Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0001737450 |
Entity Registrant Name | Opera Ltd |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Document Type | 20-F |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Document Transition Report | false |
Entity File Number | 001-38588 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | Vitaminveien 4 |
Entity Address, Postal Zip Code | 0485 |
Entity Address, City or Town | Oslo |
Entity Address, Country | NO |
Title of 12(b) Security | American Depositary Shares, each representing two ordinary shares, par value US$0.0001 per share |
Trading Symbol | OPRA |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 178,430,242 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Entity Shell Company | false |
Auditor Name | KPMG AS |
Auditor Location | Oslo, Norway |
Auditor Firm ID | 1363 |
Document Accounting Standard | International Financial Reporting Standards |
Document Shell Company Report | false |
Document Registration Statement | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Vitaminveien 4 |
Entity Address, Postal Zip Code | 0485 |
Entity Address, City or Town | Oslo |
Entity Address, Country | NO |
City Area Code | 47 |
Local Phone Number | 2369-2400 |
Contact Personnel Name | Mr. Yahui Zhou, Chief Executive Officer c/o Aaron McParlan, General Counsel |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | ||||
Revenue | $ 331,037 | $ 250,991 | $ 165,056 | |
Other operating income | 469 | 466 | 11,542 | |
Operating expenses: | ||||
Technology and platform fees | (4,104) | (4,472) | (3,315) | |
Content cost | (3,834) | (3,712) | (4,312) | |
Cost of inventory sold | (46,650) | (5,507) | (700) | |
Personnel expenses, including share-based remuneration | (74,588) | (74,450) | (62,103) | |
Marketing and distribution expenses | (114,988) | (120,944) | (47,860) | |
Credit loss expense | (1,387) | (557) | (1,849) | |
Credit loss expense related to divested joint venture | 0 | 0 | (10,476) | |
Depreciation and amortization | (13,939) | (19,600) | (20,234) | |
Impairment of non-financial assets | (3,194) | (5,624) | 0 | |
Other operating expenses | (27,015) | (22,802) | (28,197) | |
Total operating expenses | (289,699) | (257,668) | (179,046) | |
Operating profit (loss) | 41,808 | (6,211) | (2,448) | |
Share of net income (loss) of equity-accounted investees | [1] | (6) | (29,376) | 2,005 |
Impairment of equity-accounted investee | [1] | 0 | (115,477) | 0 |
Fair value gain on investments | 1,500 | 116,561 | 24,000 | |
Finance income | 21,454 | 123 | 13,633 | |
Finance expenses | (39,729) | (6,912) | (516) | |
Foreign exchange gain (loss) | (1,157) | (1,814) | 833 | |
Net finance income (expense) | (19,432) | (8,603) | 13,950 | |
Profit (loss) before income taxes | 23,870 | (43,106) | 37,507 | |
Profit (loss) from continuing operations | (8,835) | (43) | (75) | |
Profit (loss) from continuing operations | 15,035 | (43,149) | 37,432 | |
Profit (loss) from discontinued operations | 0 | (816) | 141,742 | |
Net income (loss) | $ 15,035 | $ (43,964) | $ 179,174 | |
ADS [member] | ||||
Earnings per ADS and per share for profit (loss) from continuing operations (1): | ||||
Basic earnings per share, US$ (in dollars per share) | [2] | $ 0.14 | $ (0.37) | $ 0.32 |
Diluted earnings per ADS, US$ (in dollars per share) | [2] | 0.14 | (0.37) | 0.32 |
Earnings per ADS and per share for net income (loss) (1): | ||||
Basic earnings per share, US$ (in dollars per share) | [2] | 0.14 | (0.38) | 1.53 |
Diluted earnings per ADS, US$ (in dollars per share) | [2] | 0.14 | (0.38) | 1.51 |
Ordinary shares [member] | ||||
Earnings per ADS and per share for profit (loss) from continuing operations (1): | ||||
Basic earnings per share, US$ (in dollars per share) | [2] | 0.07 | (0.19) | 0.16 |
Diluted earnings per ADS, US$ (in dollars per share) | [2] | 0.07 | (0.19) | 0.16 |
Earnings per ADS and per share for net income (loss) (1): | ||||
Basic earnings per share, US$ (in dollars per share) | [2] | 0.07 | (0.19) | 0.76 |
Diluted earnings per ADS, US$ (in dollars per share) | [2] | $ 0.07 | $ (0.19) | $ 0.75 |
[1]For the year ended December 31, 2021, the share of net income (loss) of equity-accounted investees and the amount of impairment of equity-accounted investees have been adjusted, as disclosed in Note 1a.[2]Each ADS in Opera Limited (Nasdaq: OPRA) represents two underlying shares. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Opera's share of net income (loss) | $ 15,035 | $ (43,964) | $ 179,174 |
Other comprehensive income (loss): | |||
Exchange differences on translation of foreign operations | (3,477) | (1,156) | 42 |
Reclassification of exchange differences on loss of control | (96) | 0 | 2,936 |
Share of other comprehensive income (loss) of equity-accounted investees | 0 | 227 | (935) |
Reclassification of share of other comprehensive loss of equity-accounted investees | 708 | 0 | 0 |
Total other comprehensive income (loss) | (2,865) | (928) | 2,043 |
Total comprehensive loss | $ 12,170 | $ (44,891) | $ 181,217 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Property and equipment | $ 14,623 | $ 12,263 |
Intangible assets | 99,983 | 103,627 |
Goodwill | 429,445 | 430,378 |
Non-current receivables from sale of investments | 76,305 | 0 |
Non-current investments and financial assets | 2,643 | 2,883 |
Deferred tax assets | 1,473 | 2,323 |
Total non-current assets | 624,473 | 551,475 |
Trade receivables | 57,923 | 43,864 |
Current receivables from sale of investments | 56,347 | 0 |
Other current receivables | 17,247 | 18,538 |
Prepayments | 3,932 | 9,192 |
Marketable securities | 66,250 | 78,135 |
Cash and cash equivalents | 52,414 | 102,876 |
Total cash, cash equivalents, and marketable securities | 118,664 | 181,011 |
Assets held for sale | 86,100 | 288,379 |
Total current assets | 340,213 | 540,986 |
Total assets | 964,686 | 1,092,460 |
Equity: | ||
Share capital | 18 | 24 |
Other paid in capital | 824,832 | 824,832 |
Treasury shares | (206,514) | (60,453) |
Retained earnings | 273,262 | 249,155 |
Foreign currency translation reserve | (3,385) | (520) |
Total equity attributable to owners of the parent | 888,213 | 1,013,039 |
Liabilities: | ||
Non-current lease liabilities and other loans | 4,723 | 2,081 |
Deferred tax liabilities | 7,352 | 6,532 |
Other non-current liabilities | 68 | 23 |
Total non-current liabilities | 12,143 | 8,635 |
Trade and other payables | 46,937 | 38,378 |
Deferred revenue | 995 | 1,092 |
Current lease liabilities and other loans | 3,112 | 11,427 |
Income tax payable | 1,133 | 763 |
Other current liabilities | 12,152 | 19,125 |
Total current liabilities | 64,330 | 70,786 |
Total liabilities | 76,472 | 79,421 |
Total equity and liabilities | $ 964,686 | $ 1,092,460 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Equity - USD ($) $ in Thousands | Ordinary shares [member] | American depositary shares (ADS) [member] | [1] | Issued capital [member] | Share premium [member] | Treasury shares [member] | Retained earnings [member] | Reserve of exchange differences on translation [member] | Total |
Balance (in shares) at Dec. 31, 2019 | 237,826,326 | 118,913,163 | |||||||
As of January 1, 2020 at Dec. 31, 2019 | $ 24 | $ 824,832 | $ (10,655) | $ 99,513 | $ (1,508) | $ 912,206 | |||
Statement Line Items [Line Items] | |||||||||
Opera's share of net income (loss) | 0 | 0 | 0 | 179,174 | 0 | 179,174 | |||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 2,043 | 2,043 | |||
Share-based remuneration | 0 | 0 | 0 | 4,521 | 0 | 4,521 | |||
Issuance of shares upon vesting of share-based remuneration (in shares) | 2,245,636 | 1,122,818 | |||||||
Reclassification of foreign currency translation reserve | 0 | 0 | 0 | 126 | (126) | 0 | |||
Acquisition of treasury shares (in shares) | (11,786,278) | (5,893,139) | |||||||
Acquisition of treasury shares | 0 | 0 | (49,049) | 0 | 0 | (49,049) | |||
Balance (in shares) at Dec. 31, 2020 | 228,285,684 | 114,142,842 | |||||||
Ending balance at Dec. 31, 2020 | 24 | 824,832 | (59,704) | 283,334 | 409 | 1,048,895 | |||
Statement Line Items [Line Items] | |||||||||
Opera's share of net income (loss) | 0 | 0 | 0 | (43,964) | 0 | (43,964) | |||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (928) | (928) | |||
Share-based remuneration | 0 | 0 | 0 | 9,785 | 0 | 9,785 | |||
Issuance of shares upon vesting of share-based remuneration (in shares) | 2,172,680 | 1,086,340 | |||||||
Acquisition of treasury shares (in shares) | (166,632) | (83,316) | |||||||
Acquisition of treasury shares | 0 | 0 | (749) | 0 | 0 | (749) | |||
Balance (in shares) at Dec. 31, 2021 | 230,291,732 | 115,145,866 | |||||||
Ending balance at Dec. 31, 2021 | 24 | 824,832 | (60,453) | 249,155 | (520) | 1,013,039 | |||
Statement Line Items [Line Items] | |||||||||
Opera's share of net income (loss) | 0 | 0 | 0 | 15,035 | 0 | 15,035 | |||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (2,865) | (2,865) | |||
Share-based remuneration | 0 | 0 | 0 | 9,073 | 0 | 9,073 | |||
Issuance of shares upon vesting of share-based remuneration (in shares) | 1,597,500 | 798,750 | |||||||
Acquisition of treasury shares (in shares) | (53,458,990) | (26,729,495) | |||||||
Acquisition of treasury shares | (6) | 0 | (146,063) | 0 | 0 | (146,068) | |||
Balance (in shares) at Dec. 31, 2022 | 178,430,242 | 89,215,121 | |||||||
Ending balance at Dec. 31, 2022 | $ 18 | $ 824,832 | $ (206,514) | $ 273,262 | $ (3,385) | $ 888,213 | |||
[1]Opera Limited has American depositary shares listed on the Nasdaq Global Select Market, each representing two ordinary shares in the company. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Profit (loss) before income taxes from continuing operations | $ 23,870 | $ (43,106) | $ 37,507 |
Profit (loss) before income taxes from discontinued operations | 0 | (1,053) | 139,792 |
Adjustments to reconcile profit (loss) before income taxes to net cash flows: | |||
Share-based payment expense | 9,073 | 9,785 | 4,521 |
Depreciation and amortization | 13,939 | 19,600 | 20,390 |
Impairment of non-financial assets | 3,194 | 5,624 | 0 |
Share of net loss (income) of equity-accounted investees | 6 | 29,376 | (2,005) |
Impairment of equity-accounted investee | 0 | 115,477 | 0 |
Fair value gain on investments | (1,500) | (116,561) | (24,000) |
Gain on disposal of emerging market fintech operations | 0 | 0 | (151,368) |
Impact of divestment of joint venture | 0 | 0 | 1,834 |
Net finance expense (income) | 18,224 | 8,603 | (11,980) |
Other adjustments | (452) | (1,833) | (1,466) |
Changes in working capital: | |||
Change in trade and other receivables | (17,811) | (7,383) | 22,101 |
Change in prepayments | 4,253 | (132) | 12,032 |
Change in inventories | (1,488) | 24 | 7,752 |
Change in loans to customers | 0 | 68 | 75,064 |
Change in trade and other payables | 8,559 | 12,925 | (25,135) |
Change in deferred revenue | (97) | 747 | (346) |
Change in other liabilities | 3 | (146) | (1,482) |
Income taxes paid | (3,111) | (5,452) | (9,887) |
Net cash flow from (used in) operating activities | 56,662 | 26,564 | 93,324 |
Cash flows from investing activities: | |||
Purchase of equipment | (3,187) | (1,060) | (2,484) |
Purchase of intangibles assets | 0 | 0 | (2,286) |
Development expenditure | (6,789) | (4,836) | (6,553) |
Acquisition of subsidiary, net of cash acquired | 0 | (9,008) | (4,882) |
Cash transferred upon loss of control over emerging market fintech operations | 0 | 0 | (39,260) |
Deposit of collateral for subsidiaries' loan facility | 0 | 0 | (1,000) |
Release of escrow account | 0 | 0 | 1,000 |
Disbursement of short-term loans | 0 | 0 | (6,332) |
Repayment of short-term loans | 0 | 0 | 6,332 |
Investment in, and loans to associates and joint ventures | 0 | 0 | (440) |
Proceeds from sale of shares in associate | 36,879 | 50,000 | 0 |
Net sale (purchase) of listed equity instruments | 16,178 | (84,835) | 58,535 |
Interest income received | 1,368 | 35 | 326 |
Net cash flow from (used in) investing activities | 44,450 | (49,703) | 2,956 |
Cash flows from financing activities: | |||
Acquisition of treasury shares | (146,068) | (749) | (49,049) |
Proceeds from loans and borrowings | 0 | 0 | 6,905 |
Interests on loans and borrowings | (293) | (316) | (1,752) |
Repayment of loans and borrowings | (378) | (499) | (52,874) |
Payment of lease liabilities | (3,837) | (5,119) | (4,202) |
Net cash flow from (used in) financing activities | (150,578) | (6,683) | (100,972) |
Net change in cash and cash equivalents | (49,465) | (29,822) | (4,692) |
Cash and cash equivalents at beginning of period | 102,876 | 134,168 | 139,487 |
Effect of exchange rate changes on cash and cash equivalents | (996) | (1,472) | (627) |
Cash and cash equivalents at end of period | $ 52,414 | $ 102,876 | $ 134,168 |
Note 1 - Accounting Policies
Note 1 - Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 1. Accounting Policies Basis of Preparation The consolidated financial statements of Opera Limited and its subsidiaries (collectively, Opera or the Group) have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The board of directors of Opera Limited (the Company or the Parent) authorized the consolidated financial statements for issue on April 20, 2023. The consolidated financial statements have been prepared on a historical cost basis, except for investments in equity securities, preferred shares, and certain receivables from sale of investments, which are measured at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, Opera considers the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. The consolidated financial statements are presented in U.S. dollars (US$) and all amounts are rounded to the nearest thousand ( US$000 may In these consolidated financial statements, Opera has changed the presentation of the accumulated cost of treasury shares. The par value of treasury shares purchased is debited to share capital, similar to the treatment in prior consolidated financial statements, but the premium to par value, which previously was debited to other paid in capital, is shown as a separate component for treasury shares. Comparative information has been adjusted accordingly. The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgment in applying Opera’s accounting policies. Significant accounting estimates, judgments and assumptions are disclosed in Note 2. New Standards, Interpretations, and Amendments The accounting policies applied in the preparation of these consolidated financial statements are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2021. first 2022, not 10 28 not not None not Basis of Consolidation The consolidated financial statements comprise the financial statements of Opera Limited and entities it controls. Control is achieved when Opera is exposed, or has rights, to variable returns from its involvement with an investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights results in control. If Opera loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest, and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value, including any retained interest in a former subsidiary comprising a business that is sold or contributed to an equity-accounted investee. Foreign Currencies Items included in the financial statements of the Parent and its subsidiaries are measured using the currency of the primary economic environment in which the entities operate, i.e., their functional currency. The consolidated financial statements are presented in U.S. dollars, which is also the functional currency of the Parent. Foreign currency transactions are recognized at their respective functional currency spot rate at the date the transaction first The assets and liabilities of entities within the Group with functional currencies other than U.S. dollars are translated into U.S. dollars using the currency exchange rates at the reporting date. Income and expense items are translated at average currency exchange rates for the respective period. The overall foreign currency impact from translating assets, liabilities, income, and expenses to U.S. dollars is recognized in the Statement of Comprehensive Income as Exchange differences on translation of foreign operations. Revenue Revenue is income arising in the course of Opera’s ordinary activities. Opera generates revenue from the provision of search, advertising, technology licensing and related services. Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which Opera expects to be entitled in exchange for those goods or services. Search Search revenue is generated when a user conducts a qualified search using a search partner (such as Google or Yandex) through the built-in combined address and search bar provided in Opera’s PC and mobile browsers, or when otherwise redirected to the search partner via browser functionality. Search revenue is recognized in the period the qualified search occurs based upon the contractually agreed revenue share amount. Advertising Advertising revenue is generated by delivering advertising on Opera’s PC and mobile browsers, including predefined bookmarks (Speed Dials), on Opera News, and on Opera network partners’ properties. Advertising revenue also includes income from all other user-generated activities other than search revenue, such as subscriptions to services that are provided by Opera or its partners. Advertising revenue is recognized when the advertising service is delivered based on the specific terms of the underlying contract, which is commonly based on when the ad is displayed, or a user views the ad. For ads placed on properties of network partners, Opera is the principal because Opera controls the advertising inventory before it is transferred to its customers. Opera’s control is evidenced by its sole ability to monetize the advertising inventory before it is transferred to its customers and is further supported by Opera being primarily responsible to its customers and having a level of discretion in establishing pricing. As the principal, advertising revenues for ads placed on Opera network properties are reported on a gross basis, that is, the amounts billed to our customers are recorded as revenues, and amounts paid to Opera network partners are recorded as cost of inventory sold. Technology licensing and other revenue Technology licensing and other revenue include income from the sale of software and licenses to GameMaker Studio, a platform for developing games. Revenue from these transactions is recognized on completion of the performance obligation, which is typically on delivery of the software and licenses, at which time control has passed to the buyer. Technology licensing and other revenue also include income from the provision of engineering services, such as integrations of customers’ products and services with Opera’s browsers. Revenue from distinct engineering services is recognized over the development period in line with the degree of completion. Other Operating Income Other operating income arises from transactions and events that are unrelated to Opera’s ordinary activities. Other operating income includes gains on disposals of property, equipment, intangible assets, and subsidiaries. Other operating income also includes government grants related to income. Personnel Expenses Including Share-based Remuneration Personnel expenses, other than share-based payments to employees, include short-term employee benefits, such as wages, salaries, and social security contributions, paid annual leave and paid sick leave, performance-based bonuses, and non-monetary benefits. These personnel expenses are recognized at the undiscounted amount due to the employees or the de-facto employees when these have rendered service to Opera or when the liability otherwise arises. Opera also pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual, or voluntary basis. Opera has no Opera has established an employee equity plan to provide long-term incentives for its employees, whereby employees render services as consideration for equity instruments. Equity awards granted under the plan are classified as equity-settled transactions. Effective from 2022, not not The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in Note 5. Income Taxes The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted for changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where Opera operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. Opera measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. The amount of deferred tax provided is based on the expected manner of realization or settlement of the underlying items, using tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is only recognized to the extent that it is probable that future taxable profits will allow the deferred tax asset to be realized. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realized simultaneously. Discontinued Operations A discontinued operation is a component of Opera that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The profit or loss of discontinued operations is presented separately in the Statement of Operations. The Statement of Cash Flows, which is prepared based on the indirect method, reflects the cash flows of discontinued operations up to the date of disposal. Items of working capital, such as receivables and payables, that are disposed of as part of discontinued operations, are eliminated from the balance sheet changes to such items in the reconciliation of profit to cash flows from operating activities. The amount of cash and cash equivalents in subsidiaries disposed of is presented as a cash outflow within investing activities. Government Grants Government grants are recognized when there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. Government grants that relate to the development of technology are deducted in arriving at the carrying amount of the asset, while grants that compensate Opera for expenses are recognized as other operating income in the Statement of Operations. Property and Equipment Property and equipment, which include right-of-use assets acquired under leases, are recognized at cost, less accumulated depreciation, and impairment losses. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the remaining lease term, whichever is shorter. The estimated useful lives of the separate categories of property and equipment are outlined in Note 10. Useful lives, residual values and the depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate. At the end of each reporting period, property and equipment are assessed for any indications of impairment. If there are indications implying that an asset may Intangible Assets Intangible assets are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their useful lives and assessed for impairment whenever there is an indication that the intangible assets may 11. Goodwill and other intangible assets that have indefinite useful lives are not Research costs are expensed as incurred, while development costs are recognized as intangible assets when Opera can demonstrate: ● the technical feasibility of completing the intangible asset so that it will be available for use or sale; ● its intention to complete the intangible asset and use or sell it; ● its ability to use or sell the intangible asset; ● how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset; ● the availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset; and ● its ability to measure reliably the expenditure attributable to the intangible asset during its development. The cost of developing new features, together with significant and pervasive improvements of core platform functionality, that meet the criteria above for development activities are capitalized as separate assets or as additions to existing assets. Expenditures related to product maintenance, such as “bug fixes”, updates needed to comply with changes in laws and regulations, or updates needed to keep pace with the latest trends, are expensed in the period they are incurred. Business Combinations and Goodwill Business combinations, except those occurring under common control, are accounted for using the acquisition method when Opera obtains control over the acquired business. The consideration transferred in the acquisition, including any contingent consideration, is measured at fair value on the acquisition date, as are the identifiable assets acquired and liabilities assumed. Acquisition-related costs are expensed as incurred. Goodwill is measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held, over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is from the acquisition date allocated to Opera’s cash-generating units (CGUs) that are expected to benefit from the acquisition in which the goodwill arose. Impairment of Non-financial Assets Goodwill and intangible assets that have an indefinite useful life are not may not Interests in Equity-accounted Investees Equity-accounted investees include investments in associates and joint ventures. An associate is an entity over which Opera has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but not Investments in associates and joint ventures are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost and adjusted thereafter to recognize Opera’s share of the post-acquisition profits or losses of the investee in the Statement of Operations, and Opera’s share of movements in other comprehensive income of the investee in the Statement of Comprehensive Income. Upon loss of control of a subsidiary that constitutes a business with a retained interest that is an investment in an associate or joint venture, the retained interest is remeasured at its fair value and this fair value becomes the cost on initial recognition of the investment in the associate or joint venture. On acquisition of the investment in an associate or joint venture, Opera identifies and values assets and liabilities of the investee, as if it had acquired a business. While these fair value adjustments are not not Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of Opera’s interest in the investee. However, in the acquisition of a business from an equity-accounted investee, Opera does not When Opera’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest, including any long-term interests that in substance form part of its net investment, is reduced to zero, and the recognition of further losses is discontinued. However, additional losses are provided for, and a liability is recognized, to the extent that Opera has incurred legal or constructive obligations or has made payments on behalf of the investee. Financial Assets Classification On initial recognition, Opera classifies financial assets as subsequently measured at amortized cost or fair value through profit or loss. The classification depends on Opera’s business model for managing the financial assets and the contractual terms of the cash flows. Opera did not Recognition and Derecognition Purchases and sales of publicly traded securities are recognized on trade date, being the date on which Opera commits to purchase or sell the asset. Receivables and payables due from and to brokers for unsettled sales and purchases of securities are recognized in the Statement of Financial Position as other current receivables and other current liabilities, respectively. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and Opera has transferred substantially all the risks and rewards of ownership. When the terms and conditions of a contract underlying a financial asset are changed, Opera performs a quantitative and qualitative evaluation of whether the modification is substantial, that is, whether the cash flows of the original financial asset and the modified or replacement financial asset are substantially different. When the cash flows are substantially different, the contractual rights to cash flows from the original financial asset are deemed to have expired. The quantitative and qualitative evaluation considers the changes to the terms of the contract, including whether those give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Measurement Trade receivables that do not not Subsequent measurement of debt instruments depends on Opera’s business model for managing the asset and the cash flow characteristics of the asset. There are two ● Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in the Statement of Operations together with foreign exchange gains and losses. Impairment losses are presented as credit loss expenses. ● Fair value through profit or loss (FVTPL): Assets that do not All equity investments are subsequently measured at fair value through profit or loss. Management has not Impairment Opera recognizes an allowance for expected credit losses (ECLs) for all debt instruments not For trade receivables, Opera applies a simplified approach in calculating ECLs. Under the simplified approach, Opera does not no Assets Held for Sale Opera classifies non-current assets as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. For a sale to be highly probable, actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell, except for financial assets held for sale, which continue to be measured in accordance with the accounting policies for such assets, as outlined above. Once classified as held for sale, investments in associates and joint ventures are no Leases At inception of a contract, Opera assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of the lease (i.e., the date the underlying asset is available for use), Opera recognizes a lease liability and a right-of-use asset. The lease liability is initially measured at the present value of the lease payments to be made over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Opera’s incremental borrowing rate. Generally, Opera uses its incremental borrowing rate as the discount rate. The lease payments include: ● fixed payments (and payments that are fixed in substance) less any lease incentives; ● variable lease payments that depend on an index or a rate; ● amounts expected to be paid under residual value guarantees; and ● the exercise price of any purchase option reasonably certain to be exercised by Opera, and payments of penalties for terminating a lease, if the lease term reflects management’s expectation of exercising the option to terminate. Variable lease payments that do not After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments), or a change in the assessment of an option to purchase the underlying asset. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to Opera by the end of the lease term or the cost of the right-of-use asset reflects that Opera will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset will be reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Lease payments on short-term leases of office properties and equipment, and leases of office equipment of low value are recognized as expenses on a straight-line basis over the lease term. Financial Liabilities All financial liabilities are recognized initially at fair value and, in the case of loans, borrowings and payables, net of directly attributable transaction costs. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the Statement of Operations over the period of the borrowings using the effective interest method. A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in the Statement of Operations. Financial liabilities are classified as current liabilities unless Opera has an unconditional right to defer settlement of the liability for at least 12 Provisions A provision is recognized when Opera has a present legal or constructive obligation because of a past event, it is probable that a future outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Treasury Shares Treasury shares are shares in the Parent that are reacquired by Opera. Treasury shares are recognized at cost and deducted from equity. No |
