146. Botswana Postal Services Limited  2.0 Accounts 2. Audit Opinion 2.2 Financial Results 2.3 Working Capital The financial statements of Botswana Postal Services Limited for the  financial year ended 31 March 2018 were audited by Messrs Grant  Thornton, Certified Auditors, who were appointed by the Board.  In the opinion of the auditors:  The financial statements presented fairly, in all material respects,  the financial position of the Botswana Postal Services Limited as  at 31 March 2018, and of its financial performance and its cash  flows for the year then ended, in accordance with International  Financial Reporting Standards.  In the year under review, Botswana Postal Services Limited  recorded a profit of P3.11 million, compared to a loss of P7.89  million before revaluation gain of P43.81 million on property,  plant and equipment in the previous year. Expenses decreased  by 3.5% from P319.41 million in the previous year to P308.25 in the  year under review. Income on the other hand was almost static  at P311.36 in the current year, compared to P311.52 in the  previous year.  The working capital position of the company as at 31 March 2018  showed current assets of P199.74 million and current liabilities of  P251.99 million, resulting in a net current liabilities position of  P52.25 million. The auditors observed some classic symptoms of overtrading like  high revenue growth with low returns, high payable days ratio  and increased use of the overdraft facilities, leaving the company exposed to the risk of failing to meet its obligations as  and when they fell due. Delayed settlements of agency liabilities  was a key indicator of the level of the liquidity risk the company  was facing.  According to the auditors the main cause of the net current  liabilities position was a result of funding universal service obligations operations, while these may be a raison d’etre for the  148 