Kendrion NV reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company's total revenue and other income was EUR 108.9 million compared to EUR 107.1 million a year ago. Result before net finance costs was EUR 6.1 million compared to EUR 7.7 million a year ago. Profit before income tax was EUR 5.2 million compared to EUR 6.4 million a year ago. Profit for the period was EUR 4.5 million compared to EUR 5.0 million a year ago. Diluted earnings per share was EUR 0.34 compared to EUR 0.38 a year ago. EBITDA was EUR 11.9 million compared to EUR 12.7 million a year ago. EBITA was EUR 7.1 million compared to EUR 8.5 million a year ago, due to revenue being lower than expected, stock reduction effects and the higher depreciation level. This resulted in a reduction of the return on sales from 8.0% to 6.5%.

For the nine months, the company's total revenue and other income was EUR 337.6 million compared to EUR 322.9 million a year ago. Result before net finance costs was EUR 20.5 million compared to EUR 23.5 million a year ago. Profit before income tax was EUR 18.0 million compared to EUR 19.5 million a year ago. Profit for the period was EUR 15.2 million compared to EUR 15.5 million a year ago. Diluted earnings per share was EUR 1.16 compared to EUR 1.19 a year ago. EBITDA was EUR 37.9 million compared to EUR 38.1 million a year ago. EBITA was EUR 23.4 million compared to EUR 26.1 million a year ago, resulting in a reduction of the return on sales from 8.1% to 6.9%, mainly due to the higher depreciation level.

Developments in the fourth quarter and beyond will be supported by the recent successful launch of a few automotive projects. This is reflected in Kendrion's order book for the fourth quarter, which is substantially higher than a year ago. Revenue for the year is expected to be at the bottom end of the 2015 objective of EUR 450 million to EUR 500 million. The uncertainty about the economic developments in Kendrion's most important home market, Germany, as well as in China, increased in the third quarter. This was especially visible among some of the automotive customers in the passenger car-segment. The sense of uncertainty has increased by the Volkswagen diesel issue.

During the Extraordinary General Meeting of Shareholders that held on 4 November 2015, Mr. Joep van Beurden was appointed as Kendrion's CEO and member of the Executive Board as of 1 December 2015. Joep van Beurden will succeed Piet Veenema, who announced his resignation as Kendrion's CEO at the end of 2014. Piet Veenema will leave the company as per 31 December 2015.