Note 2 - Accounting Judgments a
Note 2 - Accounting Judgments and Estimation Uncertainty | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of accounting judgements and estimates [text block] | 2. Accounting Judgments and Estimation Uncertainty The preparation of Opera’s consolidated financial statements requires the use of accounting estimates. Management also needs to exercise judgment in applying Opera’s accounting policies. These estimates and judgments affect the reported amounts of assets, liabilities, income and expenses, and the accompanying disclosures. Accounting estimates and assumptions, which are continuously reviewed, are based on historical experience and various other factors that are believed to be reasonable and appropriate under the circumstances. Uncertainty about these estimates and assumptions could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Changes in accounting estimates and judgments in the application of accounting policies are recognized in the period in which the estimates and judgments are revised, if the revisions affect only that period, or in the period of the revisions and future periods if the revisions affect both current and future periods. The following summarizes the most significant judgments and estimates used in preparing the consolidated financial statements. Modification and Fair Value Measurement of Receivable from Sale of Nanobank In March 2022, US$127.1 US$120.3 August 2022, US$131.7 first Based on significant judgment, considering both quantitative and qualitative factors, the management of Opera concluded that the cash flows of the original share transfer agreement and the restated share transfer agreement were substantially different, and consequently that the rights to cash flows from the original receivable should be deemed to have expired. The original receivable was therefore derecognized, and at the same time a new receivable was recognized at fair value based on the terms of the restated share transfer agreement. Because the terms of the restated share transfer agreement entailed that the cash flows due to Opera were not As of year-end 2022, one The discount rate comprised a risk-free rate based on the yield on U.S. treasury bonds with the same maturity as the receivable and a risk premium for the uncertainty related to future cash flows. The risk premium was estimated based on expectations for what market participants would require as a risk premium given the facts and circumstances, including the terms of the underlying contract. Note 13 Classification and Fair Value Measurement of Investment in OPay Opera held ordinary and preferred shares in OPay Limited (OPay), representing 6.44% of the total number of shares outstanding as of December 31, 2022. not not The ordinary and preferred shares are measured at fair value through profit or loss. The fair value of the shares in OPay are measured using methods and techniques that reflect the economic rights and benefits of the shares. These rights and benefits include redemption rights and liquidation preferences. Management determined that the probability-weighted expected return model (“PWERM”) was appropriate to measure the fair value of both the preferred and ordinary shares in OPay. PWERM builds on estimates, including the equity value under various outcomes for the company, such as initial public offering, private sale transactions, dissolution and redemption, and assumptions for the timing and probability of such outcomes. Because OPay is an early-stage private company, a judgmental discount for lack of marketability was applied in the fair value measurement. Management determined that the option pricing model, which was applied in combination with the PWERM when measuring fair value of the shares in prior periods, no 12. Opera initially classified the shares in OPay as held for sale at the end of 2021 December 31, 2022, not Recoverable Amount for Goodwill and Other Intangible Assets Goodwill and the Opera brand (a trademark), which have indefinite useful lives, were tested for impairment as of December 31, 2022, 11. Capitalized Development Costs Opera capitalizes costs directly attributable to the internal creation and preparation of certain new products and services. Costs are capitalized from the point in time the projects enter the development phase and meet the six 1. 5 Share-based Remuneration Estimating fair value for share-based awards requires an assessment of an appropriate valuation model, which depends on the terms and conditions of the grant. The estimate of fair value also requires an assessment of the most appropriate inputs to the valuation model, including grant date fair value of the underlying equity, the expected life of the grant, volatility, and dividend yield. Assumptions and models used for current grants are disclosed in Note 5. |
Note 3 - Corporate Information
Note 3 - Corporate Information and Group Composition | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of general information about financial statements [text block] | 3. Corporate Information and Group Composition Opera is a leading global internet brand with an engaged user base. Building on over 20 The chart below provides an overview of the corporate structure of the Group, including the places of incorporation of the Parent and its material subsidiaries. Notes: ( 1 20% ( 2 6% ( 3 Variable interest entity contractually controlled by Opera Software International AS. ( 4 One share is held by Opera Norway AS. Opera Limited, with its office at Maples Corporate Services Limited, PO Box 309, KY1 1104, 4, 0485 two December 31, 2022, US$0.0001. 2022, There were no In addition to the subsidiaries outlined above, Opera has investments in unconsolidated companies. Details on these investments are provided in Note 12. Capital Management The primary objective of Opera’s capital management is to maintain a strong capital base to support investor, creditor, and market confidence and to sustain future development of the business in accordance with its growth plans. Investment Program The board of directors of the Company has authorized an investment program under which up to US$70 may 2021, not 2022. During 2022, Year ended December 31, [US$ thousands] 2020 2021 2022 Listed equity securities: Realized net gain (loss) 12,910 (11,201 ) (18,375 ) Change in unrealized net gain (loss) - (11,696 ) 34,321 Listed equity securities sold short: Realized net gain (loss) - 17,123 - Change in unrealized net gain (loss) - - - Equity derivatives: Realized net gain (loss) 10 830 - Change in unrealized net gain (loss) 113 - - Net gain (loss) on investment portfolio 13,033 (4,944 ) 15,946 The net gains in 2022 2020 2021 7. US$31.0 2018 2022. Receivables and payables for unsettled trades were included in other current receivables and other current liabilities, respectively, as specified in Notes 13 15. The investments in listed equity securities create exposure to equity price risk. The adopted investment guidelines include requirements for diversification and limits on investments, both in nominal and relative terms, including the limit of US$70 17 In February 2023, 18. Share Repurchases On January 20, 2022, US$50 March 31, 2024, may not February 2022 December 31, 2022, US$17.3 18 Prior to 2022, US$60.5 two 2018 2020, 2019 2021, On October 17, 2022, US$128.6 360 no Including both on- and off-market repurchases, Opera has repurchased a total of 34,205,950 ADS equivalents for US$ 206.5 million over the 2018 2022 Business Combination On January 11, 2021, US$9.5 US$9.0 The assets and liabilities recognized as a result of the acquisition are as follows. [US$ thousands] Fair value recognized on acquisition Assets: Intangible assets (technology) 331 Property and equipment (equipment) 37 Right-of-use assets (property) 234 Trade receivables 131 Prepayments 8 Cash 481 Liabilities: Lease liabilities 234 Deferred tax liabilities 48 Trade payables 102 Income tax payable 63 Other current liabilities 67 Total identifiable net assets at fair value 708 Goodwill arising on acquisition 8,792 Cash consideration transferred 9,500 The goodwill of US$8.8 not 11 The acquired business contributed revenue of US$2.2 US$1.2 January 11, 2021, December 31, 2021. not January 1, 2021. Discontinued Operations On August 19, 2020, 12 In 2020, 2021, US$1.1 US$0.2 2021. The table below presents the profit or loss from discontinued operations, comprising the results of TenSpot Pesa Limited and its subsidiaries up until August 19, 2020, Year ended December 31, [US$ thousands] 2020 2021 2022 Revenue 136,246 - - Expenses (147,822 ) (1,053 ) - Profit (loss) before income tax (11,576 ) (1,053 ) - Income tax benefit (expense) 1,950 237 - Profit (loss) after income tax (9,626 ) (816 ) - Gain on sale of the subsidiary after income tax 151,368 - - Profit (loss) from discontinued operation 141,742 (816 ) - Exchange differences on translation of discontinued operations (1,802 ) - - Other comprehensive loss from discontinued operations (1,802 ) - - The table below presents the calculation of the gain in 2020 [US$ thousands] As of August 19, 2020 Fair value of shares in Nanobank 264,936 Less: Carrying amount of net assets disposed of 22,766 Less: Carrying amount of TenSpot Pesa Limited receivables transferred to Nanobank 87,867 Gain on sale before income tax and reclassification of foreign currency translation reserve 154,304 Reclassification of foreign currency translation reserve (2,936 ) Income tax expense on gain - Gain on sale after income tax 151,368 The table below presents the net cash flows of TenSpot Pesa Limited, its subsidiaries, and the discontinued retail operations. Year ended December 31, [US$ thousands] 2020 2021 2022 Net cash flow from discontinued operating activities 65,806 - - Net cash flow used in discontinued investing activities (576 ) - - Net cash flow used in discontinued financing activities (44,711 ) - - Net change in cash and cash equivalents 20,518 - - As of August 19, 2020, US$39.3 The table below presents the basic and diluted earnings per share from discontinued operations. Year ended December 31, [Net income per ADS and share in US$] 2020 2021 2022 Basic earnings from discontinued operations per ADS 1.21 (0.01 ) - Diluted earnings from discontinued operations per ADS 1.19 (0.01 ) - Basic earnings from discontinued operations per share 0.60 (0.00 ) - Diluted earnings from discontinued operations per share 0.60 (0.00 ) - |
Note 4 - Segment and Revenue In
Note 4 - Segment and Revenue Information | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of revenue from contracts with customers [text block] | 4. Segment and Revenue Information For management reporting purposes, Opera is organized into business units based on its main categories of products and services and has two ● Browser and News third ● Other third Opera’s chairman and chief executive officer, who has been identified as the chief operating decision maker, regularly reviews the operating results of the segments for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on contribution, which is calculated as revenue, less (i) technology and platform fees, (ii) content cost, (iii) cost of inventory sold, (iv) other cost of revenue (v) marketing and distribution expense, and (vi) credit loss expense. The table below specifies the contribution from the Browser and News segment. Year ended December 31, [US$ thousands] 2020 2021 2022 Revenue from contracts with customers: Search 84,180 121,961 140,162 Advertising 71,292 123,870 187,405 Technology licensing and other revenue - 2,182 789 Total revenue 155,472 248,013 328,356 Direct expenses: Technology and platform fees (3,315 ) (3,899 ) (4,103 ) Content cost (4,312 ) (3,712 ) (3,834 ) Cost of inventory sold - (5,506 ) (46,650 ) Other cost of revenue 140 - - Marketing and distribution expenses (47,042 ) (120,385 ) (114,522 ) Credit loss expense (568 ) (557 ) (1,436 ) Total direct expenses (55,097 ) (134,059 ) (170,545 ) Contribution by segment 100,375 113,954 157,811 The table below specifies the contribution from the Other segment. Year ended December 31, [US$ thousands] 2020 2021 2022 Revenue from contracts with customers: Advertising 216 40 29 Technology licensing and other revenue 9,368 2,937 2,652 Total revenue 9,584 2,978 2,681 Direct expenses: Technology and platform fees - (573 ) (1 ) Cost of inventory sold (700 ) (1 ) - Other cost of revenue (3,925 ) - - Marketing and distribution expenses (818 ) (559 ) (466 ) Credit loss expense (1,281 ) - 49 Total direct expenses (6,724 ) (1,132 ) (418 ) Contribution by segment 2,860 1,846 2,263 The table below reconciles the segment profit to profit before income taxes from continuing operations. It specifies the items of income and expenses that are managed and monitored on a group basis and thus not Year ended December 31, [US$ thousands] 2020 2021 2022 Contribution by segments 103,235 115,800 160,073 Other operating income 11,542 466 469 Personnel expenses, including share-based remuneration (1) (59,977 ) (74,450 ) (74,588 ) Credit loss expense related to divested joint venture (10,476 ) - - Depreciation and amortization (20,234 ) (19,600 ) (13,939 ) Impairment of non-financial assets - (5,624 ) (3,194 ) Other operating expenses (1) (26,538 ) (22,802 ) (27,015 ) Share of net income (loss) of equity-accounted investees 2,005 (29,376 ) (6 ) Impairment of equity-accounted investee - (115,477 ) - Fair value gain on investments 24,000 116,561 1,500 Finance income 13,633 123 21,454 Finance expenses (516 ) (6,912 ) (39,729 ) Foreign exchange gain (loss) 833 (1,814 ) (1,157 ) Profit (loss) before income taxes from continuing operations 37,507 (43,106 ) 23,870 ( 1 Certain personnel and other operating expenses are included as part of "other cost of revenue" in the measure of segment profit. Accordingly, the amounts for personnel and other operating expenses in this reconciliation are not Revenue The table below presents the revenue by customer location. Year ended December 31, [US$ thousands] 2020 2021 2022 United States 86,226 144,570 172,288 Russia 15,239 16,156 20,288 Other locations 63,591 90,264 138,460 Total revenue 165,056 250,991 331,037 Revenue by country is based on where the customer has its primary geographical presence, which usually is where its parent company is incorporated, but which is not Opera has two 10% one Year ended December 31, [US$ thousands] 2020 2021 2022 Customer group 1 76,184 128,650 148,481 Customer group 2 16,281 18,494 29,418 Revenues from customer groups 1 2 Other Operating Income The table below specifies the nature of other operating income. Year ended December 31, [US$ thousands] 2020 2021 2022 Gain from disposal of subsidiaries 5,289 - - Gain from divestment of joint venture 2,063 - - Government granted VAT refund 4,030 - - Other items 160 466 469 Total other operating income 11,542 466 469 |
Note 5 - Personnel Expenses, In
Note 5 - Personnel Expenses, Including Share-based Remuneration | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of employee benefits [text block] | 5. Personnel Expenses, Including Share-based Remuneration The table below specifies the amounts of personnel expenses including share-based remuneration. Year ended December 31, [US$ thousands] 2020 2021 2022 Salaries, including bonuses 40,301 43,440 43,235 Social security contribution, excluding amounts related to share-based remuneration 4,624 5,371 5,222 External temporary hires 7,090 8,617 10,318 Defined contribution pension expense 3,279 4,477 4,752 Other personnel-related expenses 2,103 2,080 1,758 Total personnel expenses, excluding share-based remuneration 57,397 63,984 65,285 Share-based remuneration, including related social security contribution 4,706 10,466 9,304 Total personnel expenses, including share-based remuneration 62,103 74,450 74,588 Research and development costs predominantly consist of compensation for engineering and technical employees responsible for research and development of Opera’s existing and new products and services. The following table specifies the amounts of expensed and capitalized research and development costs. Year ended December 31, [US$ thousands] 2020 2021 2022 Total research and development costs 38,736 44,055 50,537 Less: Capitalized development costs excluded from personnel expenses (Note 11) 7,110 4,862 6,825 Net expensed research and development costs 31,626 39,193 43,713 Compensation for Key Management Personnel The table below specifies the amounts of compensation for key management personnel, which include the directors and executive officers of Opera. Year ended December 31, [US$ thousands] 2020 2021 2022 Short-term employee benefits 2,032 2,046 2,371 Post-employment and medical benefits 51 60 56 Share-based payment transactions 1,179 1,209 1,488 Total compensation for key management personnel 3,262 3,315 3,914 The amounts disclosed in the table above are the amounts recognized as an expense during the reporting period. Effective from January 1, 2021, No no not Share-based Remuneration Opera has adopted a share incentive plan for the purpose of rewarding, attracting, and retaining employees by providing long term incentives in the form of restricted share units (RSUs) and options. In 2022, not not Opera did not 2022, 2021, Opera: RSUs Opera: Options Kunlun: RSUs (1) Number of RSUs Weighted average grant date fair value (US$) Number of options Weighted average grant date fair value (US$) Number of RSUs Weighted average grant date fair value (US$) Outstanding as of January 1, 2021 1,916,740 6.71 150,000 2.36 - - Granted during the year 1,990,825 10.35 40,000 5.62 - - Forfeited during the year (154,700 ) 8.02 (90,000 ) 2.65 - - Exercised during the year (1,086,340 ) 5.84 - - - Outstanding as of December 31, 2021 2,666,525 9.71 100,000 3.40 - - Granted during the year - - - - 3,275,000 1.22 Forfeited during the year (82,500 ) 9.97 - - (350,000 ) 1.22 Exercised during the year (798,750 ) 9.25 - - - - Expired during the year - - - - - - Outstanding as of December 31, 2022 1,785,275 9.90 100,000 3.40 2,925,000 1.22 ( 1 From the exercise of RSUs granted by Kunlun, the employees will acquire shares of Kunlun Tech Co., Ltd., a company listed on the Shenzhen Stock Exchange. As of December 31, 2022, December 31, 2021: December 31, 2022. The fair value of RSUs granted by Opera was measured using a Monte Carlo simulation, while the fair values of option granted by Opera and RSUs granted by Kunlun were measured using a Black-Scholes model. The table below specifies the inputs to the models used for estimating the fair values of the awarded equity units. The table presents the weighted average values across grants within each category of equity award instruments. Opera 2021 RSU grants Opera 2021 option grants Kunlun 2022 RSU grants Equity unit price valuation (US$) 10.49 10.48 2.88 Model Used Monte Carlo Black-Scholes Black-Scholes Expected Volatility (%) (1), (2) 66.55 % 68.10 % 25.47 % Risk free interest rate (%) (1) 0.22 % 0.46 % 2.18 % Duration of initial simulation period (years to longstop date) 3.23 3.02 N/A Duration of second simulation period with postponed exercise (years) 3.00 3.00 N/A Exercise price 0.00 0.00 1.77 Fair value at the measurement date (US$) 10.35 4.96 1.22 ( 1 Specified value is 4 ( 2 Based on a defined peer group of comparable companies. The equity cost of each award is recognized on a straight-line basis over the vesting period. Opera accrues for social security contributions based on the market price of the ADSs at the reporting date, with a straight-line recognition over the vesting period consistent with the equity cost. |
Note 6 - Other Operating Expens
Note 6 - Other Operating Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of other expenses [text block] | 6. Other Operating Expenses The table below specifies the nature of other operating expenses. Year ended December 31, [US$ thousands] 2020 2021 2022 Hosting 8,056 7,647 9,267 Audit, legal and other advisory services (1) 10,863 6,579 6,857 Software license fees 1,882 1,782 2,149 Rent and other office expenses 3,318 3,152 3,743 Travel 1,304 542 1,496 Other expenses 2,774 3,101 3,502 Total other operating expenses 28,197 22,802 27,015 ( 1 Amount in 2020 US$3.5 |
Note 7 - Finance Income and Fin
Note 7 - Finance Income and Finance Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of finance income (cost) [text block] | 7. Finance Income and Finance Expenses The table below specifies the nature of finance income and finance expenses, including foreign exchange gains and losses. Year ended December 31, [US$ thousands] 2020 2021 2022 Finance income: Interest income 326 35 1,675 Interest income on receivables from sales of investments (Note 13) - - 3,675 Net gain on investment portfolio (Note 3) 13,033 - 15,946 Other finance income 275 88 157 Total finance income 13,633 123 21,454 Finance expenses: Interest expense (447 ) (316 ) (282 ) Net loss on investment portfolio (Note 3) - (4,944 ) - Fair value loss on receivable from sale of investment (Note 13) - - (37,923 ) Other finance costs (69 ) (1,652 ) (1,524 ) Total finance expenses (516 ) (6,912 ) (39,729 ) Foreign exchange gain (loss): Unrealized foreign exchange gain (loss) 2,365 (494 ) (1,512 ) Realized foreign exchange gain (loss) (1,532 ) (1,320 ) 355 Total foreign exchange gain (loss) 833 (1,814 ) (1,157 ) Net finance income (expense) 13,950 (8,603 ) (19,432 ) |
Note 8 - Income Tax
Note 8 - Income Tax | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 8. Income Tax The table below specifies the income tax expense. Year ended December 31, [US$ thousands] 2020 2021 2022 Current income taxes 1,983 (4,109 ) (7,434 ) Currency effect on income tax expense (1) (1,272 ) 852 141 Deferred taxes 1,164 3,452 (1,542 ) Income tax benefit (expense) 1,876 194 (8,835 ) Income tax benefit (expense) attributable to: Profit (loss) from continuing operations (75 ) (43 ) (8,835 ) Profit (loss) from discontinued operations 1,950 237 - ( 1 Currency effect on income tax (expense) benefit due to corporate income tax filing in NOK for Norwegian entities with USD as functional currency. Opera Limited, the Parent, is domiciled in the Cayman Islands, where the applicable tax rate is zero. With Opera being headquartered in Norway and with a large share of the income from the Browser and News segment being recognized by Opera Norway AS, a subsidiary domiciled in Norway, the reconciliation below between the income tax benefit (expense) and the accounting profit is based on the tax rate applicable in Norway, which was 22% in 2022 2023. Year ended December 31, [US$ thousands] 2020 2021 2022 Profit (loss) from continuing operations before income tax expense 37,507 (43,106 ) 23,870 Tax benefit (expense) at nominal tax rate in Norway (8,252 ) 9,483 (5,251 ) Effect of different tax rates applied by subsidiaries (21,162 ) (44,059 ) (30,624 ) Permanent differences: Tax effect of translation differences exempted for tax 99 358 (320 ) Tax effect of financial items exempted from tax 20,143 35,961 32,511 Tax effects of losses in associates and joint ventures which are non-deductible (2,200 ) (35 ) - Withholding taxes (paid) credited (271 ) (324 ) 299 Net other permanent differences (not) tax deductible 9,713 (2,008 ) (3,585 ) Other effects: Change in income tax losses carried forward 246 (227 ) (462 ) Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods 670 852 141 Change in withholding taxes and restricted interest deduction carried forward 952 147 (1,564 ) Change in tax rate (14 ) (190 ) 21 Income tax expense for the year (75 ) (43 ) (8,835 ) Effective tax rate 0.2 % (0.1 )% 37.0 % Deferred tax assets and liabilities are related to the following items. As of December 31, [US$ thousands] 2021 2022 Property, equipment, and intangible assets 20,948 20,466 Trade receivables (337 ) (300 ) Intercompany interest costs subject to limitations (9,710 ) (8,066 ) Withholding tax expected to be credited (credit method) (166 ) (216 ) Tax losses carried forward (5,818 ) (5,399 ) Other (709 ) (606 ) Net deferred tax liability 4,209 5,878 Recognized and classified as: Deferred tax assets 2,323 1,473 Deferred tax liabilities 6,532 7,352 The deferred tax liability for property, equipment and intangible assets is mainly related to differences between the fair values and tax bases for such assets that were recognized in 2016 Opera has recognized deferred tax assets related to intercompany interest costs that are carried forward due to limitations in Norway to the annual amount that can be deducted for tax purposes. Such intercompany interest cost can be carried forward for up to ten The following table specifies the changes in the net deferred tax liability. Year ended December 31, [US$ thousands] 2021 2022 Net deferred tax liability as of January 1 7,362 4,209 Addition from business combination (Note 3) 48 - Expense (benefit) in the Statement of Operations (3,452 ) 1,542 Expense (benefit) in the Statement of Comprehensive Income 251 127 Net deferred tax liability as of December 31 4,209 5,878 |
Note 9 - Net Income Per Share
Note 9 - Net Income Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | 9. Net Income Per Share Basic earnings per share is calculated by dividing the net income or loss for the year attributable to ordinary equity holders of Opera Limited by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by dividing the net income or loss attributable to ordinary equity holders of Opera Limited by the weighted average number of ordinary shares outstanding during the year plus the number of ordinary shares that would be issued pursuant to Opera’s 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. Opera Limited has American depositary shares (ADSs) listed on the Nasdaq Global Select Market. Each ADS represents two The following table shows the income and share data used in the basic and diluted net income per ADS and per share calculations. Year ended December 31, [US$ thousands, except per ADS and share amounts] 2020 2021 2022 Profit (loss) from continuing operations 37,432 (43,149 ) 15,035 Profit (loss) from discontinued operations 141,742 (816 ) - Net income (loss) attributable to the owners of the parent for basic and diluted earnings 179,174 (43,964 ) 15,035 Basic and diluted weighted-average number of ordinary shares in the period: (1) Issued ordinary shares at beginning of period 237,826,326 228,285,684 230,291,732 Effect of shares issued 1,889,770 2,165,283 1,580,952 Effect of shares bought to treasury (Note 3) (5,146,244 ) (164,324 ) (12,914,508 ) Basic weighted-average number of ordinary shares in the period 234,569,852 230,286,642 218,958,176 Effect of employee equity grants (2) 2,816,613 - 1,706,927 Diluted weighted-average number of ordinary shares in the period 237,386,466 230,286,642 220,665,102 ADS equivalent of basic weighted-average number of ordinary shares in the period 117,284,926 115,143,321 109,479,088 ADS equivalent of diluted weighted-average number of ordinary shares in the period 118,693,233 115,143,321 110,332,551 Earnings per ADS and per share for profit (loss) from continuing operations: Basic earnings per ADS, US$ 0.32 (0.37 ) 0.14 Diluted earnings per ADS, US$ 0.32 (0.37 ) 0.14 Basic earnings per share, US$ 0.16 (0.19 ) 0.07 Diluted earnings per share, US$ 0.16 (0.19 ) 0.07 Earnings per ADS and per share for net income (loss): Basic earnings per ADS, US$ 1.53 (0.38 ) 0.14 Diluted earnings per ADS, US$ 1.51 (0.38 ) 0.14 Basic earnings per share, US$ 0.76 (0.19 ) 0.07 Diluted earnings per share, US$ 0.75 (0.19 ) 0.07 ( 1 The number of ordinary shares outstanding in the periods, and its ADS equivalent, are presented in the Statement of Changes in Equity. ( 2 In 2021, |
