145. Botswana Oil Limited  2.0 Accounts 2.1 Audit Opinion In the opinion of the auditors:  2.2 Financial Results 2.3 Working Capital 3.0 Management letter The financial statements of Botswana Oil Limited for the financial year  ended 31 March 2018 were audited by Messrs PricewaterhouseCoopers, Certified Auditors, who were appointed by  the Board.  The financial statements presented fairly, in all material respects,  the financial position of the Botswana Oil 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.  The financial operations of the company showed a deficit of  P57.21 million, compared to a deficit of P33.45 million in the  previous year. The cost of sales increased by P280.56 million  (112%) from P250.60 million in the previous year, to P531.16 million,  for the year under review, while sale of petroleum products was  P539.26 million, resulting in operating loss of P8.10 million.  Expenditure increased by P292.55 million or 95% from P306.96  million in the previous year to P599.51 million in the year under  review while income increased by P268.79 million or 98% from  P273.51 million to P542.30 million during the same period.  The working capital position of the company as at 31 March 2018  showed current assets of P274.48 million and current liabilities of  P93.84 million resulting in a net current assets position of P180.64  million.  The auditors had 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.  147 