Quarterly Information March 31, 2012 - Metalfrio

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Metalfrio Solutions S.A.

Quarterly Information March 31, 2012 (A free translation of the original quarterly information in Portuguese, prepared in accordance with the International Financial Reporting Standards (IFRS), with the accounting practices adopted in Brazil and rules of the Brazilian Securities and Exchange Commission - CVM)

Metalfrio Solutions S.A. Quarterly Information Quarters ended March 31, 2012 and 2011 and year ended December 31, 2011

Contents Management report

3 - 12

Independent auditors’ report on review of quarterly information

13 - 14

Balance sheets

15

Statements of income

16

Statements of comprehensive income

17

Statements of changes in shareholders' equity

18 - 19

Statements of cash flows

20

Statements of added value

21

Notes to the financial statement

2

22 - 105

Management report Message from management Dear stockholder, Sales volumes in this quarter were 15.8% lower than in first quarter 2011 – on sales volume 1.4% lower year-on-year (YoY) in the Americas, and 39% lower (YoY) in the European operations. In 2011, the decline in Europe is associated to two main factors: (i) a stagnation in the economy of many countries in the region, adversely affecting our sales, and (ii) in 2011 some customer orders were anticipated to the first quarter of the year. Besides the reduction in sales volumes, there was a lower concentration of sales at the beginning of 1Q12, resulting in lower absorption of labor costs, which could not be reduced in proportion to the drop in revenue. These two factors led to a reduction in 5.2 percentage points in gross margin, which stood at 11.9% of net revenue in 1Q12. Therefore, the 1Q12 adjusted EBITDA was 5.3 million, with a margin of 3.3%, below the R$17.2 million in 1Q11. Our working capital at the end of 1Q12 was R$153.9 million, a decrease of R$42.1 million compared to the end of 1Q11. With this, the operating cash cycle at the end of 1Q12 was 82 days, a reduction of 3 days over the same period from the previous year. In 1Q12 the Company had a net profit of R$17.5 million, an increase in 47.2% when compared to 1Q11. The net margin in 1Q12 was 10.7%, compared with a net margin of 6.1% in 1Q11.

Highlights of the consolidated result Net revenue Net revenue in 1Q12, at R$ 162.7mn, was 15.8% lower than in 1Q11 (R$ 193.3mn). Of the net revenue in 1Q12, R$ 13.9mn came from services (maintenance, repair of equipment and sales of parts). This compares with R$ 12.6mn in 1Q11. Americas Net revenue of our operation in the Americas, at R$ 117.1mn in 1Q12, was 1.4% lower than in 1Q11 (R$ 118.7mn). Europe Net revenue of our operation in Europe, at R$ 45.5mn in 1Q12, was 38.9% lower than in 1Q11 (R$ 74.6mn). Part of the decline is associated with a stagnant economy in several European countries, adversely affecting our sales. In 2011, certain orders from clients in Europe were brought forward into the first quarter of the year, resulting in a higher concentration of sales in that period.

3

Net revenue (R$ mn) 1Q11 >> 1Q12

4Q11 >> 1Q12

-15,8% 193,3

-4,5%

170,3

162,7

36,5

-38,9

+24,9%

45,5

162,7 74,6

45,5 -12,5%

-1,4%

133,9

118,7

117,1

117,1

1Q11

4Q11

1Q12 Europe

1Q12 Europe

Americas

Americas

This table gives quarterly net revenue:

NET REVENUES (R$ mn)

1Q11

Total Americas Europe

2Q11

3Q11

4Q11

1Q12

Chg. 1Q12/ 1Q11 -15.8

Chg. 1Q12/ 4Q11 -4.5

193.3

234.0

157.6

170.3

162.7

118.7

140.6

122.8

133.9

117.1

-1.4

-12.5

74.6

93.3

34.8

36.5

45.5

-38.9

+24.9

The chart below shows net revenue of the operations in the Americas and Europe, indicating the seasonal variations – with sales strongest in the quarters that precede summer, principally the second quarter in the Northern Hemisphere and the fourth quarter in the Southern Hemisphere

180,0 151,6

140,6

90,7

133,9

122,8

118,7 93,9

117,1

93,3 74,6 43,3

2Q10

3Q10

43,3

4Q10

34,8 1Q11

2Q11

Americas

4

Europe

3Q11

36,5 4Q11

45,5

1Q12

Cost of goods sold, gross profit and gross margin consolidated Gross profit, at R$ 19.4mn in 1Q12, was 41.3% lower than the gross profit of R$ 33.1mn in 1Q11. Gross margin was 11.9% in 1Q12, 5.2 percentage points lower than the gross margin of 17.1% in 1Q11. The main factors in the lower margin were: (i) absorption of fixed costs, reflecting net revenue 15.8% lower YoY; and (ii) a lower concentration of sales at the beginning of 1Q12.

Gross profit and gross margin (R$ mn)

40,9 33,1 25,6

24,4 19,4

17,1%

17,5%

16,2%

14,3%

11,9%

1Q11

2Q11

3Q11

4Q11

1Q12

Operational expenses (SG&A) Consolidated selling expenses

Selling expenses in 1Q12 were R$17.4 mn, or 10.7% of net revenue. This compares with R$ 20.0mn, or 10.4% of net revenue, in 1Q11.

Selling expenses (R$ mn)

29,4

In percentage terms, the cost of sales returned to normal levels with the improvement of freight costs which negatively impacted the entire second half of 2011.

20,0

22,2

21,0 17,4 17,3% 13,3%

10,4%

9,5%

1Q11

2Q11

5

3Q11

10,7%

4Q11

1Q12

Consolidated general and administrative expenses G&A expenses in 1Q12 were R$ 8.3mn, or 5.1% of net revenue – this was 36.0% more than in 1Q11, when G&A expenses were R$ 6.1mn (and 3.2% of revenue), due to a concentration of non-recurring expenses in 1Q12.

G&A (R$ mn)

6,1

8,3

7,6

6,7 5,5

5,1%

4,4% 3,2%

2,9%

1Q11

2Q11

3,5%

3Q11

4Q11

1Q12

Consolidated other operational revenues (expenses) In 1Q12 our other operational revenues, net line was R$ 7.4mn, in which the most important component was tax incentive items totaling R$ 5.8mn. In 1Q11 the total of this line was R$ 5.8mn, the most important component also being tax incentive amounts, totaling R$ 6.1mn. Consolidated EBITDA and EBITDA margin Our adjusted Ebitda in 1Q12 was R$ 5.3mn, with adjusted Ebitda margin of 3.3%. In 1Q11 our adjusted Ebitda was R$ 17.2mn, with Ebitda margin of 9.0% – that is to say, Ebitda margin was 5.7 percentage points lower, year-on-year. The main factors in the lower adjusted Ebitda margin were: (i) absorption of fixed costs; and (ii) productivity affecting gross margin.