Note 10 - Property and Equipmen
Note 10 - Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 10. Property and Equipment [US$ thousands] Office properties Furniture and fixtures Equipment Leasehold improvements Total Cost: As of January 1, 2021 8,250 773 29,705 1,733 40,462 Additions - 13 1,020 2 1,034 Acquisition of a subsidiary (Note 3) 234 4 26 7 271 Adjustments to right-of-use assets 2,029 - 457 - 2,486 Disposals (243 ) (4 ) (2,331 ) (2 ) (2,580 ) Effect of movements in exchange rates (13 ) (4 ) (273 ) (21 ) (310 ) As of December 31, 2021 10,257 782 28,604 1,719 41,363 Additions - 45 3,505 19 3,570 Acquisition of a subsidiary (Note 3) - - - - - Adjustments to right-of-use assets 4,182 - 1,722 - 5,904 Disposals (404 ) - (174 ) - (578 ) Effect of movements in exchange rates 1 (5 ) 137 (15 ) 118 As of December 31, 2022 14,036 822 33,794 1,724 50,377 Depreciation and impairment: As of January 1, 2021 3,917 586 16,670 1,124 22,295 Depreciation 2,407 86 6,440 251 9,184 Disposals (243 ) (2 ) (2,309 ) - (2,554 ) Effect of movements in exchange rates 6 - 153 13 172 As of December 31, 2021 6,086 670 20,955 1,388 29,097 Depreciation 2,047 61 5,016 196 7,321 Disposals (404 ) - (174 ) - (577 ) Effect of movements in exchange rates (1 ) - (100 ) 12 (89 ) As of December 31, 2022 7,728 732 25,696 1,596 35,754 Net book value as of December 31, 2021 4,171 111 7,649 331 12,263 Net book value as of December 31, 2022 6,308 90 8,097 127 14,623 Office properties Furniture and fixtures Equipment Leasehold improvements Useful life Up to 7 years Up to 5 years Up to 10 years, or term of lease contract Up to 6 years, or term of lease contract Depreciation method Straight-line Straight-line Straight-line Straight-line |
Note 11 - Goodwill and Intangib
Note 11 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets [text block] | 11. Goodwill and Intangible Assets [US$ thousands] Goodwill Customer relationships Technology Trademarks Other intangible assets Total Cost: As of January 1, 2021 424,961 40,732 30,657 70,600 4,448 571,398 Additions (1) - - 4,031 - 5 4,036 Acquisition of a subsidiary (Note 3) 8,792 - 331 - - 9,124 Disposals - - - - (370 ) (370 ) Effect of movements in exchange rates (294 ) - 259 - (5 ) (40 ) As of December 31, 2021 433,459 40,732 35,279 70,600 4,077 584,147 Additions (1) - - 6,789 - 5 6,794 Acquisition of a subsidiary (Note 3) - - - - - - Disposals - - (5,211 ) - - (5,211 ) Effect of movements in exchange rates (933 ) - (275 ) - (52 ) (1,260 ) As of December 31, 2022 432,526 40,732 36,582 70,600 4,031 584,470 Amortization and impairment: As of January 1, 2021 - 12,449 19,999 - 2,035 34,483 Amortization - 2,913 7,381 - 122 10,416 Impairment 3,081 - 1,596 - 947 5,624 Disposals - - - - (223 ) (223 ) Effect of movements in exchange rates - - (169 ) - 12 (157 ) As of December 31, 2021 3,081 15,362 28,807 - 2,893 50,142 Amortization - 2,580 4,014 - 25 6,618 Impairment - - 2,220 - 974 3,194 Disposals - - (5,211 ) - - (5,211 ) Effect of movements in exchange rates - - 224 - 74 298 As of December 31, 2022 3,081 17,942 30,054 - 3,965 55,042 Net book value as of December 31, 2021 430,378 25,370 6,472 70,600 1,185 534,005 Net book value as of December 31, 2022 429,445 22,790 6,528 70,600 66 529,428 Goodwill Customer relationships Technology Trademarks Other intangible assets Useful life Indefinite Up to 15 years Up to 5 years Indefinite Up to 5 years Amortization method Straight-line Straight-line Straight-line ( 1 Represents capitalized development expenditure net of grants received from the Norwegian government. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, which is the operating segments. A segment-level summary of the goodwill allocation is presented below. [US$ thousands] Browser and News Other Total Carrying amount as of January 1, 2021 421,578 3,383 424,961 Addition from business combination (Note 3) 8,792 - 8,792 Effect of movements in exchange rates 8 (302 ) (294 ) Impairment - (3,081 ) (3,081 ) Carrying amount as of December 31, 2021 430,378 - 430,378 Effect of movements in exchange rates (933 ) - (933 ) Impairment - - - Carrying amount as of December 31, 2022 429,445 - 429,445 Impairment Losses on Goodwill and Other Intangible Assets In 2022, US$2.2 2022. 2022, 17. As of year-end 2022, US$0, US$1.0 2021, US$0.9 In 2021, US$3.1 2020 US$1.6 Impairment Test for Goodwill and Other Intangible Assets Allocated to the Browser and News Segment The goodwill allocated to the Browser and News operating segment comprises goodwill recognized in 2016 US$421.6 US$7.9 2021. US$70.6 Opera performed the annual impairment test in the fourth 2022. not not not 2023 not 2024 2026 2026 two not 2026, The value-in-use calculation demonstrated that the recoverable amount exceeded the carrying amount of the CGUs comprising the Browser and News operating segment, meaning goodwill allocated to the segment was not Cash Flows in Projected Period Cash inflows in the Browser and News segment are expected to grow at an annualized rate of 16.1% over the projected period ( 2021: 2022 Long-term Growth In estimating the long-term growth in the terminal value, management estimated long-term GDP growth in the relevant regions. Management assumed no no zero 2027, 2021: Discount Rate The estimated weighted average cost of capital (WACC) for the Browser and News segment was used to discount the projected cash flows, as converted to U.S. dollars. Based on the inputs listed below, the post-tax WACC was calculated to be 12.8% ( 2021: 2021: ● Risk free rate: 3.88% ( 2021: ● Market risk premium: 4.59% ( 2021: ● Equity beta: 0.92 ( 2021: ● Country risk premium: 1.85% ( 2021: ● Size premium: 2.91% ( 2021: ● Equity to assets ratio: 100% ( 2021: Sensitivity Analysis Because the Browser and News segment is in a growth period, management considered changes of +/- 5 1 None ● Decrease in annualized revenue growth in the projected period of 13.3 percentage points. ● Decrease in the long-term growth rate of 10.1 percentage points (which would entail negative long-term growth rate). ● Increase of discount rate by more than 4.9 percentage points. |
Note 12 - Interests in Associat
Note 12 - Interests in Associates, Joint Ventures, and Other Entities | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of interests in other entities [text block] | 12. Interests in Associates, Joint Ventures, and Other Entities The table below specifies the carrying amounts of Opera’s non-controlling interests in other companies. Carrying amount of net investment as of December 31, Investee Nature of ownership interest Ownership interest (1) Classification of investee Basis of accounting for investment 2021 2022 OPay Ordinary and preferred shares 6.44 % Financial asset held for sale (2) FVTPL (3, 5) 84,600 86,100 Nanobank Ordinary shares 0.0 % Associate held for sale (2) FVLCTS (4) 120,311 - Star X Preferred shares 0.0 % Associate held for sale (2) FVTPL (5) 83,468 - nHorizon Ordinary shares 29.09 % Joint venture Equity method 6 - Fjord Bank Ordinary shares 6.09 % Non-current financial asset FVTPL (5) 897 897 ( 1 Reflects ownership interests as of December 31, 2022. ( 2 The investments in Nanobank, OPay, and Star X 2021. 2022, X, ( 3 Until mid- 2021, ( 4 The investment in Nanobank was accounted for in accordance with the equity method until the end for 2021, ( 5 Fair value through profit or loss ("FVTPL"). Investment Held for Sale and Investments Disposed of At the end of 2021, X December 31, 2021. 2022, X. not 2022, 2023, December 31, 2022. X OPay OPay is a mobile payment fintech company that focuses on emerging markets, with Nigeria and Egypt as initial key markets. OPay provides online and offline payments, and digital wallet services leveraging AI, big data and other fintech innovations, thus helping countries in emerging markets transform into cashless societies. As of year-end 2022, 2021, US$50.0 US$29.6 US$44.4 OPay was classified as an associate until mid- 2021, 2. 2021 US$0.2 US$4.0 not not The fair value of the ordinary and preferred shares in OPay as of December 31, 2022, 2022, 2021, 2. two Method Description of method Probability-weighted expected return method 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. Option pricing model 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 PWERM included a total of eight three one one 2021: 2021: US$25.5 US$60.6 2021: US$25.1 US$59.5 2018 2019 US$6.5 In 2021, eight 2022, 2022. Because the fair value measurement incorporated significant unobservable inputs, it was classified as a level 3 Key unobservable inputs in the valuation methods included the discount for lack of marketability, discount rate, and the current value of equity. The table below shows the sensitivities to the key unobservable inputs in the measurement of the fair value of the preferred and ordinary shares in OPay. As of December 31, 2021 As of December 31, 2022 [US$ thousands] Key unobservable input Decrease Increase Decrease Increase Discount for lack of marketability (5 percentage points movement) PWERM and OPM (1) 4,700 (4,700 ) 4,768 (4,768 ) Discount rate (2 percentage points movement) PWERM and OPM (1) 1,978 (1,885 ) 2,131 (2,045 ) Current equity value of the company (10% movement) OPM (1) (5,115 ) 5,103 N/A N/A ( 1 The indicated sensitivities as of December 31, 2022, not December 31, 2021, The combined fair value gain on the ordinary and preferred shares was recognized as fair value gain on investments in the Statement of Operations, while the carrying amount of the investments was recognized as assets held for sale in the Statement of Financial Position. The table below provides a reconciliation of the carrying amount of Opera’s investment in OPay. Year ended December 31, [US$ thousands] 2021 2022 Carrying amount as of January 1 45,220 84,600 Share of net income (loss) (214 ) - Change in fair value of preferred shares 29,415 1,100 Change in fair value of ordinary shares 29,094 400 Disposal (18,915 ) - Carrying amount as of December 31 84,600 86,100 Nanobank Nanobank, a provider of online microlending services in Africa, Latin America, South Asia and Southeast Asia, as well as credit card services in Latin America, was classified as an associate of Opera until it was divested in March 2022. 2021, 2020 2021, August 2020 US$20.2 2021, US$6.2 2020. 2021. [US$ thousands] For the period from August 19, 2020, to December 31, 2020 Period from January 1, 2021, to December 31, 2021 Net revenue and gains 60,935 210,540 Operating expenses (46,121 ) (275,872 ) Profit (loss) before income taxes 14,814 (65,332 ) Income tax expense (14,193 ) (2,438 ) Net income (loss) 621 (67,770 ) Exchange difference on translation of foreign operations (2,227 ) 537 Total comprehensive loss (1,606 ) (67,233 ) Opera's share of net income (loss) 261 (28,700 ) Opera's share of other comprehensive income (loss) (935 ) 227 As of December 31, 2020 2021 Assets, excluding goodwill 254,596 164,006 Goodwill (1) 447,300 447,300 Liabilities 72,702 54,584 Equity 629,194 556,722 ( 1 Represented notional goodwill identified and measured by Opera when accounting for the investment in Nanobank in accordance with the equity method. When the investment in Nanobank was classified as held for sale at the end of 2021, US$120.3 US$115.5 March 2022 2021. not 2022. US$127.1 two 13 Star X Star X X April 2022 X. While Star X X 2021 not Fair value of the preferred shares as of year-end 2021 April 2022. not 2022. US$83.5 US$28.5 2021, three first 2022 two December 31 2023 2024. 13. nHorizon nHorizon, in which Opera has a 29.09% ownership interest, is a joint venture with Telling Telecom. nHorizon operates an Opera browser in China with monetization partners, including Baidu, Sogou and others. nHorizon consists of nHorizon Innovation (Beijing) Software Limited and nHorizon Infinite (Beijing) Software Limited (collectively, nHorizon). The table below specifies Opera’s share of net income (loss) and the carrying amount of the investment in nHorizon. Year ended December 31, [US$ thousands] 2020 2021 2022 Opera's share in % 29.09 % 29.09 % 29.09 % Opera's share of net income (loss) (535 ) (458 ) (6 ) Opera's share in equity 391 (120 ) - Equity method adjustments 72 126 - Carrying amount as of December 31 463 6 - Reconciliation of carrying amount: Carrying amount as of January 1 963 463 6 Foreign exchange adjustments 35 1 - Share of net income (loss) (535 ) (458 ) (6 ) Carrying amount as of December 31 463 6 - As of December 31, 2022, US$0.1 Fjord Bank Fjord Bank is a full-digital consumer finance bank that was founded in March 2017. December 2019, January 2021, US$0.9 2021, not The investment in Fjord Bank is measured at fair value through profit or loss. As of December 31, 2022, US$0.9 2021. 2021. 3 |
Note 13 - Trade Receivables, Ot
Note 13 - Trade Receivables, Other Receivables, and Prepayments | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 13. Trade Receivables, Other Receivables, and Prepayments Trade Receivables The table below specifies items of trade receivables. As of December 31, [US$ thousands] 2021 2022 Trade receivables due from third-party customers 44,510 60,037 Trade receivables due from associates and joint ventures (Note 17) 734 32 Trade receivables due from other related parties (Note 17) 1,417 1,915 Total gross trade receivables 46,661 61,985 Allowance for expected credit losses (2,796 ) (4,062 ) Trade receivables net of loss allowance 43,864 57,923 For trade receivables, Opera recognizes a loss allowance based on lifetime expected credit losses as of each reporting date. Opera makes specific loss provisions at the level of individual invoices where information exists that management can utilize in its determination of credit risk. For trade receivables where no Past due As of December 31, 2021 Current (not past due) <30 days 30-60 days 61-90 days >91 days Total Weighted-average expected credit loss rate 0.4 % 1.8 % 2.5 % 3.2 % 50.3 % 6.0 % Gross carrying amount 35,717 3,666 1,483 758 5,036 46,661 Loss allowance as of December 31, 2021 135 67 37 24 2,533 2,796 Past due As of December 31, 2022 Current (not past due) <30 days 30-60 days 61-90 days >91 days Total Weighted-average expected credit loss rate 1.3 % 6.8 % 13.3 % 26.2 % 54.0 % 6.6 % Gross carrying amount 51,268 3,203 1,296 1,251 4,966 61,985 Loss allowance as of December 31, 2022 662 218 173 328 2,682 4,062 The loss allowance for trade receivables as of year-end reconciles to the opening loss allowance as follows. Year ended December 31, [US$ thousands] 2021 2022 Loss allowance as of January 1 7,643 2,796 Loss allowance related to trade receivables due from a former joint venture (6,579 ) - Other changes in the period 1,732 1,366 Effect of movements in exchange rates - (100 ) Loss allowance as of December 31 2,796 4,062 Trade receivables are written off where there is no no 180 2021, no 2021, US$6.6 US$3.9 See Note 16 Receivables from Sale of Investments Nanobank In March 2022 US$127.1 eight two US$120.3 In August 2022, US$131.7 first 2, not As of December 31, 2022, US$76.3 3 Based on the modified share transfer agreement, and other factors, we identified three two three ● A scenario in which the counterparty makes the quarterly installments in accordance with the sales agreement, ● a group of scenarios involving the receipt of shares in OPay, and ● a group of scenarios involving credit losses. The group of scenarios involving the receipt of shares in OPay was based on what was a proposed transaction as of year-end, specifically that Nanobank would sell the majority of its business in Asia to OPay in exchange for the owners of Nanobank receiving Series C preferred shares in OPay, some of which the buyer of Opera’s former ownership interest in Nanobank would transfer to Opera as full or partial settlement. The fair value of the Series C preferred shares in OPay was consistent with the fair value measurement of Opera’s existing shares in OPay, as outlined in Note 12, two The variations of default scenarios were related to the timing and amounts to be recovered. As part of the modified share transfer agreement, the buyer agreed to pledge its shares in Nanobank as security for its payment obligations to Opera. In the event of a default, Opera would have the right to assume ownership of the shares. Two variations of the default scenarios assumed that the shares in Nanobank would be returned to Opera, but with the value of the shares being less than the outstanding amount. The third The estimated fair value of the receivable is sensitive to the probabilities assigned to the possible scenarios. If the probability of the scenario in which the counterparty makes the quarterly installments when due decreased or increased by 10 percentage points, with evenly split increases or decreases in the probabilities of the other scenarios, the fair value of the receivable would decrease or increase by US$3.4 US$1.4 US$3.1 The discount rate was based on the yield of U.S. treasury bonds with the same maturity as the receivable and a risk premium to capture the uncertainty with regard to amount and timing of future cash flows not US$0.9 The table below specifies the movement in the carrying amount of the receivable throughout 2022. [US$ thousands] Year ended December 31, 2022 Initial recognition at fair value 120,311 Interest income 2,390 Installment (8,500 ) Carrying amount at time of contract modification 114,201 Fair value loss (37,923 ) Carrying amount as of December 31 76,278 Recognized and classified as: Non-current receivables from sale of investments 48,118 Current receivables from sale of investments 28,160 After the end of the reporting period, Opera and the counterparty agreed to settle the receivable by Opera receiving Series C preferred shares in OPay with an estimated fair value of US$77.4 18 Star X On April 21, 2022, X X, US$83.5 US$28.4 2022, two December 31st 2023 2024, no The receivable was classified as subsequently measured at amortized cost. In 2022, US$1.3 2022. [US$ thousands] Year ended December 31, 2022 Initial recognition at fair value 83,468 Interest income 1,285 Installment (28,379 ) Carrying amount as of December 31 56,374 Recognized and classified as: Non-current receivables from sale of investments 28,187 Current receivables from sale of investments 28,187 For disclosure purposes, the fair value of the receivable was estimated using a present value technique where contractual cash flows were discounted using a risk-adjusted discount rate. The discount rate was based on the current yield on 2 December 31, 2022. December 31, 2022, US$54.6 US$1.7 3 Other Current Receivables and Prepayments The tables below specify the items of other receivables and prepayments. As of December 31, [US$ thousands] 2021 2022 Value added tax 1,525 1,472 Unsettled trades (Note 14) 15,462 12,993 Other 1,551 2,783 Total other current receivables 18,538 17,247 As of December 31, [US$ thousands] 2021 2022 Prepaid equipment 1,073 - Prepaid corporate income taxes 4,485 421 Other prepaid expenses 3,635 3,511 Total prepayments 9,192 3,932 |
Note 14 - Lease Liabilities and
Note 14 - Lease Liabilities and Other Loans | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 14. Lease Liabilities and Other Loans Total lease liabilities and other loans are summarized below. As of December 31, [US$ thousands] 2021 2022 Non-current lease liabilities 1,925 4,723 Non-current interest-bearing loans 155 - Total non-current lease liabilities and other loans 2,081 4,723 Current lease liabilities 3,449 2,840 Current interest-bearing loans 7,784 146 Other current loans 194 126 Total current lease liabilities and other loans 11,427 3,112 Total lease liabilities and other loans 13,508 7,836 As of December 31, 2021, 2022, one 60 June 2023. 2023 December 31, 2022. As of December 31, 2021, US$7.5 3. 2022 December 31, 2021, See Note 16 Leases Opera is the lessee for leases of property, data centers, servers and other equipment used in its operations. The Statement of Financial Position has the following amounts relating to leases. As of December 31, [US$ thousands] 2021 2022 Right-of-use assets: Office properties (Note 10) 4,171 6,307 Equipment (Note 10) 1,070 1,157 Total right-of-use assets 5,241 7,464 Lease liabilities: Non-current lease liabilities 1,925 4,723 Current lease liabilities 3,449 2,840 Total lease liabilities 5,374 7,564 Additions to and remeasurements of the right-of-use assets during 2022 US$5.9 2021: US$2.7 The Statement of Operations has the following amounts relating to leases. Year ended December 31, [US$ thousands] 2021 2022 Depreciation expense of right-of-use assets classified as property 2,407 2,047 Depreciation expense of right-of-use assets classified as equipment 2,347 1,636 Interest expense (included in finance expense) 266 242 Expense relating to short-term leases (included in other operating expenses) 2,104 2,609 Foreign exchange (gain) loss 277 (103 ) Total lease-related expenses 7,400 6,431 The total cash outflow for leases in 2022 US$6.2 2021: US$7.5 2020: US$7.6 Lease contracts are typically made for fixed periods of 6 months up to 7 years but may may may not To determine the incremental borrowing rate, which was the basis on which lease payments were discounted, management used the rate in recent third third not third Extension and Termination Options Extension and termination options are included in a number of property and equipment leases. These are used to maximize operational flexibility in terms of managing the assets used in Opera’s operations. The majority of extension and termination options held are exercisable only by Opera and not Guarantee A guarantee has been made by Opera in favor of Dell Bank International d.a.c. (Dell) as a security for all present and future lease liabilities of Opera (as the lessee) to Dell. This guarantee is limited to a principal amount of NOK 100.0 million, equal to US$10.2 2022, January 17, 2027. Changes in Liabilities Arising from Financing Activities The table below specifies changes in liabilities arising from financing activities. [US$ thousands] Non-current lease liabilities Non-current interest- bearing loans Current lease liabilities Current interest- bearing loans Other current loans Total As of January 1, 2021 3,094 490 4,707 311 371 8,973 Net cash flows (1,836 ) (33 ) (3,283 ) (311 ) (154 ) (5,617 ) Change in credit facility - - - 7,483 - 7,483 New and modified leases 667 - 2,025 - - 2,692 Other changes (1) - (301 ) - 301 (23 ) (23 ) As of December 31, 2021 1,925 155 3,449 7,784 194 13,508 Net cash flows (353 ) (9 ) (3,484 ) (301 ) (68 ) (4,216 ) Change in credit facility - - - (7,483 ) - (7,483 ) New and modified leases 3,151 - 2,875 - - 6,027 Other changes (1) - (146 ) - 146 - - As of December 31, 2022 4,723 - 2,840 146 126 7,836 ( 1 "Other changes" includes the effect of reclassification of the non-current portion of liabilities to current due to the passage of time and the effect of accrued but not |
Note 15 - Trade and Other Payab
Note 15 - Trade and Other Payables, and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | 15. Trade and Other Payables, and Other Current Liabilities The table below specifies the items of trade and other payables. As of December 31, [US$ thousands] 2021 2022 Trade payables due to third party suppliers 32,506 40,031 Trade and other payables due to related parties (Note 18) 1,505 4,125 Employee withholding tax 1,737 1,618 Value added tax 1,648 768 Payroll tax (1) 982 394 Total trade and other payables 38,378 46,937 ( 1 Includes accruals for social security costs related to share-based remuneration. The table below specifies the items of other current liabilities. As of December 31, [US$ thousands] 2021 2022 Accrued personnel expenses 11,793 11,586 Unsettled trades (Note 3) 6,931 - Other current liabilities 401 567 Total other current liabilities 19,125 12,152 For a schedule of maturities for trade and other payables, and other current liabilities, see Note 16. |
Note 16 - Financial Instruments
Note 16 - Financial Instruments - Fair Values and Risk Management | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of fair value of financial instruments [text block] | 16. Financial Instruments Fair Values and Risk Management The following table shows the carrying amounts of financial assets and financial liabilities. As of December 31, [US$ thousands] 2021 2022 Financial assets at amortized cost: Receivables from sale of investments (Note 13) - 56,374 Trade receivables (Note 13) 43,864 57,923 Other receivables (Note 13) (1) 20,518 18,993 Total financial assets at amortized cost 64,382 133,290 Financial assets at fair value through profit or loss: Receivables from sale of investments (Note 13) - 76,278 Unlisted preferred and ordinary shares (Note 12) (2) 168,965 86,997 Listed equity securities (Note 3) (3) 78,135 66,250 Total financial assets at fair value through profit or loss 247,100 229,525 Total financial assets 311,482 362,815 Financial liabilities at amortized cost: Lease liabilities and other loans (Note 14) 13,508 7,835 Trade and other payables (Note 15) 38,378 46,937 Other financial liabilities 19,148 12,220 Total financial liabilities at amortized cost 71,409 66,992 Total financial liabilities 71,409 66,992 ( 1 In the Statement of Financial Position, other non-current receivables are presented as part of non-current investments and financial assets while other current receivables are presented separately. ( 2 As of December 31, 2022, US$86.1 US$0.9 December 31, 2021, US$84.6 US$0.9 2022, X, US$83.5 December 31, 2021. 12 ( 3 Investments in listed equity securities are presented as marketable securities in the Statement of Financial Position. Fair Values of Financial Instruments The fair values of cash and cash equivalents, trade and other 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 differences between the carrying amounts and fair values are not Fair values of listed equity securities were determined by reference to published price quotations in active markets. As such, the fair value measurement of marketable securities held as of December 31, 2021, 2022, 1 Note 12 X 13 X. Financial Risk Management - Overview The financial assets and financial liabilities held by Opera create exposure to market risk, liquidity risk and credit risk. The management team seeks to minimize potential adverse effects of these risks through sound business practices and risk management. The board of directors, together with senior management, is involved in the risk assessment process. Opera has not Market Risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Opera is exposed to three Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Opera’s exposure to interest risk is limited because financial liabilities have fixed interest rates and future interest payments on these will thus not not X. Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Opera is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables, and payables are denominated and the respective functional currencies of Group companies. Most of the revenue is denominated in U.S. dollars and Euro, while operating expenses are incurred in a wider specter of currencies, including the Norwegian krone, Chinese renminbi, Polish zloty, Swedish krona, British pound, and the Euro. The functional currency of revenue-generating entities in the Group is primarily the U.S. dollar. Management is closely monitoring Opera’s exposure to foreign currency risk and seeks to minimize its exposure to such risk. Opera’s exposure to foreign currency risk related to cash is limited. In addition to transactional foreign currency risk, Opera is exposed to foreign currency translation risk arising from financial and non-financial items held by subsidiaries with functional currencies that are different from U.S. dollars, which is the presentation currency for the consolidated financial statements. Opera seeks to minimize this risk by limiting funding of subsidiaries to near-term cash needs. Price Risk In addition to the price risk related to Opera’s investments in listed equity instruments, as outlined in Note 3, 12 Liquidity Risk Liquidity risk is the risk that Opera will encounter difficulty in meeting its obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The senior management of Opera is monitoring the exposure to liquidity risk and has adopted a centralized cash pooling process, which enables Opera to manage liquidity surpluses and deficits according to the actual needs at the group and subsidiary level. The liquidity management takes into account the maturities of financial assets and financial liabilities and estimates of cash flows from operations. Opera’s goal is to have a strong liquidity position in terms of available cash and cash equivalents, and short-term investments. In 2022, As of December 31, 2021 Less than 12 months 1 to 3 years Over 3 years Total Non-current: Lease liabilities (Note 14) - 1,944 - 1,944 Interest-bearing loans, including interest (Note 14) - 160 - 160 Other non-current liabilities - - 23 23 Current: Trade and other payables (Note 15) 38,378 - - 38,378 Lease liabilities (Note 14) 3,482 - - 3,482 Interest-bearing loans, including interest (Note 14) 7,793 - - 7,793 Other current liabilities (Note 15) 19,125 - - 19,125 Total financial liabilities, including interest 68,778 2,104 23 70,905 As of December 31, 2022 Less than 12 months 1 to 3 years Over 3 years Total Non-current: Lease liabilities (Note 14) - 2,228 2,973 5,201 Interest-bearing loans, including interest (Note 14) - - - - Other non-current liabilities - - 68 68 Current: Trade and other payables (Note 15) 46,937 - - 46,937 Lease liabilities (Note 14) 3,084 - - 3,084 Interest-bearing loans, including interest (Note 14) 146 - - 146 Other current liabilities (Note 15) 12,152 - - 12,152 Total financial liabilities, including interest 62,319 2,228 3,041 67,588 Credit Risk Credit risk is the risk that a counterparty will not Credit risk is managed on a group basis. Deposits of cash are only made with banks and financial institutions that are considered solvent, resulting in management considering its exposure to credit risk for cash being low. For trade receivables due from customers, the exposure to credit risk is limited by Opera having established maximum payment periods in the range of 30 90 13. In 2022, X, 13. The investment in preferred shares in OPay gives rise to credit risk due to the redemption rights granted to Opera and other holders of preferred shares. The redemption rights entail that if certain defined events occur, such as the failure to complete an IPO within a certain period or material breaches of contractual obligations, Opera (and other investors) can demand repayment of the invested amount plus a return on that investment at a simple annual interest rate of 8%. Holders of preferred shares in OPay will incur credit losses if OPay is unable to honor its potential future redemption obligation. Opera’s management assessed this specific contingent credit risk to be low based the financial position of OPay. The preferred shares are monitored for credit deterioration. Note 12 |
