 The existing policies had been reviewed and had since been submitted to the Executive for quality assurance and approval was targeted for end of November 2018. 

## 158. Botswana Vaccine Institute Limited 

The financial statements of Botswana Vaccine Institute Limited for the financial year ended 31 December 2017 were audited by PricewaterhouseCoopers, Certified Auditors, who were appointed by the Board. 

## 2.0 Accounts 

## 2.1 Audit Opinion 

## In the opinion of the auditors: 

The financial statements presented fairly, in all material respects, the financial position of Botswana Vaccine Institute Limited as at 31 December 2017, and of its financial performance and its cash flows for the year then ended, in accordance with International Financial Reporting Standards. 

## 2.2 Financial Results 

The financial operations of the Botswana Vaccine Institute Limited recorded a profit of P16.53 million, compared to P114.78 million recorded in the previous year. The major contributors to the decline in profits were a decline in sales of vaccines of P83.41 million (50%) from P165.20 million in the previous year to P81.79 million in the year under review and a decline in revaluation gain on property, plant and equipment of P63.34 million (87%) from P72.84 million in the previous year to P9.50 million in the year under review. 

Income dropped significantly by 60% from P248.90 million in the previous year to P99.39 million in the year under review, while expenditure on the other hand declined from P134.12 million in the previous year to P82.86 million in the year under review, representing 38%. 

Income of the Institute was derived from sales of vaccines (P81.79 million), revaluation gain on property, plant and equipment (P9.50 million), Interest (P5.82 million), freight (P1.22 million) and other income (P1.06 million). 

