DSV Financial Performance
Capital structure and capital allocation
22,000
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
20,313
17,841
Management commentary
Financial gearing
target
Net interest-bearing debt below 2.0x EBITDA before
special items.
Free cash flow
priorities
Dividend policy
4,888
5,031
4,161
2,000
1,559
Capital
expenditures
342
380
423
588
920
1,320
0
2017
2018
2019
2020
2021
2022
■Dividend
■Share buyback
1. Repayment of debt (if above target gearing
ratio).
2. Value-adding investments in the form of
acquisitions or development of the existing
business.
3.
Allocation to shareholders via share buyback
and dividend.
Dividend per share for 2022: DKK 6.50 per share
(2021: DKK 5.50).
DSV aims to ensure an annual dividend pay-out ratio
of approximately 10-15% of net profit.
Normalised CAPEX around 0.5-0.75% of revenue.
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