Note 17 - Related Parties
Note 17 - Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 17. Related Parties Set out in the table below are the related parties with which Opera had transactions in the periods included in these consolidated financial statements. Related parties Nature of related party relationship Beijing OFY Co., Ltd. Key management personnel. Kunlun Tech Co., Ltd., and its subsidiaries ("Kunlun") Key management personnel and effective from 2021, 50% Mobimagic Digital Tech. Ltd. Key management personnel. NanoCred Cayman Co., Ltd., and its subsidiaries ("Nanobank") Key management personnel and an associate of Opera from August 2020 March 2022. nHorizon Innovation (Beijing) Software Ltd. and nHorizon Infinite (Beijing) Software Ltd. (collectively "nHorizon") Joint venture of Opera. OPay Ltd., and its subsidiaries ("OPay") Key management personnel and an associate of Opera until mid- 2021. Powerbets Holdings Ltd. Joint venture of Opera until year-end 2020. Qifei International Development Co., Ltd. Entity with significant influence over Opera. Star Group Interactive Inc. ("Star X" Subsidiary of Kunlun and associate of Opera until April 2022. Wisdom Connection III Holding Inc. Entity controlled by former director of Opera and member of key management personnel of Opera's parent. At the time of the transactions disclosed in this note, Opera’s chairman and chief executive officer had control or significant influence over Beijing OFY, Kunlun, Mobimagic Digital Tech, Nanobank, OPay, and Star X. Transactions with Related Parties On April 21, 2022, X US$83.5 US$28.4 2022, two December 31st 2023 2024, no US$83.5 X 2021 2022 not 12 13 On October 17, 2022, US$128.6 no 3. Sales to related parties included the provision of engineering services to Beijing OFY, which was recognized as revenue categorized as technology licensing and other revenue. Moreover, Opera generated advertising revenue from strategic cooperation agreements with nHorizon which entitled nHorizon to 30% of the revenue it generated for Opera. Furthermore, at the end of 2022, US$5.0 US$0 US$0. Opera acquired services from Kunlun, including a lease of office property in Beijing, China, and engineering services. Certain costs that Opera incurs due to being a subsidiary of Kunlun are reimbursed by Kunlun to Opera. Similarly, Opera incurred certain costs related to personnel who were engaged by Star X, X In 2022, not 5 Kunlun provides investment management services to Opera under an investment and management agreement, as disclosed in the section for capital management in Note 3. 2022, US$0.3 2021: US$0 The table below shows transactions with related parties. Transactions with Star X X April 2022 Year ended December 31, [US$ thousands] 2020 2021 2022 Sales of goods and services: Beijing OFY 543 1069 256 Kunlun - - 1,055 Mobimagic Digital Tech 496 - - Nanobank 693 - - nHorizon 133 456 543 OPay 13,819 - - Purchases of goods and services: Kunlun (2,367 ) (2,207 ) (5,737 ) Mobimagic Digital Tech (9,719 ) - - Nanobank (23,007 ) - - nHorizon - - (1,777 ) Other transactions: Qifei International Development Co. Ltd. - Repurchase of shares - - 128,563 Kunlun - Share-based payment expense (Note 5) - - 1,865 - Sale of shares in Star X (Note 13) - - 83,468 - Interest income on receivable from sale of Star X (Note 13) - - 1,285 Nanobank - Contribution of subsidiaries and receivables (Note 12) 264,936 - - See Note 5 Balances with Related Parties Outstanding balances with related parties include trade receivables and payables related to the transactions disclosed above. Outstanding balances also include a receivable due from Wisdom Connection III Holding Inc. from a sale of shares in OPay in 2019. As of December 31, 2021 As of December 31, 2022 [US$ thousands] Receivables Payables Receivables Payables Beijing OFY 46 - - - Kunlun (1) 781 (794 ) 57,700 (3,516 ) nHorizon 734 (571 ) 32 (483 ) OPay 589 (140 ) 589 (126 ) Wisdom Connection III Holding 500 - 500 - Total 2,650 (1,505 ) 58,821 (4,125 ) ( 1 Of the total amount of receivables due from Kunlun as of December 31, 2022, X US$56.4 As of December 31, 2022, US$101 December 31, 2021: US$40 |
Note 18 - Events After the Repo
Note 18 - Events After the Reporting Period | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 18. Events After the Reporting Period On January 12, 2023, US$0.80 January 30, 2023. 3. January 31, 2023, 15 US$59.0 US$74.0 February As a consequence of the dividend, non-exercised RSU grants in Opera were adjusted with the dividend yield, resulting in an increase of 218,020 RSUs. On February 27, 2023, 2023 2026. 2023, 2024, 2025 2026. February 27, 2023, In February 2023, third second 2026. third 2024, 2023 2024 US$1.1 December 31, 2022. US$4.9 As of March 31, 2023, 2023 US$2.5 3. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Discloure of Significant Accounting Policies | |
Disclosure of basis of preparation of financial statements [text block] | Basis of Preparation The consolidated financial statements of Opera Limited and its subsidiaries (collectively, Opera or the Group) have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The board of directors of Opera Limited (the Company or the Parent) authorized the consolidated financial statements for issue on April 20, 2023. The consolidated financial statements have been prepared on a historical cost basis, except for investments in equity securities, preferred shares, and certain receivables from sale of investments, which are measured at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, Opera considers the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. The consolidated financial statements are presented in U.S. dollars (US$) and all amounts are rounded to the nearest thousand ( US$000 may In these consolidated financial statements, Opera has changed the presentation of the accumulated cost of treasury shares. The par value of treasury shares purchased is debited to share capital, similar to the treatment in prior consolidated financial statements, but the premium to par value, which previously was debited to other paid in capital, is shown as a separate component for treasury shares. Comparative information has been adjusted accordingly. The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgment in applying Opera’s accounting policies. Significant accounting estimates, judgments and assumptions are disclosed in Note 2. |
Description of accounting policy for new standards, interpretations, and amendments [text block] | New Standards, Interpretations, and Amendments The accounting policies applied in the preparation of these consolidated financial statements are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2021. first 2022, not 10 28 not not None not |
Description of accounting policy for consolidation [text block] | Basis of Consolidation The consolidated financial statements comprise the financial statements of Opera Limited and entities it controls. Control is achieved when Opera is exposed, or has rights, to variable returns from its involvement with an investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights results in control. If Opera loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest, and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value, including any retained interest in a former subsidiary comprising a business that is sold or contributed to an equity-accounted investee. |
Description of accounting policy for foreign currency translation [text block] | Foreign Currencies Items included in the financial statements of the Parent and its subsidiaries are measured using the currency of the primary economic environment in which the entities operate, i.e., their functional currency. The consolidated financial statements are presented in U.S. dollars, which is also the functional currency of the Parent. Foreign currency transactions are recognized at their respective functional currency spot rate at the date the transaction first The assets and liabilities of entities within the Group with functional currencies other than U.S. dollars are translated into U.S. dollars using the currency exchange rates at the reporting date. Income and expense items are translated at average currency exchange rates for the respective period. The overall foreign currency impact from translating assets, liabilities, income, and expenses to U.S. dollars is recognized in the Statement of Comprehensive Income as Exchange differences on translation of foreign operations. |
Description of accounting policy for recognition of revenue [text block] | Revenue Revenue is income arising in the course of Opera’s ordinary activities. Opera generates revenue from the provision of search, advertising, technology licensing and related services. Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which Opera expects to be entitled in exchange for those goods or services. Search Search revenue is generated when a user conducts a qualified search using a search partner (such as Google or Yandex) through the built-in combined address and search bar provided in Opera’s PC and mobile browsers, or when otherwise redirected to the search partner via browser functionality. Search revenue is recognized in the period the qualified search occurs based upon the contractually agreed revenue share amount. Advertising Advertising revenue is generated by delivering advertising on Opera’s PC and mobile browsers, including predefined bookmarks (Speed Dials), on Opera News, and on Opera network partners’ properties. Advertising revenue also includes income from all other user-generated activities other than search revenue, such as subscriptions to services that are provided by Opera or its partners. Advertising revenue is recognized when the advertising service is delivered based on the specific terms of the underlying contract, which is commonly based on when the ad is displayed, or a user views the ad. For ads placed on properties of network partners, Opera is the principal because Opera controls the advertising inventory before it is transferred to its customers. Opera’s control is evidenced by its sole ability to monetize the advertising inventory before it is transferred to its customers and is further supported by Opera being primarily responsible to its customers and having a level of discretion in establishing pricing. As the principal, advertising revenues for ads placed on Opera network properties are reported on a gross basis, that is, the amounts billed to our customers are recorded as revenues, and amounts paid to Opera network partners are recorded as cost of inventory sold. Technology licensing and other revenue Technology licensing and other revenue include income from the sale of software and licenses to GameMaker Studio, a platform for developing games. Revenue from these transactions is recognized on completion of the performance obligation, which is typically on delivery of the software and licenses, at which time control has passed to the buyer. Technology licensing and other revenue also include income from the provision of engineering services, such as integrations of customers’ products and services with Opera’s browsers. Revenue from distinct engineering services is recognized over the development period in line with the degree of completion. |
Description of accounting policy for other income [text block] | Other Operating Income Other operating income arises from transactions and events that are unrelated to Opera’s ordinary activities. Other operating income includes gains on disposals of property, equipment, intangible assets, and subsidiaries. Other operating income also includes government grants related to income. |
Description of accounting policy for personal expenses [text block] | Personnel Expenses Including Share-based Remuneration Personnel expenses, other than share-based payments to employees, include short-term employee benefits, such as wages, salaries, and social security contributions, paid annual leave and paid sick leave, performance-based bonuses, and non-monetary benefits. These personnel expenses are recognized at the undiscounted amount due to the employees or the de-facto employees when these have rendered service to Opera or when the liability otherwise arises. Opera also pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual, or voluntary basis. Opera has no Opera has established an employee equity plan to provide long-term incentives for its employees, whereby employees render services as consideration for equity instruments. Equity awards granted under the plan are classified as equity-settled transactions. Effective from 2022, not not The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in Note 5. |
Description of accounting policy for income tax [text block] | Income Taxes The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted for changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where Opera operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. Opera measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. The amount of deferred tax provided is based on the expected manner of realization or settlement of the underlying items, using tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is only recognized to the extent that it is probable that future taxable profits will allow the deferred tax asset to be realized. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realized simultaneously. |
Description of accounting policy for discontinued operations [text block] | Discontinued Operations A discontinued operation is a component of Opera that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The profit or loss of discontinued operations is presented separately in the Statement of Operations. The Statement of Cash Flows, which is prepared based on the indirect method, reflects the cash flows of discontinued operations up to the date of disposal. Items of working capital, such as receivables and payables, that are disposed of as part of discontinued operations, are eliminated from the balance sheet changes to such items in the reconciliation of profit to cash flows from operating activities. The amount of cash and cash equivalents in subsidiaries disposed of is presented as a cash outflow within investing activities. |
Description of accounting policy for government grants [text block] | Government Grants Government grants are recognized when there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. Government grants that relate to the development of technology are deducted in arriving at the carrying amount of the asset, while grants that compensate Opera for expenses are recognized as other operating income in the Statement of Operations. |
Description of accounting policy for property, plant and equipment [text block] | Property and Equipment Property and equipment, which include right-of-use assets acquired under leases, are recognized at cost, less accumulated depreciation, and impairment losses. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the remaining lease term, whichever is shorter. The estimated useful lives of the separate categories of property and equipment are outlined in Note 10. Useful lives, residual values and the depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate. At the end of each reporting period, property and equipment are assessed for any indications of impairment. If there are indications implying that an asset may |
Description of accounting policy for intangible assets other than goodwill [text block] | Intangible Assets Intangible assets are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their useful lives and assessed for impairment whenever there is an indication that the intangible assets may 11. Goodwill and other intangible assets that have indefinite useful lives are not Research costs are expensed as incurred, while development costs are recognized as intangible assets when Opera can demonstrate: ● the technical feasibility of completing the intangible asset so that it will be available for use or sale; ● its intention to complete the intangible asset and use or sell it; ● its ability to use or sell the intangible asset; ● how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset; ● the availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset; and ● its ability to measure reliably the expenditure attributable to the intangible asset during its development. The cost of developing new features, together with significant and pervasive improvements of core platform functionality, that meet the criteria above for development activities are capitalized as separate assets or as additions to existing assets. Expenditures related to product maintenance, such as “bug fixes”, updates needed to comply with changes in laws and regulations, or updates needed to keep pace with the latest trends, are expensed in the period they are incurred. |
Description of accounting policy for business combinations [text block] | Business Combinations and Goodwill Business combinations, except those occurring under common control, are accounted for using the acquisition method when Opera obtains control over the acquired business. The consideration transferred in the acquisition, including any contingent consideration, is measured at fair value on the acquisition date, as are the identifiable assets acquired and liabilities assumed. Acquisition-related costs are expensed as incurred. Goodwill is measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held, over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is from the acquisition date allocated to Opera’s cash-generating units (CGUs) that are expected to benefit from the acquisition in which the goodwill arose. |
Description of accounting policy for impairment of assets [text block] | Impairment of Non-financial Assets Goodwill and intangible assets that have an indefinite useful life are not may not |
Description of accounting policy for investment in associates and joint ventures [text block] | Interests in Equity-accounted Investees Equity-accounted investees include investments in associates and joint ventures. An associate is an entity over which Opera has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but not Investments in associates and joint ventures are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost and adjusted thereafter to recognize Opera’s share of the post-acquisition profits or losses of the investee in the Statement of Operations, and Opera’s share of movements in other comprehensive income of the investee in the Statement of Comprehensive Income. Upon loss of control of a subsidiary that constitutes a business with a retained interest that is an investment in an associate or joint venture, the retained interest is remeasured at its fair value and this fair value becomes the cost on initial recognition of the investment in the associate or joint venture. On acquisition of the investment in an associate or joint venture, Opera identifies and values assets and liabilities of the investee, as if it had acquired a business. While these fair value adjustments are not not Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of Opera’s interest in the investee. However, in the acquisition of a business from an equity-accounted investee, Opera does not When Opera’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest, including any long-term interests that in substance form part of its net investment, is reduced to zero, and the recognition of further losses is discontinued. However, additional losses are provided for, and a liability is recognized, to the extent that Opera has incurred legal or constructive obligations or has made payments on behalf of the investee. |
Description of accounting policy for financial assets [text block] | Financial Assets Classification On initial recognition, Opera classifies financial assets as subsequently measured at amortized cost or fair value through profit or loss. The classification depends on Opera’s business model for managing the financial assets and the contractual terms of the cash flows. Opera did not Recognition and Derecognition Purchases and sales of publicly traded securities are recognized on trade date, being the date on which Opera commits to purchase or sell the asset. Receivables and payables due from and to brokers for unsettled sales and purchases of securities are recognized in the Statement of Financial Position as other current receivables and other current liabilities, respectively. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and Opera has transferred substantially all the risks and rewards of ownership. When the terms and conditions of a contract underlying a financial asset are changed, Opera performs a quantitative and qualitative evaluation of whether the modification is substantial, that is, whether the cash flows of the original financial asset and the modified or replacement financial asset are substantially different. When the cash flows are substantially different, the contractual rights to cash flows from the original financial asset are deemed to have expired. The quantitative and qualitative evaluation considers the changes to the terms of the contract, including whether those give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Measurement Trade receivables that do not not Subsequent measurement of debt instruments depends on Opera’s business model for managing the asset and the cash flow characteristics of the asset. There are two ● Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in the Statement of Operations together with foreign exchange gains and losses. Impairment losses are presented as credit loss expenses. ● Fair value through profit or loss (FVTPL): Assets that do not All equity investments are subsequently measured at fair value through profit or loss. Management has not Impairment Opera recognizes an allowance for expected credit losses (ECLs) for all debt instruments not For trade receivables, Opera applies a simplified approach in calculating ECLs. Under the simplified approach, Opera does not no |
Description of accounting policy for assets or disposal groups classified as held for sale [text block] | Assets Held for Sale Opera classifies non-current assets as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. For a sale to be highly probable, actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell, except for financial assets held for sale, which continue to be measured in accordance with the accounting policies for such assets, as outlined above. Once classified as held for sale, investments in associates and joint ventures are no |
Description of accounting policy for leases [text block] | Leases At inception of a contract, Opera assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of the lease (i.e., the date the underlying asset is available for use), Opera recognizes a lease liability and a right-of-use asset. The lease liability is initially measured at the present value of the lease payments to be made over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Opera’s incremental borrowing rate. Generally, Opera uses its incremental borrowing rate as the discount rate. The lease payments include: ● fixed payments (and payments that are fixed in substance) less any lease incentives; ● variable lease payments that depend on an index or a rate; ● amounts expected to be paid under residual value guarantees; and ● the exercise price of any purchase option reasonably certain to be exercised by Opera, and payments of penalties for terminating a lease, if the lease term reflects management’s expectation of exercising the option to terminate. Variable lease payments that do not After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments), or a change in the assessment of an option to purchase the underlying asset. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to Opera by the end of the lease term or the cost of the right-of-use asset reflects that Opera will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset will be reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Lease payments on short-term leases of office properties and equipment, and leases of office equipment of low value are recognized as expenses on a straight-line basis over the lease term. |
Description of accounting policy for financial liabilities [text block] | Financial Liabilities All financial liabilities are recognized initially at fair value and, in the case of loans, borrowings and payables, net of directly attributable transaction costs. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the Statement of Operations over the period of the borrowings using the effective interest method. A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in the Statement of Operations. Financial liabilities are classified as current liabilities unless Opera has an unconditional right to defer settlement of the liability for at least 12 |
Description of accounting policy for provisions [text block] | Provisions A provision is recognized when Opera has a present legal or constructive obligation because of a past event, it is probable that a future outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. |
Description of accounting policy for treasury shares [text block] | Treasury Shares Treasury shares are shares in the Parent that are reacquired by Opera. Treasury shares are recognized at cost and deducted from equity. No |
Note 3 - Corporate Informatio_2
Note 3 - Corporate Information and Group Composition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of gain (loss) on trading securities [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 Listed equity securities: Realized net gain (loss) 12,910 (11,201 ) (18,375 ) Change in unrealized net gain (loss) - (11,696 ) 34,321 Listed equity securities sold short: Realized net gain (loss) - 17,123 - Change in unrealized net gain (loss) - - - Equity derivatives: Realized net gain (loss) 10 830 - Change in unrealized net gain (loss) 113 - - Net gain (loss) on investment portfolio 13,033 (4,944 ) 15,946 |
Disclosure of detailed information about business combination [text block] | [US$ thousands] Fair value recognized on acquisition Assets: Intangible assets (technology) 331 Property and equipment (equipment) 37 Right-of-use assets (property) 234 Trade receivables 131 Prepayments 8 Cash 481 Liabilities: Lease liabilities 234 Deferred tax liabilities 48 Trade payables 102 Income tax payable 63 Other current liabilities 67 Total identifiable net assets at fair value 708 Goodwill arising on acquisition 8,792 Cash consideration transferred 9,500 |
