OSLO, Norway, Feb. 25, 2021 /PRNewswire/ -- Opera Limited
(NASDAQ: OPRA), one of the world's largest internet consumer brands
with over 380 million monthly active users, today announced its
unaudited consolidated financial results for the quarter ended
December 31, 2020:
Fourth quarter 2020 financial highlights
|
Three Months
Ended
December 31,
|
|
Year-over-
|
|
Twelve Months
Ended
December 31,
|
|
Year-over-
|
|
[US$ thousands,
except for margins
and per ADS amounts]
|
2019
|
|
2020
|
|
year
%
change
|
|
2019
|
|
2020
|
|
year
%
change
|
|
Revenue
|
|
48,763
|
|
|
50,446
|
|
|
3.5
|
%
|
|
177,078
|
|
|
165,274
|
|
|
-6.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
21,973
|
|
|
25,404
|
|
|
15.6
|
%
|
|
57,899
|
|
|
176,052
|
|
|
204.1
|
%
|
Margin
|
|
45.1
|
%
|
|
50.4
|
%
|
|
|
|
|
32.7
|
%
|
|
106.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(1)
|
|
6,752
|
|
|
14,271
|
|
|
111.4
|
%
|
|
24,233
|
|
|
25,188
|
|
|
3.9
|
%
|
Margin
|
|
13.9
|
%
|
|
28.3
|
%
|
|
|
|
|
13.7
|
%
|
|
15.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
(1)
|
|
12,662
|
|
|
34,699
|
|
|
174.0
|
%
|
|
50,475
|
|
|
52,280
|
|
|
3.6
|
%
|
Margin
|
|
25.9
|
%
|
|
68.8
|
%
|
|
|
|
|
27.9
|
%
|
|
31.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per ADS, US$
|
|
0.18
|
|
|
0.22
|
|
|
20.2
|
%
|
|
0.51
|
|
|
1.48
|
|
|
188.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted adjusted net
income per ADS, US$ (1)
|
|
0.10
|
|
|
0.30
|
|
|
185.3
|
%
|
|
0.45
|
|
|
0.44
|
|
|
-1.9
|
%
|
|
|
(1)
|
Please see the
separate section "About non-IFRS financial measures" for the
definitions of adjusted EBITDA and adjusted net income.
|
"These results demonstrate the potential for Opera to generate
significant growth thanks to Opera's two complementary strengths,"
noted co-CEO Song Lin. "First, our
core businesses - the Opera Browser, and Opera News - are operating
at greater scale, with higher user engagement, in our key markets.
This is a direct reflection of how well we're executing, and
increases our ability to monetize. Combined with continued COVID-19
recovery, our user driven search and advertising revenues increased
22% versus the prior quarter, and 14% versus the year-ago quarter,
representing a solid foundation and allowing us to offer an even
stronger outlook for 2021. Second, the strategic investments we
have made in adjacent categories, including gaming and fintech,
leverage our core strengths and are significantly accelerating our
overall growth potential. We're going to keep making these
investments given their clear promise, high growth, and ability to
deliver new revenue streams."
Fourth Quarter and Recent Business Highlights
- Opera's monthly active user base increased by 29 million in
2020.
- The Company reached 79 million average monthly PC users in the
fourth quarter, up 17% year-over-year (vs. up 10% year-over-year in
the third quarter).
- The Opera GX browser user base now exceeds 7 million users, up
350% year-over-year in December.
- Opera News revenue grew over 150% year-over-year and 60%
compared to the third quarter.
- Opera achieved record revenue on mobile. Opera recently
launched an in-browser messaging feature, Hype, in Africa, which is an example of a feature aimed
at increasing engagement within our Opera Mini browser. Opera for
Android, Opera's flagship mobile browser reached 79 million users,
doubling in 2.5 years.
- Investment in our strategic growth initiatives continued,
including the recent acquisition of YoYo
Games and creation of Opera Gaming, and the launch of the
Dify digital wallet and in-browser cashback offering, broadening
Opera's opportunities in gaming and ecommerce. In addition, the
huge success of Opera News in Africa has led to a decision to test the
product in several developed markets.
"In sum", continued Mr. Lin, "we are doing two things extremely
well: operating our core businesses such that they continue to
scale and create new paths to monetization, and simultaneously
executing against our growth strategy. We're entering 2021 with
good momentum and the possibility to generate what many had
previously expected would be 2022 revenues. We believe we have all
the elements in place to enjoy sustained, long-term growth."
Business Outlook
Mr. Frode Jacobsen, Opera's CFO,
said, "Growth in our core business accelerated in the fourth
quarter, leading us to raise our revenue growth expectations in
2021 from 25% to 39%, or $65 million
above 2020, at the midpoint. We expect our core business to benefit
from the additional economies of scale similar to what we
experienced in the fourth quarter, but we are using this strength
as an opportunity to accelerate growth through high return
investments in our key initiatives -- European fintech, gaming and
Opera News in developed markets -- which will impact near-term
margins as we enter a new phase of accelerated growth."
For the full year 2021, Opera expects revenue of $220 million to $240
million, representing an increase of $30 million at the midpoint compared to prior
guidance. Adjusted EBITDA is anticipated to be $10 million to $30
million.
For the first quarter 2021, Opera expects revenue of
$47 million to $48 million, representing 18% year-over-year
growth at the midpoint, roughly a 15 percentage point increase
versus the fourth quarter. Adjusted EBITDA will be around breakeven
as Opera invests aggressively in growth.
Nanobank and other investments
On a pro forma basis in the fourth quarter, Nanobank posted
revenue of $46.0 million, up 32%
compared to the third quarter, and disbursed 3.2 million loans
representing $239 million in total
value. Adjusted EBITDA was $13.8
million and post-tax profit was $12.3 million. The
growth was primarily driven by strength in Indonesia and Mexico.
