are accounted for as long-term interests in the associate and measured at fair value through profit or loss. For information about the measurement of the preferred shares, see Note

16.

2018,

OPay launched a mobile wallet (“OWallet”) to customers in Nigeria, a market characterized by a large un-banked population with low mobile money penetration. OPay's goal is to become a

one

-stop mobile-based platform for financial and social inclusion.

2020,

OPay's payment initiatives, OWallet and point of sale solutions for merchants, OPos, continued to scale, both in the number of users and total transaction volume. OPay's revenues in the

fourth

quarter of

2020

were approximately

450%

higher than in the

first

quarter of the year. In

2020,

OPay had revenues of

US$38.4

million, and exited the year with

US$69

million annual revenue run rate (based on

fourth

quarter performance). Cost of revenue in

2020

was

US$13.3

million, while operating expenses were

US$48.6

million. The net loss after taxes for OPay was

US$30.6

million for

2020.

To fund its growth, OPay raised a total of

US$170

million in new capital from investors in

2019

by issuing both ordinary and preferred shares. On

May 27, 2019,

Opera acquired

3,210,617

Series Seed+ preferred shares in OPay for

US$7.5

million by converting loans to equity. Moreover, on

May 29, 2019,

Opera acquired

1,230,736

Series A preferred shares in OPay for

US$4.6

million by converting

US$2.67

million of debt to equity and by transferring

US$1.93

million in cash. By the end of

2019,

the accumulated investment made in OPay was

US$12.1

million. Of the loans converted to equity in

2019,

US$4,969

was classified as part of the net investment in prior periods. There were

funding rounds during

2020,

except for OPay obtaining convertible loans totaling

US$30

million.

StarMaker

Star Group Interactive Inc. (formerly StarMaker Inc. and here referred to as “StarMaker”) is an associate in which the Group has preferred shares representing a

19.35%

ownership interest. The preferred shares, accounted for as long-term interests and measured at fair value through profit or loss, have dividend and liquidation preference. For information about the measurement of the preferred shares, see Note

16.

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

2020,

StarMaker grew revenues by approximately

210%

US$89.9

million, and exited the year with

US$127

million annual revenue run rate (based on

fourth

quarter performance). The net profit after taxes was

US$13.2

million for

2020.

This was driven by a doubling of daily active users and increased monetization. StarMaker is popular in emerging markets like Southeast Asia, Middle East, and is also seeing solid growth in developed markets.

nHorizon

nHorizon is a joint venture in which the Group has a

29.09%

ownership interest. 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 Norway AS in

2016.

Powerbets

Powerbets Holdings Limited was a joint venture in which the Group held a

50.1%

ownership interest, while Supabets HL Limited owned the remaining

49.9%.

The joint venture was established on

August 1, 2017.

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

The Group disposed of its entire Powerbets ownership interest in

December 2020,

resulting in a gain on disposal of

US$2.1

million, which was recognized as Other income in the Statement of Operations. In

2020,

the Group recognized

US$10.5

million in credit loss expense related to trade receivables and long-term loans provided to Powerbets in the period from

2017

until

2020.

The credit loss expense was recognized as Credit loss expense related to divested joint venture in the Statement of Operations. See Note

for additional information on the credit loss expense.

2018

summary information regarding OPay, StarMaker, nHorizon and Powerbets

	Year ended December 31, 2018
[US$ thousands]	OPay			StarMaker			nHorizon			Powerbets
The Group's interest		19.90	%		19.35%	(1)		29.09	%		50.10	%
Revenue		848			12,332			48,992			4,498
Operating profit (loss)		(359	)		(9,535	)		(1,568	)		(4,528	)
Net income (loss)		(384	)		(8,497	)		(2,056	)		(4,735	)
Other comprehensive income that may be reclassified to net income		-			-			-			188
Total comprehensive income		(384	)		(8,497	)		(2,056	)		(4,547	)
Group's share of net income (loss)		(76	)		N/A			(598	)		(2,372	)

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

2019

summary information regarding OPay, StarMaker, nHorizon and Powerbets

	Year ended December 31, 2019
[US$ thousands]	OPay			StarMaker			nHorizon			Powerbets
The Group's interest		13.10%	(2)		19.35%	(1)		29.09	%		50.10	%
Revenue		16,687			29,035			43,335			4,990
Operating profit (loss)		(71,678	)		(8,485	)		1,821			(3,016	)
Net income (loss)		(71,474	)		(8,485	)		1,780			(5,134	)
Other comprehensive income that may be reclassified to net income		-			-			-			-
Total comprehensive income		(71,474	)		(8,485	)		1,780			(5,134	)
Group's share of net income (loss)		(2,938	)		N/A			518			(2,572	)
Gain on partial disposal		1,174			-			-			-
Total share of net income (loss)		(1,764	)		N/A			518			(2,572	)

Current assets		99,238			13,869			8,225			4,447
Non-current assets		24,656			11,377			695			1,560
Current liabilities		28,870			29,870			5,875			13,074
Non-current liabilities		170,015			-			-			5,754
Equity		(74,992	)		(4,624	)		3,045			(12,822	)

2020

summary information regarding OPay, StarMaker, nHorizon and Powerbets

	Year ended December 31, 2020
[US$ thousands]	OPay			StarMaker			nHorizon			Powerbets
The Group's interest		13.10%	(2)		19.35%	(1)		29.09	%		0.00	%
Revenue		38,388			89,937			12,837			9,638
Operating profit (loss)		(30,700	)		13,298			(1,827	)		(1,029	)
Net income (loss)		(30,618	)		13,151			(1,840	)		(1,481	)
Other comprehensive income that may be reclassified to net income		-			-			-			-
Total comprehensive income		(30,618	)		13,151			(1,840	)		(1,481	)
Group's share of net income (loss)		(876	)		N/A			(535	)		(742	)

Current assets		72,573			36,600			6,068			N/A
Non-current assets		34,860			13,000			578			N/A
Current liabilities		40,368			36,900			5,302			N/A
Non-current liabilities		180,639			34,800			-			N/A
Equity		(113,575	)		(22,100	)		1,343			N/A

(

)

The Group ownership interest in StarMaker is held through preferred shares, which are measured at fair value through profit or loss.

(

)

Reflects the total ownership interest in OPay as of

December 31, 2019

and

2020,

10.24%

of which is held in preferred shares and

2.86%

in ordinary shares. The share of net income (loss) recognized under the equity method was calculated based on the investment in ordinary shares, relative to the total number of shares outstanding. The Group owns

8.85%

of the total number of ordinary shares issued by OPay.

	Year ended December 31, 2019
[US$ thousands]	OPay			StarMaker			nHorizon			Powerbets
Carrying amount as of January 1, 2019		4,330			30,000			443			289
Investment during the year		7,131			-			-			366
Change in fair value of preferred shares		33,900			4,000			-			-
Foreign exchange adjustment		-			-			3			-
Other adjustments		673			-			-			157
Share of net income (loss)		(2,938	)		N/A			518			(2,572	)
Share of other comprehensive income		-			NA			-			-
Carrying amount as of December 31, 2019		43,096			34,000			963			(1,760	)

Groups share in %		13.10%			19.35	%		29.09	%		50.10	%
Groups share in equity		(2,145	)		n/a			886			(6,424	)
Unrecognized intangible assets		-			n/a			-			566
Equity method adjustments		(759	)		n/a			77			4,097
Fair value of preferred shares (1)		46,000			34,000			-			-
Carrying amount as of December 31, 2019		43,096			34,000			963			(1,760	)

	Year ended December 31, 2020
[US$ thousands]	Nanobank			OPay			StarMaker			nHorizon			Powerbets
Carrying amount as of January 1, 2020		-			43,096			34,000			963			(1,760	)
Investment during the year (2)		264,936			-			-			-			440
Change in fair value of preferred shares		-			3,000			21,000			-			-
Foreign exchange adjustment		-			-			-			35			-
Share of net income (loss) (3)		261			(876	)		N/A			(535	)		(742	)
Share of other comprehensive income (loss)		(935	)		-			-			-			-
Disposal of investment		-			-			-			-			2,063
Carrying amount as of December 31, 2020		264,261			45,220			55,000			463			-

Groups share in %		42.00	%		13.10	%		19.35	%		29.09	%		0%
Groups share in equity		264,261			(3,248	)		N/A			391			N/A
Equity method adjustments		-			(532	)		-			72			-
Fair value of preferred shares (1)		N/A			49,000			55,000			-			N/A
Carrying amount as of December 31, 2020		264,261			45,220			55,000			463			-

(

)

The carrying amount of the preferred shares form part of the net investment in the associates.

(

)

The cost of the investment in Nanobank was the fair value of the Group's ownership interest in the entity obtained following the contribution of TenSpot Pesa Limited.

(

)

2020,

the Group recognized

US$3,897

thousand in credit loss expense on long-term loans due from Powerbets. Because the long-term loans were classified as part of the net investment in Powerbets, these had absorbed losses under the equity method in the period from

2017

until

2020,

resulting in their carrying amount being

zero

at the time the Group concluded that they were credit impaired. Upon recognition of the impairment loss, the equivalent amount was recognized as income on the line item for Share of net income (loss) of associates and joint ventures in the Statement of Operations. Thus, the credit loss expense was effectively reclassified as such in the Statement of Operations for

2020.

The amount for share of net loss from Powerbets in the table above does

not

include the impact of that reclassification.

Note 14 - Trade Receivables, Other Receivables and Prepayments

12 Months Ended

Dec. 31, 2020

Disclosure of trade and other receivables [text block]

NOTE

14.

TRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAYMENTS

[US$ thousands]	As of December 31,
Trade receivables	2019		2020
Trade receivables		39,981		18,152
Unbilled receivables		9,390		10,658
Total		49,371		28,809

[US$ thousands]	As of December 31,
Other receivables	2019		2020
VAT		1,232		1,218
Receivable due from Otello Corporation ASA		924		-
Receivable due from OPay (1)		-		5,000
Deposit in restricted escrow account		52,878		-
Other		4,078		4,532
Total		59,112		10,750

(

)

The receivable due from OPay is the consideration for the sale of Blue Ridge Microfinance Bank. See Note

additional information.

[US$ thousands]	As of December 31,
Prepayments	2019		2020
Prepaid expenses (1)		25,809		9,061
Total		25,809		9,061

(

)

See Note

for specification of amount of prepaid expenses with Mobimagic Digital Technology Ltd.

[US$ thousands]	As of December 31,
Allowance for impairment of trade receivables	2019			2020
As of period start		1,619			1,446
Loss allowance related to trade receivables due from Powerbets		-			6,579
Other changes in the period		(173	)		(382	)
As of period end		1,446			7,643

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

[US$ thousands]			Neither past due		Past due
Aging analysis of trade receivables	Total		nor impaired		<30 days		31-60 days		61-90 days		>90 days (1)
As of December 31, 2019		39,981		22,125		8,761		657		341		8,097
As of December 31, 2020		18,152		14,647		1,425		367		117		1,597

(

)

As of year-end

2020,

the total amount of trade receivables due from Powerbets, which was a joint venture until its disposal, was US$

nil

(

December 31, 2019:

US$6,579

thousand).

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

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. As of

December 31, 2020,

the Group had recognized loss provisions related to receivables due from related parties of

US$85

thousand (

December 31, 2019:

US$0

As of

December 31, 2020,

the loss allowance totaled

US$7,643

thousand, corresponding to

26.5%

of trade receivables (

December 31, 2019:

US$1,446

thousand, corresponding to

2.9%

of trade receivables).

Of the total loss allowance of

US$7,643

thousand for trade receivables,

US$6,579

thousand was related to trade receivables due from Powerbets, a joint venture of the Group until

December 2020,

at which point in time it was disposed of. In addition to the expected credit losses on trade receivables due from Powerbets, the Group recognized an impairment loss of

US$3,897

thousand on long-term receivables due from Powerbets. Because the long-term loans were classified as part of the net investment in Powerbets, these had absorbed losses under the equity method in the period from

2017

until

2020,

resulting in their carrying amount being

zero

2020.

The credit loss expense on trade receivables and long-term loans due from Powerbets was recognized in the Statement of Operations as "credit loss expense related to divested joint venture". As of

December 31, 2020,

the carrying amount of trade receivables and long-term loans due from Powerbets was zero.

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

23.

Note 15 - Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2020

Disclosure of cash and cash equivalents [text block]

NOTE

15.

CASH AND CASH EQUIVALENTS

[US$ thousands]	As of December 31,
Cash and cash equivalents	2019		2020
Restricted cash		216		280
Cash and cash equivalents		139,271		133,888
Total		139,487		134,168

Restricted cash

Restricted cash is related to employee payroll tax withholdings for Norwegian employees, which are held in restricted deposit accounts under applicable regulations. The Group considers these balances to be cash equivalents because the related liabilities are settled from these accounts on a continuous basis.

Note 16 - Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2020

Disclosure of financial instruments [text block]

NOTE

16.

FINANCIAL ASSETS AND LIABILITIES

2019

and

2020

the Group had the following financial instruments:

●

Loans and receivables: Trade receivables, loans to customers, other receivables, preferred shares, and other current and non-current financial assets.

●

Equity instruments: Holdings of publicly traded securities.

●

Loans, borrowings and payables: Interest-bearing loans, lease liabilities, trade payables, other payables and other current and non-current financial liabilities.

The tables below show the various financial assets and liabilities, grouped in the different categories of financial instruments.

[US$ thousands]	As of December 31,
Financial assets	2019		2020
Financial assets at amortized cost
Non-current financial assets (1)		1,351		1,490
Trade receivables		49,371		28,809
Other short-term receivables (2)		59,112		10,750
Loans to customers		-		68
Other current financial assets		1,535		856
Total financial assets at amortized cost		111,369		41,973

Financial assets at fair value through profit or loss
Preferred shares in associates (3)		80,000		104,000
Loans to customers (2)		93,115		-
Listed equity instruments		42,146		-
Total financial assets at fair value through profit or loss		215,261		104,000

Total financial assets		326,630		145,973

(

)

Includes long-term deposits for office rent.

(

)

Upon loss of control over the microlending business, cash deposited into an escrow account as security for loans from a credit institution, which was

US$52.9

million as of

December 31, 2019,

and loans to customers, were derecognized. See Note

for further information.

(

)

The carrying amount of preferred shares is presented as Investments in associates and joint ventures in the Statement of Financial Position, while changes in fair value is presented as Change in fair value of preferred shares in associates in the Statement of Operations. In

2020,

the Group recognized an unrealized gain on the preferred shares of

US$24.0

million (

2019:

US$37.9

million,

2018:

US$0

). See Note

for more information.

[US$ thousands]	As of December 31,
Financial liabilities	2019		2020
Financial liabilities at amortized cost
Lease liabilities and other loans (1)		56,974		8,972
Trade and other payables		57,125		25,454
Other financial liabilities		15,279		13,107
Total financial liabilities at amortized cost		129,378		47,533

Financial liabilities at fair value through profit or loss
Short position in listed equity instruments		-		744
Total financial liabilities at fair value through profit or loss		-		744

Total financial liabilities		129,378		48,277

(

)

See Notes

and

for more information.

The tables below specify the gains (losses) from the Group's investments in listed equity instruments.

[US$ thousands]
Gain (loss) on listed equity instruments in 2019	Realized gain (loss)			Unrealized gain (loss)		Total
Long positions		6,278			2,564		8,842
Short positions		(365	)		-		(365	)
Total		5,913			2,564		8,477

[US$ thousands]
Gain (loss) on listed equity instruments in 2020	Realized gain (loss)		Unrealized gain (loss)		Total
Long positions		12,910		-		12,910
Short positions		10		113		123
Total		12,920		113		13,033

Net gains from publicly traded securities in

2019

and

2020

were recognized in the Statement of Operations as Finance income, while the net loss in

2018

was presented as a Finance expense.

16.1

Fair value of financial instruments

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

not

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 active markets.

Fair value of preferred shares in OPay and StarMaker

The fair values of preferred shares in OPay and StarMaker as of year-end

2019

and

2020

were measured using methods and techniques that reflect the economic rights and benefits of the preferred shares. These rights and benefits include a right to redeem the preferred shares at the preferred share issue price plus

interest rate per year and a right to receive the invested amount in the event of liquidation before payments are made to holders of ordinary shares. Moreover, the preferred shares in StarMaker have a priority on dividends by providing a right to

annual return to the Group prior to dividends being made to holders of ordinary shares. The Group's preferred shares in both OPay and StarMaker have the same voting rights as ordinary shares.

A combination of the following

three

valuation methods was used to estimate the fair value of the preferred shares:

●

Probability-weighted expected return method (“PWERM”)

●

Option pricing model (“OPM”)

●

Current value method (“CV”)

Under the probability weighted expected return model, fair value of the preferred shares is estimated based upon the probability-weighted present value of expected future investment returns, considering a range of possible future scenarios and outcomes available to the company, as well as the rights of each share class. The PWERM is most appropriate when there are a set of visible future liquidity events and when the time to liquidity is short.

The option pricing model treats ordinary and preferred shares as call options on the company's equity value, with exercise prices based on the liquidation preferences of the preferred shares. Under this model, the ordinary shares have a positive fair value only if the funds available for distribution to shareholders exceed the value of the liquidation preferences. The OPM is most appropriate when specific future liquidity events are challenging to forecast.

The current value method allocates value to each share class based on an estimated equity value (on a controlling basis). The method bases allocation of value as of the valuation date and

not

a future date. It is most appropriate when a liquidity event, such as an acquisition or dissolution, is imminent, or when the company is at a very early stage.

Under all

three

methods, a discount for lack of marketability (“DLOM”) was applied to reflect that the shares in a private and early-stage company are considered to be illiquid. Shares that cannot be readily liquidated generally have a lower fair value and it is therefore appropriate to consider a discount when estimating fair value. For the preferred shares in OPay, a DLOM in the range

20%

was applied (

December 31, 2019:

15%

), while for the preferred shares in StarMaker, a DLOM in the range of

40%

was applied (

December 31, 2019:

35%

). That a lower DLOM range was applied for the preferred shares in OPay reflect that there have been multiple transactions in equity instruments of the company, including transactions with investors that are

not

related parties of the Group.

The option pricing model and the current value method builds on estimates of the fair value of the equity in the investees. For OPay, the estimate for fair value of equity as of

December 31, 2020,

was

US$555

million (

December 31, 2019:

US$500

million), while for StarMaker it was

US$350

million (

December 31, 2019:

US$155

million). The estimated fair value of equity in OPay at year-end was primarily based on discounted future expected cash flows and valuation multiples. The estimated fair value of equity in StarMaker was primarily based on the price in an observed transaction.

The Group determined that the rounded mid-points of the averages of estimated ranges of fair values reflected the best estimate of the price that would be received in orderly transactions if the preferred shares were sold as of

December 31, 2019

and

2020.

Consequently, the preferred shares in OPay were measured at

US$49.0

million (

December 31, 2019:

46.0

million), while the preferred shares in StarMaker were measured at

US$55.0

million (

December 31, 2019:

US$34.0

million). The preferred shares in OPay were acquired in

2019

for

US$12.1

million, while the preferred shares in StarMaker were acquired in

2018

for

US$30.0

million.

A key unobservable input in all the

three

methods was the discount for lack of marketability. Other key unobservable inputs included the weighted average cost of capital for the PWERM method and the value of equity for the OPM and CV methods. The tables below show the sensitivities to the key unobservable inputs in the measurement of the fair value of the preferred shares in OPay and StarMaker.

[US$ thousands]		As of December 31, 2019						As of December 31, 2020
Effect on fair value measurement of preferred shares in OPay	Key unobservable input	Decrease			Increase			Decrease			Increase
Discount for lack of marketability (5 percentage points movement)	PWERM, OPM and CVM		2,720			(2,409	)		2,811			(2,811	)
Weighted average cost of capital (2 percentage points movement)	PWERM		1,408			(608	)		1,087			(1,009	)
Equity value of the company (10% movement)	OPM and CVM		(3,597	)		2,406			(3,093	)		3,092

[US$ thousands]		As of December 31, 2019						As of December 31, 2020
Effect on fair value measurement of preferred shares in StarMaker	Key unobservable input	Decrease			Increase			Decrease			Increase
Discount for lack of marketability (5 percentage points movement)	PWERM, OPM and CVM		2,585			(2,293	)		4,221			(4,221	)
Weighted average cost of capital (2 percentage points movement)	PWERM		389			(85	)		367			(351	)
Equity value of the company (10% movement)	OPM and CVM		(1,449	)		1,438			(2,947	)		2,944

The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.

Fair value measurement hierarchy for assets as of

December 31, 2019

		Fair value measurement using
[US$ thousands]	Date of valuation	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets measured at fair value
Preferred shares in associates	December 31, 2019		-		-		80,000
Loans to customers	December 31, 2019		-		-		93,115
Listed equity instruments	December 31, 2019		42,146		-		-

Fair value measurement hierarchy for assets as of

December 31, 2020

Fair value measurement using

[US$ thousands]

Date of valuation

Quoted prices in

active markets

(Level 1)

Significant

observable inputs

(Level 2)

Significant

unobservable inputs

(Level 3)

Assets measured at fair value

Preferred shares in associates

December 31, 2020

104,000

Fair value measurement hierarchy for liabilities as of

December 31, 2020

Fair value measurement using

[US$ thousands]

Date of valuation

Quoted prices in

active markets

(Level 1)

Significant

observable inputs

(Level 2)

Significant

unobservable inputs

(Level 3)

Liabilities measured at fair value

Short position in listed equity instruments

December 31, 2020

744

There were

liabilities measured at fair value as of

December 31, 2019.

There were

transfers between the fair value measurement levels during

2019

and

2020.

Note 17 - Lease Liabilities and Other Loans

12 Months Ended

Dec. 31, 2020

Disclosure of borrowings [text block]

NOTE

17.

