2.2 Financial Results 2.3  Working Capital 3.0 Management Letter 3.1  Trade and Other Payables  Auditor General’s comment  performance and cash flows for the year then ended in accordance with International Financial Reporting Standards.  The financial operations of Botswana Fibre Networks (Proprietary)  Limited recorded a loss of P28.24 million for the year under  review, compared to a loss of P21.27 million reported in the  previous year. Expenditure increased from P348.71 million in the previous year to  P371.22 million in the year under review, representing a 7%  increase, while income increased from P327.44 million to P342.98  million in the year under review. The Company received a Government grant of P67.47 million  during the year under review, compared to P92.34 million in the  previous year.  The working capital position of the company as at 31 March  2018, showed current assets of P314.82 million and current liabilities of P115.04 million which resulted in a net current assets  position of P199.78 million.  The following were some of the significant matters raised by the  auditors and the management responses thereto:  The auditors noted that the company had received an amount  of P2 347 937 from the Ministry of Transport and Communication  in the prior years whose purpose the Ministry had not been able  to determine. In response management stated that they still had not received  confirmation from the Ministry what the funds were for.  The Ministry should make a determination on this matter.  120 