Capital Structure
and Distribution Policy

​​DFDS’ distribution policy is to pay dividends semi-annually. In addition, excess capital, as defined by the target capital structure, will be distributed to shareholders as an extra dividend and/or a buyback of shares. ​​​

The capital structure is defined by the ratio of net interest-bearing debt (NIBD) to operating profit before depreciations (EBITDA). The target capital structure is a NIBD/EBITDA multiple between 2.0 and 3.0. The aim is to distribute excess capital to shareholders if the multiple is below 2.0, and reduce distribution if the multiple exceeds 3.0. The targets can be suspended in connection with large investments, including acquisitions, and other strategic events.​


​​​​Distribution to shareholders ​​​


DKK​​m​
2012​
2013
2014​
2015​
2016
Dividend paid per share DKK
2.8 ​
2.8 ​
2.8 ​
5.4
6.0
Dividend paid ex. treasury shares
203 ​​
203 ​
177 ​
326
349
Share buyback​
0​
628
295
401
914
Total distribution to shareholders​
203​
831
472​
727​
1,263​
FCFE yield​
28,3%​
7,5%​
2,6%​
9,7% ​
7,5% ​
Total distribution yield​
5,4%​
14,8%​
6,5%​
4,6% ​
6,8% ​
Cash pay out​ ratio​
19,1%​
197,2%​​​
253,8%​​​
47,0% ​
91,4% ​

Søren Brøndholt

YOUR INVESTOR CONTACT

Søren Brøndholt Nielsen
VP, IR & Corporate Planning
Tel: +45 3342 3359
Email: soeren.broendholt@dfds.com

More contact information

Shareholder returns

 
2012​
2013
2014​
2015​
2016
Share price change, %
-28.0 ​
71.0 ​
35.2
125.9
20.8 ​
Dividend return, %
3.9 ​
5.5 ​
3.2
4.6
2.2 ​
Dividend return, %
-24.1 ​
76.5 ​
38.4
130.5
23.1 ​

Shareholder valuation

 
2012​
2013
2014​
2015​
2016
Equity/share, DKK
95.0 ​
98.5 ​
100.0
105.4
116.3 ​
Price/book, times
0.52 ​
0.76 ​
1.18
2.53
2.77 ​
​​

 

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