Adjusted EBITDA (R$ mn and % of Net revenue)

23,9 17,2

9,5 9,0%

10,2%

1Q11

2Q11

6,0%

0,2 0,1%

3Q11

4Q11

5,3 3,3% 1Q12

Reconciliation of consolidated EBITDA and Adjusted EBITDA Consolidated EBITDA (in mn Reais)

1Q11

2Q11

3Q11

4Q11

1Q12

Operating result Depreciation and amortization EBITDA Extraordinary restructuring and accounting rules changing expenses (i) Adjusted EBITDA

11,3 5,5 16,9

18,4 5,1 23,5

4,0 5,1 9,2

-5,6 5,4 -0,2

-0,1 5,1 4,9

0,4 17,2

0,4 23,9

0,4 9,5

0,4 0,2

0,4 5,3

Adjusted EBITDA margin (%)

9,0%

10,2%

6,0%

0,1%

3,3%

6

Adjustments to Ebitda: i.

Stock options plan Expenses of the stock options plan are recognized in the profit and loss account during the period in which the entitlement is acquired, calculated in accordance with Accounting Statement CPC 10, approved by CVM Decision 562/08.

Financial result We report net financial revenues for 1Q12 of R$ 19.1mn, on financial revenues of R$ 80.4mn and financial expenses of R$ 61.3mn. In 1Q11 we also reported net financial revenues, of R$ 1.7mn, on financial revenues of R$ 16.8mn and financial expenses of R$ 15.1mn.

Financial Result (R$ mn)

1Q11

1Q12

Chg. 1Q12/ 1Q11

Result with cash investments

7.6

12.3

+4.8

Other financial income

0.3

0.2

-0.1

7.9

12.6

+4.6

Interest on loans and financing

-4.3

-4.8

-0.5

Other financial expenses

-2.8

-1.4

+1.5

-7.1

-6.1

+0.9

Hedge operations gains

2.2

34.6

+32.4

Hedge operations losses

-1.5

-36.3

-34.8

Hedge Operations Result

0.7

-1.6

-2.4

FX variation gains

6.6

33.2

+26.6

FX variation losses

-6.5

-18.9

-12.4

Net FX Variation

0.1

14.3

+14.2

Net Financial Result

1.7

19.1

+17.4

Interest and Other Income

Interest and Other Expenses

Interest earned on cash investments totaled R$ 12.3mn in 1Q12, compared to R$ 7.6mn in 1Q11, the difference mainly reflecting higher income from bonds in 1Q12. Expenses in interest on loans were R$ 4.8mn in 1Q12, and R$ 4.3mn in 1Q11. The net result of transactions in derivatives in 1Q12 was a loss of R$ 1.6mn, comprising a gain of R$ 34.6mn and a loss of R$ 36.3mn. The net effect of exchange rate variation in 1Q12 was a gain of R$ 14.3mn, basically due to weakening of the US dollar and euro against the functional currencies of the Company’s operations. Net profit For 1Q12 we report net profit of R$ 17.5mn (net margin of 10.7%). In 1Q11, our net profit was R$ 11.9mn (net margin of 6.1%).

7

The increase in net profit, of R$ 5.6mn (+47.2% vs. 1Q11), basically reflects the improvement of R$ 17.4mn in the company’s net financial revenues. Working capital Our working capital, excluding financial assets and liabilities, at the end of 1Q12 was R$ 153.9mn, compared to R$ 196.0mn at the end of 1Q11. This reduction was mainly due to: (i) accounts receivable from clients R$ 31.8mn lower; and (ii) inventories R$ 16.7mn lower, reflecting the lower sales than in the previous year. The operational cash flow cycle at the end of 1Q12 was 82 days, three days less than at the end of 1Q11.

WORKING CAPITAL (in mn Reais)

1Q11

2Q11

3Q11

4Q11

1Q12

Chg. 1Q12/ 1Q11

Chg. 1Q12/ 4Q11

Current assets: Cash and equivalents, bonds and securities Accounts receivable Inventory Other Financial assets A) Total B) Current assets (less fin. assets)

320.0 180.2 138.2 28.9 0.5 667.8 347.3

312.8 184.9 120.1 24.2 0.9 642.9 329.1

371.9 146.1 113.5 26.0 10.5 668.0 285.6

382.7 150.0 100.9 26.6 2.5 662.7 277.5

350.9 148.4 121.4 26.8 0.0 647.5 296.6

+31.0 -31.8 -16.7 -2.1 -0.5 -20.3 -50.7

-31.7 -1.7 +20.6 +0.1 -2.5 -15.2 +19.1

Current liabilities: Accounts payable ST debt Other Financial liabilities C) Total D) Current liabilities (less fin. liab.)

106.1 173.6 45.2 0.0 324.8 151.2

89.2 190.7 46.3 9.7 335.9 135.6

62.9 214.8 44.2 0.0 321.8 107.0

80.6 185.4 56.0 0.0 321.9 136.6

91.5 172.2 51.1 2.1 317.0 142.7

-14.6 -1.4 +6.0 +2.1 -7.8 -8.6

+11.0 -13.2 -4.9 +2.1 -4.9 +6.1

Working capital (B-D)

196.0

193.5

178.6

141.0

153.9

-42.1

+12.9

67 78 60 85 2.1x

57 56 42 71 1.9x

66 77 43 100 2.1x

61 62 50 74 2.1x

63 76 58 82 2.0x

-4 -1 -2 -3 n/a

+1 +14 +8 +8 n/a

Days of receivables Days of inventory Days of suppliers Cash cycle Current liquidity (A/C)

Cash and cash equivalents, bonds and Securities At the end of 1Q12 we had a cash balance (including securities) of R$ 350.9mn, compared to R$ 320.0mn at the end of 1Q11, an increase of R$ 31.0mn YoY. Accounts receivable from customers Accounts receivable from clients, at R$ 148.4mn, were R$ 31.8mn lower at the end of 1Q12 than at the end of 1Q11 (R$ 180.2mn). Receivables in terms of days represented 63 days at the end of 1Q12, reduced from 67 days at the end of 1Q11. There was no change in the credit policy. Inventories Inventories were R$ 121.4mn at the end of 1Q12, approximately R$ 16.7mn lower than at the end of 1Q11 (R$ 138.2mn). Expressed in days, inventory was reduced to 76 days at the end of 1Q12, from 78 days at the end of 1Q11.

8

Suppliers Accounts payable to suppliers were approximately R$ 14.6mn lower, at R$ 91.5mn at the end of 1Q12, than at the end of 1Q11 (R$ 106.1mn). Suppliers’ payment time in days was 58 days at the end of 1Q12, down from 60 days at the end of 1Q11. Operating Cash Flow

The table below gives the reconciliation of operating cash flow: Operating Cash Generation (in R$ mn)

1Q11

1Q12

Adjusted EBITDA

17.2

5.3

Current income tax

(1.4)

(1.5)

5.0 16.0 (22.7) 26.0 (14.3)

(12.9) 1.7 (20.6) 11.0 (5.0)

20.8

(9.1)

Working Capital Accounts receivable Inventories Suppliers Others Operating Cash Generation

Investments Fixed assets At the end of 1Q12 Net PP&E totaled R$ 166.5mn, R$ 11.4mn more than at the end of 4Q11. Capital expenditure in 1Q12 totaled R$ 12.6mn, basically in modernization of machinery and facilities at the plants in Brazil and Turkey, including R$ 6.0mn invested in the new factory in the Northeast of Brazil, and R$ 1.9mn for expansion in Russia, with the construction of a new vertical freezers line. Depreciation on PP&E was R$ 4.6mn.

