DFDS Dover Pitch Deck
Capital structure | Capital structure that supports our strategy to the
benefit of both lenders and shareholders
End 2022, leverage is within target capital structure
•
Capital structure target: NIBD/EBITDA multiple between 2.0x to
3.0x over a business cycle
DFDS' policy is to distribute cash to shareholders to the extent
possible given the capital structure target
Targets can temporarily be suspended in connection with large
investments, including acquisitions or other strategic events
The deviation from the target capital structure in recent years is
a result of one-off events being: (1) acquisition of U.N. Ro-Ro
and (2) COVID-19
Dividends and share buybacks suspended in 2020 and 2021
1) Leverage excl. IFRS 16 adjustment | 2) 2018 NIBD/EBITDA is 3.1X adjusted for IFRS16.
NIBD/EBITDA
5.0x
4.0x
3.0x
2.0x
1.0x 0.9x―0.9x 0.9x
Acquisition
of
Impl. of
IFRS-16
U.N. Ro-Ro
Peak COVID-19
4.2x
3.3x
2.8x2
Suspended pay-outs
3.7x
2.8x
Target capital
structure
2015¹ 20161
20171
2018¹
2019
2020
2021
2022
Pay-out
DKKm
2,000
during COVID-19
-
1,500
1,000
500
0
2015
2016
2017 2018 2019
2020 2021
2022 2023E
Share buyback
Dividend, H1
Dividend, H2
> DFDS
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