In terms of other investments, OPay continues to grow and scale
its payment offerings. In December, OPay processed a gross
transaction value of $2.0 billion on
its platform, more than four-times the level in January 2020, and is in the process of launching
in a new African geography. StarMaker continues to experience
strong growth. Daily active users doubled in 2020 and fourth
quarter revenues were at an annual run rate of over $130 million, more than three times the year-ago
period.
Opera owns 42% of Nanobank, 13.1% of OPay and 19.35% of
StarMaker.
Fourth quarter 2020 consolidated financial results
All comparisons in this section are relative to the fourth
quarter of 2019 unless otherwise stated. Our former emerging
markets fintech and retail revenues are not included in comparisons
as they are classified as discontinued operations.
Revenue increased 3% to $50.4
million
- Search revenue increased 13%, or 21% versus the third quarter
2020, to $25.7 million due to strong
PC user growth and as monetization recovered from COVID-19.
- Advertising revenue increased 16%, or 23% versus the third
quarter 2020, to $23.3 million due to
strong Opera News monetization and ad monetization increases.
- Technology licensing and other revenue was $1.5 million. This declined $4.5 million compared to the previous year as
Opera has been phasing out low-margin professional services for an
investee.
Operating expenses decreased 6% to $46.4 million.
- Cost of revenue was $2.7 million,
a decrease of 38%. Within this total, $1.9
million related to the browser and news business area and
$0.8 million related to other
revenue.
- Personnel expenses, including share-based remuneration, were
$15.6 million, an 8% decrease. This
expense consists of cash-based compensation expense of $14.6 million, and $1.0
million of share-based remuneration expense.
- Marketing and distribution expenses were $12.3 million, a decrease of 6%.
- Depreciation and amortization expenses were $5.9 million, flat year-over-year.
- Other operating expenses were $5.9
million, a 31% decrease driven by reduced travel and general
reductions.
- Non-recurring costs were $3.3
million and predominantly related to the dissolution of the
Powerbets joint venture.
Operating profit was $8.0
million, representing an operating margin of 16%, compared
to operating loss of $0.7 million and
a negative 1% margin during the fourth quarter of 2019. The
increase was primarily due to lower operating expenses and the
shift away from "technology licensing and other" revenue.
Other items include share of net profit of associates and joint
ventures of $5.2 million,
predominantly related to Nanobank, and an $8.0 million increase in the fair value of
preferred shares in Starmaker and OPay following year-end
assessments. Further, net finance income was $6.6 million, primarily related to marketable
securities held as part of our treasury function.
Income tax expense was $0.1
million in the quarter.
Net income was $25.4
million, comprising $27.7
million in profits from continued operations and
$2.3 million loss from discontinued
operations following an adjustment to the initial valuation of our
shares in Nanobank. This compared to a net income of $22.0 million in the fourth quarter of 2019.
Net income per ADS was $0.22 in the quarter. Each ADS represents two
shares in Opera Limited. In the quarter, the average number of
shares outstanding was 229.5 million, corresponding to 114.8
million ADSs.
Adjusted EBITDA was $14.3
million, representing a 28% adjusted EBITDA margin, compared
to adjusted EBITDA of $6.8 million in
the fourth quarter 2019. Adjusted EBITDA excludes share-based
remuneration and non-recurring expenses, as well as other income
and discontinued operations.
Adjusted net income was $34.7
million in the quarter, compared to adjusted net income of
$12.7 million in fourth quarter 2019.
Adjusted net income excludes share-based remuneration,
non-recurring expenses, discontinued operations and amortization of
intangible assets related to acquisitions.
Adjusted net income per ADS was $0.30 in the quarter.
Share repurchases were 0.9 million ADSs in the
quarter for a total spend of $8.2
million. In 2020, we repurchased 5.9 million ADSs for a
total spend of $49.0 million.
Discontinued operations include Opera's retail business,
which was discontinued following a strategic assessment as it had
not been profit generating, and Opera's former emerging markets
fintech business, which was contributed to Nanobank on August 19, 2020. Opera owns 42% of Nanobank as of
December 31, 2020.
We have posted unaudited supplemental information at
https://investor.opera.com, including: 1) Opera's financial
historical results by quarter over 2019 and 2020, reflecting
microlending and retail as discontinued operations; and 2) Nanobank
financial results by quarter over 2019 and 2020 (pro forma prior to
August 19, 2020).
Conference call
Opera's management will host a conference call to discuss the
fourth quarter 2020 financial results on Thursday, February 25th at 8:00 am Eastern Time (EST) (2:00 PM Central European Time, 9:00 PM Beijing/Hong
Kong time). Listeners may access the call by dialing the
following numbers:
United States: +1 833
570-1161
China: +86 400 682 8609
Hong Kong: +852 5819 4851
Norway: +47 2396 4173
United Kingdom: +44 (0)203 107
0289
International: +1 918 922-6511
Confirmation Code: 6964699
A live webcast of the conference call will be posted at
https://investor.opera.com.
About non-IFRS financial measures
To supplement our consolidated financial statements, which are
prepared and presented based on IFRS, we use adjusted EBITDA and
adjusted net income, both non-IFRS financial measures, to
understand and evaluate our core operating performance. These
non-IFRS financial measures, which may differ from similarly titled
measures used by other companies, are presented to enhance
investors' overall understanding of our financial performance and
should not be considered a substitute for, or superior to, the
financial information prepared and presented in accordance with
IFRS.
