Polish media company Agora has lowered the valuation of its recruitment site GoldenLine.pl for the second year in a row. The company said the impact of this valuation write-down would be about PLN 6.5 million ($1.7 million U.S.) in Q4 of FY2019.
The GoldenLine valuation adjustment was due to the company’s failure to meet its financial and operational goals set for 2019, Agora said in its stock exchange report.
Agora also said that “the estimated write-offs are of a one-off and non-monetary nature and will not affect the liquidity position of the company and the group or its strategic intentions.”
Agora first lowered GoldenLine’s valuation last February, leading to a write-down of PLN 5.6 million ($1.5 million U.S.) in Q4 of FY2018.
Agora first invested in GoldenLine is 2011 when it purchased 36% of its shares for PLN 11.5 million. In 2016, Agora became the majority stakeholder in GoldenLine when it purchased an additional 53% of shares for PLN 8.5 million. That acquisition was part of a plan to move its recruitment sites, including Gazetapraca.pl, to GoldenLine.