Disclosure of discontinued operations [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 Revenue 136,246 - - Expenses (147,822 ) (1,053 ) - Profit (loss) before income tax (11,576 ) (1,053 ) - Income tax benefit (expense) 1,950 237 - Profit (loss) after income tax (9,626 ) (816 ) - Gain on sale of the subsidiary after income tax 151,368 - - Profit (loss) from discontinued operation 141,742 (816 ) - Exchange differences on translation of discontinued operations (1,802 ) - - Other comprehensive loss from discontinued operations (1,802 ) - - Year ended December 31, [US$ thousands] 2020 2021 2022 Net cash flow from discontinued operating activities 65,806 - - Net cash flow used in discontinued investing activities (576 ) - - Net cash flow used in discontinued financing activities (44,711 ) - - Net change in cash and cash equivalents 20,518 - - Year ended December 31, [Net income per ADS and share in US$] 2020 2021 2022 Basic earnings from discontinued operations per ADS 1.21 (0.01 ) - Diluted earnings from discontinued operations per ADS 1.19 (0.01 ) - Basic earnings from discontinued operations per share 0.60 (0.00 ) - Diluted earnings from discontinued operations per share 0.60 (0.00 ) - |
Disclosure of gain (loss) on loss of control of discontinued operation [text block] | [US$ thousands] As of August 19, 2020 Fair value of shares in Nanobank 264,936 Less: Carrying amount of net assets disposed of 22,766 Less: Carrying amount of TenSpot Pesa Limited receivables transferred to Nanobank 87,867 Gain on sale before income tax and reclassification of foreign currency translation reserve 154,304 Reclassification of foreign currency translation reserve (2,936 ) Income tax expense on gain - Gain on sale after income tax 151,368 |
Note 4 - Segment and Revenue _2
Note 4 - Segment and Revenue Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 Revenue from contracts with customers: Search 84,180 121,961 140,162 Advertising 71,292 123,870 187,405 Technology licensing and other revenue - 2,182 789 Total revenue 155,472 248,013 328,356 Direct expenses: Technology and platform fees (3,315 ) (3,899 ) (4,103 ) Content cost (4,312 ) (3,712 ) (3,834 ) Cost of inventory sold - (5,506 ) (46,650 ) Other cost of revenue 140 - - Marketing and distribution expenses (47,042 ) (120,385 ) (114,522 ) Credit loss expense (568 ) (557 ) (1,436 ) Total direct expenses (55,097 ) (134,059 ) (170,545 ) Contribution by segment 100,375 113,954 157,811 Year ended December 31, [US$ thousands] 2020 2021 2022 Revenue from contracts with customers: Advertising 216 40 29 Technology licensing and other revenue 9,368 2,937 2,652 Total revenue 9,584 2,978 2,681 Direct expenses: Technology and platform fees - (573 ) (1 ) Cost of inventory sold (700 ) (1 ) - Other cost of revenue (3,925 ) - - Marketing and distribution expenses (818 ) (559 ) (466 ) Credit loss expense (1,281 ) - 49 Total direct expenses (6,724 ) (1,132 ) (418 ) Contribution by segment 2,860 1,846 2,263 |
Reconciliation of contribution by segment to net income (loss) [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 Contribution by segments 103,235 115,800 160,073 Other operating income 11,542 466 469 Personnel expenses, including share-based remuneration (1) (59,977 ) (74,450 ) (74,588 ) Credit loss expense related to divested joint venture (10,476 ) - - Depreciation and amortization (20,234 ) (19,600 ) (13,939 ) Impairment of non-financial assets - (5,624 ) (3,194 ) Other operating expenses (1) (26,538 ) (22,802 ) (27,015 ) Share of net income (loss) of equity-accounted investees 2,005 (29,376 ) (6 ) Impairment of equity-accounted investee - (115,477 ) - Fair value gain on investments 24,000 116,561 1,500 Finance income 13,633 123 21,454 Finance expenses (516 ) (6,912 ) (39,729 ) Foreign exchange gain (loss) 833 (1,814 ) (1,157 ) Profit (loss) before income taxes from continuing operations 37,507 (43,106 ) 23,870 |
Disclosure of disaggregation of revenue from contracts with customers [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 United States 86,226 144,570 172,288 Russia 15,239 16,156 20,288 Other locations 63,591 90,264 138,460 Total revenue 165,056 250,991 331,037 Year ended December 31, [US$ thousands] 2020 2021 2022 Customer group 1 76,184 128,650 148,481 Customer group 2 16,281 18,494 29,418 |
Disclosure of other operating income [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 Gain from disposal of subsidiaries 5,289 - - Gain from divestment of joint venture 2,063 - - Government granted VAT refund 4,030 - - Other items 160 466 469 Total other operating income 11,542 466 469 |
Note 5 - Personnel Expenses, _2
Note 5 - Personnel Expenses, Including Share-based Remuneration (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of personnel expenses including share-based remuneration [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 Salaries, including bonuses 40,301 43,440 43,235 Social security contribution, excluding amounts related to share-based remuneration 4,624 5,371 5,222 External temporary hires 7,090 8,617 10,318 Defined contribution pension expense 3,279 4,477 4,752 Other personnel-related expenses 2,103 2,080 1,758 Total personnel expenses, excluding share-based remuneration 57,397 63,984 65,285 Share-based remuneration, including related social security contribution 4,706 10,466 9,304 Total personnel expenses, including share-based remuneration 62,103 74,450 74,588 |
Disclosure of research and development expense [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 Total research and development costs 38,736 44,055 50,537 Less: Capitalized development costs excluded from personnel expenses (Note 11) 7,110 4,862 6,825 Net expensed research and development costs 31,626 39,193 43,713 |
Disclosure of information about key management personnel [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 Short-term employee benefits 2,032 2,046 2,371 Post-employment and medical benefits 51 60 56 Share-based payment transactions 1,179 1,209 1,488 Total compensation for key management personnel 3,262 3,315 3,914 |
Disclosure of number and weighted average exercise prices of share options and other equity instruments [text block] | Opera: RSUs Opera: Options Kunlun: RSUs (1) Number of RSUs Weighted average grant date fair value (US$) Number of options Weighted average grant date fair value (US$) Number of RSUs Weighted average grant date fair value (US$) Outstanding as of January 1, 2021 1,916,740 6.71 150,000 2.36 - - Granted during the year 1,990,825 10.35 40,000 5.62 - - Forfeited during the year (154,700 ) 8.02 (90,000 ) 2.65 - - Exercised during the year (1,086,340 ) 5.84 - - - Outstanding as of December 31, 2021 2,666,525 9.71 100,000 3.40 - - Granted during the year - - - - 3,275,000 1.22 Forfeited during the year (82,500 ) 9.97 - - (350,000 ) 1.22 Exercised during the year (798,750 ) 9.25 - - - - Expired during the year - - - - - - Outstanding as of December 31, 2022 1,785,275 9.90 100,000 3.40 2,925,000 1.22 |
Disclosure of indirect measurement of fair value of goods or services received, other equity instrument granted during period [text block] | Opera 2021 RSU grants Opera 2021 option grants Kunlun 2022 RSU grants Equity unit price valuation (US$) 10.49 10.48 2.88 Model Used Monte Carlo Black-Scholes Black-Scholes Expected Volatility (%) (1), (2) 66.55 % 68.10 % 25.47 % Risk free interest rate (%) (1) 0.22 % 0.46 % 2.18 % Duration of initial simulation period (years to longstop date) 3.23 3.02 N/A Duration of second simulation period with postponed exercise (years) 3.00 3.00 N/A Exercise price 0.00 0.00 1.77 Fair value at the measurement date (US$) 10.35 4.96 1.22 |
Note 6 - Other Operating Expe_2
Note 6 - Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of other expenses by nature [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 Hosting 8,056 7,647 9,267 Audit, legal and other advisory services (1) 10,863 6,579 6,857 Software license fees 1,882 1,782 2,149 Rent and other office expenses 3,318 3,152 3,743 Travel 1,304 542 1,496 Other expenses 2,774 3,101 3,502 Total other operating expenses 28,197 22,802 27,015 |
Note 7 - Finance Income and F_2
Note 7 - Finance Income and Finance Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about finance income (cost) [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 Finance income: Interest income 326 35 1,675 Interest income on receivables from sales of investments (Note 13) - - 3,675 Net gain on investment portfolio (Note 3) 13,033 - 15,946 Other finance income 275 88 157 Total finance income 13,633 123 21,454 Finance expenses: Interest expense (447 ) (316 ) (282 ) Net loss on investment portfolio (Note 3) - (4,944 ) - Fair value loss on receivable from sale of investment (Note 13) - - (37,923 ) Other finance costs (69 ) (1,652 ) (1,524 ) Total finance expenses (516 ) (6,912 ) (39,729 ) Foreign exchange gain (loss): Unrealized foreign exchange gain (loss) 2,365 (494 ) (1,512 ) Realized foreign exchange gain (loss) (1,532 ) (1,320 ) 355 Total foreign exchange gain (loss) 833 (1,814 ) (1,157 ) Net finance income (expense) 13,950 (8,603 ) (19,432 ) |
Note 8 - Income Tax (Tables)
Note 8 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Major components of tax expense (income) [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 Current income taxes 1,983 (4,109 ) (7,434 ) Currency effect on income tax expense (1) (1,272 ) 852 141 Deferred taxes 1,164 3,452 (1,542 ) Income tax benefit (expense) 1,876 194 (8,835 ) Income tax benefit (expense) attributable to: Profit (loss) from continuing operations (75 ) (43 ) (8,835 ) Profit (loss) from discontinued operations 1,950 237 - |
Reconciliation of accounting profit multiplied by applicable tax rates [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 Profit (loss) from continuing operations before income tax expense 37,507 (43,106 ) 23,870 Tax benefit (expense) at nominal tax rate in Norway (8,252 ) 9,483 (5,251 ) Effect of different tax rates applied by subsidiaries (21,162 ) (44,059 ) (30,624 ) Permanent differences: Tax effect of translation differences exempted for tax 99 358 (320 ) Tax effect of financial items exempted from tax 20,143 35,961 32,511 Tax effects of losses in associates and joint ventures which are non-deductible (2,200 ) (35 ) - Withholding taxes (paid) credited (271 ) (324 ) 299 Net other permanent differences (not) tax deductible 9,713 (2,008 ) (3,585 ) Other effects: Change in income tax losses carried forward 246 (227 ) (462 ) Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods 670 852 141 Change in withholding taxes and restricted interest deduction carried forward 952 147 (1,564 ) Change in tax rate (14 ) (190 ) 21 Income tax expense for the year (75 ) (43 ) (8,835 ) Effective tax rate 0.2 % (0.1 )% 37.0 % |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | As of December 31, [US$ thousands] 2021 2022 Property, equipment, and intangible assets 20,948 20,466 Trade receivables (337 ) (300 ) Intercompany interest costs subject to limitations (9,710 ) (8,066 ) Withholding tax expected to be credited (credit method) (166 ) (216 ) Tax losses carried forward (5,818 ) (5,399 ) Other (709 ) (606 ) Net deferred tax liability 4,209 5,878 Recognized and classified as: Deferred tax assets 2,323 1,473 Deferred tax liabilities 6,532 7,352 |
Disclosure of changes in deferred taxes [text block] | Year ended December 31, [US$ thousands] 2021 2022 Net deferred tax liability as of January 1 7,362 4,209 Addition from business combination (Note 3) 48 - Expense (benefit) in the Statement of Operations (3,452 ) 1,542 Expense (benefit) in the Statement of Comprehensive Income 251 127 Net deferred tax liability as of December 31 4,209 5,878 |
Note 9 - Net Income Per Share (
Note 9 - Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | Year ended December 31, [US$ thousands, except per ADS and share amounts] 2020 2021 2022 Profit (loss) from continuing operations 37,432 (43,149 ) 15,035 Profit (loss) from discontinued operations 141,742 (816 ) - Net income (loss) attributable to the owners of the parent for basic and diluted earnings 179,174 (43,964 ) 15,035 Basic and diluted weighted-average number of ordinary shares in the period: (1) Issued ordinary shares at beginning of period 237,826,326 228,285,684 230,291,732 Effect of shares issued 1,889,770 2,165,283 1,580,952 Effect of shares bought to treasury (Note 3) (5,146,244 ) (164,324 ) (12,914,508 ) Basic weighted-average number of ordinary shares in the period 234,569,852 230,286,642 218,958,176 Effect of employee equity grants (2) 2,816,613 - 1,706,927 Diluted weighted-average number of ordinary shares in the period 237,386,466 230,286,642 220,665,102 ADS equivalent of basic weighted-average number of ordinary shares in the period 117,284,926 115,143,321 109,479,088 ADS equivalent of diluted weighted-average number of ordinary shares in the period 118,693,233 115,143,321 110,332,551 Earnings per ADS and per share for profit (loss) from continuing operations: Basic earnings per ADS, US$ 0.32 (0.37 ) 0.14 Diluted earnings per ADS, US$ 0.32 (0.37 ) 0.14 Basic earnings per share, US$ 0.16 (0.19 ) 0.07 Diluted earnings per share, US$ 0.16 (0.19 ) 0.07 Earnings per ADS and per share for net income (loss): Basic earnings per ADS, US$ 1.53 (0.38 ) 0.14 Diluted earnings per ADS, US$ 1.51 (0.38 ) 0.14 Basic earnings per share, US$ 0.76 (0.19 ) 0.07 Diluted earnings per share, US$ 0.75 (0.19 ) 0.07 |
Note 10 - Property and Equipm_2
Note 10 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | [US$ thousands] Office properties Furniture and fixtures Equipment Leasehold improvements Total Cost: As of January 1, 2021 8,250 773 29,705 1,733 40,462 Additions - 13 1,020 2 1,034 Acquisition of a subsidiary (Note 3) 234 4 26 7 271 Adjustments to right-of-use assets 2,029 - 457 - 2,486 Disposals (243 ) (4 ) (2,331 ) (2 ) (2,580 ) Effect of movements in exchange rates (13 ) (4 ) (273 ) (21 ) (310 ) As of December 31, 2021 10,257 782 28,604 1,719 41,363 Additions - 45 3,505 19 3,570 Acquisition of a subsidiary (Note 3) - - - - - Adjustments to right-of-use assets 4,182 - 1,722 - 5,904 Disposals (404 ) - (174 ) - (578 ) Effect of movements in exchange rates 1 (5 ) 137 (15 ) 118 As of December 31, 2022 14,036 822 33,794 1,724 50,377 Depreciation and impairment: As of January 1, 2021 3,917 586 16,670 1,124 22,295 Depreciation 2,407 86 6,440 251 9,184 Disposals (243 ) (2 ) (2,309 ) - (2,554 ) Effect of movements in exchange rates 6 - 153 13 172 As of December 31, 2021 6,086 670 20,955 1,388 29,097 Depreciation 2,047 61 5,016 196 7,321 Disposals (404 ) - (174 ) - (577 ) Effect of movements in exchange rates (1 ) - (100 ) 12 (89 ) As of December 31, 2022 7,728 732 25,696 1,596 35,754 Net book value as of December 31, 2021 4,171 111 7,649 331 12,263 Net book value as of December 31, 2022 6,308 90 8,097 127 14,623 |
Disclosure of detailed information about the estimated useful lives of property, plant and equipment [text block] | Office properties Furniture and fixtures Equipment Leasehold improvements Useful life Up to 7 years Up to 5 years Up to 10 years, or term of lease contract Up to 6 years, or term of lease contract Depreciation method Straight-line Straight-line Straight-line Straight-line |
Note 11 - Goodwill and Intang_2
Note 11 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about intangible assets [text block] | [US$ thousands] Goodwill Customer relationships Technology Trademarks Other intangible assets Total Cost: As of January 1, 2021 424,961 40,732 30,657 70,600 4,448 571,398 Additions (1) - - 4,031 - 5 4,036 Acquisition of a subsidiary (Note 3) 8,792 - 331 - - 9,124 Disposals - - - - (370 ) (370 ) Effect of movements in exchange rates (294 ) - 259 - (5 ) (40 ) As of December 31, 2021 433,459 40,732 35,279 70,600 4,077 584,147 Additions (1) - - 6,789 - 5 6,794 Acquisition of a subsidiary (Note 3) - - - - - - Disposals - - (5,211 ) - - (5,211 ) Effect of movements in exchange rates (933 ) - (275 ) - (52 ) (1,260 ) As of December 31, 2022 432,526 40,732 36,582 70,600 4,031 584,470 Amortization and impairment: As of January 1, 2021 - 12,449 19,999 - 2,035 34,483 Amortization - 2,913 7,381 - 122 10,416 Impairment 3,081 - 1,596 - 947 5,624 Disposals - - - - (223 ) (223 ) Effect of movements in exchange rates - - (169 ) - 12 (157 ) As of December 31, 2021 3,081 15,362 28,807 - 2,893 50,142 Amortization - 2,580 4,014 - 25 6,618 Impairment - - 2,220 - 974 3,194 Disposals - - (5,211 ) - - (5,211 ) Effect of movements in exchange rates - - 224 - 74 298 As of December 31, 2022 3,081 17,942 30,054 - 3,965 55,042 Net book value as of December 31, 2021 430,378 25,370 6,472 70,600 1,185 534,005 Net book value as of December 31, 2022 429,445 22,790 6,528 70,600 66 529,428 |
Disclosure of intangible assets with indefinite and definite useful life [text block] | Goodwill Customer relationships Technology Trademarks Other intangible assets Useful life Indefinite Up to 15 years Up to 5 years Indefinite Up to 5 years Amortization method Straight-line Straight-line Straight-line |
Disclosure of reconciliation of changes in goodwill [text block] | [US$ thousands] Browser and News Other Total Carrying amount as of January 1, 2021 421,578 3,383 424,961 Addition from business combination (Note 3) 8,792 - 8,792 Effect of movements in exchange rates 8 (302 ) (294 ) Impairment - (3,081 ) (3,081 ) Carrying amount as of December 31, 2021 430,378 - 430,378 Effect of movements in exchange rates (933 ) - (933 ) Impairment - - - Carrying amount as of December 31, 2022 429,445 - 429,445 |
Note 12 - Interests in Associ_2
Note 12 - Interests in Associates, Joint Ventures, and Other Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of carrying amounts of investments in associates and joint ventures [text block] | Carrying amount of net investment as of December 31, Investee Nature of ownership interest Ownership interest (1) Classification of investee Basis of accounting for investment 2021 2022 OPay Ordinary and preferred shares 6.44 % Financial asset held for sale (2) FVTPL (3, 5) 84,600 86,100 Nanobank Ordinary shares 0.0 % Associate held for sale (2) FVLCTS (4) 120,311 - Star X Preferred shares 0.0 % Associate held for sale (2) FVTPL (5) 83,468 - nHorizon Ordinary shares 29.09 % Joint venture Equity method 6 - Fjord Bank Ordinary shares 6.09 % Non-current financial asset FVTPL (5) 897 897 Year ended December 31, [US$ thousands] 2021 2022 Carrying amount as of January 1 45,220 84,600 Share of net income (loss) (214 ) - Change in fair value of preferred shares 29,415 1,100 Change in fair value of ordinary shares 29,094 400 Disposal (18,915 ) - Carrying amount as of December 31 84,600 86,100 Year ended December 31, [US$ thousands] 2020 2021 2022 Opera's share in % 29.09 % 29.09 % 29.09 % Opera's share of net income (loss) (535 ) (458 ) (6 ) Opera's share in equity 391 (120 ) - Equity method adjustments 72 126 - Carrying amount as of December 31 463 6 - Reconciliation of carrying amount: Carrying amount as of January 1 963 463 6 Foreign exchange adjustments 35 1 - Share of net income (loss) (535 ) (458 ) (6 ) Carrying amount as of December 31 463 6 - |
Disclosure of sensitivity analysis for equity [text block] | As of December 31, 2021 As of December 31, 2022 [US$ thousands] Key unobservable input Decrease Increase Decrease Increase Discount for lack of marketability (5 percentage points movement) PWERM and OPM (1) 4,700 (4,700 ) 4,768 (4,768 ) Discount rate (2 percentage points movement) PWERM and OPM (1) 1,978 (1,885 ) 2,131 (2,045 ) Current equity value of the company (10% movement) OPM (1) (5,115 ) 5,103 N/A N/A |
Disclosure of investment entities [text block] | [US$ thousands] For the period from August 19, 2020, to December 31, 2020 Period from January 1, 2021, to December 31, 2021 Net revenue and gains 60,935 210,540 Operating expenses (46,121 ) (275,872 ) Profit (loss) before income taxes 14,814 (65,332 ) Income tax expense (14,193 ) (2,438 ) Net income (loss) 621 (67,770 ) Exchange difference on translation of foreign operations (2,227 ) 537 Total comprehensive loss (1,606 ) (67,233 ) Opera's share of net income (loss) 261 (28,700 ) Opera's share of other comprehensive income (loss) (935 ) 227 As of December 31, 2020 2021 Assets, excluding goodwill 254,596 164,006 Goodwill (1) 447,300 447,300 Liabilities 72,702 54,584 Equity 629,194 556,722 |
Note 13 - Trade Receivables, _2
Note 13 - Trade Receivables, Other Receivables, and Prepayments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of trade receivables, prepayments and other receivables [text block] | As of December 31, [US$ thousands] 2021 2022 Trade receivables due from third-party customers 44,510 60,037 Trade receivables due from associates and joint ventures (Note 17) 734 32 Trade receivables due from other related parties (Note 17) 1,417 1,915 Total gross trade receivables 46,661 61,985 Allowance for expected credit losses (2,796 ) (4,062 ) Trade receivables net of loss allowance 43,864 57,923 As of December 31, [US$ thousands] 2021 2022 Value added tax 1,525 1,472 Unsettled trades (Note 14) 15,462 12,993 Other 1,551 2,783 Total other current receivables 18,538 17,247 As of December 31, [US$ thousands] 2021 2022 Prepaid equipment 1,073 - Prepaid corporate income taxes 4,485 421 Other prepaid expenses 3,635 3,511 Total prepayments 9,192 3,932 |
Disclosure of aging of trade receivables [text block] | Past due As of December 31, 2021 Current (not past due) <30 days 30-60 days 61-90 days >91 days Total Weighted-average expected credit loss rate 0.4 % 1.8 % 2.5 % 3.2 % 50.3 % 6.0 % Gross carrying amount 35,717 3,666 1,483 758 5,036 46,661 Loss allowance as of December 31, 2021 135 67 37 24 2,533 2,796 Past due As of December 31, 2022 Current (not past due) <30 days 30-60 days 61-90 days >91 days Total Weighted-average expected credit loss rate 1.3 % 6.8 % 13.3 % 26.2 % 54.0 % 6.6 % Gross carrying amount 51,268 3,203 1,296 1,251 4,966 61,985 Loss allowance as of December 31, 2022 662 218 173 328 2,682 4,062 |
Provision for impairment of trade receivables [text block] | Year ended December 31, [US$ thousands] 2021 2022 Loss allowance as of January 1 7,643 2,796 Loss allowance related to trade receivables due from a former joint venture (6,579 ) - Other changes in the period 1,732 1,366 Effect of movements in exchange rates - (100 ) Loss allowance as of December 31 2,796 4,062 |
Disclosure of receivables [text block] | [US$ thousands] Year ended December 31, 2022 Initial recognition at fair value 120,311 Interest income 2,390 Installment (8,500 ) Carrying amount at time of contract modification 114,201 Fair value loss (37,923 ) Carrying amount as of December 31 76,278 Recognized and classified as: Non-current receivables from sale of investments 48,118 Current receivables from sale of investments 28,160 [US$ thousands] Year ended December 31, 2022 Initial recognition at fair value 83,468 Interest income 1,285 Installment (28,379 ) Carrying amount as of December 31 56,374 Recognized and classified as: Non-current receivables from sale of investments 28,187 Current receivables from sale of investments 28,187 |
Note 14 - Lease Liabilities a_2
Note 14 - Lease Liabilities and Other Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings and finance lease liabilities [text block] | As of December 31, [US$ thousands] 2021 2022 Non-current lease liabilities 1,925 4,723 Non-current interest-bearing loans 155 - Total non-current lease liabilities and other loans 2,081 4,723 Current lease liabilities 3,449 2,840 Current interest-bearing loans 7,784 146 Other current loans 194 126 Total current lease liabilities and other loans 11,427 3,112 Total lease liabilities and other loans 13,508 7,836 |
Disclosure of lease amounts included in financial statements [text block] | As of December 31, [US$ thousands] 2021 2022 Right-of-use assets: Office properties (Note 10) 4,171 6,307 Equipment (Note 10) 1,070 1,157 Total right-of-use assets 5,241 7,464 Lease liabilities: Non-current lease liabilities 1,925 4,723 Current lease liabilities 3,449 2,840 Total lease liabilities 5,374 7,564 Year ended December 31, [US$ thousands] 2021 2022 Depreciation expense of right-of-use assets classified as property 2,407 2,047 Depreciation expense of right-of-use assets classified as equipment 2,347 1,636 Interest expense (included in finance expense) 266 242 Expense relating to short-term leases (included in other operating expenses) 2,104 2,609 Foreign exchange (gain) loss 277 (103 ) Total lease-related expenses 7,400 6,431 |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | [US$ thousands] Non-current lease liabilities Non-current interest- bearing loans Current lease liabilities Current interest- bearing loans Other current loans Total As of January 1, 2021 3,094 490 4,707 311 371 8,973 Net cash flows (1,836 ) (33 ) (3,283 ) (311 ) (154 ) (5,617 ) Change in credit facility - - - 7,483 - 7,483 New and modified leases 667 - 2,025 - - 2,692 Other changes (1) - (301 ) - 301 (23 ) (23 ) As of December 31, 2021 1,925 155 3,449 7,784 194 13,508 Net cash flows (353 ) (9 ) (3,484 ) (301 ) (68 ) (4,216 ) Change in credit facility - - - (7,483 ) - (7,483 ) New and modified leases 3,151 - 2,875 - - 6,027 Other changes (1) - (146 ) - 146 - - As of December 31, 2022 4,723 - 2,840 146 126 7,836 |
Note 15 - Trade and Other Pay_2
Note 15 - Trade and Other Payables, and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about trade and other payables [text block] | As of December 31, [US$ thousands] 2021 2022 Trade payables due to third party suppliers 32,506 40,031 Trade and other payables due to related parties (Note 18) 1,505 4,125 Employee withholding tax 1,737 1,618 Value added tax 1,648 768 Payroll tax (1) 982 394 Total trade and other payables 38,378 46,937 As of December 31, [US$ thousands] 2021 2022 Accrued personnel expenses 11,793 11,586 Unsettled trades (Note 3) 6,931 - Other current liabilities 401 567 Total other current liabilities 19,125 12,152 |
Note 16 - Financial Instrumen_2
Note 16 - Financial Instruments - Fair Values and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial instruments [text block] | As of December 31, [US$ thousands] 2021 2022 Financial assets at amortized cost: Receivables from sale of investments (Note 13) - 56,374 Trade receivables (Note 13) 43,864 57,923 Other receivables (Note 13) (1) 20,518 18,993 Total financial assets at amortized cost 64,382 133,290 Financial assets at fair value through profit or loss: Receivables from sale of investments (Note 13) - 76,278 Unlisted preferred and ordinary shares (Note 12) (2) 168,965 86,997 Listed equity securities (Note 3) (3) 78,135 66,250 Total financial assets at fair value through profit or loss 247,100 229,525 Total financial assets 311,482 362,815 Financial liabilities at amortized cost: Lease liabilities and other loans (Note 14) 13,508 7,835 Trade and other payables (Note 15) 38,378 46,937 Other financial liabilities 19,148 12,220 Total financial liabilities at amortized cost 71,409 66,992 Total financial liabilities 71,409 66,992 As of December 31, 2021 Less than 12 months 1 to 3 years Over 3 years Total Non-current: Lease liabilities (Note 14) - 1,944 - 1,944 Interest-bearing loans, including interest (Note 14) - 160 - 160 Other non-current liabilities - - 23 23 Current: Trade and other payables (Note 15) 38,378 - - 38,378 Lease liabilities (Note 14) 3,482 - - 3,482 Interest-bearing loans, including interest (Note 14) 7,793 - - 7,793 Other current liabilities (Note 15) 19,125 - - 19,125 Total financial liabilities, including interest 68,778 2,104 23 70,905 As of December 31, 2022 Less than 12 months 1 to 3 years Over 3 years Total Non-current: Lease liabilities (Note 14) - 2,228 2,973 5,201 Interest-bearing loans, including interest (Note 14) - - - - Other non-current liabilities - - 68 68 Current: Trade and other payables (Note 15) 46,937 - - 46,937 Lease liabilities (Note 14) 3,084 - - 3,084 Interest-bearing loans, including interest (Note 14) 146 - - 146 Other current liabilities (Note 15) 12,152 - - 12,152 Total financial liabilities, including interest 62,319 2,228 3,041 67,588 |
Note 17 - Related Parties (Tabl
Note 17 - Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | Year ended December 31, [US$ thousands] 2020 2021 2022 Sales of goods and services: Beijing OFY 543 1069 256 Kunlun - - 1,055 Mobimagic Digital Tech 496 - - Nanobank 693 - - nHorizon 133 456 543 OPay 13,819 - - Purchases of goods and services: Kunlun (2,367 ) (2,207 ) (5,737 ) Mobimagic Digital Tech (9,719 ) - - Nanobank (23,007 ) - - nHorizon - - (1,777 ) Other transactions: Qifei International Development Co. Ltd. - Repurchase of shares - - 128,563 Kunlun - Share-based payment expense (Note 5) - - 1,865 - Sale of shares in Star X (Note 13) - - 83,468 - Interest income on receivable from sale of Star X (Note 13) - - 1,285 Nanobank - Contribution of subsidiaries and receivables (Note 12) 264,936 - - As of December 31, 2021 As of December 31, 2022 [US$ thousands] Receivables Payables Receivables Payables Beijing OFY 46 - - - Kunlun (1) 781 (794 ) 57,700 (3,516 ) nHorizon 734 (571 ) 32 (483 ) OPay 589 (140 ) 589 (126 ) Wisdom Connection III Holding 500 - 500 - Total 2,650 (1,505 ) 58,821 (4,125 ) |
Note 2 - Accounting Judgments_2
Note 2 - Accounting Judgments and Estimation Uncertainty (Details Textual) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2022 USD ($) | Aug. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Statement Line Items [Line Items] | |||||