We define adjusted EBITDA as net income (loss) excluding income
tax expense (benefit), net finance expense (income), share of net
loss (income) of associates and joint ventures, restructuring
costs, depreciation and amortization, share-based remuneration,
other income, non-recurring expenses and discontinued
operations.
We define adjusted net income as net income excluding
share-based remuneration, amortization of acquired intangible
assets, non-recurring expenses and discontinued operations, net of
associated income tax adjustments.
We believe that adjusted EBITDA and adjusted net income provide
useful information to investors and others in understanding and
evaluating our operating results. These non-IFRS financial measures
adjust for the impact of items that we do not consider indicative
of the operational performance of our business. While we believe
that these non-IFRS financial measures are useful in evaluating our
business, this information should be considered as supplemental in
nature and is not meant as a substitute for the related financial
information prepared and presented in accordance with IFRS. Please
refer to our financial statements at the end of this announcement
for a table reconciling our non-IFRS financial measures to net
income (loss), the most directly comparable IFRS financial
measure.
Safe harbor statement
This press release contains statements of a forward-looking
nature. These statements, including statements relating to the
Company and its investees' future financial and operating results,
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as "will,"
"expects," "believes," "anticipates," "intends," "estimates" and
similar statements. Among other things, management's quotations and
the Business outlook section contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about the Company, its
investees, and the industry in which they operate. Potential risks
and uncertainties include, but are not limited to, those relating
to: the duration and development of the COVID-19 pandemic as well
as changes in consumer behaviours as a result of such pandemic; the
Company and its goals and strategies; expected development and
launch, and market acceptance, of products and services; Company
and its investees' expectations regarding demand for and market
acceptance of their brands, platforms and services; Company's
expectations regarding growth in its user base, user retention and
level of engagement; Company's ability to attract, retain and
monetize users; Company's ability to continue to develop new
technologies and/or upgrade its existing technologies; quarterly
variations in Company's operating results caused by factors beyond
its control; and global macroeconomic conditions and their
potential impact in the markets in which Company or its investees
have businesses. All information provided in this press release is
as of the date hereof, and the Company undertakes no obligation to
update any forward-looking statements to reflect subsequent
occurring events or circumstances, or changes in its expectations,
except as may be required by law. Although the Company believes
that the expectations expressed in these forward-looking statements
are reasonable, it cannot assure you that its expectations will
turn out to be correct, and investors are cautioned that actual
results may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by Opera is
included in the Company's filings with the U.S. Securities and
Exchange Commission, including its annual reports on Form 20-F.
About Opera
Opera is a global web innovator. Opera's browsers, news products
and fintech solutions are the trusted choice of more than 380
million monthly active users worldwide. Opera is headquartered in
Oslo, Norway and listed on the
NASDAQ stock exchange (OPRA).
UNAUDITED
CONSOLIDATED STATEMENT OF OPERATIONS
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
|
[US$ thousands,
except per share and ADS amounts]
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
48,763
|
|
|
|
50,446
|
|
|
|
177,078
|
|
|
|
165,274
|
|
Other
income
|
|
|
-
|
|
|
|
3,910
|
|
|
|
-
|
|
|
|
9,479
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
(4,384)
|
|
|
|
(2,710)
|
|
|
|
(14,239)
|
|
|
|
(12,112)
|
|
Personnel expenses
including share-based remuneration
|
|
|
(16,998)
|
|
|
|
(15,606)
|
|
|
|
(51,283)
|
|
|
|
(59,936)
|
|
Marketing and
distribution expenses
|
|
|
(13,148)
|
|
|
|
(12,318)
|
|
|
|
(64,883)
