2.3 Working Capital 3.0 Management letter 153. Botswana Telecommunications Corporation Limited  2.0 Accounts 2.1 Audit Opinion 2.2 Financial Results 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)  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  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).  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.  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.  The Government subvention increased by P1.45 million from  P746, 251 in the year under review to P2.20 million in the previous  year.  164 