View Filing Data

Revenue

$ 334,855

$ 172,276

$ 128,892

Other income

5,460

Operating expenses

Personnel expenses including share-based remuneration

^[1]

(73,991)

(20,009)

(3,969)

(61,029)

(34,683)

(42,134)

Other changes in fair value of loans to customers

(73,150)

(31,381)

(30,971)

Credit loss expense

(577)

678

(1,837)

(54,431)

(528)

(18,933)

(12,694)

(16,604)

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

(32,210)

(28,359)

(25,359)

Restructuring costs

(3,240)

Total operating expenses

(314,192)

(126,975)

(124,114)

Operating profit

20,662

45,301

10,239

(3,818)

(3,248)

(1,670)

Change in fair value of preferred shares in associates

37,900

Net finance income (expense)

Finance income

10,530

1,637

1,054

Finance expense

(1,505)

(1,695)

(238)

Net foreign exchange gain (loss)

(269)

(354)

(1,881)

Net finance income (expense)

8,756

(412)

(1,065)

Net income before income taxes

63,500

41,641

7,504

Income tax (expense) benefit for the year

(5,602)

(6,481)

(1,440)

Equity holders of the parent

57,899

35,160

6,064

Net income attributable to:

57,899

35,160

6,064

Non-controlling interests

Basic, US$ (in dollars per share)

$ 57,899

$ 35,160

$ 6,064

$ 0.26

$ 0.17

$ 0.03

Diluted, US$ (in dollars per share)

0.25

0.17

0.03

Ordinary shares [member]

Net income attributable to:

Basic, US$ (in dollars per share)

0.26

0.17

0.03

Diluted, US$ (in dollars per share)

$ 0.25

$ 0.17

$ 0.03

ADS [member]

Net income attributable to:

Equity holders of the parent

$ 57,899

$ 35,160

$ 6,064

Basic, US$ (in dollars per share)

$ 0.52

$ 0.35

$ 0.06

Diluted, US$ (in dollars per share)

$ 0.51

$ 0.34

$ 0.06

[1]	Certain expenses in the comparative periods have been reclassified as Cost of revenue. See Note 7 for more details.

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Net income	$ 57,899	$ 35,160	$ 6,064
Other comprehensive income that may be reclassified to the Statement of Operations in subsequent periods (net of tax)
Exchange differences on translation of foreign operations	(1,790)	(1,245)	2,235
Reclassification of exchange differences on loss of control	7	(138)
Share of other comprehensive income (loss) of associates and joint ventures	(41)	94
Net other comprehensive income (loss) that may be reclassified to the Statement of Operations in subsequent periods	(1,824)	(1,289)	2,235
Total comprehensive income	56,075	33,871	8,299
Total comprehensive income attributable to:
Equity holders of the parent	56,075	33,871	8,299
Non-controlling interests
Total comprehensive income attributed	$ 56,075	$ 33,871	$ 8,299

Consolidated Statement of Financial Position - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Non-current assets
Furniture, fixtures and equipment	$ 26,053	$ 12,162
Intangible assets	110,807	115,444
Goodwill	421,578	421,578
Investments in associates and joint ventures	76,300	35,060
Non-current financial assets	1,351	2,025
Deferred tax assets	6,204	944
Total non-current assets	642,293	587,213
Current assets
Trade receivables	49,371	37,468
Loans to customers	93,115	3,092
Other receivables	59,112	4,031
Prepayments	25,809	14,372
Inventories	7,752
Other current financial assets	1,535	89
Marketable securities	42,146	667
Cash and cash equivalents	139,487	177,873
Total cash, cash equivalents, and marketable securities	181,633	179,038
Total current assets	418,327	238,090
TOTAL ASSETS	1,060,620	825,303
Equity
Share capital	24	22
Other paid in capital	814,177	738,690
Retained earnings	99,513	36,432
Foreign currency translation reserve	(1,508)	316
Equity attributed to equity holders of the parent	912,206	775,460
Non-controlling interests
Total equity	912,206	775,460
Non-current liabilities
Non-current lease liabilities and other loans	9,181	2,271
Deferred tax liabilities	10,526	13,358
Other non-current liabilities	137	212
Total non-current liabilities	19,844	15,841
Current liabilities
Trade and other payables	57,125	17,957
Current lease liabilities and other loans	47,793	2,490
Income tax payable	7,803	1,920
Deferred revenue	708	1,932
Other current liabilities	15,142	9,701
Total current liabilities	128,570	34,002
Total liabilities	148,414	49,843
TOTAL EQUITY AND LIABILITIES	$ 1,060,620	$ 825,303

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

Issued capital [member]

^[1]

Share premium [member]

^[1]

Retained earnings [member]

Reserve of exchange differences on translation [member]

Total

Beginning balance at Dec. 31, 2016

$ 19

$ 576,512

$ (7,704)

$ (630)

$ 568,197

Other comprehensive income (loss)

6,064

2,235

Share-based payments (Note 6)

6,064

2,235

8,299

7,006

Ending balance at Dec. 31, 2017

576,512

5,366

1,605

583,503

Other comprehensive income (loss)

35,160

(1,289)

Share-based payments (Note 6)

35,160

(1,289)

33,871

6,439

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

Business combination with entity under common control (Note 26)

(9,904)

Acquisition of treasury shares (Note 19)

(4,875)

Contribution of equity, net of transaction costs

167,053

167,056

Ending balance at Dec. 31, 2018

738,690

36,432

316

775,460

Other comprehensive income (loss)

57,899

(1,824)

Share-based payments (Note 6)

57,899

(1,824)

56,075

5,118

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

Acquisition of treasury shares (Note 19)

(5,780)

Contribution of equity, net of transaction costs

81,267

81,269

Ending balance at Dec. 31, 2019

$ 24

$ 814,177

$ 99,513

$ (1,508)

$ 912,206

[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, as if the share capital was contributed in 2016. In 2019, the amounts of share capital and other paid in capital have been amended by reclassifying amounts between the two equity components.

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

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Cash flow from operating activities

Net income before income taxes

$ 63,500

$ 41,641

$ 7,504

Income taxes paid

(9,870)

(4,381)

(3,202)

Gain on disposal of equipment and intangible assets

(5,460)

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

18,934

12,694

16,604

3,818

3,248

1,670

Change in fair value of preferred shares in associates

(37,900)

Share-based payment expense

5,118

6,439

7,006

Net finance income (expense)

(8,756)

412

1,065

Change in inventories

(7,752)

Change in trade and other receivables

(14,206)

(6,543)

(235)

Change in loans to customers

(90,023)

(3,092)

Change in trade and other payables

39,168

(5,635)

(8,509)

Change in deferred revenue

(1,224)

460

(2,106)

Change in prepayments

(11,437)

(12,205)

(136)

Change in other liabilities

5,441

1,507

(1,402)

Net cash flow from (used in) operating activities

726

(715)

(1,146)

(44,464)

33,828

11,653

Cash flow from investment activities

Proceeds from sales of equipment and intangible assets

5,716

Purchase of equipment

(8,868)

(2,616)

(3,523)

Settlement of earnout obligation

(600)

Receipt of contingent consideration

^[1]

2,945

Acquisition of subsidiary, net of cash acquired

(7,901)

Release of escrow account

2,508

5,402

Disbursement of short-term loans

(2,400)

(500)

Investment in, and loans to associates and joint ventures

(6,550)

(32,867)

(6,896)

Repayment of loans to associates and joint ventures

726

Deposit of collateral for subsidiaries' loan facility

(52,878)

Net purchase of listed equity instruments

(35,250)

(2,188)

Development expenditure

(4,173)

(4,132)

(3,503)

Net cash flow from (used in) investing activities

(106,987)

(47,250)

(3,305)

Cash flow from financing activities

Proceeds from issues of equity instruments

82,630

170,871

Transaction costs on issue of equity instruments

(1,364)

(2,992)

Acquisition of treasury shares

(5,780)

(4,875)

Proceeds from loans and borrowings

43,163

Payment of interests on loans and borrowings

(1,184)

Repayment of loans and borrowings

(1,509)

(1,765)

(4,372)

Payment of lease liabilities

(2,755)

(2,293)

(5,659)

Net cash flow from (used in) financing activities

113,200

158,946

(10,031)

Net change in cash and cash equivalents

(38,248)

145,524

(1,683)

Cash and cash equivalents at beginning of period

177,873

33,207

34,181

Net foreign exchange difference

(137)

(857)

709

Cash and cash equivalents at end of period

$ 139,487

$ 177,873

$ 33,207

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

Note 1 - Corporate Information

12 Months Ended

Dec. 31, 2019

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 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”) has become a leading global internet brand with an engaged and growing base. Building on over

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

and

26.

Information on other related party relationships of the Group is provided in Note

28.

The consolidated financial statements of the Group for the year ended

December 31, 2019

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

April 30, 2020.

Note 2 - Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

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 (the “IASB”).

The consolidated financial statements have been prepared on a historical cost basis, except for debt instruments, including loans to customers and preferred shares, 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. The subtotals and totals in some of the tables in the notes

may

not

equal the sum of the amounts shown in the primary financial statements due to rounding.

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, 2018.

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

2019,

the Group reclassified items in the Statement of Financial Position, specifically Loans to customers, Inventories and Marketable securities. These items were

not

presented separately in the consolidated financial statements for the year ended

December 31, 2018.

The Group has

not

presented a

third

Statement of Financial Position as of

January 1, 2018

due to the reclassifications

not

having material effects on the information in the statement at that date.

Expenses in the Statement of Operations are classified by nature, except for Cost of revenue, which includes expenses directly attributable to revenue. The combination of presentation by nature and function is made based on historical and industry factors, and the nature of the Group. See section for Cost of revenue below and Note

for more information on the nature of expenses included in Cost of revenue.

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. 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. Generally, there is a presumption that a majority of voting rights results in control. Specifically, the Group controls an investee if, and only if, the Group has:

	●	power over the investee (i.e., existing and potential rights that give it the current ability to direct the relevant activities of the investee);
	●	exposure, or rights, to variable returns from its involvement with the investee; 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.

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.

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

not

eliminate its share of gains or losses.

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

The Group has invested in preferred shares in 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. Due to growth and expansion into new businesses in

2019,

including microlending, management organized the Group into

four

operating segments effective from

2019:

Browser and News, Fintech, Retail and Other. The goodwill and the trademark that previously was allocated to the Consumer business CGU was reallocated to the Browser and News CGU.

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

not

measured at acquisition date fair values.

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

Furniture, fixtures and equipment

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

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

	●	Leasehold improvements: Up to 6 years.
	●	Equipment: Up to 10 years.
	●	Furniture and fixtures: Up to 5 years.

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

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

may

be impaired, the recoverable amount is estimated. 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 intangibles, excluding capitalized development costs, are

not

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

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

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

may

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

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

not

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

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

	●	the technical feasibility of completing the intangible asset so that it will be available for use or sale;
	●	its intention to complete the intangible asset and use or sell it;
	●	its ability to use or sell the intangible asset;
	●	how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset;
	●	the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;
	●	its ability to measure reliably the expenditure attributable to the intangible asset during its development.

The cost of developing new features, together with significant and pervasive improvements of core platform functionality, are capitalized as development costs and amortized on a straight-line basis, generally over a period of up to

years. Intangible assets classified as technology acquired in the acquisition of Opera Norway AS (formerly Opera Software AS) in

2016

are amortized over

years.

Other engineering work related to research activities or ongoing product maintenance, such as “bug fixes”, updates needed to comply with changes in laws and regulations, or updates needed to keep pace with the latest 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; and
	●	Amounts expected to be paid under residual value guarantees.
	●	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 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.

The Group applies the short-term lease recognition exemption to its short-term leases of office properties and equipment. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.

Prior to the implementation of IFRS

Leases

as of

January 1, 2019,

details of which are provided in Note

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 an operating expense in the Statement of Operations on a straight-line basis over the lease term.

Financial assets

The Group has the following financial assets:

	●	Loans and receivables: Trade receivables, loans to customers, other receivables, preferred shares 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 financial assets 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.

The microloans are held within a business model whose objective is to hold the assets and collect the contractual cash flows over the life of the instruments. There is

pattern of selling the loans, and the performance of the business is

not

measured at fair value for internal purposes. However, the Group has established a contractual obligation based on its business practices and external communication to limit the total amount of interest in the form of late fees to the amount of the principal and origination fee. This means that for overdue loans that are repaid after having reached such limit, the contractual cash flows are

not

payments of principal and interest on the principal amount outstanding. This is due to the interest amounts

not

being consideration for the time value of money. Consequently, the microloans are measured at fair value through profit or loss. In the Statement of Financial Position, the microloans are presented as Loans to customers.

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 loans to customers, listed equity instruments held for trading and preferred shares in OPay and StarMaker. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term.

While microloans are measured at fair value through profit or loss, changes in fair value are disaggregated in the Statement of Operations into interest income (presented as revenue) and other changes in fair value (primarily driven by realized and expected cash shortfalls, i.e. credit losses). See section below on Revenue for information about accounting policies related to measurement of interest income from microloans. The net of interest income and other changes in fair value of loans to customers represents the change in fair value.

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.

Prior to the implementation of IFRS

as of

January 1, 2018,

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

one

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

not

yet been incurred).

Impairment of non-financial assets

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

may

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

not

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

Goodwill is tested for impairment annually as of

December 31,

and when circumstances indicate that the carrying value

may

be impaired.

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

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

one

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

and

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 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
	●	Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
	●	Level 3: 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.

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

Inventories

Inventories in the form of handsets and airtime are valued at the lower of cost and net realizable value. The costs of individual items of inventory are determined using weighted average costs. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

Revenue

The Group has the following primary sources of revenue:

i.		Search
ii.		Advertising
iii.		Origination fees and interest (Fintech)
iv.		Airtime and handsets (Retail)
v.		Technology licensing and other revenue

All categories of revenue are within the scope of IFRS

Revenue from contracts with customers

, except for origination fees and interest, which represent components of changes in fair value of microloans to customers.

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).

Prior to the implementation of IFRS

as of

January 1, 2018,

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

2018

and

2019.

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.

Origination fees and interest

The Group provides instant app-based microloans to customers in exchange for an origination fee that remains fixed regardless of any early repayment. The origination fee is compensation for the credit risk and time value of money. Additional fees in the form of interest accrues only if and after a loan is

not

repaid by its due date.

While loans to customers are classified as financial assets measured at fair value through profit or loss, the Group disaggregates changes in fair value into interest income and credit losses in the Statement of Operation. Interest income, classified as revenue, is recognized when the interest is 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.

iv.

Airtime and handsets

The Retail segment includes sale of handsets, prepaid airtime and data to consumers and wholesalers. Revenue is recognized when the contracted good or service is transferred to the customer, after which the Group does

not

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

2019,

customers’ right of refund did

not

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

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

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 are recognized over the development period in line with the degree of completion.

Set-up activities that do

not

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

not

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

are met.

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

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

Other income

Other income is income which is

not

related to the Group’s ordinary activities and is presented net of associated costs. In

2017,

other income included net gain from sale of certain fixed and intangible assets.

Cost of revenue

Cost of revenue comprises the fintech cost categories of transaction and communication platform expenses, as well as

third

party credit scoring, data and risk control costs, as well as the cost of handsets and airtime sold to customers. It also includes revenue shares to content creators on our Opera News platform, and payments to publishers and monetization partners, including the costs of any platform or collection service used to facilitate subscription services where the Group is the principal of the transaction. Payments to publishers and monetization partners typically consist of fees based upon a percentage of relevant revenues, such as publishers providing content in which the Group delivers mobile ads or operators facilitating payments of Opera branded services. Cost of revenue also includes expenses directly attributable to revenue recognized in the period, such as employee benefits for individuals who provided maintenance, support, and managerial services to customers for which revenue was recognized. The Group recognizes such costs at the same time it recognizes the associated revenue.

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 benefit. Expenses related to certain outsourced services, primarily sales, debt collection and customer support, are classified as personnel expenses if the nature of the arrangement is that the Group is functioning as the employer. 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.

Government grants

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

Treasury shares

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

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

2.4

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.

Control over Opera Limited

2018,

in connection with the Group’s acquisition of TenSpot Pesa Limited, the Group concluded that Opera Limited was controlled by its Chairman and CEO. Since the Group’s Chairman and CEO also controlled TenSpot Pesa Limited, the business combination occurred under common control. The determination that Opera Limited was controlled by its Chairman and CEO was based on significant judgment. The Chairman and CEO’s ownership interest and voting rights were established by his control of Keeneyes Future Holding Inc and Kunlun Tech Limited, a subsidiary of Beijing Kunlun Tech Co. Ltd. Although the Chairman and CEO did

not

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

33.77%

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

50%

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

Significant influence over OPay and basis for accounting of 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 did

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.

2019,

the Group acquired preferred shares in OPay, as disclosed in Notes

and

27.

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, 2019

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 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.

Fair value of microloans

Microloans are measured at fair value through profit or loss. Fair value is estimated by discounting projected future cash flows to their present value using the credit-adjusted effective interest rate, determined as at the date loans were granted. This method is deemed appropriate for estimating fair value due to the short duration of the loans and the amounts of origination fees and interest reflecting market rates at the point in time when the loans were granted. The credit-adjusted effective interest rate reflects the risk of defaulted payment. The total cash flows (both principal, origination fees and interest) expected to be collected are regularly reviewed. The impact of changes in expected cash flows is adjusted in the carrying amount of Loans to customers and is, together with the difference between the realized and expected cash flow of the period, recognized in the Statement of Operations as Revenue or Other changes in fair value of loans to customers. The underlying estimates for future cash flows, which form the basis for revenue recognition, depends on variables such as the ability to contact the debtor and reach an agreement, timing of cash flows, general economic environment, and statutory regulations. Events or changes in assumptions and management’s judgment will affect the recognition of revenue in the period.

Provision for expected credit losses

For trade receivables and other financial assets measured at amortized cost, a loss allowance is recognized based on lifetime expected credit losses.

For trade receivables, the Group makes specific loss provisions at the level of specific customer invoices where information exists that management can utilize in its determination of credit risk. For trade receivables where

specific risk information is identified, the Group uses a provision matrix that is based on the nature of the receivable, location of its invoicing and the age of the invoice relative to its due date, reflecting its historical credit loss experience and adjusting for forward-looking factors specific to the debtors and the economic environment. See Note

for more information.

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.

2019,

the Group recognized

US$2,210

thousand of revenue from contracts with Powerbets (

2018:

US$4,369

thousand and

2017:

US$0

). As of

December 31, 2019,

the total amount of outstanding trade receivables due from Powerbets was

US$6,579

thousand, compared to

US$4,369

thousand as of

December 31, 2018.

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. See Notes

21,

and

for more information.

As of

December 31, 2019,

the Group estimated the lifetime expected credit losses on the receivables due from Powerbets for the purpose of recognizing a loss allowance. 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.

Impairment of non-financial assets

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

December 31, 2019,

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

10.

Share-based payments

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

Estimating fair value for share-based awards requires an assessment of an appropriate valuation model, which depends on the terms and conditions of the grant. The estimate also requires an assessment of the most appropriate inputs to the valuation model including grant date fair value of the underlying equity, the expected life of the grant, volatility and dividend yield. Assumptions and models used for current grants are disclosed in Note

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

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

Capitalized development costs

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

six

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

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

for more information.

Note 3 - Changes in Accounting Policies and Disclosures

12 Months Ended

Dec. 31, 2019

Disclosure of changes in accounting policies [text block]

NOTE

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

3.1

New standards, interpretations and amendments adopted by the Group

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

December 31, 2018,

except for the adoption of IFRS

Leases

, as outlined below, and a change in accounting policy for expenditure related to software as a service ("SaaS") cloud computing arrangement. Prior to

2019,

the Group capitalized expenditure related to implementation of SaaS arrangement, while under the amended policy, such expenditure is expensed when incurred. The change in accounting policy for SaaS arrangement had an immaterial impact on the Group’s consolidated financial statements. Several other amendments and interpretations apply for the

first

time in

2019

but did

not

have a material impact on the consolidated financial statements of the Group. The Group has

not

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

not

yet effective. See Note

for information about the Group’s accounting policies.

IFRS

Leases

The Group adopted IFRS

Leases

retrospectively as of

January 1, 2019

with the cumulative effect of initially applying the standard recognized as an adjustment to the opening balance of Retained earnings at that date. Comparative information has

not

been restated.

For leases which had previously been classified as operating leases under the principles of IAS

17,

the lease liability upon adoption of IFRS

was measured as the present value of the remaining lease payments, discounted using the lessee’s estimated incremental borrowing rate as of

January 1, 2019.

The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group used a single discount rate to a portfolio of leases with reasonably similar characteristics. The incremental borrowing rate was estimated based on yields for government bonds denominated in the same currency as the lease payments and a credit risk premium. The discount rates were in the range

2.15%

12.3%,

where the variance is primarily explained by the currencies in which the lease payments are denominated in. The right-of-use asset was recognized at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the Statement of Financial Position immediately before the date of initial application.

For leases that were classified as finance leases applying IAS

17,

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

January 1, 2019

were the carrying amounts of the lease asset and lease liability immediately before that date measured applying IAS

17.

[US$ thousands]	As of January 1, 2019
Measurement of lease liabilities
Operating lease commitments disclosed as of December 31, 2018		7,790
Discounted using the lessee’s incremental borrowing rate (4%) of at the date of initial application		7,202
Add: adjustments as a result of a different treatment of extension and termination options		7,533
Add: finance lease liabilities recognized as of December 31, 2018		234
Lease liability recognized as of January 1, 2019		14,969

The Group elected to apply the recognition exemptions for short-term leases (i.e., those leases that have a lease term of

months or less from the commencement date and do

not

contain a purchase option), and leases for which the underlying asset is of low value. These exemptions are applied to short-term office leases, and leases of office equipment, including printers and photocopying machines. Non-lease components, such as maintenance and supply of utilities, are accounted for separately from lease components.

The Statement of Financial Position increase (decrease) as of

January 1, 2019:

[US$ thousands]	As of January 1, 2019
Assets
Furniture, fixtures and equipment		14,969

Liabilities
Non-current lease liabilities and other loans		10,709
Current lease liabilities and other loans		4,260
Other current liabilities		(64	)
Net impact on equity		64

The net impact on the Group’s equity as of

January 1, 2019

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

and SIC

15.

F-

Table of Contents

3.2

New standards, interpretations and amendments

not

yet effective

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

not

effective as of

December 31, 2019,

are

not

expected to have a material impact on the consolidated financial statements upon adoption. As of

January 1, 2020,

the amendments disclosed below became effective. These could impact the Group’s consolidated financial statements for future periods.

Amendments to IFRS

Definition of a Business

The IASB has issued amendments to the definition of a business in IFRS

Business Combinations

to help entities determine whether an acquired set of activities and assets is a business or

not.

The amendments clarify the minimum requirements for a business, remove the assessment of whether market participants are capable of replacing any missing elements, add guidance to help entities assess whether an acquired process is substantive, narrow the definitions of a business and of outputs, and introduce an optional fair value concentration test. Since the amendments apply prospectively to transactions or other events that occur on or after the date of

first

application, the Group will

not

be affected by these amendments on the date of transition. The Group adopted the amendments on

January 1, 2020.

Amendments to IAS

and IAS

Definition of Material

IAS

Presentation of Financial Statements

and IAS

Accounting Policies, Changes in Accounting Estimates and Errors

have been amended by the IASB to align the definition of “material” across the standards and to clarify certain aspects of the definition. The new definition states that, “Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.” The amendments to the definition of material is

not

expected to have a significant impact on the Group’s consolidated financial statements. The Group adopted the amendments prospectively on

January 1, 2020.

Note 4 - Segment and Revenue Information

12 Months Ended

Dec. 31, 2019

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

four

reportable segments, as follows:

	●	Browser and News
	●	Fintech
	●	Retail
	●	Other

In prior periods, the Group had

one

operating segment. The change in

2019

follows the Group’s expansion and growth into new businesses including microlending, and related changes to how financial information is reviewed by the Group’s chief operating decision maker (the “CODM”).