|
|
|
|
(47,860)
|
|
Credit loss
expense
|
|
|
(380)
|
|
|
|
(607)
|
|
|
|
(580)
|
|
|
|
(1,849)
|
|
Depreciation and
amortization
|
|
|
(5,969)
|
|
|
|
(5,876)
|
|
|
|
(18,843)
|
|
|
|
(20,234)
|
|
Non-recurring
expenses
|
|
|
-
|
|
|
|
(3,321)
|
|
|
|
-
|
|
|
|
(6,543)
|
|
Other
expenses
|
|
|
(8,577)
|
|
|
|
(5,929)
|
|
|
|
(27,787)
|
|
|
|
(23,037)
|
|
Total operating
expenses
|
|
|
(49,455)
|
|
|
|
(46,367)
|
|
|
|
(177,614)
|
|
|
|
(171,570)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(loss)
|
|
|
(692)
|
|
|
|
7,990
|
|
|
|
(537)
|
|
|
|
3,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of net income
(loss) of associates and joint ventures
|
|
|
837
|
|
|
|
5,187
|
|
|
|
(3,818)
|
|
|
|
3,865
|
|
Change in fair value
of preferred shares in associates
|
|
|
6,992
|
|
|
|
8,000
|
|
|
|
37,900
|
|
|
|
14,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net finance income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
income
|
|
|
6,561
|
|
|
|
5,166
|
|
|
|
10,532
|
|
|
|
13,633
|
|
Finance
expense
|
|
|
(184)
|
|
|
|
(30)
|
|
|
|
(655)
|
|
|
|
(516)
|
|
Net foreign exchange
gain (loss)
|
|
|
467
|
|
|
|
1,421
|
|
|
|
(25)
|
|
|
|
833
|
|
Net finance income
(expense)
|
|
|
6,844
|
|
|
|
6,557
|
|
|
|
9,851
|
|
|
|
13,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
income taxes
|
|
|
13,981
|
|
|
|
27,735
|
|
|
|
43,396
|
|
|
|
34,997
|
|
Income tax (expense)
benefit
|
|
|
(3,793)
|
|
|
|
(56)
|
|
|
|
(2,658)
|
|
|
|
(689)
|
|
Profit from
continuing operations
|
|
|
10,188
|
|
|
|
27,680
|
|
|
|
40,739
|
|
|
|
34,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) from
discontinued operations
|
|
|
11,784
|
|
|
|
(2,276)
|
|
|
|
17,161
|
|
|
|
141,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
21,973
|
|
|
|
25,404
|
|
|
|
57,899
|
|
|
|
176,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent
|
|
|
21,973
|
|
|
|
25,404
|
|
|
|
57,899
|
|
|
|
176,052
|
|
Non-controlling
interests
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Total net income
attributed
|
|
|
21,973
|
|
|
|
25,404
|
|
|
|
57,899
|
|
|
|
176,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic,
millions(1)
|
|
|
237.44
|
|
|
|
229.54
|
|
|
|
224.63
|
|
|
|
234.57
|
|
Diluted,
millions(2)
|
|
|
241.76
|
|
|
|
232.49
|
|
|
|
224.83
|
|
|
|
237.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit per
ordinary share from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$
|
|
|
0.04
|
|
|
|
0.12
|
|
|
|
0.18
|
|
|
|
0.15
|
|
Diluted,
US$
|
|
|
0.04
|
|
|
|
0.12
|
|
|
|
0.18
|
|
|
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit per ADS
from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$
|
|
|
0.09
|
|
|
|
0.24
|
|
|
|
0.36
|
|
|
|
0.29
|
|
Diluted,
US$
|
|
|
0.08
|
|
|
|
0.24
|
|
|
|
0.36
|
|
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$
|
|
|
0.09
|
|
|
|
0.11
|
|
|
|
0.26
|
|
|
|
0.75
|
|
Diluted,
US$
|
|
|
0.09
|
|
|
|
0.11
|
|
|
|
0.25
|
|
|
|
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$
|
|
|
0.19
|
|
|
|
0.22
|
|
|
|
0.52
|
|
|
|
1.50
|
|
Diluted,
US$
|
|
|
0.18
|
|
|
|
0.22
|
|
|
|
0.51
|
|
|
|
1.48
|
|
|
|
(1)
|
As of December 31,
2020, the total number of shares outstanding for Opera Limited was
228,285,684, equivalent to 114,142,842 ADSs.
|
|
|
(2)
|
Includes the net
dilutive impact of employee equity awards, all of which are
dilutive.
|
UNAUDITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(LOSS)
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
|
[US$
thousands]
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
21,973
|
|
|
|
25,404
|
|
|
|
57,899
|
|
|
|
176,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss) that may be reclassified to the
Statement of Operations in subsequent periods (net of
tax)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences
on translation of foreign operations
|
|
|
301
|
|
|
|
944
|
|
|
|
(1,790)
|
|
|
|
42
|
|
Reclassification of
exchange differences on loss of control
|
|
|
-
|
|
|
|
(151)
|
|
|
|
7
|
|
|
|
2,936
|
|
Share of other
comprehensive income (loss) of associates and joint
ventures
|
|
|
-
|
|
|
|
-
|
|
|
|
(41)
|
|
|
|
-
|
|
Net other
comprehensive income (loss) that may be reclassified to the
Statement of Operations in subsequent periods
|
|
|
301
|
|
|
|
793
|
|
|
|
(1,824)
|
|
|
|
2,978
|
|
Total
comprehensive income
|
|
|
22,274
|
|
|
|
26,198
|
|
|
|
56,075
|
|
|
|
179,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent
|
|
|
