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The Warsaw Voice » Business » March 20, 2018
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Azoty to take PLN 37.2 million hit to 2017 result
March 20, 2018   
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Listed chemicals group Azoty will take PLN 37.2 million hit to its 2017 finnancial year's consolidated result from an impairment to be booked by its unit Police in connection with the problematic Senegalese investment, the companies said in market filing.
"In connection with the lack of agreement with DGG Eco concerning a return of the price for the purchase of shares of African Investment Group, Police will book a PLN 37.18 million impairment which will burden the company's results for 2017," Police's filing reads.
Parent Azoty's 2017 finnancial year consolidated result will be burdened by the impairment, Azoty said in its filing.
Police said on March 1 it had failed to secure payment and guarantees to an end-of-February deadline from estranged partner DGG Eco Sp. z o.o. for return of Senegalese assets and was then hoping to make a March 16 extended deadline.
Police had struck terms in late December to reverse the purchase of Senegalese phosphate firm Afrig and was to get back USD 28.85 million it paid for the asset. The amount was to be paid back in installments by the end of 2022.

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