Capital Structure and distribution policy
The starting point for determining the level of capital distribution to shareholders is the current and expected future financial leverage as measured by the ratio between NIBD and EBITDA.
The overall targeted financial leverage range is a ratio between 2.0 and 3.0 with an ambition to lower NIBD/EBITDA to 2.5x by the end of 2026. NIBD/EBITDA was 2.9x at the end of Q3 2023.
Capital is distributed through a mix of dividend and share buybacks.
Distribution to shareholders
DKK 586m was distributed to shareholders in 2023 of which DKK 286m was dividend paid in March and DKK 300m was distributed through a share buyback.
The last five years of shareholder distribution
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Dividend paid per share, DKK | 4.00 | 0.00 | 0.00 | 8.00 | 5.00 |
| Dividend paid ex. treasury shares, DKKm | 229 | 0 | 0 | 461 | 281 |
| Share buyback, DKKm | 0 | 0 | 0 | 0 | 300 |
| Total distribution to shareholders, DKKm | 229 | 0 | 0 | 461 | 581 |
| FCFE yield, % | -0.8 | 2.6 | 5.2 | 5.6 | 13.4 |
| Total distribution yield, % | 1.2 | 0 | 0 | 3.1 | 4.6 |
| Cash payout ratio, % | -152.7 | 0 | 0 | 55.9 | 34.2 |
Shareholder return
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Share price change, % | 24.0 | -15.3 | 26.8 | -26.6 | -13 |
| Dividend return, % | 1.5 | 0.0 | 0.0 | 2.3 | 2.0 |
| Total shareholder return, % | 25.5 | -15.3 | 26.8 | -24.4 | -11.1 |
Shareholder valuation
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Equity/share, DKK | 180 | 183 | 199 | 227 | 245 |
| Price/book value, times | 1.8 | 1.5 | 1.8 | 1.1 | 0.9 |
Management
DFDS has a two-tier management structure with an independent Board of Directors.
The DFDS Share
DFDS’ shares are listed on Nasdaq Copenhagen. Learn more about the performance of the DFDS share, its ownership structure and historical stock quote price.
Reports
Read and download our latest reports and presentations. On this page you can search for DFDS' report archive, including annual reports, quarterly reports, and reports on corporate responsibility.