 There was no certainty that the bid was going to be successful and if not Government would start another tendering process to invite other bidders. Management further stated that it was uncertain that the sale  would take place during the 12 months after the balance sheet  date. Accordingly, the plant continued to be disclosed as  “Property, Plant and Equipment” without being reclassified as  “Assets held for sale”. Subsequent updates indicated that CNEEC’s offer was not successful and that the Public Procurement and Asset Disposal  Board (PPADB) had subsequently approved a request from the  Ministry of Mineral Resources, Green Technology and Energy  Security to cancel the sale tender. The Board had approved the  request for authority to cancel the tender for the divestment of  Government of Botswana and BPC’s financial interest in Morupule B and there was no tendering process to invite other  bidders. The financial statements of the Botswana Privatization Asset Holdings  for the financial year ended 31 March 2018 were audited by Messrs  KPMG, 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 Privatisation Asset Holdings  as at 31 March 2018 and its financial performance and cash  flows for the year then ended, in accordance with International  Financial Reporting Standards.  In the year under review, the company recorded a profit of P8.71  million, compared to P15.02 million in the previous year, a  decrease of 42%. The main contributor to the decline in performance was the reduction in grant income recognised  from P4.1 million in the previous year to nil in the current year, fair  value loss in financial assets of P244 000 compared to a gain of  P1.20 million in the previous year.  148. Botswana Privatisation Asset Holdings  2.0 Accounts  2.1 Audit Opinion 2.2 Financial Results 155 