LEASE LIABILITIES AND OTHER LOANS

The terms, including interest rates and maturities, and the total carrying amount of lease liabilities and interest-bearing loans are presented below.

[US$ thousands]				As of December 31,
Lease liabilities and interest-bearing loans	Interest rate		Maturity	2019		2020
Lease liabilities					12,003		7,800
Interest-bearing loans		4.00%	January 2021 - July 2023		43,904		801
Total					55,907		8,601

Total lease liabilities and other loans, non-current and current are summarized below.

[US$ thousands]	As of December 31,
Non-current lease liabilities and other loans	2019		2020
Lease liabilities		7,378		3,094
Interest-bearing loans		736		490
Other loans		1,067		-
Total		9,181		3,584

[US$ thousands]	As of December 31,
Current lease liabilities and other loans	2019		2020
Lease liabilities		4,625		4,706
Interest-bearing loans		43,169		311
Other loans		-		371
Total		47,793		5,389

See Note

for a maturity analysis of the financial liabilities.

The Group is the lessee for leases of office space, data centers and servers and other equipment used in its operations.

The Statement of Financial Position has the following amounts relating to leases.

[US$ thousands]	As of December 31,
Amounts recognized in the Statement of Financial Position	2019		2020
Right-of-use assets (1)
Office properties		6,178		4,974
Equipment		5,528		2,335
Total		11,706		7,309

Lease liabilities
Current		4,625		4,706
Non-current		7,378		3,094
Total		12,003		7,800

(

)

Additions to and remeasurements of the right-of-use assets during the

2020

financial year were

US$1.1

million.

The Statement of Operations has the following amounts relating to leases.

[US$ thousands]	Year ended December 31,
Amounts recognized in the Statement of Operations	2019		2020
Depreciation charge of right-of-use assets
Office properties		1,752		2,221
Equipment		2,739		2,529
Total		4,491		4,750

Interest expense (included in Finance expense)		457		397
Net foreign exchange gain (loss)		-		(140	)

The total cash outflow for leases in

2020

was

US$7,639

thousand.

Lease contracts are typically made for fixed periods of

months up to

years but

may

have extension options as described below. Contracts

may

contain both lease and non-lease components, which are accounted for separately. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and are for a wide range of different terms and conditions. Some lease agreements required that the Group provide cash deposits as security for lease payments, while a guarantee is made by the Group in favor of Dell as security for all present and future lease liabilities, as disclosed in Note

22.

Leased assets

may

not

be used as security for borrowing purposes.

Prior to the adoption of IFRS

January 1, 2019,

as disclosed in Note

leases of office properties and equipment were classified as finance or operating leases. From

January 1, 2019,

leases other than those leases that have a lease term of

months or less and leases for which the underlying asset is of low value, are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis.

To determine the incremental borrowing rate, which was the basis on which lease payments were discounted, the Group:

●

Where possible, uses recent

third

-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since

third

-party financing was received.

●

Used a build-up approach that started with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does

not

have recent

third

-party financing.

●

Made adjustments specific to the lease, e.g., term, country, currency and security.

Extension and termination options

Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group's operations. The majority of extension and termination options held are exercisable only by the Group and

not

by the respective lessor.

Note 18 - Trade and Other Payables

12 Months Ended

Dec. 31, 2020

Disclosure of trade and other payables [text block]

NOTE

18.

TRADE AND OTHER PAYABLES

[US$ thousands]	As of December 31,
Trade and other payables	2019		2020
Trade payables due to related parties (1)		28,864		4,685
Other trade payables		19,813		17,764
Employee withholding tax		325		1,044
VAT		7,361		1,162
Payroll tax (2)		761		799
Total		57,125		25,454

(

)

See Note

for more information.

(

)

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

For a schedule of maturities for trade and other payables, see Note

20.

Note 19 - Other Current Liabilities

12 Months Ended

Dec. 31, 2020

Disclosure of other current liabilities [text block]

NOTE

19.

OTHER CURRENT LIABILITIES

[US$ thousands]	As of December 31,
Other current liabilities	2019		2020
Accrued personnel expenses		10,472		11,985
Trading liability (1)		-		744
Customer deposits		2,694		-
Other current liabilities		1,976		310
Total		15,142		13,040

(

)

See Note

for additional information.

Note 20 - Scheduled Maturities of Financial Liabilities

12 Months Ended

Dec. 31, 2020

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

NOTE

20.

SCHEDULED MATURITIES OF FINANCIAL LIABILITIES

[US$ thousands]	Less than		1 to 3		Over 3
As of December 31, 2019	12 months		years		years		Total
Non-current
Lease liabilities (Note 17)		-		7,681		1,247		8,928
Interest-bearing loans including interest (Note 17)		-		1,840		-		1,840
Other non-current liabilities		-		-		137		137
Current
Trade and other payables (Note 18)		57,125		-		-		57,125
Lease liabilities (Note 17)		4,930		-		-		4,930
Interest-bearing loans including interest (Note 17)		43,303		-		-		43,303
Other current liabilities (Note 19)		15,142		-		-		15,142
Total financial liabilities including interest		120,500		9,521		1,384		131,405

[US$ thousands]	Less than		1 to 3		Over 3
As of December 31, 2020	12 months		years		years		Total
Non-current
Lease liabilities (Note 17)		-		3,224		-		3,224
Interest-bearing loans including interest (Note 17)		-		505		-		505
Other non-current liabilities		-		-		68		68
Current
Trade and other payables (Note 18)		25,454		-		-		25,454
Lease liabilities (Note 17)		4,914		-		-		4,914
Interest-bearing loans including interest (Note 17)		337		-		-		337
Other current liabilities (Note 19)		13,040		-		-		13,040
Total financial liabilities including interest		43,744		3,729		68		47,541

Note 21 - Changes in Liabilities Arising from Financing Activities

12 Months Ended

Dec. 31, 2020

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

NOTE

21.

CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES

Changes in liabilities arising from financing activities in 2019
[US$ thousands]	As of January 1, 2019		Impact of adopting IFRS 16			Cash flows			Foreign exchange movement			Other (1)			As of December 31, 2019
Interest-bearing loans and liabilities, non-current		2,238		-			(1,509	)		-			7			736
Lease liabilities, non-current		33		10,709			(1,693	)		(33	)		(1,638	)		7,378
Interest bearing loans and liabilities, current		196		-			43,163			-			10			43,369
Lease liabilities, current		1,802		4,260			(1,062	)		-			(375	)		4,625
Other loans		492		(64	)		-			-			439			867
Total liabilities from financing activities		4,761		14,905			38,899			(33	)		(1,557	)		56,975

Changes in liabilities arising from financing activities in 2020
[US$ thousands]	As of January 1, 2020		Cash flows			Foreign exchange movement		Other (1)			As of December 31, 2020
Interest-bearing loans and liabilities, non-current		736		(246	)		-		-			490
Lease liabilities, non-current		7,378		(3,782	)		-		(502	)		3,094
Interest bearing loans and liabilities, current		43,369		(43,058	)		-		-			311
Lease liabilities, current		4,625		(420	)		-		502			4,707
Other loans		867		-			-		(496	)		371
Total liabilities from financing activities		56,975		(47,506	)		-		(496	)		8,973

(

)

The "Other" column includes the effect of reclassification of the non-current portion of liabilities to current due to the passage of time and the effect of accrued but

not

yet paid interest on interest-bearing loans and borrowings, including lease liabilities.

All items of liabilities are included in "Non-current lease liabilities and other loans" or "Current lease liabilities and other loans" in the Statement of Financial Position.

Note 22 - Guarantees and Other Commitments

12 Months Ended

Dec. 31, 2020

Disclosure of commitments [text block]

NOTE

22.

GUARANTEES AND OTHER COMMITMENTS

A guarantee has been made by the Group in favor of Dell Bank International d.a.c. ("Dell") as a security for all present and future lease liabilities of the Group (as the lessee) to Dell. This guarantee is limited to a principal amount of

US$11,660

thousand, with the addition of any interests, costs and/or expenses accruing on the liabilities and/or as a result of the Group's non-fulfilment of the liabilities. The guarantee is valid for

years from

January 17, 2017.

Note 23 - Financial Risk Management

12 Months Ended

Dec. 31, 2020

Disclosure of financial risk management [text block]

NOTE

23.

FINANCIAL RISK MANAGEMENT

Overview

The Group is exposed to market risk, liquidity risk and credit risk. The Group's management seeks to minimize potential adverse effects of these risks through sound business practices and risk management. The Board of Directors, together with senior management, is involved in the risk assessment process. The Group has

not

utilized derivatives for hedging purposes.

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group is exposed to

three

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, accrued liabilities and listed equity instruments.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The Group's exposure to interest risk is limited because financial liabilities have fixed interest rates and future interest payments on these will thus

not

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 our consolidated results being presented in U.S. Dollar, while our revenues are generated in nearly all global currencies, though often converted to USD or EUR before being paid to us from our partners. The Group incurs operating expenses in various currencies, including the Norwegian krone, Chinese renminbi, Polish zloty, Swedish krona, Indian rupee, Kenyan shilling, Nigerian naira, Great British Pounds and the Euro. Additionally, the Group is exposed to foreign currency risk due to monetary items recognized on the balance sheet being denominated in currencies other than the functional currency, which for most of the Group's entities is the U.S. Dollar. Management is closely monitoring the Group's exposure to foreign currency risk and seeks to minimize its exposure to such risk. The Group's exposure to foreign currency risk related to cash on hand is limited.

Equity price risk

While the Group did

not

hold any investment in listed equity instruments as of

December 31, 2020,

the Group held such investments throughout

2020.

Investments in listed equity instruments exposed the Group to equity price risk. Specifically, such holdings are susceptible to market price risk arising from uncertainties about future values of such securities.

Our investment activity in listed equity instruments is managed by Kunlun Group Limited, a related party of the Group, and is overseen by the Group's CEO. The investment activity, including risk management, is subject to set requirements for performance monitoring, risk tolerance, investment strategies and diversification. Under the applicable policies of the Group, the total capital allocated to investments in listed equity instruments is limited up to

US$70

million. During

2020,

the Group invested in shares listed on stock exchanges in mainland China, Hong Kong and the United States. The majority of the investments were in companies in the tech and electronics industries. The Group also wrote call options on listed equity instruments to a limited extent, resulting in a gain of

US$124

thousand in

2020.

The written call options, representing a financial liability of the Group, had a fair value of

US$744

thousand as of

December 31, 2020.

The written call options exposed the Group to equity price risk due to the counterparties' rights to buy the underlying listed equity instrument from the Group for a fixed price. This specific risk was managed by the Group only writing call options with relative short durations, by limiting the number of contracts entered into, and by preparing to purchase the underlying shares in the event of certain levels of adverse price movements. While the Group did

not

enter into short positions during

2020,

the investment policies allow such positions to be entered into.

As of

December 31, 2020,

the Group had

holdings of publicly traded equity instruments (

2019:

US$42,146

thousand).

The net gain from publicly traded instruments in

2020

was

US$13,033

thousand (

2019:

net gain of

US$8,477

thousand;

2018:

net loss of

US$1,485

thousand).

The goal of investing in listed equity instruments is to achieve the highest possible return on invested capital relative to the risk taken. The Group seeks to invest in liquid equity instruments in order to reduce costs when instruments are to be realized.

Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Group's liquidity risk is limited given its significant cash position and low debt-to-equity ratio as of

December 31, 2020.

See Note

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

). The Group's revenue comes mainly from sales where settlement in cash generally takes place within

days of the invoice being issued, which is concurrently when the Group has an unconditional right to consideration. For some specific revenue streams, including those relating to OPay, settlement is agreed to extend beyond

days. The management of credit risk related to trade receivables is handled as part of the business risk and is continuously monitored by the Group. Details of outstanding accounts receivables are disclosed in Note

14.

Note 24 - Capital Management

12 Months Ended

Dec. 31, 2020

Disclosure of capital management [text block]

NOTE

24.

CAPITAL MANAGEMENT

The objectives of the Group's capital management are to maintain a strong capital base to support investor, creditor and market confidence and to sustain future development of the business in accordance with its growth plans.

As part of the Group's cash management policy, up to

US$70

million of the Group's capital

may

be used to invest in publicly traded securities in accordance with the applicable board instructions to the management of the Group. The investment activity is managed by Kunlun Group Limited, a related party of the Group, and is overseen by the Group's CEO. The goal of investing in listed equity instruments is to achieve the highest possible return on invested capital relative to the risk taken. The Group started writing call options in

2020,

which resulted in a net gain of

US$124

thousand. The Group did

not

have short positions during

2020.

2019,

short positions resulted in a net loss of

US$365

thousand and in

2018,

a net gain of

US$38

thousand. As of

December 31, 2020,

the fair value of the liability related to written call options was

US$744

thousand, and as of the same date the Group did

not

hold any investments (long positions) in publicly traded equity securities. As of

December 31, 2019,

the Group had investments in publicly traded equity instruments with a fair value of

US$42,146

thousand. The combined net gain in

2020

on investments and written call options was

US$13,033

thousand, compared to a net gain of

US$8,477

thousand in

2019

and a net loss of

US$1,485

thousand in

2018.

January 17, 2020,

the board of directors approved a share repurchase program, which authorized management of the Group to execute the repurchase of up to

US$50.0

million of ADSs by

January 17, 2021,

in any form that management

may

deem appropriate. As of

December 31, 2020,

the Group had repurchased

5,893,139

ADSs, representing

11,786,278

ordinary shares, for a total cost of

US$49,049

thousand.

As of

December 31, 2020,

the Group had an equity ratio of

94%

and working capital, as expressed by total current assets less total current liabilities, of

US$138,609

thousand. The total amount of cash and cash equivalents was

US$134,168

thousand.

See Note

for a schedule of maturities for financial liabilities.

Note 25 - Group Information

12 Months Ended

Dec. 31, 2020

Disclosure of subsidiaries [text block]

NOTE

25.

GROUP INFORMATION

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

Parent company		Registered office		Domicile
Opera Limited		George Town		Cayman Islands

	Registered		Ownership interest
Group entities	office	Domicile	and voting rights
Kunhoo Software LLC	George Town	Cayman Islands	100%
Kunhoo Software Limited	Hong Kong	Hong Kong	100%
Kunhoo Software S.a.r.l.	Luxembourg	Luxembourg	100%
Kunhoo Software AS	Oslo	Norway	100%
Opera Norway AS	Oslo	Norway	100%
Opera Software Holdings LLC	San Mateo	USA	100%
Opera Software Ireland Ltd.	Dublin	Ireland	100%
Opera Sweden AB	Linköping	Sweden	100%
Opera Software International AS	Oslo	Norway	100%
Opera Software Netherlands B.V.	Amsterdam	Netherlands	100%
Opera Software India Pvt. Ltd.	Chandigarh	India	100%
Opera Software Poland sp. z.o.o.	Wroclaw	Poland	100%
Opera Software Technology (Beijing) Co. Ltd.	Beijing	China	100%
Opera Unite HK Limited	Hong Kong	Hong Kong	100%
Opera Unite Pte. Ltd.	Singapore	Singapore	100%
Opesa South Africa (Pty) Limited	Cape Town	South Africa	100%
O-Play Digital Services Ltd.	Lagos	Nigeria	100%
O-Play Kenya Limited (2)	Nairobi	Kenya	80%
Phoneserve Technologies Co. Ltd. (2)	Nairobi	Kenya	80%
O-Play Zambia Limited	Lusaka	Zambia	100%
PT Inpesa Digital Teknologi (3)	Jakarta	Indonesia	100%
Opera Lifestyle	George Town	Cayman Islands	100%
Opera Lifestyle Nigeria Ltd.	Lagos	Nigeria	100%
OList Homes Ltd. (1)	Lagos	Nigeria	100%
OÜ PocoSys (1)	Tallinn	Estonia	100%
P2C International Limited (1)	London	United Kingdom	100%
Dify Financial Technologies Iberia S.L.A. (1)	Barcelona	Spain	100%
Opera Financial Technologies Limited	London	United Kingdom	100%
Blueboard Limited (1)	Dublin	Ireland	100%
Beijing Yuega Software Tech. Srvc. Co. Ltd. (3)	Beijing	China	100%

(

)

Entities were purchased or incorporated in

2020.

(

)

20%

is held by a nominee shareholder.

(

)

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

The Group's ownership interest and voting rights did

not

change in

2020.

There were

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

Business combination

January 17, 2020,

the Group acquired

100%

of OÜ PocoSys for

US$5.0

million. PocoSys, a company incorporated in Estonia, provides banking technologies to fintech companies. In accounting for the business combination, the Group recognized

US$1.7

million in identifiable intangible assets, primarily technology, and

US$3.0

million in goodwill. The Group did

not

assume material liabilities in the business combination.

Note 26 - Related Parties

12 Months Ended

Dec. 31, 2020

Disclosure of related party [text block]

NOTE

26.

RELATED PARTIES

At the time of the transactions described in this note, the Group's Chairman and Chief Executive Officer had control or significant influence over Beijing Kunlun Online Network Tech Co Ltd, Beijing Kunlun Tech, Kunlun Group Limited, Mobimagic Digital Technology Ltd, Nanocred Cayman Company Limited, OPay Limited, Star Group Interactive Inc. (formerly known as StarMaker Interactive Inc.) and Ying Liang Limited, either directly or through other investments.

The Group has significant influence over OPay Limited and Star Group Interactive Inc. through ownership interests in those entities. Moreover, the Group has joint control over nHorizon by having contractually agreed to the sharing of control.

In mid-

2019,

the Group entered into service agreements with Mobimagic Cayman Co. Ltd. (formerly Mobi Magic (Beijing) Information Technology Co., Ltd.) and Hong Kong Fintango Limited under which these parties would provide app, systems and platform maintenance, and data processing services as well as managerial oversight to P C Financial Services, an entity that provides microloans in India and which was a subsidiary of TenSpot Pesa Limited and the Group until

August 19, 2020,

at which point in time it was disposed of as disclosed in Note

Under the agreements, the Group paid a combination of fixed and variable fees that were calculated based on revenue less credit losses and indirect taxes.

Effective from

January 1, 2020,

the Group entered into an investment advisory and management agreement with Kunlun Group Limited. Under the agreement, Kunlun Group Limited provides investment management services to the Group, as disclosed in Notes

and

24.

In exchange for the services provided, the Group is obligated to pay an investment management fee, subject to the discretion of the Group's Chairman and CEO but limited to

of the net gain from the investment activity. In

2020,

the investment management fee was

US$0.5

million, equivalent to

of the net gain in

2020.

March 3, 2020,

the Group entered into an agreement with OPay Digital Services Limited, a subsidiary of OPay Limited, for the sale of

100%

of the shares in Neofin Malelane (PTY) Ltd., a subsidiary of the Group, in exchange for

US$0.1

million. Moreover, on

March 17, 2020,

the Group entered into an agreement with the same entity in the OPay group for the sale of

100%

of the shares in the Group's subsidiary Blue Ridge Microfinance Bank Ltd. in exchange for a consideration of

US$5.0

million. While the Group has an unconditional right to payment in cash, the Group expects to settle the receivable by converting it to equity in OPay Limited in a future funding round. The loss of control over Neofin Malelane (PTY) Ltd and Blue Ridge Microfinance Bank resulted in the Group recognizing a gain of

US$5.3

million in the Statement of Operations for

2020.

May 19, 2020,

the Group provided a loan of KES

200

million, equivalent to

US$1.9

million, to OStream Credit Limited, a subsidiary of OPay Limited. The loan was provided with a simple interest of

per annum. The loan was repaid on

October 19, 2020.

2020,

the Group recognized interest income of

US$62

thousand from the loan.

August 19, 2020,

42%

in Nanobank. As part of the transaction, the Group agreed to transfer receivables due from TenSpot Pesa Limited to Nanobank. The transaction was completed on the same date. Prior to the transaction, Nanobank was controlled by the Group's Chairman and CEO. Additional information on the transaction is provided in Notes

and

13.

The Group provides and receives professional services to a number of other related parties.

Services received from Beijing Kunlun Tech consist of shared office facilities in Beijing, China.

Services provided to OPay consist of development and key management personnel services and have been invoiced based on time used. Services received from Mobimagic Digital Technology Ltd are related to distribution and promotion of the Group's products worldwide. Mobimagic Digital Technology Ltd was initially a subsidiary of the Qihoo

360

group, later invested into by other investors, including Mr. Yahui Zhou. The Qihoo

360

group and Mr. Yahui Zhou were also

two

of the original shareholders of Opera Limited. Both Opera and Mobimagic Digital Technology Ltd have a need to promote their apps through mobile advertising on

third

-party advertising inventory. As the

two

companies have operated under overlapping control, it was decided to take advantage of the combined volume of advertising to be procured in order to achieve the most attractive pricing from

third

parties; hence the partnership. As of

December 31, 2020,

the Group had provided prepayments to Mobimagic Digital Technology Ltd for distribution and promotion services as part of an agreement where Mobimagic Digital Technology Ltd accepted financial risk related to the retention of acquired new users. The prepayments had a carrying amount of

US$3.8

million as of

December 31, 2020,

compared to

US$15.5

million as of

December 31, 2019,

while the carrying amount had reached US$

nil

as of the date of this report.

November 11, 2020,

an addendum was made to the partnership agreement between the Group and Mobimagic Digital Technology Ltd., when the latter party assigned its rights and obligations under the existing agreement to Ying Liang Limited. In

2020,

the Group purchased marketing and distribution-related services from Ying Liang Limited for

US$3.7

million.

Additional information about transactions with associates and joint ventures is included in Note

13.