Intangible assets The balance of intangible assets increased from R$ 98.0mn at the end of 1Q11 to R$ 107.8mn at the end of 1Q12 – basically due to effects of exchange rate variation. This table shows changes in the balance of fixed assets:

9

FIXED ASSETS (in mn Reais)

1Q11

Net PP&E Intangibles Total

2Q11

143.9 98.0 241.9

3Q11

141.4 93.6 235.0

4Q11

147.9 108.4 256.3

155.1 109.5 264.6

Chg. 1Q12/ 4Q11

Chg. 1Q12/ 1Q11

1Q12

166.5 107.8 274.3

+22.6 +9.8 +32.4

+11.4 -1.7 +9.7

Capitalization and liquidity Debt Our cash position (including securities) at the end of 1Q12 was R$ 350.9mn, which compares with R$ 320.0mn at the end of 1Q11 (an increase of 9.7%), and R$ 382.7mn at the end of 4Q11.

Consolidated debt breakdown (R$ mn)

Our total debt at the end of 1Q12 was R$ 498.3mn, 16.5% more than at the end of 1Q11 (R$ 427.5mn) – and R$ 34.7mn, or 6.5%, less than the total debt at the end of 4Q11, of R$ 533.0mn.

326,0

350,9

172,2

147,3

S.T. debt

L.T. debt

Cash and equiv.

Net debt

Net debt at the end of 1Q12 was R$ 147.3mn, R$ 3.0mn less than at the end of 4Q11, basically on three factors: (i) cash of R$ 9.1mn spent on operations (see table on page 10); (ii) capital expenditure of R$ 12.6mn; and (iii) net positive effect of exchange rate variation, of approximately R$ 9.5mn. LIQUIDITY INDICATORS (in mn Reais)

1Q11

2Q11

3Q11

4Q11

1Q12

Chg. 1Q12/ 1Q11

Chg. 1Q12/ 4Q11

Cash and equivalents, bonds and securities Short term debt (ST) Long term debt (LT) USD denominated debt BRL denominated debt Euro denominated debt Other Currencies Gross debt Net cash / (Net debt) Shareholders' equity (Equity)

320.0 173.6 254.0 240.3 49.3 57.0 80.9 427.5 -107.6 328.6

312.8 190.7 268.5 312.9 47.5 51.7 47.2 459.2 -146.4 271.4

371.9 214.8 358.1 342.3 40.9 43.8 145.9 572.9 -201.0 248.8

382.7 185.4 347.6 377.3 38.3 43.1 74.3 533.0 -150.3 257.2

350.9 172.2 326.0 430.4 45.7 22.1 0.0 498.3 -147.3 277.5

+31.0 -1.4 +72.1 +190.1 -3.7 -34.9 -80.9 +70.7 -39.7 -51.0

-31.7 -13.2 -21.6 +53.1 +7.4 -21.0 -74.3 -34.7 +3.0 +20.3

Cash and equiv. / ST debt ST debt / (ST + LT) Net cash (Net debt) / Equity Net debt / (Net debt + Equity)

1.8x 40.6% -0.3x 24.7%

1.6x 41.5% -0.5x 35.0%

1.7x 37.5% -0.8x 44.7%

2.1x 34.8% -0.6x 36.9%

2.0x 34.6% -0.5x 34.7%

n/a n/a n/a n/a

n/a n/a n/a n/a

Net debt at the end of 1Q12 was 3.78 times the last 12 months’ adjusted Ebitda, compared to 1.12 times at the end of 1Q11; and was 0.5 times Stockholders’ equity, compared to 0.3 times Stockholders’ equity at the end of 1Q11. At the end of 1Q11 short-term debt was R$ 172.2mn, 34.6% of total debt; and cash and cash equivalents (including securities) totaled 2.0 times the total of short-term debt.

10

Stockholders’ equity Stockholders’ equity at the end of 1Q12 was R$ 277.5mn, compared to R$ 257.2mn at the end of 4Q11. The main component of the R$ 20.3mn increase in stockholders’ equity is the 1Q12 net profit of R$ 17.5 million. Other Information Management Statement

In accordance with article 25 of Instruction 480/2009 of the CVM (Brazilian Securities Commission – Comissão de Valores Mobiliários), the Company’s Management states it has discussed, revised and agreed with the Independent Auditor’s Opinion and with the accounting statements relative to the business quarter ended March 31, 2012. Relationship with external auditors

In accordance with Instruction 381/2003 of the CVM (Brazilian Securities Commission – Comissão de Valores Mobiliários), we report that in 1Q12 we did not contract our Independent Auditors for services not related to external auditing. In our relationship with external auditors, we evaluate conflicts of interests on services not related to external auditing based on the following: auditors should not (a) audit their own work; (b) carry out management functions; and (c) promote our interests. Disclaimer

Information in this report on performance that is not directly derived from the financial statements, such as, for example, information on the market, quantities produced and sold, production capacity, and the calculation of EBITDA and adjusted EBITDA has not been the subject of special review by our external auditors. We make forward-looking statements that are subject to risks and uncertainties. These statements are based on our Management’s beliefs and assumptions and information to which the company currently has access. Forward-looking statements include information about our present intentions, beliefs or expectations, and those of the members of the company’s Board of Directors, and Executive Officers. Reservations in relation to statements and information about the future also include information about possible or presumed operational results, and also statements that are preceded, followed by or include the words “believe”, “may”, “will”, “continue”, “expect”, “forecast”, “intend”, “plan”, “estimate”, or similar expressions. Statements and information about the future are not guarantees of performance. They involve risks, uncertainties and suppositions because they refer to future events, and thus depend on circumstances which may or may not occur. Future results and the creation of value for stockholders may differ significantly from those expressed or suggested by forward-looking statements. Many of the factors that will determine these results and amounts are beyond Metalfrio’s capacity to control or forecast.

11

About Metalfrio Metalfrio Solutions S.A. (Bovespa: FRIO3) is one of the world’s largest manufacturers of plugin commercial refrigeration equipment. Our product portfolio comprises hundreds of models of vertical and horizontal plug-in refrigerators and freezers, for refrigeration of beers, soft drinks, ice creams and frozen foods, and cooled products in general. Through direct distribution or through distributors and commercial representatives, we supply our products to clients that are among the world’s largest manufacturers of cooled and frozen beverages and foods. We currently operate plants in Brazil, Mexico, Turkey, and Russia, and our own distribution center in the United States.

