ManageMent’s Discussion anD analysis 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. (In thousands of dollars, except volume and per share information)  2013 2012 2011 Total volume (metric tonnes)  649,274 641,573 649,078 $ $ $ Total revenues 558,438 618,093 612,614 Gross margin  85,653 77,861 96,849 Results from operating activities  59,538 50,604 68,884 Net earnings  37,265 30,261 41,854 Cash flow from operations  37,653 47,793 22,915 Total assets  553,599 594,067 615,082 Total non-current liabilities  229,904 197,749 290,082 Net earnings per share:  Basic 0.40 0.33 0.47 Diluted 0.39 0.32 0.43 Dividends per share  (1) 0.3600 0.3500 0.3700 (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. Annual Report 2013 13