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 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) cost of revenue, (ii) marketing and distribution expense, and (iii) 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, which have similar characteristics and are often closely bundled, generate search and advertising revenue for the Group. The Fintech segment relates to app-based microfinance services that offer instant credit to approved borrowers. The retail segment includes sale of handsets, prepaid airtime, and data to consumers and wholesalers. The segment Other includes licensing of the Group’s proprietary technology to

third

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

[US$ thousands]	Year ended December 31, 2017
Segments	Browser and News			Fintech		Retail		Other			Total
Revenue
Revenue from contracts with customers		109,239			-		-		19,653			128,892
Total revenue		109,239			-		-		19,653			128,892

Cost of revenue		(1,303	)		-		-		(2,666	)		(3,969	)
Marketing and distribution expenses		(30,971	)		-		-		-			(30,971	)
Credit loss expense (1)		(1,837	)		-		-		-			(1,837	)
Direct expenses		(34,111	)		-		-		(2,666	)		(36,777	)
												-
Contribution by segment		75,128			-		-		16,987			92,115

[US$ thousands]	Year ended December 31, 2018
Segments	Browser and News			Fintech			Retail			Other			Total
Revenue
Revenue from contracts with customers		138,444			-			9,287			22,890			170,621
Other revenue		-			1,655			-			-			1,655
Total revenue		138,444			1,655			9,287			22,890			172,276

Cost of revenue		(3,637	)		(428	)		(9,096	)		(6,848	)		(20,009	)
Marketing and distribution expenses		(31,336	)		(45	)		-			-			(31,381	)
Credit loss expense (1)		678			(528	)		-			-			150
Direct expenses		(34,295	)		(1,001	)		(9,096	)		(6,848	)		(51,240	)

Contribution by segment		104,149			654			191			16,042			121,036

[US$ thousands]	Year ended December 31, 2019
Segments	Browser and News			Fintech			Retail			Other			Total
Revenue
Revenue from contracts with customers		154,968			-			29,802			21,712			206,482
Other revenue		-			128,373			-			-			128,373
Total revenue		154,968			128,373			29,802			21,712			334,855

Cost of revenue		(2,642	)		(29,759	)		(29,836	)		(11,754	)		(73,991	)
Marketing and distribution expenses		(64,685	)		(8,464	)		-			-			(73,150	)
Credit loss expense (1)		(577	)		(54,302	)		-			-			(54,879	)
Direct expenses		(67,904	)		(92,525	)		(29,836	)		(11,754	)		(202,019	)
														-
Contribution by segment		87,064			35,848			(34	)		9,958			132,835

(

)

For the Browser and News segment, Credit loss expense in the segment reporting is consistent with 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.

Other income, personnel expenses, depreciation and amortization, share of net income (loss) of associates and joint ventures, change in fair value of preferred shares in associates, finance income and expense, net foreign exchange gain (loss), income tax expense and other expenses are

not

allocated to those segments as they are managed and monitored on a group basis.

[US$ thousands]	Year ended December 31,
Reconciliation	2017			2018			2019
Contribution by segment		92,115			121,036			132,835
Other income		5,460			-			-
Personnel expenses including share-based remuneration		(42,134	)		(34,683	)		(61,029	)
Depreciation and amortization		(16,604	)		(12,694	)		(18,933	)
Other expenses		(25,359	)		(28,359	)		(32,210	)
Restructuring costs		(3,240	)		-			-
Share of net income (loss) of associates and joint ventures		(1,670	)		(3,248	)		(3,818	)
Change in fair value of preferred shares in associates		-			-			37,900
Finance income		1,054			1,637			10,530
Finance expense		(238	)		(1,695	)		(1,505	)
Net foreign exchange gains (losses)		(1,881	)		(354	)		(269	)
Net income (loss) before income taxes		7,504			41,641			63,500

Revenue

Set out below is the disaggregation of the Group’s revenue from contracts with customers. Origination fees and late interest from loans to customers are also presented as revenue in the Statement of Operations.

[US$ thousands]	Year ended December 31, 2017
Segments	Browser and News		Fintech		Retail		Other		Total
Type of goods or service
Search		68,192		-		-		-		68,192
Advertising		41,047		-		-		-		41,047
Airtime and handsets		-		-		-		-		-
Technology licensing and other revenue (1)		-		-		-		19,653		19,653
Total revenue from contracts with customers		109,239		-		-		19,653		128,892
Origination fees and late interest		-		-		-		-		-
Total revenue		109,239		-		-		19,653		128,892

[US$ thousands]	Year ended December 31, 2018
Segments	Browser and News		Fintech		Retail		Other		Total
Type of goods or service
Search		80,204		-		-		-		80,204
Advertising		58,240		-		-		-		58,240
Airtime and handsets		-		-		9,287		-		9,287
Technology licensing and other revenue (1)		-		-		-		22,890		22,890
Total revenue from contracts with customers		138,444		-		9,287		22,890		170,621
Origination fees and late interest		-		1,655		-				1,655
Total revenue		138,444		1,655		9,287		22,890		172,276

[US$ thousands]	Year ended December 31, 2019
Segments	Browser and News		Fintech		Retail		Other		Total
Type of goods or service
Search		86,155		-		-		-		86,155
Advertising		68,813		-		-		-		68,813
Airtime and handsets		-		-		29,802		-		29,802
Technology licensing and other revenue (1)		-		-		-		21,712		21,712
Total revenue from contracts with customers		154,968		-		29,802		21,712		206,482
Origination fees and late interest		-		128,373		-		-		128,373
Total revenue		154,968		128,373		29,802		21,712		334,855

(

)

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).

The table below presents the revenue by customer location.

[US$ thousands]	Year ended December 31,
Revenue by customer location	2017		2018		2019
Ireland		63,152		76,791		81,637
Russia		18,251		17,356		17,265
India		-		1,549		98,504
Kenya		-		3,426		35,086
Other (1)		47,490		73,154		102,363
Total		128,893		172,276		334,855

(

)

other individual country exceeded

10%

of total revenue.

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,
Customer groups	2017		2018		2019
Customer group 1		55,685		67,882		74,572
Customer group 2		16,604		17,017		17,758

Revenue from Customer group

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

includes only search services.

Other income

During

2017,

the Group entered into a set of agreements with

one

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

[US$ thousands]	Year ended December 31,
Other income	2017			2018		2019
Proceeds allocated to divestment of IP		7,800			-		-
Cost of technology license obtained from Otello Corporation ASA		(2,000	)		-		-
Book value of associated capitalized development costs		(256	)		-		-
Legal fees related to the divestment process		(84	)		-		-
Total		5,460			-		-

Note 5 - Loans to Customers

12 Months Ended

Dec. 31, 2019

Microloans [text block]

NOTE

LOANS TO CUSTOMERS

The Group engages in microlending in several developing countries, including Kenya and India. In

2019,

the Group provided loans to customers with a relatively short duration, up to

365

days, in exchange for an origination fee that remained fixed regardless of any early repayment. The average duration for microloans provided in

2019

was

days. Additional fees in the form of interest, limited to the sum of the principal and origination fee, is accrued only if and after a loan was

not

repaid by its due date.

The fair value of microloans is presented in the Statement of Financial Position as Loans to customers. In the Statement of Operations, changes in fair value are disaggregated into Revenue and Other changes in fair value of loans to customers. While fair value of loans to customers is estimated as the present value of expected cash flows discounted by the credit-adjusted effective interest rate, the amount of revenue recognized related to origination fees and interest is measured based on the effective interest rate method. The amount of Other changes in fair value of loans to customers, presented as credit loss expense in the segment reporting in Note

is the difference between the fair value at inception or the beginning of the period and the fair value at the end of the period, less cash flows received in the period and interest revenue. Other changes in fair value of loans to customers consist primarily of changes in fair value of expected cash flows.

See Note

for information on the Group’s exposure to credit risk and its policies for managing that risk.

The following tables present detailed financial information related to the microloans to customers:

	Loans to customers			Loans to customers			Loans to customers			Loans to customers
[US$ thousands] Statement of Financial Position as of December 31, 2018	not yet overdue			overdue 1-30 days			overdue 31-90 days			overdue >90 days			Total
Disbursed amounts		1,520			503			235			310			2,568
Accumulated interest revenue		247			223			276			400			1,146
Accumulated credit loss expense (1)		-			(91	)		(99	)		(337	)		(528	)
Accumulated partial repayments		(6	)		(37	)		(34	)		(18	)		(95	)
Net loans to customers		1,762			598			378			355			3,092

	Loans to customers			Loans to customers			Loans to customers			Loans to customers
[US$ thousands] Statement of Financial Position as of December 31, 2019	not yet overdue			overdue 1-30 days			overdue 31-90 days			overdue >90 days			Total
Disbursed amounts		88,271			10,350			13,462			20,335			132,418
Accumulated interest revenue		5,101			2,017			3,390			6,830			17,338
Accumulated credit loss expense (1)		(4,754	)		(8,629	)		(15,950	)		(24,969	)		(54,302	)
Accumulated partial repayments		(30	)		(137	)		(300	)		(1,375	)		(1,843	)
Net loans to customers		88,588			3,601			602			325			93,115

(

)

Accumulated credit loss expense is part of Other changes in fair value of loans to customers in the Statement of Operations.

[US$ thousands]	Year ended December 31,
Statement of Operations	2017		2018			2019
Origination fees and late interest		-		1,655			128,373
Other changes in fair value of loans to customers		-		(528	)		(54,431	)
Net change in fair value of loans to customers		-		1,127			74,071

[US$ thousands]	Year-ended December 31,
Reconciliation of fair value measurement of loans to customers	2018			2019
As of January 1		-			3,092
Disbursements		9,728			856,883
Interest revenue		1,655			128,373
Other changes in fair value		(528	)		(54,302	)
Repayments		(8,840	)		(840,003	)
Other movements		1,077			(928	)
As of December 31		3,092			93,115

Fair value measurement

The fair value of microloans is estimated as the present value of expected cash flows discounted by the credit-adjusted effective interest rate. The fair value is a level

measurement. Future expected cash flows are estimated based on historic data and management overlay when necessary to reflect current expectations.

In the Group’s fair value model, each individual loan is designated into groups of loans where each group of loans has a corresponding recovery curve. The recovery curve reflects the expected cash flows for that group of loans and is constructed based on the observed historic data for loans with similar characteristics (e.g., to a

first

-time borrower or a returning borrower, disbursed amounts, loan term (maturity) and actual repayments). As the loan progresses and the Group obtains payment data (behavior data) on the customer, the contract remains in its current loan group or switch to the loan group whose recovery curve is most aligned with the observed payment history for that specific contract. Based on accumulated data, Opera has

reasonable expectation of receiving cash flows subsequent to

180

days after maturity, and consequently do

not

include any expected cash flow after

180

days past due in the estimation of fair value.

A basic premise applied for the initial and subsequent measurement of fair value is that each loan is issued without the creation of a gain or loss on issue. Thus, at initial recognition, the fair value of the loan, being the net present value of expected future cash flows, equals the cash flows disbursed when issuing the loan. Due to the short duration of the loan, the credit adjusted effective interest rate, that resulted in

gain or loss at inception, is kept constant when measuring the fair value of the loan for the remaining of the duration of the loan.

Due to the short duration of the microloans, the most significant factor when evaluating the loans is the estimation of future expected cash flows (the recovery curve). The estimate of fair value is also sensitive to the discount rate.

10%

increase in the expected future cash flows would result in the fair value of the loans to customers being

US$101,641

thousand, while a

10%

decrease would result in the fair value being

US$84,589

thousand. If the annualized discount rate was

100

percentage points higher, the fair value would be

US$92,933

thousand, and if the annualized discount rate was

100

percentage points lower, the fair value would be

US$93,348

thousand.

See Note

for additional details.

Note 6 - Personnel Expenses Including Share-based Remuneration

12 Months Ended

Dec. 31, 2019

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. The amount of personnel expenses presented as cost of revenue is specified in Note

[US$ thousands]	Year ended December 31,
Personnel expenses including share-based remuneration	2017		2018		2019
Salaries incl. bonuses		23,714		20,412		34,186
Social security cost, excluding amounts related to share-based remuneration		4,235		3,428		3,777
External temporary hires		686		1,687		8,159
Defined-contribution pension cost		2,068		2,066		3,616
Other personnel related expenses		1,935		2,244		5,364
Personnel expenses excluding share-based remuneration		32,638		29,836		55,101
Share-based remuneration, including related social security costs		9,496		4,846		5,928
Total		42,134		34,683		61,029

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

[US$ thousands]	Year ended December 31,
Research and development expenditure	2017		2018		2019
Total research and development expenditure		23,386		26,418		34,143
Less: Capitalized development expenditure excluded from personnel expenses		3,503		4,545		4,056
Net expensed research and development expenditure		19,883		21,873		30,087

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	2017		2018		2019
Short-term employee benefits		946		843		2,121
Post-employment and medical benefits		47		57		59
Share-based payment transactions		-		621		536
Total		993		1,521		2,716

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

2019

was

$536

thousand, compared to

US$621

thousand in

2018.

equity grants vested in

2017.

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.

The program was established with an assumption that there would be

500

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

200

million shares, resulting in a conversion ratio of

0.4

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

two

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

0.5.

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.

2019,

grants were made in the months of

March,

June,

September,

November

and

December.

The average vesting schedule for the majority of

2019

grants were

16%,

22%,

28%,

34%

January 1

in each of the years

2020

2023.

The equity unit value applied for the

2019

grants was determined based on the market value of the Company on the date of each grant. The fair value for RSUs granted was determined by Monte Carlo simulation, while the fair value of options was determined based on the Black-Scholes model, 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, 2019,

social security cost was accrued based on the period-end market value of the Company, and corresponded to

US$1,050

thousand. The full amount of social security payable on grants outstanding at period end, assuming all grants become exercisable at the current period-end market value of the Company, amounts to

US$1,442

thousand.

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	2017		2018		2019
Expense arising from equity-settled share-based payment transactions (1)		9,496		4,846		5,928
Expense arising from cash-settled share-based payment transactions		-		-		-
Total		9,496		4,846		5,928

(

)

Including accrued social security cost.

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

	Year ended December 31,
RSUs	2018			2019
Outstanding at period start		3,882,600			4,244,132
Granted during the period		516,000			1,019,000
Forfeited during the period		(154,468	)		(550,700	)
Exercised during the period		-			(1,728,492	)
Expired during the period		-			-
Outstanding at period end		4,244,132			2,983,940

	Year ended December 31,
Options	2018		2019
Outstanding at period start		-		-
Granted during the period		-		150,000
Forfeited during the period		-		-
Exercised during the period		-		-
Expired during the period		-		-
Outstanding at period end		-		150,000

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

December 31, 2019

was

0.95

years (

December 31, 2018:

0.97

years). On

January 1, 2020,

1,130,000

RSUs and

30,000

options became exercisable, with

exercise price for the RSUs and

$7.42

exercise price for the options.

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

	2018 RSU grants: RSU valuation input			2019 RSU grants: RSU valuation input			2019 RSU grants: Option valuation input
Equity unit price valuation ($)		7.75			9.09	(3)		7.42
Model Used		Monte Carlo			Monte Carlo			Black-Scholes
Expected Volatility (%) (1), (2)		35.28	%		40.00	%		40	%
Risk free interest rate (%) (1)		2.43	%		1.70	%		2.43	%
Dividend Yield (%)		0	%		0	%		0	%
Duration of initial simulation period (years to longstop date)		4.73			3.16			4.81
Duration of second simulation period with postponed exercise (years)		3.00			3.00			N/A
Fair value at the measurement date ($)		7.12			8.92			2.36

(

)

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

2019.

Note 7 - Cost of Revenue

12 Months Ended

Dec. 31, 2019

Disclosure of cost of sales [text block]

NOTE

COST OF REVENUE

The table below specifies the nature of expenses presented as Cost of revenue.

[US$ thousands]	Year ended December 31,
Cost of revenue	2017		2018		2019
Payouts to publishers and monetization partners		1,303		1,227		2,096
Cost of prepaid airtime and handsets sold		-		9,096		29,836
Microlending service fee (1)		-		428		29,759
Cost of professional services (2)		2,181		6,693		11,754
Other expenses		485		2,565		546
Total		3,969		20,009		73,991

(

)

Includes accrued fee for provision of app, systems and platform maintenance, and data processing services as well as managerial oversight to P C Financial Services, the subsidiary of the Group offering microloans in India. See Note

for more details.

(

)

The Group provided development and managerial services to equity-accounted investees. Related to this, the Group incurred expenses, predominantly personnel expenses. In

2019,

the Group reclassified personnel and other operating expenses in prior periods as cost of revenue. In

2018,

the Group reclassified personnel expenses of

US$6,285

thousand as cost of revenue, compared to

US$2,181

thousand in

2017.

Other operating expenses reclassified as cost of revenue was

US$408

thousand in

2018

and

US$485

thousand in

2017.

Note 8 - Other Expenses

12 Months Ended

Dec. 31, 2019

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	2017		2018		2019
Hosting		12,105		10,146		6,941
Audit, legal and other advisory services		3,529		8,306		8,533
Software license fees		1,346		1,799		2,566
Rent and other office expenses		4,304		4,573		5,379
Travel		1,775		2,057		3,990
Other		2,300		1,477		4,801
Total		25,359		28,359		32,210

Note 9 - Furniture, Fixtures and Equipment

12 Months Ended

Dec. 31, 2019

Disclosure of property, plant and equipment [text block]

NOTE

FURNITURE, FIXTURES AND EQUIPMENT

[US$ thousands]	Office properties		Furniture and fixtures		Equipment			Leasehold improvements			Total
Cost
Cost as of January 1, 2018		-		478		20,685			1,692			22,855
Additions		-		149		4,201			139			4,489
Disposals		-		-		-			-			-
Exchange rate differences		-		4		(312	)		(93	)		(401	)
As of December 31, 2018		-		629		24,574			1,738			26,942

Adjustment for change in accounting policy (1)		6,739		-		8,230			-			14,969
Restated 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	)		(384	)
As of December 31, 2019		7,967		878		28,008			1,747			38,601

Depreciation and impairment
As of January 1, 2018		-		186		8,802			406			9,394
Depreciation for the year		-		116		5,001			243			5,360
Disposals		-		-		-			-			-
Exchange rate differences		-		21		28			(22	)		26
As of December 31, 2018		-		324		13,831			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



Net book value as of December 31, 2018		-		306		10,742			1,109			12,162
Net book value as of December 31, 2019		6,201		415		18,562			878			26,053

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

(

)

See Note

for information about change in accounting policy related to implementation of IFRS

16.

Note 10 - Intangible Assets

12 Months Ended

Dec. 31, 2019

Disclosure of intangible assets [text block]

NOTE

10.

INTANGIBLE ASSETS

			Customer						Other intangible
[US$ thousands]	Goodwill		relationships		Technology		Trademarks		assets			Total
Cost
Cost as of January 1, 2018		421,578		40,700		14,545		70,600		2,020			549,443
Additions (1)		-		-		4,132		-		27			4,159
Disposals		-		-		-		-		-			-
Exchange differences		-		-		-		-		-			-
As of December 31, 2018		421,578		40,700		18,677		70,600		2,047			553,602

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

Amortization and impairment
As of January 1, 2018		-		3,477		4,028		-		1,741			9,246
Amortization for the year		-		2,980		4,094		-		261			7,335
Disposals		-		-				-		-			-
Exchange differences		-		-				-		-			-
As of December 31, 2018		-		6,457		8,122		-		2,002			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


Net book value as of December 31, 2018		421,578		34,243		10,555		70,600		45			537,022
Net book value as of December 31, 2019		421,578		31,263		8,897		70,600		47			532,385

Goodwill

Customer relationships

Technology

Trademarks

Other intangible assets

Useful life

Indefinite

Up to 15 year

Up to 5 year

Indefinite

Up to 5 years

Amortization method

Straight-line

(

)

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

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

November 2016

through the acquisition of Opera Norway AS with subsidiaries, consisting of

one

segment – “the Consumer business”. Due to growth and expansion into new businesses in

2019,

including microlending, management organized the Group into

four

operating segments effective from

2019:

Browser and News, Fintech, Retail and Other. The goodwill and the trademark that previously was allocated to the Consumer business CGU was reallocated to the Browser and News CGU.

The Group performed its annual impairment test of Browser & News CGU as of

December 2019

as required by IFRS.

The carrying amount of the Browser & News CGU as of

December 31, 2019

was

US$577,376

thousand (

December 31, 2018:

US$580,705

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.

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

not

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

2020

only as management does

not

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

2021

2023

and then using the estimated cash flows in

2023

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

2023,

the cash flows are extrapolated using constant nominal growth rates.

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

not

impaired.

Key assumptions

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

Cash flows

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

Forecasted cash outflows are partly based on actual costs in

2019

and a bottom-up assessment for the relevant operating unit. Operating expenditures are expected to grow, primarily due to user acquisition initiatives by engaging more publishers and monetization partners, which is expected to increase our revenue, but also our cost of revenue 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 & 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 of

1.9%

(

2018:

3.0%

), in

2019

based on the

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

5.2%

(

5.68%

2018

). The estimated beta for equity was

1.4

(

2018:

1.20

). The equity to total capital ratio was

100%

(

2018:

97%

). This resulted in a post-tax WACC of

13.1%

(

2018:

10.6%

Long-term growth

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

growth in labor force as well as

improvement in labor productivity, which results in

zero

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

2024,

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

for the Browser & News CGU (

2018:

2.5%

Sensitivity

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

percentage points for the

three

former metrics and narrower +/-

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

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

December 31, 2019.

The following thresholds would trigger an impairment loss:

●	Decrease in annual revenue growth in the projected period of 3.8 percentage points.

●	Increase in operating expenditure as percent of revenue by more than 12.3 percentage points.

●	Increase of WACC by more than 3.1 percentage points.

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

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

Note 11 - Inventories

12 Months Ended

Dec. 31, 2019

Disclosure of inventories [text block]

NOTE

INVENTORIES

[US$ thousands]	As of December 31,
Inventories	2018		2019
Handsets		-		7,656
Prepaid airtime		-		96
Total		-		7,752

Inventories were measured at cost.

items of inventory were written down to net realizable value. The cost of inventory sold in the period is recognized as Cost of revenue. See Note

for more details.

Note 12 - Leases

12 Months Ended

Dec. 31, 2019

Disclosure of leases [text block]

NOTE

12.

LEASES

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	2018 (2)		2019
Right-of-use assets (1)
Office properties		0		6,178
Equipment		0		5,528
Total		0		11,706

Lease liabilities
Current		0		4,625
Non-current		0		7,378
Total		0		12,003

(

)

Additions to the right-of-use assets during the

2019

financial year were

US$1.2

million.

(

)

In the previous year, the Group only recognized lease assets and lease liabilities in relation to leases that were classified as "finance leases" under IAS

17.

The assets were presented in property, plant and equipment and the liabilities as part of the Group’s borrowings. For adjustments recognized on adoption of IFRS

January 2019,

please refer to Note

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

[US$ thousands]	Year ended December 31,
Amounts recognized in the Statement of Operations	2018		2019
Depreciation charge of right-of-use assets
Office properties		-		1,752
Equipment		-		2,739
Total		-		4,491

Interest expense (included in Finance expense)		-		457

The total cash outflow for leases in

2019

was

US$5,328

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 Bank International d.a.c. ("Dell") as security for all present and future lease liabilities, as disclosed in Note

14.

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. Note

provides information about the lease liabilities as of

December 31, 2018

related what then were finance 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 were 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. To the extent the Group is reasonable certain it will exercise these extension options, they have been included in the right-of-use asset and lease liability. Extension and termination options 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 13 - Lease Liabilities and Other Loans

12 Months Ended

Dec. 31, 2019

Disclosure of borrowings [text block]

NOTE

13.

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			2018		2019
Lease liabilities								229		12,003
Interest-bearing loans (1)	2%	-	9%	January 2020	-	July 2023		4,040		43,904
Total								4,269		55,907

(

) See Notes

and

for more information about a loan of

US$42,247

thousand as of

December 31, 2019.

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	2018		2019
Lease liabilities		33		7,378
Interest-bearing loans		2,238		736
Other loans		-		1,067
Total		2,271		9,181

[US$ thousands]	As of December 31,
Current lease liabilities and other loans	2018		2019
Lease liabilities		196		4,625
Interest-bearing loans		1,802		43,169
Other loans		492		0
Total		2,490		47,793

See Note

for additional details regarding the Group’s leases and Note

for a maturity analysis of the financial liabilities.

Note 14 - Guarantees and Other Commitments

12 Months Ended

Dec. 31, 2019

Disclosure of commitments [text block]

NOTE

14.

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$11,382

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 independent and separate from the obligations of the Group as the lessee and is valid for

years from

January 17, 2017.

2019,

the Group entered into an agreement with Putu Novi Financing Corporation, a related party, under which the Group provided a revolving credit facility limited to

US$10

million and would be entitled to interest and gross profit sharing of the borrower’s operations. The credit facility was provided for a period of

months starting on

December 18, 2019.

As of

December 31, 2019,

loans were provided under the credit facility. See Note

for additional details.

2018,

the Group provided a revolving credit facility of

US$6

million to Powerbets, a related party. As of

December 31, 2019,

a total of

US$3.0

million was drawn under the credit facility. The loan to Powerbets forms part of the Group’s net investment in the company due to settlement neither being planned nor being likely to occur in the foreseeable future. See Note

for more information.

Note 15 - Other Current Liabilities

12 Months Ended

Dec. 31, 2019

Disclosure of other current liabilities [text block]

NOTE

15.

OTHER CURRENT LIABILITIES

[US$ thousands]	As of December 31,
Other current liabilities	2018		2019
Accrued personnel expenses		6,919		10,472
Trading liability (1)		500		-
Unsettled trades (1)		335		-
Customer deposits		-		2,694
Other current liabilities		1,947		1,976
Total		9,701		15,142

(

)

See Note

for additional information.

