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 ​​​


DKKm​ 2011​​ 2012​ 2013 2014​ 2015
 Dividend paid per share,
 DKK​ ​
1.6 ​ 2.8 ​ 2.8 ​ 2.8 ​ 5.4
Dividend paid ex. treasury shares    117 ​ 203 ​​ 203 ​ 177 ​ 326
Share buyback​ ​​0​ 0​ 628 295 401
Total distribution to   shareholders  ​ 117​ 203​ 831 472​ 727
FCFE yield​ 28,1%​ 28,3%​ 7,6%​ 2,6%​ 9,7%
Total distribution yield​ 2,2%​ 5,4%​ 14,8%​ 6,5%​ 4,6%
Cash pay out​ ratio​ 8,0%​​​ 19,1%​ 197,2%​​​ 253,8%​​​ 47,0%

Søren Brøndholt

YOUR INVESTOR CONTACT

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

More contact information

Shareholder returns

2011​ 2012​ 2013​ 2014​ 2015​
Share ​​price change, %​   
-15.1​ -28.0​ 71.0​ 35.2​ 125.9​
Dividend return, %​ 1.9​ 3.9​ 5.5​ 3.2​ 4.6​
Total shareholder return, %​ -13.2​ -24.1​ 76.5​ 38.4​ 130.5​

Shareholder valuation

 

2011​ 2012​ 2013​ 2014​ 2015​
Equity/share, DKK​ 95.2​ 95.0​ 98.5​ 100.0​ 105.4​
Price/book value, times​ 0.73​ 0.52​ 0.76​ 1.18​ 2.53​

 

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