Opera Supplements Annual Report with Summarized Financial Information of Former Investee Nanobank

Rhea-AI Summary

Opera Limited (NASDAQ: OPRA) has filed an amendment to its Form 20-F/A annual report for the fiscal year ending December 31, 2021, with the SEC. This amendment incorporates summarized financial information from its former equity-accounted investee, NanoCred Cayman Company Limited (Nanobank). The adjusted share of net loss of Nanobank for 2021 has been increased, but this has been offset by a corresponding reduction in impairment recognized by Opera. Importantly, these changes did not affect Opera's net result for 2021. The amended report is accessible on the company’s investor relations website.

Positive

• No impact on Opera's net result for 2021 despite adjustments.
• Access to amended financial information enhances transparency.

Negative

• Increase in share of net loss from Nanobank raises concerns about past investment performance.

OSLO, Norway, June 28, 2022 /PRNewswire/ -- Opera Limited (NASDAQ: OPRA) (the "Company"), one of the world's largest internet consumer brands with hundreds of millions of users worldwide, today announced that it has filed with the Securities and Exchange Commission an amendment to its annual report on Form 20-F/A for the fiscal year ended December 31, 2021.

The amendment supplements the annual report to include summarized financial information of the Company's former equity-accounted investee NanoCred Cayman Company Limited ("Nanobank"). The amendment also reflects an adjustment of the Company's share of net loss of Nanobank for the fiscal year of 2021 based on adjustments that Nanobank has made to its financial statements for 2021 subsequent to the filing of the original annual report on April 26, 2022. The increase in the share of net loss was offset by an equal reduction in the impairment that the Company recognized on its investment in Nanobank, as the fair value of Nanobank at year-end 2021 has not changed. Consequently, these adjustments did not impact the Company's net result for 2021. Please see the explanatory note on the first page of our amended annual report on Form 20-F/A for additional details.

The annual report, including the amendment, can be accessed on the Company's investor relations website at https://investor.opera.com/sec-filings or the SEC's website at https://www.sec.gov. The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to investor-relations@opera.com or by writing to:

Opera Limited
Vitaminveien 4
NO-0485 OSLO
Attention: Investor Relations

About Opera

Opera is a global web innovator. Opera's browsers, news products and fintech solutions are the trusted choice of hundreds of millions of users worldwide. Opera is headquartered in Oslo, Norway and listed on the NASDAQ stock exchanges (OPRA). Download the Opera browser from www.opera.com.

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SOURCE Opera Limited

FAQ

What is the significance of Opera's amended Form 20-F/A report filed on June 28, 2022?

It supplements the financial information regarding the company's former investee, Nanobank, and highlights changes in the net loss share without affecting 2021 results.

How does the amendment to Opera's annual report affect shareholders?

The amendment reflects adjustments to financial details but does not impact the reported net result for 2021.

What financial changes were made in Opera's Form 20-F/A amendment?

The share of net loss from Nanobank increased, offset by a reduction in impairment on Opera's investment.

Where can I access Opera's amended annual report?

The amended annual report can be accessed on Opera's investor relations website and the SEC's website.