Note 16 - Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Disclosure of financial instruments [text block]

NOTE

16.

FINANCIAL ASSETS AND LIABILITIES

The group has the following financial instruments:

	●	Loans and receivables: Trade receivables, loans to customers, other receivables, preferred shares, and 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 table below shows the various financial assets and liabilities, grouped in the different categories of financial instruments.

[US$ thousands]	As of December 31,
Financial assets	2018		2019
Financial assets at amortized cost
Non-current financial assets (1)		2,025		1,351
Trade receivables		37,468		49,371
Other short-term receivables (2)		4,031		59,112
Other current financial assets		89		1,535
Total financial assets at amortized cost		43,612		111,369

Financial assets at fair value through profit or loss
Preferred shares in associates (3)		30,000		80,000
Loans to customers		3,092		93,115
Listed equity instruments		1,165		42,146
Total financial assets at fair value through profit or loss		34,257		215,261

Total financial assets		77,869		326,630

(

)

Includes long-term deposits for office rent

(

)

Includes cash of

US$52,878

thousand deposited into an escrow account as security for loans from a credit institution. See Note

for more information.

(

)

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

2019,

the Group recognized an unrealized gain on the preferred shares of

US$37,900

thousand (

2018:

US$0

). See Note

for more information.

[US$ thousands]	As of December 31,
Financial liabilities	2018		2019
Financial liabilities at amortized cost
Lease liabilities and other loans (1)		4,761		56,974
Trade and other payables		17,957		57,125
Other financial liabilities		9,413		15,279
Total financial liabilities at amortized cost		32,132		129,378

Financial liabilities at fair value through profit or loss
Short position in listed equity instruments		500		-
Total financial liabilities at fair value through profit or loss		500		-

Total financial liabilities		32,632		129,378

(

) As of

December 31, 2019,

US$42,247

thousand was related to short term loans used to partially fund the microlending business in India. 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 2018	Realized gain (loss)			Unrealized gain (loss)			Total
Long positions		(1,353	)		(169	)		(1,522	)
Short positions		48			(11	)		38
Total		(1,305	)		(180	)		(1,485	)

[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

Net gain from publicly traded securities in

2019

is recognized in the Statement of Operations as finance income, while net loss in

2018

was presented as a finance expense. The Group did

not

hold investments in listed equity instruments in

2017.

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.

See Note

for information about fair value measurement of loans to customers.

Fair value of preferred shares in OPay and StarMaker

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

December 31, 2019

are 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 model (“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 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

15%

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

35%

was applied. That a lower DLOM range was applied for the preferred shares in OPay reflect that there were multiple transactions in equity instruments of the company in

2019,

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 of fair value of equity as of

December 31, 2019

was

US$500

million, while for StarMaker it was

US$155

million. The value of equity in OPay was observed to increase through

2019

following several transactions of equity instruments in the company during the year. The estimated fair values of OPay and StarMaker at year-end was primarily based on discounted future expected cash flows and valuation multiples, but also, for OPay, to a lesser extent indications of the value of equity as expressed in a term sheet for a capital increase in OPay signed in early

2020.

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

December 31, 2019.

Consequently, the preferred shares in OPay were measured at

US$46,000

thousand, while the preferred shares in StarMaker were measured at

US$34,000

thousand (

December 31, 2018:

US$30,000

thousand). The preferred shares in OPay were acquired in

2019

for

US$12,100

thousand, while the preferred shares in StarMaker were acquired in

2018

for

US$30,000

thousand.

A key unobservable input in all the

three

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

[US$ thousands]			WACC %
PWERM sensitivity - fair value of preferred shares			20%		22%		24%		26%		28%
	5	%		65,529		61,957		57,991		55,572		52,715
DLOM %	10	%		62,080		58,696		54,939		52,647		49,941
	15	%		58,631		55,435		51,887		49,722		47,166

[US$ thousands]			Value of equity in the company (US$ million)
OPM sensitivity - fair value of preferred shares			400		450		500		550		600
	5	%		34,739		39,657		44,570		49,479		54,383
DLOM %	10	%		32,910		37,570		42,225		46,875		51,521
	15	%		31,082		35,482		39,879		44,271		48,659

[US$ thousands]			Value of equity in the company (US$ million)
CVM sensitivity - fair value of preferred shares			400		450		500		550		600
	5	%		33,870		38,734		43,598		48,462		53,327
DLOM %	10	%		32,087		36,696		41,304		45,912		50,520
	15	%		30,305		34,657		39,009		43,361		47,713

The table below show the sensitivities to the key unobservable inputs in the measurement of the fair value of the preferred shares in StarMaker.

[US$ thousands]			WACC %
PWERM sensitivity - fair value of preferred shares			13%		15%		17%		19%		21%
	25	%		32,151		31,332		30,552		29,809		29,101
DLOM %	30	%		30,008		29,243		28,515		27,822		27,161
	35	%		27,864		27,154		26,479		25,835		25,221

[US$ thousands]			Value of equity in the company (US$ million)
OPM sensitivity - fair value of preferred shares			145		150		155		160		165
	25	%		37,011		37,787		38,558		39,327		40,092
DLOM %	30	%		34,544		35,268		35,988		36,705		37,419
	35	%		32,076		32,749		33,417		34,083		34,746

[US$ thousands]			Value of equity in the company (US$ million)
CVM sensitivity - fair value of preferred shares			145		150		155		160		165
	25	%		39,194		39,919		40,645		41,371		42,097
DLOM %	30	%		36,581		37,258		37,935		38,613		39,290
	35	%		33,968		34,597		35,226		35,855		36,484

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

Fair value measurement hierarchy for assets as at

December 2018:

		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, 2018		-		-		30,000
Loans to customers	December 31, 2018		-		-		3,092
Listed equity instruments	December 31, 2018		1,165		-		-

Fair value measurement hierarchy for liabilities as at

December 2018:

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

December 31, 2018

500

Fair value measurement hierarchy for assets as at

December 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		-		-

For all financial liabilities recognized as of

December 31, 2019,

the estimates of fair values were

not

materially different from the carrying amounts. There were

liabilities measured at fair value as of

December 31, 2019.

There were

transfers between the fair value measurement levels during

2018

and

2019.

Note 17 - Scheduled Maturities of Financial Liabilities

12 Months Ended

Dec. 31, 2019

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

NOTE

17.

SCHEDULED MATURITIES OF FINANCIAL LIABILITIES

[US$ thousands]	Less than		1 to 3		Over 3
As of December 31, 2018	12 months		years		years		Total
Non-current
Lease liabilities and other loans (Notes 12 and 13) including interest		-		2,194		158		2,352
Other liabilities		-		-		212		212
Current
Trade and other payables (Note 22)		17,957		-		-		17,957
Lease liabilities and other loans (Notes 12 and 13) including interest		2,591		-		-		2,591
Other liabilities (Note 15)		9,701		-		-		9,701
Total financial liabilities including interest		30,249		2,194		370		32,813

[US$ thousands]	Less than		1 to 3		Over 3
As of December 31, 2019	12 months		years		years		Total
Non-current
Lease liabilities (Note 12)		-		7,681		1,247		8,928
Interest-bearing loans (Note 13) including interest		-		1,840		-		1,840
Other liabilities		-		-		137		137
Current
Trade and other payables (Note 22)		57,125		-		-		57,125
Lease liabilities (Note 12)		4,930		-		-		4,930
Interest-bearing loans (Note 13) including interest		43,303		-		-		43,303
Other liabilities (Note 15)		15,142		-		-		15,142
Total financial liabilities including interest		120,500		9,521		1,384		131,405

Note 18 - Financial Risk Management

12 Months Ended

Dec. 31, 2019

Disclosure of financial risk management [text block]

NOTE

18.

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.

2019,

the Group obtained a credit facility from a financial institution. Loans under the credit facility, denominated in Indian Rupee, were used to partially fund the microlending business in India. As of

December 31, 2019,

the total amount of loans under the credit facility was

US$42,247

thousand. The resulting positive impact to our financing cash flow was offset by the Group transferring

US$52,878

thousand into an U.S. Dollar denominated escrow account as collateral for these loans; which has been classified as a receivable and as such, as a cash outflow under investing activities in the Statement of Cash Flows. The interest rate on these loans is based on the bank’s

-month marginal cost of funds-based lending rate plus

0.3%.

As of year-end

2019,

that rate was in the range from

8.7%

9.0%.

Except for the above, the Group’s exposure to interest risk is immaterial. Financial liabilities other than loans under the credit facility 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 krone, Indian rupee, Kenyan shilling, Nigerian naira and the Euro. Additionally, the Group is exposed to foreign currency risk due to monetary items recognized in the balance sheet being denominated in currencies other than the functional currency, which for most of the Group’s entities is the U.S. Dollar. Management is closely monitoring the Group’s exposure to foreign currency risk and seeks to minimize its exposure to such risk. The Group was

not

exposed to material foreign currency risk in

2018

and

2019.

Equity price risk

The Group is exposed to equity price risk related to its holding of publicly traded equity securities. Such holdings are susceptible to market price risk arising from uncertainties about future values of such securities.

Our investment in publicly traded securities is overseen by the Group’s CEO and conducted within a

US$70

million capital allocation.

As of

December 31, 2019,

the fair value of such holdings was

US$42,146

thousand (

2018:

US$667

thousand).

The net gain from publicly traded securities in

2019

was

US$8,477

thousand (

2018:

net loss of

US$1,485

thousand). The Group did

not

invest in publicly traded equity securities in

2017.

The primary objective is to preserve capital while generating long-term capital growth by achieving the highest possible return on invested capital relative to the risk taken. The company 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 is

not

exposed to material liquidity risk given its significant cash position and low debt-to-equity ratio as of

December 31, 2019.

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 loans to customers and 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 Notes

and

). 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 and Powerbets, settlement is agreed to extend beyond

days. Details of outstanding accounts receivable are disclosed in Notes

and

28.

The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets.

Credit risk for loans to customers

The Group is continuously monitoring its credit risk relating to microlending. Under the credit risk policies, the exposure is subject to regular reviews of risk tolerance levels. All operating decisions in terms of exposure and geographic profile are made in accordance with applicable risk management policies. Furthermore, the Group reviews the occurrence, progress and status of all credit risks, and takes appropriate actions to mitigate any adverse effects. Credit risk is measured by a variety of methods, including total outstanding loan balance, delinquency rates by aging, credit scorecards and by way of collection models. The objectives and policies to credit risk have

not

changed relative to

2018,

though the processes and methods to measure and manage credit risk have been continuously evolving.

Management of risk concentration is conducted by using a variety of systems to monitor and track concentration. This enables quantification and analyzing of risks relating to concentration on a real-time basis.

Measurement of expected credit losses is calculated from analysis of the outstanding loans, including loan tenure and historical delinquency rates. When considering whether the credit risk has increased significantly, metrics including

first

payment delinquency and delinquency by aging are evaluated.

When considering whether loans are credit impaired, management considers market and borrower indicators. The disappearance of an active market for the financial asset is an indicator of the need for credit-impairment, as is transactions of comparable financial assets at steep discounts that reflect incurred credit losses. Borrower indicators of credit-impaired financial assets include observing that a borrower has significant financial difficulties, breaches the loan agreement or enters into, or the likely entrance into, a form of reorganization (such as bankruptcy). The Group finds that these indicators reduce the likelihood of receiving payment of the outstanding loan balance. Forward-looking information is

not

incorporated by the Group into the determination of expected credit losses, as reliable data supporting credit impairment is deemed

not

to be available in the markets the Group offers microloans.

For loans to customers that are more than

180

days past due, the Group has

reasonable expectations of recovering the assets. These loans are written off.

Note 19 - Capital Management

12 Months Ended

Dec. 31, 2019

Disclosure of capital management [text block]

NOTE

19.

CAPITAL MANAGEMENT

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

2019,

the Group observed significant growth for its microlending businesses in multiple countries, as disclosed in Notes

and

The microlending businesses are capital intensive by nature. As of

December 31, 2019,

the Group had loans due from customers with a carrying amount of

US$93,115

thousand. The Group effectively used its balance of cash and cash equivalents to finance the microlending business, either directly or via local credit institutions. As of

December 31, 2019,

short-term loans denominated in Indian Rupee from the credit institution used to partially fund the microlending business totaled

US$42,247

thousand. The loans from the credit institution are provided under a credit facility, which requires that the Group transfers cash representing at least

111%

of the credit facility amount into a restricted U.S. Dollar escrow account as collateral for the credit institution. As of

December 31, 2019,

the Group had transferred

US$52,878

thousand into the escrow account. The balance in the escrow account is classified as a receivable in the Statement of Financial Position due to it

not

being available to meet the Group’s short-term commitments. The balance in the escrow account is restricted for the duration of the credit facility term, which is

one

year, with an option to extend the term. Management of the Group is continuously monitoring and evaluating the capital needs of the microlending businesses and seeks to achieve a capital allocation that maximizes the expected return while minimizing the credit and foreign exchange risks. See Note

for information on the Group’s financial risk management.

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 CEO is managing and overseeing this investment activity. The primary objective of investing in publicly traded securities is to preserve capital while generating long term capital growth by achieving the highest possible return on invested capital relative to acceptable risk. In accordance with the board instructions, the Group

may

enter short positions in publicly traded securities, which was done to a limited extent in

2019.

Total net loss from short positions was

US$365

thousand in

2019,

compared to a net gain of

US$38

thousand in

2018.

As of

December 31, 2019,

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

US$42,146

thousand, an increase from

US$667

thousand as of year-end

2018.

The Group did

not

have any open short positions as of year-end

2019.

The net gain in

2019

on investments in publicly traded securities was

US$8,477

thousand (

2018:

net loss of

US$1,485

thousand).

February 2019,

the Group completed the share repurchase program which was announced in

November 2018.

A total of

1.5

million ADSs were repurchased for a total cost of

US$5,780

thousand. The treasury shares were transferred to employees in

February 2019

under the share-based remuneration scheme.

September

and

October 2019,

the Group raised additional equity of

US$81,269

thousand, net of underwriting discounts, commissions, and other transaction costs, through the successful completion of a follow-on offering of

8,625,000

ADSs at a public offering price of

US$10.00

per ADS. Underwriting discounts, commission and other transaction costs totaled

US$4,981

thousand. At the point in time of the follow-on offering, the Group intended to use the net proceeds for general corporate purposes.

As of

December 31, 2019,

the Group had an equity ratio of

86%

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

US$289,757

thousand. Total amount of cash, cash equivalents, and marketable securities was

US$181,633

thousand.

See Note

for a schedule of maturities for financial liabilities.

Note 20 - Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2019

Disclosure of cash and cash equivalents [text block]

NOTE

20.

CASH AND CASH EQUIVALENTS

[US$ thousands]	As of December 31,
Cash and cash equivalents	2018		2019
Restricted cash		229		216
Cash and cash equivalents		177,643		139,271
Total		177,873		139,487

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 21 - Trade Receivables, Other Receivables and Prepayments

12 Months Ended

Dec. 31, 2019

Disclosure of trade and other receivables [text block]

NOTE

21.

TRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAYMENTS

[US$ thousands]	As of December 31,
Trade receivables	2018		2019
Trade receivables		24,594		39,981
Unbilled receivables		12,874		9,390
Total		37,468		49,371

[US$ thousands]	As of December 31,
Other receivables	2018		2019
VAT		754		1,232
Receivable from Otello Corporation ASA		1,267		924
Deposit in restricted escrow account (1)		-		52,878
Other		5,102		4,078
Total		7,123		59,112

(

)

As of

December 31, 2019,

the Group had transferred

US$52,878

thousand into the escrow account as collateral for a credit facility. See Note

for more information.

[US$ thousands]	As of December 31,
Prepayments	2018		2019
Prepaid expenses (1)		14,372		25,809
Total		14,372		25,809

(

)

See Note

for specification of amount of prepaid expenses with Mobimagic Digital Technology Ltd (formerly known as

360

Mobile Security).

[US$ thousands]	As of December 31,
Allowance for impairment of trade receivables	2018			2019
As of period start, as previously reported		1,837			1,619
Impact of IFRS 9		100			-
As of period start, restated		1,937			1,619
Change in the period (1)		(318	)		(173	)
As of period end		1,619			1,446

(

)

The change in loss allowance in the periods is recognized in the Statement of Operations.

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, 2018		24,594		15,603		3,252		2,588		690		2,460
As of December 31, 2019		39,981		22,125		8,761		657		341		8,097

(

)

As of year-end

2019,

the total amount of trade receivables due from Powerbets, a joint venture, that were more than

days past due was

US$5,946

thousand (

December 31, 2018:

US$0

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

December 31, 2019,

the loss allowance totaled

US$1,446

thousand, corresponding to

2.9%

of trade receivables (

December 31, 2018:

US$1,619

thousand, corresponding to

4.3%

of trade receivables).

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

18.

Note 22 - Trade and Other Payables

12 Months Ended

Dec. 31, 2019

Disclosure of trade and other payables [text block]

NOTE

22.

TRADE AND OTHER PAYABLES

[US$ thousands]	As of December 31,
Trade and other payables	2018		2019
Trade payables due to related parties (1)		624		28,864
Other trade payables		14,290		19,813
Sales tax payables		9		-
Employee withholding tax		24		325
VAT		809		7,361
Payroll tax (2)		2,200		761
Total		17,957		57,125

(

)

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

17.

Note 23 - Finance Income and Expense

12 Months Ended

Dec. 31, 2019

Disclosure of finance income (cost) [text block]

NOTE

23.

FINANCE INCOME AND EXPENSE

[US$ thousands]	Year ended December 31,
Finance income	2017		2018		2019
Interest income		54		1,386		2,045
Other finance income		1,000		251		8
Net fair value gain related to listed equity instruments (1)		-		-		8,477
Total		1,054		1,637		10,530

[US$ thousands]	Year ended December 31,
Finance expense	2017		2018		2019
Interest expense		238		184		1,242
Other financial cost		-		27		263
Net fair value loss related to listed equity instruments (1)		-		1,485		-
Total		238		1,695		1,505

(

)

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

2019.

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)	2017			2018			2019
Unrealized foreign exchange gain (loss)		(1,172	)		(1,091	)		194
Realized foreign exchange gain (loss)		(709	)		736			(463	)
Total		(1,881	)		(354	)		(269	)

Note 24 - Changes in Liabilities Arising From Financing Activities

12 Months Ended

Dec. 31, 2019

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

NOTE

24.

CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES

Changes in liabilities arising from financing activities in

2018

[US$ thousands]	As of January 1, 2018		Impact of adopting IFRS 16 (1)		Cash flows			Foreign exchange movement		Other (1)			As of December 31, 2018
Interest-bearing loans and liabilities, non-current		3,767		-		-			-		(1,529	)		2,238
Lease liabilities, non-current		265		-		-			-		(232	)		33
Interest bearing loans and liabilities, current		-		-		(1,739	)		-		1,935			196
Lease liabilities, current		2,073		-		(2,042	)		-		1,771			1,802
Other loans		-		-		-			-		492			492
Total liabilities from financing activities		6,106		-		(3,781	)		-		2,437			4,761

(

)

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.

Changes in liabilities arising from financing activities in

2019


[US$ thousands]	As of January 1, 2019		Impact of adopting IFRS 16 (1)			Cash flows			Foreign exchange movement			Other (2)			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

(

)

See Note

for information about the implementation of IFRS

16.

(

)

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 "Lease liabilities and other loans" in the Statement of Financial Position.

Note 25 - Income Tax

12 Months Ended

Dec. 31, 2019

Disclosure of income tax [text block]

NOTE

25.

INCOME TAX

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

[US$ thousands]	Year ended December 31,
Income tax (expense) benefit	2017			2018			2019
Current income taxes		(5,449	)		(4,322	)		(5,112	)
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1)		-			(615	)		(322	)
Deferred taxes		4,009			(1,544	)		(168	)
Income tax (expense) benefit		(1,440	)		(6,481	)		(5,602	)

(

)

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 consequently based on the applicable tax rate in Norway, which was

22%

2019

(

2018:

23%

and

2017:

24%

). The tax rate in Norway will remain

22%

2020.

[US$ thousands]	Year ended December 31,
Reconciliation of tax (expense) benefit to Norwegian nominal statutory tax rate	2017			2018			2019
Net income (loss) before income taxes		7,504			41,641			63,500
Tax (expense) benefit at applicable tax rate in Norway		(1,801	)		(9,577	)		(13,970	)
Effect of different tax rates applied by subsidiaries		1,120			(167	)		(2,118	)
Permanent differences
Tax effect of translation differences exempted for tax		(1,287	)		218			1,155
Tax effect of financial items exempted from tax		1,614			1,726			1,917
Tax effects of losses in associates and joint ventures which are non-deductible		(401	)		(744	)		383
Withholding taxes paid		-			-			(232	)
Net other permanent differences (not) tax deductible		2,289			(617	)		4,269
Other effects
Change to previously recognized deferred tax assets		(1,812	)		1,589			27
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods		-			(615	)		3,162
Change in unrecognized deferred tax assets		(1,554	)		1,144			(314	)
Change in tax rate		392			561			119
Income tax (expense) benefit for the year		(1,440	)		(6,481	)		(5,602	)
Effective tax rate		19.2	%		15.6	%		8.8	%

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

[US$ thousands]	As of December 31,
Deferred tax asset and deferred tax liability	2018			2019
Furniture, fixtures and equipment, and intangible assets		22,201			22,703
Loans to customers		-			(7,744	)
Other		(445	)		(735	)
Trade receivables		(133	)		(121	)
Intercompany interest costs subject to limitations		(5,243	)		(7,714	)
Withholding tax expected to be credited (credit method)		(3,849	)		(1,065	)
Tax losses carried forward		(117	)		(1,003	)
Net deferred tax liability (asset) recognized		12,414			4,322

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 (asset)	2018		2019
Net deferred tax liability (asset) as of January 1		10,870		12,414
Expense (benefit) in Statement of Operations		1,544		(8,092	)
Net deferred tax liability (asset)		12,414		4,322

[US$ thousands]	As of December 31,
Deferred tax assets and liabilities	2018		2019
Deferred tax assets		944		6,204
Deferred tax liabilities		13,358		10,526
Net deferred tax liability (1)		12,414		4,322

(

)

Deferred tax assets / liabilities are netted within each tax jurisdiction within the group.

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 the Consumer business 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 26 - Group Information

12 Months Ended

Dec. 31, 2019

Disclosure of subsidiaries [text block]

NOTE

26.

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 Americas 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%
Beijing Aopula Software Co. Ltd. (1)	Beijing	China	100%
Opera Unite HK Limited (1)	Hong Kong	Hong Kong	100%
Opera Unite Pte. Ltd. (1)	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%
Phoneservice Technologies Co. Ltd. (2)	Nairobi	Kenya	80%
O-Play Zambia Limited	Lusaka	Zambia	100%
PT Inpesa Digital Teknologi (3)	Jakarta	Indonesia	100%
Opera Lifestyle (1)	George Town	Cayman Islands	100%
Opera Lifestyle Nigeria Ltd. (1)	Lagos	Nigeria	100%
TenSpot Pesa Limited	Hong Kong	Hong Kong	100%
LLC "Microcredit Company O-Pay Finance"	St. Petersburg	Russia	100%
Neofin Malelane (Pty) Ltd.	Johannesburg	South Africa	100%
Opay Finance India Pvt. Ltd.	Mumbai	India	100%
Blue Ridge Micro Finance Bank Ltd.	Lagos	Nigeria	100%
Oplay Digital Services S.A. De C.V.	Mexico City	Mexico	100%
TenSpot Kenya Limited	Nairobi	Kenya	100%
P C Financial Services Pvt. Ltd.	Delhi	India	100%
PT Opay Finance Services	Jakarta	Indonesia	100%
App de Préstamos, S.A. de C.V. (1)	Mexico City	Mexico	100%
Opera Financial Technologies Limited (1)	London	United Kingdom	100%
Beijing Yuega Software Tech. Srvc. Co. Ltd. (3)	Beijing	China	100%

(

)

Entities were incorporated in

2019

(

)

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

2019.

There were

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

Acquisition of TenSpot Pesa Limited in

2018

December 19, 2018,

the Group acquired

100%

of the shares and voting rights in TenSpot Pesa Limited (with subsidiaries, the “TenSpot Group”). The TenSpot Group is the owner of a microfinance business, which was active in Kenya in

2018,

and which in

2019

was launched by the Group in India and Nigeria. A net cash consideration of

US$9.5

million was transferred to Opay Digital Services Limited (“OPay”), the seller of TenSpot Pesa Limited. OPay, in which the Group had a

19.9%

ownership share in

2018,

which was reduced to

13.1%

as of

December 31, 2019,

is an associate of the Group (see Note

for more information).

