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
Søren Brøndholt Nielsen 02 2023 FINAL

Your investor contact

Søren Brøndholt Nielsen

VP, IR & Corporate Brand

+45 2944 2858

udsbn@dfds.com

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DFDS CEO Torben Carlsen 02 2023 0404 1 FINAL 1920 x 1354 px AHV

Management

DFDS has a two-tier management structure with an independent Board of Directors.

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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.

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Reports

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