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Capital Structure and distribution policy

DFDS’ distribution policy and historical perfomance

Capital distribution to shareholders is based on a target leverage of an NIBD/EBITDA-multiple between 2.0 and 3.0.

Dividend is paid semi-annually to facilitate a faster return of capital to shareholders and to align payments with DFDS’ seasonal cash flow that peaks during the third quarter, the high season for passenger travel.

After distribution of dividend, excess capital is determined based on the leverage target, including future investment requirements, and distributed through share buybacks.

To maintain financial flexibility after the acquisition of U. N. Ro-Ro was announced in April 2018, both the ongoing share buyback program and the second dividend planned for distribution in August were suspended. For 2019, the Board of Directors have proposed to resume dividend with DKK 4.00 per share.

Distribution to shareholders

DKK 409m was distributed to shareholders in 2018 of which DKK 219m was dividend paid in March and DKK 190m was distributed through share buybacks.

The last five years of shareholder distribution

2015 2016 2017 2018 2019
Dividend paid per share, DKK 5.4 6.0 10.0 4.0 4.0
Dividend paid ex. treasury shares, DKKm 326 349 555 219 229
Share buyback, DKKm 401 914 1,106 190 0
Total distribution to shareholders, DKKm 727 1,263 1,661 409 229
FCFE yield, % 9.7 7.5 6.1 -15.2 -0,8
Total distribution yield, % 4.6 6.8 9.2 2.7 1,2
Cash payout ratio, % 47.0 91.4 150.7 -17.9 -151,7

Shareholder return

2015 2016 2017 2018 2019
Share price change, % 125.9 20.8 2.7 -20.9 24.0
Dividend return, % 4.6 2.2 3.1 1.2 1.5
Total shareholder return, % 130.5 23.1 5.8 -19.6 25.5

Shareholder valuation

2015 2016 2017 2018 2019
Equity/share, DKK 105.4 116.3 102.8 159.3 179.7
Price/book value, times 2.5 2.78 2.74 1.6 1.8
DFDS Søren Brøndholt 2019 252 low

Your investor contact

Søren Brøndholt Nielsen

VP, IR & Corporate Planning

+45 3342 3359

soeren.broendholt@dfds.com

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DFDS Torben Carlsen 2019 293 low, landscape

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

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.

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