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## Foreign Exchange 

Raw sugar costs for all sales contracts are based on the U.S. dollar.The Company also buys natural gas in U.S. dollars. In addition, export sales and some Canadian sales are denominated in U.S. dollars. 

In order to protect itself against the movement of the Canadian dollar versus the U.S. dollar, the Company, on a daily basis, reconciles all of its exposure to the U.S. dollar and will hedge the net position against various forward months, estimated from the date of the various transactions. 

## Accounting Measurement 

The above description of how financial derivatives are used to provide the Company’s adjusted earnings, is inconsistent with the Company’s IFRS financial information. The above reflects the determination of adjusted results of the Company. 

## SELECTED FINANCIAL INFORMATION 

The following is a summary of selected financial information of Rogers’ consolidated results for the 2013, 2012 and 2011 fiscal years. The Company’s fiscal year ends on the Saturday closest to the end of September. All references to 2013, 2012 and 2011 represent the fiscal years ended September 28, 2013, September 29, 2012 and October 1, 2011. The Company’s audited consolidated financial statements were prepared under IFRS and the Company’s functional and reporting currency is the Canadian dollar. 

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(1) Exclude additional dividend of $0.36 in fiscal 2013 

Sales volume increased by approximately 7,700 metric tonnes compared to fiscal 2012. The industrial and liquid segments combined were approximately 45,100 metric tonnes higher than the previous year as the Company gained additional volume with existing and new customers. This was partially offset by lower export volume since the Company did not benefit from any special quota in the U.S. in the current year. In fiscal 2012, sales volume declined compared to the previous year as the Company lost a large account of domestic industrial volume in calendar 2012. This was partially offset with higher export volume due to the special quota opened by the U.S. at the start of the 2012 fiscal year. 

