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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
Shareholder return
Shareholder valuation