The Group determined that the combined businesses ultimately were controlled by the Group’s Chairman and CEO, both before and after the transaction. As such, it was a business combination under common control. The determination that Opera Limited is controlled by its Chairman and CEO was based on significant judgment, as disclosed in Note

IFRS does

not

prescribe how to account for business combinations under common control. In the absence of specific guidance in IFRS, management used judgment in developing and applying an accounting policy that is relevant and reliable. Other standard-setting bodies have issued guidance for common control business combinations and some allow or require predecessor accounting, or historical cost accounting as it is known in some jurisdictions, in accounting for business combinations involving entities under common control. Historical cost accounting is also supported by authoritative accounting literature. Based on this, the Group decided to adopt historical cost accounting in accounting for the acquisition of TenSpot Pesa Limited.

Under the predecessor method of accounting, as adopted by the Group, the assets and liabilities of the TenSpot Group were recognized at their carrying amounts as they were in the consolidated financial statements for TenSpot Pesa Limited.

adjustments were made to reflect fair values, or recognize any new assets or liabilities, at the date of the combination that would otherwise be done under the acquisition method. Moreover,

adjustments were necessary to align accounting policies of TenSpot Pesa Limited with those adopted by the Group.

In addition to the net cash consideration transferred to OPay, the Group had receivables due from TenSpot Pesa Limited with a carrying amount of

US$2.0

million, which was effectively settled in the acquisition. The acquired companies had

material assets or liabilities except for cash and cash equivalents with a carrying amount of

US$1.6

million. The difference between the consideration transferred, including the effective settlement of receivables, and the net assets acquired, was recognized as a reduction of retained earnings (

US$9.9

million).

The Group decided

not

to re-present its comparatives and adjust its current reporting period before the date of the acquisition as if the business combination had occurred before the start of the earliest period presented. Consequently, the impact of transactions between the Group and the TenSpot Group prior to

December 19, 2018

have

not

been eliminated.

Note 27 - Investments in Associates and Joint Ventures

12 Months Ended

Dec. 31, 2019

Disclosure of interests in other entities [text block]

NOTE

27.

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.

OPay Limited

OPay is an associate in which the Group had a

13.10%

ownership interest, of which

10.24%

is held in preferred shares and

2.86%

in ordinary shares as of

December 31, 2019.

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 to customers in Nigeria, a market characterized by a large un-banked population with low mobile money penetration. In

2019,

OPay launched multiple new initiatives in Nigeria, most notably the ridesharing service ORide and the food-delivery service OFood. ORide achieved in excess of

150,000

daily orders already from its

first

three

months of operations, and more than

27,000

riders contributed to the platform model. Other new initiatives launched in

2019

include lending through OCredit and point of sale solutions for merchants through OPos. OPay’s goal is to become a

one

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

2018,

OPay also launched a microlending business in Kenya with Opera as its partner, branded OKash. On

December 19, 2018,

the Group paid

US$9.5

million to OPay to acquire

100%

of the shares in TenSpot Pesa Limited (“TenSpot”), the then owner of the OKash business. TenSpot had previously been established as an entity held directly by Mr. Yahui Zhou with the sole purpose of obtaining microlending licenses in select markets for OPay, while OPay had the option to acquire all the shares in TenSpot for

US$1

(

one

dollar). By

December 2018,

TenSpot had subsidiaries, or had entered into agreements to acquire subsidiaries, with either licenses or pending license applications in several countries including India and Nigeria. Prior to OPay’s sale of the microlending business to Opera, OPay exercised its option to acquire TenSpot for

$1,

and assigned all intellectual property rights in OKash to TenSpot.

OPay recognized revenue of

US$16.7

million in

2019,

versus

US$0.8

million in

2018.

Establishing OPay as the leading provider of both mobile wallet and other services in Nigeria was given priority over near-term conversion of transaction value to revenue. Net loss for OPay during

2019

was

US$71.5

million. Cost of revenue was

US$41.1

million, of which

US$36.0

million related to the launch and scaling of ORide to become the dominant ride-hailing service in Lagos, including incentives to attract drivers in this initial period of operations. Operating expenses were

US$47.6

million, driven by, and supporting, the substantial growth that OPay saw across its business lines. These

2019

operating expenses included expenses incurred to expand the user base and business operations of OPay, such as marketing expenses of

US$6.6

million, compensation to personnel of

US$15.5

million and depreciation and amortization of

US$5.9

million.

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

June 14, 2019,

the Group acquired

3,210,617

Series Seed+ preferred shares in OPay for

US$7.5

million by converting loans to equity. On the same date, the Group also 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$5.0

million was classified as part of the net investment in prior periods. In

2019,

the Group recognized an unrealized gain on the preferred shares of

US$33.9

million. See Note

for more details.

Summary information regarding OPay:
	Year ended December 31,
[US$ thousands]		2017	(1)	2018		2019
The Group’s interest		19.9	%	19.9	%	13.1%	(2)
Revenue		-		848		16,687
Other income		-		9,500		339

Cost of revenue		-		(255	)	(41,117	)
Personnel expenses including share-based remuneration		(2,331	)	(5,738	)	(15,490	)
Marketing and distribution expenses		-		(162	)	(6,623	)
Depreciation and amortization		-		(260	)	(5,858	)
Other expenses		(500	)	(4,293	)	(19,616	)
Operating profit (loss)		(2,831	)	(359	)	(71,678	)
Finance income		-		1		736
Finance expense		-		(25	)	(417	)
Income tax (expense) benefit		-		-		(114	)
Net income (loss)		(2,831	)	(384	)	(71,474	)
Other comprehensive income that may be reclassified to net income		-		-		-
Total comprehensive income		(2,831	)	(384	)	(71,474	)
Group's share of net income (loss)		(563	)	(76	)	(2,938	)
Gain on partial disposal (3)		-		-		1,174
Total share of net income (loss)		(563	)	(76	)	(1,764	)

Current assets		5,600		4,302		99,238
Non-current assets		55		4,918		24,656
Current liabilities		8,431		12,043		28,870
Non-current liabilities (4)		-		453		170,015
Equity		(2,776	)	(3,276	)	(74,992	)

(

)

Period from

November 1

December 31, 2017.

(

)

Reflects the total ownership interest in OPay as of

December 31, 2019,

10.24%

of which is held in preferred shares and

2.86%

in ordinary shares. The ownership interest reduced during

2019.

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.

(

)

2019,

the Group sold some of its ordinary shares in OPay for the purpose of an employee equity program in the company. The gain on partial disposal is included in Share of net income (loss) of associates and joint ventures in the Statement of Operations. See Note

for more information.

(

)

Preferred shares issued by OPay are classified as financial liabilities in the financial statements of the company.

StarMaker Inc.

StarMaker is an associate in which the Group had preferred shares representing a

19.35%

ownership interest as of

December 31, 2019.

The preferred shares, accounted for as long-term interests and measured at fair value through profit or loss, have dividend and liquidation preference. In

2019,

the Group recognized an unrealized gain on the preferred shares of

US$4.0

million. The Group has an option to increase its ownership to

51%

in the

second

half of the year

2020.

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

December 31, 2019.

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.

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 Holdings Limited

Powerbets is a joint venture in which the Group has a

50.1%

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

August 1, 2017.

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

one

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

nine

African markets and operational in eight.

2017

summary information regarding nHorizon and Powerbets:

	Year ended December 31, 2017			Period from August 1 to December 31, 2017
[US$ thousands]	nHorizon			Powerbets
The Group’s interest		29.09	%		50.10	%
Revenue		42,298			7,562
Operating profit (loss)		(2,219	)		(505	)
Net income (loss)		(2,710	)		(529	)
Group’s share of net income (loss), before adjustment		(788	)		(265	)
Adjustments related to amortization of intangible assets		-			(54	)
Group's share of net income (loss)		(788	)		(318	)

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

2018

summary information regarding nHorizon, Powerbets and StarMaker:

	Year ended December 31, 2018
[US$ thousands]	nHorizon			Powerbets			StarMaker
The Group’s interest		29.09	%		50.10	%		19.35%	(1)
Revenue		48,992			4,498			12,332
Operating profit (loss)		(1,568	)		(4,528	)		(9,639	)
Net income (loss)		(2,056	)		(4,735	)		(8,602	)
Other comprehensive income that may be reclassified to net income		-			188			-
Total comprehensive income		(2,056	)		(4,547	)		(8,602	)
Group's share of net income (loss)		(598	)		(2,372	)		N/A

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

2019

summary information regarding nHorizon, Powerbets and StarMaker:

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

Current assets		8,225			4,447			13,869
Non-current assets		695			1,560			11,377
Current liabilities		5,875			13,074			29,870
Non-current liabilities		-			5,754			-
Equity		3,045			(12,822	)		(4,624	)

(

)

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

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

	Year ended December 31, 2018
[US$ thousands]	nHorizon			Powerbets			OPay			StarMaker
Carrying amount as of January 1, 2018		1,110			-			4,406			-
Investment during the year		-			2,567			-			30,000
FX adjustment		(69	)		-			-			-
Share of net income (loss)		(598	)		(2,372	)		(76	)		-
Share of other comprehensive income		-			94			-			-
Carrying amount as of December 31, 2018		443			289			4,330			30,000

Groups share in %		29.09	%		50.10	%		19.90	%		19.35	%
Groups share in equity		448			(3,673	)		(652	)		N/A
Unrecognized intangible assets		-			1,492			-			N/A
Equity method adjustments		(5	)		2,469			4,982			N/A
Carrying amount as of December 31, 2018		443			289			4,330			30,000

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

Groups share in %		29.09	%		50.10	%		13.1	%		19.35	%
Groups share in equity		886			(6,424	)		(2,145	)		N/A
Unrecognized intangible assets		-			566			-			N/A
Equity method adjustments		77			4,097			(759	)		N/A
Fair value of preferred shares (1)		-			-			46,000			34,000
Carrying amount as of December 31, 2019		963			(1,760	)		43,096			34,000

(

)

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

In the Statement of Financial Position, the amount of Investments in associates and joint ventures includes both the carrying amount determined using the equity method and the fair value of the preferred shares.

Note 28 - Related Parties

12 Months Ended

Dec. 31, 2019

Disclosure of related party [text block]

NOTE

28.

RELATED PARTIES

At the time of the transactions described in this note, the Group’s Chairman and Chief Executive Officer had control or significant influence over Beijing Kunlun Tech, OPay, Starmaker Interactive, Mobimagic Digital Technology Ltd (formerly known as

360

Mobile Security) and Balder Investment Inc., either directly or through other investments.

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

2018,

the Group provided a revolving line of credit of

US$6.0

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

December 31, 2019,

a total of

US$3.0

million was drawn under the credit facility (

December 31, 2018:

US$2.6

million).

repayment date has been set.

interest has been accrued. The long-term loan is accounted for as part of the Group’s long-term interest in Powerbets.

The Group and Powerbets entered into a software development and consultancy agreement in

2018.

The Group has also provided advertising services to Powerbets. A total of

US$2.2

million was recognized as revenue from Powerbets in

2019

(

2018:

US$4.4

million). As of

December 31, 2019,

the total outstanding balance on trade receivable was

US$6.6

million, compared to

US$4.4

million as of year-end

2018.

We expect Powerbets to start repaying the receivables in

2020.

April 16, 2019,

the Group sold

1,242,322

shares in OPay to Wisdom Connection III Holding Inc., a company controlled by Han Fang, a Director of the Group at the time, for a consideration of

US$0.5

million, in parallel with OPay’s other founder, Balder Investment Inc., selling an equal portion of its shares at the same valuation. These transactions were carried out to establish an equity pool for OPay’s employees within Wisdom Connection III Holding Inc. ahead of new investor funding of OPay. On

June 14, 2019,

the Group acquired

3,210,617

Series Seed+ preferred shares in OPay for

US$7.5

million by converting loan to equity. On the same date, the Group also 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 to the company. By the end of

2019,

the accumulated investment made in OPay was

US$12.1

million.

In mid-

2019,

the Group entered into service agreements with 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, the subsidiary of the Group offering microloans in India. Under the agreements, the Group will pay a combination of fixed fees and a variable fee that is calculated based on revenue less credit losses and indirect taxes.

July 5, 2019,

Blue Ridge Microfinance Bank Limited and Paycom Nigeria Limited, a subsidiary of OPay, entered a partnership to facilitate OPay’s launch of a savings product to its users. Under the agreement, deposits from customers of OPay were transferred to Blue Ridge, which invested the funds in financial instruments, including microloans offered in Nigeria. Blue Ridge paid a fixed interest rate on deposits from Paycom.

December 18, 2019,

the Group entered into a sales agreement with OPay to sell inventory representing mobile phones for

US$6.27

million. The transaction closed in

2020.

December 18, 2019

the Group entered into an agreement with Putu Novi Financing Corporation, a company indirectly controlled by Opera’s Chairman and CEO, under which the Group provided a revolving credit facility for

months in exchange of interest and net revenue sharing from the company’s operations. As of

December 31, 2019,

loans had been provided under the credit facility.

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 has been invoiced based on time used and with a

markup dependent of the type of service.

Services received from Mobimagic Digital Technology Ltd (formerly known as

360

Mobile Security) are related to distribution and promotion of the Group’s products worldwide. Mobimagic Digital Technology 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 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. At

December 31, 2019,

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

US$15.5

million as of

December 31, 2019,

compared to

US$10.4

million as of

December 31, 2018.

The growth of transactions and balances related to this distribution partnership relates to Opera’s announced growth strategy for

2019,

including increased investments in marketing and distribution.

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

27.

Outstanding balances as of

December 31, 2018

and

2019

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, 2018
Balances with related parties	Category of related party	Type of balance	2018			2019
Mobimagic Digital Technology Ltd	Key management personnel	Accounts receivable		770			-
Mobimagic Digital Technology Ltd	Key management personnel	Distribution prepayment		10,420			15,527
Mobimagic Digital Technology Ltd	Key management personnel	Trade and other payables		-			(2,760	)
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Other payables		(169	)		(177	)
Kunlun Group Limited	Key management personnel	Trade payable		-			(436	)
Mobi Magic (Beijing) Info. Tech. Co., Ltd / Hong Kong Fintango Limited	Key management personnel	Trade and other payables		-			(25,598	)
Mobi Magic (Beijing) Information Technology Co., Ltd.	Key management personnel	Trade receivable		-			303
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Revenue share liability		-			(23	)
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Trade receivable		-			146
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Professional service payable		(979	)		(543	)
OPay Digital Services Limited (HK)	Associate / Key management personnel	Loans receivable		1,779			-
OPay Digital Services Limited (HK)	Associate / Key management personnel	Trade receivable		4,271			17,450
OPay Digital Services Limited (HK)	Associate / Key management personnel	Trade payable		(455	)		-
OPay Digital Services Limited (HK)	Associate / Key management personnel	Contract liability		-			(6,274	)
Paycom Nigeria Limited	Key management personnel	Trade receivable		-			1,466
Paycom Nigeria Limited	Key management personnel	Trade and other payables		-			(26	)
Powerbets Holding Limited	Joint venture	Loans receivable		2,567			3,039
Powerbets Holding Limited	Joint venture	Trade receivable		4,369			6,579
StarMaker Entertainment Technology India Pvt., Ltd.	Associate / Key management personnel	Trade receivable		-			22
Wisdom Connection III Holding Inc.	Key management personnel	Other receivables		-			500

[US$ thousands]			Year ended December 31,
Transactions with related parties	Category of related party	Type of transaction	2017			2018			2019
Mobimagic Digital Technology Ltd	Key management personnel	Technology licensing, advertising and other revenue		-			3,069			-
Mobimagic Digital Technology Ltd	Key management personnel	Marketing and distribution		(8,416	)		(7,522	)		(25,767	)
Mobimagic Digital Technology Ltd	Key management personnel	Software license fees		-			-			(500	)
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Office facilities		(1,425	)		(1,072	)		(1,545	)
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	)
Kunlun Group Limited	Key management personnel	Professional investment advisory services		-			-			(436	)
Beijing Kunlun Lexiang Network Technology Co., Ltd.	Key management personnel	Professional services		-			-			(79	)
Beijing Kunlun Online Network Tech Co., Ltd	Key management personnel	Professional services		-			-			(125	)
Beijing Xianlaihuyu Network Tech Co., Ltd	Key management personnel	Professional services		-			-			(39	)
KUNLUN GLOBAL INTERNATIONAL SDN. BHD.	Key management personnel	Advertising revenue		-			68			2
Mobi Magic (Beijing) Information Technology Co., Ltd.	Key management personnel	Technology licensing and other revenue		-			-			303
Mobi Magic (Beijing) Info.Tech. Co., Ltd / Hong Kong Fintango Limited	Key management personnel	Cost of revenue		-			-			(25,598	)
Mobi Magic (Beijing) Information Technology Co., Ltd	Key management personnel	Professional services		-			-			(325	)
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Technology licensing and other revenue		387			(18	)		146
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Investment		(770	)		-			-
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Cost of revenue		(72	)		(45	)		(38	)
nHorizon Infinite (Beijing) Software Ltd.	Joint venture	Professional services		(513	)		(941	)		(156	)
OPay Digital Services Limited (HK)	Associate / Key management personnel	Acquisition of business		-			(9,500	)		-
OPay Digital Services Limited (HK)	Associate / Key management personnel	Investment (Note 27)		(4,969	)		-			(7,131	)
OPay Digital Services Limited (HK)	Associate / Key management personnel	License fee (cost of revenue)		-			(455	)		-
OPay Digital Services Limited (HK)	Associate / Key management personnel	Technology licensing and other revenue		2,829			10,899			15,960
OPay Digital Services Limited (HK)	Associate / Key management personnel	Interest income		-			-			323
Paycom Nigeria Limited	Associate / Key management personnel	Advertising revenue		-			-			1,565
Powerbets Holdings Limited	Joint venture	Technology licensing, advertising and other revenue		-			4,369			2,210
Powerbets Holdings Limited	Joint venture	Investment		(310	)		-			-
StarMaker Interactive Inc.	Associate / Key management personnel	Investment		-			(30,000	)		-
StarMaker Interactive Inc.	Associate / Key management personnel	Professional services		16			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

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

one

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

December 31, 2019,

the net of receivables and payables was immaterial.

Note 29 - Net Income Per Share

12 Months Ended

Dec. 31, 2019

Earnings per share [text block]

NOTE

29.

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, 2019,

the total number of shares outstanding for Opera Limited was

237,826,326,

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,
Basic net income per share	2017		2018			2019
Net income attributable to the owners of the parent		6,064		35,160			57,899

Issued ordinary shares at beginning of period		190,250,000		190,250,000			220,119,343
Effect of shares issued		-		12,504,070			7,422,487
Effect of treasury shares held		-		(133,681	)		(2,913,330	)
Basic weighted-average number of ordinary shares in the period		190,250,000		202,620,388			224,628,500

Basic net income per share, US$		0.03		0.17			0.26

[Net income in US$ thousands]	Year ended December 31,
Diluted net income per share	2017		2018		2019
Net income attributable to the owners of the parent		6,064		35,160		57,899

Basic weighted-average number of ordinary shares		190,250,000		202,620,388		224,628,500
Effect of employee equity grants		2,449,186		6,107,813		4,437,167
Diluted weighted-average number of ordinary shares in the period		192,699,186		208,728,202		229,065,667

Diluted net income per share, US$		0.03		0.17		0.25

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

two

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

[Net income in US$ thousands]	Year ended December 31,
Net income per ADS, basic and diluted	2017		2018		2019
Net income attributable to the owners of the parent		6,064		35,160		57,899

ADS equivalent of basic weighted-average number of ordinary shares		95,125,000		101,310,194		112,314,250
ADS equivalent of diluted weighted-average number of ordinary shares		96,349,593		104,364,101		114,532,833

Basic net income per ADS, US$		0.06		0.35		0.52
Diluted net income per ADS, US$		0.06		0.34		0.51

Note 30 - Events After the Reporting Period

12 Months Ended

Dec. 31, 2019

Disclosure of events after reporting period [text block]

NOTE

30.

EVENTS AFTER THE REPORTING PERIOD

In the period from early

2020

until the date these consolidated financial statements were authorized for issue, the coronavirus (COVID-

) was classified as a global pandemic. The coronavirus did

not

have any impact on the consolidated financial statements for

2019.

The Group continues to monitor developments closely as the COVID-

pandemic develops and beginning in

March

the COVID-

pandemic began to impact the Group’s business. This includes increased user traffic which has been offset by declines in user monetization and meaningfully reduced microlending volumes due to COVID-

related lockdowns in our key markets. If the situation deteriorates or persists for an extended period in key geographies, the risk of a significant adverse impact to the Group’s business will increase. The impact of the COVID-

pandemic to the Group’s business will depend on a range of factors which the Group is

not

able to accurately predict, including the duration and scope of the pandemic, the geographies impacted, the impact of the pandemic on economic activity and the nature and severity of measures adopted by governments. These factors include, but are

not

limited to:

●	Reductions or volatility in consumer demand for one or more of the Group’s products due to illness, quarantine or other travel restrictions, economic hardship, which may impact the Group’s market share.

●	The deterioration of socio-economic conditions and disruptions to the Group’s operations, such as advertising sales, value of monetization partnerships, distribution partnerships, ability to collect outstanding loans and ability to launch new products.

All of these factors

may

have material adverse effects on the Group’s results of operations and financial condition.

January 17, 2020,

the Group announced that its board of directors had approved a share repurchase program, which authorized the Company’s management to execute the repurchase of up to

US$50

million of its American Depositary Shares by

January 17, 2021,

in any form that management

may

deem fit. The Company’s management launched the repurchase in

February 2020

and as of

March 31, 2020,

a total of

773,486

ADSs had been repurchased for

US$5,490

thousand. Additional repurchases will be made from time to time in an opportunistic manner and depending on market conditions.

January 24, 2020,

Opera Limited 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 asserts violations of Sections

and

of the Securities Act of

1933,

Section

(b) and

(a) of the Securities and Exchange Act of

1934,

and SEC Rule

10b

promulgated under the Securities Exchange Act of

1934.

The complaint alleges that the Company made material misstatements and/or omissions during the period from

July 27, 2018

through

January 15, 2020.

The allegations relate to statements regarding the Company’s sustainable growth and market opportunity for its browser applications and the alleged business practices of certain loan service applications owned or controlled by the Company. The complaint seeks unspecified damages on behalf of all person and entities who purchased or acquired the Company’s (i) American depositary shares (“ADSs”) pursuant and/or traceable to the Company’s initial public offering commenced on or about

July 27, 2018 (

the “IPO” or “Offering”); and/or (ii) Opera securities between

July 27, 2018

and

January 15, 2020,

both dates inclusive. Several individuals have sought to be appointed as the lead plaintiff to represent the putative class, but

lead plaintiff has been appointed yet. As the case remains in its preliminary stages, the Group is

not

able to express an opinion on the likelihood of any unfavorable outcome or any estimate of the amount or range of any potential loss. The Company intends to vigorously defend itself against these claims.

January 27, 2020,

the Group announced the completion of the acquisition of the Estonian-based company Pocosys, as well as an agreement to acquire Pocopay, its sister company, which holds a payment institution license and provides financial services in the European Union. Until the acquisition of Pocopay is completed, Opera has a commercial relationship with Pocopay. Based on a preliminary allocation of the purchase price of

US$5.0

million, goodwill was measured at

US$3.8

million. The Group did

not

assume material liabilities in the business combination.

Subsequent to

February 25, 2020,

the

second

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

January 1, 2020.

A total of

1,121,000

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

March 17, 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 the Group's subsidiary Blue Ridge Microfinance Bank Ltd. The consideration was

US$5.0

million, subject to certain price adjustment clauses. Completion of the transaction is pending change of control approval by the Central Bank of Nigeria.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

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. The subtotals and totals in some of the tables in the notes

may

not

equal the sum of the amounts shown in the primary financial statements due to rounding.

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, 2018.

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

2019,

the Group reclassified items in the Statement of Financial Position, specifically Loans to customers, Inventories and Marketable securities. These items were

not

presented separately in the consolidated financial statements for the year ended

December 31, 2018.

The Group has

not

presented a

third

Statement of Financial Position as of

January 1, 2018

due to the reclassifications

not

having material effects on the information in the statement at that date.

for more information on the nature of expenses included in Cost of revenue.

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.

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

not

eliminate its share of gains or losses.

not

equity instruments and do

not

Description of accounting policy for business combinations [text block]

Business combinations and goodwill

2019,

including microlending, management organized the Group into

four

operating segments effective from

2019:

Browser and News, Fintech, Retail and Other. The goodwill and the trademark that previously was allocated to the Consumer business CGU was reallocated to the Browser and News CGU.

not

measured at acquisition date fair values.

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

Furniture, fixtures and equipment

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

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

	●	Leasehold improvements: Up to 6 years.
	●	Equipment: Up to 10 years.
	●	Furniture and fixtures: Up to 5 years.

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

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

may

be impaired, the recoverable amount is estimated. 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 reflected in the Statement of Operations in the period in which the expenditure is incurred.