22,274
|
|
|
|
26,198
|
|
|
|
56,075
|
|
|
|
179,031
|
|
Non-controlling
interests
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Total
comprehensive income attributed
|
|
|
22,274
|
|
|
|
26,198
|
|
|
|
56,075
|
|
|
|
179,031
|
|
UNAUDITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
|
|
|
As of December
31,
|
|
[US$
thousands]
|
|
2019
|
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
Furniture, fixtures
and equipment
|
|
|
26,053
|
|
|
|
18,167
|
|
Intangible
assets
|
|
|
110,807
|
|
|
|
111,954
|
|
Goodwill
|
|
|
421,578
|
|
|
|
424,961
|
|
Investments in
associates and joint ventures
|
|
|
76,300
|
|
|
|
359,576
|
|
Non-current financial
assets
|
|
|
1,351
|
|
|
|
1,490
|
|
Deferred tax
assets
|
|
|
6,204
|
|
|
|
3,996
|
|
Total non-current
assets
|
|
|
642,293
|
|
|
|
920,144
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Trade
receivables
|
|
|
49,371
|
|
|
|
32,606
|
|
Loans to
customers
|
|
|
93,115
|
|
|
|
68
|
|
Other
receivables
|
|
|
59,112
|
|
|
|
10,750
|
|
Prepayments
|
|
|
25,809
|
|
|
|
9,061
|
|
Inventories
|
|
|
7,752
|
|
|
|
-
|
|
Other current
financial assets
|
|
|
1,535
|
|
|
|
856
|
|
Marketable
securities
|
|
|
42,146
|
|
|
|
-
|
|
Cash and cash
equivalents
|
|
|
139,487
|
|
|
|
134,168
|
|
Total cash, cash
equivalents, and marketable securities
|
|
|
181,633
|
|
|
|
134,168
|
|
Total current
assets
|
|
|
418,327
|
|
|
|
187,508
|
|
TOTAL
ASSETS
|
|
|
1,060,620
|
|
|
|
1,107,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
Share
capital
|
|
|
24
|
|
|
|
24
|
|
Other paid in
capital
|
|
|
814,177
|
|
|
|
765,129
|
|
Retained
earnings
|
|
|
99,513
|
|
|
|
280,211
|
|
Foreign currency
translation reserve
|
|
|
(1,508)
|
|
|
|
1,343
|
|
Equity attributed
to equity holders of the parent
|
|
|
912,206
|
|
|
|
1,046,707
|
|
Non-controlling
interests
|
|
|
-
|
|
|
|
-
|
|
Total
equity
|
|
|
912,206
|
|
|
|
1,046,707
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
Non-current lease
liabilities and other loans
|
|
|
9,181
|
|
|
|
3,584
|
|
Deferred tax
liabilities
|
|
|
10,526
|
|
|
|
11,745
|
|
Other non-current
liabilities
|
|
|
137
|
|
|
|
68
|
|
Total non-current
liabilities
|
|
|
19,844
|
|
|
|
15,397
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Trade and other
payables
|
|
|
57,125
|
|
|
|
25,454
|
|
Current lease
liabilities and other loans
|
|
|
47,793
|
|
|
|
5,389
|
|
Income tax
payable
|
|
|
7,803
|
|
|
|
1,321
|
|
Deferred
revenue
|
|
|
708
|
|
|
|
345
|
|
Other current
liabilities
|
|
|
15,142
|
|
|
|
13,040
|
|
Total current
liabilities
|
|
|
128,570
|
|
|
|
45,548
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
148,414
|
|
|
|
60,945
|
|
TOTAL EQUITY AND
LIABILITIES
|
|
|
1,060,620
|
|
|
|
1,107,652
|
|
UNAUDITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
[US$
thousands]
|
|
Share
capital
|
|
|
Other paid
in capital
|
|
|
Retained
earnings
|
|
|
Foreign
currency
translation
reserve
|
|
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
2018, as previously reported
|
|
|
22
|
|
|
|
738,690
|
|
|
|
36,432
|
|
|
|
316
|
|
|
|
775,460
|
|
Impact of
implementing IFRS 16 Leases
|
|
|
-
|
|
|
|
-
|
|
|
|
64
|
|
|
|
-
|
|
|
|
64
|
|
As of January 1,
2019, restated
|
|
|
22
|
|
|
|
738,690
|
|
|
|
36,496
|
|
|
|
316
|
|
|
|
775,524
|
|
Net income
|
|
|
-
|
|
|
|
-
|
|
|
|
57,899
|
|
|
|
-
|
|
|
|
57,899
|
|
Other comprehensive
income (loss)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,824)
|
|
|
|
(1,824)
|
|
Total
comprehensive income (loss)
|
|
|
-
|
|
|
|
-
|
|
|
|
57,899
|
|
|
|
(1,824)
|
|
|
|
56,075
|
|
Contribution of
equity, net of transaction costs
|
|
|
2
|
|
|
|
81,267
|
|
|
|
-
|
|
|
|
-
|
|
|
|
81,267
|
|
Acquisition of
treasury shares
|
|
|
-
|
|
|
|
(5,780)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(5,780)
|
|
Share-based
remuneration expense
|
|
|
-
|
|
|
|
-
|
|
|
|
5,118
|
|
|
|
-
|
|
|
|
5,118
|
|
As of December 31,
2019
|
|
|
24
|
|
|
|
814,177
|
|
|
|
99,513
|
|
|
|
(1,508)
|
|
|
|
912,206
|
|
[US$
thousands]
|
|
Share
capital
|
|
|
Other paid
in capital
|
|
|
Retained
earnings
|
|
|
Foreign
currency
translation
reserve
|
|
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
2019
|
|
|
24
|
|
|
|
814,177
|
|
|
|
99,513
|
|
|
|
(1,508)
|
|
|
|
912,206
|
|
Net income
|
|
|
-
|
|
|
|
-
|
|
|
|
176,052
|
|
|
|
-
|
|
|
|
176,052
|
|
Other comprehensive
income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,978
|
|
|
|
2,978
|
|
Total
comprehensive income