Outstanding balances as of

December 31, 2019

and

2020

are unsecured and interest free, except as outlined above, 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,
Balances with related parties	Category of related party	Type of balance	2019			2020
Beijing Kunlun Lexiang Network Technology Co., Ltd.	Key management personnel	Other payables		-			(15	)
Beijing Kunlun Online Network Tech Co., Ltd.	Key management personnel	Other payables		-			(45	)
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Other payables		(177	)		(773	)
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Trade receivables		-			13
Beijing OFY Co., Ltd.	Associate / Key management personnel	Trade receivables		-			51
Beijing Xianlaihuyu Network Tech Co., Ltd.	Key management personnel	Other payables		-			(5	)
Blue Ridge Micro Finance Bank Ltd.	Associate / Key management personnel	Trade payables		-			(30	)
Kunlun Global International Sdn. Bhd.	Key management personnel	Other payables		-			(8	)
Kunlun Group Ltd.	Key management personnel	Trade payables		(436	)		(520	)
Kunlun Tech Ltd.	Key management personnel	Trade receivables		-			568
Mobimagic Digital Tech. Ltd.	Key management personnel	Distribution prepayment		15,527			3,848
Mobimagic Digital Tech. Ltd.	Key management personnel	Trade and other payables		(2,760	)		-
Mobimagic Cayman Co. Ltd.	Key management personnel	Trade receivables		303			-
Mobimagic Cayman Co. Ltd. / Hong Kong Fintango Ltd.	Key management personnel	Trade and other payables		(25,598)			-
Nanocred Cayman Company Limited and subsidiaries	Associate / Key management personnel	Other receivables		-			138
nHorizon Infinite (Beijing) Software Ltd.	Joint venture	Trade receivables		-			278
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Revenue share liability		(23	)		(23	)
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Trade receivables		146			-
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Professional service payable		(543	)		(533	)
OPay Digital Services Ltd.	Associate / Key management personnel	Loan receivable		-			-
OPay Digital Services Ltd.	Associate / Key management personnel	Trade receivables		17,450			615
OPay Digital Services Ltd.	Associate / Key management personnel	Contract liability		(6,274	)		-
OPay Digital Services Ltd.	Associate / Key management personnel	Other receivables		-			5,000
Paycom Nigeria Ltd.	Key management personnel	Trade receivables		1,466			-
Paycom Nigeria Ltd.	Key management personnel	Trade and other payables		(26	)		(136	)
Powerbets Holdings Ltd.	Joint venture	Loan receivable		3,039			-
Powerbets Holdings Ltd.	Joint venture	Trade receivable		6,579			-
Starmaker Entertainment Technology India Pvt., Ltd.	Key management personnel	Trade receivables		22			-
Wisdom Connection III Holding Inc.	Key management personnel	Other receivables		500			500
Xinyu Kunnuo Investment Management Co., Ltd.	Key management personnel	Other payables		-			180
Ying Liang Ltd.	Key management personnel	Distribution prepayment		-			22
Ying Liang Ltd.	Key management personnel	Trade and other payables		-			(3,673	)
Ying Liang Ltd.	Key management personnel	Trade receivables		-			209

[US$ thousands]			Year ended December 31,
Transactions with related parties	Category of related party	Type of transaction	2018			2019			2020
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Office facilities		(1,072	)		(1,545	)		(1,533	)
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Technology licensing and other revenue		-			13			-
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Professional services		-			(30	)		-
Beijing Kunlun Lexiang Network Technology Co., Ltd.	Key management personnel	Professional services		-			(79	)		(15	)
Beijing Kunlun Online Network Tech Co., Ltd.	Key management personnel	Professional services		-			(125	)		(44	)
Beijing Xianlaihuyu Network Tech Co., Ltd.	Key management personnel	Professional services		-			(39	)		(5	)
Beijing OFY Co., Ltd.	Associate / Key management personnel	Technology licensing and other revenue		-			-			543
Kunlun Global International Sdn. Bhd.	Key management personnel	Advertising revenue		68			2			-
Kunlun Global International Sdn. Bhd.	Key management personnel	Professional services		-			-			(8	)
Kunlun Group Ltd.	Key management personnel	Professional investment advisory services		-			(436	)		(582	)
Mobimagic Digital Tech. Ltd.	Key management personnel	Technology licensing, advertising and other revenue		3,069			-			496
Mobimagic Digital Tech. Ltd.	Key management personnel	Marketing and distribution		(7,522	)		(25,767	)		(9,719	)
Mobimagic Digital Tech. Ltd.	Key management personnel	Software license fees		-			(500	)		-
Mobimagic Cayman Co. Ltd.	Key management personnel	Technology licensing and other revenue		-			303			596
Mobimagic Cayman Co. Ltd. / Hong Kong Fintango Ltd.	Key management personnel	Technology and platform fees		-			(25,598)			(23,007	)
Mobimagic Cayman Co. Ltd.	Key management personnel	Professional services		-			(325	)		-
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Technology licensing and other revenue		(18	)		146			-
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Content cost		(45	)		(38	)		-
nHorizon Infinite (Beijing) Software Ltd.	Joint venture	Professional services		(941	)		(156	)		-
nHorizon Infinite (Beijing) Software Ltd.	Joint venture	Technology licensing and other revenue		-			-			133
OPay Digital Services Ltd.	Associate / Key management personnel	Acquisition of business		(9,500	)		-			-
OPay Digital Services Ltd.	Associate / Key management personnel	Investment		-			(7,131	)		-
OPay Digital Services Ltd.	Associate / Key management personnel	Technology and platform fees		(455	)		-			-
OPay Digital Services Ltd.	Associate / Key management personnel	Technology licensing and other revenue		10,899			15,960			7,626
OPay Digital Services Ltd.	Associate / Key management personnel	Interest income		-			323			-
OPay Digital Services Ltd.	Associate / Key management personnel	Other income		-			-			5,289
Paycom Nigeria Ltd.	Associate / Key management personnel	Advertising and other revenue		-			1,565			866
Powerbets Holdings Ltd.	Joint venture	Technology licensing, advertising and other revenue		4,369			2,210			-
Puto Novi Financing Corporation	Key management personnel	Finance income		-			-			97
StarMaker Interactive Inc.	Key management personnel	Investment		(30,000	)		-			-
StarMaker Interactive Inc.	Key management personnel	Professional services		175			150			-
Wisdom Connection III Holding Inc.	Key management personnel	Other revenue		-			8			-
Wisdom Connection III Holding Inc.	Key management personnel	Disposal of shares in associates		-			500			-
Xinyu Kunnuo Investment Management Co., Ltd.	Key management personnel	Professional services		-			-			180
Ying Liang Ltd.	Key management personnel	Marketing and distribution expenses		-			-			(3,716	)
Ying Liang Ltd.	Key management personnel	Technology licensing and other revenue		-			-			209

Note 27 - Events After the Reporting Period

12 Months Ended

Dec. 31, 2020

Disclosure of events after reporting period [text block]

NOTE

27.

EVENTS AFTER THE REPORTING PERIOD

The adverse impact from the global COVID-

pandemic to revenue from the Group's products and services during the

first

half of

2020

largely ceased during the

second

half of the year. Still, as the pandemic continues into

2021,

the Group continues to observe some negative impacts from it, in particular to the amount of advertising revenue from companies in certain industries. The pandemic is also continuing to impact the financial performance of Nanobank, an associate of the Group, which has significant operations in India, where a recent surge in the rate of infections impacts Nanobank's planned timing for the launch of new products and services, and its scaling of existing services. The Group is continuing to monitor the impact of the pandemic, the measures taken to contain it and the effect of vaccination programs. The impact of the pandemic to financial performance and position of the Group in

2021

is highly uncertain.

May 29, 2020,

the Group entered into an investment agreement with AB Fjord Bank. Under the agreement, the Group was to acquire

9.9%

of the share capital via a share subscription. On

January 4, 2021,

the capital increase in AB Fjord Bank was completed by the Group investing

US$0.9

million. The Group has concluded that the investment in AB Fjord Bank is an associate to be accounted for under the equity method. AB Fjord Bank is a full-digital consumer finance bank that was founded in

March 2017.

December 2019,

it was granted a specialized bank license by the European Central Bank. AB Fjord Bank's head office is in Vilnius, Lithuania.

January 8, 2021,

Kunlun Tech Limited, a subsidiary of Beijing Kunlun Tech Co., Limited, completed the acquisition of

19.5

million ordinary shares in Opera Limited, resulting in Kunlun Tech Limited holding

124.0

million of the ordinary shares outstanding, equivalent to

53.9%

of the share capital at the time. Beijing Kunlun Tech Co., Limited is listed on the Shenzhen Stock Exchange.

January 11, 2021,

the Group acquired

100%

of the shares in YoYo Games Limited for

US$9.5

million, or

US$9.0

million net of cash acquired. YoYo Games Limited owns GameMaker, a platform users can access to develop games. The acquisition forms the basis for Opera Gaming, a new division focused on expanding the Group's capabilities and monetization opportunities in gaming. The initial accounting for the business combination is incomplete as of the date these consolidated financial statements are authorized for issue because the Group is still assessing the inputs for determining the fair values of the assets and liabilities acquired and assumed. Based on the preliminary allocation of the purchase price, goodwill from the acquisition is measured at

US$6.4

million. The Group did

not

assume material liabilities from the business combination.

January 17, 2021,

the share repurchase program disclosed in Note

was terminated. Under the program, the Group repurchased a total of

5,976,455

ADSs for

US$49.8

million.

Subsequent to

February 25, 2021,

the

third

exercise period of the Group's equity program took place, including RSUs that had vested on

January 1, 2021.

A total of

1,086,340

RSUs were exchanged for an equivalent number of ADSs in Opera Limited. On

May 25, 2021,

the Group awarded

40,000

options and

1,965,825

RSUs that vest over

2022

2025.

The awards were granted according to the Group's existing share incentive plan and follow the final vesting period of the grants made in

2017.

Combined,

22%

of awarded options and RSUs are scheduled to vest in

2022,

24%

2023,

27%

2024

and

27%

2025.

January 2020,

the Company and certain of its directors and officers were named as defendants in a putative class action filed in the United States District Court for the Southern District of New York: Brown v. Opera Limited. et al., Case

No.

-cv-

674

(S.D.N.Y.). The complaint, as amended, alleged that the Company had made certain material misstatements and/or omissions in violation of US securities laws. The Company announced its decision to vigorously defend itself from these allegations and moved to dismiss the complaint. On

March 13, 2021,

the court granted the Company's motion to dismiss, dismissing all of the claims on multiple grounds. The plaintiffs in the action determined to forgo their right to file a further amended complaint and instead stipulated to dismissal of the litigation. The case was dismissed with prejudice in an order entered on

April 22, 2021.

June 4, 2021,

the Group entered into an agreement to sell

41,071,355

of its preferred shares in OPay for a consideration of

US$50

million. The transaction closed on the same date and resulted in a gain of

US$31.1

million versus the carrying amount of these shares. Opera will retain

101,020,495

shares in OPay, consisting of

31,058,025

ordinary shares and

69,962,470

preferred shares.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Discloure of Significant Accounting Policies

Disclosure of basis of preparation of financial statements [text block]

2.1

Basis of preparation

US$000

), except when otherwise indicated. Rounding differences

may

occur.

The consolidated financial statements provide comparative information in respect of the previous

two

periods, except for the Statement of Financial Position and related disclosures, which provide comparative information as of

December 31, 2019.

Certain amounts in the comparable years have been restated to conform to current year presentation. In

2020,

December 31, 2019.

These reclassifications did

not

have any impact on the classification of assets and liabilities of the Group.

Description of accounting policy for consolidation [text block]

2.2

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; and

●

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 consolidated financial statements are presented in U.S. Dollars, 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.

not

eliminate its share of gains or losses.

not

equity instruments and do

not

Description of accounting policy for business combinations [text block]

Business combinations and goodwill

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 the depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate.

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

may

be impaired, the recoverable amount is estimated. See below for accounting policies for impairment of non-financial assets.

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

Intangible assets

not

capitalized and the related expenditure is recognized as an expense 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 other 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; and

●

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 Norway AS in

2016

are amortized over

years.

years. Customer relationship and trademark assets are evaluated for impairment at least annually and more frequently when circumstances warrant.

Description of accounting policy for leases [text block]

Leases

●

fixed payments (and payments that are fixed in substance) less any lease incentives;

●

variable lease payments that depend on an index or a rate;

●

amounts expected to be paid under residual value guarantees; and

●

Variable lease payments that do

not

depend on an index or a rate are recognized as an expense in the period when the event or condition that triggers the payment occurs.

Lease payments on short-term leases of office properties and equipment, and leases of office equipment of low value are recognized as expenses on a straight-line basis over the lease term.

Prior to the implementation of IFRS

Leases

as of

January 1, 2019,

the Group applied IAS

Leases

. In accordance with IAS

17,

2019

are provided below.

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

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

An operating lease was a lease other than a finance lease. Operating lease payments were recognized as operating expenses in the Statement of Operations on a straight-line basis over the lease term.

Description of accounting policy for financial assets [text block]

Financial assets

The Group has the following financial assets:

●

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

●

Equity instruments: Holdings of publicly traded securities.

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss. The Group did

not

have financial assets measured at fair value through other comprehensive income.

not

at fair value through profit or loss, transaction costs. Transaction costs of financial assets measured at fair value through profit or loss are expensed when incurred.

not

SPPI are classified and measured at fair value through profit or loss, irrespective of business model.

Subsequent measurement at amortized cost

Subsequent measurement at fair value through profit or loss

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

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.

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

16,

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.

For the investments in listed equity instruments, quoted market prices in active markets for identical assets form the basis for fair value measurement.

Description of accounting policy for provisions [text block]

Provisions

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

Revenue

The Group has the following primary sources of revenue:

ii.

Advertising

iii.

Technology licensing and other revenue

Revenues from each of these categories are recognized as follows:

ii.

Advertising

third

parties on behalf of the Group.

not

iii.

Technology licensing and other revenue

Technology licensing and other revenue include other revenues that are

not

third

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 is 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 in IFRS

are met.

Description of accounting policy for other income [text block]

Other income

Other income is income which is

not

Description of accounting policy for personal expenses [text block]

Personnel expenses

Description of accounting policy for income tax [text block]

Income taxes

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

Description of accounting policy for discontinued operations [text block]

Discontinued operations

A discontinued operation is a component of the Group that has been disposed of or is a disposal group classified as held for sale, and

●

represents a separate major line of business or geographical area of operations;

●

is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or

●

is a subsidiary acquired exclusively with a view to resale.

2020,

the Group disposed of its microlending business and terminated its retail business, both classified as discontinued operations. Additional disclosures on discontinued operations are provided in Note

All other notes to the consolidated financial statements include amounts for continuing operations, unless indicated otherwise.

Description of accounting policy for government grants [text block]

Government grants

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

Description of accounting policy for treasury shares [text block]

Treasury shares

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

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]

2.4

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.

Fair value of investment in Nanobank

August 19, 2020,

the Group contributed TenSpot Pesa Limited and its subsidiaries to Nanobank, a related party, in exchange for the Group obtaining an ownership interest of

42%

August 19, 2020.

August 19, 2020,

was

US$265.9

million, which became the deemed cost of the investment. See Notes

and

for more information.

not

separately recognized by Nanobank, including trademarks, technology, customer relationships and licenses. For all identified assets and liabilities, the Group estimated their fair values as of

August 19, 2020.

Significant influence over OPay and basis of accounting for investment

The Group determined that it has significant influence over OPay Limited even though it was diluted in

2019

from holding

19.9%

13.1%

of the voting rights in the company and does

not

The Group holds preferred shares in OPay, acquired in

2019,

as disclosed in Notes

and

16.

Fair value of preferred shares in associates

not

equity instruments and do

not

give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Thus, the preferred shares are measured at fair value through profit or loss.

The fair values of preferred shares in OPay and StarMaker as of

December 31, 2020,

three

December 31, 2019,

16.

Collectability of consideration from Powerbets

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

15,

may

involve significant judgment.

Effective from the beginning of

2020,

the Group determined that it was

not

probable that it would collect the consideration to which it was entitled for services provided to Powerbets during the year and as a result, the Group did

not

recognize any revenue from these services. However, in

2019,

the Group determined that at the time the collectability criterion was met and based on this the Group recognized

US$2,210

thousand as revenue from contracts with Powerbets (

2018:

US$4,369

thousand). As of

December 31, 2020,

the total amount of outstanding trade receivables due from Powerbets was

US$6,579

thousand (

December 31, 2019:

US$6,579

thousand).

The Group disposed of its equity investment in Powerbets in

December 2020.

See Notes

13,

and

for more information.

As of

December 31, 2020,

nil

and consequently that the trade receivables and the long-term loans were fully impaired. Consequently, the Group recognized an impairment loss of

US$10,476

thousand, of which

US$6,579

thousand was related to trade receivables and

US$3,897

Impairment of non-financial assets

December 31, 2020,

12.

Capitalized development costs

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

six

for more information.

Note 4 - Segment and Revenue Information (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of operating segments [text block]

[US$ thousands]	Year ended December 31, 2018
Segments	Browser and News			Other			Total
Revenue
Revenue from contracts with customers		138,444			22,890			161,334
Total revenue		138,444			22,890			161,334

Technology and platform fees		(3,644	)		-			(3,644	)
Content cost		(77	)		5			(72	)
Cost of inventory sold		-			-			-
Other cost of revenue		84			(6,853	)		(6,769	)
Marketing and distribution expenses		(31,336	)		-			(31,336	)
Credit loss expense		678			-			678
Direct expenses		(34,295	)		(6,848	)		(41,143	)

Contribution by segment		104,149			16,042			120,191

[US$ thousands]	Year ended December 31, 2019
Segments	Browser and News			Other			Total
Revenue
Revenue from contracts with customers		154,968			22,110			177,078
Total revenue		154,968			22,110			177,078

Technology and platform fees		(796	)		-			(796	)
Content cost		(1,545	)		-			(1,545	)
Cost of inventory sold		-			(208	)		(208	)
Other cost of revenue		(301	)		(11,389	)		(11,690	)
Marketing and distribution expenses		(64,685	)		(198	)		(64,883	)
Credit loss expense		(448	)		(129	)		(577	)
Direct expenses		(67,775	)		(11,924	)		(79,699	)
								-
Contribution by segment		87,193			10,186			97,379

[US$ thousands]	Year ended December 31, 2020
Segments	Browser and News			Other			Total
Revenue
Revenue from contracts with customers		155,472			9,584			165,056
Total revenue		155,472			9,584			165,056

Technology and platform fees		(3,315	)		-			(3,315	)
Content cost		(4,312	)		-			(4,312	)
Cost of inventory sold		-			(700	)		(700	)
Other cost of revenue		140			(3,925	)		(3,785	)
Marketing and distribution expenses		(47,042	)		(818	)		(47,860	)
Credit loss expense		(568	)		(1,281	)		(1,849	)
Direct expenses		(55,097	)		(6,724	)		(61,821	)
								-
Contribution by segment		100,375			2,860			103,235

Reconciliation of contribution by segment to net income (loss) [text block]

[US$ thousands]	Year ended December 31,
Reconciliation	2018			2019			2020
Contribution by segment		120,191			97,379			103,235
Other income		-			-			11,542
Personnel expenses including share-based remuneration (1)		(34,719	)		(51,283	)		(59,977	)
Credit loss expense related to divested joint venture		-			-			(10,476	)
Depreciation and amortization		(12,694	)		(18,843	)		(20,234	)
Other expenses (1)		(28,397	)		(27,791	)		(26,538	)
Share of net income (loss) of associates and joint ventures		(3,248	)		(3,818	)		2,005
Change in fair value of preferred shares in associates		-			37,900			24,000
Finance income		1,626			10,532			13,633
Finance expense		(1,694	)		(655	)		(516	)
Net foreign exchange gains (losses)		(365	)		(25	)		833
Profit before income taxes from continuing operations		40,700			43,396			37,507

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

[US$ thousands]	Year ended December 31, 2018
Segments	Browser and News		Other		Total
Type of goods or service
Search		80,204		-		80,204
Advertising		58,240		-		58,240
Technology licensing and other revenue		-		22,890		22,890
Total revenue from contracts with customers		138,444		22,890		161,334

[US$ thousands]	Year ended December 31, 2019
Segments	Browser and News		Other		Total
Type of goods or service
Search		86,155		-		86,155
Advertising		68,813		-		68,813
Technology licensing and other revenue		-		22,110		22,110
Total revenue from contracts with customers		154,968		22,110		177,078

[US$ thousands]	Year ended December 31, 2020
Segments	Browser and News		Other		Total
Type of goods or service
Search		84,180		-		84,180
Advertising		71,292		216		71,508
Technology licensing and other revenue		-		9,368		9,368
Total revenue from contracts with customers		155,472		9,584		165,056

[US$ thousands]	Year ended December 31,
Revenue by customer location	2018		2019		2020
Ireland		76,791		81,637		80,059
Russia		17,356		17,265		15,239
Other		67,187		78,176		69,758
Total		161,334		177,078		165,056

[US$ thousands]	Year ended December 31,
	2018		2019		2020
Customer group 1		67,882		74,572		76,184
Customer group 2		17,017		17,758		16,281

Disclosure of other operating income [text block]

[US$ thousands]	Year ended December 31,
Other income	2018		2019		2020
Gain from disposal of subsidiaries (See Note 26)		-		-		5,289
Gain from divestment of joint venture (See Note 13)		-		-		2,063
Government granted VAT refund in China		-		-		4,030
Other items		-		-		160
Total		-		-		11,542

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

12 Months Ended

Dec. 31, 2020

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

[US$ thousands]	Year ended December 31,
Personnel expenses including share-based remuneration	2018		2019		2020
Salaries incl. bonuses		26,733		42,185		40,301
Social security cost, excluding amounts related to share-based remuneration		3,428		3,774		4,624
External temporary hires		1,687		2,474		7,090
Defined-contribution pension cost		2,066		3,616		3,279
Other personnel related expenses		2,244		4,345		2,103
Personnel expenses excluding share-based remuneration		36,158		56,395		57,397
Share-based remuneration, including related social security costs		4,846		5,928		4,706
Total		41,004		62,323		62,103

