The Government subvention increased by P1.45 million from P746, 251 in the year under review to P2.20 million in the previous year. 

## 2.3 Working Capital 

The working capital position of the Group as at 31 December 2017 showed total current assets of P90.53 million and total current liabilities of P6.45 million, resulting in a net current assets position of P84.08 million. The current assets for the Stock Exchange were P61.75 million and the current liabilities were P7.44 million, giving a net current assets position of P54.31 million. 

## 3.0 Management letter 

The auditors issued a management letter and the issues raised dealt with accounting procedures and internal controls which were only of interest to management, hence did not merit mention in this report. 

## 153. Botswana Telecommunications Corporation Limited 

The financial statements of Botswana Telecommunications Corporation Limited for the financial year ended 31 March 2018 were audited by Messrs Ernst & Young, Certified Auditors, who were appointed in terms of the Companies Act, (Cap 42:01). 

## 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 Telecommunications Corporation Limited as at 31 March 2018, and of its financial performance and cash flows for the year then ended, in accordance with International Financial Reporting Standards and the requirements of the Companies Act, (Cap 42:01) 

## 2.2 Financial Results 

In the year under review, the Corporation recorded a profit of P217.35 million, compared to P237.35 million in the previous year. Income decreased by 3% from P1.67 billion in the previous year to P1.62 billion in the year under review, while expenditure 

