ROGERS & COMPANY LIMITED
Friday, December 15, 2006

Cerena Group


The pre-tax profits of the Cerena Group amounted to Rs45m for 2006 compared to Rs47m in 2005, i.e. a drop of 4%. This is mainly due to the poor performance of the trade services division which suffered from:


• the increased duty on locally bottled whisky which had the effect of positioning that product beyond the purchasing power of its traditional consumers,


• lower sales to the hotel trade due to ‘chikungunya’, and


• the loss of a portfolio of wines and spirits following the termination of the distribution agreement with Distell.


A number of measures, including the launch of new products and a downsizing exercise, have already been taken to restore the profitability of this division.


From one year to another, the poor results of the trade services division were compensated by the disposal of the loss making paint activity in Mozambique during the year.


The industrial division posted satisfactory results despite a very difficult trading environment. Desbro’s activities were adversely affected by the:


• increase in cost of raw materials, and


• accelerated depreciation of the Mauritian rupee.


As for 2007, trading conditions continue to be difficult, particularly for Desbro. The company’s production of rebars was mothballed for two weeks in November last and restarted in spite of an untimely and inadequate increase in the Government controlled selling prices of rebars.


Other Investments


The rest of the Group yielded better results than in 2005, mainly due to the improved performance of the associated companies as well as of the non sugar activities of Compagnie Sucrière de Bel Ombre.


Dividends


A final dividend of Rs5.50 per share was declared in September 2006 (Rs4.50 per share in 2005), bringing the total dividend for 2006 to Rs9.00 per share (Rs7.50 per share in 2005).


Outlook


The operational results for Rogers and the Cim Financial Group for the first two months are encouraging and notwithstanding the problems faced by the Cerena Group, we expect overall group results for 2007 to show significant growth over those of 2006 provided that current conditions in both the local and overseas environment prevail.


By order of the Board


13 December 2006



The abridged financial statements of the Group have been prepared using the same accounting policies as the audited financial statements for the year ended
30 September 2005. These financial statements have been agreed with the auditors but may be subject to adjustments before final publication.


Copies are available free of charge at the registered office of the company.


These financial statements are issued pursuant to Listing Rule 12.20.

The Board of Directors of Rogers and Company Limited accepts full responsibility for the accuracy of the information contained in these financial statements