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

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

may

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

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

not

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

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

	●	the technical feasibility of completing the intangible asset so that it will be available for use or sale;
	●	its intention to complete the intangible asset and use or sell it;
	●	its ability to use or sell the intangible asset;
	●	how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset;
	●	the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;
	●	its ability to measure reliably the expenditure attributable to the intangible asset during its development.

years. Intangible assets classified as technology acquired in the acquisition of Opera Norway AS (formerly Opera Software 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; and
	●	Amounts expected to be paid under residual value guarantees.
	●	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 expense in the period when the event or condition that triggers the payment occurs.

Prior to the implementation of IFRS

Leases

as of

January 1, 2019,

details of which are provided in Note

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.

Description of accounting policy for financial assets [text block]

Financial assets

The Group has the following financial assets:

	●	Loans and receivables: Trade receivables, loans to customers, other receivables, preferred shares 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.

The microloans are held within a business model whose objective is to hold the assets and collect the contractual cash flows over the life of the instruments. There is

pattern of selling the loans, and the performance of the business is

not

payments of principal and interest on the principal amount outstanding. This is due to the interest amounts

not

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

Description of accounting policy for financial liabilities [text block]

Financial liabilities

Initial recognition and measurement

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

Subsequent measurement

Derecognition

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

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

Impairment

Impairment of financial assets

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

not

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

not

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

days past due. In certain cases, the Group

may

reasonable expectation of recovering the contractual cash flows.

Prior to the implementation of IFRS

as of

January 1, 2018,

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

one

not

yet been incurred).

Impairment of non-financial assets

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

may

not

Goodwill is tested for impairment annually as of

December 31,

and when circumstances indicate that the carrying value

may

be impaired.

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

one

four

for more information.

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

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

Fair value measurement

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

and

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 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
	●	Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
	●	Level 3: 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

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

Description of accounting policy for measuring inventories [text block]

Inventories

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

Revenue

The Group has the following primary sources of revenue:

i.		Search
ii.		Advertising
iii.		Origination fees and interest (Fintech)
iv.		Airtime and handsets (Retail)
v.		Technology licensing and other revenue

All categories of revenue are within the scope of IFRS

Revenue from contracts with customers

, except for origination fees and interest, which represent components of changes in fair value of microloans to customers.

Prior to the implementation of IFRS

as of

January 1, 2018,

2018

and

2019.

Revenues from each of these categories are recognized as follows:

ii.

Advertising

third

parties on behalf of the Group.

not

iii.

Origination fees and interest

not

repaid by its due date.

iv.

Airtime and handsets

not

2019,

customers’ right of refund did

not

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

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 are recognized over the development period in line with the degree of completion.

Set-up activities that do

not

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

not

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

are met.

Description of accounting policy for other income [text block]

Other income

Other income is income which is

not

related to the Group’s ordinary activities and is presented net of associated costs. In

2017,

other income included net gain from sale of certain fixed and intangible assets.

Description of accounting policy for expenses [text block]

Cost of revenue

Cost of revenue comprises the fintech cost categories of transaction and communication platform expenses, as well as

third

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 government grants [text block]

Government grants

Description of accounting policy for treasury shares [text block]

Treasury shares

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

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

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

2.4

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.

Control over Opera Limited

2018,

not

33.77%

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

50%

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

Significant influence over OPay and basis for accounting of 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 did

not

2019,

the Group acquired preferred shares in OPay, as disclosed in Notes

and

27.

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, 2019

three

16.

Fair value of microloans

Provision for expected credit losses

For trade receivables and other financial assets measured at amortized cost, a loss allowance is recognized based on lifetime expected credit losses.

for more information.

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.

2019,

the Group recognized

US$2,210

thousand of revenue from contracts with Powerbets (

2018:

US$4,369

thousand and

2017:

US$0

). As of

December 31, 2019,

the total amount of outstanding trade receivables due from Powerbets was

US$6,579

thousand, compared to

US$4,369

thousand as of

December 31, 2018.

21,

and

for more information.

As of

December 31, 2019,

Impairment of non-financial assets

December 31, 2019,

10.

Share-based payments

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

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

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

Capitalized development costs

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

six

for more information.

Note 3 - Changes in Accounting Policies and Disclosures (Tables)

12 Months Ended

Dec. 31, 2019

Effect of new accounting standard adoption [text block]

[US$ thousands]	As of January 1, 2019
Measurement of lease liabilities
Operating lease commitments disclosed as of December 31, 2018		7,790
Discounted using the lessee’s incremental borrowing rate (4%) of at the date of initial application		7,202
Add: adjustments as a result of a different treatment of extension and termination options		7,533
Add: finance lease liabilities recognized as of December 31, 2018		234
Lease liability recognized as of January 1, 2019		14,969

[US$ thousands]	As of January 1, 2019
Assets
Furniture, fixtures and equipment		14,969

Liabilities
Non-current lease liabilities and other loans		10,709
Current lease liabilities and other loans		4,260
Other current liabilities		(64	)
Net impact on equity		64

Note 4 - Segment and Revenue Information (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of operating segments [text block]

[US$ thousands]	Year ended December 31, 2017
Segments	Browser and News			Fintech		Retail		Other			Total
Revenue
Revenue from contracts with customers		109,239			-		-		19,653			128,892
Total revenue		109,239			-		-		19,653			128,892

Cost of revenue		(1,303	)		-		-		(2,666	)		(3,969	)
Marketing and distribution expenses		(30,971	)		-		-		-			(30,971	)
Credit loss expense (1)		(1,837	)		-		-		-			(1,837	)
Direct expenses		(34,111	)		-		-		(2,666	)		(36,777	)
												-
Contribution by segment		75,128			-		-		16,987			92,115

[US$ thousands]	Year ended December 31, 2018
Segments	Browser and News			Fintech			Retail			Other			Total
Revenue
Revenue from contracts with customers		138,444			-			9,287			22,890			170,621
Other revenue		-			1,655			-			-			1,655
Total revenue		138,444			1,655			9,287			22,890			172,276

Cost of revenue		(3,637	)		(428	)		(9,096	)		(6,848	)		(20,009	)
Marketing and distribution expenses		(31,336	)		(45	)		-			-			(31,381	)
Credit loss expense (1)		678			(528	)		-			-			150
Direct expenses		(34,295	)		(1,001	)		(9,096	)		(6,848	)		(51,240	)

Contribution by segment		104,149			654			191			16,042			121,036

[US$ thousands]	Year ended December 31, 2019
Segments	Browser and News			Fintech			Retail			Other			Total
Revenue
Revenue from contracts with customers		154,968			-			29,802			21,712			206,482
Other revenue		-			128,373			-			-			128,373
Total revenue		154,968			128,373			29,802			21,712			334,855

Cost of revenue		(2,642	)		(29,759	)		(29,836	)		(11,754	)		(73,991	)
Marketing and distribution expenses		(64,685	)		(8,464	)		-			-			(73,150	)
Credit loss expense (1)		(577	)		(54,302	)		-			-			(54,879	)
Direct expenses		(67,904	)		(92,525	)		(29,836	)		(11,754	)		(202,019	)
														-
Contribution by segment		87,064			35,848			(34	)		9,958			132,835

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

[US$ thousands]	Year ended December 31,
Reconciliation	2017			2018			2019
Contribution by segment		92,115			121,036			132,835
Other income		5,460			-			-
Personnel expenses including share-based remuneration		(42,134	)		(34,683	)		(61,029	)
Depreciation and amortization		(16,604	)		(12,694	)		(18,933	)
Other expenses		(25,359	)		(28,359	)		(32,210	)
Restructuring costs		(3,240	)		-			-
Share of net income (loss) of associates and joint ventures		(1,670	)		(3,248	)		(3,818	)
Change in fair value of preferred shares in associates		-			-			37,900
Finance income		1,054			1,637			10,530
Finance expense		(238	)		(1,695	)		(1,505	)
Net foreign exchange gains (losses)		(1,881	)		(354	)		(269	)
Net income (loss) before income taxes		7,504			41,641			63,500

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

[US$ thousands]	Year ended December 31, 2017
Segments	Browser and News		Fintech		Retail		Other		Total
Type of goods or service
Search		68,192		-		-		-		68,192
Advertising		41,047		-		-		-		41,047
Airtime and handsets		-		-		-		-		-
Technology licensing and other revenue (1)		-		-		-		19,653		19,653
Total revenue from contracts with customers		109,239		-		-		19,653		128,892
Origination fees and late interest		-		-		-		-		-
Total revenue		109,239		-		-		19,653		128,892

[US$ thousands]	Year ended December 31, 2018
Segments	Browser and News		Fintech		Retail		Other		Total
Type of goods or service
Search		80,204		-		-		-		80,204
Advertising		58,240		-		-		-		58,240
Airtime and handsets		-		-		9,287		-		9,287
Technology licensing and other revenue (1)		-		-		-		22,890		22,890
Total revenue from contracts with customers		138,444		-		9,287		22,890		170,621
Origination fees and late interest		-		1,655		-				1,655
Total revenue		138,444		1,655		9,287		22,890		172,276

[US$ thousands]	Year ended December 31, 2019
Segments	Browser and News		Fintech		Retail		Other		Total
Type of goods or service
Search		86,155		-		-		-		86,155
Advertising		68,813		-		-		-		68,813
Airtime and handsets		-		-		29,802		-		29,802
Technology licensing and other revenue (1)		-		-		-		21,712		21,712
Total revenue from contracts with customers		154,968		-		29,802		21,712		206,482
Origination fees and late interest		-		128,373		-		-		128,373
Total revenue		154,968		128,373		29,802		21,712		334,855

[US$ thousands]	Year ended December 31,
Revenue by customer location	2017		2018		2019
Ireland		63,152		76,791		81,637
Russia		18,251		17,356		17,265
India		-		1,549		98,504
Kenya		-		3,426		35,086
Other (1)		47,490		73,154		102,363
Total		128,893		172,276		334,855

[US$ thousands]	Year ended December 31,
Customer groups	2017		2018		2019
Customer group 1		55,685		67,882		74,572
Customer group 2		16,604		17,017		17,758

Disclosure of other operating income [text block]

[US$ thousands]	Year ended December 31,
Other income	2017			2018		2019
Proceeds allocated to divestment of IP		7,800			-		-
Cost of technology license obtained from Otello Corporation ASA		(2,000	)		-		-
Book value of associated capitalized development costs		(256	)		-		-
Legal fees related to the divestment process		(84	)		-		-
Total		5,460			-		-

Note 5 - Loans to Customers (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of financial assets [text block]

	Loans to customers			Loans to customers			Loans to customers			Loans to customers
[US$ thousands] Statement of Financial Position as of December 31, 2018	not yet overdue			overdue 1-30 days			overdue 31-90 days			overdue >90 days			Total
Disbursed amounts		1,520			503			235			310			2,568
Accumulated interest revenue		247			223			276			400			1,146
Accumulated credit loss expense (1)		-			(91	)		(99	)		(337	)		(528	)
Accumulated partial repayments		(6	)		(37	)		(34	)		(18	)		(95	)
Net loans to customers		1,762			598			378			355			3,092

	Loans to customers			Loans to customers			Loans to customers			Loans to customers
[US$ thousands] Statement of Financial Position as of December 31, 2019	not yet overdue			overdue 1-30 days			overdue 31-90 days			overdue >90 days			Total
Disbursed amounts		88,271			10,350			13,462			20,335			132,418
Accumulated interest revenue		5,101			2,017			3,390			6,830			17,338
Accumulated credit loss expense (1)		(4,754	)		(8,629	)		(15,950	)		(24,969	)		(54,302	)
Accumulated partial repayments		(30	)		(137	)		(300	)		(1,375	)		(1,843	)
Net loans to customers		88,588			3,601			602			325			93,115

[US$ thousands]	Year ended December 31,
Statement of Operations	2017		2018			2019
Origination fees and late interest		-		1,655			128,373
Other changes in fair value of loans to customers		-		(528	)		(54,431	)
Net change in fair value of loans to customers		-		1,127			74,071

Disclosure of activity in loans to customers [text block]

[US$ thousands]	Year-ended December 31,
Reconciliation of fair value measurement of loans to customers	2018			2019
As of January 1		-			3,092
Disbursements		9,728			856,883
Interest revenue		1,655			128,373
Other changes in fair value		(528	)		(54,302	)
Repayments		(8,840	)		(840,003	)
Other movements		1,077			(928	)
As of December 31		3,092			93,115

Note 6 - Personnel Expenses Including Share-based Remuneration (Tables)

12 Months Ended

Dec. 31, 2019

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

[US$ thousands]	Year ended December 31,
Personnel expenses including share-based remuneration	2017		2018		2019
Salaries incl. bonuses		23,714		20,412		34,186
Social security cost, excluding amounts related to share-based remuneration		4,235		3,428		3,777
External temporary hires		686		1,687		8,159
Defined-contribution pension cost		2,068		2,066		3,616
Other personnel related expenses		1,935		2,244		5,364
Personnel expenses excluding share-based remuneration		32,638		29,836		55,101
Share-based remuneration, including related social security costs		9,496		4,846		5,928
Total		42,134		34,683		61,029

Disclosure of research and development expense [text block]

[US$ thousands]	Year ended December 31,
Research and development expenditure	2017		2018		2019
Total research and development expenditure		23,386		26,418		34,143
Less: Capitalized development expenditure excluded from personnel expenses		3,503		4,545		4,056
Net expensed research and development expenditure		19,883		21,873		30,087

Disclosure of information about key management personnel [text block]

[US$ thousands]	Year ended December 31,
Compensation of key management personnel	2017		2018		2019
Short-term employee benefits		946		843		2,121
Post-employment and medical benefits		47		57		59
Share-based payment transactions		-		621		536
Total		993		1,521		2,716

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	2017		2018		2019
Expense arising from equity-settled share-based payment transactions (1)		9,496		4,846		5,928
Expense arising from cash-settled share-based payment transactions		-		-		-
Total		9,496		4,846		5,928

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

	Year ended December 31,
RSUs	2018			2019
Outstanding at period start		3,882,600			4,244,132
Granted during the period		516,000			1,019,000
Forfeited during the period		(154,468	)		(550,700	)
Exercised during the period		-			(1,728,492	)
Expired during the period		-			-
Outstanding at period end		4,244,132			2,983,940

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

	Year ended December 31,
Options	2018		2019
Outstanding at period start		-		-
Granted during the period		-		150,000
Forfeited during the period		-		-
Exercised during the period		-		-
Expired during the period		-		-
Outstanding at period end		-		150,000

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

	2018 RSU grants: RSU valuation input			2019 RSU grants: RSU valuation input			2019 RSU grants: Option valuation input
Equity unit price valuation ($)		7.75			9.09	(3)		7.42
Model Used		Monte Carlo			Monte Carlo			Black-Scholes
Expected Volatility (%) (1), (2)		35.28	%		40.00	%		40	%
Risk free interest rate (%) (1)		2.43	%		1.70	%		2.43	%
Dividend Yield (%)		0	%		0	%		0	%
Duration of initial simulation period (years to longstop date)		4.73			3.16			4.81
Duration of second simulation period with postponed exercise (years)		3.00			3.00			N/A
Fair value at the measurement date ($)		7.12			8.92			2.36

Note 7 - Cost of Revenue (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of cost of revenue [text block]

[US$ thousands]	Year ended December 31,
Cost of revenue	2017		2018		2019
Payouts to publishers and monetization partners		1,303		1,227		2,096
Cost of prepaid airtime and handsets sold		-		9,096		29,836
Microlending service fee (1)		-		428		29,759
Cost of professional services (2)		2,181		6,693		11,754
Other expenses		485		2,565		546
Total		3,969		20,009		73,991

Note 8 - Other Expenses (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of other expenses by nature [text block]

[US$ thousands]	Year ended December 31,
Other expenses	2017		2018		2019
Hosting		12,105		10,146		6,941
Audit, legal and other advisory services		3,529		8,306		8,533
Software license fees		1,346		1,799		2,566
Rent and other office expenses		4,304		4,573		5,379
Travel		1,775		2,057		3,990
Other		2,300		1,477		4,801
Total		25,359		28,359		32,210

Note 9 - Furniture, Fixtures and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

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

[US$ thousands]	Office properties		Furniture and fixtures		Equipment			Leasehold improvements			Total
Cost
Cost as of January 1, 2018		-		478		20,685			1,692			22,855
Additions		-		149		4,201			139			4,489
Disposals		-		-		-			-			-
Exchange rate differences		-		4		(312	)		(93	)		(401	)
As of December 31, 2018		-		629		24,574			1,738			26,942

Adjustment for change in accounting policy (1)		6,739		-		8,230			-			14,969
Restated 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	)		(384	)
As of December 31, 2019		7,967		878		28,008			1,747			38,601

Depreciation and impairment
As of January 1, 2018		-		186		8,802			406			9,394
Depreciation for the year		-		116		5,001			243			5,360
Disposals		-		-		-			-			-
Exchange rate differences		-		21		28			(22	)		26
As of December 31, 2018		-		324		13,831			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



Net book value as of December 31, 2018		-		306		10,742			1,109			12,162
Net book value as of December 31, 2019		6,201		415		18,562			878			26,053

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

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

Note 10 - Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about intangible assets [text block]

			Customer						Other intangible
[US$ thousands]	Goodwill		relationships		Technology		Trademarks		assets			Total
Cost
Cost as of January 1, 2018		421,578		40,700		14,545		70,600		2,020			549,443
Additions (1)		-		-		4,132		-		27			4,159
Disposals		-		-		-		-		-			-
Exchange differences		-		-		-		-		-			-
As of December 31, 2018		421,578		40,700		18,677		70,600		2,047			553,602

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

Amortization and impairment
As of January 1, 2018		-		3,477		4,028		-		1,741			9,246
Amortization for the year		-		2,980		4,094		-		261			7,335
Disposals		-		-				-		-			-
Exchange differences		-		-				-		-			-
As of December 31, 2018		-		6,457		8,122		-		2,002			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


Net book value as of December 31, 2018		421,578		34,243		10,555		70,600		45			537,022
Net book value as of December 31, 2019		421,578		31,263		8,897		70,600		47			532,385

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 year

Up to 5 year

Indefinite

Up to 5 years

Amortization method

Straight-line

Note 11 - Inventories (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of inventory [text block]

[US$ thousands]	As of December 31,
Inventories	2018		2019
Handsets		-		7,656
Prepaid airtime		-		96
Total		-		7,752

Note 12 - Leases (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of operating lease by lessee [text block]

[US$ thousands]	As of December 31,
Amounts recognized in the Statement of Financial Position	2018 (2)		2019
Right-of-use assets (1)
Office properties		0		6,178
Equipment		0		5,528
Total		0		11,706

Lease liabilities
Current		0		4,625
Non-current		0		7,378
Total		0		12,003

[US$ thousands]	Year ended December 31,
Amounts recognized in the Statement of Operations	2018		2019
Depreciation charge of right-of-use assets
Office properties		-		1,752
Equipment		-		2,739
Total		-		4,491

Interest expense (included in Finance expense)		-		457

Note 13 - Lease Liabilities and Other Loans (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about borrowings [text block]

[US$ thousands]							As of December 31,
Lease liabilities and interest-bearing loans	Interest rate			Maturity			2018		2019
Lease liabilities								229		12,003
Interest-bearing loans (1)	2%	-	9%	January 2020	-	July 2023		4,040		43,904
Total								4,269		55,907

Disclosure of borrowings and finance lease liabilities [text block]

[US$ thousands]	As of December 31,
Non-current lease liabilities and other loans	2018		2019
Lease liabilities		33		7,378
Interest-bearing loans		2,238		736
Other loans		-		1,067
Total		2,271		9,181

[US$ thousands]	As of December 31,
Current lease liabilities and other loans	2018		2019
Lease liabilities		196		4,625
Interest-bearing loans		1,802		43,169
Other loans		492		0
Total		2,490		47,793

Note 15 - Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

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

[US$ thousands]	As of December 31,
Other current liabilities	2018		2019
Accrued personnel expenses		6,919		10,472
Trading liability (1)		500		-
Unsettled trades (1)		335		-
Customer deposits		-		2,694
Other current liabilities		1,947		1,976
Total		9,701		15,142

Note 16 - Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about financial instruments [text block]

[US$ thousands]	As of December 31,
Financial assets	2018		2019
Financial assets at amortized cost
Non-current financial assets (1)		2,025		1,351
Trade receivables		37,468		49,371
Other short-term receivables (2)		4,031		59,112
Other current financial assets		89		1,535
Total financial assets at amortized cost		43,612		111,369

Financial assets at fair value through profit or loss
Preferred shares in associates (3)		30,000		80,000
Loans to customers		3,092		93,115
Listed equity instruments		1,165		42,146
Total financial assets at fair value through profit or loss		34,257		215,261

Total financial assets		77,869		326,630

[US$ thousands]	As of December 31,
Financial liabilities	2018		2019
Financial liabilities at amortized cost
Lease liabilities and other loans (1)		4,761		56,974
Trade and other payables		17,957		57,125
Other financial liabilities		9,413		15,279
Total financial liabilities at amortized cost		32,132		129,378

Financial liabilities at fair value through profit or loss
Short position in listed equity instruments		500		-
Total financial liabilities at fair value through profit or loss		500		-

Total financial liabilities		32,632		129,378

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

[US$ thousands]
Gain (loss) on listed equity instruments in 2018	Realized gain (loss)			Unrealized gain (loss)			Total
Long positions		(1,353	)		(169	)		(1,522	)
Short positions		48			(11	)		38
Total		(1,305	)		(180	)		(1,485	)

[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

Disclosure of sensitivity analysis for equity [text block]

[US$ thousands]			WACC %
PWERM sensitivity - fair value of preferred shares			20%		22%		24%		26%		28%
	5	%		65,529		61,957		57,991		55,572		52,715
DLOM %	10	%		62,080		58,696		54,939		52,647		49,941
	15	%		58,631		55,435		51,887		49,722		47,166

[US$ thousands]			Value of equity in the company (US$ million)
OPM sensitivity - fair value of preferred shares			400		450		500		550		600
	5	%		34,739		39,657		44,570		49,479		54,383
DLOM %	10	%		32,910		37,570		42,225		46,875		51,521
	15	%		31,082		35,482		39,879		44,271		48,659

[US$ thousands]			Value of equity in the company (US$ million)
CVM sensitivity - fair value of preferred shares			400		450		500		550		600
	5	%		33,870		38,734		43,598		48,462		53,327
DLOM %	10	%		32,087		36,696		41,304		45,912		50,520
	15	%		30,305		34,657		39,009		43,361		47,713

[US$ thousands]			WACC %
PWERM sensitivity - fair value of preferred shares			13%		15%		17%		19%		21%
	25	%		32,151		31,332		30,552		29,809		29,101
DLOM %	30	%		30,008		29,243		28,515		27,822		27,161
	35	%		27,864		27,154		26,479		25,835		25,221

[US$ thousands]			Value of equity in the company (US$ million)
OPM sensitivity - fair value of preferred shares			145		150		155		160		165
	25	%		37,011		37,787		38,558		39,327		40,092
DLOM %	30	%		34,544		35,268		35,988		36,705		37,419
	35	%		32,076		32,749		33,417		34,083		34,746

[US$ thousands]			Value of equity in the company (US$ million)
CVM sensitivity - fair value of preferred shares			145		150		155		160		165
	25	%		39,194		39,919		40,645		41,371		42,097
DLOM %	30	%		36,581		37,258		37,935		38,613		39,290
	35	%		33,968		34,597		35,226		35,855		36,484

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, 2018		-		-		30,000
Loans to customers	December 31, 2018		-		-		3,092
Listed equity instruments	December 31, 2018		1,165		-		-

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

December 31, 2018

500

		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		-		-

Note 17 - Scheduled Maturities of Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of financial liabilities [text block]

[US$ thousands]	Less than		1 to 3		Over 3
As of December 31, 2018	12 months		years		years		Total
Non-current
Lease liabilities and other loans (Notes 12 and 13) including interest		-		2,194		158		2,352
Other liabilities		-		-		212		212
Current
Trade and other payables (Note 22)		17,957		-		-		17,957
Lease liabilities and other loans (Notes 12 and 13) including interest		2,591		-		-		2,591
Other liabilities (Note 15)		9,701		-		-		9,701
Total financial liabilities including interest		30,249		2,194		370		32,813

[US$ thousands]	Less than		1 to 3		Over 3
As of December 31, 2019	12 months		years		years		Total
Non-current
Lease liabilities (Note 12)		-		7,681		1,247		8,928
Interest-bearing loans (Note 13) including interest		-		1,840		-		1,840
Other liabilities		-		-		137		137
Current
Trade and other payables (Note 22)		57,125		-		-		57,125
Lease liabilities (Note 12)		4,930		-		-		4,930
Interest-bearing loans (Note 13) including interest		43,303		-		-		43,303
Other liabilities (Note 15)		15,142		-		-		15,142
Total financial liabilities including interest		120,500		9,521		1,384		131,405