12

KPMG Auditores Independentes R. Dr. Renato Paes de Barros, 33 04530-904 - São Paulo, SP - Brasil Caixa Postal 2467 01060-970 - São Paulo, SP - Brasil

Central Tel Fax Nacional Internacional Internet

55 (11) 2183-3000 55 (11) 2183-3001 55 (11) 2183-3034 www.kpmg.com.br

Independent auditors’ report on review of quarterly information To The Board of Directors and Shareholders Metalfrio Solutions S.A. São Paulo - SP Introduction We have reviewed the individual and consolidated interim financial information of Metalfrio Solutions S.A. (“the Company”) included in the Quarterly Financial Information referring to the quarter ended March 31, 2012, comprising the balance sheet as of March 31, 2012 and the statements of income , comprehensive income, changes in shareholders’ equity and cash flows for the three-month period then ended, including a summary of the significant accounting policies and other explanatory notes. Management is responsible for the preparation and fair presentation of these individual interim financial information in accordance with Committee for Accounting Pronouncements CPC 21(R1) – Interim Financial Statements and the consolidated interim financial information in accordance with CPC 21(R1) and the international standard IAS 34 – Interim Financial Reporting, as issued by the International Accounting Standards Board – IASB, and presented in a manner consistent with the rules of the Brazilian Securities and Exchange Commission applicable to the preparation of Quarterly Financial Information. Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of Review We conducted our review in accordance with the Brazilian and International Standards on interim reviews (NBC TR 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

13 KPMG Auditores Independentes, uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative (“KPMG International”), uma entidade suíça.

KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

Conclusion on the individual quarterly financial information Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual interim financial information included in the Quarterly Financial Information described above were not prepared, in all material respects, in accordance with CPC 21(R1) applicable to the preparation of the Quarterly Financial Information and presented in a manner consistent with the rules of the Brazilian Securities and Exchange Commission (CVM). Conclusion on the consolidated quarterly financial information Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the Quarterly Financial Information described above were not prepared, in all material respects, in accordance with CPC 21(R1) and IAS 34 applicable to the preparation of the Quarterly Financial Information and presented in a manner consistent with the standards issued by the Brazilian Exchange and Securities Commission (CVM). Other matters Statements of value added We also reviewed the individual and consolidated statements of value added (DVA), prepared under management’s responsibility, for the quarter ended on March 31, 2012, for which the disclosure is required by Brazilian corporation laws applicable to publicly-held companies and is a supplementary information for the IFRS which does not require this disclosure. These statements were submitted to the same review procedures previously described and, based on our review, nothing has come to our attention that would lead us to believe that they have not been fairly stated, in all its material respects, in accordance with the Quarterly Financial Information taken as whole. São Paulo, April 30, 2012 KPMG Auditores Independentes CRC 2SP014428/O-6 Original report signed by Wagner Bottino Accountant CRC 1SP196907/O-7

14

Metalfrio Solutions S.A.

ACS

ACT

ACS

ACT

PCS

TCS

PCT

PCS

PCT

Balance sheets March 31, 2012 and December 31,2011 (In thousands of Reais - R$)

03/31/2012 Assets

Note

Current assets Cash and cash equivalents Marketable securities Trade accounts receivable Related parties Inventories Recoverable taxes Accounts receivable on derivatives Other accounts receivable

Consolidated

6 6.1 7 11 8 9 25

Total current assets Non-current Long-term receivables Related parties Deferred taxes Recoverable taxes

11 10.a 9

12/31/2011

Individual

Consolidated

03/31/2012

Individual

165,497 185,449 148,363 121,443 16,824 9,948

135,393 57,620 54,055 9,278 41,629 5,454 6,021

244,424 138,256 150,017 100,877 16,917 2,474 9,717

198,729 77,607 7,986 37,110 5,378 5,819

647,524

309,450

662,682

332,629

20,208 3,362

91,482 13,342 1,356

20,543 3,272

89,272 14,028 1,250

23,570

106,180

23,815

104,550

166,474 107,790

77,460 78,603 5,831

155,092 109,513

63,549 73,063 5,565

297,834

268,074

288,420

246,727

Liabilities, non-controlling interest and shareholders' equity Current liabilities Accounts payable to suppliers Related parties Loans and financing Tax payable Payroll and related charges Other provisions Accounts payable on derivatives Other accounts payable

Note

12 13 14

Total non-current assets

577,524

951,102

579,356

Individual

80,553 185,375 15,611 17,860 14,547 7,988

50,318 1,934 52,791 10,857 16,309 8,592 4,999

317,020

129,893

321,934

145,800

326,033 20,449 1,007 3,335

160,486 18,065 1,007 -

347,587 21,027 1,107 2,278

165,923 18,053 1,107 -

350,824

179,558

371,999

185,083

239,988 1,499 40,045 (1,719) 3,475 (32,508) 17,293

239,988 1,499 40,045 (1,719) 3,475 (32,508) 17,293

239,988 2,631 40,210 (1,719) 829 (33,466)

239,988 2,631 40,210 (1,719) 829 (33,466)

268,073

268,073

248,473

248,473

9,441

-

8,696

-

Total shareholders' equity

277,514

268,073

257,169

248,473

Total

945,358

577,524

951,102

579,356

18 25

Total current liabilities Non-current Loans and financing Deferred taxes Provision for contingencies Other accounts payable

Shareholders' equity Capital Capital reserve Profit reserve Treasury shares Accumulated translation adjustments and net investments Goodwill on equity transactions Accumulated losses

Non-controlling Interest

945,358

Consolidated

43,134 2,121 50,000 5,370 17,755 6,817 4,696

Total equity attributable to equity holders of the Company

Total

Individual

91,523 172,221 9,099 20,442 13,748 2,126 7,861

11 15 16

15 10.a 17

Total non-current liabilities Investments Property, plant and equipment Intangible assets

Consolidated

12/31/2011

See the accompanying notes to the quarterly information.

15

19.a 19.c 19.d/e/f/g 19.b 19.h 19.i 12

Metalfrio Solutions S.A. Statements of income Quarters ended March 31, 2012 and 2011 (In thousands of Reais - R$)

Quarter ended 03/31/2012 Note Revenues

Consolidated

21

Cost of good and services rendered

193,298

92,578

(143,249)

(71,706)

(160,209)

(75,411)

19,421

9,308

33,089

17,167

(17,381) (8,310) (1,254) 7,381

(11,973) (3,537) (1,254) 6,952

(20,021) (6,108) (1,490) 5,846

(14,197) (2,437) (1,490) 5,753

(143)

(504)

11,316

4,796

-

4,567

Results before net financial income (expenses), equity method and taxes 12

Financial expenses Financial income

24 24

Individual

81,014

22.a 22.b 11 22.c

Equity method results

Consolidated

162,670

Gross profit Operating income (expenses) Selling expenses Administrative and general expenses Management remuneration Other operating income

Individual

Quarter ended 03/31/2011

-

9,985

(61,330) 80,391

(21,226) 29,736

(15,067) 16,762

Net financial result

19,061

8,510

1,695

889

(Loss) profit before income tax and social contribution and interest of non-controlling shareholder's

18,918

17,991

13,011

10,252

Income and social contribution taxes Current Deferred

10.b 10.b

(1,518) 77

Net income for the period

17,477

Net income atributable to: Owners of the Company Non-controlling interest

17,128 349

Basic earnings per share - R$ Diluted earnings per share - R$

20 20

(863) 17,128

16

11,875

(455) 9,797

9,797 2,078 0.41500 0.41000

See the accompanying notes to the quarterly information.

