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  2008 2009 2010 2011 2012 2013
IFRS financial information (USD mln)            
Revenue 1,445.0 1,163.4 1,382.7 1,733.1 2,114.3 2,327.5
Operating profit 288.4 229.1 329.4 432.0 536.5 451.7
Profit for the period 142.6 121.2 225.9 317.2 311.6 251.6
Cash generated from operations 296.6 290.2 323.3 505.2 649.9 657.7
Total assets 1,231.4 1,265.0 1,515.3 1,467.8 2,949.8 2,856.6
Total debt 497.7 449.1 519.0 379.1 1,075.1 1,014.1
Non-GAAP financial information (USD mln)            
Adjusted Revenue (a non-GAAP financial measure) is calculated as “Total revenue” less the following “pass through” items “Infrastructure and locomotive tariffs: loaded trips” and “Services provided by other transportation organisations”. 
Adjusted Revenue
779.4 685.3 903.0 1,149.5 1,322.0 1,407.3
Net Revenue from Operation of Rolling Stock (a non-GAAP financial measure) is defined as the sum of “Revenue from railway transportation - operators services (tariff borne by the Group)” and “Revenue from railway transportation - operators services (tariff borne by the client)” less “Infrastructure and locomotive tariffs: loaded trips”, “Services provided by other transportation organisation” and Net Revenue from Engaged Fleet. 
Net Revenue from Operation of Rolling Stock
699.8 618.5 830.0 1,067.6 1,159.0 1,217.8
Adjusted EBITDA (a non-GAAP financial measure) represents EBITDA excluding “Net foreign exchange transaction gains/(losses) on borrowings and other liabilities”, “Net foreign exchange transaction gains/(losses) on cash and cash equivalents and other monetary assets”, “Share of profit/(loss) of associate”, “Other gains - net”, “Net profit/(loss) on sale of property, plant and equipment”, “Impairment of property, plant and equipment”, “Impairment of intangible assets” and “Loss on derecognition arising on capital repairs”.
Adjusted EBITDA
345.2 284.5 390.9 505.1 658.2 652.7
Adjusted EBITDA Margin (a non-GAAP financial measure) is calculated as Adjusted EBITDA divided by Adjusted Revenue.
Adjusted EBITDA Margin
44% 42% 43% 44% 50% 46%
Dividend Pay-out Ratio - 27% 33% 37% 48% 61%

All financial information for 2008 and 2009 is presented including impact from acquisition of LLC BaltTransServis. Information for 2007 has been restated to include the impact from acquisition of AS Spacecom and AS Spacecom Trans (formely AS Intopex Trans). Certain comparable financial and operational information has been represented for 2011 to conform to changes in the presentation for 2012 and accounting for operations with Engaged Fleet is defined as rolling stock subcontracted or otherwise engaged from a third-party rail operator for a loaded trip from the point of origination to the cargo’s destination, at which point the railcar is then released to such third-party.
Engaged Fleet
. Non-GAAP financial information is derived from management accounts.

Last updated: 17.06.2019