statements that are free from material misstatement, whether due to fraud or error. 

## Emphasis of Matter 

Without modifying their opinion, the auditors drew attention to Note 28 of the consolidated and separate financial statements, which indicated that the Commission reported a total deficit for the year of P242 million (2016: P204 million loss). The accumulated losses of the Commission amounted to P1, 050 million (2016: P770 million). These conditions indicated the existence of a material uncertainty that casts significant doubt on the Group’s and Commission’s ability to continue as a going-concern. 

## Other Legal and Regulatory Requirements 

The Commission had not complied with all financial provisions of Section 17 of Botswana Meat Commission Act, (Cap 74:04) which require that, taking one year with another, its revenues should be sufficient to enable the Commission to meet the outgoings properly chargeable to the revenue account in terms of Section 14 of the Act. 

## 2.2 Financial Results 

In the year under review, the Group and the Commission recorded a loss of P238.47 million and P242.15 million before revaluation loss on property, plant and equipment of P220.38 million and P222.28 million, compared to a loss of P222.52 million and P204.05 million, respectively, reported in the previous year. 

The expenditure for the Group declined by 6% from P1 405.89 million in the previous year to P1 315.55 million in the year under review, while income declined by 10% from P1 183.36 million to P1 063.98 million during the year under review. 

The expenditure for the Commission declined by 6.65% from P1 360.42 million to P1 270.17 million in the year under review, while income declined by 11% from P1 156.38 million to P1 028.02 million during the year under review. 

## 2.3 Working Capital 

The working capital position of the Group as at 31 December 2017 showed total current assets of P222.50 million and total current liabilities of P487.90 million, resulting in a net current liabilities position of P265.40 million, while that of the Commission 