(1,441) 305

(4,544) 5,433

0.23700 0.23300

Metalfrio Solutions S.A. Statements of comprehensive income Quarters ended March 31, 2012 and 2011 (In thousands of Reais - R$)

Quarter ended 03/31/2012 Consolidated

Individual

Quarter ended 03/31/2011 Consolidated

17,477

17,128

Other comprehensive results Accumulated translation adjustments of balances Exchange variation on monetary items considered as a net investment, net of taxes

407 2,635

11 2,635

(315) 844

78 844

Other comprehensive results, net of income and social contribution taxes

3,042

2,646

529

922

20,519

19,774

12,404

10,719

19,774 745

19,774 -

10,719 1,685

10,719 -

20,519

19,774

12,404

10,719

Net income for the period

Total comprehensive income for the period Total comprehensive income atributable to: Owners of the Company Non-controlling interest Total comprehensive income for the period See the accompanying notes to the quarterly information.

17

11,875

Individual 9,797

Metalfrio Solutions S.A. Statements of changes in shareholders' equity Quarters ended March 31, 2012 and 2011 (In thousands of Reais - R$)

Individual - CPCs Profit reserve Note

Capital

Capital reserve

Tax incentive reserve

Legal reserve

Expansion reserve

Revaluation reserve

Treasury shares

Goodwill on equity transactions

239,986

10,790

25,365

5,084

1,869

3,246

Net income for the period

-

-

-

-

-

-

-

-

Granted stock options

-

369

-

-

-

-

-

Realization of reserves: Realization of revaluation reserve net of taxes

-

-

-

-

-

-

Treasury shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Balances at March 31, 2011

239,986

11,159

25,365

5,084

1,869

2,957

(1,719)

Balances at January 1st, 2012

239,988

2,631

30,422

5,447

1,869

2,472

(1,719)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Balances at January 1st, 2011

Other comprehensive income: Exchange variation on investments abroad Exchange variation adjustments on monetary items considered as a net investment, net of taxes

Net income for the period Granted stock options

19.c e 23

-

Realization of reserves: Realization of revaluation reserve net of taxes

13 e 19.f

-

(1,132) -

(289)

(165)

(1,558)

Accumulated translation adjustments and net investments

301,591

-

-

9,797

9,797

-

-

-

-

369

-

-

-

289

-

-

-

-

-

(161)

-

-

78

-

-

78

-

-

844

-

-

844

-

(817)

18,548

10,086

312,518

829

-

-

248,473

-

-

-

17,128

17,128

-

-

-

-

-

-

-

-

-

165

Exchange rate on Goodwill on equity transaction Other comprehensive income: Exchange variation on investments abroad Exchange variation adjustments on monetary items considered as a net investment, net of taxes Balances at March 31, 2012

-

-

-

-

-

-

-

-

-

-

-

-

-

-

239,988

1,499

30,422

5,447

1,869

2,307

See the accompanying notes to the quarterly information.

18

(1,719)

(32,508)

(1,132) 958

958 19.h

Total Parent company

-

(33,466)

(1,739)

Accumulated Losses

18,548

(161)

-

Proposed additional dividends

11

-

-

11

2,635

-

-

2,635

3,475

-

17,293

268,073

Metalfrio Solutions S.A. Statements of changes in shareholders' equity Quarters ended March 31, 2012 and 2011 (In thousands of Reais - R$)

Consolidated - IFRS Profit reserve Note

Capital

Capital reserve

Tax incentive reserve

Legal reserve

Expansion reserve

Revaluation reserve

Treasury shares

Goodwill on equity transactions

Accumulated translation adjustments and net investments

-

(1,739)

Proposed additional dividends

Retained earnings

Total Parent Company

Noncontrolling interest

Total shareholders’ equity

239,986

10,790

25,365

5,084

1,869

3,246

18,548

-

301,591

13,914

315,505

Net Income for the period

-

-

-

-

-

-

-

-

-

-

9,797

9,797

2,078

11,875

Granted stock options

-

369

-

-

-

-

-

-

-

-

-

369

-

369

Realization of reserves: Realization of revaluation reserve net of taxes

-

-

-

-

-

-

-

-

-

289

-

-

-

Treasury shares

-

-

-

-

-

-

-

-

-

-

(161)

Balances at January 1st, 2011

(289)

(1,558)

(161)

-

(161)

Other comprehensive income: Exchange variation on investments abroad Exchange variation adjustments on monetary items items considered as a net investment, net of taxes

-

-

-

-

-

-

-

-

78

-

-

78

-

-

-

-

-

-

-

-

844

-

-

844

-

844

Changes in ownership interest in subsidiaries Sale of owners interests

-

-

-

-

-

-

-

-

-

-

-

-

435

435

Balances at March 31, 2011

239,986

11,159

25,365

5,084

1,869

2,957

(1,719)

18,548

10,086

312,518

16,034

328,552

Balances at January 1st, 2012

239,988

2,631

30,422

5,447

1,869

2,472

(1,719)

829

-

-

248,473

8,696

257,169

-

-

-

-

-

-

-

-

-

17,128

17,128

349

17,477

-

-

-

-

-

-

-

-

-

-

-

-

-

165

Net Income for the period Granted stock options

19.c e 23

-

Realization of reserves: Realization of revaluation reserve net of taxes

13 e 19.f

-

(1,132) -

(165)

-

Exchange rate on Goodwill on equity transaction Other comprehensive income: Exchange variation on investments abroad Exchange variation adjustments on monetary items items considered as a net investment, net of taxes Balances at March 31, 2012

-

(33,466) -

-

(817)

958 19.h

(1,132)

(393)

-

(315)

(1,132)

-

-

-

958

-

958

-

-

-

-

-

-

-

-

11

-

-

11

396

407

-

-

-

-

-

-

-

-

2,635

-

-

2,635

-

2,635

239,988

1,499

30,422

5,447

1,869

2,307

3,475

-

17,293

268,073

9,441

277,514

See the accompanying notes to the quarterly information.

19

(1,719)

(32,508)

Metalfrio Solutions S.A.