Current assets or disposal groups classified as held for sale | $ 86,100 | $ 288,379 | |||
OPay Digital Services Limited [member] | |||||
Statement Line Items [Line Items] | |||||
Proportion of ownership interest in associate | 13.10% | 6.44% | |||
Nanobank [member] | Disposal groups classified as held for sale [member] | |||||
Statement Line Items [Line Items] | |||||
Disposal group held for sale, consideration to be received | $ 131,700 | $ 127,100 | |||
Disposal group held for sale, consideration to be received, number of quarterly installments | 16 | 8 | |||
Current assets or disposal groups classified as held for sale | $ 120,300 |
Note 3 - Corporate Informatio_3
Note 3 - Corporate Information and Group Composition (Details Textual) - USD ($) | 11 Months Ended | 12 Months Ended | 48 Months Ended | 60 Months Ended | |||||||
Oct. 17, 2022 | Aug. 19, 2020 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2022 | Jan. 20, 2022 | Jan. 11, 2021 | |
Statement Line Items [Line Items] | |||||||||||
Treasury shares | $ 206,514,000 | $ 206,514,000 | $ 60,453,000 | $ 60,453,000 | $ 60,453,000 | $ 206,514,000 | |||||
Maximum capital capacity, invest in publicly traded securities | 70,000,000 | 70,000,000 | 70,000,000 | ||||||||
Gain (loss) on trading securities | 15,946,000 | (4,944,000) | $ 13,033,000 | 31,000,000 | |||||||
Share repurchase program, maximum authorized amount | $ 50,000,000 | ||||||||||
Payments to acquire or redeem entity's shares | 146,068,000 | 749,000 | 49,049,000 | ||||||||
Goodwill at end of period | $ 429,445,000 | 429,445,000 | 430,378,000 | 430,378,000 | 424,961,000 | $ 430,378,000 | $ 429,445,000 | ||||
Tax expense (income) relating to profit (loss) from ordinary activities of discontinued operations | 0 | 237,000 | 1,950,000 | ||||||||
Nanobank [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Proportion of ownership interest in subsidiary | 42% | ||||||||||
Nanobank [member] | Discontinued operations [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets | 1,100,000 | ||||||||||
Tax expense (income) relating to profit (loss) from ordinary activities of discontinued operations | 200,000 | ||||||||||
Discontinued operations, cash and cash equivalents | $ 39,300,000 | ||||||||||
YoYo Games Limited [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||
Total consideration transferred, acquisition-date fair value | $ 9,500,000 | ||||||||||
Consideration transferred, acquisition-date fair value, net of cash acquired | 9,000,000 | ||||||||||
Goodwill at end of period | $ 8,800,000 | ||||||||||
Revenue of acquiree since acquisition date | 2,200,000 | ||||||||||
Profit (loss) of acquiree since acquisition date | $ 1,200,000 | ||||||||||
Qifei International Development Co, Ltd [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Payments to acquire or redeem entity's shares | $ 128,600,000 | $ 128,563,000 | $ 0 | $ 0 | |||||||
Ordinary shares [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares authorised (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||
Number of shares outstanding at end of period (in shares) | 178,430,242 | 178,430,242 | 178,430,242 | ||||||||
Par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Treasury shares | $ 2,033,042 | $ 2,033,042 | $ 2,033,042 | ||||||||
Ordinary shares [member] | Qifei International Development Co, Ltd [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares repurchased during period (in shares) | 46,750,000 | ||||||||||
American depositary shares (ADS) [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares outstanding at end of period (in shares) | 89,215,121 | 89,215,121 | 89,215,121 | ||||||||
ADS [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares repurchased during period (in shares) | 3,354,495 | 7,476,455 | 34,205,950 | ||||||||
Payments to acquire or redeem entity's shares | $ 17,300,000 | $ 60,500,000 | $ 206,500,000 | ||||||||
ADS [member] | Qifei International Development Co, Ltd [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares repurchased during period (in shares) | 23,375,000 | ||||||||||
Payments to acquire or redeem entity's shares | $ 128,600,000 |
Note 3 - Corporate Informatio_4
Note 3 - Corporate Information and Group Composition - Gain (Loss) on Trading Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | 60 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Statement Line Items [Line Items] | ||||
Net gain (loss) on investment portfolio | $ 15,946 | $ (4,944) | $ 13,033 | $ 31,000 |
Listed equity instruments [member[ | ||||
Statement Line Items [Line Items] | ||||
Realized net gain (loss) | (18,375) | (11,201) | 12,910 | |
Change in unrealized net gain (loss) | 34,321 | (11,696) | 0 | |
Short position in listed equity instruments [member] | ||||
Statement Line Items [Line Items] | ||||
Realized net gain (loss) | 0 | 17,123 | 0 | |
Change in unrealized net gain (loss) | 0 | 0 | 0 | |
Equity derivatives [member] | ||||
Statement Line Items [Line Items] | ||||
Realized net gain (loss) | 0 | 830 | 10 | |
Change in unrealized net gain (loss) | $ 0 | $ 0 | $ 113 |
Note 3 - Corporate Informatio_5
Note 3 - Corporate Information and Group Information - Assets and Liabilities Recognised as a Result of Acquisition (Details) - YoYo Games Limited [member] - USD ($) $ in Thousands | Dec. 31, 2021 | Jan. 11, 2021 |
Statement Line Items [Line Items] | ||
Intangible assets (technology) | $ 331 | |
Property and equipment (equipment) | 37 | |
Right-of-use assets (property) | 234 | |
Trade receivables | 131 | |
Prepayments | 8 | |
Cash | 481 | |
Lease liabilities | 234 | |
Deferred tax liabilities | 48 | |
Trade payables | 102 | |
Income tax payable | 63 | |
Other current liabilities | 67 | |
Total identifiable net assets at fair value | 708 | |
Goodwill arising on acquisition | $ 7,900 | 8,792 |
Cash consideration transferred | $ 9,500 |
Note 3 - Corporate Informatio_6
Note 3 - Corporate Information and Group Composition - Results of Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Aug. 19, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||||
Revenue | $ 331,037 | $ 250,991 | $ 165,056 | |
Profit (loss) before income tax | 0 | (1,053) | 139,792 | |
Profit (loss) from discontinued operation | 0 | (816) | 141,742 | |
Exchange differences on translation of discontinued operations | 96 | 0 | (2,936) | |
Other comprehensive loss from discontinued operations | 12,170 | (44,891) | 181,217 | |
Net cash flow from discontinued operating activities | 0 | 0 | 65,806 | |
Net cash flow used in discontinued investing activities | 0 | 0 | (576) | |
Net cash flow used in discontinued financing activities | 0 | 0 | (44,711) | |
Net change in cash and cash equivalents | 0 | 0 | 20,518 | |
Discontinued operations [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue | 0 | 0 | 136,246 | |
Expenses | 0 | 1,053 | 147,822 | |
Profit (loss) before income tax | 0 | (1,053) | (11,576) | |
Income tax benefit (expense) | 0 | 237 | 1,950 | |
Profit (loss) after income tax | 0 | (816) | (9,626) | |
Gain on sale of the subsidiary after income tax | $ 151,368 | 0 | 0 | 151,368 |
Profit (loss) from discontinued operation | 0 | (816) | 141,742 | |
Exchange differences on translation of discontinued operations | $ 2,936 | 0 | 0 | (1,802) |
Other comprehensive loss from discontinued operations | $ 0 | $ 0 | $ (1,802) | |
Basic earnings from discontinued operations per share (in dollars per share) | $ 0 | $ 0 | $ 0.60 | |
Diluted earnings from discontinued operations per share (in dollars per share) | 0 | 0 | 0.60 | |
Discontinued operations [member] | ADS [member] | ||||
Statement Line Items [Line Items] | ||||
Basic earnings from discontinued operations per share (in dollars per share) | 0 | (0.01) | 1.21 | |
Diluted earnings from discontinued operations per share (in dollars per share) | $ 0 | $ (0.01) | $ 1.19 |
Note 3 - Corporate Informatio_7
Note 3 - Corporate Information and Group Composition - Gain on Loss of Control (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 19, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||||
Reclassification of foreign currency translation reserve | $ (96) | $ 0 | $ 2,936 | |
Discontinued operations [member] | ||||
Statement Line Items [Line Items] | ||||
Fair value of shares in Nanobank | $ 264,936 | |||
Less: Carrying amount of net assets disposed of | 22,766 | |||
Less: Carrying amount of TenSpot Pesa Limited receivables transferred to Nanobank | 87,867 | |||
Gain on sale before income tax and reclassification of foreign currency translation reserve | 154,304 | |||
Reclassification of foreign currency translation reserve | (2,936) | 0 | 0 | 1,802 |
Income tax expense on gain | 0 | |||
Gain on sale after income tax | $ 151,368 | $ 0 | $ 0 | $ 151,368 |
Note 4 - Segment and Revenue _3
Note 4 - Segment and Revenue Information - Contribution by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | ||||
Revenue | $ 331,037 | $ 250,991 | $ 165,056 | |
Technology and platform fees | (4,104) | (4,472) | (3,315) | |
Content cost | (3,834) | (3,712) | (4,312) | |
Cost of inventory sold | (46,650) | (5,507) | (700) | |
Contribution by segment | 160,073 | 115,800 | 103,235 | |
Browser and News [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue | 328,356 | 248,013 | 155,472 | |
Technology and platform fees | (4,103) | (3,899) | (3,315) | |
Content cost | (3,834) | (3,712) | (4,312) | |
Cost of inventory sold | (46,650) | (5,506) | 0 | |
Other cost of revenue | 0 | 0 | 140 | |
Marketing and distribution expenses | (114,522) | (120,385) | (47,042) | |
Credit loss expense | [1] | (1,436) | (557) | (568) |
Total direct expenses | (170,545) | (134,059) | (55,097) | |
Contribution by segment | 157,811 | 113,954 | 100,375 | |
All other segments [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue | 2,681 | 2,978 | 9,584 | |
Technology and platform fees | (1) | (573) | 0 | |
Cost of inventory sold | 0 | (1) | (700) | |
Other cost of revenue | 0 | 0 | (3,925) | |
Marketing and distribution expenses | (466) | (559) | (818) | |
Credit loss expense | [1] | 49 | 0 | (1,281) |
Total direct expenses | (418) | (1,132) | (6,724) | |
Contribution by segment | 2,263 | 1,846 | 2,860 | |
Search [member] | Browser and News [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | 140,162 | 121,961 | 84,180 | |
Advertising [member] | Browser and News [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | 187,405 | 123,870 | 71,292 | |
Advertising [member] | All other segments [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | 29 | 40 | 216 | |
Technology licensing and other [member] | Browser and News [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | 789 | 2,182 | 0 | |
Technology licensing and other [member] | All other segments [member] | ||||
Statement Line Items [Line Items] | ||||
Revenue from contracts with customers | $ 2,652 | $ 2,937 | $ 9,368 | |
[1]For the Browser and News segment, Credit loss expense in the segment reporting is consistent with Other credit loss expense in the Statement of Operations, while for the Fintech segment, Credit loss expense is consistent with Other changes in fair value of loans to customers in the Statement of Operations. |
Note 4 - Segment and Revenue _4
Note 4 - Segment and Revenue Information - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | ||||
Contribution by segments | $ 160,073 | $ 115,800 | $ 103,235 | |
Other operating income | 469 | 466 | 11,542 | |
Personnel expenses, including share-based remuneration (1) | [1] | (74,588) | (74,450) | (59,977) |
Credit loss expense related to divested joint venture | 0 | 0 | (10,476) | |
Depreciation and amortization | (13,939) | (19,600) | (20,234) | |
Impairment of non-financial assets | (3,194) | (5,624) | 0 | |
Other operating expenses (1) | [1] | (27,015) | (22,802) | (26,538) |
Share of net income (loss) of equity-accounted investees | [2] | (6) | (29,376) | 2,005 |
Impairment of equity-accounted investee | [2] | 0 | (115,477) | 0 |
Fair value gain on investments | 1,500 | 116,561 | 24,000 | |
Finance income | 21,454 | 123 | 13,633 | |
Finance expenses | (39,729) | (6,912) | (516) | |
Foreign exchange gain (loss) | (1,157) | (1,814) | 833 | |
Profit (loss) before income taxes from continuing operations | $ 23,870 | $ (43,106) | $ 37,507 | |
[1]Certain personnel and other operating expenses are included as part of "other cost of revenue" in the measure of segment profit. Accordingly, the amounts for personnel and other operating expenses in this reconciliation are not consistent with the equivalent amounts in the Statement of Operations.[2]For the year ended December 31, 2021, the share of net income (loss) of equity-accounted investees and the amount of impairment of equity-accounted investees have been adjusted, as disclosed in Note 1a. |
Note 4 - Segment and Revenue _5
Note 4 - Segment and Revenue Information - Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Revenue | $ 331,037 | $ 250,991 | $ 165,056 |
Customer group 1 [member] | |||
Statement Line Items [Line Items] | |||
Revenue from contracts with customers | 148,481 | 128,650 | 76,184 |
Customer group 2 [member] | |||
Statement Line Items [Line Items] | |||
Revenue from contracts with customers | 29,418 | 18,494 | 16,281 |
United States 1 [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 172,288 | 144,570 | 86,226 |
Russia 1 [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 20,288 | 16,156 | 15,239 |
Other geographical areas [member] | |||
Statement Line Items [Line Items] | |||
Revenue | $ 138,460 | $ 90,264 | $ 63,591 |
Note 4 - Segment and Revenue _6
Note 4 - Segment and Revenue Information - Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Gain from disposal of subsidiaries | $ 0 | $ 0 | $ 5,289 |
Gain from divestment of joint venture | 0 | 0 | 2,063 |
Government granted VAT refund | 0 | 0 | 4,030 |
Other items | 469 | 466 | 160 |
Total other operating income | $ 469 | $ 466 | $ 11,542 |
Note 5 - Personnel Expenses, _3
Note 5 - Personnel Expenses, Including Share-based Remuneration (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Amended and restated share incentive plan [member] | RSU [member] | ||
Statement Line Items [Line Items] | ||
Number of share options and other equity instruments granted in share-based payment arrangement (in shares) | 3,275,000 | |
Amended and restated share incentive plan [member] | ADS [member] | ||
Statement Line Items [Line Items] | ||
Number of share options and other equity instruments granted in share-based payment arrangement (in shares) | 2,030,825 | |
Options and RSUs [member] | ||
Statement Line Items [Line Items] | ||
Weighted average remaining contractual life of outstanding share options and other equity instruments (Year) | 10 months 13 days | 1 year 3 months 18 days |
RSU [member] | ||
Statement Line Items [Line Items] | ||
Weighted average remaining contractual life of outstanding share options and other equity instruments (Year) | 1 year 2 months 1 day |
Note 5 - Personnel Expenses, _4
Note 5 - Personnel Expenses, Including Share-based Remuneration - Personnel Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Salaries, including bonuses | $ 43,235 | $ 43,440 | $ 40,301 |
Social security contribution, excluding amounts related to share-based remuneration | 5,222 | 5,371 | 4,624 |
External temporary hires | 10,318 | 8,617 | 7,090 |
Defined contribution pension expense | 4,752 | 4,477 | 3,279 |
Other personnel-related expenses | 1,758 | 2,080 | 2,103 |
Total personnel expenses, excluding share-based remuneration | 65,285 | 63,984 | 57,397 |
Share-based remuneration, including related social security contribution | 9,304 | 10,466 | 4,706 |
Total personnel expenses, including share-based remuneration | $ 74,588 | $ 74,450 | $ 62,103 |
Note 5 - Personnel Expenses, _5
Note 5 - Personnel Expenses, Including Share-based Remuneration - Research and Development Expenditure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Total research and development costs | $ 50,537 | $ 44,055 | $ 38,736 |
Less: Capitalized development costs excluded from personnel expenses (Note 11) | 6,825 | 4,862 | 7,110 |
Net expensed research and development costs | $ 43,713 | $ 39,193 | $ 31,626 |
Note 5 - Personnel Expenses, _6
Note 5 - Personnel Expenses, Including Share-based Remuneration - Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Short-term employee benefits | $ 2,371 | $ 2,046 | $ 2,032 |
Post-employment and medical benefits | 56 | 60 | 51 |
Share-based payment transactions | 1,488 | 1,209 | 1,179 |
Total compensation for key management personnel | $ 3,914 | $ 3,315 | $ 3,262 |
Note 5 - Personnel Expenses, _7
Note 5 - Personnel Expenses, Including Share-based Remuneration - RSUs and Option Activities (Details) | 12 Months Ended | ||
Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | ||
Statement Line Items [Line Items] | |||
Outstanding at period start, options | 100,000 | 150,000 | |
Outstanding at beginning of period, options, weighted average grant date fair value (in dollars per share) | $ 3.40 | $ 2.36 | |
Granted during the year, options | 0 | 40,000 | |
Granted during the year, options, weighted average grant date fair value (in dollars per share) | $ 0 | $ 5.62 | |
Forfeited during the year, options | 0 | (90,000) | |
Forfeited during the year, options, weighted average grant date fair value (in dollars per share) | $ 0 | $ 2.65 | |
Exercised during the year, options | 0 | 0 | |
Exercised during the year, options, weighted average grant date fair value (in dollars per share) | $ 0 | ||
Expired during the year, options | 0 | ||
Expired during the year, options, weighted average grant date fair value (in dollars per share) | $ 0 | ||
Outstanding at period end, options | 100,000 | 100,000 | |
Outstanding at period end, options, weighted average grant date fair value (in dollars per share) | $ 3.40 | $ 3.40 | |
RSU [member] | |||
Statement Line Items [Line Items] | |||
Outstanding at period start, RSUs | 2,666,525 | 1,916,740 | |
Outstanding at beginning of period, RSUs, weighted average grant date fair value (in dollars per share) | $ 9.71 | $ 6.71 | |
Granted during the year, RSUs | 0 | 1,990,825 | |
Granted during the year RSUs, weighted average grant date fair value (in dollars per share) | $ 0 | $ 10.35 | |
Forfeited during the year, RSUs | (82,500) | (154,700) | |
Forfeited during the year RSUs, weighted average grant date fair value (in dollars per share) | $ 9.97 | $ 8.02 | |
Exercised during the year, RSUs | (798,750) | (1,086,340) | |
Exercised during the year RSUs, weighted average grant date fair value (in dollars per share) | $ 9.25 | $ 5.84 | |
Expired during the year, RSUs | 0 | ||
Expired during the year RSUs, weighted average grant date fair value (in dollars per share) | $ 0 | ||
Outstanding at period end, RSUs | 1,785,275 | 2,666,525 | |
Outstanding at period end RSUs, weighted average grant date fair value (in dollars per share) | $ 9.90 | $ 9.71 | |
Kunlan Tech RSU [Member] | |||
Statement Line Items [Line Items] | |||
Outstanding at period start, RSUs | [1] | 0 | 0 |
Outstanding at beginning of period, RSUs, weighted average grant date fair value (in dollars per share) | [1] | $ 0 | $ 0 |
Granted during the year, RSUs | [1] | 3,275,000 | 0 |
Granted during the year RSUs, weighted average grant date fair value (in dollars per share) | [1] | $ 1.22 | $ 0 |
Forfeited during the year, RSUs | [1] | (350,000) | 0 |
Forfeited during the year RSUs, weighted average grant date fair value (in dollars per share) | [1] | $ 1.22 | $ 0 |
Exercised during the year, RSUs | [1] | 0 | 0 |
Exercised during the year RSUs, weighted average grant date fair value (in dollars per share) | [1] | $ 0 | $ 0 |
Expired during the year, RSUs | [1] | 0 | |
Expired during the year RSUs, weighted average grant date fair value (in dollars per share) | [1] | $ 0 | |
Outstanding at period end, RSUs | [1] | 2,925,000 | 0 |
Outstanding at period end RSUs, weighted average grant date fair value (in dollars per share) | [1] | $ 1.22 | $ 0 |
[1]From the exercise of RSUs granted by Kunlun, the employees will acquire shares of Kunlun Tech Co., Ltd., a company listed on the Shenzhen Stock Exchange. |
Note 5 - Personnel Expenses, _8
Note 5 - Personnel Expenses, Including Share-based Remuneration - Fair Value Measurement (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
RSU [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise price, RSU (in dollars per share) | $ 9.90 | $ 9.71 | $ 6.71 | |
Exercise price, RSU (in dollars per share) | 9.90 | 9.71 | $ 6.71 | |
RSU [member] | Opera [member] | ||||
Statement Line Items [Line Items] | ||||
Equity unit price valuation (US$) (in dollars per share) | $ 10.49 | |||
Expected Volatility (%) (1), (2) | [1],[2] | 66.55% | ||
Risk free interest rate (%) (1) | [2] | 0.22% | ||
Duration of initial simulation period (years to longstop date) (Year) | 3 years 2 months 23 days | |||
Duration of second simulation period with postponed exercise (years) (Year) | 3 years | |||
Exercise price, RSU (in dollars per share) | $ 0 | |||
Exercise price, RSU (in dollars per share) | $ 0 | |||
Fair value at the measurement date (US$) | $ 10.35 | |||
RSU [member] | Kunlun Tech [member] | ||||
Statement Line Items [Line Items] | ||||
Equity unit price valuation (US$) (in dollars per share) | $ 2.88 | |||
Expected Volatility (%) (1), (2) | [1],[2] | 25.47% | ||
Risk free interest rate (%) (1) | [2] | 2.18% | ||
Exercise price, RSU (in dollars per share) | $ 1.77 | |||
Exercise price, RSU (in dollars per share) | $ 1.77 | |||
Fair value at the measurement date (US$) | $ 1.22 | |||
Option [member] | Opera [member] | ||||
Statement Line Items [Line Items] | ||||
Equity unit price valuation (US$) (in dollars per share) | $ 10.48 | |||
Expected Volatility (%) (1), (2) | [1],[2] | 68.10% | ||
Risk free interest rate (%) (1) | [2] | 0.46% | ||
Duration of initial simulation period (years to longstop date) (Year) | 3 years 7 days | |||
Duration of second simulation period with postponed exercise (years) (Year) | 3 years | |||
Exercise price, Options (in dollars per share) | $ 0 | |||
Fair value at the measurement date (US$) | $ 4.96 | |||
[1]Based on a defined peer group of companies considered comparable to the Group.[2]Specified value is 4 years (modeled on yearly basis). |
Note 6 - Other Operating Expe_3
Note 6 - Other Operating Expenses (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Statement Line Items [Line Items] | |
Professional fees expense, actions taken following a short seller report | $ 3.5 |
Note 6 - Other Operating Expe_4
Note 6 - Other Operating Expenses - Other Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | ||||
Hosting | $ 9,267 | $ 7,647 | $ 8,056 | |
Audit, legal and other advisory services (1) | [1] | 6,857 | 6,579 | 10,863 |
Software license fees | 2,149 | 1,782 | 1,882 | |
Rent and other office expenses | 3,743 | 3,152 | 3,318 | |
Travel | 1,496 | 542 | 1,304 | |
Other expenses | 3,502 | 3,101 | 2,774 | |
Total other operating expenses | $ 27,015 | $ 22,802 | $ 28,197 | |
[1]Amount in 2020 includes US$3.5 million related to actions taken following a short seller report. |
Note 7 - Finance Income and F_3
Note 7 - Finance Income and Finance Expenses - Finance Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Interest income | $ 1,675 | $ 35 | $ 326 |
Interest income on receivables from sales of investments (Note 13) | 3,675 | 0 | 0 |
Net gain on investment portfolio (Note 3) | 15,946 | 0 | 13,033 |
Other finance income | 157 | 88 | 275 |
Total finance income | 21,454 | 123 | 13,633 |
Interest expense | (282) | (316) | (447) |
Net loss on investment portfolio (Note 3) | 0 | (4,944) | 0 |
Fair value loss on receivable from sale of investment (Note 13) | (37,923) | 0 | 0 |
Other finance costs | (1,524) | (1,652) | (69) |
Total finance expenses | (39,729) | (6,912) | (516) |
Unrealized foreign exchange gain (loss) | (1,512) | (494) | 2,365 |
Realized foreign exchange gain (loss) | 355 | (1,320) | (1,532) |
Total foreign exchange gain (loss) | (1,157) | (1,814) | 833 |
Net finance income (expense) | $ (19,432) | $ (8,603) | $ 13,950 |
Note 8 - Income Tax (Details Te
Note 8 - Income Tax (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement Line Items [Line Items] | ||
Applicable tax rate | 22% | |
Changes in tax rates or tax laws enacted or announced [member] | ||
Statement Line Items [Line Items] | ||
Applicable tax rate | 22% |
Note 8 - Income Tax - Summary o
Note 8 - Income Tax - Summary of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | ||||
Current income taxes | $ (7,434) | $ (4,109) | $ 1,983 | |
Currency effect on income tax expense (1) and adjustments recognized in the period for current tax of prior periods | [1] | 141 | 852 | (1,272) |
Deferred taxes | (1,542) | 3,452 | 1,164 | |
Income tax benefit (expense) | (8,835) | 194 | 1,876 | |
Profit (loss) from continuing operations | (8,835) | (43) | (75) | |
Tax expense (income) relating to profit (loss) from ordinary activities of discontinued operations | $ 0 | $ 237 | $ 1,950 | |
[1]Currency effect on income tax (expense) benefit due to corporate income tax filing in NOK for Norwegian entities with USD as functional currency. |
Note 8 - Income Tax - Reconcili
Note 8 - Income Tax - Reconciliation of Tax (Expense) Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Profit (loss) from continuing operations before income tax expense | $ 23,870 | $ (43,106) | $ 37,507 |
Tax benefit (expense) at nominal tax rate in Norway | (5,251) | 9,483 | (8,252) |
Effect of different tax rates applied by subsidiaries | (30,624) | (44,059) | (21,162) |
Tax effect of translation differences exempted for tax | (320) | 358 | 99 |
Tax effect of financial items exempted from tax | 32,511 | 35,961 | 20,143 |
Tax effects of losses in associates and joint ventures which are non-deductible | 0 | (35) | (2,200) |
Withholding taxes (paid) credited | 299 | (324) | (271) |
Net other permanent differences (not) tax deductible | (3,585) | (2,008) | 9,713 |
Change in income tax losses carried forward | (462) | (227) | 246 |
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods | 141 | 852 | 670 |
Change in withholding taxes and restricted interest deduction carried forward | (1,564) | 147 | 952 |
Change in tax rate | 21 | (190) | (14) |
Income tax expense for the year | $ (8,835) | $ (43) | $ (75) |
Effective tax rate | 37% | (0.10%) | 0.20% |
Note 8 - Income Tax - Deferred
Note 8 - Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | $ 5,878 | $ 4,209 | $ 7,362 |
Deferred tax assets | 1,473 | 2,323 | |
Deferred tax liabilities | 7,352 | 6,532 | |
Temporary difference, property, equipment and intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | 20,466 | 20,948 | |
Temporary difference, trade receivables [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | (300) | (337) | |
Temporary difference, intercompany interest costs subject to limitations [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | (8,066) | (9,710) | |
Temporary difference, withholding tax expected to be credited [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | (216) | (166) | |
Allowance for credit losses [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | (5,399) | (5,818) | |
Other temporary differences [member] | |||
Statement Line Items [Line Items] | |||
Net deferred tax liability (asset) recognized | $ (606) | $ (709) |
Note 8 - Income Tax - Changes i
Note 8 - Income Tax - Changes in Deferred Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Net deferred tax liability, balance | $ 4,209 | $ 7,362 |
Addition from business combination (Note 3) | 0 | 48 |
Expense (benefit) in the Statement of Operations | 1,542 | (3,452) |
Expense (benefit) in the Statement of Comprehensive Income | 127 | 251 |
Net deferred tax liability, balance | $ 5,878 | $ 4,209 |
Note 9 - Net Income Per Share_2
Note 9 - Net Income Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2022 shares | |
Statement Line Items [Line Items] | |
Number of ordinary shares per share of ADS (in shares) | 2 |
ADS [member] | |
Statement Line Items [Line Items] | |
Number of instruments with potential future dilutive effect not included in calculation of diluted earnings per share (in shares) | 2,766,525 |
Note 9 - Net Income Per Share -
Note 9 - Net Income Per Share - Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | ||||
Profit (loss) from continuing operations | $ 15,035 | $ (43,149) | $ 37,432 | |
Profit (loss) from discontinued operations | 0 | (816) | 141,742 | |
Net income (loss) attributable to the owners of the parent for basic and diluted earnings | $ 15,035 | $ (43,964) | $ 179,174 | |
Issued ordinary shares at beginning of period (in shares) | 230,291,732 | 228,285,684 | 237,826,326 | |
Effect of shares issued (in shares) | 1,580,952 | 2,165,283 | 1,889,770 | |
Effect of shares bought to treasury (Note 3) (in shares) | (12,914,508) | (164,324) | (5,146,244) | |
Basic weighted-average number of ordinary shares in the period (in shares) | 218,958,176 | 230,286,642 | 234,569,852 | |
Effect of employee equity grants (2) (in shares) | 1,706,927 | 0 | 2,816,613 | |
Diluted weighted-average number of ordinary shares in the period (in shares) | 220,665,102 | 230,286,642 | 237,386,466 | |