|
|
|
-
|
|
|
|
-
|
|
|
|
176,052
|
|
|
|
2,978
|
|
|
|
179,030
|
|
Acquisition of
treasury shares
|
|
|
-
|
|
|
|
(49,049)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(49,049)
|
|
Reclassification of
foreign currency translation reserve
|
|
|
-
|
|
|
|
-
|
|
|
|
126
|
|
|
|
(126)
|
|
|
|
-
|
|
Share-based
remuneration expense
|
|
|
-
|
|
|
|
-
|
|
|
|
4,521
|
|
|
|
-
|
|
|
|
4,521
|
|
As of December 31,
2020
|
|
|
24
|
|
|
|
765,129
|
|
|
|
280,211
|
|
|
|
1,343
|
|
|
|
1,046,708
|
|
UNAUDITED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
|
[US$
thousands]
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
Cash flow from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
before income taxes from continuing operations
|
|
|
13,981
|
|
|
|
27,735
|
|
|
|
43,396
|
|
|
|
34,997
|
|
Net income (loss)
before income taxes from discontinued operations
|
|
|
12,621
|
|
|
|
(734)
|
|
|
|
20,124
|
|
|
|
139,792
|
|
Income taxes
paid
|
|
|
(8,503)
|
|
|
|
(1,886)
|
|
|
|
(9,870)
|
|
|
|
(9,887)
|
|
Depreciation and
amortization
|
|
|
6,000
|
|
|
|
5,879
|
|
|
|
18,934
|
|
|
|
20,390
|
|
Share of net loss
(income) of associates and joint ventures
|
|
|
(837)
|
|
|
|
(5,187)
|
|
|
|
3,818
|
|
|
|
(3,865)
|
|
Change in fair value
of preferred shares in associates and joint ventures
|
|
|
(6,992)
|
|
|
|
(8,000)
|
|
|
|
(37,900)
|
|
|
|
(14,000)
|
|
Equity component of
share-based payment expense
|
|
|
1,478
|
|
|
|
886
|
|
|
|
5,118
|
|
|
|
4,521
|
|
Gain on disposal of
fintech segment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(152,048)
|
|
Net finance income
(expense)
|
|
|
(6,028)
|
|
|
|
(6,557)
|
|
|
|
(8,756)
|
|
|
|
(13,950)
|
|
Change in
inventories
|
|
|
(5,820)
|
|
|
|
179
|
|
|
|
(7,752)
|
|
|
|
7,752
|
|
Change in trade and
other receivables
|
|
|
(3,691)
|
|
|
|
(544)
|
|
|
|
(14,206)
|
|
|
|
19,572
|
|
Change in loans to
customers
|
|
|
(37,607)
|
|
|
|
(68)
|
|
|
|
(90,023)
|
|
|
|
73,365
|
|
Change in trade and
other payables
|
|
|
15,583
|
|
|
|
(605)
|
|
|
|
39,168
|
|
|
|
(25,135)
|
|
Change in deferred
revenue
|
|
|
(451)
|
|
|
|
(2,404)
|
|
|
|
(1,224)
|
|
|
|
(346)
|
|
Change in
prepayments
|
|
|
1,048
|
|
|
|
4,645
|
|
|
|
(11,437)
|
|
|
|
12,032
|
|
Change in other
liabilities
|
|
|
2,322
|
|
|
|
4,036
|
|
|
|
5,441
|
|
|
|
(1,482)
|
|
Other
|
|
|
44
|
|
|
|
112
|
|
|
|
706
|
|
|
|
1,616
|
|
Net cash flow from
(used in) operating activities
|
|
|
(16,852)
|
|
|
|
17,487
|
|
|
|
(44,464)
|
|
|
|
93,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
investment activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of
intangibles assets
|
|
|
-
|
|
|
|
(8)
|
|
|
|
-
|
|
|
|
(2,286)
|
|
Proceeds from sales
of equipment and intangible assets
|
|
|
6
|
|
|
|
-
|
|
|
|
6
|
|
|
|
-
|
|
Purchase of
equipment
|
|
|
(1,714)
|
|
|
|
(165)
|
|
|
|
(8,868)
|
|
|
|
(2,484)
|
|
Investment in, and
loans to associates and joint ventures
|
|
|
(911)
|
|
|
|
(440)
|
|
|
|
(6,550)
|
|
|
|
(440)
|
|
Acquisition of
subsidiary, net of cash acquired
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,882)
|
|
Disbursement of
short-term loans
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,497)
|
|
Cash transferred with
Okash Group
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(39,260)
|
|
Release of escrow
account
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,000
|
|
Repayment of
short-term loans
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,497
|
|
Repayment of loans to
associates and joint ventures
|
|
|
-
|
|
|
|
-
|
|
|
|
726
|
|
|
|
-
|
|
Deposit of collateral
for loan facility
|
|
|
(52,878)
|
|
|
|
-
|
|
|
|
(52,878)
|
|
|
|
(1,000)
|
|
Net sale (purchase)
of listed equity instruments
|
|
|
10,423
|
|
|
|
61,624
|
|
|
|
(35,250)
|
|
|
|
58,535
|
|
Development
expenditure
|
|
|
(964)
|
|
|
|
(615)
|
|
|
|
(4,173)
|
|
|
|
(6,553)
|
|
Interest income
received
|
|
|
-
|
|
|
|
(205)
|
|
|
|
-
|
|
|
|
326
|
|
Net cash flow from
(used in) investing activities
|
|
|
(46,038)
|
|
|
|
60,191
|
|
|
|
(106,987)
|
|
|
|
2,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
treasury shares
|
|
|
-
|
|
|
|
(8,194)
|
|
|
|
(5,780)
|
|
|
|
(49,049)
|
|
Proceeds from loans
and borrowings
|
|
|
21,543
|
|
|
|
-
|
|
|
|
43,163
|
|
|
|
6,905
|
|
Interests on loans
and borrowings
|
|
|
(797)
|
|
|
|
(75)
|
|
|
|
(1,184)
|
|
|
|
(1,752)
|
|
Proceeds from issues
of equity instruments
|
|
|
10,778
|
|
|
|
-
|
|
|
|
82,630
|
|
|
|
-