ACS

ACT

Statements of cash flows Quarters ended March 31, 2012 and 2011 (In thousands of Reais - R$)

03/31/2012 Note Cash flows from operating activities Results for the period Reconciliation of net income for the period with net cash provided by operating activities Depreciation and amortization Provision for contingencies Other provisions Loss (gain) on Derivatives Stock option plans granted Exchange variations Interest on loans Residual amount of fixed and intangible assets written off Write-off of investment Equity method Exchange variation on net investments Deferred income tax and social contribution (Increase) decrease in assets Current: Marketable securities Trade accounts receivable Inventories Taxes recoverable Related parties Other accounts receivable Non-current: Taxes recoverable

Increase (decrease) in liabilities Current: Suppliers Tax obligations Payroll and related charges Related parties Other accounts payable

13/14 17 18 25

12 10.b

6.1 7 8 9 11

9

16 11

Non-current Other accounts payable

13 14

Cash used in Investment activities Cash flows from financing activities Proceeds from issuance of loans Payment of principal Payment of interest Loans to related parties Treasury shares

11 19.b

Cash (used in) provided by financing activities

(Decrease) increase in cash and cash equivalents Cash and cash equivalents At beginning of the period At end of the period (Decrease) increase in cash and cash equivalents

6 6

Consolidated

Individual

17,128

11,875

9,797

5,091 (100) (2,238) 4,600 307 (10,760) 4,843 416 2,470 (77)

2,806 (100) (3,214) 307 (4,758) 2,433 (9,985) (488) 863

5,539 77 (3,313) (2,652) 369 890 3,935 195 574 783 (305)

2,952 77 (3,429) 369 (1,529) 1,410 173 (4,567) (182) 455

22,029

4,992

17,967

5,526

(47,193) 355 (20,566) 93 (232)

(57,620) 23,104 (4,519) (76) (1,292) (202)

22,936 15,618 (22,701) (1,602) (2,852)

53,412 (6,566) (1,858) 411 (664)

(90)

(106)

933

906

(67,633)

(40,711)

12,332

45,641

14,525 (6,513) 2,582 (129)

(6,881) (5,487) 1,446 187 (303)

27,082 (7,570) 1,224 (177)

(6,242) (7,375) 676 (149) (1,142)

-

(114)

-

11,522

(11,038)

20,445

(14,232)

(34,082)

(46,757)

50,744

36,935

(12,636) (1,311)

(8,129) (483)

(6,929) (1,070)

(4,815) (547)

(13,947)

(8,612)

(7,999)

(5,362)

27,215 (50,707) (4,394) -

1,212 (4,802) (2,168) (2,209) -

72,672 (54,464) (3,447) (161)

(10,294) (741) (2,289) (161)

(27,886)

(7,967)

14,600

(13,485)

(3,012)

Exchange variations over cash and cash equivalents

Individual

17,477

1,057

Cash (used in) provided by operating activities Cash flows from investment activities Additions to Property, plant and equipment Additions to Intangible assets

Consolidated

03/31/2011

-

(3,358)

-

(78,927)

(63,336)

53,987

18,088

165,497 244,424

135,393 198,729

215,710 161,723

135,939 117,851

(78,927)

(63,336)

53,987

18,088

See the accompanying notes to the quarterly information.

20

Metalfrio Solutions S.A. Statements of added value Quarters ended March 31, 2012 and 2011 (In thousands of Reais - R$)

03/31/2012 Consolidated Revenues Sales of goods and services rendered (net of returns) Allowance for doubtful accounts

03/31/2011

Individual

213,631 190

107,350 -

Consolidated

Individual

234,978 (1,139)

120,046 -

213,821

107,350

233,839

120,046

(158,691) (26,852)

(69,870) (18,544)

(161,795) (29,293)

(78,416) (22,295)

(185,543)

(88,414)

(191,088)

(100,711)

Gross added value

28,278

18,936

42,751

19,335

Depreciation and amortization

(5,091)

(2,806)

(5,539)

(2,952)

Net added value produced by the company

23,187

16,130

37,212

16,383

Transferred added value Equity method Financial income

80,391

9,985 29,736

16,762

4,567 5,433

80,391

39,721

16,762

10,000

103,578

55,851

53,974

26,383

23,049 2,423 863

10,482 2,347 856

19,995 1,986 808

9,218 1,907 791

Inputs acquired from third parties Costs of products and services rendered Material, power, third-party services and other expenses

Total added value to be distributed Distribution of added value Personnel Direct remuneration Benefits FGTS (Government severance indemnity fund) Taxes, fees and contributions Federal State Municipal

(1,577) (780) 54

Remuneration of third-party capital Interest Rent

61,330 739

21,226 458

15,067 1,044

4,544 738

Remuneration of shareholders' equity Retained earnings Non-controlling interest

17,128 349

17,128 -

9,797 2,078

9,797 -

103,578

55,851

53,974

26,383

See the accompanying notes to the quarterly information.

21

4,089 (786) 51

3,989 (836) 46

188 (843) 43

Metalfrio Solutions S.A. Notes of Quarterly information Quarters ended March 31, 2012 and 2011 and year ended December 31, 2011 (In thousands of Reais - R$, except when indicated otherwise)

1

Operations Metalfrio Solutions S.A. (“Company”) was incorporated on December 3, 2001 and its operating activities began on January 1st, 2002, its main purpose is manufacture, import and trade in the country and abroad of domestic and commercial refrigerators and freezers. During 2006 and 2007, Company started the international expansion process of its activities through acquisition of assets, companies and incorporation of company in Denmark, Russia, Turkey, United States of America and Mexico. The Company’s shares are listed in the Novo Mercado section of the São Paulo Stock Exchange under the Ticker "FRIO3". The Klimasan’ shares are listed in Istanbul Stock Exchange under the Ticker “KLMSN”. Currently, the Company has for industrial plants, one of which is located in Brazil (Mato Grosso do Sul), one in Turkey (Manisa), one in Russia (Kaliningrad) and one in Mexico (Celaya), in addition to a distribution center in the United States of America (Texas). The table below summarizes the current configuration of our industrial units: City

Country

Refrigerators produced

Consumer market

Três Lagoas Kaliningrad

Brazil Russia

Horizontal, vertical and special Horizontal

Manisa Celaya

Turkey Mexico

Horizontal, vertical and special Horizontal, vertical and special

Brazil and the Americas Russia and Eastern Europe Turkey, Europe, Middle Eastern and Central Asia Mexico and the Americas

Industrial Unit of Três Lagoas - Brazil The industrial unit of Três Lagoas, have capacity installed of 530 thousands units per year, in two production shifts, producing horizontal, vertical and special or freezers e refrigerators. This unit attends all South America, Central America and North America.

22

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Industrial Unit of Manisa - Turkey (Senocak /Klimasan Group) The region where this industrial unit is located benefits from exemption of import/export tariffs within the European Union, as well as being close to an enormous consumer market. The Senocak/Klimasan industrial plant has an installed capacity of 400 thousand units per year, in two shifts, producing horizontal and vertical refrigerators and freezers, as well as a special line of freezers and refrigerators. This unit attends the Turkish, European and Middle Eastern market.