Disclosure of research and development expense [text block]

[US$ thousands]	Year ended December 31,
Research and development expenditure	2018		2019		2020
Total research and development expenditure		26,418		34,143		38,736
Less: Capitalized development expenditure excluded from personnel expenses		4,545		4,056		7,110
Net expensed research and development expenditure		21,873		30,087		31,626

Disclosure of information about key management personnel [text block]

[US$ thousands]	Year ended December 31,
Compensation of key management personnel	2018		2019		2020
Short-term employee benefits		843		2,121		2,032
Post-employment and medical benefits		57		59		51
Share-based remuneration		621		536		1,179
Total		1,521		2,716		3,262

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

[US$ thousands]	Year ended December 31,
Expense from share-based payment transactions	2018		2019		2020
Expense arising from equity-settled share-based payment transactions (1)		4,846		5,928		4,706
Expense arising from cash-settled share-based payment transactions		-		-		-
Total		4,846		5,928		4,706

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

	Year ended December 31,
RSUs	2019			2020
Outstanding at period start		4,244,132			2,983,940
Granted during the period		1,019,000			401,818
Forfeited during the period		(550,700	)		(346,200	)
Exercised during the period		(1,728,492	)		(1,122,818	)
Expired during the period		-			-
Outstanding at period end		2,983,940			1,916,740

Disclosure of number and weighted average exercise prices of share options [text block]

	Year ended December 31,
Options	2019		2020
Outstanding at period start		-		150,000
Granted during the period		150,000		-
Forfeited during the period		-		-
Exercised during the period		-		-
Expired during the period		-		-
Outstanding at period end		150,000		150,000

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

	2019 grants: RSU valuation input			2019 grants: Option valuation input			2020 grants: RSU valuation input			2020 grants: Option valuation input
Equity unit price valuation ($)		9,09	(3)		7.42			8.07			N/A
Model Used		Monte Carlo			Black-Scholes			Monte Carlo
Expected Volatility (%) (1), (2)		40.00	%		40	%		40.00	%
Risk free interest rate (%) (1)		1.70	%		2.43	%		0.58	%
Dividend Yield (%)		0	%		0	%		0	%
Duration of initial simulation period (years to longstop date)		3.16			4.81			3.81
Duration of second simulation period with postponed exercise (years)		3.00			N/A			3.00
Fair value at the measurement date ($)		8.92			2.36			7.84

Note 6 - Other Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of other expenses by nature [text block]

[US$ thousands]	Year ended December 31,
Other expenses	2018		2019		2020
Hosting		10,146		7,344		8,056
Audit, legal and other advisory services (1)		8,323		6,742		10,863
Software license fees		1,799		2,397		1,882
Rent and other office expenses		4,573		4,175		3,318
Travel		2,057		3,903		1,304
Other		1,776		3,686		2,774
Total		28,674		28,248		28,197

Note 7 - Finance Income and Expense (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of finance income [text block]

[US$ thousands]	Year ended December 31,
Finance income	2018		2019		2020
Interest income		1,375		2,045		326
Other finance income		251		10		275
Net fair value gain related to listed equity instruments (1)		-		8,477		13,033
Total		1,626		10,532		13,633

Disclosure of finance cost [text block]

[US$ thousands]	Year ended December 31,
Finance expense	2018		2019		2020
Interest expense		182		562		447
Other financial cost		27		93		69
Net fair value loss related to listed equity instruments (1)		1,485		-		-
Total		1,694		655		516

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

[US$ thousands]	Year ended December 31,
Foreign exchange gain (loss)	2018			2019			2020
Unrealized foreign exchange gain (loss)		(1,116	)		166			2,365
Realized foreign exchange gain (loss)		751			(191	)		(1,532	)
Total		(365	)		(25	)		833

Note 8 - Income Tax (Tables)

12 Months Ended

Dec. 31, 2020

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

[US$ thousands]	Year ended December 31,
Income tax (expense) benefit	2018			2019			2020
Current income taxes		(4,322	)		(5,112	)		1,983
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1)		(615	)		(322	)		(1,272	)
Deferred taxes		(1,544	)		(168	)		1,164
Income tax (expense) benefit		(6,481	)		(5,602	)		1,876

Income tax (expense) benefit is attributable to:
Profit from continuing operations		(6,481	)		(2,658	)		(75	)
Profit from discontinued operation		-			(2,944	)		1,950

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

[US$ thousands]	Year ended December 31,
Reconciliation of tax (expense) benefit to Norwegian nominal statutory tax rate	2018			2019			2020
Profit from continuing operations before income tax expense		40,700			43,396			37,507
Profit from discontinued operation before income tax expense		941			20,105			139,792
Basis for calculation of the tax (expense) benefit		41,641			63,500			177,299
Tax expense at nominal tax rate in Norway		(9,577	)		(13,970	)		(39,006	)
Effect of different tax rates applied by subsidiaries		(167	)		(2,118	)		11,543
Permanent differences
Tax effect of translation differences exempted for tax		218			1,155			99
Tax effect of financial items exempted from tax		1,726			1,917			20,143
Tax effects of losses in associates and joint ventures which are non-deductible		(744	)		383			2,200
Withholding taxes paid		-			(232	)		(271	)
Net other permanent differences (not) tax deductible		(617	)		4,269			5,313
Other effects
Change to previously recognized deferred tax assets		1,589			27			246
Currency effect on income tax (expense) benefit, adjustments recognized in the period for current tax of prior periods and other effects		(615	)		3,162			670
Change in unrecognized deferred tax assets		1,144			(314	)		952
Change in tax rate		561			119			(14	)
Income tax (expense) benefit for the year		(6,481	)		(5,602	)		1,876
Effective tax rate		15.6	%		8.8	%		-1.1	%

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

[US$ thousands]	As of December 31,
Deferred tax asset and deferred tax liability	2019			2020
Furniture, fixtures and equipment, and intangible assets		22,703			21,969
Other		(8,479	)		(1,274	)
Trade receivables		(121	)		(591	)
Intercompany interest costs subject to limitations		(7,714	)		(9,361	)
Withholding tax expected to be credited (credit method)		(1,065	)		(364	)
Tax losses carried forward		(1,003	)		(3,017	)
Net deferred tax liability recognized		4,322			7,362

Disclosure of changes in deferred taxes [text block]

[US$ thousands]	As of December 31,
Change in net deferred tax liability	2019			2020
Net deferred tax liability as of January 1		12,414			4,322
Expense (benefit) in Statement of Operations		(8,092	)		3,040
Net deferred tax liability		4,322			7,362

[US$ thousands]	As of December 31,
Deferred tax assets and liabilities	2019		2020
Deferred tax assets		6,204		4,383
Deferred tax liabilities		10,526		11,745
Net deferred tax liability		4,322		7,362

Note 9 - Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of discontinued operations [text block]

[US$ thousands]	Year ended December 31,
Discontinued operations	2018			2019			2020
Revenue		10,942			157,776			136,246
Expenses		(10,001	)		(137,671	)		(147,822	)
Profit (loss) before income tax		941			20,105			(11,576	)
Income tax (expense) benefit		-			(2,944	)		1,950
Profit (loss) after income tax		941			17,161			(9,626	)
Gain on sale of the subsidiary after income tax		-			-			151,368
Profit from discontinued operation		941			17,161			141,742

Exchange differences on translation of discontinued operations		(11	)		(1,134	)		(1,802	)
Other comprehensive loss from discontinued operations		(11	)		(1,134	)		(1,802	)

[US$ thousands]	As of August 19,
Assets and liabilities of the fintech segment, as disposed of	2020
Furniture, fixtures and equipment		1,014
Non-current financial assets		566
Deferred tax assets		7,467
Trade receivables		1,377
Loans to customers		17,983
Other receivables		45,445
Prepayments		4,703
Cash and cash equivalents		38,957
Total assets		117,512

Non-current lease liabilities and other loans		8
Other non-current liabilities		4
Trade and other payables		6,376
Current lease liabilities and other loans		87,879
Income tax payable		246
Deferred revenue		17
Other current liabilities		457
Total liabilities		94,987

[US$ thousands]	Year ended December 31,
Net cash flows incurred by discontinued operations	2018			2019			2020
Net cash inflow from operating activities		(3,349	)		(108,813	)		65,806
Net cash inflow/(outflow) from investing activities		(227	)		(507	)		(576	)
Net cash (outflow) from financing activities		5,963			125,675			(44,711	)
Net cash (outflow)/inflow		2,387			16,354			20,518

[Net income per share and ADS in US$]	Year ended December 31,
Earnings per share from discontinued operations	2018		2019		2020

Basic net income from discontinued operations per share, US$		0.00		0.08		0.60
Diluted net income from discontinued operations per share, US$		0.00		0.07		0.60

Basic net income from discontinued operations per ADS, US$		0.01		0.15		1.21
Diluted net income from discontinued operations per ADS, US$		0.01		0.15		1.19

Disclosure of gain (loss) on loss of control of discontinued operation [text block]

[US$ thousands]	As of August 19,
Gain on sale of fintech segment	2020
Fair value of shares in Nanobank		264,936

Carrying amount of net assets disposed of		(22,766	)
Carrying amount of TenSpot Pesa Limited receivables transferred to Nanobank		(87,867	)
Gain on sale before income tax and reclassification of foreign currency translation reserve		154,304
Reclassification of foreign currency translation reserve		(2,936	)
Income tax expense on gain		-
Gain on sale after income tax		151,368

Note 10 - Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of earnings per share [text block]

[Net income in US$ thousands]	Year ended December 31,
Net income attributable to the owners of the parent	2018			2019			2020
Continuing operations		34,219			40,739			37,432
Discontinued operations		941			17,161			141,742
Net income attributable to the owners of the parent for basic and diluted earnings		35,160			57,899			179,174

Issued ordinary shares at beginning of period		190,250,000			220,119,343			237,826,326
Effect of shares issued		12,504,070			7,422,487			1,889,770
Effect of treasury shares held		(133,681	)		(2,913,330	)		(5,146,244	)
Basic weighted-average number of ordinary shares in the period		202,620,388			224,628,500			234,569,852
Effect of employee equity grants		6,107,813			4,437,167			2,816,613
Diluted weighted-average number of ordinary shares in the period		208,728,201			229,065,667			237,386,466

Basic net income from continuing operations per share, US$		0.17			0.18			0.16
Basic net income per share, US$		0.17			0.26			0.76

Diluted net income from continuing operations per share, US$		0.16			0.18			0.16
Diluted net income per share, US$		0.17			0.25			0.75

[Net income in US$ thousands]	Year ended December 31,
Net income attributable to the owners of the parent	2018		2019		2020
Continuing operations		34,219		40,739		37,432
Discontinued operations		941		17,161		141,742
Net income attributable to the owners of the parent for basic and diluted earnings		35,160		57,899		179,174

ADS equivalent of basic weighted-average number of ordinary shares		101,310,194		112,314,250		117,284,926
ADS equivalent of diluted weighted-average number of ordinary shares		104,364,101		114,532,833		118,693,233

Basic net income from continuing operations per ADS, US$		0.34		0.36		0.32
Basic net income per ADS, US$		0.35		0.52		1.53

Diluted net income from continuing operations per ADS, US$		0.33		0.36		0.32
Diluted net income per ADS, US$		0.34		0.51		1.51

Note 11 - Furniture, Fixtures and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

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

[US$ thousands]	Office properties			Furniture and fixtures			Equipment			Leasehold improvements			Total
Cost
As of January 1, 2019		6,739			629			32,804			1,738			41,911
Additions		1,228			243			9,197			78			10,746
Disposals		-			-			(13,672	)		-			(13,672	)
Exchange rate differences		-			5			(321	)		(69	)		(385	)
As of December 31, 2019		7,967			878			28,008			1,747			38,601

Additions		1,135			198			2,259			17			3,608
Additions through business combinations		-			-			11			-			11
Disposals		(852	)		(284	)		(1,205	)		(37	)		(2,377	)
Exchange rate differences		-			(19	)		632			7			619
As of December 31, 2020		8,250			773			29,705			1,733			40,462

Depreciation and impairment
As of January 1, 2019		-			324			13,831			628			14,780
Depreciation for the year		1,766			139			8,585			258			10,748
Disposals		-			-			(12,994	)		-			(12,994	)
Exchange rate differences		-			1			24			(17	)		8
As of December 31, 2019		1,766			464			9,446			869			12,543

Depreciation for the year		2,221			128			7,301			260			9,912
Disposals		(71	)		(12	)		(77	)		(5	)		(164	)
Exchange rate differences		-			5			-			-			5
As of December 31, 2020		3,917			586			16,670			1,124			22,295


Net book value as of December 31, 2019		6,201			415			18,562			878			26,053
Net book value as of December 31, 2020		4,333			187			13,034			609			18,167

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

	Office properties	Fixture and fittings	Equipment	Leasehold improvements
Useful life	Up to 6 years	Up to 5 years	Up to 10 years, or term of lease contract (1)	Up to 6 years, or term of lease contract
Depreciation plan	Straight-line	Straight-line	Straight-line	Straight-line

Note 12 - Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of detailed information about intangible assets [text block]

[US$ thousands]	Goodwill		Customer relationships			Technology		Trademarks		Other intangible assets			Total
Cost
As of January 1, 2019		421,578		40,700			18,677		70,600		2,047			553,602
Additions (1)		-		-			3,545		-		-			3,545
Disposals		-		-			-		-		-			-
Exchange differences		-		-			-		-		-			-
As of December 31, 2019		421,578		40,700			22,222		70,600		2,047			557,147

Additions (1)		-		-			6,553		-		2,287			8,840
Additions from business combination (2)		2,998		32			1,695		-		-			4,725
Disposals		-		-			-		-		-			-
Exchange differences		385		-			187		-		114			686
As of December 31, 2020		424,961		40,732			30,657		70,600		4,448			571,398

Amortization and impairment
As of January 1, 2019		-		6,457			8,122		-		2,002			16,581
Amortization for the year		-		2,980			5,203		-		2			8,185
Disposals		-		-			-		-		-			-
Exchange differences		-		-			-		-		(4	)		(4	)
As of December 31, 2019		-		9,437			13,325		-		2,000			24,762

Amortization for the year		-		3,013			6,674		-		2			9,689
Disposals		-		-			-		-		-			-
Exchange differences		-		(1	)		-		-		33			32
As of December 31, 2020		-		12,449			19,999		-		2,035			34,483


Net book value as of December 31, 2019		421,578		31,263			8,897		70,600		47			532,385
Net book value as of December 31, 2020		424,961		28,283			10,658		70,600		2,413			536,915

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

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

Note 13 - Investments in Associates and Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2020

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

	Period from August 19, until December 31,
[US$ thousands]	2020
The Group's interest		42	%

Net revenue
Interest income		60,887
Interest expense		(621	)
Other revenue		669
Operating income		60,935

Operating expenses
Credit loss expense on loans to customers		(20,755	)
Personnel expenses		(9,399	)
Marketing expenses		(5,101	)
Technical service fee		(3,956	)
Collection service fee		(1,027	)
Commission fee		(1,930	)
Depreciation and amortization (1)		(7,492	)
Other expenses		(2,163	)
Net foreign exchange gain		5,702
Total operating expenses		(46,121	)

Profit before income taxes		14,814
Income tax expense		(14,193	)
Net income (loss)		621

Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods (net of tax)
Exchange difference on translation of foreign operations		(2,227	)
Total comprehensive income (loss)		(1,606	)

Group's share of net income (loss)		261
Group's share of other comprehensive income (loss)		(935	)

	As of December 31,
[US$ thousands]	2020
Assets, excluding goodwill		254,596
Goodwill		447,300
Liabilities		72,702
Equity		629,194

	Year ended December 31, 2018
[US$ thousands]	OPay			StarMaker			nHorizon			Powerbets
The Group's interest		19.90	%		19.35%	(1)		29.09	%		50.10	%
Revenue		848			12,332			48,992			4,498
Operating profit (loss)		(359	)		(9,535	)		(1,568	)		(4,528	)
Net income (loss)		(384	)		(8,497	)		(2,056	)		(4,735	)
Other comprehensive income that may be reclassified to net income		-			-			-			188
Total comprehensive income		(384	)		(8,497	)		(2,056	)		(4,547	)
Group's share of net income (loss)		(76	)		N/A			(598	)		(2,372	)

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

	Year ended December 31, 2019
[US$ thousands]	OPay			StarMaker			nHorizon			Powerbets
The Group's interest		13.10%	(2)		19.35%	(1)		29.09	%		50.10	%
Revenue		16,687			29,035			43,335			4,990
Operating profit (loss)		(71,678	)		(8,485	)		1,821			(3,016	)
Net income (loss)		(71,474	)		(8,485	)		1,780			(5,134	)
Other comprehensive income that may be reclassified to net income		-			-			-			-
Total comprehensive income		(71,474	)		(8,485	)		1,780			(5,134	)
Group's share of net income (loss)		(2,938	)		N/A			518			(2,572	)
Gain on partial disposal		1,174			-			-			-
Total share of net income (loss)		(1,764	)		N/A			518			(2,572	)

Current assets		99,238			13,869			8,225			4,447
Non-current assets		24,656			11,377			695			1,560
Current liabilities		28,870			29,870			5,875			13,074
Non-current liabilities		170,015			-			-			5,754
Equity		(74,992	)		(4,624	)		3,045			(12,822	)

	Year ended December 31, 2020
[US$ thousands]	OPay			StarMaker			nHorizon			Powerbets
The Group's interest		13.10%	(2)		19.35%	(1)		29.09	%		0.00	%
Revenue		38,388			89,937			12,837			9,638
Operating profit (loss)		(30,700	)		13,298			(1,827	)		(1,029	)
Net income (loss)		(30,618	)		13,151			(1,840	)		(1,481	)
Other comprehensive income that may be reclassified to net income		-			-			-			-
Total comprehensive income		(30,618	)		13,151			(1,840	)		(1,481	)
Group's share of net income (loss)		(876	)		N/A			(535	)		(742	)

Current assets		72,573			36,600			6,068			N/A
Non-current assets		34,860			13,000			578			N/A
Current liabilities		40,368			36,900			5,302			N/A
Non-current liabilities		180,639			34,800			-			N/A
Equity		(113,575	)		(22,100	)		1,343			N/A

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

	Year ended December 31, 2019
[US$ thousands]	OPay			StarMaker			nHorizon			Powerbets
Carrying amount as of January 1, 2019		4,330			30,000			443			289
Investment during the year		7,131			-			-			366
Change in fair value of preferred shares		33,900			4,000			-			-
Foreign exchange adjustment		-			-			3			-
Other adjustments		673			-			-			157
Share of net income (loss)		(2,938	)		N/A			518			(2,572	)
Share of other comprehensive income		-			NA			-			-
Carrying amount as of December 31, 2019		43,096			34,000			963			(1,760	)

Groups share in %		13.10%			19.35	%		29.09	%		50.10	%
Groups share in equity		(2,145	)		n/a			886			(6,424	)
Unrecognized intangible assets		-			n/a			-			566
Equity method adjustments		(759	)		n/a			77			4,097
Fair value of preferred shares (1)		46,000			34,000			-			-
Carrying amount as of December 31, 2019		43,096			34,000			963			(1,760	)

	Year ended December 31, 2020
[US$ thousands]	Nanobank			OPay			StarMaker			nHorizon			Powerbets
Carrying amount as of January 1, 2020		-			43,096			34,000			963			(1,760	)
Investment during the year (2)		264,936			-			-			-			440
Change in fair value of preferred shares		-			3,000			21,000			-			-
Foreign exchange adjustment		-			-			-			35			-
Share of net income (loss) (3)		261			(876	)		N/A			(535	)		(742	)
Share of other comprehensive income (loss)		(935	)		-			-			-			-
Disposal of investment		-			-			-			-			2,063
Carrying amount as of December 31, 2020		264,261			45,220			55,000			463			-

Groups share in %		42.00	%		13.10	%		19.35	%		29.09	%		0%
Groups share in equity		264,261			(3,248	)		N/A			391			N/A
Equity method adjustments		-			(532	)		-			72			-
Fair value of preferred shares (1)		N/A			49,000			55,000			-			N/A
Carrying amount as of December 31, 2020		264,261			45,220			55,000			463			-

Note 14 - Trade Receivables, Other Receivables and Prepayments (Tables)

12 Months Ended

Dec. 31, 2020

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

[US$ thousands]	As of December 31,
Trade receivables	2019		2020
Trade receivables		39,981		18,152
Unbilled receivables		9,390		10,658
Total		49,371		28,809

[US$ thousands]	As of December 31,
Other receivables	2019		2020
VAT		1,232		1,218
Receivable due from Otello Corporation ASA		924		-
Receivable due from OPay (1)		-		5,000
Deposit in restricted escrow account		52,878		-
Other		4,078		4,532
Total		59,112		10,750

[US$ thousands]	As of December 31,
Prepayments	2019		2020
Prepaid expenses (1)		25,809		9,061
Total		25,809		9,061

Provision for impairment of trade receivables [text block]

[US$ thousands]	As of December 31,
Allowance for impairment of trade receivables	2019			2020
As of period start		1,619			1,446
Loss allowance related to trade receivables due from Powerbets		-			6,579
Other changes in the period		(173	)		(382	)
As of period end		1,446			7,643

Disclosure of aging of trade receivables [text block]

[US$ thousands]			Neither past due		Past due
Aging analysis of trade receivables	Total		nor impaired		<30 days		31-60 days		61-90 days		>90 days (1)
As of December 31, 2019		39,981		22,125		8,761		657		341		8,097
As of December 31, 2020		18,152		14,647		1,425		367		117		1,597

