 The existing policies had been reviewed and had since been  submitted to the Executive for quality assurance and approval was targeted for end of November 2018.  2.0 Accounts  2.1 Audit Opinion In the opinion of the auditors:  2.2 Financial Results 158. Botswana Vaccine Institute Limited The financial statements of Botswana Vaccine Institute Limited for the  financial year ended 31 December 2017 were audited by PricewaterhouseCoopers, Certified Auditors, who were appointed by  the Board. The financial statements presented fairly, in all material respects,  the financial position of Botswana Vaccine Institute Limited as at  31 December 2017, and of its financial performance and its cash  flows for the year then ended, in accordance with International  Financial Reporting Standards. The financial operations of the Botswana Vaccine Institute Limited recorded a profit of P16.53 million, compared to P114.78  million recorded in the previous year. The major contributors to  the decline in profits were a decline in sales of vaccines of P83.41  million (50%) from P165.20 million in the previous year to P81.79  million in the year under review and a decline in revaluation gain  on property, plant and equipment of P63.34 million (87%) from  P72.84 million in the previous year to P9.50 million in the year  under review.  Income dropped significantly by 60% from P248.90 million in the  previous year to P99.39 million in the year under review, while  expenditure on the other hand declined from P134.12 million in  the previous year to P82.86 million in the year under review,  representing 38%.  Income of the Institute was derived from sales of vaccines (P81.79 million), revaluation gain on property, plant and equipment (P9.50 million), Interest (P5.82 million), freight (P1.22  million) and other income (P1.06 million).  170 