## 172. Okavango Diamond Company Limited 

The financial statements of the Okavango Diamond Company Limited for the financial year ended 31 March 2018 were audited by Messrs KPMG, Certified Auditors, who were appointed by the Board. 

The Okavango Diamond Company Limited was incorporated under the Companies Act in April 2013 as a private company limited by guarantee, wholly owned by Government to trade in rough diamonds. 

## 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 the Okavango Diamond Company (Proprietary) Limited as at 31 March 2018 and 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 company showed a profit of USD24.41 million for the year under review, compared to USD39.45 million in the previous year. Income declined by 8% from USD585.28 million in the previous year to USD537.61 million in the year under review, while on the other hand expenditure decreased by USD32.63 million from USD545.83 million in the previous year to USD513.20 million during the year under review. 

The accounts of the company are maintained in US Dollars because the major activities of purchases and sales are transacted in this currency. 

## 2.3 Working Capital 

The working capital position of the company as at 31 March 2018 showed current assets of USD86.60 million and current liabilities of USD 2.13 million, resulting in a net current assets position of USD84.47 million. 

## 3.0 Management Letter 

The auditors had issued a management letter and the matters raised dealt with accounting procedures and internal controls 