Note 15 - Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of cash, cash equivalents, and restricted cash [text block]

[US$ thousands]	As of December 31,
Cash and cash equivalents	2019		2020
Restricted cash		216		280
Cash and cash equivalents		139,271		133,888
Total		139,487		134,168

Note 16 - Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of detailed information about financial instruments [text block]

[US$ thousands]	As of December 31,
Financial assets	2019		2020
Financial assets at amortized cost
Non-current financial assets (1)		1,351		1,490
Trade receivables		49,371		28,809
Other short-term receivables (2)		59,112		10,750
Loans to customers		-		68
Other current financial assets		1,535		856
Total financial assets at amortized cost		111,369		41,973

Financial assets at fair value through profit or loss
Preferred shares in associates (3)		80,000		104,000
Loans to customers (2)		93,115		-
Listed equity instruments		42,146		-
Total financial assets at fair value through profit or loss		215,261		104,000

Total financial assets		326,630		145,973

[US$ thousands]	As of December 31,
Financial liabilities	2019		2020
Financial liabilities at amortized cost
Lease liabilities and other loans (1)		56,974		8,972
Trade and other payables		57,125		25,454
Other financial liabilities		15,279		13,107
Total financial liabilities at amortized cost		129,378		47,533

Financial liabilities at fair value through profit or loss
Short position in listed equity instruments		-		744
Total financial liabilities at fair value through profit or loss		-		744

Total financial liabilities		129,378		48,277

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

[US$ thousands]
Gain (loss) on listed equity instruments in 2019	Realized gain (loss)			Unrealized gain (loss)		Total
Long positions		6,278			2,564		8,842
Short positions		(365	)		-		(365	)
Total		5,913			2,564		8,477

[US$ thousands]
Gain (loss) on listed equity instruments in 2020	Realized gain (loss)		Unrealized gain (loss)		Total
Long positions		12,910		-		12,910
Short positions		10		113		123
Total		12,920		113		13,033

Disclosure of sensitivity analysis for equity [text block]

[US$ thousands]		As of December 31, 2019						As of December 31, 2020
Effect on fair value measurement of preferred shares in OPay	Key unobservable input	Decrease			Increase			Decrease			Increase
Discount for lack of marketability (5 percentage points movement)	PWERM, OPM and CVM		2,720			(2,409	)		2,811			(2,811	)
Weighted average cost of capital (2 percentage points movement)	PWERM		1,408			(608	)		1,087			(1,009	)
Equity value of the company (10% movement)	OPM and CVM		(3,597	)		2,406			(3,093	)		3,092

[US$ thousands]		As of December 31, 2019						As of December 31, 2020
Effect on fair value measurement of preferred shares in StarMaker	Key unobservable input	Decrease			Increase			Decrease			Increase
Discount for lack of marketability (5 percentage points movement)	PWERM, OPM and CVM		2,585			(2,293	)		4,221			(4,221	)
Weighted average cost of capital (2 percentage points movement)	PWERM		389			(85	)		367			(351	)
Equity value of the company (10% movement)	OPM and CVM		(1,449	)		1,438			(2,947	)		2,944

Disclosure of financial instruments fair value hierarchy [text block]

		Fair value measurement using
[US$ thousands]	Date of valuation	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets measured at fair value
Preferred shares in associates	December 31, 2019		-		-		80,000
Loans to customers	December 31, 2019		-		-		93,115
Listed equity instruments	December 31, 2019		42,146		-		-

Fair value measurement using

[US$ thousands]

Date of valuation

Quoted prices in

active markets

(Level 1)

Significant

observable inputs

(Level 2)

Significant

unobservable inputs

(Level 3)

Assets measured at fair value

Preferred shares in associates

December 31, 2020

104,000

Fair value measurement using

[US$ thousands]

Date of valuation

Quoted prices in

active markets

(Level 1)

Significant

observable inputs

(Level 2)

Significant

unobservable inputs

(Level 3)

Liabilities measured at fair value

Short position in listed equity instruments

December 31, 2020

744

Note 17 - Lease Liabilities and Other Loans (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of detailed information about borrowings [text block]

[US$ thousands]				As of December 31,
Lease liabilities and interest-bearing loans	Interest rate		Maturity	2019		2020
Lease liabilities					12,003		7,800
Interest-bearing loans		4.00%	January 2021 - July 2023		43,904		801
Total					55,907		8,601

Disclosure of borrowings and finance lease liabilities [text block]

[US$ thousands]	As of December 31,
Non-current lease liabilities and other loans	2019		2020
Lease liabilities		7,378		3,094
Interest-bearing loans		736		490
Other loans		1,067		-
Total		9,181		3,584

[US$ thousands]	As of December 31,
Current lease liabilities and other loans	2019		2020
Lease liabilities		4,625		4,706
Interest-bearing loans		43,169		311
Other loans		-		371
Total		47,793		5,389

Disclosure of lease amounts included in financial statements [text block]

[US$ thousands]	As of December 31,
Amounts recognized in the Statement of Financial Position	2019		2020
Right-of-use assets (1)
Office properties		6,178		4,974
Equipment		5,528		2,335
Total		11,706		7,309

Lease liabilities
Current		4,625		4,706
Non-current		7,378		3,094
Total		12,003		7,800

[US$ thousands]	Year ended December 31,
Amounts recognized in the Statement of Operations	2019		2020
Depreciation charge of right-of-use assets
Office properties		1,752		2,221
Equipment		2,739		2,529
Total		4,491		4,750

Interest expense (included in Finance expense)		457		397
Net foreign exchange gain (loss)		-		(140	)

Note 18 - Trade and Other Payables (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of detailed information about trade and other payables [text block]

[US$ thousands]	As of December 31,
Trade and other payables	2019		2020
Trade payables due to related parties (1)		28,864		4,685
Other trade payables		19,813		17,764
Employee withholding tax		325		1,044
VAT		7,361		1,162
Payroll tax (2)		761		799
Total		57,125		25,454

Note 19 - Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of detailed information about other current liabilities [text block]

[US$ thousands]	As of December 31,
Other current liabilities	2019		2020
Accrued personnel expenses		10,472		11,985
Trading liability (1)		-		744
Customer deposits		2,694		-
Other current liabilities		1,976		310
Total		15,142		13,040

Note 20 - Scheduled Maturities of Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of financial liabilities [text block]

[US$ thousands]	Less than		1 to 3		Over 3
As of December 31, 2019	12 months		years		years		Total
Non-current
Lease liabilities (Note 17)		-		7,681		1,247		8,928
Interest-bearing loans including interest (Note 17)		-		1,840		-		1,840
Other non-current liabilities		-		-		137		137
Current
Trade and other payables (Note 18)		57,125		-		-		57,125
Lease liabilities (Note 17)		4,930		-		-		4,930
Interest-bearing loans including interest (Note 17)		43,303		-		-		43,303
Other current liabilities (Note 19)		15,142		-		-		15,142
Total financial liabilities including interest		120,500		9,521		1,384		131,405

[US$ thousands]	Less than		1 to 3		Over 3
As of December 31, 2020	12 months		years		years		Total
Non-current
Lease liabilities (Note 17)		-		3,224		-		3,224
Interest-bearing loans including interest (Note 17)		-		505		-		505
Other non-current liabilities		-		-		68		68
Current
Trade and other payables (Note 18)		25,454		-		-		25,454
Lease liabilities (Note 17)		4,914		-		-		4,914
Interest-bearing loans including interest (Note 17)		337		-		-		337
Other current liabilities (Note 19)		13,040		-		-		13,040
Total financial liabilities including interest		43,744		3,729		68		47,541

Note 21 - Changes in Liabilities Arising from Financing Activities (Tables)

12 Months Ended

Dec. 31, 2020

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

Changes in liabilities arising from financing activities in 2019
[US$ thousands]	As of January 1, 2019		Impact of adopting IFRS 16			Cash flows			Foreign exchange movement			Other (1)			As of December 31, 2019
Interest-bearing loans and liabilities, non-current		2,238		-			(1,509	)		-			7			736
Lease liabilities, non-current		33		10,709			(1,693	)		(33	)		(1,638	)		7,378
Interest bearing loans and liabilities, current		196		-			43,163			-			10			43,369
Lease liabilities, current		1,802		4,260			(1,062	)		-			(375	)		4,625
Other loans		492		(64	)		-			-			439			867
Total liabilities from financing activities		4,761		14,905			38,899			(33	)		(1,557	)		56,975

Changes in liabilities arising from financing activities in 2020
[US$ thousands]	As of January 1, 2020		Cash flows			Foreign exchange movement		Other (1)			As of December 31, 2020
Interest-bearing loans and liabilities, non-current		736		(246	)		-		-			490
Lease liabilities, non-current		7,378		(3,782	)		-		(502	)		3,094
Interest bearing loans and liabilities, current		43,369		(43,058	)		-		-			311
Lease liabilities, current		4,625		(420	)		-		502			4,707
Other loans		867		-			-		(496	)		371
Total liabilities from financing activities		56,975		(47,506	)		-		(496	)		8,973

Note 25 - Group Information (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of interests in subsidiaries [text block]

Parent company		Registered office		Domicile
Opera Limited		George Town		Cayman Islands

	Registered		Ownership interest
Group entities	office	Domicile	and voting rights
Kunhoo Software LLC	George Town	Cayman Islands	100%
Kunhoo Software Limited	Hong Kong	Hong Kong	100%
Kunhoo Software S.a.r.l.	Luxembourg	Luxembourg	100%
Kunhoo Software AS	Oslo	Norway	100%
Opera Norway AS	Oslo	Norway	100%
Opera Software Holdings LLC	San Mateo	USA	100%
Opera Software Ireland Ltd.	Dublin	Ireland	100%
Opera Sweden AB	Linköping	Sweden	100%
Opera Software International AS	Oslo	Norway	100%
Opera Software Netherlands B.V.	Amsterdam	Netherlands	100%
Opera Software India Pvt. Ltd.	Chandigarh	India	100%
Opera Software Poland sp. z.o.o.	Wroclaw	Poland	100%
Opera Software Technology (Beijing) Co. Ltd.	Beijing	China	100%
Opera Unite HK Limited	Hong Kong	Hong Kong	100%
Opera Unite Pte. Ltd.	Singapore	Singapore	100%
Opesa South Africa (Pty) Limited	Cape Town	South Africa	100%
O-Play Digital Services Ltd.	Lagos	Nigeria	100%
O-Play Kenya Limited (2)	Nairobi	Kenya	80%
Phoneserve Technologies Co. Ltd. (2)	Nairobi	Kenya	80%
O-Play Zambia Limited	Lusaka	Zambia	100%
PT Inpesa Digital Teknologi (3)	Jakarta	Indonesia	100%
Opera Lifestyle	George Town	Cayman Islands	100%
Opera Lifestyle Nigeria Ltd.	Lagos	Nigeria	100%
OList Homes Ltd. (1)	Lagos	Nigeria	100%
OÜ PocoSys (1)	Tallinn	Estonia	100%
P2C International Limited (1)	London	United Kingdom	100%
Dify Financial Technologies Iberia S.L.A. (1)	Barcelona	Spain	100%
Opera Financial Technologies Limited	London	United Kingdom	100%
Blueboard Limited (1)	Dublin	Ireland	100%
Beijing Yuega Software Tech. Srvc. Co. Ltd. (3)	Beijing	China	100%

Note 26 - Related Parties (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of transactions between related parties [text block]

[US$ thousands]			As of December 31,
Balances with related parties	Category of related party	Type of balance	2019			2020
Beijing Kunlun Lexiang Network Technology Co., Ltd.	Key management personnel	Other payables		-			(15	)
Beijing Kunlun Online Network Tech Co., Ltd.	Key management personnel	Other payables		-			(45	)
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Other payables		(177	)		(773	)
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Trade receivables		-			13
Beijing OFY Co., Ltd.	Associate / Key management personnel	Trade receivables		-			51
Beijing Xianlaihuyu Network Tech Co., Ltd.	Key management personnel	Other payables		-			(5	)
Blue Ridge Micro Finance Bank Ltd.	Associate / Key management personnel	Trade payables		-			(30	)
Kunlun Global International Sdn. Bhd.	Key management personnel	Other payables		-			(8	)
Kunlun Group Ltd.	Key management personnel	Trade payables		(436	)		(520	)
Kunlun Tech Ltd.	Key management personnel	Trade receivables		-			568
Mobimagic Digital Tech. Ltd.	Key management personnel	Distribution prepayment		15,527			3,848
Mobimagic Digital Tech. Ltd.	Key management personnel	Trade and other payables		(2,760	)		-
Mobimagic Cayman Co. Ltd.	Key management personnel	Trade receivables		303			-
Mobimagic Cayman Co. Ltd. / Hong Kong Fintango Ltd.	Key management personnel	Trade and other payables		(25,598)			-
Nanocred Cayman Company Limited and subsidiaries	Associate / Key management personnel	Other receivables		-			138
nHorizon Infinite (Beijing) Software Ltd.	Joint venture	Trade receivables		-			278
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Revenue share liability		(23	)		(23	)
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Trade receivables		146			-
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Professional service payable		(543	)		(533	)
OPay Digital Services Ltd.	Associate / Key management personnel	Loan receivable		-			-
OPay Digital Services Ltd.	Associate / Key management personnel	Trade receivables		17,450			615
OPay Digital Services Ltd.	Associate / Key management personnel	Contract liability		(6,274	)		-
OPay Digital Services Ltd.	Associate / Key management personnel	Other receivables		-			5,000
Paycom Nigeria Ltd.	Key management personnel	Trade receivables		1,466			-
Paycom Nigeria Ltd.	Key management personnel	Trade and other payables		(26	)		(136	)
Powerbets Holdings Ltd.	Joint venture	Loan receivable		3,039			-
Powerbets Holdings Ltd.	Joint venture	Trade receivable		6,579			-
Starmaker Entertainment Technology India Pvt., Ltd.	Key management personnel	Trade receivables		22			-
Wisdom Connection III Holding Inc.	Key management personnel	Other receivables		500			500
Xinyu Kunnuo Investment Management Co., Ltd.	Key management personnel	Other payables		-			180
Ying Liang Ltd.	Key management personnel	Distribution prepayment		-			22
Ying Liang Ltd.	Key management personnel	Trade and other payables		-			(3,673	)
Ying Liang Ltd.	Key management personnel	Trade receivables		-			209

[US$ thousands]			Year ended December 31,
Transactions with related parties	Category of related party	Type of transaction	2018			2019			2020
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Office facilities		(1,072	)		(1,545	)		(1,533	)
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Technology licensing and other revenue		-			13			-
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Professional services		-			(30	)		-
Beijing Kunlun Lexiang Network Technology Co., Ltd.	Key management personnel	Professional services		-			(79	)		(15	)
Beijing Kunlun Online Network Tech Co., Ltd.	Key management personnel	Professional services		-			(125	)		(44	)
Beijing Xianlaihuyu Network Tech Co., Ltd.	Key management personnel	Professional services		-			(39	)		(5	)
Beijing OFY Co., Ltd.	Associate / Key management personnel	Technology licensing and other revenue		-			-			543
Kunlun Global International Sdn. Bhd.	Key management personnel	Advertising revenue		68			2			-
Kunlun Global International Sdn. Bhd.	Key management personnel	Professional services		-			-			(8	)
Kunlun Group Ltd.	Key management personnel	Professional investment advisory services		-			(436	)		(582	)
Mobimagic Digital Tech. Ltd.	Key management personnel	Technology licensing, advertising and other revenue		3,069			-			496
Mobimagic Digital Tech. Ltd.	Key management personnel	Marketing and distribution		(7,522	)		(25,767	)		(9,719	)
Mobimagic Digital Tech. Ltd.	Key management personnel	Software license fees		-			(500	)		-
Mobimagic Cayman Co. Ltd.	Key management personnel	Technology licensing and other revenue		-			303			596
Mobimagic Cayman Co. Ltd. / Hong Kong Fintango Ltd.	Key management personnel	Technology and platform fees		-			(25,598)			(23,007	)
Mobimagic Cayman Co. Ltd.	Key management personnel	Professional services		-			(325	)		-
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Technology licensing and other revenue		(18	)		146			-
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Content cost		(45	)		(38	)		-
nHorizon Infinite (Beijing) Software Ltd.	Joint venture	Professional services		(941	)		(156	)		-
nHorizon Infinite (Beijing) Software Ltd.	Joint venture	Technology licensing and other revenue		-			-			133
OPay Digital Services Ltd.	Associate / Key management personnel	Acquisition of business		(9,500	)		-			-
OPay Digital Services Ltd.	Associate / Key management personnel	Investment		-			(7,131	)		-
OPay Digital Services Ltd.	Associate / Key management personnel	Technology and platform fees		(455	)		-			-
OPay Digital Services Ltd.	Associate / Key management personnel	Technology licensing and other revenue		10,899			15,960			7,626
OPay Digital Services Ltd.	Associate / Key management personnel	Interest income		-			323			-
OPay Digital Services Ltd.	Associate / Key management personnel	Other income		-			-			5,289
Paycom Nigeria Ltd.	Associate / Key management personnel	Advertising and other revenue		-			1,565			866
Powerbets Holdings Ltd.	Joint venture	Technology licensing, advertising and other revenue		4,369			2,210			-
Puto Novi Financing Corporation	Key management personnel	Finance income		-			-			97
StarMaker Interactive Inc.	Key management personnel	Investment		(30,000	)		-			-
StarMaker Interactive Inc.	Key management personnel	Professional services		175			150			-
Wisdom Connection III Holding Inc.	Key management personnel	Other revenue		-			8			-
Wisdom Connection III Holding Inc.	Key management personnel	Disposal of shares in associates		-			500			-
Xinyu Kunnuo Investment Management Co., Ltd.	Key management personnel	Professional services		-			-			180
Ying Liang Ltd.	Key management personnel	Marketing and distribution expenses		-			-			(3,716	)
Ying Liang Ltd.	Key management personnel	Technology licensing and other revenue		-			-			209

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

12 Months Ended

Aug. 19, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Increase (decrease) through other changes, allowance account for credit losses of financial assets, related to divested joint venture, trade receivables

$ 165,056

$ 177,078

^[1]

$ 161,334

Trade receivables

28,809

49,371

(6,579)

Increase (decrease) through other changes, allowance account for credit losses of financial assets, related to divested joint venture, loans and advances

(3,897)

Increase (decrease) through other changes, allowance account for credit losses of financial assets, related to divested joint venture

$ (10,476)

^[1]

13.10%

^[2]

13.10%

^[2]

19.90%

$ 38,388

$ 16,687

$ 848

2,210

$ 4,369

Trade receivables

$ 6,579

Proportion of ownership interest in subsidiary

42.00%

Investments in subsidiaries

$ 265,900

Top of range [member] | Capitalised development expenditure [member]

Useful lives or amortisation rates, intangible assets other than goodwill (Year)

3 years

Top of range [member] | Technology-based intangible assets [member]

Useful lives or amortisation rates, intangible assets other than goodwill (Year)

5 years

Top of range [member] | Customer-related intangible assets [member]

Useful lives or amortisation rates, intangible assets other than goodwill (Year)

15 years

Leasehold improvements [member] | Top of range [member]

Useful lives or depreciation rates, property, plant and equipment (Year)

6 years

Equipment [member] | Top of range [member]

Useful lives or depreciation rates, property, plant and equipment (Year)

^[3]

10 years

Furniture and Fixtures [member] | Top of range [member]

Useful lives or depreciation rates, property, plant and equipment (Year)

5 years

[1]	Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information.
[2]	Reflects the total ownership interest in OPay as of December 31, 2019 and 2020, 10.24% of which is held in preferred shares and 2.86% in ordinary shares. The share of net income (loss) recognized under the equity method was calculated based on the investment in ordinary shares, relative to the total number of shares outstanding. The Group owns 8.85% of the total number of ordinary shares issued by OPay.
[3]	The Group has one lease agreement classified as Equipment, which expires in 2022.

Note 4 - Segment and Revenue Information - Contribution by Segment (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

$ 165,056

$ 177,078

$ 161,334

165,056

177,078

^[1]

161,334

(3,315)

(796)

^[1]

(3,644)

(4,312)

(1,545)

^[1]

(72)

(700)

(208)

^[1]

(47,860)

(64,883)

(31,336)

^[2]

(1,849)

(577)

678

Direct expenses

(61,821)

(79,699)

(41,143)

Browser and News [member]

103,235

97,379

120,191

155,472

154,968

138,444

155,472

154,968

138,444

(3,315)

(796)

(3,644)

(4,312)

(1,545)

(77)

(47,042)

(64,685)

(31,336)

^[2]

(568)

(448)

678

Direct expenses

(55,097)

(67,775)

(34,295)

All other segments [member]

100,375

87,193

104,149

9,584

22,110

22,890

9,584

22,110

22,890

(700)

(208)

(818)

(198)

^[2]

(1,281)

(129)

Direct expenses

(6,724)

(11,924)

(6,848)

$ 2,860

$ 10,186

$ 16,042

[1]	Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information.
[2]	For the Browser and News segment, Credit loss expense in the segment reporting is consistent with Other credit loss expense in the Statement of Operations, while for the Fintech segment, Credit loss expense is consistent with Other changes in fair value of loans to customers in the Statement of Operations.