Note 20 - Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2019

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

[US$ thousands]	As of December 31,
Cash and cash equivalents	2018		2019
Restricted cash		229		216
Cash and cash equivalents		177,643		139,271
Total		177,873		139,487

Note 21 - Trade Receivables, Other Receivables and Prepayments (Tables)

12 Months Ended

Dec. 31, 2019

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

[US$ thousands]	As of December 31,
Trade receivables	2018		2019
Trade receivables		24,594		39,981
Unbilled receivables		12,874		9,390
Total		37,468		49,371

[US$ thousands]	As of December 31,
Other receivables	2018		2019
VAT		754		1,232
Receivable from Otello Corporation ASA		1,267		924
Deposit in restricted escrow account (1)		-		52,878
Other		5,102		4,078
Total		7,123		59,112

[US$ thousands]	As of December 31,
Prepayments	2018		2019
Prepaid expenses (1)		14,372		25,809
Total		14,372		25,809

Provision for impairment of trade receivables [text block]

[US$ thousands]	As of December 31,
Allowance for impairment of trade receivables	2018			2019
As of period start, as previously reported		1,837			1,619
Impact of IFRS 9		100			-
As of period start, restated		1,937			1,619
Change in the period (1)		(318	)		(173	)
As of period end		1,619			1,446

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, 2018		24,594		15,603		3,252		2,588		690		2,460
As of December 31, 2019		39,981		22,125		8,761		657		341		8,097

Note 22 - Trade and Other Payables (Tables)

12 Months Ended

Dec. 31, 2019

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

[US$ thousands]	As of December 31,
Trade and other payables	2018		2019
Trade payables due to related parties (1)		624		28,864
Other trade payables		14,290		19,813
Sales tax payables		9		-
Employee withholding tax		24		325
VAT		809		7,361
Payroll tax (2)		2,200		761
Total		17,957		57,125

Note 23 - Finance Income and Expense (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of finance income [text block]

[US$ thousands]	Year ended December 31,
Finance income	2017		2018		2019
Interest income		54		1,386		2,045
Other finance income		1,000		251		8
Net fair value gain related to listed equity instruments (1)		-		-		8,477
Total		1,054		1,637		10,530

Disclosure of finance cost [text block]

[US$ thousands]	Year ended December 31,
Finance expense	2017		2018		2019
Interest expense		238		184		1,242
Other financial cost		-		27		263
Net fair value loss related to listed equity instruments (1)		-		1,485		-
Total		238		1,695		1,505

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

[US$ thousands]	Year ended December 31,
Foreign exchange gain (loss)	2017			2018			2019
Unrealized foreign exchange gain (loss)		(1,172	)		(1,091	)		194
Realized foreign exchange gain (loss)		(709	)		736			(463	)
Total		(1,881	)		(354	)		(269	)

Note 24 - Changes in Liabilities Arising From Financing Activities (Tables)

12 Months Ended

Dec. 31, 2019

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

[US$ thousands]	As of January 1, 2018		Impact of adopting IFRS 16 (1)		Cash flows			Foreign exchange movement		Other (1)			As of December 31, 2018
Interest-bearing loans and liabilities, non-current		3,767		-		-			-		(1,529	)		2,238
Lease liabilities, non-current		265		-		-			-		(232	)		33
Interest bearing loans and liabilities, current		-		-		(1,739	)		-		1,935			196
Lease liabilities, current		2,073		-		(2,042	)		-		1,771			1,802
Other loans		-		-		-			-		492			492
Total liabilities from financing activities		6,106		-		(3,781	)		-		2,437			4,761


[US$ thousands]	As of January 1, 2019		Impact of adopting IFRS 16 (1)			Cash flows			Foreign exchange movement			Other (2)			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

Note 25 - Income Tax (Tables)

12 Months Ended

Dec. 31, 2019

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

[US$ thousands]	Year ended December 31,
Income tax (expense) benefit	2017			2018			2019
Current income taxes		(5,449	)		(4,322	)		(5,112	)
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1)		-			(615	)		(322	)
Deferred taxes		4,009			(1,544	)		(168	)
Income tax (expense) benefit		(1,440	)		(6,481	)		(5,602	)

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	2017			2018			2019
Net income (loss) before income taxes		7,504			41,641			63,500
Tax (expense) benefit at applicable tax rate in Norway		(1,801	)		(9,577	)		(13,970	)
Effect of different tax rates applied by subsidiaries		1,120			(167	)		(2,118	)
Permanent differences
Tax effect of translation differences exempted for tax		(1,287	)		218			1,155
Tax effect of financial items exempted from tax		1,614			1,726			1,917
Tax effects of losses in associates and joint ventures which are non-deductible		(401	)		(744	)		383
Withholding taxes paid		-			-			(232	)
Net other permanent differences (not) tax deductible		2,289			(617	)		4,269
Other effects
Change to previously recognized deferred tax assets		(1,812	)		1,589			27
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods		-			(615	)		3,162
Change in unrecognized deferred tax assets		(1,554	)		1,144			(314	)
Change in tax rate		392			561			119
Income tax (expense) benefit for the year		(1,440	)		(6,481	)		(5,602	)
Effective tax rate		19.2	%		15.6	%		8.8	%

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	2018			2019
Furniture, fixtures and equipment, and intangible assets		22,201			22,703
Loans to customers		-			(7,744	)
Other		(445	)		(735	)
Trade receivables		(133	)		(121	)
Intercompany interest costs subject to limitations		(5,243	)		(7,714	)
Withholding tax expected to be credited (credit method)		(3,849	)		(1,065	)
Tax losses carried forward		(117	)		(1,003	)
Net deferred tax liability (asset) recognized		12,414			4,322

Disclosure of changes in deferred taxes [text block]

[US$ thousands]	As of December 31,
Change in net deferred tax liability (asset)	2018		2019
Net deferred tax liability (asset) as of January 1		10,870		12,414
Expense (benefit) in Statement of Operations		1,544		(8,092	)
Net deferred tax liability (asset)		12,414		4,322

[US$ thousands]	As of December 31,
Deferred tax assets and liabilities	2018		2019
Deferred tax assets		944		6,204
Deferred tax liabilities		13,358		10,526
Net deferred tax liability (1)		12,414		4,322

Note 26 - Group Information (Tables)

12 Months Ended

Dec. 31, 2019

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 Americas 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%
Beijing Aopula Software Co. Ltd. (1)	Beijing	China	100%
Opera Unite HK Limited (1)	Hong Kong	Hong Kong	100%
Opera Unite Pte. Ltd. (1)	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%
Phoneservice Technologies Co. Ltd. (2)	Nairobi	Kenya	80%
O-Play Zambia Limited	Lusaka	Zambia	100%
PT Inpesa Digital Teknologi (3)	Jakarta	Indonesia	100%
Opera Lifestyle (1)	George Town	Cayman Islands	100%
Opera Lifestyle Nigeria Ltd. (1)	Lagos	Nigeria	100%
TenSpot Pesa Limited	Hong Kong	Hong Kong	100%
LLC "Microcredit Company O-Pay Finance"	St. Petersburg	Russia	100%
Neofin Malelane (Pty) Ltd.	Johannesburg	South Africa	100%
Opay Finance India Pvt. Ltd.	Mumbai	India	100%
Blue Ridge Micro Finance Bank Ltd.	Lagos	Nigeria	100%
Oplay Digital Services S.A. De C.V.	Mexico City	Mexico	100%
TenSpot Kenya Limited	Nairobi	Kenya	100%
P C Financial Services Pvt. Ltd.	Delhi	India	100%
PT Opay Finance Services	Jakarta	Indonesia	100%
App de Préstamos, S.A. de C.V. (1)	Mexico City	Mexico	100%
Opera Financial Technologies Limited (1)	London	United Kingdom	100%
Beijing Yuega Software Tech. Srvc. Co. Ltd. (3)	Beijing	China	100%

Note 27 - Investments in Associates and Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2019

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

Summary information regarding OPay:
	Year ended December 31,
[US$ thousands]		2017	(1)	2018		2019
The Group’s interest		19.9	%	19.9	%	13.1%	(2)
Revenue		-		848		16,687
Other income		-		9,500		339

Cost of revenue		-		(255	)	(41,117	)
Personnel expenses including share-based remuneration		(2,331	)	(5,738	)	(15,490	)
Marketing and distribution expenses		-		(162	)	(6,623	)
Depreciation and amortization		-		(260	)	(5,858	)
Other expenses		(500	)	(4,293	)	(19,616	)
Operating profit (loss)		(2,831	)	(359	)	(71,678	)
Finance income		-		1		736
Finance expense		-		(25	)	(417	)
Income tax (expense) benefit		-		-		(114	)
Net income (loss)		(2,831	)	(384	)	(71,474	)
Other comprehensive income that may be reclassified to net income		-		-		-
Total comprehensive income		(2,831	)	(384	)	(71,474	)
Group's share of net income (loss)		(563	)	(76	)	(2,938	)
Gain on partial disposal (3)		-		-		1,174
Total share of net income (loss)		(563	)	(76	)	(1,764	)

Current assets		5,600		4,302		99,238
Non-current assets		55		4,918		24,656
Current liabilities		8,431		12,043		28,870
Non-current liabilities (4)		-		453		170,015
Equity		(2,776	)	(3,276	)	(74,992	)

	Year ended December 31, 2017			Period from August 1 to December 31, 2017
[US$ thousands]	nHorizon			Powerbets
The Group’s interest		29.09	%		50.10	%
Revenue		42,298			7,562
Operating profit (loss)		(2,219	)		(505	)
Net income (loss)		(2,710	)		(529	)
Group’s share of net income (loss), before adjustment		(788	)		(265	)
Adjustments related to amortization of intangible assets		-			(54	)
Group's share of net income (loss)		(788	)		(318	)

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

	Year ended December 31, 2018
[US$ thousands]	nHorizon			Powerbets			StarMaker
The Group’s interest		29.09	%		50.10	%		19.35%	(1)
Revenue		48,992			4,498			12,332
Operating profit (loss)		(1,568	)		(4,528	)		(9,639	)
Net income (loss)		(2,056	)		(4,735	)		(8,602	)
Other comprehensive income that may be reclassified to net income		-			188			-
Total comprehensive income		(2,056	)		(4,547	)		(8,602	)
Group's share of net income (loss)		(598	)		(2,372	)		N/A

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

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

Current assets		8,225			4,447			13,869
Non-current assets		695			1,560			11,377
Current liabilities		5,875			13,074			29,870
Non-current liabilities		-			5,754			-
Equity		3,045			(12,822	)		(4,624	)

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

	Year ended December 31, 2018
[US$ thousands]	nHorizon			Powerbets			OPay			StarMaker
Carrying amount as of January 1, 2018		1,110			-			4,406			-
Investment during the year		-			2,567			-			30,000
FX adjustment		(69	)		-			-			-
Share of net income (loss)		(598	)		(2,372	)		(76	)		-
Share of other comprehensive income		-			94			-			-
Carrying amount as of December 31, 2018		443			289			4,330			30,000

Groups share in %		29.09	%		50.10	%		19.90	%		19.35	%
Groups share in equity		448			(3,673	)		(652	)		N/A
Unrecognized intangible assets		-			1,492			-			N/A
Equity method adjustments		(5	)		2,469			4,982			N/A
Carrying amount as of December 31, 2018		443			289			4,330			30,000

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

Groups share in %		29.09	%		50.10	%		13.1	%		19.35	%
Groups share in equity		886			(6,424	)		(2,145	)		N/A
Unrecognized intangible assets		-			566			-			N/A
Equity method adjustments		77			4,097			(759	)		N/A
Fair value of preferred shares (1)		-			-			46,000			34,000
Carrying amount as of December 31, 2019		963			(1,760	)		43,096			34,000

Note 28 - Related Parties (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of transactions between related parties [text block]

[US$ thousands]			As of December 31, 2018
Balances with related parties	Category of related party	Type of balance	2018			2019
Mobimagic Digital Technology Ltd	Key management personnel	Accounts receivable		770			-
Mobimagic Digital Technology Ltd	Key management personnel	Distribution prepayment		10,420			15,527
Mobimagic Digital Technology Ltd	Key management personnel	Trade and other payables		-			(2,760	)
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Other payables		(169	)		(177	)
Kunlun Group Limited	Key management personnel	Trade payable		-			(436	)
Mobi Magic (Beijing) Info. Tech. Co., Ltd / Hong Kong Fintango Limited	Key management personnel	Trade and other payables		-			(25,598	)
Mobi Magic (Beijing) Information Technology Co., Ltd.	Key management personnel	Trade receivable		-			303
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Revenue share liability		-			(23	)
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Trade receivable		-			146
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Professional service payable		(979	)		(543	)
OPay Digital Services Limited (HK)	Associate / Key management personnel	Loans receivable		1,779			-
OPay Digital Services Limited (HK)	Associate / Key management personnel	Trade receivable		4,271			17,450
OPay Digital Services Limited (HK)	Associate / Key management personnel	Trade payable		(455	)		-
OPay Digital Services Limited (HK)	Associate / Key management personnel	Contract liability		-			(6,274	)
Paycom Nigeria Limited	Key management personnel	Trade receivable		-			1,466
Paycom Nigeria Limited	Key management personnel	Trade and other payables		-			(26	)
Powerbets Holding Limited	Joint venture	Loans receivable		2,567			3,039
Powerbets Holding Limited	Joint venture	Trade receivable		4,369			6,579
StarMaker Entertainment Technology India Pvt., Ltd.	Associate / Key management personnel	Trade receivable		-			22
Wisdom Connection III Holding Inc.	Key management personnel	Other receivables		-			500

[US$ thousands]			Year ended December 31,
Transactions with related parties	Category of related party	Type of transaction	2017			2018			2019
Mobimagic Digital Technology Ltd	Key management personnel	Technology licensing, advertising and other revenue		-			3,069			-
Mobimagic Digital Technology Ltd	Key management personnel	Marketing and distribution		(8,416	)		(7,522	)		(25,767	)
Mobimagic Digital Technology Ltd	Key management personnel	Software license fees		-			-			(500	)
Beijing Kunlun Tech Co., Ltd.	Key management personnel	Office facilities		(1,425	)		(1,072	)		(1,545	)
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	)
Kunlun Group Limited	Key management personnel	Professional investment advisory services		-			-			(436	)
Beijing Kunlun Lexiang Network Technology Co., Ltd.	Key management personnel	Professional services		-			-			(79	)
Beijing Kunlun Online Network Tech Co., Ltd	Key management personnel	Professional services		-			-			(125	)
Beijing Xianlaihuyu Network Tech Co., Ltd	Key management personnel	Professional services		-			-			(39	)
KUNLUN GLOBAL INTERNATIONAL SDN. BHD.	Key management personnel	Advertising revenue		-			68			2
Mobi Magic (Beijing) Information Technology Co., Ltd.	Key management personnel	Technology licensing and other revenue		-			-			303
Mobi Magic (Beijing) Info.Tech. Co., Ltd / Hong Kong Fintango Limited	Key management personnel	Cost of revenue		-			-			(25,598	)
Mobi Magic (Beijing) Information Technology Co., Ltd	Key management personnel	Professional services		-			-			(325	)
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Technology licensing and other revenue		387			(18	)		146
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Investment		(770	)		-			-
nHorizon Innovation (Beijing) Software Ltd.	Joint venture	Cost of revenue		(72	)		(45	)		(38	)
nHorizon Infinite (Beijing) Software Ltd.	Joint venture	Professional services		(513	)		(941	)		(156	)
OPay Digital Services Limited (HK)	Associate / Key management personnel	Acquisition of business		-			(9,500	)		-
OPay Digital Services Limited (HK)	Associate / Key management personnel	Investment (Note 27)		(4,969	)		-			(7,131	)
OPay Digital Services Limited (HK)	Associate / Key management personnel	License fee (cost of revenue)		-			(455	)		-
OPay Digital Services Limited (HK)	Associate / Key management personnel	Technology licensing and other revenue		2,829			10,899			15,960
OPay Digital Services Limited (HK)	Associate / Key management personnel	Interest income		-			-			323
Paycom Nigeria Limited	Associate / Key management personnel	Advertising revenue		-			-			1,565
Powerbets Holdings Limited	Joint venture	Technology licensing, advertising and other revenue		-			4,369			2,210
Powerbets Holdings Limited	Joint venture	Investment		(310	)		-			-
StarMaker Interactive Inc.	Associate / Key management personnel	Investment		-			(30,000	)		-
StarMaker Interactive Inc.	Associate / Key management personnel	Professional services		16			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

Note 29 - Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of earnings per share [text block]

[Net income in US$ thousands]	Year ended December 31,
Basic net income per share	2017		2018			2019
Net income attributable to the owners of the parent		6,064		35,160			57,899

Issued ordinary shares at beginning of period		190,250,000		190,250,000			220,119,343
Effect of shares issued		-		12,504,070			7,422,487
Effect of treasury shares held		-		(133,681	)		(2,913,330	)
Basic weighted-average number of ordinary shares in the period		190,250,000		202,620,388			224,628,500

Basic net income per share, US$		0.03		0.17			0.26

[Net income in US$ thousands]	Year ended December 31,
Diluted net income per share	2017		2018		2019
Net income attributable to the owners of the parent		6,064		35,160		57,899

Basic weighted-average number of ordinary shares		190,250,000		202,620,388		224,628,500
Effect of employee equity grants		2,449,186		6,107,813		4,437,167
Diluted weighted-average number of ordinary shares in the period		192,699,186		208,728,202		229,065,667

Diluted net income per share, US$		0.03		0.17		0.25

[Net income in US$ thousands]	Year ended December 31,
Net income per ADS, basic and diluted	2017		2018		2019
Net income attributable to the owners of the parent		6,064		35,160		57,899

ADS equivalent of basic weighted-average number of ordinary shares		95,125,000		101,310,194		112,314,250
ADS equivalent of diluted weighted-average number of ordinary shares		96,349,593		104,364,101		114,532,833

Basic net income per ADS, US$		0.06		0.35		0.52
Diluted net income per ADS, US$		0.06		0.34		0.51

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

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Beijing Kunlun Tech [member]

$ 334,855

$ 172,276

$ 128,892

Trade receivables

$ 49,371

$ 37,468

33.77%

13.10%

^[1]

19.90%

^[2]

$ 16,687

$ 848

^[2]

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

2,210

4,369

$ 0

Trade receivables

$ 6,579

$ 4,369

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)

10 years

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

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

5 years

[1]

Reflects the total ownership interest in OPay as of December 31, 2019, 10.24% of which is held in preferred shares and 2.86% in ordinary shares. The ownership interest reduced during 2019. 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.

[2]

Period from November 1 to December 31, 2017.

Note 3 - Changes in Accounting Policies and Disclosures (Details Textual)	Jan. 01, 2019
Statement Line Items [Line Items]
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16	4.00%
Bottom of range [member] \| IFRS 16 [member]
Statement Line Items [Line Items]
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16	2.15%
Top of range [member] \| IFRS 16 [member]
Statement Line Items [Line Items]
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16	12.30%

Note 3 - Changes in Accounting Policies and Disclosures - Adoption of New Accounting Standard (Details) - USD ($)
$ in Thousands

Jan. 01, 2019

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Lease liability recognized as of January 1, 2019

$ 12,003

$ 0

^[1]

Furniture, fixtures and equipment

26,053

12,162

Non-current lease liabilities and other loans

9,181

2,271

Current lease liabilities and other loans

47,793

2,490

Other current liabilities

15,142

9,701

Net impact on equity

$ 912,206

$ 775,460

$ 583,503

$ 568,197

Increase (decrease) due to application of IFRS 16 [member]

Furniture, fixtures and equipment

$ 14,969

Non-current lease liabilities and other loans

10,709

Current lease liabilities and other loans

4,260

Other current liabilities

(64)

Net impact on equity

IAS 17 [Member]

Operating lease commitments disclosed as of December 31, 2018

7,790

Discounted using the lessee’s incremental borrowing rate (4%) of at the date of initial application

7,202

Add: adjustments as a result of a different treatment of extension and termination options

7,533

Add: finance lease liabilities recognized as of December 31, 2018

234

Lease liability recognized as of January 1, 2019

$ 14,969

[1]

In the previous year, the Group only recognized lease assets and lease liabilities in relation to leases that were classified as "finance leases" under IAS 17. The assets were presented in property, plant and equipment and the liabilities as part of the Group's borrowings. For adjustments recognised on adoption of IFRS 16 on 1 January 2019, please refer to Note 3

Note 3 - Changes in Accounting Policies and Disclosures - Adoption of New Accounting Standard (Details) (Parentheticals)	Jan. 01, 2019
Statement Line Items [Line Items]
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16	4.00%

Note 4 - Segment and Revenue Information (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Professional fees expense	$ 206,482	$ 170,621	$ 128,892
Associated and other related parties [member]
Statement Line Items [Line Items]
Professional fees expense	$ 18,632	$ 18,319	$ 3,216

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

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

$ 206,482

$ 170,621

$ 128,892

334,855

172,276

128,892

^[1]

(73,991)

(20,009)

(3,969)

(73,150)

(31,381)

(30,971)

^[2]

(54,879)

150

(1,837)

(202,019)

(51,240)

(36,777)

132,835

121,036

92,115

Browser and News [member]

128,373

1,655

154,968

138,444

109,239

154,968

138,444

109,239

(2,642)

(3,637)

(1,303)

(64,685)

(31,336)

(30,971)

^[2]

(577)

678

(1,837)

(67,904)

(34,295)

(34,111)

87,064

104,149

75,128

Fintech [member]

128,373

1,655

(29,759)

(428)

(8,464)

(45)

^[2]

(54,302)

(528)

(92,525)

(1,001)

35,848

654

128,373

1,655

Retail [member]

29,802

9,287

29,802

9,287

(29,836)

(9,096)

^[2]

(29,836)

(9,096)

(34)

191

All other segments [member]

21,712

22,890

19,653

21,712

22,890

19,653

(11,754)

(6,848)

(2,666)

^[2]

(11,754)

(6,848)

(2,666)

9,958

16,042

16,987

[1]	Certain expenses in the comparative periods have been reclassified as Cost of revenue. See Note 7 for more details.
[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, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Contribution by segment	$ 132,835	$ 121,036	$ 92,115
Other income			5,460
Personnel expenses including share-based remuneration	(61,029)	(34,683)	(42,134)
Depreciation and amortization	(18,933)	(12,694)	(16,604)
Other expenses	(32,210)	(28,359)	(25,359)
Restructuring costs			(3,240)
Share of net income (loss) of associates and joint ventures	(3,818)	(3,248)	(1,670)
Change in fair value of preferred shares in associates	37,900	0
Finance income	10,530	1,637	1,054
Finance expense	(1,505)	(1,695)	(238)
Net foreign exchange gains (losses)	(269)	(354)	(1,881)
Net income (loss) before income taxes	$ 63,500	$ 41,641	$ 7,504

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

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

$ 206,482

$ 170,621

$ 128,892

128,373

1,655

Customer group 1 [member]

334,855

172,276

128,892

Customer group 2 [member]

74,572

67,882

55,685

17,758

17,017

16,604

Ireland [member]

81,637

76,791

63,152

RUSSIAN FEDERATION

17,265

17,356

18,251

India 1 [member]

98,504

1,549

Kenya 1 [member]

Other geographical areas [member]

35,086

3,426

Browser and News [member]

^[1]

102,363

73,154

47,490

154,968

138,444

109,239

154,968

138,444

109,239

Fintech [member]

128,373

1,655

128,373

1,655

Retail [member]

29,802

9,287

All other segments [member]

29,802

9,287

21,712

22,890

19,653

21,712

22,890

19,653

Search [member]

Search [member] | Browser and News [member]

86,155

80,204

68,192

Search [member] | Fintech [member]

86,155

80,204

68,192

Search [member] | Retail [member]

Search [member] | All other segments [member]

Advertising [member]

Advertising [member] | Browser and News [member]

68,813

58,240

41,047

Advertising [member] | Fintech [member]

68,813

58,240

41,047

Advertising [member] | Retail [member]

Advertising [member] | All other segments [member]

Airtime and handsets [member]

Airtime and handsets [member] | Browser and News [member]

29,802

9,287

Airtime and handsets [member] | Fintech [member]

Airtime and handsets [member] | Retail [member]

Airtime and handsets [member] | All other segments [member]

29,802

9,287

Technology licensing or other [member]

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

^[2]

21,712

22,890

19,653

Technology licensing or other [member] | Fintech [member]

^[2]

Technology licensing or other [member] | Retail [member]

^[2]

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

^[2]

^[2]

$ 21,712

$ 22,890

$ 19,653

[1]	No other individual country exceeded 10% of total revenue.
[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).