Industrial Unit of Kaliningrad - Russia (Metalfrio - Russia) The Kaliningrad industrial unit produces horizontal freezers and we intend to start production of vertical freezers in this unit as from second quarter of 2012. Currently, this unit has an installed capacity of 140 thousand units per year, in two production shifts. This unit attends mainly Russia and neighboring countries.

Industrial Unit of Celaya - Mexico (Metalfrio Mexico and Enerfreezer) The Celaya industrial plant has an installed capacity of 200 thousand units per year, in two production shifts. This plant produces horizontal and vertical refrigerators and a special line of freezers and refrigerators.

Distribution Center - Metalfrio - USA Our distribution center acquired in North America is located in Boerne in Texas, United States, near the main clients of that market and also the port Houston, where we receive a large part of the equipment by sea. Through this distribution center, we attend large and medium-size distributors not only on the American market but also on the Canadian and Mexican market.

Commercial and Distribution Center - Metalfrio - Denmark This Commercial and Distribution Center attends the local Danish market and that of neighboring countries.

23

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Rome Investment A Company with its headquarters in the Bahamas established for the purpose of investing in other companies from Europe.

Life Cycle - Brazil A subsidiary of Metalfrio that offers maintenance and technical assistance for the products traded not only by Metalfrio, but also by third parties.

Seasonality The tropical and equatorial regions, in general, present a hot climate throughout the whole year, favoring the sale of beverages, ice creams and frozen products in all seasons of the year. Therefore, it is difficult to perceive clear seasonality in these regions. However, in the subtropical regions, as there is a greater contrast between summer and winter, with a greater consumption of chilled beverages and ice creams in the summer, it is possible to note slightly stronger sales of freezers and refrigerators in the pre-summer and summer periods.

Sales Concentration In the quarter ended March 31, 2012, our 10 largest clients were responsible for 46.1% (58.8% at March 31, 2011) of our gross sales.

Concentration of raw materials There are eight classes of raw materials/components that contribute to approximately 60% of the average cost of the refrigerators. They are: steel, compressors, glass, copper or aluminum, chemical materials, thermal insulating materials, electrical components (micro motors, electronic controllers and others) and wiring. Due to the commodity characteristics of a number of the raw materials and components, the Company seeks to acquire large volumes, which favor a reduction in costs. The Company’s globalization, accompanied by the gain in scale, will enable us to centralize the supplying of raw materials in even larger volumes. Nevertheless, we maintain an active search for more economic supply alternatives in order to maintain our low concentration of suppliers.

24

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Information in the operating context not directly derived from the quarterly information, such as information on the market, quantities produced and traded, and production capacities, for example, was not reviewed by our independent auditors.

2

Basis for preparation of the quarterly information

2.1

Statement of compliance (regarding the IFRS and CPC - Accountant Statements Committee standards) The present quarterly information include: •

The consolidated quarterly information in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and also in accordance with accounting practices adopted in Brazil that follow the pronouncements issued by the Accounting Pronouncements Committee (CPCs);



The individual quarterly information of the parent company prepared in accordance with the CPCs.

The individual quarterly information were prepared in accordance with CPCs. These practices differ from IFRS applicable to separate quarterly information with respect to the valuation of investments where the subsidiaries are valued by the equity accounting method in the CPCs, while for IFRS purposes it would be by cost or fair value. However, there is no difference between the consolidated shareholders’ equity and the results presented by the Company and the shareholders’ equity and results of the controlling entity in their individual quarterly information. Accordingly, the Company’s consolidated quarterly information and the individual quarterly information of the current Company are presented sideby-side in one single set of quarterly information. The issuing of the individual and consolidated quarterly information was authorized by the Board of Directors on April 30, 2012.

25

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

2.2

Basis of measurement The individual and consolidated quarterly information have been prepared based on historical cost with the exception of the following material items recognized in the balance sheets: • •

2.3

Derivative financial instruments are measured at fair value; Financial instruments at fair value through profit and loss are measured at fair value.

Functional and presentation currency These individual and consolidated quarterly information are presented in Reais, which in the Company’s functional currency. All the financial information presented in Reais has been rounded to the nearest thousands, except when indicated otherwise.

2.4

Use of estimates and judgments The preparation of individual and consolidated quarterly information in conformity with IFRSs and CPC standards requires that the Company’s Management makes judgments, estimates and assumptions that affect the application of accounting policies and the amounts reported for assets, liabilities, income and expenses. The actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Accounting estimates are recognized in the period in which the estimates are reviewed and in any future periods that are affected. The information on uncertainties on the assumptions and estimates that have a significant risk of resulting in a material adjustment within the next financial year is included in the following notes to the quarterly information: • • • • • • • •

Note 10 - Deferred taxes - assets and liabilities; Note 7 - Allowance for doubtful accounts; Note 8 - Provision for losses on inventories; Note 17 - Provision for contingencies; Note 13 - Review of the useful life of fixed assets; Note 14 - Amortization of intangible assets; Note 23 - Stock option plan; Note 25 - Derivative instruments.

26

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

The quarterly information consider the minimum disclosure requirements established by the standard of the Accounting Pronouncements Committee (CPC), CPC 21 – Interim Financial Information in line with IAS 34, as well as other information considered relevant.

3

Significant accounting policies The accounting policies set up below have been applied consistently to all periods presented in these individual and consolidated quarterly information.

3.1

Consolidation basis a. Subsidiaries The quarterly information of the subsidiaries are included in the consolidated quarterly information as from the date on which the control commences until the date that control ceases. The accounting policies of subsidiaries are aligned with the policies adopted by the Company. In the individual the financial information of subsidiaries is recognized according to the equity method.

b. Transactions eliminated upon consolidation Intra-group balances and transactions, and any income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated quarterly information. Unrealized gains arising from transactions with invested companies recorded through equity accounting are eliminated against the investment in proportion to the Group’s stake in the invested company. Unrealized losses, if any, are eliminated in the same way as the unrealized gains, but only to the extent that there is evidence of impairment.

27

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

3.2

Foreign currency Transactions in foreign currency, i.e. all transactions that are not carried out in the functional currency, are translated at the exchange rate on the date of each transaction. Monetary assets and liabilities in foreign currency are translated into the functional currency at the exchange rate on the closing date. The gains and losses from changes in the exchange rates on monetary assets and liabilities are recognized in the income statement. Non-monetary assets and liabilities acquired or contracted in foreign currency are translated based on the exchange rates on the dates of the transactions or on the dates of valuation to fair value when this is used. The gains and losses resulting from changes in investments abroad and the monetary items that are part of the net investment are recognized directly in shareholders’ equity under “accumulated translation adjustments and net investments” and recognized in the income statement when these investments are totally or partially disposed of. The quarterly information of the subsidiaries abroad are adjusted to Brazilian accounting practices and, subsequently, translated into the local functional currency at the exchange rate on the closing date.

3.3

Financial instruments •

Non derivative financial assets The Company and its subsidiaries recognize the loans and receivables and deposits on the date on which they were originated. All other financial assets (including the assets designated at fair value through profit and loss) are recognized initially on the trade date at which it becomes a party to the contractual provisions of the instrument. The Company and its subsidiaries derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created o retained by the Group is recognized as a separate asset or liability. The Company and its subsidiaries have the following non-derivative financial assets: financial assets at fair value through profit or loss, and loans and receivables.

