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GENERAL-REJECT

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.

Distribution to shareholders

DKK 1,661m was distributed to shareholders in 2017 of which DKK 555m was dividend paid in March and August with DKK 168m and DKK 387m respectively. DKK 1,106m was distributed through share buybacks, including an auction buyback in February 2017 of DKK 478m.

The last five years of shareholder distribution
Shareholder return
Shareholder valuation