Note 4 - Segment and Revenue Information - Reconciliation (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Personnel expenses including share-based remuneration (1)

$ 103,235

$ 97,379

$ 120,191

Other income

11,542

^[1]

^[2]

(59,977)

(51,283)

(34,719)

Credit loss expense related to divested joint venture

(10,476)

^[1]

Depreciation and amortization

(20,234)

(18,843)

^[1]

(12,694)

Other expenses (1)

^[2]

(26,538)

(27,791)

(28,397)

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

2,005

(3,818)

^[1]

(3,248)

Change in fair value of preferred shares in associates

24,000

37,900

^[1]

Finance income

13,633

10,532

^[1]

1,626

Finance expense

(516)

(655)

^[1]

(1,694)

Net foreign exchange gains (losses)

833

(25)

^[1]

(365)

Profit before income taxes from continuing operations

$ 37,507

$ 43,396

$ 40,700

[1]	Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information.
[2]	Certain personnel and other expenses are included as part of the segment profit. Accordingly the amounts for personnel and other expenses in the reconciliation are not consistent with the equivalent amounts in the Statement of Operations.

Note 4 - Segment and Revenue Information - Revenue (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

$ 165,056

$ 177,078

$ 161,334

165,056

177,078

^[1]

161,334

Search [member]

84,180

86,155

80,204

Advertising [member]

Technology licensing and other [member]

71,508

68,813

58,240

Browser and News [member]

^[2]

9,368

22,110

22,890

155,472

154,968

138,444

Browser and News [member] | Search [member]

155,472

154,968

138,444

Browser and News [member] | Advertising [member]

84,180

86,155

80,204

Browser and News [member] | Technology licensing and other [member]

71,292

68,813

58,240

All other segments [member]

^[2]

9,584

22,110

22,890

All other segments [member] | Search [member]

9,584

22,110

22,890

All other segments [member] | Advertising [member]

All other segments [member] | Technology licensing and other [member]

216

Customer group 1 [member]

^[2]

9,368

22,110

22,890

Customer group 2 [member]

76,184

74,572

67,882

16,281

17,758

17,017

Ireland [member]

80,059

81,637

76,791

RUSSIAN FEDERATION

Other geographical areas [member]

15,239

17,265

17,356

^[3]

$ 69,758

$ 78,176

$ 67,187

[1]	Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information.
[2]	Technology licensing and other revenue in 2019 include US$18,632 thousand related to professional services provided to associates and other related parties of the Group (2018: US$18,319 thousand and 2017: US$3,216 thousand).
[3]	No other individual country exceeded 10% of total revenue.

Note 4 - Segment and Revenue Information - Other Income (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Gain from disposal of subsidiaries (See Note 26)

$ 5,289

Gain from divestment of joint venture (See Note 13)

2,063

Government granted VAT refund in China

4,030

Other items

160

$ 11,542

^[1]

[1]

Note 5 - Personnel Expenses Including Share-based Remuneration (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 10, 2019 shares
Statement Line Items [Line Items]
Key management personnel compensation, share-based payment \| $	$ 1,179	$ 536	$ 621
Number of other equity instruments granted in share-based payment arrangement	401,818	1,019,000
RSU [member]
Statement Line Items [Line Items]
Percentage of equity available for grants	10.00%
Weighted average remaining contractual life of outstanding other equity instruments (Year)	266 days	346 days
RSU [member] \| ADS [member]
Statement Line Items [Line Items]
Number of other equity instruments granted in share-based payment arrangement	401,818
Share-based payments arrangement, vesting schedule, in year one	25.00%
Share-based payments arrangement, vesting schedule, in year two	25.00%
Share-based payments arrangement, vesting schedule, in year three	25.00%
Share-based payments arrangement, vesting schedule, in year four	25.00%
Amended and restated share incentive plan [member]
Statement Line Items [Line Items]
Number of shares reserved for issue under options and contracts for sale of shares (in shares)				20,000,000
Amended and restated share incentive plan [member] \| ADS [member]
Statement Line Items [Line Items]
Number of shares reserved for issue under options and contracts for sale of shares (in shares)				10,000,000

Note 5 - Personnel Expenses Including Share-based Remuneration - Personnel Expenses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Social security cost, excluding amounts related to share-based remuneration

Salaries incl. bonuses

$ 40,301

$ 42,185

$ 26,733

4,624

3,774

3,428

External temporary hires

7,090

2,474

1,687

Defined-contribution pension cost

3,279

3,616

2,066

Other personnel related expenses

2,103

4,345

2,244

Personnel expenses excluding share-based remuneration

57,397

56,395

36,158

Share-based remuneration, including related social security costs

4,706

5,928

4,846

$ 62,103

$ 62,323

^[1]

$ 41,004

[1]

Note 5 - Personnel Expenses Including Share-based Remuneration - Research and Development Expenditure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Total research and development expenditure	$ 38,736	$ 34,143	$ 26,418
Less: Capitalized development expenditure excluded from personnel expenses	7,110	4,056	4,545
Net expensed research and development expenditure	$ 31,626	$ 30,087	$ 21,873

Note 5 - Personnel Expenses Including Share-based Remuneration - Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Short-term employee benefits	$ 2,032	$ 2,121	$ 843
Post-employment and medical benefits	51	59	57
Share-based remuneration	1,179	536	621
Total	$ 3,262	$ 2,716	$ 1,521

Note 5 - Personnel Expenses Including Share-based Remuneration - Expenses from Share-based Payments Transactions (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

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

^[1]

$ 4,706

$ 5,928

$ 4,846

Expense arising from cash-settled share-based payment transactions

$ 4,706

$ 5,928

$ 4,846

[1]	Including accrued social security cost.

Note 5 - Personnel Expenses Including Share-based Remuneration - RSUs Activities (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement Line Items [Line Items]
Outstanding at period start	2,983,940	4,244,132
Granted during the period	401,818	1,019,000
Forfeited during the period	(346,200)	(550,700)
Exercised during the period	(1,122,818)	(1,728,492)
Expired during the period
Outstanding at period end	1,916,740	2,983,940

Note 5 - Personnel Expenses Including Share-based Remuneration - Options Activities (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement Line Items [Line Items]
Outstanding at period start	150,000
Number of share options granted in share-based payment arrangement		150,000
Forfeited during the period
Exercised during the period
Expired during the period
Outstanding at period end	150,000	150,000

Note 5 - Personnel Expenses Including Share-based Remuneration - Fair Value Measurement (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

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

^[1],[2]

Risk free interest rate (%) (1), option

^[2]

Dividend Yield (%), option

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

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

Fair value at the measurement date ($), option

RSU [member]

Equity unit price valuation ($) (in dollars per share)

$ 8.07

$ 909

^[3]

Equity unit price valuation ($), option (in dollars per share)

$ 7.42

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

^[1],[2]

40.00%

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

^[1],[2]

40.00%

Risk free interest rate (%) (1)

^[2]

0.58%

1.70%

Risk free interest rate (%) (1), option

2.43%

Dividend Yield (%)

0.00%

Dividend Yield (%), option

0.00%

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

3 years 295 days

3 years 58 days

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

4 years 295 days

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

3 years

Fair value at the measurement date ($)

$ 7.84

$ 8.92

Fair value at the measurement date ($), option

$ 2.36

[1]	Based on a defined peer group of companies considered comparable to the Group.
[2]	Specified value is 4 years (modelled on yearly basis).
[3]	Weighted average equity unit price valuation of all grants in 2020.

Note 6 - Other Expenses (Details Textual) $ in Thousands	12 Months Ended
Note 6 - Other Expenses (Details Textual) $ in Thousands	Dec. 31, 2020 USD ($)
Statement Line Items [Line Items]
Professional fees expense, actions taken following a short seller report	$ 3,543

Note 6 - Other Expenses - Other Expenses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Audit, legal and other advisory services (1)

Hosting

$ 8,056

$ 7,344

$ 10,146

^[1]

10,863

6,742

8,323

Software license fees

1,882

2,397

1,799

Rent and other office expenses

3,318

4,175

4,573

Travel

1,304

3,903

2,057

2,774

3,686

1,776

$ 28,197

$ 28,248

^[2]

$ 28,674

[1]	Amount in 2020 includes US$3,543 thousand related to actions taken following a short seller report.
[2]	Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information.

Note 7 - Finance Income and Expense - Finance Income (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Net fair value gain related to listed equity instruments (1)

Interest income

$ 326

$ 2,045

$ 1,375

Other finance income

275

251

^[1]

13,033

8,477

$ 13,633

$ 10,532

^[2]

$ 1,626

[1]	The increase in fair value of listed equity instruments is the net gain from our investments of listed equity instruments in 2019 and 2020. In 2018, the investments in listed equity instruments resulted in a net loss, classified as a finance expense. See Note 16 for more information.
[2]	Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information.

Note 7 - Finance Income and Expense - Finance Expenses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Net fair value loss related to listed equity instruments (1)

Interest expense

$ 447

$ 562

$ 182

Other financial cost

^[1]

1,485

$ 516

$ 655

^[2]

$ 1,694

[1]	The increase in fair value of listed equity instruments is the net gain from our investments of listed equity instruments in 2019 and 2020. In 2018, the investments in listed equity instruments resulted in a net loss, classified as a finance expense. See Note 16 for more information.
[2]	Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information.

Note 7 - Finance Income and Expense - Foreign Exchange Gain (Loss) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Unrealized foreign exchange gain (loss)

$ 2,365

$ 166

$ (1,116)

Realized foreign exchange gain (loss)

(1,532)

(191)

751

$ 833

$ (25)

^[1]

$ (365)

[1]

Note 8 - Income Tax (Details Textual)	12 Months Ended
Note 8 - Income Tax (Details Textual)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Applicable tax rate	22.00%	22.00%	23.00%

Note 8 - Income Tax - Summary of Income Tax (Expense) Benefit (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

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

Current income taxes

$ 1,983

$ (5,112)

$ (4,322)

^[1]

(1,272)

(322)

(615)

Deferred taxes

1,164

(168)

(1,544)

Income tax (expense) benefit

1,876

(5,602)

(6,481)

Income tax (expense) benefit is attributable to:

(75)

(2,658)

^[2]

(6,481)

Profit from continuing operations

$ (75)

$ (2,658)

$ (6,481)

[1]	Currency effect on income tax (expense) benefit due to corporate income tax filing in NOK for Norwegian entities with USD as functional currency.
[2]	Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information.

- Definition

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

+ References + Details

Note 8 - Income Tax - Reconciliation of Tax (Expense) Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Profit from continuing operations before income tax expense	$ 37,507	$ 43,396	$ 40,700
Profit from discontinued operation before income tax expense	139,792	20,105	941
Basis for calculation of the tax (expense) benefit	177,299	63,500	41,641
Tax expense at nominal tax rate in Norway	(39,006)	(13,970)	(9,577)
Effect of different tax rates applied by subsidiaries	11,543	(2,118)	(167)
Tax effect of translation differences exempted for tax	99	1,155	218
Tax effect of financial items exempted from tax	20,143	1,917	1,726
Tax effects of losses in associates and joint ventures which are non-deductible	2,200	383	(744)
Withholding taxes paid	(271)	(232)
Net other permanent differences (not) tax deductible	5,313	4,269	(617)
Change to previously recognized deferred tax assets	246	27	1,589
Currency effect on income tax (expense) benefit, adjustments recognized in the period for current tax of prior periods and other effects	670	3,162	(615)
Change in unrecognized deferred tax assets	952	(314)	1,144
Change in tax rate	(14)	119	561
Income tax (expense) benefit for the year	$ 1,876	$ (5,602)	$ (6,481)
Effective tax rate	1.10%	8.80%	15.60%

Note 8 - Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	$ 7,362	$ 4,322	$ 12,414
Temporary difference, furniture, fixtures and equipment, and intangible assets [member]
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	21,969	22,703
Other temporary differences [member]
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	(1,274)	(8,479)
Temporary difference, trade receivables [member]
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	(591)	(121)
Temporary difference, intercompany interest costs subject to limitations [member]
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	(9,361)	(7,714)
Temporary difference, withholding tax expected to be credited [member]
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	(364)	(1,065)
Allowance for credit losses [member]
Statement Line Items [Line Items]
Net deferred tax liability (asset) recognized	$ (3,017)	$ (1,003)

Note 8 - Income Tax - Changes in Deferred Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Statement Line Items [Line Items]
Net deferred tax liability as of January 1	$ 4,322	$ 12,414
Expense (benefit) in Statement of Operations	3,040	(8,092)
Net deferred tax liability	7,362	4,322
Deferred tax assets			$ 4,383	$ 6,204
Deferred tax liabilities			11,745	10,526
Net deferred tax liability	$ 7,362	$ 12,414	$ 7,362	$ 4,322

Note 9 - Discontinued Operations (Details Textual) $ in Thousands	Aug. 19, 2020 USD ($)
Discontinued operations [member]
Statement Line Items [Line Items]
Discontinued operations, cash and cash equivalents	$ 38,957
Nanobank [member]
Statement Line Items [Line Items]
Proportion of ownership interest in subsidiary	42.00%

Note 9 - Discontinued Operations - Results of Discontinued Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Aug. 19, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Profit from discontinued operation before income tax expense

$ 165,056

$ 177,078

^[1]

$ 161,334

139,792

20,105

941

Profit from discontinued operation

141,742

17,161

^[1]

941

Exchange differences on translation of discontinued operations

(2,936)

(7)

138

Other comprehensive loss from discontinued operations

181,217

56,075

33,871

Net cash inflow from operating activities

65,806

(108,813)

(3,349)

Net cash inflow/(outflow) from investing activities

(576)

(507)

(227)

Net cash (outflow) from financing activities

(44,711)

125,675

5,963

Net cash (outflow)/inflow

20,518

16,354

2,387

ADS [member]

Profit from discontinued operation

141,742

17,161

941

Discontinued operations [member]

Profit from discontinued operation before income tax expense

136,246

157,776

10,942

Expenses

147,822

137,671

10,001

(11,576)

20,105

941

Income tax (expense) benefit

1,950

(2,944)

Profit (loss) after income tax

(9,626)

17,161

941

Gain on sale of the subsidiary after income tax

$ 151,368

151,368

Profit from discontinued operation

141,742

17,161

941

Exchange differences on translation of discontinued operations

2,936

(1,802)

(1,134)

(11)

Other comprehensive loss from discontinued operations

$ (1,802)

$ (1,134)

$ (11)

Furniture, fixtures and equipment

1,014

Non-current financial assets

566

7,467

1,377

17,983

45,445

4,703

Cash and cash equivalents

38,957

Total assets

117,512

Non-current lease liabilities and other loans

Other non-current liabilities

Trade and other payables

6,376

Current lease liabilities and other loans

87,879

Income tax payable

246

Deferred revenue

Other current liabilities

457

Total liabilities

$ 94,987

Basic net income from discontinued operations per share (in dollars per share)

$ 0.60

$ 0.08

$ 0

Diluted net income from discontinued operations per share (in dollars per share)

0.60

0.07

Discontinued operations [member] | ADS [member]

Basic net income from discontinued operations per share (in dollars per share)

1.21

0.15

0.01

Diluted net income from discontinued operations per share (in dollars per share)

$ 1.19

$ 0.15

$ 0.01

[1]

Note 9 - Discontinued Operations - Gain on Loss of Control (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 19, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Reclassification of foreign currency translation reserve		$ 2,936	$ 7	$ (138)
Discontinued operations [member]
Statement Line Items [Line Items]
Fair value of shares in Nanobank	$ 264,936
Carrying amount of net assets disposed of	(22,766)
Carrying amount of TenSpot Pesa Limited receivables transferred to Nanobank	(87,867)
Gain on sale before income tax and reclassification of foreign currency translation reserve	154,304
Reclassification of foreign currency translation reserve	(2,936)	1,802	1,134	11
Income tax expense on gain
Gain on sale after income tax	$ 151,368	$ 151,368

Note 10 - Net Income Per Share (Details Textual) - $ / shares	1 Months Ended
	Jul. 31, 2018	Dec. 31, 2020
Statement Line Items [Line Items]
Number of shares outstanding at end of period (in shares)	200,000,000	228,285,684
Number of share surrendered (in shares)	9,750,000
Par value per share (in dollars per share)		$ 0.0001
Number of ordinary shares per share of ADS (in shares)		2

Note 10 - Net Income Per Share - Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Continuing operations

$ 37,432

$ 40,739

^[1]

$ 34,219

Net income attributable to the owners of the parent for basic and diluted earnings

141,742

17,161

^[1]

941

$ 179,174

$ 57,899

^[1]

$ 35,160

Issued ordinary shares at beginning of period (in shares)

237,826,326

220,119,343

190,250,000

Effect of shares issued (in shares)

1,889,770

7,422,487

12,504,070

Effect of treasury shares held (in shares)

(5,146,244)

(2,913,330)

(133,681)

Basic weighted-average number of ordinary shares in the period (in shares)

234,569,852

224,628,500

202,620,388

Effect of employee equity grants (in shares)

2,816,613

4,437,167

6,107,813

Diluted weighted-average number of ordinary shares in the period (in shares)

237,386,466

229,065,667

208,728,201

Basic net income from continuing operations per share, US$ (in dollars per share)

$ 0.16

$ 0.18

$ 0.17

Basic net income per share, US$ (in dollars per share)

0.76

0.26

0.17

Diluted net income from continuing operations per share, US$ (in dollars per share)

0.16

0.18

0.16

Diluted net income per share, US$ (in dollars per share)

$ 0.75

$ 0.25

$ 0.17

ADS equivalent of basic weighted-average number of ordinary shares (in shares)

237,826,326

220,119,343

190,250,000

ADS equivalent of diluted weighted-average number of ordinary shares (in shares)

234,569,852

224,628,500

202,620,388

ADS [member]

Continuing operations

$ 37,432

$ 40,739

$ 34,219

Net income attributable to the owners of the parent for basic and diluted earnings

141,742

17,161

941

$ 179,174

$ 57,899

$ 35,160

Issued ordinary shares at beginning of period (in shares)

117,284,926

112,314,250

101,310,194

Basic weighted-average number of ordinary shares in the period (in shares)

118,693,233

114,532,833

104,364,101

Basic net income from continuing operations per share, US$ (in dollars per share)

$ 0.32

$ 0.36

^[1]

$ 0.34

Basic net income per share, US$ (in dollars per share)

1.53

0.52

^[1]

0.35

Diluted net income from continuing operations per share, US$ (in dollars per share)

0.32

0.36

^[1]

0.33

Diluted net income per share, US$ (in dollars per share)

$ 1.51

$ 0.51

^[1]

$ 0.34

ADS equivalent of basic weighted-average number of ordinary shares (in shares)

117,284,926

112,314,250

101,310,194

ADS equivalent of diluted weighted-average number of ordinary shares (in shares)

118,693,233

114,532,833

104,364,101

[1]

Note 11 - Furniture, Fixtures and Equipment (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement Line Items [Line Items]
Total lease liabilities	$ 7,800	$ 12,003
Equipment [member]
Statement Line Items [Line Items]
Total lease liabilities		$ 37

Note 11 - Furniture, Fixtures and Equipment - Components of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement Line Items [Line Items]
Beginning of the year	$ 26,053
Beginning of the year	(26,053)
End of the year	18,167	$ 26,053
Office properties [member]
Statement Line Items [Line Items]
Beginning of the year	6,201
Beginning of the year	(6,201)
End of the year	4,333	6,201
Furniture and fixture [member]
Statement Line Items [Line Items]
Beginning of the year	415
Beginning of the year	(415)
End of the year	187	415
Equipments [member]
Statement Line Items [Line Items]
Beginning of the year	18,562
Beginning of the year	(18,562)
End of the year	13,034	18,562
Leasehold improvements [member]
Statement Line Items [Line Items]
Beginning of the year	878
Beginning of the year	(878)
End of the year	609	878
Gross carrying amount [member]
Statement Line Items [Line Items]
Beginning of the year	38,601	41,911
Additions	3,608	10,746
Disposals	(2,377)	(13,672)
Exchange rate differences	619	(385)
Additions through business combinations	11
Beginning of the year	(38,601)	(41,911)
Disposals	2,377	13,672
End of the year	40,462	38,601
Gross carrying amount [member] \| Office properties [member]
Statement Line Items [Line Items]
Beginning of the year	7,967	6,739
Additions	1,135	1,228
Disposals	(852)
Exchange rate differences
Additions through business combinations
Beginning of the year	(7,967)	(6,739)
Disposals	852
End of the year	8,250	7,967
Gross carrying amount [member] \| Furniture and fixture [member]
Statement Line Items [Line Items]
Beginning of the year	878	629
Additions	198	243
Disposals	(284)
Exchange rate differences	(19)	5
Additions through business combinations
Beginning of the year	(878)	(629)
Disposals	284
End of the year	773	878
Gross carrying amount [member] \| Equipments [member]
Statement Line Items [Line Items]
Beginning of the year	28,008	32,804
Additions	2,259	9,197
Disposals	(1,205)	(13,672)
Exchange rate differences	632	(321)
Additions through business combinations	11
Beginning of the year	(28,008)	(32,804)
Disposals	1,205	13,672
End of the year	29,705	28,008
Gross carrying amount [member] \| Leasehold improvements [member]
Statement Line Items [Line Items]
Beginning of the year	1,747	1,738
Additions	17	78
Disposals	(37)
Exchange rate differences	7	(69)
Additions through business combinations
Beginning of the year	(1,747)	(1,738)
Disposals	37
End of the year	1,733	1,747
Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Beginning of the year	(12,543)	(14,780)
Disposals	164	12,994
Exchange rate differences	5	8
Beginning of the year	12,543	14,780
Depreciation for the year	9,912	10,748
Disposals	(164)	(12,994)
End of the year	(22,295)	(12,543)
Accumulated depreciation, amortisation and impairment [member] \| Office properties [member]
Statement Line Items [Line Items]
Beginning of the year	(1,766)
Disposals	71
Exchange rate differences
Beginning of the year	1,766
Depreciation for the year	2,221	1,766
Disposals	(71)
End of the year	(3,917)	(1,766)
Accumulated depreciation, amortisation and impairment [member] \| Furniture and fixture [member]
Statement Line Items [Line Items]
Beginning of the year	(464)	(324)
Disposals	12
Exchange rate differences	5	1
Beginning of the year	464	324
Depreciation for the year	128	139
Disposals	(12)
End of the year	(586)	(464)
Accumulated depreciation, amortisation and impairment [member] \| Equipments [member]
Statement Line Items [Line Items]
Beginning of the year	(9,446)	(13,831)
Disposals	77	12,994
Exchange rate differences		24
Beginning of the year	9,446	13,831
Depreciation for the year	7,301	8,585
Disposals	(77)	(12,994)
End of the year	(16,670)	(9,446)
Accumulated depreciation, amortisation and impairment [member] \| Leasehold improvements [member]
Statement Line Items [Line Items]
Beginning of the year	(869)	(628)
Disposals	5
Exchange rate differences		(17)
Beginning of the year	869	628
Depreciation for the year	260	258
Disposals	(5)
End of the year	$ (1,124)	$ (869)