|
|
Repayment of loans
and borrowings
|
|
|
(172)
|
|
|
|
305
|
|
|
|
(1,509)
|
|
|
|
(52,874)
|
|
Transaction costs on
issue of equity instruments
|
|
|
(497)
|
|
|
|
-
|
|
|
|
(1,364)
|
|
|
|
-
|
|
Payment of lease
liabilities
|
|
|
-
|
|
|
|
(426)
|
|
|
|
(2,755)
|
|
|
|
(4,202)
|
|
Net cash flow from
(used in) financing activities
|
|
|
30,855
|
|
|
|
(8,390)
|
|
|
|
113,200
|
|
|
|
(100,972)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
(32,034)
|
|
|
|
69,288
|
|
|
|
(38,248)
|
|
|
|
(4,692)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
|
170,697
|
|
|
|
64,416
|
|
|
|
177,873
|
|
|
|
139,487
|
|
Net foreign exchange
difference
|
|
|
825
|
|
|
|
465
|
|
|
|
(137)
|
|
|
|
(627)
|
|
Cash and cash
equivalents at end of period
|
|
|
139,487
|
|
|
|
134,168
|
|
|
|
139,487
|
|
|
|
134,168
|
|
Financial details
by business area
|
|
The tables below
specify the contribution by each business area:
|
|
[US$
thousands]
|
|
Three Months Ended
December 31, 2019
|
|
Business
area
|
|
Browser and
News
|
|
|
Other
|
|
|
Total
|
|
Revenue
categories
|
|
|
|
|
|
|
|
|
|
|
|
|
Search
|
|
|
22,641
|
|
|
|
-
|
|
|
|
22,641
|
|
Advertising
|
|
|
20,164
|
|
|
|
-
|
|
|
|
20,164
|
|
Technology licensing
and other revenue
|
|
|
-
|
|
|
|
5,958
|
|
|
|
5,958
|
|
Total
revenue
|
|
|
42,805
|
|
|
|
5,958
|
|
|
|
48,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
(1,030)
|
|
|
|
(3,354)
|
|
|
|
(4,384)
|
|
Marketing and
distribution expenses
|
|
|
(13,148)
|
|
|
|
-
|
|
|
|
(13,148)
|
|
Credit loss
expense
|
|
|
(249)
|
|
|
|
(131)
|
|
|
|
(380)
|
|
Direct
expenses
|
|
|
(14,427)
|
|
|
|
(3,485)
|
|
|
|
(17,912)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution by
business area
|
|
|
28,378
|
|
|
|
2,473
|
|
|
|
30,852
|
|
[US$
thousands]
|
|
Three Months Ended
December 31, 2020
|
|
Business
area
|
|
Browser and
News
|
|
|
Other
|
|
|
Total
|
|
Revenue
categories
|
|
|
|
|
|
|
|
|
|
|
|
|
Search
|
|
|
25,653
|
|
|
|
-
|
|
|
|
25,653
|
|
Advertising
|
|
|
23,121
|
|
|
|
180
|
|
|
|
23,301
|
|
Technology licensing
and other revenue
|
|
|
-
|
|
|
|
1,492
|
|
|
|
1,492
|
|
Total
revenue
|
|
|
48,774
|
|
|
|
1,672
|
|
|
|
50,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
(1,873)
|
|
|
|
(837)
|
|
|
|
(2,710)
|
|
Marketing and
distribution expenses
|
|
|
(12,068)
|
|
|
|
(250)
|
|
|
|
(12,318)
|
|
Credit loss
expense
|
|
|
(34)
|
|
|
|
(573)
|
|
|
|
(607)
|
|
Direct
expenses
|
|
|
(13,975)
|
|
|
|
(1,660)
|
|
|
|
(15,635)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution by
business area
|
|
|
34,799
|
|
|
|
12
|
|
|
|
34,810
|
|
[US$
thousands]
|
|
Twelve Months
Ended December 31, 2019
|
|
Business
area
|
|
Browser and
News
|
|
|
Other
|
|
|
Total
|
|
Revenue
categories
|
|
|
|
|
|
|
|
|
|
|
|
|
Search
|
|
|
86,155
|
|
|
|
-
|
|
|
|
86,155
|
|
Advertising
|
|
|
68,813
|
|
|
|
-
|
|
|
|
68,813
|
|
Technology licensing
and other revenue
|
|
|
-
|
|
|
|
22,111
|
|
|
|
22,111
|
|
Total
revenue
|
|
|
154,968
|
|
|
|
22,111
|
|
|
|
177,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
(2,642)
|
|
|
|
(11,597)
|
|
|
|
(14,239)
|
|
Marketing and
distribution expenses
|
|
|
(64,685)
|
|
|
|
(198)
|
|
|
|
(64,883)
|
|
Credit loss
expense
|
|
|
(448)
|
|
|
|
(132)
|
|
|
|
(580)
|
|
Direct
expenses
|
|
|
(67,776)
|
|
|
|
(11,927)
|
|
|
|
(79,702)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution by
business area
|
|
|
87,192
|
|
|
|
10,184
|
|
|
|
97,376
|
|
[US$
thousands]
|
|
Twelve Months
Ended December 31, 2020
|
|
Business
area
|
|
Browser and
News
|
|
|
Other
|
|
|
Total
|
|
Revenue
categories
|
|
|
|
|
|
|
|
|
|
|
|
|
Search
|
|
|
84,180
|
|
|
|
-
|
|
|
|
84,180
|
|
Advertising
|
|
|
71,510
|
|
|
|
216
|
|
|
|
71,726
|
|
Technology licensing
and other revenue
|
|
|
-
|
|
|
|
9,368
|
|
|
|
9,368
|
|
Total
revenue
|
|
|
155,690
|
|
|
|
9,584
|
|
|
|
165,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
(7,487)
|
|
|
|
(4,625)
|
|
|
|
(12,112)
|
|
Marketing and
distribution expenses
|
|
|
(47,042)
|
|
|
|
(818)
|
|
|
|
(47,860)
|
|
Credit loss
expense
|
|
|
(568)
|
|
|
|
(1,281)
|
|
|
|
(1,849)
|
|
Direct
expenses
|
|
|
(55,097)
|
|
|
|
(6,724)
|
|
|
|
(61,821)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution by
business area
|
|
|
100,593
|
|
|
|
2,860
|
|
|
|
103,453
|
|
Personnel expenses
including share-based remuneration
|
|
The table below
specifies the amounts of personnel expenses including share-based
remuneration:
|
|
[US$
thousands]
