Two top executives at Danish ferry giant DFDS have been awarded a slice of a DKK 37.2m ($5.4m) long-term incentive programme.
The board awarded chief executive Torben Carlsen 16,611 restricted share units (RSUs) and 108,992 share options.
Finance chief Karina Deacon was granted 5,422 RSUs and 35,574 share options.
In addition, a total of 81,747 RSUs and 300,238 share options were handed to a number of key employees.
The incentives aim to “link remuneration to the sustained performance of the company, as reflected in the share price, whilst supporting retention of management”.
The options may be cashed in from February 2027 until March 2029, with the exercise price set at DKK 238 per share.
The ropax and ro-ro company was trading at DKK 216.60 in Copenhagen on Monday, up 1%, but down from a high of DKK 283 in the past year.
DFDS also decided to initiate a share buyback programme of up to DKK 431m to run until 30 September.
Net profit in the fourth quarter dropped to DKK 178m from DKK 384m a year earlier, although revenue was up at DKK 6.8bn, versus DKK 6.5bn.
“We’re pleased to deliver a solid result for 2023 despite challenging freight markets. Our ferry and logistics network has been expanded significantly, and in 2024 we will focus on unlocking value as we start executing on our new strategic and financial ambitions,” said Carlsen.
Revenue is expected to grow by between 5% and 8% in 2024.
The company is forecasting pre-tax and interest profit of DKK 2bn to DKK 2.4bn for the year, compared with DKK 2.3bn in 2023.