Note 11 - Furniture, Fixtures and Equipment - Estimated Useful Lives of Property, Plant and Equipment (Details)

12 Months Ended

Dec. 31, 2020

Office properties [member]

Office properties [member] | Top of range [member]

Straight-line

Furniture and Fixtures [member]

6 years

Furniture and Fixtures [member] | Top of range [member]

Straight-line

5 years

Equipment [member]

Equipment [member] | Top of range [member]

Straight-line

Leasehold improvements [member]

10 years

^[1]

Leasehold improvements [member] | Top of range [member]

Straight-line

6 years

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

Note 12 - Intangible Assets (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Statement Line Items [Line Items]
Number of major business segments	1
Total intangible assets and goodwill	$ 536,915	$ 532,385
Recoverable amount of asset or cash-generating unit	$ 550,184	$ 577,376
Risk-free rate, significant unobservable inputs, assets	0.84%	1.90%
Market risk premium rate, ignificant unobservable inputs, assets	4.97%	5.20%
Estimated beta for equity	0.91	1.4
Equity to total capital, percent	100.00%	100.00%
Cash generating unit, nominal growth rate	2.50%	3.00%
Sensitivity analysis, reasonably possible increase (decrease) in revenue	11.10%
Sensitivity analysis, reasonably possible increase (decrease) in operating expenditure	11.00%
Sensitivity analysis, reasonably possible increase (decrease) in WACC	4.30%
Weighted average cost of capital, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, assets	11.8	13.1
Browser [member]
Statement Line Items [Line Items]
Total intangible assets and goodwill	$ 421,578
News CGU [member]
Statement Line Items [Line Items]
Total intangible assets and goodwill	$ 70,600

Note 12 - Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

$ 532,385

(532,385)

(536,915)

$ (532,385)

536,915

532,385

Goodwill [member]

421,578

(421,578)

(424,961)

(421,578)

424,961

421,578

31,263

(31,263)

(28,283)

(31,263)

Technology-based intangible assets [member]

28,283

31,263

8,897

(8,897)

(10,658)

(8,897)

10,658

8,897

Trademark [member]

70,600

(70,600)

(70,600)

Other intangible assets [member]

70,600

(47)

(2,413)

(47)

Gross carrying amount [member]

2,413

557,147

553,602

^[1]

8,840

3,545

686

^[2]

4,725

(557,147)

(553,602)

(571,398)

(557,147)

Gross carrying amount [member] | Goodwill [member]

571,398

557,147

421,578

^[1]

385

^[2]

2,998

(421,578)

(424,961)

(421,578)

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

424,961

421,578

40,700

^[1]

^[2]

(40,700)

(40,732)

(40,700)

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

40,732

40,700

22,222

18,677

^[1]

6,553

3,545

187

^[2]

1,695

(22,222)

(18,677)

(30,657)

(22,222)

Gross carrying amount [member] | Trademark [member]

30,657

22,222

70,600

^[1]

^[2]

(70,600)

(70,600)

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

70,600

2,047

^[1]

2,287

114

^[2]

(2,047)

(4,448)

(2,047)

Accumulated depreciation, amortisation and impairment [member]

4,448

2,047

(24,762)

(16,581)

(4)

24,762

16,581

9,689

8,185

34,483

24,762

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

(34,483)

(24,762)

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

(9,437)

(6,457)

(1)

9,437

6,457

3,013

2,980

12,449

9,437

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

(12,449)

(9,437)

(13,325)

(8,122)

13,325

8,122

6,674

5,203

19,999

13,325

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

(19,999)

(13,325)

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

(2,000)

(2,002)

(4)

2,000

2,002

2,035

2,000

$ (2,035)

$ (2,000)

[1]	Represents capitalized development expenditure net of grants received from the Norwegian government.
[2]	See Note 25 for additional information on the business combination.

Note 12 - Intangible Assets - Useful Life of Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2020
Customer-related intangible assets [member]
Statement Line Items [Line Items]
Amortization method	Straight-line
Customer-related intangible assets [member] \| Top of range [member]
Statement Line Items [Line Items]
Useful lives or amortisation rates, intangible assets other than goodwill (Year)	15 years
Technology-based intangible assets [member]
Statement Line Items [Line Items]
Amortization method	Straight-line
Technology-based intangible assets [member] \| Top of range [member]
Statement Line Items [Line Items]
Useful lives or amortisation rates, intangible assets other than goodwill (Year)	5 years
Other intangible assets [member]
Statement Line Items [Line Items]
Amortization method	Straight-line
Other intangible assets [member] \| Top of range [member]
Statement Line Items [Line Items]
Useful lives or amortisation rates, intangible assets other than goodwill (Year)	5 years

Note 13 - Investments in Associates and Joint Ventures (Details Textual) - USD ($)
$ in Thousands

1 Months Ended

4 Months Ended

12 Months Ended

Aug. 19, 2020

May 29, 2019

May 27, 2019

Aug. 01, 2017

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Total depreciation and amortisation expense

$ (2,448)

$ (537)

^[1]

$ 44,381

Operating expense

179,046

177,614

^[1]

116,953

20,234

18,843

^[1]

12,694

Profit (loss) before tax

37,507

43,396

^[1]

40,700

Tax income (expense)

2,658

^[1]

6,481

179,174

57,899

^[1]

35,160

Proceeds from issuing shares

165,056

177,078

^[1]

161,334

Cost of sales

700

208

^[1]

82,630

170,871

Increase (decrease) through other changes, allowance account for credit losses of financial assets

(1,849)

(577)

^[1]

678

nHorizon [member]

(1,827)

1,821

(1,568)

$ (1,840)

$ 1,780

$ (2,056)

29.09%

Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares

$ 12,837

$ 43,335

$ 48,992

(1,029)

(3,016)

(4,528)

$ (1,481)

$ (5,134)

$ (4,735)

0.00%

50.10%

Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares

$ 9,638

$ 4,990

$ 4,498

Proportion of ownership interest in joint venture

50.10%

Increase (decrease) through other changes, allowance account for credit losses of financial assets

$ 2,100

2,063

10,500

Impairment loss recognised in profit or loss, loans and advances

3,897

Investments in joint ventures accounted for using equity method

$ 0

Powerbets Holdings Limited [member] | Supabets HL Limited [member]

$ 0

Proportion of ownership interest in joint venture

49.90%

Investments in associates

12,100

(30,700)

(71,678)

(359)

Operating expense

48,600

$ (30,618)

$ (71,474)

$ (384)

13.10%

^[2]

13.10%

^[2]

19.90%

Revenue growth rate

450.00%

Proceeds from issuing shares

$ 38,388

$ 16,687

$ 848

Annual revenue rate

69,000

Cost of sales

13,300

170,000

Amount of debt converted to equity

$ 2,670

$ 7,500

Cash transferred

$ 1,930

Debt converted to equity, classified as prior period investment

4,969

Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares

3,000

33,900

OPay Digital Services Limited [member] | Preference shares [member]

Shares in associate purchased (in shares)

10.24%

1,230,736

3,210,617

Shares in associate purchased, value

$ 4,600

OPay Digital Services Limited [member] | Ordinary shares [member]

Proportion of ordinary shares owned

2.86%

8.85%

StarMaker Inc. [member]

$ 13,298

(8,485)

(9,535)

$ 13,151

$ (8,485)

$ (8,497)

^[3]

19.35%

Revenue growth rate

210.00%

Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares

$ 89,937

$ 29,035

$ 12,332

Annual revenue rate

127,000

21,000

$ 4,000

Proportion of ownership interest in subsidiary

42.00%

Investments in associates

$ 265,900

Total depreciation and amortisation expense

$ 60,900

Operating expense

46,100

6,200

Profit (loss) before tax

14,800

Tax income (expense)

14,200

$ 600

[1]	Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information.
[2]	Reflects the total ownership interest in OPay as of December 31, 2019 and 2020, 10.24% of which is held in preferred shares and 2.86% in ordinary shares. The share of net income (loss) recognized under the equity method was calculated based on the investment in ordinary shares, relative to the total number of shares outstanding. The Group owns 8.85% of the total number of ordinary shares issued by OPay.
[3]	The Group ownership interest in StarMaker is held through preferred shares, which are measured at fair value through profit or loss.

Note 13 - Investments in Associates and Joint Ventures - Information Regarding Investments (Details) - USD ($)
$ in Thousands

4 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Interest income

$ 326

$ 2,045

$ 1,375

Interest expense

(447)

(562)

(182)

Other income

11,542

^[1]

Credit loss expense on loans to customers

(2,448)

(537)

^[1]

44,381

(1,849)

(577)

^[1]

678

Personnel expenses

62,103

62,323

^[1]

41,004

Marketing expenses

47,860

65,074

^[1]

31,543

Depreciation and amortization (1)

20,234

18,843

^[1]

12,694

Other expenses

28,197

28,248

^[1]

28,674

Net foreign exchange gains (losses)

833

(25)

^[1]

(365)

Profit before income taxes

179,046

177,614

^[1]

116,953

37,507

43,396

^[1]

40,700

Income tax expense

2,658

^[1]

6,481

Exchange difference on translation of foreign operations

179,174

57,899

^[1]

35,160

2,043

(1,824)

(1,289)

Other comprehensive loss from discontinued operations

181,217

56,075

33,871

Group's share of other comprehensive income (loss)

179,174

57,899

^[1]

35,160

181,217

56,075

33,871

Goodwill at end of period

$ 424,961

424,961

421,578

Liabilities

60,717

148,414

45,320

128,570

165,056

177,078

^[1]

161,334

183,711

418,327

925,901

642,293

15,397

19,844

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

1,048,895

912,206

775,460

$ 583,503

$ 2,005

$ (3,818)

^[1]

$ (3,248)

nHorizon [member]

29.09%

$ (1,827)

$ 1,821

$ (1,568)

Exchange difference on translation of foreign operations

(1,840)

1,780

(2,056)

Other comprehensive loss from discontinued operations

(1,840)

1,780

(2,056)

(535)

518

(598)

5,302

5,875

3,818

12,837

43,335

48,992

6,068

8,225

9,761

578

695

1,065

5,469

$ 1,343

3,045

$ 1,539

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

$ 518

0.00%

50.10%

Credit loss expense on loans to customers

$ (1,029)

$ (3,016)

$ (4,528)

10,500

Exchange difference on translation of foreign operations

(1,481)

(5,134)

(4,735)

188

Other comprehensive loss from discontinued operations

(1,481)

(5,134)

(4,547)

(742)

(2,572)

(2,372)

13,074

7,818

9,638

4,990

4,498

4,447

2,751

1,560

2,851

5,754

5,114

(12,822)

$ (7,331)

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

$ (2,572)

Credit loss expense on loans to customers

42.00%

$ 60,887

(621)

669

60,935

20,755

Personnel expenses

9,399

Marketing expenses

5,101

Technical service fee

3,956

Collection service fee

1,027

Commission fee

1,930

Depreciation and amortization (1)

^[2]

7,492

Other expenses

2,163

Net foreign exchange gains (losses)

5,702

Profit before income taxes

46,121

14,814

Income tax expense

14,193

Exchange difference on translation of foreign operations

621

(2,227)

Other comprehensive loss from discontinued operations

(1,606)

Group's share of other comprehensive income (loss)

261

(935)

Assets, excluding goodwill

254,596

Goodwill at end of period

447,300

Liabilities

72,702

629,194

$ 629,194

13.10%

^[3]

13.10%

^[3]

19.90%

$ (30,700)

$ (71,678)

$ (359)

48,600

Exchange difference on translation of foreign operations

(30,618)

(71,474)

(384)

Other comprehensive loss from discontinued operations

(30,618)

(71,474)

(384)

(876)

(2,938)

(76)

40,368

28,870

12,043

38,388

16,687

848

72,573

99,238

4,302

34,860

24,656

4,918

180,639

170,015

453

(113,575)

$ (113,575)

(74,992)

$ (3,276)

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

1,174

$ (1,764)

StarMaker Inc. [member]

^[4]

19.35%

$ 13,298

$ (8,485)

$ (9,535)

Exchange difference on translation of foreign operations

13,151

(8,485)

(8,497)

Other comprehensive loss from discontinued operations

13,151

(8,485)

(8,497)

36,900

29,870

30,163

89,937

29,035

12,332

36,600

13,869

21,366

13,000

11,377

11,245

34,800

$ (22,100)

(4,624)

$ 2,448

[1]	Amounts in the comparative periods have been re-presented to account for the impact of discontinued operations and the reclassification of items classified as "cost of revenue" in the consolidated financial statements for the years ended December 31, 2018 and 2019. See Notes 2 and 9 for additional information.
[2]	Includes US$6.2 million in depreciation and amortization of fair value adjustments done by the Group.
[3]	Reflects the total ownership interest in OPay as of December 31, 2019 and 2020, 10.24% of which is held in preferred shares and 2.86% in ordinary shares. The share of net income (loss) recognized under the equity method was calculated based on the investment in ordinary shares, relative to the total number of shares outstanding. The Group owns 8.85% of the total number of ordinary shares issued by OPay.
[4]	The Group ownership interest in StarMaker is held through preferred shares, which are measured at fair value through profit or loss.

Note 13 - Investments in Associates and Joint Ventures - Carrying Amounts (Details) - USD ($)
$ in Thousands

1 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

$ 76,300

$ 536,915

536,915

$ 532,385

364,946

76,300

nHorizon [member]

443

^[1]

(535)

^[2]

518

$ 963

29.09%

391

$ 391

$ 886

^[3]

963

463

289

440

^[1]

366

157

(742)

^[2]

(2,572)

$ (1,760)

0.00%

50.10%

$ (6,424)

566

4,097

^[3]

(1,760)

2,100

2,063

4,330

^[1]

7,131

3,000

33,900

673

(876)

^[2]

(2,938)

$ 43,096

13.10%

(3,248)

$ (3,248)

$ (2,145)

(532)

(759)

^[3]

49,000

46,000

43,096

45,220

StarMaker Inc. [member]

30,000

^[1]

21,000

4,000

$ 34,000

19.35%

^[3]

55,000

$ 34,000

34,000

55,000

^[1]

264,936

^[2]

261

$ (935)

42.00%

264,261

$ 264,261

^[3]

$ 264,261

[1]	The cost of the investment in Nanobank was the fair value of the Group's ownership interest in the entity obtained following the contribution of TenSpot Pesa Limited.
[2]	In 2020, the Group recognized US$3,897 thousand in credit loss expense on long-term loans due from Powerbets. Because the long-term loans were classified as part of the net investment in Powerbets, these had absorbed losses under the equity method in the period from 2017 until 2020, resulting in their carrying amount being zero at the time the Group concluded that they were credit impaired. Upon recognition of the impairment loss, the equivalent amount was recognized as income on the line item for Share of net income (loss) of associates and joint ventures in the Statement of Operations. Thus, the credit loss expense was effectively reclassified as such in the Statement of Operations for 2020. The amount for share of net loss from Powerbets in the table above does not include the impact of that reclassification.
[3]	The carrying amount of the preferred shares form part of the net investment in the associates.

Note 14 - Trade Receivables, Other Receivables and Prepayments (Details Textual) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Nov. 30, 2020

Trade receivables, loss allowance

$ 18,152

$ 39,981

$ 7,643

$ 1,446

Allowance of trade receivables, percentage

26.50%

2.90%

Impairment loss recognised in profit or loss, loans and advances

$ 3,897

Investments in joint ventures accounted for using equity method

Related parties [member]

Impairment loss recognised in profit or loss, trade receivables

$ 0

Trade receivables, loss allowance

$ 6,579

Impairment loss recognised in profit or loss, loans and advances

3,897

More than three months [member]

More than three months [member] | Powerbets Holdings Limited [member]

^[1]

$ 1,597

8,097

$ 6,579

[1]	As of year-end 2020, the total amount of trade receivables due from Powerbets, which was a joint venture until its disposal, was US$ nil ( December 31, 2019: US$6,579 thousand).

Note 14 - Trade Receivables, Other Receivables and Prepayments - Trade Receivables, Prepayments and Other Receivables (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

$ 18,152

$ 39,981

Unbilled receivables

10,658

9,390

Deposit in restricted escrow account

28,809

49,371

VAT

1,218

1,232

52,878

4,532

4,078

10,750

59,112

Prepaid expenses

^[1]

9,061

25,809

Otello Corporation ASA [member]

9,061

25,809

924

^[2]

$ 5,000

[1]	As of year-end 2020, the total amount of trade receivables due from Powerbets, which was a joint venture until its disposal, was US$ nil ( December 31, 2019: US$6,579 thousand).
[2]	The receivable due from OPay is the consideration for the sale of Blue Ridge Microfinance Bank. See Note 26 additional information.

Note 14 - Trade Receivables, Other Receivables and Prepayments - Provision for Impairment of Trade Receivables (Details) - Provision for impairment of trade receivables [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement Line Items [Line Items]
As of period start	$ 1,446	$ 1,619
Loss allowance related to trade receivables due from Powerbets	6,579
Other changes in the period	(382)	(173)
Ending balance	7,643	1,446
Previously stated [member]
Statement Line Items [Line Items]
As of period start	$ 1,446
Ending balance		$ 1,446

Note 14 - Trade Receivables, Other Receivables and Prepayments - Aging of Trade Receivables (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

$ 18,152

$ 39,981

Current [member]

Later than one month and not later than two months [member]

14,647

22,125

Later than two months and not later than three months [member]

1,425

8,761

Later than three months [member]

367

657

More than three months [member]

117

341

^[1]

$ 1,597

$ 8,097

[1]	As of year-end 2020, the total amount of trade receivables due from Powerbets, which was a joint venture until its disposal, was US$ nil ( December 31, 2019: US$6,579 thousand).

Note 15 - Cash and Cash Equivalents - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Restricted cash	$ 280	$ 216
Cash and cash equivalents	133,888	139,271
Total	$ 134,168	$ 139,487	$ 177,873	$ 33,207

Note 16 - Financial Assets and Liabilities (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Deposit in restricted escrow account		$ 52,878
Unrealized gain exchange differences, fair value measurement, associates equity	$ 24,000	37,900	$ 0
Preferred shares, annual return rights, percent	8.00%
Total equity	$ 1,048,895	912,206	775,460	$ 583,503
Issued capital	24	24
Purchase of interests in associates	4,882		7,901
Financial liabilities, at fair value		0
OPay Digital Services Limited [member]
Statement Line Items [Line Items]
Total equity	555,000	500,000
OPay Digital Services Limited [member] \| Preferred shares [member]
Statement Line Items [Line Items]
Issued capital	49,000	46,000
Purchase of interests in associates		12,100
StarMaker Inc. [member]
Statement Line Items [Line Items]
Total equity	350,000	155,000
StarMaker Inc. [member] \| Preferred shares [member]
Statement Line Items [Line Items]
Issued capital	$ 55,000	$ 34,000
Purchase of interests in associates			$ 30,000
OPay Digital Services Limited [member] \| Bottom of range [member]
Statement Line Items [Line Items]
Preferred shares, DLOM	10.00%	5.00%
OPay Digital Services Limited [member] \| Top of range [member]
Statement Line Items [Line Items]
Preferred shares, DLOM	20.00%	15.00%
StarMaker Inc. [member] \| Bottom of range [member]
Statement Line Items [Line Items]
Preferred shares, DLOM	30.00%	25.00%
StarMaker Inc. [member] \| Top of range [member]
Statement Line Items [Line Items]
Preferred shares, DLOM	40.00%	35.00%

Note 16 - Financial Assets and Liabilities - Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

$ 145,973

$ 326,630

Current financial liabilities

48,277

129,378

13,040

15,142

Trade and other payables [member]

Current financial liabilities

25,454

57,125

Financial liabilities at amortised cost, category [member]

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

47,533

129,378

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

^[1]

8,972

56,974

Current financial liabilities

25,454

57,125

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

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

13,107

15,279

Financial liabilities at fair value through profit or loss, category [member] | Short position in listed equity instruments [member]

744

Financial assets at amortised cost, category [member]

744

Non-current financial assets

^[2]

1,490

1,351

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

41,973

111,369

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

28,809

49,371

Financial assets at amortised cost, category [member] | Loans to consumers [member]

^[3]

10,750

59,112

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

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

856

1,535

Financial assets at fair value through profit or loss, category [member] | Preferred shares in associates [member]

104,000

215,261

Financial assets at fair value through profit or loss, category [member] | Loans to customers [member]

^[4]

104,000

80,000

Financial assets at fair value through profit or loss, category [member] | Listed equity instruments [member[

93,115

$ 42,146

[1]	See Notes 17 and 22 for more information.
[2]	Includes long-term deposits for office rent
[3]	Upon loss of control over the microlending business, cash deposited into an escrow account as security for loans from a credit institution, which was US$52.9 million as of December 31, 2019, and loans to customers, were derecognized. See Note 9 for further information.
[4]	The carrying amount of preferred shares is presented as Investments in associates and joint ventures in the Statement of Financial Position, while changes in fair value is presented as Change in fair value of preferred shares in associates in the Statement of Operations. In 2020, the Group recognized an unrealized gain on the preferred shares of US$24.0 million (2019: US$37.9 million, 2018: US$0). See Note 13 for more information.