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
|
Personnel expenses
including share-based remuneration
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
Personnel expenses
excluding share-based remuneration
|
|
|
15,523
|
|
|
|
14,614
|
|
|
|
45,355
|
|
|
|
55,230
|
|
Share-based
remuneration, including related social security costs
|
|
|
1,475
|
|
|
|
992
|
|
|
|
5,928
|
|
|
|
4,706
|
|
Total
|
|
|
16,998
|
|
|
|
15,606
|
|
|
|
51,283
|
|
|
|
59,936
|
|
Other
expenses
|
|
The table below
specifies the nature of other expenses:
|
|
[US$
thousands]
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
|
Other
expenses
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
Hosting
|
|
|
1,873
|
|
|
|
2,115
|
|
|
|
7,151
|
|
|
|
8,056
|
|
Audit, legal and
other advisory services
|
|
|
1,598
|
|
|
|
1,529
|
|
|
|
6,742
|
|
|
|
5,837
|
|
Software license
fees
|
|
|
385
|
|
|
|
432
|
|
|
|
2,169
|
|
|
|
1,882
|
|
Rent and other office
expense
|
|
|
949
|
|
|
|
1,015
|
|
|
|
4,175
|
|
|
|
3,318
|
|
Travel
|
|
|
1,549
|
|
|
|
209
|
|
|
|
3,903
|
|
|
|
1,304
|
|
Other
|
|
|
2,222
|
|
|
|
628
|
|
|
|
3,645
|
|
|
|
2,640
|
|
Total
|
|
|
8,576
|
|
|
|
5,929
|
|
|
|
27,787
|
|
|
|
23,037
|
|
Non-IFRS financial
measures
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
|
[US$ thousands,
except per share and ADS amounts]
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
Reconciliation of net
income (loss) to adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
21,973
|
|
|
|
25,404
|
|
|
|
57,899
|
|
|
|
176,052
|
|
Add: Income tax
expense (benefit)
|
|
|
3,793
|
|
|
|
56
|
|
|
|
2,658
|
|
|
|
689
|
|
Add: Net finance
expense (income)
|
|
|
(6,844)
|
|
|
|
(6,557)
|
|
|
|
(9,851)
|
|
|
|
(13,950)
|
|
Add: Share of net
loss (income) of associates and joint ventures
|
|
|
(837)
|
|
|
|
(5,187)
|
|
|
|
3,818
|
|
|
|
(3,865)
|
|
Add: Change in fair
value of preferred shares in associates
|
|
|
(6,992)
|
|
|
|
(8,000)
|
|
|
|
(37,900)
|
|
|
|
(14,000)
|
|
Add: Depreciation and
amortization
|
|
|
5,969
|
|
|
|
5,876
|
|
|
|
18,843
|
|
|
|
20,234
|
|
Add: Share-based
remuneration
|
|
|
1,475
|
|
|
|
992
|
|
|
|
5,928
|
|
|
|
4,706
|
|
Add: Non-recurring
expenses
|
|
|
-
|
|
|
|
3,321
|
|
|
|
-
|
|
|
|
6,543
|
|
Less: Other
income
|
|
|
-
|
|
|
|
(3,910)
|
|
|
|
-
|
|
|
|
(9,479)
|
|
Less: Profit (loss)
from discontinued operations
|
|
|
(11,784)
|
|
|
|
2,276
|
|
|
|
(17,161)
|
|
|
|
(141,742)
|
|
Adjusted
EBITDA
|
|
|
6,752
|
|
|
|
14,271
|
|
|
|
24,233
|
|
|
|
25,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net
income (loss) to adjusted net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(loss)
|
|
|
21,973
|
|
|
|
25,404
|
|
|
|
57,899
|
|
|
|
176,052
|
|
Add: Share-based
remuneration
|
|
|
1,483
|
|
|
|
992
|
|
|
|
5,928
|
|
|
|
4,706
|
|
Add: Amortization of
acquired intangible assets
|
|
|
1,280
|
|
|
|
1,341
|
|
|
|
5,120
|
|
|
|
5,356
|
|
Add: Amortization of
Nanobank intangible assets(1)
|
|
|
-
|
|
|
|
1,684
|
|
|
|
-
|
|
|
|
2,584
|
|
Add: Non-recurring
expenses
|
|
|
-
|
|
|
|
3,321
|
|
|
|
-
|
|
|
|
6,543
|
|
Income tax adjustment
(2)
|
|
|
(305)
|
|
|
|
(319)
|
|
|
|
(1,311)
|
|
|
|
(1,218)
|
|
Less: Profit (loss)
from discontinued operations
|
|
|
(11,784)
|
|
|
|
2,276
|
|
|
|
(17,161)
|
|
|
|
(141,742)
|
|
Adjusted net
income
|
|
|
12,662
|
|
|
|
34,699
|
|
|
|
50,475
|
|
|
|
52,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic,
millions
|
|
|
237.44
|
|
|
|
229.54
|
|
|
|
224.63
|
|
|
|
234.57
|
|
Diluted,
millions
|
|
|
241.76
|
|
|
|
232.49
|
|
|
|
224.83
|
|
|
|
237.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income (loss) per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$
|
|
|
0.05
|
|
|
|
0.15
|
|
|
|
0.22
|
|
|
|
0.22
|
|
Diluted,
US$
|
|
|
0.05
|
|
|
|
0.15
|
|
|
|
0.22
|
|
|
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income (loss) per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$
|
|
|
0.11
|
|
|
|
0.30
|
|
|
|
0.44
|
|
|
|
0.45
|
|
Diluted,
US$
|
|
|
0.10
|
|
|
|
0.30
|
|
|
|
0.45
|
|
|
|
0.44
|
|
|
|
(1)
|
The amortization of
Nanobank intangible assets is included in the line "Share of net
income (loss) of associates and joint ventures".
|
|
|
(2)
|
Reversal of tax
benefit related to the social security cost component of
share-based remuneration and deferred taxes on
the amortization of acquired intangible assets.
|
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SOURCE Opera Limited