XPO Logistics Europe reported consolidated full year revenue for 2015 of €5,415 million, a 16% increase compared with 2014 (2.6% at constant perimeter and exchange rate).
Earnings before interest, taxes, depreciation and amortization (EBITDA) was €267.1 million, or 4.9% of revenue, for 2015. EBITDA includes €88.4 million of non-recurring expenses, such as transaction and integration costs related to the purchase of a controlling interest in the company by XPO Logistics, Inc. in June 2015, as well as restructuring costs and other non-recurring items. Adjusted EBITDA for 2015 excluding such non-recurring expenses was €355.4 million.
Earnings before interest, taxes and amortization (EBITA) was €130.1 million, or 2.4% of revenue, for 2015, down 22.5% compared with 2014. Adjusted EBITA for 2015 excluding the foregoing and other non-recurring expenses was €222 million, up 32%.
Group net income for 2015 was €16.7 million, or 0.3% of revenue.
Group net borrowings at December 31, 2015, amounted to €1,098 million, up €81.3 million from December 31, 2014. €54.3 million of the increase was due to foreign exchange rate translation.
Troy Cooper, Chief Executive Officer, XPO Logistics Europe, commented: “The company’s strong 2015 performance was anchored by its first six months as part of the global XPO Logistics organization. Our Transport Solutions and Supply Chain business units both outperformed expectations, achieving their best results ever. Our Supply Chain unit delivered revenue growth of 10.1%, and a 29% increase in adjusted EBITA, year-over-year.
"Our Transport Solutions unit generated positive growth of 2.6%, despite the decline in oil prices, and grew adjusted EBITA by 9%. Results for our Global Forwarding unit reflect the dynamics of the international freight forwarding market, including a downturn in Asia, and the refocusing of our activities on core trade lanes.”
Mr. Cooper continued: “In 2016, our high levels of customer satisfaction, strong sales momentum and focus on performance will enable XPO Logistics Europe to take advantage of growth opportunities across all of our business units and operating regions."
The financial statements for the year ended December 31, 2015 were submitted by the Management Board on February 15th, 2016, and reviewed by the Supervisory Board on February 18th, 2016. Audits of the statutory and consolidated financial statements have been performed and the audit reports concerning their certification will be issued shortly.