Note 4 - Segment and Revenue Information - Other Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Proceeds allocated to divestment of IP			$ 7,800
Cost of technology license obtained from Otello Corporation ASA			2,000
Book value of associated capitalized development costs			256
Legal fees related to the divestment process			84
Total			$ 5,460

Note 5 - Loans to Customers (Details Textual) $ in Thousands	Dec. 31, 2019 USD ($)
Increase of 10% in expected future cash flows [member]
Statement Line Items [Line Items]
Loans and advances to customers	$ 101,641
Decrease of 10% in expected future cash flows [member]
Statement Line Items [Line Items]
Loans and advances to customers	84,589
Increase of 100% in annualized discount rate [member]
Statement Line Items [Line Items]
Loans and advances to customers	92,933
Decrease of 100% in annualized discount rate [member]
Statement Line Items [Line Items]
Loans and advances to customers	$ 93,348

Note 5 - Loans to Customers - Microloans to Customers (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Origination fees and late interest

$ 326,630

$ 77,869

128,373

1,655

Other changes in fair value of loans to customers

(54,431)

(528)

Net change in fair value of loans to customers

74,071

1,127

Consumer loans, disbursed amounts [member]

Consumer loans, accumulated interest revenue [member]

132,418

2,568

Consumer loans, accumulated credit loss expense [member]

17,338

1,146

Consumer loans, accumulated repayments [member]

^[1]

(54,302)

(528)

Loans to consumers [member]

(1,843)

(95)

Current [member] | Consumer loans, disbursed amounts [member]

93,115

3,092

Current [member] | Consumer loans, accumulated interest revenue [member]

88,271

1,520

Current [member] | Consumer loans, accumulated credit loss expense [member]

5,101

247

Current [member] | Consumer loans, accumulated repayments [member]

^[1]

(4,754)

Current [member] | Loans to consumers [member]

(30)

(6)

Later than one month and not later than two months [member] | Consumer loans, disbursed amounts [member]

88,588

1,762

Later than one month and not later than two months [member] | Consumer loans, accumulated interest revenue [member]

10,350

503

Later than one month and not later than two months [member] | Consumer loans, accumulated credit loss expense [member]

2,017

223

Later than one month and not later than two months [member] | Consumer loans, accumulated repayments [member]

^[1]

(8,629)

(91)

Later than one month and not later than two months [member] | Loans to consumers [member]

(137)

(37)

Later than two months and not later than three months [member] | Consumer loans, disbursed amounts [member]

3,601

598

Later than two months and not later than three months [member] | Consumer loans, accumulated interest revenue [member]

13,462

235

Later than two months and not later than three months [member] | Consumer loans, accumulated credit loss expense [member]

3,390

276

Later than two months and not later than three months [member] | Consumer loans, accumulated repayments [member]

^[1]

(15,950)

(99)

Later than two months and not later than three months [member] | Loans to consumers [member]

(300)

(34)

Later than three months [member] | Consumer loans, disbursed amounts [member]

602

378

Later than three months [member] | Consumer loans, accumulated interest revenue [member]

20,335

310

Later than three months [member] | Consumer loans, accumulated credit loss expense [member]

6,830

400

Later than three months [member] | Consumer loans, accumulated repayments [member]

^[1]

(24,969)

(337)

Later than three months [member] | Loans to consumers [member]

(1,375)

(18)

$ 325

$ 355

[1]	Accumulated credit loss expense is part of Other changes in fair value of loans to customers in the Statement of Operations.

Note 5 - Loans to Customers - Reconciliation of Loans to Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
As of January 1	$ 77,869
As of December 31	326,630	$ 77,869
Loans to consumers [member]
Statement Line Items [Line Items]
As of January 1	3,092
Disbursements	856,883	9,728
Interest revenue	128,373	1,655
Other changes in fair value	(54,302)	(528)
Repayments	(840,003)	(8,840)
Other movements	(928)	1,077
As of December 31	$ 93,115	$ 3,092

- 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 6 - Personnel Expenses Including Share-based Remuneration (Details Textual) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jan. 01, 2020 $ / shares	Jan. 10, 2019 shares
Statement Line Items [Line Items]
Key management personnel compensation, share-based payment \| $	$ 536	$ 621	$ 0
Payables on social security and taxes other than income tax \| $	1,050
Share-based payment arrangement, social security on options grants payable \| $	$ 1,442
Major ordinary share transactions [member]
Statement Line Items [Line Items]
Number of other equity instruments exercisable in share-based payment arrangement				1,130,000
Number of share options exercisable in share-based payment arrangement				30,000
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement (in dollars per share) \| $ / shares				$ 0
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share) \| $ / shares				$ 7.42
RSU [member]
Statement Line Items [Line Items]
Percentage of equity available for grants	10.00%
Number of shares in ultimate issure entity (in shares)	500,000,000
Number of shares set up with parent company for share-based payments arrangement (in shares)	200,000,000
Conversion ratio from the count of RSUs granted to ultimate shares to be delivered	0.4
Number of shares represented by ADS (in shares)	2
Adjustment factor for reported grants in a share-based payments arrangment	0.5
Share-based payments arrangement, vesting schedule, in year one	16.00%
Share-based payments arrangement, vesting schedule, in year two	22.00%
Share-based payments arrangement, vesting schedule, in yearthree	28.00%
Share-based payments arrangement, vesting schedule, in year four	34.00%
Weighted average remaining contractual life of outstanding other equity instruments	0.95	0.97
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 6 - Personnel Expenses Including Share-based Remuneration - Personnel Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Salaries incl. bonuses	$ 34,186	$ 20,412	$ 23,714
Social security cost, excluding amounts related to share-based remuneration	3,777	3,428	4,235
External temporary hires	8,159	1,687	686
Defined-contribution pension cost	3,616	2,066	2,068
Other personnel related expenses	5,364	2,244	1,935
Personnel expenses excluding share-based remuneration	55,101	29,836	32,638
Share-based remuneration, including related social security costs	5,928	4,846	9,496
Total	$ 61,029	$ 34,683	$ 42,134

Note 6 - Personnel Expenses Including Share-based Remuneration - Research and Development Expenditure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Total research and development expenditure	$ 34,143	$ 26,418	$ 23,386
Less: Capitalized development expenditure excluded from personnel expenses	4,056	4,545	3,503
Net expensed research and development expenditure	$ 30,087	$ 21,873	$ 19,883

Note 6 - Personnel Expenses Including Share-based Remuneration - Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Short-term employee benefits	$ 2,121	$ 843	$ 946
Post-employment and medical benefits	59	57	47
Share-based payment transactions	536	621	0
Total	$ 2,716	$ 1,521	$ 993

Note 6 - Personnel Expenses Including Share-based Remuneration - Expenses from Share-based Payments Transactions (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

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

^[1]

$ 5,928

$ 4,846

$ 9,496

Expense arising from cash-settled share-based payment transactions

$ 5,928

$ 4,846

$ 9,496

[1]	Including accrued social security cost.

Note 6 - Personnel Expenses Including Share-based Remuneration - RSUs Activities (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Outstanding at period start	4,244,132	3,882,600
Granted during the period	1,019,000	516,000
Forfeited during the period	(550,700)	(154,468)
Exercised during the period	(1,728,492)
Expired during the period
Outstanding at period end	2,983,940	4,244,132

Note 6 - Personnel Expenses Including Share-based Remuneration - Options Activities (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Outstanding at period start
Granted during the period	150,000
Forfeited during the period
Exercised during the period
Expired during the period
Outstanding at period end	150,000

Note 6 - Personnel Expenses Including Share-based Remuneration - Fair Value Measurement (Details) - USD ($)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

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

$ 7.42

Expected Volatility (%)

^[1],[2]

40.00%

Risk free interest rate (%)

^[2]

2.43%

Dividend Yield (%)

0.00%

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

4 years 295 days

Fair value at the measurement date ($)

$ 2.36

RSU [member]

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

$ 9.09

^[3]

$ 7.75

Expected Volatility (%)

^[1],[2]

40.00%

35.28%

Risk free interest rate (%)

^[2]

1.70%

2.43%

Dividend Yield (%)

0.00%

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

3 years 58 days

4 years 266 days

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

3 years

Fair value at the measurement date ($)

$ 8.92

$ 7.12

[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 2019.

Note 7 - Cost of Revenue (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Total employee benefits expense	$ 61,029	$ 34,683	$ 42,134
Other expenses	$ 32,210	28,359	25,359
Reclassified to cost of sales [member]
Statement Line Items [Line Items]
Total employee benefits expense		6,285	2,181
Other expenses		$ 408	$ 485

Note 7 - Cost of Revenue - Cost of Revenue (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Payouts to publishers and monetization partners

$ 2,096

$ 1,227

$ 1,303

Cost of prepaid airtime and handsets sold

29,836

9,096

Microlending service fee

^[1]

29,759

428

Cost of professional services

^[2]

11,754

6,693

2,181

546

2,565

485

^[3]

$ 73,991

$ 20,009

$ 3,969

[1]	Includes accrued fee for provision of app, systems and platform maintenance, and data processing services as well as managerial oversight to P C Financial Services, the subsidiary of the Group offering microloans in India. See Note 28 for more details.
[2]	The Group provided development and managerial services to equity-accounted investees. Related to this, the Group incurred expenses, predominantly personnel expenses. In 2019, the Group reclassified personnel and other operating expenses in prior periods as cost of revenue. In 2018, the Group reclassified personnel expenses of US$6,285 thousand as cost of revenue, compared to US$2,181 thousand in 2017. Other operating expenses reclassified as cost of revenue was US$408 thousand in 2018 and US$485 thousand in 2017.
[3]	Certain expenses in the comparative periods have been reclassified as Cost of revenue. See Note 7 for more details.

Note 8 - Other Expenses - Other Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Hosting	$ 6,941	$ 10,146	$ 12,105
Audit, legal and other advisory services	8,533	8,306	3,529
Software license fees	2,566	1,799	1,346
Rent and other office expenses	5,379	4,573	4,304
Travel	3,990	2,057	1,775
Other	4,801	1,477	2,300
Total	$ 32,210	$ 28,359	$ 25,359

Note 9 - Furniture, Fixtures and Equipment - Components of Property, Plant and Equipment, Net (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

$ 12,162

Office properties [member]

26,053

$ 12,162

Furniture and Fixtures [member]

6,201

306

415

306

Equipment [member]

10,742

Leasehold improvements [member]

18,562

10,742

1,109

Gross carrying amount [member]

878

1,109

26,942

22,855

10,746

4,489

(13,672)

(384)

(401)

^[1]

14,969

41,911

Gross carrying amount [member] | Office properties [member]

38,601

26,942

1,228

^[1]

6,739

6,739

Gross carrying amount [member] | Furniture and Fixtures [member]

7,967

629

478

243

149

^[1]

629

Gross carrying amount [member] | Equipment [member]

878

629

24,574

20,685

9,197

4,201

(13,672)

(321)

(312)

^[1]

8,230

32,804

Gross carrying amount [member] | Leasehold improvements [member]

28,008

24,574

1,738

1,692

139

(69)

(93)

^[1]

1,738

Accumulated depreciation, amortisation and impairment [member]

1,747

1,738

14,780

9,394

(12,994)

10,748

5,360

Accumulated depreciation, amortisation and impairment [member] | Office properties [member]

12,543

14,780

1,766

Accumulated depreciation, amortisation and impairment [member] | Furniture and Fixtures [member]

1,766

324

186

139

116

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

464

324

13,831

8,802

(12,994)

8,585

5,001

Accumulated depreciation, amortisation and impairment [member] | Leasehold improvements [member]

9,446

13,831

628

406

(17)

(22)

258

243

$ 869

$ 628

[1]	See Note 3 for information about change in accounting policy related to implementation of IFRS 16.

Note 9 - Furniture, Fixtures and Equipment - Estimated Useful Lives of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2019
Office properties [member]
Statement Line Items [Line Items]
Depreciation plan	Straight-line
Office properties [member] \| Top of range [member]
Statement Line Items [Line Items]
Useful life (Year)	6 years
Furniture and Fixtures [member]
Statement Line Items [Line Items]
Depreciation plan	Straight-line
Furniture and Fixtures [member] \| Top of range [member]
Statement Line Items [Line Items]
Useful life (Year)	5 years
Equipment [member]
Statement Line Items [Line Items]
Depreciation plan	Straight-line
Equipment [member] \| Top of range [member]
Statement Line Items [Line Items]
Useful life (Year)	10 years
Leasehold improvements [member]
Statement Line Items [Line Items]
Depreciation plan	Straight-line
Leasehold improvements [member] \| Top of range [member]
Statement Line Items [Line Items]
Useful life (Year)	6 years

Note 10 - Intangible Assets (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Statement Line Items [Line Items]
Number of major business segments	4	1
Recoverable amount of asset or cash-generating unit	$ 577,376	$ 580,705
Risk-free rate, significant unobservable inputs, assets	1.90%	3.00%
Market risk premium rate, ignificant unobservable inputs, assets	5.20%	5.68%
Estimated beta for equity	1.4	1.2
Equity to total capital, percent	100.00%	97.00%
Cash generating unit, nominal growth rate	3.00%	2.50%
Sensitivity analysis, reasonably possible increase (decrease) in revenue	3.80%
Sensitivity analysis, reasonably possible increase (decrease) in operating expenditure	12.30%
Sensitivity analysis, reasonably possible increase (decrease) in WACC	3.10%
Weighted average cost of capital, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, assets	13.1	10.6

Note 10 - Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

$ 537,022

532,385

$ 537,022

Goodwill [member]

421,578

421,578

34,243

Technology-based intangible assets [member]

31,263

34,243

10,555

8,897

10,555

Trademarks [member]

70,600

Other intangible assets [member]

70,600

Gross carrying amount [member]

553,602

549,443

Additions (1)

^[1]

3,545

4,159

Gross carrying amount [member] | Goodwill [member]

557,147

553,602

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

421,578

^[1]

421,578

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

40,700

^[1]

40,700

18,677

14,545

Additions (1)

^[1]

3,545

4,132

Gross carrying amount [member] | Trademarks [member]

22,222

18,677

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

70,600

^[1]

70,600

Accumulated depreciation, amortisation and impairment [member]

2,047

2,020

^[1]

2,047

16,581

9,246

(4)

8,185

7,335

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

24,762

16,581

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

6,457

3,477

2,980

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

9,437

6,457

8,122

4,028

5,203

4,094

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

13,325

8,122

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

2,002

1,741

(4)

261

$ 2,000

$ 2,002

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

Note 10 - Intangible Assets - Useful Life of Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2019
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 11 - Inventories (Details Textual) $ in Thousands	12 Months Ended
Note 11 - Inventories (Details Textual) $ in Thousands	Dec. 31, 2019 USD ($)
Statement Line Items [Line Items]
Inventory write-down	$ 0

Note 11 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Inventories	$ 7,752
Handsets [member]
Statement Line Items [Line Items]
Inventories	7,656
Prepaid airtime [member]
Statement Line Items [Line Items]
Inventories	$ 96

Note 12 - Leases (Details Textual) $ in Thousands	12 Months Ended
Note 12 - Leases (Details Textual) $ in Thousands	Dec. 31, 2019 USD ($)
Statement Line Items [Line Items]
Additions to right-of-use assets	$ 1,200
Cash outflow for leases	$ 5,328

Note 12 - Leases - Operating Leases (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Right-of-use assets

^[1]

$ 11,706

$ 0

^[2]

Current

4,625

^[2]

Non-current

7,378

^[2]

Depreciation charge of right-of-use assets

12,003

^[2]

4,491

Interest expense (included in Finance expense)

457

Property, plant and equipment subject to operating leases [member] | Office properties [member]

Depreciation charge of right-of-use assets

Right-of-use assets

^[1]

6,178

^[2]

1,752

Property, plant and equipment subject to operating leases [member] | Equipment [member]

Depreciation charge of right-of-use assets

Right-of-use assets

^[1]

5,528

^[2]

$ 2,739

[1]	Additions to the right-of-use assets during the 2019 financial year were US$1.2 million.
[2]	In the previous year, the Group only recognized lease assets and lease liabilities in relation to leases that were classified as "finance leases" under IAS 17. The assets were presented in property, plant and equipment and the liabilities as part of the Group's borrowings. For adjustments recognised on adoption of IFRS 16 on 1 January 2019, please refer to Note 3

Note 13 - Lease Liabilities and Other Loans (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Total borrowings	$ 55,907	$ 4,269
Credit facility [member]
Statement Line Items [Line Items]
Total borrowings	$ 42,247

Note 13 - Finance Lease Liabilities and Other Loans - Finance Lease Liabilities and Other Loans (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Lease liabilities [member]

Outstanding

$ 55,907

$ 4,269

Interest bearing loans [member]

Outstanding

12,003

229

Interest bearing loans [member] | Bottom of range [member]

Outstanding

^[1]

$ 43,904

$ 4,040

Interest bearing loans [member] | Top of range [member]

Interest rate

^[1]

2.00%

Maturity

^[1]

January 2020

Interest rate

^[1]

9.00%

Maturity

^[1]

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 13 - Finance Lease Liabilities and Other Loans - Noncurrent and Current (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Non-current portion	$ 9,181	$ 2,271
Current portion	47,793	2,490
Lease liabilities [member]
Statement Line Items [Line Items]
Non-current portion	7,378	33
Current portion	4,625	196
Interest bearing loans [member]
Statement Line Items [Line Items]
Non-current portion	736	2,238
Current portion	43,169	1,802
Other loans [member]
Statement Line Items [Line Items]
Non-current portion	1,067
Current portion	$ 0	$ 492

Note 14 - Guarantees and Other Commitments (Details Textual) - USD ($) $ in Thousands	Dec. 18, 2019	Jan. 17, 2017	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Total borrowings			$ 55,907	$ 4,269
Borrowing agreement with Puto Novi Financing Corporation [member]
Statement Line Items [Line Items]
Borrowing facilities, maximum borrowing capacity	$ 10,000
Borrowing facilities, term (Month)	1 year 180 days
Total borrowings			0
Revolving credit facility [member]
Statement Line Items [Line Items]
Borrowing facilities, maximum borrowing capacity				$ 6,000
Total borrowings			$ 3,000
Dell Bank International [member]
Statement Line Items [Line Items]
Finance lease liabilities, guarantee		$ 11,382
Finance lease liabilities, guarantee term (Year)		10 years

Note 15 - Other Current Liabilities - Other Current Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Accrued personnel expenses

$ 10,472

$ 6,919

Trading liability (1)

^[1]

500

Unsettled trades (1)

^[1]

335

Customer deposits

2,694

Other current liabilities

1,976

1,947

$ 15,142

$ 9,701

[1]	See Note 16 for additional information.

Note 16 - Financial Assets and Liabilities (Details Textual) - USD ($)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares

^[1]

$ 52,878,000

37,900,000

Financial liabilities, at fair value

$ 0

Preferred shares, annual return rights, percent

8.00%

Purchase of interests in associates

$ 912,206,000

775,460,000

583,503,000

$ 568,197,000

Issued capital

24,000

22,000

7,901,000

(74,992,000)

(3,276,000)

$ (2,776,000)

^[2]

Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares

4,000,000

Preferred shares [member] | Opay Digital Services Limited [member]

(4,624,000)

2,448,000

Purchase of interests in associates

12,100,000

Preferred shares [member] | StarMaker Inc. [member]

Purchase of interests in associates

30,000,000

Opay Digital Services Limited [member] | Preferred shares [member]

500,000,000

Issued capital

46,000,000

StarMaker Inc. [member] | Preferred shares [member]

155,000,000

Opay Digital Services Limited [member] | Bottom of range [member]

Issued capital

$ 34,000,000

$ 30,000,000

Opay Digital Services Limited [member] | Top of range [member]

5.00%

StarMaker Inc. [member] | Bottom of range [member]

15.00%

StarMaker Inc. [member] | Top of range [member]

25.00%

India 1 [member] | Short term loans [member]

35.00%

Financial liabilities, at fair value

$ 42,247,000

[1]	As of December 31, 2019, the Group had transferred US$52,878 thousand into the escrow account as collateral for a credit facility. See Note 19 for more information.
[2]	Period from November 1 to December 31, 2017.

Note 16 - Financial Assets and Liabilities - Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

$ 326,630

$ 77,869

Trade and other payables [member]

129,378

32,632

Current financial liabilities

57,125

17,957

Financial liabilities at amortised cost, category [member]

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

129,378

32,132

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

^[1]

56,974

4,761

Current financial liabilities

57,125

17,957

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

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

15,279

9,413

Financial liabilities at fair value through profit or loss, category [member] | Short position in listed equity instruments [member]

500

Financial assets at amortised cost, category [member]

500

Non-current financial assets

^[2]

1,351

2,025

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

111,369

43,612

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

Current financial assets

49,371

37,468

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

Current financial assets

^[3]

59,112

4,031

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

Current financial assets

1,535

Financial assets at fair value through profit or loss, category [member] | Preferred shares in associates [member]

215,261

34,257

Financial assets at fair value through profit or loss, category [member] | Loans to customers [member]

^[4]

80,000

30,000

Financial assets at fair value through profit or loss, category [member] | Listed equity instruments [member[

93,115

3,092

$ 42,146

$ 1,165

[1]	As of December 31, 2019, US$42,247 thousand was related to short term loans used to partially fund the microlending business in India. See Notes 13 and 19 for more information.
[2]	Includes long-term deposits for office rent
[3]	Includes cash of US$52,878 thousand deposited into an escrow account as security for loans from a credit institution. See Note 19 for more information.
[4]	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 included in Share of net income (loss) of associates and joint ventures in the Statement of Operations. In 2019, the Group recognized an unrealized gain on the preferred shares of US$37,900 thousand (2018: US$0). See Note 27 for more information.

Note 16 - Financial Assets and Liabilities - Gain (Loss) on Trading Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement Line Items [Line Items]
Realized gain (loss)	$ 5,913	$ (1,305)
Unrealized gain (loss)	2,564	(180)
Total gain (loss)	8,477	(1,485)
Long position trading securities [member]
Statement Line Items [Line Items]
Realized gain (loss)	6,278	(1,353)
Unrealized gain (loss)	2,564	(169)
Total gain (loss)	8,842	(1,522)
Short position trading securities [member]
Statement Line Items [Line Items]
Realized gain (loss)	(365)	48
Unrealized gain (loss)		(11)
Total gain (loss)	$ (365)	$ 38

Note 16 - Financial Assets and Liabilities - Fair Value Measurement Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
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		$ 500
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	1,165
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	80,000	30,000
Level 3 of fair value hierarchy [member] \| Loans to consumers [member]
Statement Line Items [Line Items]
Fair value of assets	93,115	3,092
Level 3 of fair value hierarchy [member] \| Listed equity instruments [member[
Statement Line Items [Line Items]
Fair value of assets

Note 18 - Financial Risk Management (Details Textual) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

$ 55,907

$ 4,269

Initial capital allocation

^[1]

52,878

70,000

Equity investments [member] | Equity price risk [member]

326,630

77,869

Gain (loss) on change in fair value of hedging instrument used as basis for recognising hedge ineffectiveness

42,146

667

8,477

$ 1,485

Credit facility [member]

42,247

Borrowings, interest rate

$ 52,878

0.30%

Credit facility [member] | Bottom of range [member]

Borrowings, interest rate

8.70%

Credit facility [member] | Top of range [member]

Borrowings, interest rate

9.00%

[1]	As of December 31, 2019, the Group had transferred US$52,878 thousand into the escrow account as collateral for a credit facility. See Note 19 for more information.

Note 19 - Capital Management (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands

2 Months Ended

4 Months Ended

12 Months Ended

Oct. 31, 2019

Feb. 28, 2019

Dec. 31, 2019

Dec. 31, 2018

Current loans to consumers

$ 93,115

$ 3,092

Cash transferred into escrow account, percentage of credit facility

$ 55,907

4,269

111.00%

Initial capital allocation

^[1]

$ 52,878

70,000

Gain (loss) on trading securities

8,477

(1,485)

Current marketable securities

42,146

667

Increase through other contributions by owners, equity

$ 81,269

167,056

Equity ratio

86.00%

Working capital

$ 289,757

Total cash and cash equivalents and marketable securities

181,633

179,038

ADS [member]

Number of share repurcahsed (in shares)

1,500,000

Purchase of treasury shares

$ 5,780

Increase through other contributions by owners, equity

$ 81,269

Shares issued during period (in shares)

8,625,000

Shares issued, price per share (in dollars per share)

$ 10

Share issue related cost

$ 4,981

Short position trading securities [member]

Gain (loss) on trading securities

(365)

$ 38

Credit facility [member]

42,247

$ 52,878

[1]	As of December 31, 2019, the Group had transferred US$52,878 thousand into the escrow account as collateral for a credit facility. See Note 19 for more information.

Note 20 - Cash and Cash Equivalents - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement Line Items [Line Items]
Restricted cash	$ 216	$ 229
Cash and cash equivalents	139,271	177,643
Total	$ 139,487	$ 177,873	$ 33,207	$ 34,181

Note 21 - Trade Receivables, Other Receivables and Prepayments (Details Textual) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

^[1]

$ 52,878

Trade receivables, loss allowance

39,981

24,594

$ 1,446

$ 1,619

Allowance of trade receivables, percentage

2.90%

4.30%

More than three months [member]

More than three months [member] | Powerbets Holdings Limited [member]

^[2]

$ 8,097

$ 2,460

$ 5,946

$ 0

[1]	As of December 31, 2019, the Group had transferred US$52,878 thousand into the escrow account as collateral for a credit facility. See Note 19 for more information.
[2]	As of year-end 2019, the total amount of trade receivables due from Powerbets, a joint venture, that were more than 90 days past due was US$5,946 thousand ( December 31, 2018: US$0).

