performance and cash flows for the year then ended in accordance with International Financial Reporting Standards. 

## 2.2 Financial Results 

The financial operations of Botswana Fibre Networks (Proprietary) Limited recorded a loss of P28.24 million for the year under review, compared to a loss of P21.27 million reported in the previous year. 

Expenditure increased from P348.71 million in the previous year to P371.22 million in the year under review, representing a 7% increase, while income increased from P327.44 million to P342.98 million in the year under review. 

The Company received a Government grant of P67.47 million during the year under review, compared to P92.34 million in the previous year. 

## 2.3 Working Capital 

The working capital position of the company as at 31 March 2018, showed current assets of P314.82 million and current liabilities of P115.04 million which resulted in a net current assets position of P199.78 million. 

## 3.0 Management Letter 

The following were some of the significant matters raised by the auditors and the management responses thereto: 

## 3.1 Trade and Other Payables 

The auditors noted that the company had received an amount of P2 347 937 from the Ministry of Transport and Communication in the prior years whose purpose the Ministry had not been able to determine. 

In response management stated that they still had not received confirmation from the Ministry what the funds were for. 

## Auditor General’s comment 

The Ministry should make a determination on this matter. 

