## 129. Botswana Development Corporation Limited 

The financial statements of the Botswana Development Corporation Limited for the financial year ended 30 June 2017 were audited by Messrs KPMG, Certified Auditors, who were appointed by the Board. 

## 2.0 Accounts 

## 2.1 Audit Opinion 

In the opinion of the auditors: 

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

## 2.2 Financial Results 

The financial operations of the Group showed a profit of P52.78 million before other comprehensive loss for the year of P329.77 million in the year under review, compared to a profit of P58.22 million before other comprehensive income of P48.62 million reported in the previous year, while the Corporation recorded a profit of P143.69 million before other comprehensive loss of P338.88 million in the year under review, compared to profit of P208.24 million before other comprehensive income of P30.10 million in the previous year. 

The profit from operations for the Group declined by 40% from P68.53 million in the previous year to P41.42 million in the year under review, mainly due to a decline in income from trade by 31% from P198.47 million in the previous year to P137.45 million in the year under review and a decline of 37% in other operating income from P70.87 million in the previous year to P44.43 million in the year under review. Expenditure on the other hand declined by 16% from P410.11 million in the previous year to P343.76 million in the year under review. The operating profit for the Corporation declined by 45% from P208.24 million in the previous year to P143.69 million in the year under review due to a decline of 31% in income from trade, from P262.20 million in the previous year to P179.69 million in the year under review, while expenditure declined by 25% from P179.10 million in the previous year to P129.33 million in the year under review. 

