## 2.3 Working Capital 

As at 30 June 2017, the working capital position of the Group showed total current assets of P694.13 million and current liabilities of P371.66 million, resulting in net current assets position of P322.47 million. The Corporation had current assets of P357.45 million and current liabilities of P235.79 million, resulting in net current assets position of P121.74 million 

## 3.0 Management letter 

The following was the significant matter raised by the auditors and the management response thereto: 

## 3.1 Oversight and Control over Certain Subsidiaries 

The auditors noted that there was no direct oversight and control performed by the holding company over certain subsidiaries as those subsidiaries were allowed to operate independently from the Group with their own management and to some extent Board of Directors. As a result the auditors identified a number of control deficiencies at certain subsidiaries which indicated weak control environment and lack of strategic alignment between the subsidiaries and the holding company. The subsidiaries included Lobatse Clay Works (Pty) Limited, Export Credit Insurance and Guarantee Company (Botswana) (Pty) Limited and LP Amusement Centre (Pty) Limited. The auditors highlighted that more than 50% of the control deficiencies identified during the audit related to these subsidiaries. The auditors advised management to monitor the performance of subsidiaries. 

## 130. Botswana Energy Regulatory Authority (BERA) 

## No management response. 

The financial statements of Botswana Energy Regulatory Authority for the eight months’ period ended 31 March 2018 were audited by Messrs PricewaterhouseCoopers, Certified Auditors, who were appointed by the Board. 

## 2.0 Accounts 

## 2.1 Audit Opinion 

## In the opinion of the auditors: 