ADS equivalent of basic weighted-average number of ordinary shares in the period (in shares) | 218,958,176 | 230,286,642 | 234,569,852 | |
ADS equivalent of diluted weighted-average number of ordinary shares in the period (in shares) | 220,665,102 | 230,286,642 | 237,386,466 | |
ADS [member] | ||||
Statement Line Items [Line Items] | ||||
Basic weighted-average number of ordinary shares in the period (in shares) | 109,479,088 | 115,143,321 | 117,284,926 | |
Diluted weighted-average number of ordinary shares in the period (in shares) | 110,332,551 | 115,143,321 | 118,693,233 | |
ADS equivalent of basic weighted-average number of ordinary shares in the period (in shares) | 109,479,088 | 115,143,321 | 117,284,926 | |
ADS equivalent of diluted weighted-average number of ordinary shares in the period (in shares) | 110,332,551 | 115,143,321 | 118,693,233 | |
Basic earnings per share, US$ (in dollars per share) | [1] | $ 0.14 | $ (0.37) | $ 0.32 |
Diluted earnings per ADS, US$ (in dollars per share) | [1] | 0.14 | (0.37) | 0.32 |
Basic earnings per share, US$ (in dollars per share) | [1] | 0.14 | (0.38) | 1.53 |
Diluted earnings per ADS, US$ (in dollars per share) | [1] | 0.14 | (0.38) | 1.51 |
Ordinary shares [member] | ||||
Statement Line Items [Line Items] | ||||
Basic earnings per share, US$ (in dollars per share) | [1] | 0.07 | (0.19) | 0.16 |
Diluted earnings per ADS, US$ (in dollars per share) | [1] | 0.07 | (0.19) | 0.16 |
Basic earnings per share, US$ (in dollars per share) | [1] | 0.07 | (0.19) | 0.76 |
Diluted earnings per ADS, US$ (in dollars per share) | [1] | $ 0.07 | $ (0.19) | $ 0.75 |
[1]Each ADS in Opera Limited (Nasdaq: OPRA) represents two underlying shares. |
Note 10 - Property and Equipm_3
Note 10 - Property and Equipment - Components of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Beginning of the year | $ 12,263 | |
Beginning of the year | (12,263) | |
End of the year | 14,623 | $ 12,263 |
Office properties [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 4,171 | |
Beginning of the year | (4,171) | |
End of the year | 6,308 | 4,171 |
Furniture and fixture [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 111 | |
Beginning of the year | (111) | |
End of the year | 90 | 111 |
Equipments [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 7,649 | |
Beginning of the year | (7,649) | |
End of the year | 8,097 | 7,649 |
Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 331 | |
Beginning of the year | (331) | |
End of the year | 127 | 331 |
Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 41,363 | 40,462 |
Additions | 3,570 | 1,034 |
Acquisition of a subsidiary (Note 3) | 0 | 271 |
Adjustments to right-of-use assets | 5,904 | 2,486 |
Disposals | (578) | (2,580) |
Effect of movements in exchange rates, property, plant and equipment | 118 | (310) |
Beginning of the year | (41,363) | (40,462) |
Disposals | 578 | 2,580 |
End of the year | 50,377 | 41,363 |
Gross carrying amount [member] | Office properties [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 10,257 | 8,250 |
Additions | 0 | 0 |
Acquisition of a subsidiary (Note 3) | 0 | 234 |
Adjustments to right-of-use assets | 4,182 | 2,029 |
Disposals | (404) | (243) |
Effect of movements in exchange rates, property, plant and equipment | 1 | (13) |
Beginning of the year | (10,257) | (8,250) |
Disposals | 404 | 243 |
End of the year | 14,036 | 10,257 |
Gross carrying amount [member] | Furniture and fixture [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 782 | 773 |
Additions | 45 | 13 |
Acquisition of a subsidiary (Note 3) | 0 | 4 |
Adjustments to right-of-use assets | 0 | 0 |
Disposals | 0 | (4) |
Effect of movements in exchange rates, property, plant and equipment | (5) | (4) |
Beginning of the year | (782) | (773) |
Disposals | 0 | 4 |
End of the year | 822 | 782 |
Gross carrying amount [member] | Equipments [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 28,604 | 29,705 |
Additions | 3,505 | 1,020 |
Acquisition of a subsidiary (Note 3) | 0 | 26 |
Adjustments to right-of-use assets | 1,722 | 457 |
Disposals | (174) | (2,331) |
Effect of movements in exchange rates, property, plant and equipment | 137 | (273) |
Beginning of the year | (28,604) | (29,705) |
Disposals | 174 | 2,331 |
End of the year | 33,794 | 28,604 |
Gross carrying amount [member] | Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | 1,719 | 1,733 |
Additions | 19 | 2 |
Acquisition of a subsidiary (Note 3) | 0 | 7 |
Adjustments to right-of-use assets | 0 | 0 |
Disposals | 0 | (2) |
Effect of movements in exchange rates, property, plant and equipment | (15) | (21) |
Beginning of the year | (1,719) | (1,733) |
Disposals | 0 | 2 |
End of the year | 1,724 | 1,719 |
Accumulated depreciation, amortisation and impairment [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (29,097) | (22,295) |
Disposals | 577 | 2,554 |
Effect of movements in exchange rates, property, plant and equipment | (89) | 172 |
Beginning of the year | 29,097 | 22,295 |
Depreciation | 7,321 | 9,184 |
Disposals | (577) | (2,554) |
End of the year | (35,754) | (29,097) |
Accumulated depreciation, amortisation and impairment [member] | Office properties [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (6,086) | (3,917) |
Disposals | 404 | 243 |
Effect of movements in exchange rates, property, plant and equipment | (1) | 6 |
Beginning of the year | 6,086 | 3,917 |
Depreciation | 2,047 | 2,407 |
Disposals | (404) | (243) |
End of the year | (7,728) | (6,086) |
Accumulated depreciation, amortisation and impairment [member] | Furniture and fixture [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (670) | (586) |
Disposals | 0 | 2 |
Effect of movements in exchange rates, property, plant and equipment | 0 | 0 |
Beginning of the year | 670 | 586 |
Depreciation | 61 | 86 |
Disposals | 0 | (2) |
End of the year | (732) | (670) |
Accumulated depreciation, amortisation and impairment [member] | Equipments [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (20,955) | (16,670) |
Disposals | 174 | 2,309 |
Effect of movements in exchange rates, property, plant and equipment | (100) | 153 |
Beginning of the year | 20,955 | 16,670 |
Depreciation | 5,016 | 6,440 |
Disposals | (174) | (2,309) |
End of the year | (25,696) | (20,955) |
Accumulated depreciation, amortisation and impairment [member] | Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Beginning of the year | (1,388) | (1,124) |
Disposals | 0 | 0 |
Effect of movements in exchange rates, property, plant and equipment | 12 | 13 |
Beginning of the year | 1,388 | 1,124 |
Depreciation | 196 | 251 |
Disposals | 0 | 0 |
End of the year | $ (1,596) | $ (1,388) |
Note 10 - Property and Equipm_4
Note 10 - Property and Equipment - Estimated Useful Lives of Property, Plant and Equipment (Details) - Top of range [member] | 12 Months Ended |
Dec. 31, 2022 | |
Office properties [member] | |
Statement Line Items [Line Items] | |
Useful life (Year) | 7 years |
Depreciation method | Straight-line |
Furniture and Fixtures [member] | |
Statement Line Items [Line Items] | |
Useful life (Year) | 5 years |
Depreciation method | Straight-line |
Equipment [member] | |
Statement Line Items [Line Items] | |
Useful life (Year) | 10 years |
Depreciation method | Straight-line |
Leasehold improvements [member] | |
Statement Line Items [Line Items] | |
Useful life (Year) | 6 years |
Depreciation method | Straight-line |
Note 11 - Goodwill and Intang_3
Note 11 - Goodwill and Intangible Assets (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 11, 2021 USD ($) | Dec. 31, 2016 USD ($) | |
Statement Line Items [Line Items] | ||||
Total intangible assets other than goodwill | $ 99,983 | $ 103,627 | ||
Cash generating unit, nominal growth rate | 3% | 1.90% | ||
Risk-free rate, significant unobservable inputs, assets | 3.88% | 1.60% | ||
Market risk premium rate, ignificant unobservable inputs, assets | 4.59% | 4.84% | ||
Estimated beta for equity | 0.92 | 0.88 | ||
Equity to total capital, percent | 100% | 100% | ||
Sensitivity analysis, reasonably possible increase (decrease) in revenue | 13.30% | |||
Sensitivity analysis, reasonably possible increase (decrease) in operating expenditure | 10.10% | |||
Sensitivity analysis, reasonably possible increase (decrease) in WACC | 4.90% | |||
Weighted average cost of capital, measurement input [member] | ||||
Statement Line Items [Line Items] | ||||
Significant unobservable input, assets | 0.128 | 0.111 | ||
Weighted average cost of capital pre-tax, measurement input [member] | ||||
Statement Line Items [Line Items] | ||||
Significant unobservable input, assets | 0.146 | 0.129 | ||
Country risk premium, measurement input [member] | ||||
Statement Line Items [Line Items] | ||||
Significant unobservable input, assets | 0.0185 | 0.0182 | ||
Size premium, measurement input [member] | ||||
Statement Line Items [Line Items] | ||||
Significant unobservable input, assets | 0.0291 | 0.0342 | ||
Opera Norway AS [member] | ||||
Statement Line Items [Line Items] | ||||
Goodwill recognised as of acquisition date | $ 421,600 | |||
YoYo Games Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Goodwill recognised as of acquisition date | $ 7,900 | $ 8,792 | ||
European fintech business [member] | ||||
Statement Line Items [Line Items] | ||||
Adjustments for impairment loss recognised in profit or loss, goodwill | $ 3,100 | |||
Browser and News [member] | ||||
Statement Line Items [Line Items] | ||||
Cash flows, annualized growth rate | 16.10% | 16.20% | ||
Browser and News [member] | Trademark [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets with indefinite useful life | $ 70,600 | |||
Intangible assets under development [member] | ||||
Statement Line Items [Line Items] | ||||
Impairment loss recognised in profit or loss, intangible assets other than goodwill | $ 2,200 | |||
Licences [member] | ||||
Statement Line Items [Line Items] | ||||
Impairment loss recognised in profit or loss, intangible assets other than goodwill | 1,000 | 900 | ||
Total intangible assets other than goodwill | $ 0 | |||
Technology-based intangible assets [member] | European fintech business [member] | ||||
Statement Line Items [Line Items] | ||||
Impairment loss recognised in profit or loss, intangible assets other than goodwill | $ 1,600 |
Note 11 - Goodwill and Intang_4
Note 11 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement Line Items [Line Items] | |||
Beginning of the year | $ 534,005 | ||
Beginning of the year | (534,005) | ||
End of the year | 529,428 | $ 534,005 | |
Goodwill [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 430,378 | ||
Beginning of the year | (430,378) | ||
End of the year | 429,445 | 430,378 | |
Customer-related intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 25,370 | ||
Beginning of the year | (25,370) | ||
End of the year | 22,790 | 25,370 | |
Technology-based intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 6,472 | ||
Beginning of the year | (6,472) | ||
End of the year | 6,528 | 6,472 | |
Trademark [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 70,600 | ||
Beginning of the year | (70,600) | ||
End of the year | 70,600 | 70,600 | |
Other intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 1,185 | ||
Beginning of the year | (1,185) | ||
End of the year | 66 | 1,185 | |
Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 584,147 | 571,398 | |
Additions (1) | [1] | 6,794 | 4,036 |
Acquisition of a subsidiary (Note 3) | 0 | 9,124 | |
Disposals | (5,211) | (370) | |
Effect of movements in exchange rates | (1,260) | (40) | |
Beginning of the year | (584,147) | (571,398) | |
Disposals | 5,211 | 370 | |
End of the year | 584,470 | 584,147 | |
Gross carrying amount [member] | Goodwill [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 433,459 | 424,961 | |
Additions (1) | [1] | 0 | 0 |
Acquisition of a subsidiary (Note 3) | 0 | 8,792 | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | (933) | (294) | |
Beginning of the year | (433,459) | (424,961) | |
Disposals | 0 | 0 | |
End of the year | 432,526 | 433,459 | |
Gross carrying amount [member] | Customer-related intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 40,732 | 40,732 | |
Additions (1) | [1] | 0 | 0 |
Acquisition of a subsidiary (Note 3) | 0 | 0 | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | 0 | 0 | |
Beginning of the year | (40,732) | (40,732) | |
Disposals | 0 | 0 | |
End of the year | 40,732 | 40,732 | |
Gross carrying amount [member] | Technology-based intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 35,279 | 30,657 | |
Additions (1) | [1] | 6,789 | 4,031 |
Acquisition of a subsidiary (Note 3) | 0 | 331 | |
Disposals | (5,211) | 0 | |
Effect of movements in exchange rates | (275) | 259 | |
Beginning of the year | (35,279) | (30,657) | |
Disposals | 5,211 | 0 | |
End of the year | 36,582 | 35,279 | |
Gross carrying amount [member] | Trademark [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 70,600 | 70,600 | |
Additions (1) | [1] | 0 | 0 |
Acquisition of a subsidiary (Note 3) | 0 | 0 | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | 0 | 0 | |
Beginning of the year | (70,600) | (70,600) | |
Disposals | 0 | 0 | |
End of the year | 70,600 | 70,600 | |
Gross carrying amount [member] | Other intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 4,077 | 4,448 | |
Additions (1) | [1] | 5 | 5 |
Acquisition of a subsidiary (Note 3) | 0 | 0 | |
Disposals | 0 | (370) | |
Effect of movements in exchange rates | (52) | (5) | |
Beginning of the year | (4,077) | (4,448) | |
Disposals | 0 | 370 | |
End of the year | 4,031 | 4,077 | |
Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | (50,142) | (34,483) | |
Disposals | 5,211 | 223 | |
Effect of movements in exchange rates | 298 | (157) | |
Beginning of the year | 50,142 | 34,483 | |
Amortization | 6,618 | 10,416 | |
Impairment | 3,194 | 5,624 | |
Disposals | (5,211) | (223) | |
Impairment | 3,194 | 5,624 | |
End of the year | (55,042) | (50,142) | |
Accumulated depreciation, amortisation and impairment [member] | Goodwill [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | (3,081) | 0 | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | 0 | 0 | |
Beginning of the year | 3,081 | 0 | |
Amortization | 0 | 0 | |
Impairment | 0 | 3,081 | |
Disposals | 0 | 0 | |
Impairment | 0 | 3,081 | |
End of the year | (3,081) | (3,081) | |
Accumulated depreciation, amortisation and impairment [member] | Customer-related intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | (15,362) | (12,449) | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | 0 | 0 | |
Beginning of the year | 15,362 | 12,449 | |
Amortization | 2,580 | 2,913 | |
Impairment | 0 | 0 | |
Disposals | 0 | 0 | |
Impairment | 0 | 0 | |
End of the year | (17,942) | (15,362) | |
Accumulated depreciation, amortisation and impairment [member] | Technology-based intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | (28,807) | (19,999) | |
Disposals | 5,211 | 0 | |
Effect of movements in exchange rates | 224 | (169) | |
Beginning of the year | 28,807 | 19,999 | |
Amortization | 4,014 | 7,381 | |
Impairment | 2,220 | 1,596 | |
Disposals | (5,211) | 0 | |
Impairment | 2,220 | 1,596 | |
End of the year | (30,054) | (28,807) | |
Accumulated depreciation, amortisation and impairment [member] | Trademark [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 0 | 0 | |
Disposals | 0 | 0 | |
Effect of movements in exchange rates | 0 | 0 | |
Beginning of the year | 0 | 0 | |
Amortization | 0 | 0 | |
Impairment | 0 | 0 | |
Disposals | 0 | 0 | |
Impairment | 0 | 0 | |
End of the year | 0 | 0 | |
Accumulated depreciation, amortisation and impairment [member] | Other intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | (2,893) | (2,035) | |
Disposals | 0 | 223 | |
Effect of movements in exchange rates | 74 | 12 | |
Beginning of the year | 2,893 | 2,035 | |
Amortization | 25 | 122 | |
Impairment | 974 | 947 | |
Disposals | 0 | (223) | |
Impairment | 974 | 947 | |
End of the year | $ (3,965) | $ (2,893) | |
[1]Represents capitalized development expenditure net of grants received from the Norwegian government. |
Note 11 - Goodwill and Intang_5
Note 11 - Goodwill and Intangible Assets - Useful Life of Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Customer-related intangible assets [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Customer-related intangible assets [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful life (Year) | 15 years |
Technology-based intangible assets [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Technology-based intangible assets [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful life (Year) | 5 years |
Other intangible assets [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Other intangible assets [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful life (Year) | 5 years |
Note 11 - Goodwill and Intang_6
Note 11 - Goodwill and Intangible Assets - Summary of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Carrying amount, balance | $ 430,378 | $ 424,961 |
Addition from business combination (Note 3) | 8,792 | |
Effect of movements in exchange rates | (933) | (294) |
Impairment | 0 | (3,081) |
Impairment | 0 | 3,081 |
Carrying amount, balance | 429,445 | 430,378 |
Browser and News [member] | ||
Statement Line Items [Line Items] | ||
Carrying amount, balance | 430,378 | 421,578 |
Addition from business combination (Note 3) | 8,792 | |
Effect of movements in exchange rates | (933) | 8 |
Impairment | 0 | 0 |
Impairment | 0 | 0 |
Carrying amount, balance | 429,445 | 430,378 |
All other segments [member] | ||
Statement Line Items [Line Items] | ||
Carrying amount, balance | 0 | 3,383 |
Addition from business combination (Note 3) | 0 | |
Effect of movements in exchange rates | 0 | (302) |
Impairment | 0 | (3,081) |
Impairment | 0 | 3,081 |
Carrying amount, balance | $ 0 | $ 0 |
Note 12 - Interests in Associ_3
Note 12 - Interests in Associates, Joint Ventures, and Other Entities (Details Textual) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | 24 Months Ended | |||
Apr. 21, 2022 USD ($) | Jan. 31, 2021 USD ($) shares | Jun. 30, 2021 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Statement Line Items [Line Items] | |||||||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, associates equity | $ 1,500 | $ 116,561 | $ 24,000 | ||||
Issued capital | 18 | 24 | |||||
Total depreciation and amortisation expense | 13,939 | 19,600 | 20,234 | ||||
Current assets or disposal groups classified as held for sale | $ 86,100 | $ 288,379 | |||||
nHorizon [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of ownership interest in associate | 29.09% | ||||||
Investments in associates, unrecognized share of accumulated losses | $ 100 | ||||||
Weighted average cost of capital, measurement input [member] | |||||||
Statement Line Items [Line Items] | |||||||
Significant unobservable input, assets | 0.128 | 0.111 | |||||
OPay Digital Services Limited [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of ownership interest in associate | 13.10% | 6.44% | |||||
Shares in associate sold, value | $ 50,000 | ||||||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, associates equity | 29,600 | ||||||
Adjustments for gain (loss) on disposal of investments in subsidiaries, joint ventures and associates | 44,400 | ||||||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | (200) | ||||||
Net carrying amount of investment in associate | (4,000) | ||||||
Shares in associate purchased, value | $ 6,500 | ||||||
OPay Digital Services Limited [member] | Ordinary shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Issued capital | $ 25,500 | 25,100 | |||||
OPay Digital Services Limited [member] | Preference shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Issued capital | $ 60,600 | $ 59,500 | |||||
OPay Digital Services Limited [member] | Weighted average cost of capital, measurement input [member] | |||||||
Statement Line Items [Line Items] | |||||||
Significant unobservable input, assets | 0.189 | 0.168 | |||||
OPay Digital Services Limited [member] | Discount rate, measurement input [member] | |||||||
Statement Line Items [Line Items] | |||||||
Significant unobservable input, assets | 0.10 | 0.10 | |||||
OPay Digital Services Limited [member] | Historical volatility for shares, measurement input [member] | |||||||
Statement Line Items [Line Items] | |||||||
Significant unobservable input, assets | 0.40 | ||||||
Nanobank [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total depreciation and amortisation expense | $ 20,200 | $ 6,200 | |||||
Nanobank [member] | Disposal groups classified as held for sale [member] | |||||||
Statement Line Items [Line Items] | |||||||
Current assets or disposal groups classified as held for sale | 120,300 | ||||||
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation | 115,500 | ||||||
Disposal group held for sale, consideration to be received | $ 127,100 | ||||||
Disposal group held for sale, consideration to be received, number of quarterly installments | 8 | ||||||
Disposal group held for sale, consideration to be received, term (Year) | 2 years | ||||||
Disposal group held for sale, discount rate | 5% | ||||||
Star X [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of ownership interest in associate | 19.35% | 19.35% | |||||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, associates equity | $ 28,500 | ||||||
Disposal group held for sale, consideration to be received | $ 83,500 | ||||||
Investments in associates | 83,500 | ||||||
Star X [member] | Preference shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Investments in associates | 83,500 | ||||||
AB Fjord Bank [member] | |||||||
Statement Line Items [Line Items] | |||||||
Shares in associate purchased (in shares) | shares | 3,252,300 | ||||||
Investments in associates accounted for using equity method | $ 900 | $ 900 | |||||
Investments in associates accounted for using equity method, ownership percentage | 9.90% | 6.09% | |||||
AB Fjord Bank [member] | Ordinary shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Investments in associates | $ 900 | $ 900 |
Note 12 - Interests in Associ_4
Note 12 - Interests in Associates, Joint Ventures, and Other Entities - Carrying Amounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Statement Line Items [Line Items] | |||||
Opera's share of net income (loss) | $ 15,035 | $ (43,964) | $ 179,174 | ||
Nanobank [member] | |||||
Statement Line Items [Line Items] | |||||
Ownership interest | [1] | 0% | |||
Carrying amount | $ 0 | $ 120,311 | |||
nHorizon [member] | |||||
Statement Line Items [Line Items] | |||||
Ownership interest | 29.09% | [1] | 29.09% | 29.09% | |
Carrying amount | $ 0 | $ 6 | $ 463 | ||
Carrying amount, balance | 6 | 463 | 963 | ||
Share of net income (loss) | (6) | (458) | (535) | ||
Carrying amount, balance | 0 | 6 | 463 | ||
Opera's share of net income (loss) | (6) | (458) | (535) | ||
Opera's share in equity | 0 | (120) | 391 | ||
Equity method adjustments | 0 | 126 | 72 | ||
Foreign exchange adjustments | $ 0 | 1 | 35 | ||
OPay Digital Services Limited [member] | |||||
Statement Line Items [Line Items] | |||||
Ownership interest | [1] | 6.44% | |||
Carrying amount | $ 86,100 | 84,600 | |||
Carrying amount, balance | 84,600 | 45,220 | |||
Share of net income (loss) | 0 | (214) | |||
Change in fair value of preferred shares | 1,100 | 29,415 | |||
Change in fair value of ordinary shares | 400 | 29,094 | |||
Disposal | 0 | (18,915) | |||
Carrying amount, balance | $ 86,100 | 84,600 | $ 45,220 | ||
Star X [member] | |||||
Statement Line Items [Line Items] | |||||
Ownership interest | [1] | 0% | |||
Carrying amount | $ 0 | 83,468 | |||
AB Fjord Bank [member] | |||||
Statement Line Items [Line Items] | |||||
Ownership interest | [1] | 6.09% | |||
Carrying amount | $ 897 | $ 897 | |||
[1]Reflects ownership interests as of December 31, 2022. |
Note 12 - Interests in Associ_5
Note 12 - Interests in Associates, Joint Ventures, and Other Entities - Sensitivities Analysis (Details) - OPay Digital Services Limited [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Preferred shares, DLOM of 5% [member] | PWERM, OPM [member] | ||
Statement Line Items [Line Items] | ||
Decrease | $ 4,768 | $ 4,700 |
Increase | (4,768) | (4,700) |
Preferred shares, WACC of 2% [member] | PWERM, OPM [member] | ||
Statement Line Items [Line Items] | ||
Decrease | 2,131 | 1,978 |
Increase | $ (2,045) | (1,885) |
Preferred shares, 10% movement [member] | OPM [member] | ||
Statement Line Items [Line Items] | ||
Decrease | (5,115) | |
Increase | $ 5,103 |
Note 12 - Interests in Associ_6
Note 12 - Interests in Associates, Joint Ventures, and Other Entities - Financial Information (Details) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | ||||||
Net revenue and gains | $ 331,037 | $ 250,991 | $ 165,056 | |||
Operating expenses | (289,699) | (257,668) | (179,046) | |||
Profit (loss) before income taxes | 23,870 | (43,106) | 37,507 | |||
Income tax expense | (8,835) | (43) | (75) | |||
Net income (loss) | 15,035 | (43,964) | 179,174 | |||
Exchange difference on translation of foreign operations | (3,477) | (1,156) | 42 | |||
Total comprehensive loss | 12,170 | (44,891) | 181,217 | |||
Opera's share of net income (loss) | 15,035 | (43,964) | 179,174 | |||
Goodwill at end of period | $ 424,961 | 429,445 | 430,378 | 424,961 | ||
Liabilities | 76,472 | 79,421 | ||||
Equity | 1,048,895 | 888,213 | 1,013,039 | 1,048,895 | $ 912,206 | |
Nanobank [member] | ||||||
Statement Line Items [Line Items] | ||||||
Net revenue and gains | 60,935 | 210,540 | ||||
Operating expenses | (46,121) | (275,872) | ||||
Profit (loss) before income taxes | 14,814 | (65,332) | ||||
Income tax expense | (14,193) | (2,438) | ||||
Net income (loss) | 621 | (67,770) | ||||
Exchange difference on translation of foreign operations | (2,227) | 537 | ||||
Total comprehensive loss | (1,606) | (67,233) | ||||
Opera's share of net income (loss) | 261 | (28,700) | ||||
Opera's share of other comprehensive income (loss) | (935) | $ 227 | ||||
Assets, excluding goodwill | 254,596 | 164,006 | 254,596 | |||
Goodwill at end of period | [1] | 447,300 | 447,300 | 447,300 | ||
Liabilities | 72,702 | 54,584 | 72,702 | |||
Equity | $ 629,194 | $ 556,722 | $ 629,194 | |||
[1]Represents notional goodwill identified and measured by Opera when accounting for the investment in Nanobank in accordance with the equity method. |
Note 13 - Trade Receivables, _3
Note 13 - Trade Receivables, Other Receivables, and Prepayments (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Feb. 27, 2023 USD ($) | Apr. 21, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 31, 2022 USD ($) | |
Statement Line Items [Line Items] | |||||||
Current assets or disposal groups classified as held for sale | $ 86,100 | $ 288,379 | |||||
Proceeds from sales of interests in associates | $ 36,879 | 50,000 | $ 0 | ||||
OPay Limited [member] | |||||||
Statement Line Items [Line Items] | |||||||
Measurement input, change in fair value based on probabilities, percentage | 0.10% | ||||||
Adjustments for decrease (increase) in fair value of receivables from the sale of investment | $ 1,400 | ||||||
OPay Limited [member] | Sale of business in exchange for shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Fair value of instruments or interests issued or issuable | $ 77,400 | $ 1,100 | |||||
OPay Limited [member] | Sale of business in exchange for shares [member] | Preference shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Fair value of instruments or interests issued or issuable | $ 77,400 | ||||||
OPay Limited [member] | Credit risk [member] | |||||||
Statement Line Items [Line Items] | |||||||
Measurement input, change in fair value based on probabilities, percentage | 0.10% | ||||||
Adjustments for decrease (increase) in fair value of receivables from the sale of investment | $ 3,100 | ||||||
Risk premium, measurement input [member] | OPay Limited [member] | Bottom of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Significant unobservable input, assets | 0.035 | ||||||
Risk premium, measurement input [member] | OPay Limited [member] | Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Significant unobservable input, assets | 0.040 | ||||||
Financial forecast of cash inflows (outflows) for cash-generating unit, measurement input [member] | OPay Limited [member] | |||||||
Statement Line Items [Line Items] | |||||||
Significant unobservable input, assets | 0.080 | ||||||
Discount rate, measurement input [member] | OPay Limited [member] | |||||||
Statement Line Items [Line Items] | |||||||
Measurement input, change in fair value based on probabilities, percentage | 0.01% | ||||||
Adjustments for decrease (increase) in fair value of receivables from the sale of investment | $ 900 | ||||||
Nanobank [member] | |||||||
Statement Line Items [Line Items] | |||||||
Net receivables from sale of investments | 114,201 | ||||||
Nanobank [member] | Discontinued operations [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of ownership interest in associate | 42.35% | ||||||
Disposal group held for sale, consideration to be received | $ 127,100 | $ 131,700 | |||||
Disposal group held for sale, consideration to be received, number of quarterly installments | 8 | 16 | |||||
Disposal group held for sale, consideration to be received, term (Year) | 2 years | ||||||