Note 16 - Financial Assets and Liabilities - Gain (Loss) on Trading Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement Line Items [Line Items]
Realized gain (loss)	$ 12,920	$ 5,913
Unrealized gain (loss)	113	2,564
Total gain (loss)	13,033	8,477
Long position trading securities [member]
Statement Line Items [Line Items]
Realized gain (loss)	12,910	6,278
Unrealized gain (loss)		2,564
Total gain (loss)	12,910	8,842
Short position trading securities [member]
Statement Line Items [Line Items]
Realized gain (loss)	10	(365)
Unrealized gain (loss)	113
Total gain (loss)	$ 123	$ (365)

Note 16 - Financial Asset and Liabilities - Sensitivities Analysis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Preferred shares, DLOM of 5% [member] \| OPay Digital Services Limited [member] \| PWERM, OPM and CVM [member]
Statement Line Items [Line Items]
Decrease	$ 2,811	$ 2,720
Increase	(2,811)	(2,409)
Preferred shares, DLOM of 5% [member] \| StarMaker Inc. [member] \| PWERM, OPM and CVM [member]
Statement Line Items [Line Items]
Decrease	4,221	2,585
Increase	(4,221)	(2,293)
Preferred shares, WACC of 2% [member] \| OPay Digital Services Limited [member] \| PWERM [member]
Statement Line Items [Line Items]
Decrease	1,087	1,408
Increase	(1,009)	(608)
Preferred shares, WACC of 2% [member] \| StarMaker Inc. [member] \| PWERM [member]
Statement Line Items [Line Items]
Decrease	367	389
Increase	(351)	(85)
Preferred shares, 10% movement [member] \| OPay Digital Services Limited [member] \| OPM and CVM [member]
Statement Line Items [Line Items]
Decrease	(3,093)	(3,597)
Increase	3,092	2,406
Preferred shares, 10% movement [member] \| StarMaker Inc. [member] \| OPM and CVM [member]
Statement Line Items [Line Items]
Decrease	(2,947)	(1,449)
Increase	$ 2,944	$ 1,438

Note 16 - Financial Assets and Liabilities - Fair Value Measurement Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement Line Items [Line Items]
Fair value of liabilities		$ 0
Level 1 of fair value hierarchy [member] \| Liabilities in short position [member]
Statement Line Items [Line Items]
Fair value of liabilities	$ 744
Level 1 of fair value hierarchy [member] \| Preferred shares in associates [member]
Statement Line Items [Line Items]
Fair value of assets
Level 1 of fair value hierarchy [member] \| Loans to consumers [member]
Statement Line Items [Line Items]
Fair value of assets
Level 1 of fair value hierarchy [member] \| Listed equity instruments [member[
Statement Line Items [Line Items]
Fair value of assets		42,146
Level 2 of fair value hierarchy [member] \| Liabilities in short position [member]
Statement Line Items [Line Items]
Fair value of liabilities
Level 2 of fair value hierarchy [member] \| Preferred shares in associates [member]
Statement Line Items [Line Items]
Fair value of assets
Level 2 of fair value hierarchy [member] \| Loans to consumers [member]
Statement Line Items [Line Items]
Fair value of assets
Level 2 of fair value hierarchy [member] \| Listed equity instruments [member[
Statement Line Items [Line Items]
Fair value of assets
Level 3 of fair value hierarchy [member] \| Liabilities in short position [member]
Statement Line Items [Line Items]
Fair value of liabilities
Level 3 of fair value hierarchy [member] \| Preferred shares in associates [member]
Statement Line Items [Line Items]
Fair value of assets	$ 104,000	80,000
Level 3 of fair value hierarchy [member] \| Loans to consumers [member]
Statement Line Items [Line Items]
Fair value of assets		93,115
Level 3 of fair value hierarchy [member] \| Listed equity instruments [member[
Statement Line Items [Line Items]
Fair value of assets

Note 17 - Lease Liabilities and Other Loans (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Statement Line Items [Line Items]
Additions to right-of-use assets	$ 1,100
Cash outflow for leases	$ 7,639
Bottom of range [member]
Statement Line Items [Line Items]
Right-of-use assets, Term of Contract (Month)	180 days
Top of range [member]
Statement Line Items [Line Items]
Right-of-use assets, Term of Contract (Month)	6 years

Note 17 - Lease Liabilities and Other Loans - Finance Lease Liabilities and Other Loans (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Lease liabilities [member]

Outstanding

$ 8,601

$ 55,907

Interest bearing loans [member]

Outstanding

7,800

12,003

Outstanding

^[1]

$ 801

$ 43,904

Interest rate

^[1]

4.00%

Maturity

^[1]

January 2021 - July 2023

[1]	See Notes 18 and 19 for more information about a loan of US$42,247 thousand as of December 31, 2019.

Note 17 - Lease Liabilities and Other Loans - Noncurrent and Current (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement Line Items [Line Items]
Non-current portion	$ 3,584	$ 9,181
Current portion	5,389	47,793
Lease liabilities [member]
Statement Line Items [Line Items]
Non-current portion	3,094	7,378
Current portion	4,706	4,625
Interest bearing loans [member]
Statement Line Items [Line Items]
Non-current portion	490	736
Current portion	311	43,169
Other loans [member]
Statement Line Items [Line Items]
Non-current portion		1,067
Current portion	$ 371

Note 17 - Lease Liabilities and Other Loans - Lease Amounts Included in Financial Statements (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Right-of-use assets

$ 7,309

$ 11,706

Current

4,706

4,625

Non-current

3,094

7,378

Depreciation charge of right-of-use assets

7,800

12,003

4,750

4,491

Interest expense (included in Finance expense)

397

457

Net foreign exchange gain (loss)

(140)

Office properties [member]

Depreciation charge of right-of-use assets

Right-of-use assets

^[1]

4,974

6,178

2,221

1,752

Equipment [member]

Depreciation charge of right-of-use assets

Right-of-use assets

2,335

5,528

$ 2,529

$ 2,739

[1]	Additions to and remeasurements of the right-of-use assets during the 2020 financial year were US$1.1 million.

Note 18 - Trade and Other Payables - Trade and Other Payables (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

^[1]

$ 4,685

$ 28,864

Other trade payables

17,764

19,813

Employee withholding tax

1,044

325

VAT

1,162

7,361

Payroll tax

^[2]

799

761

$ 25,454

$ 57,125

[1]	See Note 26 for more information.
[2]	Includes accruals for social security costs related to share-based remuneration.

Note 19 - Other Current Liabilities - Other Current Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Accrued personnel expenses

$ 11,985

$ 10,472

Trading liability (1)

^[1]

744

Customer deposits

2,694

Other current liabilities

310

1,976

$ 13,040

$ 15,142

[1]	See Note 16 for additional information.

Note 20 - Scheduled Maturities of Financial Liabilities - Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement Line Items [Line Items]
Non-current financial liabilities	$ 68	$ 137
Current financial liabilities	13,040	15,142
Total financial liabilities including interest	47,541	131,405
Lease liabilities [member]
Statement Line Items [Line Items]
Non-current financial liabilities	3,224	8,928
Current financial liabilities	4,914	4,930
Interest bearing loans [member]
Statement Line Items [Line Items]
Non-current financial liabilities, including interest	505	1,840
Current financial liabilities, including interest	337	43,303
Trade and other payables [member]
Statement Line Items [Line Items]
Current financial liabilities	25,454	57,125
Not later than one year [member]
Statement Line Items [Line Items]
Non-current financial liabilities
Current financial liabilities	13,040	15,142
Total financial liabilities including interest	43,744	120,500
Not later than one year [member] \| Lease liabilities [member]
Statement Line Items [Line Items]
Non-current financial liabilities
Current financial liabilities	4,914	4,930
Not later than one year [member] \| Interest bearing loans [member]
Statement Line Items [Line Items]
Non-current financial liabilities, including interest
Current financial liabilities, including interest	337	43,303
Not later than one year [member] \| Trade and other payables [member]
Statement Line Items [Line Items]
Current financial liabilities	25,454	57,125
Later than one year and not later than three years [member]
Statement Line Items [Line Items]
Non-current financial liabilities
Current financial liabilities
Total financial liabilities including interest	3,729	9,521
Later than one year and not later than three years [member] \| Lease liabilities [member]
Statement Line Items [Line Items]
Non-current financial liabilities	3,224	7,681
Current financial liabilities
Later than one year and not later than three years [member] \| Interest bearing loans [member]
Statement Line Items [Line Items]
Non-current financial liabilities, including interest	505	1,840
Current financial liabilities, including interest
Later than one year and not later than three years [member] \| Trade and other payables [member]
Statement Line Items [Line Items]
Current financial liabilities
Later than three years [member]
Statement Line Items [Line Items]
Non-current financial liabilities	68	137
Current financial liabilities
Total financial liabilities including interest	68	1,384
Later than three years [member] \| Lease liabilities [member]
Statement Line Items [Line Items]
Non-current financial liabilities		1,247
Current financial liabilities
Later than three years [member] \| Interest bearing loans [member]
Statement Line Items [Line Items]
Non-current financial liabilities, including interest
Current financial liabilities, including interest
Later than three years [member] \| Trade and other payables [member]
Statement Line Items [Line Items]
Current financial liabilities

Note 21 - Changes in Liabilities Arising From Financing Activities - Changes in Liabilities Arising From Financing Activities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

$ 56,975

$ 4,761

14,905

(47,506)

38,899

(33)

^[1]

(496)

(1,557)

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

8,973

56,975

736

2,238

(246)

(1,509)

^[1]

Lease liabilities, noncurrent [member]

490

736

7,378

10,709

(3,782)

(1,693)

(33)

^[1]

(502)

(1,638)

Interest bearing loans and liabilities, current [member]

3,094

7,378

43,369

196

(43,058)

43,163

^[1]

Lease liabilities, current [member]

311

43,369

4,625

1,802

4,260

(420)

(1,062)

^[1]

502

(375)

4,707

4,625

Other loans [member]

867

492

(64)

^[1]

(496)

439

$ 371

$ 867

[1]	The "Other" column includes the effect of reclassification of the non-current portion of liabilities to current due to the passage of time and the effect of accrued but not yet paid interest on interest-bearing loans and borrowings, including lease liabilities.

Note 22 - Guarantees and Other Commitments (Details Textual) - Dell Bank International [member] $ in Thousands	Jan. 17, 2017 USD ($)
Statement Line Items [Line Items]
Lease liabilities, guarantee	$ 11,660
Finance lease liabilities, guarantee term (Year)	10 years

Note 23 - Financial Risk Management (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Total financial assets	$ 145,973	$ 326,630
Equity investments [member] \| Equity price risk [member]
Statement Line Items [Line Items]
Maximum capital allocation to investments	70,000
Total financial assets	0	42,146
Gain (loss) on change in fair value of hedging instrument used as basis for recognising hedge ineffectiveness	13,033	$ 8,477	$ 1,485
Call options trading securities [member] \| Equity price risk [member]
Statement Line Items [Line Items]
Total financial assets	744
Gain (loss) on change in fair value of hedging instrument used as basis for recognising hedge ineffectiveness	$ 124

- 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 24 - Capital Management (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Jan. 17, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 07, 2021
Statement Line Items [Line Items]
Initial capital allocation		$ 70,000
Gains (losses) on financial assets at fair value through profit or loss, classified as held for trading		13,033	$ 8,477	$ (1,485)
Current financial assets at fair value through profit or loss, classified as held for trading			42,146
Payments to acquire or redeem entity's shares		$ 49,049	5,780	4,875
Equity ratio		94.00%
Working capital		$ 138,609
Total cash and cash equivalents and marketable securities		$ 134,168	181,633
ADS [member]
Statement Line Items [Line Items]
Number of shares repurchased (in shares)		5,893,139
ADS [member] \| Major ordinary share transactions [member]
Statement Line Items [Line Items]
Share repurchase program, maximum authorized amount					$ 50,000
Number of shares repurchased (in shares)	5,976,455
Payments to acquire or redeem entity's shares	$ 49,800
Ordinary shares [member]
Statement Line Items [Line Items]
Number of shares repurchased (in shares)		11,786,278
Call options trading securities [member]
Statement Line Items [Line Items]
Gains (losses) on financial assets at fair value through profit or loss, classified as held for trading		$ 124
Current financial assets at fair value through profit or loss, classified as held for trading		744
Short position trading securities [member]
Statement Line Items [Line Items]
Gains (losses) on financial assets at fair value through profit or loss, classified as held for trading		$ 0	$ (365)	$ 38

Note 25 - Group Information (Details Textual) - OU PocoSys [member] $ in Millions	Jan. 17, 2020 USD ($)
Statement Line Items [Line Items]
Percentage of voting equity interests acquired	100.00%
Total consideration transferred, acquisition-date fair value	$ 5.0
Identifiable intangible assets recognised as of acquisition date	1.7
Goodwill recognised as of acquisition date	$ 3.0

Note 25 - Group Information - Subsidiaries (Details)

12 Months Ended

Dec. 31, 2020

Kunhoo Software [member]

Kunhoo Software Limited [member]

100.00%

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

100.00%

Kunhoo Software AS [member]

100.00%

100.00%

Opera Norway AS [member]

Opera Software Holdings [member]

100.00%

Opera Software Ireland Limited [member]

100.00%

100.00%

Opera Sweden 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%

Opera Unite HK Limited [member]

100.00%

Opera Unite Private Limited [member]

100.00%

^[1]

Opesa South Africa (Pty) Limited [member]

100.00%

^[1]

O-Play Digital Services [member]

100.00%

O-Play Kenya Limited [member]

100.00%

Phoneserve Technologies [member]

80.00%

^[2]

O-Play Zambia Limited [member]

80.00%

^[2]

PT Inpesa Digital Teknologi [member]

100.00%

100.00%

^[3]

Opera Lifestyle [member]

Opera Lifestyle Nigeria Limited [member]

100.00%

^[1]

OList Homes Ltd. [member]

100.00%

^[1]

100.00%

^[1]

OU PocoSys [member]

P2C International Limited [member]

100.00%

^[1]

Dify Financial Technologies Iberia S.L.A. [member]

100.00%

^[1]

Opera Financial Technologies Limited [member]

100.00%

^[1]

Blueboard Limited [member]

100.00%

^[1]

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

100.00%

100.00%

^[3]

[1]	Entities were purchased or incorporated in 2020.
[2]	20% is held by a nominee shareholder.
[3]	Variable Interest Entity (VIE) contractually controlled by the Group.

Note 26 - Related Parties (Details Textual) $ in Thousands, Ksh in Billions			12 Months Ended
	Aug. 19, 2020	Mar. 03, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	May 19, 2020 KES (Ksh)	May 19, 2020 USD ($)
Statement Line Items [Line Items]
Net gains (losses) on disposals of investments			$ 5,289
Nanobank [member]
Statement Line Items [Line Items]
Proportion of ownership interest in subsidiary	42.00%
Neofin Malelane (PTY) Ltd. [member] \| OPay Digital Services Limited [member] \| Ordinary shares [member]
Statement Line Items [Line Items]
Shares transferred, percentage owned		100.00%
Shares transferred, value		$ 100
Blue Ridge Micro Finance Bank [member] \| OPay Digital Services Limited [member] \| Ordinary shares [member]
Statement Line Items [Line Items]
Shares transferred, percentage owned		100.00%
Shares transferred, value		$ 5,000
Professional investment advisory services with Kunlun Group Limited [member]
Statement Line Items [Line Items]
Management fee, maximum percentage of net gain from investment activity			8.00%
Services received, related party transactions			$ 500
Management fee, percentage of net gain of investment activity during the period			4.00%
OStream Credit Limited [member]
Statement Line Items [Line Items]
Loans receivables, face amount						Ksh 0.2	$ 1,900
Loans receivables, interest rate, stated percentage						8.00%	8.00%
Interest income on loans and receivables			$ 62
Prepayments to 360 Mobile Security [member]
Statement Line Items [Line Items]
Receivables due from related parties			3,800	$ 15,500
Marketing and distribution-related services from Ying Liang Ltd [member]
Statement Line Items [Line Items]
Services received, related party transactions			$ 3,700

Note 26 - Related Parties - Outstanding Balances and Transactions (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

^[1]

$ (4,685)

$ (28,864)

Other payables to Beijing Kunlun Lexiang Network Technology Co., Limited [member]

^[1]

4,685

28,864

(15)

Office facilities expense to Beijing Kunlun Tech [member]

Other payables to Beijing Kunlun Online Network Tech Co.,Ltd [member]

(1,533)

(1,545)

$ (1,072)

(45)

Technology licensing and other revenue from Beijing Kunlan Tech Co Ltd [member]

Other payables to Bejing Kunlun Tech [member]

(773)

(177)

Professional services to Beijing Kunlun Tech Co., Ltd. [member]

773

177

Trade receivables with Beijing Kunlun Tech Co., Ltd. [member]

(30)

Professional services to Beijing Kunlun Lexiang Network Technology Co., Ltd. [member]

Trade receivables with Beijing OFY Co., Ltd [member]

(15)

(79)

Professional services to Beijing Kunlun Online Network Tech Co., Ltd [member]

Other payables with Beijing Xianlaihuyu Network Tech [member]

(44)

(125)

(5)

Professional services to Beijing Xianlaihuyu Network Tech Co., Ltd [member]

Trade payables to Blue Ridge Micro Finance Bank Ltd [member]

(5)

(39)

(30)

Technology licensing and other revenue from Beijing OFY Co., Ltd [member]

Other payable to Kulun Global International SDN BHD [member]

543

(8)

Advertising revenue from Kunlun Global International [member]

Trade payables to Kunulun Group Limited [member]

(520)

(436)

Professional services to Kunlun Global International SDN. BHD. [member]

520

436

Trade receivables with Kunlun Tech Limited [member]

(8)

Professional investment advisory services with Kunlun Group Limited [member]

568

Distribution prepayment with Mobimagic Digital Tech. Ltd. [member]

(582)

(436)

Technology licensing, advertising and other revenue from Mobimagic Digital Tech. Ltd. [member]

3,848

15,527

Trade and other payables to Mobimagic Digital Tech. Ltd. [member]

496

3,069

(2,760)

Marketing and distribution expense to Mobimagic Digital Tech. Ltd. [member]

2,760

Trade receivables with Mobimagic Cayman Co. Ltd. [member]

(9,719)

(25,767)

(7,522)

Software license fees expense to Mobimagic Digital Tech. Ltd. [member]

303

Trade and other payable to Mobimagic Cayman Co. Ltd. / Hong Kong Fintango Limited [member]

(500)

(25,598)

Technology, licensing and other revenue with Mobimagic Cayman Co. Ltd. [member]

25,598

Other receivables with Mobi Magic (Beijing) Information Technology Co., Ltd. [member]

596

303

Technology and platform fees with Mobimagic Cayman Co. Ltd. / Hong Kong Fintango Limited [member]

138

Trade receivables with Nhorizon Infinite (Beijing) Software Ltd. [member]

(23,007)

(25,598)

Professional services to Mobimagic Cayman Ltd. [member]

278

Revenue share liability to nHorizon Innovation [member]

(325)

(23)

Technology and other revenue from nHorizon Innovation [member]

Professional service receivable from nHorizon Innovation [member]

146

(18)

Investment to nHorizon Innovation (Beijing) Software Ltd [member]

146

Professional service payable to nHorizon Innovation [member]

(38)

(45)

(533)

(543)

Professional services to nHorizon [member]

533

543

Loans receivable from Opay Digital Services Limited [member]

(156)

(941)

Technology licensing and other revenue from nHorizon Infinite (Beijing) Software Ltd. [member]

Trade receivable from Opay Digital Services Limited [member]

133

Aqcuisition cost to Opay Digital Services Limited [member]

615

17,450

Contract liability from Opay Digital Services Limited [member]

(9,500)

(6,274)

Investment to Opay Digital Services Limited (HK) [member]

6,274

Other receivables with Opay Digital Services Limited (UK) [member]

(7,131)

License fee (cost of revenue) to Opay Digital Services Limited (HK) [member]

5,000

Trade receivable from Paycom Nigeria Limited [member]

(455)

Technology and other revenue from Opay Digital Services Limited [member]

1,466

Trade and other payables to Paycom Nigeria Limited [member]

7,626

15,960

10,899

(136)

(26)

Interest income from Opay Digital Services Limited (HK) [member]

136

Loans receivable from Powerbets Holding Limited [member]

323

Other income from Opay Digital Services Limited (UK) [member]

3,039

Trade receivable from Powerbets Holding Limited [member]

5,289

Advertising revenue from Paycom Nigeria Limited [member]

6,579

Trade receivable from Starmaker Entertainment Technology India Pvt., Ltd. [member]

866

1,565

Technology, other, and advertising revenue from Powerbets Holdings Limited [member]

Other receivables from Wisdom Connection III Holding Inc. [member]

2,210

4,369

Finance income with Puto Novi Financing Corporation [member]

500

Other payables to Xinyu Kunnuo Investment Management Co., Ltd. [member]

(180)

Investment to Starmaker Interactive [member]

180

Prepayment liabilities to Ying Liang Ltd [member]

(30,000)

Professional services to Starmaker Interactive [member]

Trade and other payables to Ying Liang Ltd [member]

150

175

(3,673)

Other revenue from Wisdom Connection III Holding Inc. [member]

3,673

Trade receivables with Ying Liang Ltd [member]

Disposal of shares in associates from Wisdom Connection III Holding Inc. [member]

209

Professional services with Xinyu Kunnuo Investment Management Co., Ltd. [member]

500

Marketing and distribution expenses to Ying Liang Ltd [member]

180

Technology licensing and other revenue from Ying Liang Ltd [member]

(3,716)