Note 21 - Trade Receivables, Other Receivables and Prepayments - Trade Receivables, Prepayments and Other Receivables (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

$ 39,981

$ 24,594

Unbilled receivables

9,390

12,874

49,371

37,468

VAT

1,232

754

924

1,267

^[1]

52,878

4,078

5,102

59,112

7,123

Prepaid expenses

^[1]

25,809

14,372

$ 25,809

$ 14,372

[1]	As of December 31, 2019, the Group had transferred US$52,878 thousand into the escrow account as collateral for a credit facility. See Note 19 for more information.

Note 21 - 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, 2019

Dec. 31, 2018

$ 1,619

$ 1,937

Change in the period (1)

^[1]

(173)

(318)

Previously stated [member]

1,446

1,619

1,619

1,837

Increase (decrease) due to application of IFRS 9 [member]

1,619

100

[1]	The change in loss allowance in the periods is recognized in the Statement of Operations.

Note 21 - Trade Receivables, Other Receivables and Prepayments - Aging of Trade Receivables (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

$ 39,981

$ 24,594

Current [member]

Later than one month and not later than two months [member]

22,125

15,603

Later than two months and not later than three months [member]

8,761

3,252

Later than three months [member]

657

2,588

More than three months [member]

341

690

^[1]

$ 8,097

$ 2,460

[1]	As of year-end 2019, the total amount of trade receivables due from Powerbets, a joint venture, that were more than 90 days past due was US$5,946 thousand ( December 31, 2018: US$0).

Note 22 - Trade and Other Payables - Trade and Other Payables (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Trade payables due to related parties

^[1]

$ 28,864

$ 624

Other trade payables

19,813

14,290

Sales tax payables

Employee withholding tax

325

VAT

7,361

809

Payroll tax

^[2]

761

2,200

$ 57,125

$ 17,957

[1]	See Note 26 for more information.
[2]	Includes accruals for social security costs related to share-based remuneration.

Note 23 - Finance Income and Expense - Finance Income (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

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

Interest income

$ 2,045

$ 1,386

$ 54

Other finance income

251

1,000

^[1]

8,477

$ 10,530

$ 1,637

$ 1,054

[1]	The increase in fair value of listed equity instruments is the net gain from our investments of listed equity instruments in 2019. In 2018, the investments in listed equity instruments resulted in a net loss, classified as a finance expense. See Note 16 for more information.

Note 23 - Finance Income and Expense - Finance Expenses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

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

Interest expense

$ 1,242

$ 184

$ 238

Other financial cost

263

^[1]

1,485

$ 1,505

$ 1,695

$ 238

[1]	The increase in fair value of listed equity instruments is the net gain from our investments of listed equity instruments in 2019. In 2018, the investments in listed equity instruments resulted in a net loss, classified as a finance expense. See Note 16 for more information.

Note 23 - Finance Income and Expense - Foreign Exchange Gain (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Unrealized foreign exchange gain (loss)	$ 194	$ (1,091)	$ (1,172)
Realized foreign exchange gain (loss)	(463)	736	(709)
Total	$ (269)	$ (354)	$ (1,881)

Note 24 - Changes in Liabilities Arising From Financing Activities - Changes in Liabilities Arising From Financing Activities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

$ 4,761

$ 6,106

^[1]

14,905

38,899

(3,781)

(33)

^[2]

(1,557)

2,437

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

56,975

4,761

2,238

3,767

^[1]

(1,509)

^[2]

(1,529)

Lease liabilities, noncurrent [member]

736

2,238

265

^[1]

10,709

(1,693)

(33)

^[2]

(1,638)

(232)

Interest bearing loans and liabilities, current [member]

7,378

196

^[1]

43,163

(1,739)

^[2]

1,935

Lease liabilities, current [member]

43,369

196

1,802

2,073

^[1]

4,260

(1,062)

(2,042)

^[2]

(375)

1,771

4,625

1,802

Other loans [member]

492

^[1]

(64)

^[2]

439

492

$ 867

$ 492

[1]	See Note 3 for information about the implementation of IFRS 16.
[2]	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 25 - Income Tax (Details Textual)	12 Months Ended
Note 25 - Income Tax (Details Textual)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Line Items [Line Items]
Applicable tax rate	22.00%	22.00%	23.00%	24.00%

Note 25 - Income Tax - Summary of Income Tax (Expense) Benefit (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

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

Current income taxes

$ (5,112)

$ (4,322)

$ (5,449)

^[1]

(322)

(615)

Deferred taxes

(168)

(1,544)

4,009

Income tax (expense) benefit

$ (5,602)

$ (6,481)

$ (1,440)

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

- Definition

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

+ References + Details

Note 25 - Income Tax - Reconciliation of Tax (Expense) Benefit (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Net income (loss) before income taxes

$ 63,500

$ 41,641

$ 7,504

Tax (expense) benefit at applicable tax rate in Norway

(13,970)

(9,577)

(1,801)

Effect of different tax rates applied by subsidiaries

(2,118)

(167)

1,120

Tax effect of translation differences exempted for tax

1,155

218

(1,287)

Tax effect of financial items exempted from tax

1,917

1,726

1,614

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

383

(744)

(401)

Withholding taxes paid

(232)

Net other permanent differences (not) tax deductible

4,269

(617)

2,289

Change to previously recognized deferred tax assets

1,589

(1,812)

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

^[1]

(322)

(615)

Change in unrecognized deferred tax assets

(314)

1,144

(1,554)

Change in tax rate

119

561

392

Income tax (expense) benefit for the year

$ (5,602)

$ (6,481)

$ (1,440)

Effective tax rate

8.80%

15.60%

19.20%

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

Note 25 - Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Temporary difference, furniture, fixtures and equipment, and intangible assets [member]

$ 4,322

^[1]

$ 12,414

^[1]

$ 10,870

Temporary differences, loans to customers [member]

22,703

22,201

Other temporary differences [member]

(7,744)

Temporary difference, trade receivables [member]

(735)

(445)

Temporary difference, intercompany interest costs subject to limitations [member]

(121)

(133)

Temporary difference, withholding tax expected to be credited [member]

(7,714)

(5,243)

Allowance for credit losses [member]

(1,065)

(3,849)

$ (1,003)

$ (117)

[1]	Deferred tax assets / liabilities are netted within each tax jurisdiction within the group.

Note 25 - Income Tax - Changes in Deferred Taxes (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Net deferred tax liability (asset) as of January 1

$ 12,414

^[1]

$ 10,870

Expense (benefit) in Statement of Operations

(8,092)

1,544

Net deferred tax liability (asset)

^[1]

4,322

12,414

Deferred tax assets

$ 6,204

$ 944

Deferred tax liabilities

10,526

13,358

Net deferred tax liability

$ 4,322

^[1]

$ 10,870

$ 4,322

^[1]

$ 12,414

^[1]

[1]	Deferred tax assets / liabilities are netted within each tax jurisdiction within the group.

Note 26 - Group Information (Details Textual) - USD ($)

12 Months Ended

Dec. 19, 2018

Dec. 31, 2019

^[1]

Dec. 31, 2018

Dec. 31, 2017

^[2]

May 29, 2019

Increase (decrease) through acquisition of subsidiary, equity

$ (9,904,000)

Retained earnings [member]

Increase (decrease) through acquisition of subsidiary, equity

$ (9,900,000)

$ (9,904,000)

$ 1,930,000

13.10%

19.90%

Current receivables due from associates

$ 2,000,000

Percentage of voting equity interests acquired

100.00%

Cash and cash equivalents recognised as of acquisition date

$ 9,500,000

$ 1,600,000

[1]

[2]

Period from November 1 to December 31, 2017.

Note 26 - Group Information - Subsidiaries (Details)

12 Months Ended

Dec. 31, 2019

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 Americas [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%

Beijing Aopulan Software Co. [member]

100.00%

Opera Unite HK Limited [member]

100.00%

^[1]

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%

Phoneservice 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]

100.00%

^[1]

LLC Microcredit Company O-Pay [member]

100.00%

100.00%

Neofin Mailane [member]

Opay Finance India [member]

100.00%

Blue Ridge Micro Finance Bank [member]

100.00%

Oplay Digital Services SA [member]

100.00%

TenSpot Kenya Limited [member]

100.00%

PC Financial Services Pvt [member]

100.00%

PT Opay Finance Services [member]

100.00%

App de Prestamos, S.A. de C.V [member]

100.00%

Opera Financial Technologies Limited [member]

100.00%

^[1]

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

100.00%

^[1]

100.00%

^[3]

[1]	Entities were incorporated in 2019
[2]	20% is held by a nominee shareholder.
[3]	Variable Interest Entity (VIE) contractually controlled by the Group.

Note 27 - Investments in Associates and Joint Ventures (Details Textual) - USD ($)

5 Months Ended

12 Months Ended

May 29, 2019

May 27, 2019

Nov. 05, 2018

Aug. 01, 2017

Dec. 31, 2017

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 19, 2018

Dec. 18, 2018

$ 334,855,000

$ 172,276,000

$ 128,892,000

Marketing and distribution expense

57,899,000

35,160,000

6,064,000

Cost of sales

^[1]

73,991,000

20,009,000

3,969,000

Operating expense

314,192,000

126,975,000

124,114,000

73,150,000

31,381,000

30,971,000

Total employee benefits expense

61,029,000

34,683,000

42,134,000

Total depreciation and amortisation expense

18,933,000

12,694,000

16,604,000

Proceeds from issuing shares

82,630,000

170,871,000

Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares

$ 37,900,000

$ 0

nHorizon [member]

29.09%

$ 43,335,000

$ 48,992,000

$ 42,298,000

Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares

1,780,000

$ (2,056,000)

$ (2,710,000)

^[2]

50.10%

$ 7,562,000

$ 4,990,000

$ 4,498,000

Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares

$ (529,000)

(5,134,000)

$ (4,735,000)

^[2]

Percentage of voting equity interests acquired

$ 9,500,000

100.00%

TenSpot Pesa Limited [member] | Opay Digital Services Limited [member]

$ 1

Number of daily riders in excess achieved

13.10%

^[3]

19.90%

^[4]

150,000

Number of riders contributed to platform

27,000

$ 1,930,000

$ 16,687,000

$ 848,000

^[4]

Marketing and distribution expense

(71,474,000)

(384,000)

(2,831,000)

^[4]

Cost of sales

41,117,000

255,000

^[4]

Launch and scaling costs

36,000,000

Operating expense

47,600,000

6,623,000

162,000

^[4]

Total employee benefits expense

15,490,000

5,738,000

2,331,000

^[4]

Total depreciation and amortisation expense

5,858,000

$ 260,000

^[4]

Proceeds from issuing shares

170,000,000

Amount of debt converted to equity

$ 2,670,000

$ 7,500,000

Investments in associates

12,100,000

Debt converted to equity, classified as prior period investment

5,000,000

Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares

^[2]

$ 33,900,000

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

$ 4,600,000

Opay Digital Services Limited [member] | Ordinary shares [member]

2.86%

8.85%

^[4]

19.35%

$ 29,035,000

$ 12,332,000

Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares

(8,485,000)

$ (8,602,000)

^[2]

4,000,000

Increase (decrease) in investments in joint ventures and associates due to change in fair value of preferred shares

$ 4,000,000

Proportion of voting rights held in associate, option to increase

51.00%

[1]	Certain expenses in the comparative periods have been reclassified as Cost of revenue. See Note 7 for more details.
[2]	The carrying amount of the preferred shares form part of the net investment in the associates.
[3]	Reflects the total ownership interest in OPay as of December 31, 2019, 10.24% of which is held in preferred shares and 2.86% in ordinary shares. The ownership interest reduced during 2019. 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]	Period from November 1 to December 31, 2017.

Note 27 - Investments in Associates and Joint Ventures - Information Regarding Investments (Details) - USD ($)
$ in Thousands

5 Months Ended

12 Months Ended

Aug. 01, 2017

Dec. 31, 2017

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

$ 334,855

$ 172,276

$ 128,892

Other income

5,460

Personnel expenses including share-based remuneration

^[1]

(73,991)

(20,009)

(3,969)

(61,029)

(34,683)

(42,134)

(73,150)

(31,381)

(30,971)

(18,933)

(12,694)

(16,604)

(32,210)

(28,359)

(25,359)

Income tax (expense) benefit

20,662

45,301

10,239

Finance income

10,530

1,637

1,054

Finance expense

(1,505)

(1,695)

(238)

5,602

6,481

1,440

Other comprehensive income that may be reclassified to net income

57,899

35,160

6,064

(1,824)

(1,289)

2,235

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

56,075

33,871

8,299

(3,818)

(3,248)

(1,670)

418,327

238,090

642,293

587,213

128,570

34,002

19,844

15,841

$ 583,503

912,206

775,460

583,503

$ 568,197

20,662

45,301

10,239

Net income attributable to the owners of the parent

57,899

35,160

6,064

57,899

35,160

$ 6,064

Assets

1,060,620

825,303

$ 128,570

$ 34,002

nHorizon [member]

29.09%

$ 43,335

$ 48,992

$ 42,298

1,821

(1,568)

(2,219)

Other comprehensive income that may be reclassified to net income

1,780

(2,056)

(2,710)

Group's share of net income, before adjustments (loss)

1,780

(2,056)

518

(788)

8,225

9,761

695

1,065

15,720

5,875

3,818

15,720

5,469

3,583

3,045

1,539

3,583

1,821

(1,568)

(2,219)

Net income attributable to the owners of the parent

1,780

(2,056)

(2,710)

(598)

(788)

Assets

19,302

$ 15,720

$ 5,875

$ 3,818

15,720

50.10%

$ 7,562

$ 4,990

$ 4,498

(505)

(3,016)

(4,528)

Other comprehensive income that may be reclassified to net income

(529)

(5,134)

(4,735)

188

Group's share of net income, before adjustments (loss)

(5,134)

(4,547)

(265)

(2,572)

4,447

2,751

1,560

2,851

5,649

13,074

7,818

5,649

5,754

5,114

(2,977)

(12,822)

(7,331)

(2,977)

(505)

(3,016)

(4,528)

Net income attributable to the owners of the parent

(529)

(5,134)

(4,735)

(54)

(318)

(2,372)

Assets

2,672

5,649

$ 13,074

$ 7,818

$ 5,649

13.10%

^[2]

19.90%

^[3]

$ 16,687

$ 848

^[3]

Other income

339

9,500

^[3]

Personnel expenses including share-based remuneration

(41,117)

(255)

^[3]

(15,490)

(5,738)

(2,331)

^[3]

(6,623)

(162)

^[3]

(5,858)

(260)

^[3]

(19,616)

(4,293)

(500)

^[3]

Income tax (expense) benefit

(71,678)

(359)

(2,831)

^[3]

Finance income

736

^[3]

Finance expense

(417)

(25)

^[3]

(114)

^[3]

Other comprehensive income that may be reclassified to net income

(71,474)

(384)

(2,831)

^[3]

^[3]

Group's share of net income, before adjustments (loss)

(71,474)

(384)

(2,831)

^[3]

(2,938)

(76)

(563)

^[3]

Gain on partial disposal (3)

^[4]

1,174

^[3]

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

(1,764)

(76)

(563)

^[3]

5,600

^[3]

99,238

4,302

5,600

^[3]

^[3]

24,656

4,918

^[3]

8,431

^[3]

28,870

12,043

8,431

^[3]

^[5]

^[3]

170,015

453

^[3]

(2,776)

^[3]

(74,992)

(3,276)

(2,776)

^[3]

(71,678)

(359)

(2,831)

^[3]

(71,474)

(384)

(2,831)

^[3]

$ 8,431

^[3]

$ 28,870

$ 12,043

$ 8,431

^[3]

^[3]

19.35%

$ 29,035

$ 12,332

(8,485)

(9,639)

Other comprehensive income that may be reclassified to net income

(8,485)

(8,602)

(8,485)

(8,602)

13,869

21,366

11,377

11,245

29,870

30,163

(4,624)

2,448

(8,485)

(9,639)

(8,485)

(8,602)

$ 29,870

$ 30,163

[1]	Certain expenses in the comparative periods have been reclassified as Cost of revenue. See Note 7 for more details.
[2]	Reflects the total ownership interest in OPay as of December 31, 2019, 10.24% of which is held in preferred shares and 2.86% in ordinary shares. The ownership interest reduced during 2019. 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]	Period from November 1 to December 31, 2017.
[4]	In 2019, the Group sold some of its ordinary shares in OPay for the purpose of an employee equity program in the company. The gain on partial disposal is included in Share of net income (loss) of associates and joint ventures in the Statement of Operations. See Note 28 for more information.
[5]	Preferred shares issued by OPay are classified as financial liabilities in the financial statements of the company.

Note 27 - Investments in Associates and Joint Ventures - Carrying Amounts (Details) - USD ($)

5 Months Ended

12 Months Ended

Aug. 01, 2017

Dec. 31, 2017

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

$ 35,060,000

76,300,000

$ 35,060,000

532,385,000

537,022,000

4,330,000

4,406,000

7,131,000

(2,938,000)

(76,000)

$ 4,406,000

$ 4,330,000

$ 4,406,000

13.10%

^[1]

19.90%

^[2]

Groups share in equity

$ (2,145,000)

$ (652,000)

Equity method adjustments

(759,000)

4,982,000

^[3]

33,900,000

673,000

43,096,000

Opay Digital Services Limited [member] | Weighted average [member]

^[3]

$ 46,000,000

13.10%

$ 30,000,000

30,000,000

$ 30,000,000

^[2]

19.35%

^[3]

$ 4,000,000

34,000,000

^[3]

34,000,000

nHorizon [member]

443,000

$ 1,110,000

3,000

(69,000)

518,000

(598,000)

1,110,000

$ 443,000

$ 1,110,000

29.09%

Groups share in equity

$ 886,000

$ 448,000

Equity method adjustments

77,000

(5,000)

^[3]

963,000

^[3]

289,000

366,000

2,567,000

(2,572,000)

(2,372,000)

94,000

$ 289,000

50.10%

Groups share in equity

$ (6,424,000)

$ (3,673,000)

Equity method adjustments

566,000

1,492,000

4,097,000

$ 2,469,000

^[3]

157,000

(1,760,000)

^[3]

[1]	Reflects the total ownership interest in OPay as of December 31, 2019, 10.24% of which is held in preferred shares and 2.86% in ordinary shares. The ownership interest reduced during 2019. 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.
[2]	Period from November 1 to December 31, 2017.
[3]	The carrying amount of the preferred shares form part of the net investment in the associates.

Note 28 - Related Parties (Details Textual) - USD ($) $ in Thousands					12 Months Ended
	Dec. 18, 2019	May 29, 2019	May 27, 2019	Apr. 16, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 30, 2018	Nov. 01, 2017
Statement Line Items [Line Items]
Receivables due from related parties					$ 924	$ 1,267
Revolving line of credit to Powerbets [member]
Statement Line Items [Line Items]
Maximum borrowing capacity provided to related party								$ 6,000
Line of credit, receivable from related party					3,000		$ 2,600
Line of credit fatality, receivable from related party, accrued interest					0
Technology, other, and advertising revenue from Powerbets Holdings Limited [member]
Statement Line Items [Line Items]
Income from (expenses to) related parties					2,200	4,400
Trade receivable from Powerbets Holding Limited [member]
Statement Line Items [Line Items]
Receivables due from related parties					6,579	4,369
Disposal of shares in associates from Wisdom Connection III Holding Inc. [member]
Statement Line Items [Line Items]
Shares transferred, shares (in shares)				1,242,322
Shares transferred, value				$ 500
Opay Digital Services Limited [member]
Statement Line Items [Line Items]
Amount of debt converted to equity		$ 2,670	$ 7,500
Cash transferred		$ 1,930
Investments in associates					$ 12,100
Sales agreement, related party, mobile phone inventory amount to sell	$ 6,270
Opay Digital Services Limited [member] \| Preference shares [member]
Statement Line Items [Line Items]
Shares in associate purchased (in shares)		1,230,736	3,210,617
Shares in associate purchased, value		$ 4,600
Line of credit facility to Putu Novi Financing Corporation [member]
Statement Line Items [Line Items]
Line of credit, receivable from related party	$ 0
Line of credit facility, receivable from related party, term (Month)	1 year 180 days
Services provided and received to related parties [member] \| Bottom of range [member]
Statement Line Items [Line Items]
Percent of markup on invoices					5.00%
Services provided and received to related parties [member] \| Top of range [member]
Statement Line Items [Line Items]
Percent of markup on invoices					8.00%
Prepayments to 360 Mobile Security [member]
Statement Line Items [Line Items]
Receivables due from related parties					$ 15,500	$ 10,400

Note 28 - Related Parties - Outstanding Balances and Transactions (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

$ 924

$ 1,267

Accounts receivable from 360 Mobile Security Limited [member]

^[1]

(28,864)

(624)

Technology, other, and advertising revenue from 360 Mobile Security Limited [member]

770

Distribution prepayment from 360 Mobile Security Limited [member]

3,069

Marketing and distribution expense to 360 Mobile Security Limited [member]

15,527

10,420

Trade and other payables to 360 Mobile Security Limited [member]

(25,767)

(7,522)

(8,416)

Software license fees to 360 Mobile Security Ltd. [member]

(2,760)

Other payables to Bejing Kunlun Tech [member]

(500)

Office facilities expense to Beijing Kunlun Tech [member]

(177)

(169)

Trade and other payables to Mobimagic Co., Ltd. [member]

(1,545)

(1,072)

(1,425)

Technology licensing and other revenue from Beijing Kunlan Tech Co Ltd [member]

(436)

Other payables to Mobi Magic (Beijing) Information Technology Co., Ltd. [member]

Professional services to Beijing Kunlun Tech Co., Ltd. [member]

(25,598)

Trade receivables with Mobi Magic (Beijing) Information Technology Co., Ltd. [Member]

(30)

Professional investment advisory services with Kunlun Group Limited [member]

303

Revenue share liability to nHorizon Innovation [member]

(436)

Professional services to Beijing Kunlun Lexiang Network Technology Co., Ltd. [member]

(23)

Professional service receivable from nHorizon Innovation [member]

(79)

Professional services to Beijing Kunlun Online Network Tech Co., Ltd [member]

146

Professional service payable to nHorizon Innovation [member]

(125)

Professional services to Beijing Xianlaihuyu Network Tech Co., Ltd [member]

(543)

(979)

Loans receivable from Opay Digital Services Limited [member]

(39)

Advertising revenue from Kunlun Global International [member]

1,779

Trade receivable from Opay Digital Services Limited [member]

Technology licensing and other revenue from Mobi Magic (Beijing) Information Technology Co., Ltd. [member]

17,450

4,271

Trade payable from Opay Digital Services Limited [member]

303

Cost or revenue to Mobimagic Co., Ltd [member]

(455)

Contract liability from Opay Digital Services Limited [member]

(25,598)

Professional services to Mobimagic Co., Ltd [member]

(6,274)

Trade receivable from Paycom Nigeria Limited [member]

(325)

Technology and other revenue from nHorizon Innovation [member]

1,466

Trade and other payables to Paycom Nigeria Limited [member]

146

(18)

387

Investment to nHorizon Innovation (Beijing) Software Ltd [member]

(26)

Loans receivable from Powerbets Holding Limited [member]

(770)

Cost of revenue to nHorizon Innovation [member]

3,039

2,567

Trade receivable from Powerbets Holding Limited [member]

(38)

(45)

(72)

Professional services to nHorizon [member]

6,579

4,369

Trade receivable from Starmaker Entertainment Technology India Pvt., Ltd. [member]

(156)

(941)

(513)

Aqcuisition cost to Opay Digital Services Limited [member]

Other receivables from Wisdom Connection III Holding Inc. [member]

(9,500)

Investment to Opay Digital Services Limited (HK) [member]

500

License fee (cost of revenue) to Opay Digital Services Limited (HK) [member]

(7,131)

(4,969)

Technology and other revenue from Opay Digital Services Limited [member]

(455)

Interest income from Opay Digital Services Limited (HK) [member]

15,960

10,899

2,829

Advertising revenue from Paycom Nigeria Limited [member]

323

Technology, other, and advertising revenue from Powerbets Holdings Limited [member]

1,565

Investment to Powerbets Holdings Limited [member]

2,210

4,369

Investment to Starmaker Interactive [member]

(310)

Professional services to Starmaker Interactive [member]

(30,000)

Other revenue from Wisdom Connection III Holding Inc. [member]

150

175

Disposal of shares in associates from Wisdom Connection III Holding Inc. [member]