Current assets or disposal groups classified as held for sale | $ 120,300 | ||||||
Disposal group held for sale, discount rate | 5% | ||||||
Net receivables from sale of investments | $ 76,300 | ||||||
Measurement input, change in fair value based on probabilities, percentage | 0.10% | ||||||
Adjustments for decrease (increase) in fair value of receivables from the sale of investment | $ 3,400 | ||||||
Nanobank [member] | Discontinued operations [member] | Interest rate, measurement input [member] | |||||||
Statement Line Items [Line Items] | |||||||
Significant unobservable input, assets | 0.0215 | ||||||
Nanobank [member] | Discontinued operations [member] | Risk premium, measurement input [member] | |||||||
Statement Line Items [Line Items] | |||||||
Significant unobservable input, assets | 0.0285 | ||||||
Star X [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of ownership interest in associate | 19.35% | 19.35% | |||||
Disposal group held for sale, consideration to be received | $ 83,500 | ||||||
Net receivables from sale of investments | $ 1,700 | ||||||
Proceeds from sales of interests in associates | $ 28,400 | ||||||
Disposal group, number of installments | 2 | ||||||
Disposal group, deferred payments, interest rate | 3.50% | ||||||
Interest income (expense) | $ 1,300 | ||||||
Star X [member] | At fair value [member] | |||||||
Statement Line Items [Line Items] | |||||||
Net receivables from sale of investments | $ 54,600 | ||||||
Star X [member] | Interest rate, measurement input [member] | Bottom of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Significant unobservable input, assets | 2.23 | ||||||
Star X [member] | Interest rate, measurement input [member] | Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Significant unobservable input, assets | 4.43 | ||||||
Star X [member] | Risk premium, measurement input [member] | |||||||
Statement Line Items [Line Items] | |||||||
Significant unobservable input, assets | 1.30 | ||||||
Trade receivables [member] | |||||||
Statement Line Items [Line Items] | |||||||
Decrease through write-off, financial assets | 6,600 | ||||||
Other receivables [member] | |||||||
Statement Line Items [Line Items] | |||||||
Decrease through write-off, financial assets | $ 3,900 |
Note 13 - Trade Receivables, _4
Note 13 - Trade Receivables, Other Receivables, and Prepayments - Trade Receivables, Prepayments and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Total gross trade receivables | $ 61,985 | $ 46,661 |
Allowance for expected credit losses | (4,062) | (2,796) |
Trade receivables net of loss allowance | 57,923 | 43,864 |
Value added tax | 1,472 | 1,525 |
Unsettled trades (Note 14) | 12,993 | 15,462 |
Other | 2,783 | 1,551 |
Total other current receivables | 17,247 | 18,538 |
Prepaid equipment | 0 | 1,073 |
Prepaid corporate income taxes | 421 | 4,485 |
Other prepaid expenses | 3,511 | 3,635 |
Total prepayments | 3,932 | 9,192 |
Third party receivables [member] | ||
Statement Line Items [Line Items] | ||
Total gross trade receivables | 60,037 | 44,510 |
Associates and joint ventures [member] | ||
Statement Line Items [Line Items] | ||
Total gross trade receivables | 32 | 734 |
Other related parties [member] | ||
Statement Line Items [Line Items] | ||
Total gross trade receivables | $ 1,915 | $ 1,417 |
Note 13 - Trade Receivables, _5
Note 13 - Trade Receivables, Other Receivables, and Prepayments - Aging of Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Weighted-average expected credit loss rate | 6.60% | 6% |
Gross carrying amount | $ 61,985 | $ 46,661 |
Loss allowance as of December 31 | $ 4,062 | $ 2,796 |
Current [member] | ||
Statement Line Items [Line Items] | ||
Weighted-average expected credit loss rate | 1.30% | 0.40% |
Gross carrying amount | $ 51,268 | $ 35,717 |
Loss allowance as of December 31 | $ 662 | $ 135 |
Not later than one month [member] | ||
Statement Line Items [Line Items] | ||
Weighted-average expected credit loss rate | 6.80% | 1.80% |
Gross carrying amount | $ 3,203 | $ 3,666 |
Loss allowance as of December 31 | $ 218 | $ 67 |
Later than one month and not later than two months [member] | ||
Statement Line Items [Line Items] | ||
Weighted-average expected credit loss rate | 13.30% | 2.50% |
Gross carrying amount | $ 1,296 | $ 1,483 |
Loss allowance as of December 31 | $ 173 | $ 37 |
Later than two months and not later than three months [member] | ||
Statement Line Items [Line Items] | ||
Weighted-average expected credit loss rate | 26.20% | 3.20% |
Gross carrying amount | $ 1,251 | $ 758 |
Loss allowance as of December 31 | $ 328 | $ 24 |
Later than three months [member] | ||
Statement Line Items [Line Items] | ||
Weighted-average expected credit loss rate | 54% | 50.30% |
Gross carrying amount | $ 4,966 | $ 5,036 |
Loss allowance as of December 31 | $ 2,682 | $ 2,533 |
Note 13 - Trade Receivables, _6
Note 13 - Trade Receivables, Other Receivables, and Prepayments - Provision for Impairment of Trade Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Loss allowance, balance | $ 2,796 | $ 7,643 |
Loss allowance, balance | 4,062 | 2,796 |
Provision for impairment of trade receivables [member] | ||
Statement Line Items [Line Items] | ||
Loss allowance related to trade receivables due from a former joint venture | 0 | (6,579) |
Other changes in the period | 1,366 | 1,732 |
Effect of movements in exchange rates | $ (100) | $ 0 |
Note 13 - Trade Receivables, _7
Note 13 - Trade Receivables, Other Receivables, and Prepayments - Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Non-current receivables from sale of investments | $ 76,305 | $ 0 |
Current receivables from sale of investments | 56,347 | 0 |
Nanobank [member] | ||
Statement Line Items [Line Items] | ||
Interest income | 2,390 | |
Installment | (8,500) | |
Net receivables from sale of investments | 114,201 | |
Fair value loss | (37,923) | |
Carrying amount as of December 31 | 114,201 | |
Non-current receivables from sale of investments | 48,118 | |
Current receivables from sale of investments | 28,160 | |
Nanobank [member] | At fair value [member] | ||
Statement Line Items [Line Items] | ||
Initial recognition at fair value | 120,311 | |
Nanobank [member] | Carrying value [member] | ||
Statement Line Items [Line Items] | ||
Net receivables from sale of investments | 76,278 | |
Carrying amount as of December 31 | $ 76,278 | |
Star X [member] | ||
Statement Line Items [Line Items] | ||
Interest income | 1,285 | |
Installment | (28,379) | |
Net receivables from sale of investments | 1,700 | |
Carrying amount as of December 31 | 1,700 | |
Non-current receivables from sale of investments | 28,187 | |
Current receivables from sale of investments | 28,187 | |
Star X [member] | At fair value [member] | ||
Statement Line Items [Line Items] | ||
Initial recognition at fair value | 83,468 | |
Net receivables from sale of investments | 54,600 | |
Carrying amount as of December 31 | 54,600 | |
Star X [member] | Carrying value [member] | ||
Statement Line Items [Line Items] | ||
Net receivables from sale of investments | 56,374 | |
Carrying amount as of December 31 | $ 56,374 |
Note 14 - Lease Liabilities a_3
Note 14 - Lease Liabilities and Other Loans (Details Textual) $ in Thousands, kr in Billions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 NOK (kr) | |
Statement Line Items [Line Items] | ||||
Total borrowings | $ 7,836 | $ 13,508 | ||
Additions to right-of-use assets | 5,900 | 2,700 | ||
Cash outflow for leases | 6,200 | 7,500 | $ 7,600 | |
Total financial liabilities | 66,992 | 71,409 | ||
Financial guarantee contracts [member] | ||||
Statement Line Items [Line Items] | ||||
Total financial liabilities | $ 10,200 | kr 0.1 | ||
Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Right-of-use assets, Term of Contract (Month) | 6 months | |||
Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Right-of-use assets, Term of Contract (Month) | 7 years | |||
Interest bearing loans [member] | ||||
Statement Line Items [Line Items] | ||||
Borrowings, interest rate | 3.83% | 3.83% | ||
Credit facility [member] | ||||
Statement Line Items [Line Items] | ||||
Total borrowings | $ 7,500 |
Note 14 - Lease Liabilities a_4
Note 14 - Lease Liabilities and Other Loans - Noncurrent and Current (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Non-current portion | $ 4,723 | $ 2,081 |
Current portion | 3,112 | 11,427 |
Total lease liabilities and other loans | 7,836 | 13,508 |
Lease liabilities [member] | ||
Statement Line Items [Line Items] | ||
Non-current portion | 4,723 | 1,925 |
Current portion | 2,840 | 3,449 |
Interest bearing loans [member] | ||
Statement Line Items [Line Items] | ||
Non-current portion | 0 | 155 |
Current portion | 146 | 7,784 |
Other loans [member] | ||
Statement Line Items [Line Items] | ||
Current portion | $ 126 | $ 194 |
Note 14 - Lease Liabilities a_5
Note 14 - Lease Liabilities and Other Loans - Lease Amounts Included in Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement Line Items [Line Items] | |||
Right-of-use assets | $ 7,464 | $ 5,241 | |
Non-current lease liabilities | 4,723 | 1,925 | |
Current lease liabilities | 2,840 | 3,449 | |
Total lease liabilities | 7,564 | 5,374 | |
Interest expense (included in finance expense) | 242 | 266 | |
Expense relating to short-term leases (included in other operating expenses) | 2,609 | 2,104 | |
Foreign exchange (gain) loss | 103 | (277) | |
Total lease-related expenses | 6,431 | 7,400 | |
Office properties [member] | |||
Statement Line Items [Line Items] | |||
Right-of-use assets | [1] | 6,307 | 4,171 |
Depreciation expense of right-of-use assets | 2,047 | 2,407 | |
Equipment [member] | |||
Statement Line Items [Line Items] | |||
Right-of-use assets | 1,157 | 1,070 | |
Depreciation expense of right-of-use assets | $ 1,636 | $ 2,347 | |
[1]Additions to and remeasurements of the right-of-use assets during the 2020 financial year were US$1.1 million. |
Note 14 - Lease Liabilities a_6
Note 14 - Lease Liabilities and Other Loans - Changes in Liabilities Arising from Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement Line Items [Line Items] | |||
Balance | $ 13,508 | $ 8,973 | |
Net cash flows | (4,216) | (5,617) | |
Change in credit facility | (7,483) | 7,483 | |
New and modified leases | 6,027 | 2,692 | |
Other changes (1) | [1] | 0 | (23) |
Balance | 7,836 | 13,508 | |
Non-current lease liabilities [member] | |||
Statement Line Items [Line Items] | |||
Balance | 1,925 | 3,094 | |
Net cash flows | (353) | (1,836) | |
Change in credit facility | 0 | 0 | |
New and modified leases | 3,151 | 667 | |
Other changes (1) | [1] | 0 | 0 |
Balance | 4,723 | 1,925 | |
Non-current interest bearing loans [member] | |||
Statement Line Items [Line Items] | |||
Balance | 155 | 490 | |
Net cash flows | (9) | (33) | |
Change in credit facility | 0 | 0 | |
New and modified leases | 0 | 0 | |
Other changes (1) | [1] | (146) | (301) |
Balance | 0 | 155 | |
Current lease liabilities [member] | |||
Statement Line Items [Line Items] | |||
Balance | 3,449 | 4,707 | |
Net cash flows | (3,484) | (3,283) | |
Change in credit facility | 0 | 0 | |
New and modified leases | 2,875 | 2,025 | |
Other changes (1) | [1] | 0 | 0 |
Balance | 2,840 | 3,449 | |
Current interest bearing loans [member] | |||
Statement Line Items [Line Items] | |||
Balance | 7,784 | 311 | |
Net cash flows | (301) | (311) | |
Change in credit facility | (7,483) | 7,483 | |
New and modified leases | 0 | 0 | |
Other changes (1) | [1] | 146 | 301 |
Balance | 146 | 7,784 | |
Other current loans [member] | |||
Statement Line Items [Line Items] | |||
Balance | 194 | 371 | |
Net cash flows | (68) | (154) | |
Change in credit facility | 0 | 0 | |
New and modified leases | 0 | 0 | |
Other changes (1) | [1] | 0 | (23) |
Balance | $ 126 | $ 194 | |
[1]"Other changes" includes the effect of reclassification of the non-current portion of liabilities to current due to the passage of time and the effect of accrued but not yet paid interest on interest-bearing loans and borrowings, including lease liabilities. |
Note 15 - Trade and Other Pay_3
Note 15 - Trade and Other Payables, and Other Current Liabilities - Trade and Other Payables, and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | |||
Trade payables due to third party suppliers | $ 40,031 | $ 32,506 | |
Trade and other payables due to related parties (Note 18) | 4,125 | 1,505 | |
Employee withholding tax | 1,618 | 1,737 | |
Value added tax | 768 | 1,648 | |
Payroll tax | [1] | 394 | 982 |
Total trade and other payables | 46,937 | 38,378 | |
Accrued personnel expenses | 11,586 | 11,793 | |
Unsettled trades (Note 3) | 0 | 6,931 | |
Other current liabilities | 567 | 401 | |
Total other current liabilities | $ 12,152 | $ 19,125 | |
[1]Includes accruals for social security costs related to share-based remuneration. |
Note 16 - Financial Instrumen_3
Note 16 - Financial Instruments - Fair Values and Risk Management (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Investment, interest rate | 8% | |
OPay Limited [member] | ||
Statement Line Items [Line Items] | ||
Investments in associates | $ 86.1 | $ 84.6 |
AB Fjord Bank [member] | Ordinary shares [member] | ||
Statement Line Items [Line Items] | ||
Investments in associates | $ 0.9 | 0.9 |
Star X [member] | ||
Statement Line Items [Line Items] | ||
Investments in associates | 83.5 | |
Star X [member] | Preference shares [member] | ||
Statement Line Items [Line Items] | ||
Investments in associates | $ 83.5 |
Note 16 - Financial Instrumen_4
Note 16 - Financial Instruments - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | |||
Financial assets | $ 362,815 | $ 311,482 | |
Financial liabilities | 66,992 | 71,409 | |
Total financial liabilities, including interest | 67,588 | 70,905 | |
Lease liabilities [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 3,084 | 3,482 | |
Non-current financial liabilitie | 5,201 | 1,944 | |
Current financial liabilities | 3,084 | 3,482 | |
Interest bearing loans [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 146 | 7,793 | |
Non-current financial liabilitie | 0 | 160 | |
Current financial liabilities | 146 | 7,793 | |
Other noncurrent liabilities [member] | |||
Statement Line Items [Line Items] | |||
Non-current financial liabilitie | 68 | 23 | |
Trade and other payables [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 46,937 | 38,378 | |
Current financial liabilities | 46,937 | 38,378 | |
Other current liabilities [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 12,152 | 19,125 | |
Current financial liabilities | 12,152 | 19,125 | |
Financial liabilities at amortised cost, category [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 66,992 | 71,409 | |
Current financial liabilities | 46,937 | 38,378 | |
Current financial liabilities | 46,937 | 38,378 | |
Financial liabilities at amortised cost, category [member] | Financial lease liabilities and other loans [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 7,835 | 13,508 | |
Financial liabilities at amortised cost, category [member] | Other financial liabilities [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 12,220 | 19,148 | |
Later than six months and not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Total financial liabilities, including interest | 62,319 | 68,778 | |
Later than six months and not later than one year [member] | Lease liabilities [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 3,084 | 3,482 | |
Non-current financial liabilitie | 0 | 0 | |
Current financial liabilities | 3,084 | 3,482 | |
Later than six months and not later than one year [member] | Interest bearing loans [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 146 | 7,793 | |
Non-current financial liabilitie | 0 | 0 | |
Current financial liabilities | 146 | 7,793 | |
Later than six months and not later than one year [member] | Other noncurrent liabilities [member] | |||
Statement Line Items [Line Items] | |||
Non-current financial liabilitie | 0 | 0 | |
Later than six months and not later than one year [member] | Trade and other payables [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 46,937 | 38,378 | |
Current financial liabilities | 46,937 | 38,378 | |
Later than six months and not later than one year [member] | Other current liabilities [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 12,152 | 19,125 | |
Current financial liabilities | 12,152 | 19,125 | |
Later than one year and not later than three years [member] | |||
Statement Line Items [Line Items] | |||
Total financial liabilities, including interest | 2,228 | 2,104 | |
Later than one year and not later than three years [member] | Lease liabilities [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 0 | 0 | |
Non-current financial liabilitie | 2,228 | 1,944 | |
Current financial liabilities | 0 | 0 | |
Later than one year and not later than three years [member] | Interest bearing loans [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 0 | 0 | |
Non-current financial liabilitie | 0 | 160 | |
Current financial liabilities | 0 | 0 | |
Later than one year and not later than three years [member] | Other noncurrent liabilities [member] | |||
Statement Line Items [Line Items] | |||
Non-current financial liabilitie | 0 | 0 | |
Later than one year and not later than three years [member] | Trade and other payables [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 0 | 0 | |
Current financial liabilities | 0 | 0 | |
Later than one year and not later than three years [member] | Other current liabilities [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 0 | 0 | |
Current financial liabilities | 0 | 0 | |
Later than three years and not later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total financial liabilities, including interest | 3,041 | 23 | |
Later than three years and not later than five years [member] | Lease liabilities [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 0 | 0 | |
Non-current financial liabilitie | 2,973 | 0 | |
Current financial liabilities | 0 | 0 | |
Later than three years and not later than five years [member] | Interest bearing loans [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 0 | 0 | |
Non-current financial liabilitie | 0 | 0 | |
Current financial liabilities | 0 | 0 | |
Later than three years and not later than five years [member] | Other noncurrent liabilities [member] | |||
Statement Line Items [Line Items] | |||
Non-current financial liabilitie | 68 | 23 | |
Later than three years and not later than five years [member] | Trade and other payables [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 0 | 0 | |
Current financial liabilities | 0 | 0 | |
Later than three years and not later than five years [member] | Other current liabilities [member] | |||
Statement Line Items [Line Items] | |||
Current financial liabilities | 0 | 0 | |
Current financial liabilities | 0 | 0 | |
Financial assets at amortised cost, category [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 133,290 | 64,382 | |
Financial assets at amortised cost, category [member] | Receivables from sale of investments [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 56,374 | 0 | |
Financial assets at amortised cost, category [member] | Trade receivables [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 57,923 | 43,864 | |
Financial assets at amortised cost, category [member] | Other receivables [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 18,993 | 20,518 | |
Financial assets at fair value through profit or loss, category [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 229,525 | 247,100 | |
Financial assets at fair value through profit or loss, category [member] | Receivables from sale of investments [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 76,278 | 0 | |
Financial assets at fair value through profit or loss, category [member] | Unlisted preferred and ordinary shares [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | [1] | 86,997 | 168,965 |
Financial assets at fair value through profit or loss, category [member] | Listed equity instruments [member[ | |||
Statement Line Items [Line Items] | |||
Financial assets | [2] | $ 66,250 | $ 78,135 |
[1]In 2021, Opera held investments in preferred and ordinary shares in OPay, preferred shares in Star X, and ordinary shares in Fjord Bank, all of which are unlisted and measured at fair value through profit or loss. In the Statement of Financial Position as of year-end 2021, the carrying amount of the shares in OPay and Star X were presented as part of assets held for sale, while the investment in Fjord Bank was presented as part of non-current financial assets. In 2020, OPay and Star X were classified as associates and the carrying amounts of the investments were presented as part of investments in associates and joint ventures. Changes in the fair value of unlisted equity investment are presented as fair value gain on investments in the Statement of Operations. See Note 12 for more information.[2]In the Statement of Financial Position, investments in listed equity securities are presented as marketable securities while equity derivative liabilities are presented as other current liabilities, as specified in Note 16. |
Note 17 - Related Parties (Deta
Note 17 - Related Parties (Details Textual) $ in Thousands | 12 Months Ended | |||||
Oct. 17, 2022 USD ($) shares | Apr. 21, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Statement Line Items [Line Items] | ||||||
Proceeds from sales of interests in associates | $ 36,879 | $ 50,000 | $ 0 | |||
Payments to acquire or redeem entity's shares | 146,068 | 749 | 49,049 | |||
Profit (loss) | 15,035 | (43,964) | 179,174 | |||
Total assets | 964,686 | 1,092,460 | ||||
Amounts receivable, related party transactions | 58,821 | 2,650 | ||||
Qifei International Development Co, Ltd [member] | ||||||
Statement Line Items [Line Items] | ||||||
Payments to acquire or redeem entity's shares | $ 128,600 | 128,563 | 0 | $ 0 | ||
Qifei International Development Co, Ltd [member] | Ordinary shares [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of shares repurchased (in shares) | shares | 46,750,000 | |||||
Qifei International Development Co, Ltd [member] | American depositary shares (ADS) [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of shares repurchased (in shares) | shares | 23,375,000 | |||||
nHorizon [member] | ||||||
Statement Line Items [Line Items] | ||||||
Amounts receivable, related party transactions | $ 32 | 734 | ||||
nHorizon [member] | Advertising revenue [member] | ||||||
Statement Line Items [Line Items] | ||||||
Percentage of entity's revenue | 30% | |||||
nHorizon [member] | Software [member] | ||||||
Statement Line Items [Line Items] | ||||||
Percentage of entity's net profits | 1% | |||||
Total assets | $ 0 | |||||
Amounts receivable, related party transactions | 0 | |||||
nHorizon [member] | Software [member] | Top of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Profit (loss) | $ 5,000 | |||||
Professional investment advisory services with Kunlun Group Limited [member] | ||||||
Statement Line Items [Line Items] | ||||||
Management fee, maximum percentage of net gain from investment activity | 8% | |||||
Services received, related party transactions | $ 300 | 0 | ||||
Related parties [member] | ||||||
Statement Line Items [Line Items] | ||||||
Impairment loss recognised in profit or loss, trade receivables | 101 | 40 | ||||
Kunlun Tech Limited [member] | ||||||
Statement Line Items [Line Items] | ||||||
Amounts receivable, related party transactions | [1] | $ 57,700 | $ 781 | |||
Star X [member] | ||||||
Statement Line Items [Line Items] | ||||||
Proportion of ownership interest in associate | 19.35% | 19.35% | ||||
Disposal group held for sale, consideration to be received | $ 83,500 | |||||
Proceeds from sales of interests in associates | $ 28,400 | |||||
Disposal group, number of installments | 2 | |||||
Disposal group, deferred payments, interest rate | 3.50% | |||||
Star X [member] | Kunlun Tech Limited [member] | ||||||
Statement Line Items [Line Items] | ||||||
Receivable from Sale of Investment, related party transactions | $ 56,400 | |||||
[1]Of the total amount of receivables due from Kunlun as of December 31, 2022, the receivable from the sale of Star X amounted to US$56.4 million. |
Note 17 - Related Parties - Out
Note 17 - Related Parties - Outstanding Balances and Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Oct. 17, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement Line Items [Line Items] | |||||
- Repurchase of shares | $ 146,068 | $ 749 | $ 49,049 | ||
Receivables | 58,821 | 2,650 | |||
Payables | 4,125 | 1,505 | |||
Star X [member] | |||||
Statement Line Items [Line Items] | |||||
- Interest income on receivable from sale of Star X (Note 13) | 1,285 | ||||
Beijing OFY [member] | |||||
Statement Line Items [Line Items] | |||||
Sales of goods and services | 256 | 1,069 | 543 | ||
Receivables | 0 | 46 | |||
Payables | 0 | 0 | |||
Kunlun Tech Limited [member] | |||||
Statement Line Items [Line Items] | |||||
Sales of goods and services | 1,055 | 0 | 0 | ||
Kunlun | 5,737 | 2,207 | 2,367 | ||
Receivables | [1] | 57,700 | 781 | ||
Payables | [1] | 3,516 | 794 | ||
Mobimagic Digital Tech [member] | |||||
Statement Line Items [Line Items] | |||||
Sales of goods and services | 0 | 0 | 496 | ||
Kunlun | 0 | 0 | 9,719 | ||
nHorizon [member] | |||||
Statement Line Items [Line Items] | |||||
Sales of goods and services | 543 | 456 | 133 | ||
Kunlun | 1,777 | 0 | 0 | ||
Receivables | 32 | 734 | |||
Payables | 483 | 571 | |||
Nanobank [member] | |||||
Statement Line Items [Line Items] | |||||
Sales of goods and services | 0 | 0 | 693 | ||
Kunlun | 0 | 0 | 23,007 | ||
Other transactions | 0 | 0 | 264,936 | ||
OPay Digital Services Limited [member] | |||||
Statement Line Items [Line Items] | |||||
Sales of goods and services | 0 | 0 | 13,819 | ||
Receivables | 589 | 589 | |||
Payables | 126 | 140 | |||
Wisdom Connection III Holding [member] | |||||
Statement Line Items [Line Items] | |||||
Receivables | 500 | 500 | |||
Payables | 0 | 0 | |||
Qifei International Development Co, Ltd [member] | |||||
Statement Line Items [Line Items] | |||||
- Repurchase of shares | $ 128,600 | 128,563 | 0 | 0 | |
Kunlun Tech [member] | |||||
Statement Line Items [Line Items] | |||||
- Share-based payment expense (Note 5) | 1,865 | 0 | 0 | ||
- Sale of shares in Star X (Note 13) | 83,468 | 0 | 0 | ||
- Interest income on receivable from sale of Star X (Note 13) | $ 0 | $ 0 | |||
Kunlun Tech [member] | Star X [member] | |||||
Statement Line Items [Line Items] | |||||
- Interest income on receivable from sale of Star X (Note 13) | $ 1,285 | ||||
[1]Of the total amount of receivables due from Kunlun as of December 31, 2022, the receivable from the sale of Star X amounted to US$56.4 million. |
Note 18 - Events After the Re_2
Note 18 - Events After the Reporting Period (Details Textual) | 12 Months Ended | ||||||||||
Mar. 31, 2023 USD ($) shares | Feb. 27, 2023 USD ($) | Jan. 31, 2023 USD ($) | Jan. 12, 2023 $ / shares | Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Statement Line Items [Line Items] | |||||||||||
Payments to acquire or redeem entity's shares | $ 146,068,000 | $ 749,000 | $ 49,049,000 | ||||||||
RSU [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of other equity instruments granted in share-based payment arrangement | 0 | 1,990,825 | |||||||||
Potential ordinary share transactions [member] | RSU [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of increase from dividend in other equity instruments outstanding in share-based payment arrangement | 218,020 | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 777,159 | ||||||||||
Vesting percentage for share-based payment arrangement | 11% | 29% | 29% | 31% | |||||||
Potential ordinary share transactions [member] | RSUs equivalent to ADS [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of other equity instruments granted in share-based payment arrangement | 997,288 | ||||||||||
Sale of marketable securities [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Proceeds from sales of investments other than investments accounted for using equity method | $ 59 | ||||||||||
Market value of shares based on their then-quoted price per share | $ 74,000,000 | ||||||||||
Sale of business in exchange for shares [member] | OPay Limited [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Percentage of net deduction of value to reflect various scenarios of impacts related to the provisions | 6% | ||||||||||
Net deduction of value to reflect various scenarios of impacts related to the provisions | $ 4,900,000 | ||||||||||
Proportion of ownership interest in associate | 9.47% | ||||||||||
Sale of business in exchange for shares [member] | OPay Limited [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of instruments or interests issued or issuable | 58,785,744 | ||||||||||
Fair value of instruments or interests issued or issuable | $ 77,400,000 | $ 1,100,000 | |||||||||
American depositary shares (ADS) [member] | Potential ordinary share transactions [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share (in dollars per share) | $ / shares | $ 0.80 | ||||||||||
Number of shares repurchased (in shares) | shares | 370,162 | ||||||||||
Payments to acquire or redeem entity's shares | $ 2,500,000 |