28

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Financial assets at fair value through profit and loss A financial asset is classified at fair value through profit or loss if it is classified as held for trading or is designated as such upon initial recognition. Financial assets are designated at fair value through profit or loss if the Company and its subsidiaries manage such investments and makes purchase and sale decisions based on their fair value in accordance with the documented risk management or investment strategy. Upon initial recognition attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognized in profit or loss. The financial assets at fair value through profit or loss include the financing investments. Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. Loans and receivables comprise clients and other credits. •

Non-derivative financial liabilities All the non-derivative financial liabilities of the Company and its subsidiaries are recognized initially on the date of the negotiation on which it became one of the parties to the contractual provisions of the instrument. The Company and its subsidiaries write off a financial liability when its contractual obligations are withdrawn or cancelled or have expired.

29

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

The financial assets or liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The Company and its subsidiaries have the following non derivative financial liabilities: loans and financing, accounts payable to suppliers and other accounts payable. These financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Capital Ordinary shares are classified as equity. The minimum compulsory dividends, as defined in the bylaws, are recognized as liabilities. •

Repurchase of shares (treasury shares) When capital recognized as equity is repurchased, the amount of compensation paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. The repurchased shares are classified as treasury shares and are presented as a deduction from total equity. When treasury shares are subsequently sold or reissued, the value received is recognized as an increase in equity, and the resulting surplus or deficit is transferred to/from retained earnings.



Derivative financial instruments Derivatives are initially recognized at fair value; attributable transaction costs are recognized in the income statement when incurred. Subsequent to initial recognition, the derivatives are stated at fair value and the changes in fair value are recorded in the results for the year. These derivatives include NDF (Non Deliverable Forward) contracts and forward contracts at several currencies.

30

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

3.4

Current and non-current assets a. Cash and cash equivalents Cash and cash equivalents comprises cash, bank accounts and short-term investments with immediate liquidity and maturity equal to or less than 90 (ninety) days and with a low risk of change in market value, and they are presented at cost plus interest earned, as presented in note 6.

b. Trade accounts receivable Trade accounts receivable are recorded at the amount invoiced, including the respective direct taxes that are the tax responsibility of the Company and its subsidiaries. The present value is made for each transaction based on an interest rate that reflects the term, the currency and the risk of each transaction. The rate used was the average rate of our funding cost, i.e. 4.07% p.a. The Company and its subsidiaries did not record the adjustment to present value due to the fact that there were no material effects on the quarterly information. The allowance for doubtful accounts was recorded in an amount considered sufficient by management to cover eventual losses on the realization of the receivables.

c. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of the inventories is based on the average cost principle and includes expenses incurred on the acquisition of inventories, production and transformation costs and other costs incurred to bring them to their locations and existing conditions. For manufactured inventories and products in preparation, the cost includes a portion of the general manufacturing overheads based on normal operating capacity. The net realizable amount is the estimated selling price in the normal course of business, less the estimated costs for conclusion and selling expenses.

31

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

d. Investments Investments in subsidiaries and other companies that are part of the same group or that are under common control are valued by equity accounting in the individual. Exchange variations on investments abroad are recognized as accumulated translation adjustments in shareholders' equity. The information on investments is disclosed in note 12.

e. Property, plant and equipment •

Recognition and measurement Items of property, plant and equipment are measured at historical cost of acquisition or construction, less accumulated depreciation and accumulated impairment losses, when necessary. The cost of machinery and equipment, and vehicles acquired before December 2005 (Individual) are stated at revalued cost. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost o self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs o dismantling and removing the items and restoring the site on which they are located, an borrowing costs on qualifying assets for which the commencement date for capitalization is on or after 1st January 2009 or after this date. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized net within other income in profit or loss.

32

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)



Subsequent costs The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its subsidiaries, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in profit or loss as incurred.



Depreciation Depreciation is calculated on the cost of an asset, or another substitute amount of the cost, according to the straight-line method, based on the rates described in note 13. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Land is not depreciated. The depreciation methods, the useful lives and the residual amounts are reviewed at financial year-end and eventual adjustments are recognized as changes in accounting estimates.

f. Intangible assets Intangible assets comprise the amount paid per client portfolio and assets acquired from third parties, including through business combinations by the Company. The following criteria are applied: a. Acquired from third parties through a business combination: Goodwill calculated on the acquisitions involving business combinations, which are not amortized. b. Intangible assets acquired from third parties: are stated at the total cost of acquisition, less amortization.

33

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)



Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefit embodied in the specific asset to which it relates. All other expenditure is recognized in profit or loss as incurred.



Amortization Amortization is calculated on the cost of an asset with a definite useful life, or another substitute amount of the cost, according to the straight-line method, based on the rates described in note 14. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, as from the date that they are available for use since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The amortization methods, the useful lives and the residual amounts are reviewed at financial year-end and eventual adjustments are recognized as changes in accounting estimates.



Research and development Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in profit or loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company and its subsidiaries intend to and has sufficient resources to complete development and to use or sell the asset. The expenditure capitalized includes the cost of materials, direct labor, overhead costs that are directly attributable to preparing the asset for its intended use, and borrowing costs on qualifying assets for which the commencement date for capitalization is on or after 1st January 2009. Other development expenditure is recognized in profit or loss as incurred.

34

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Capitalized development expenditure is measured at cost less accumulated amortization and accumulated impairment losses, when applicable.

g. Impairment The carrying values of the non financial assets of the Company and its subsidiaries, which are not inventories and deferred income taxes and social contribution, are reviewed on each presentation date in order to verify whether there are indications of impairment. If there is an indication of impairment, then the recoverable value of the asset is determined. In the event of goodwill and intangible assets with an indefinite useful life, the recoverable value is estimated every year at the same time. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or UGC. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cashgenerating unit, or UGC”). For the purposes of testing the recoverable amount of goodwill, the amount of goodwill in a business combination is allocated will UGC or group of UGCs to which the benefit of the synergies of the combination is expected. This allocation reflects the lowest level at which goodwill is monitored for internal purposes and is not larger than an operating segment determined in accordance with IFRS 8 and CPC 22. Losses reduction in recoverable amount is recognized in income. UGCs regarding the recognized losses are initially allocated in reducing any premium UGC allocated to this (or UGC group), and subsequently the reduction of the other active UGC (or group of UGC) pro rata. A loss on impairment related to goodwill is not reversed. For other assets, impairment losses are reversed only in the condition in which the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if the loss of value had not been recognized. The Company’s Management did not identify any evidence that might justify the need for impairment in its last annual evaluation performed as of December 31, 2011.

35

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

3.5

Current and non-current liabilities Current and non-current liabilities are stated at the known amounts or estimated, plus, when applicable, the corresponding charges and monetary and/or exchange variations incurred up to the balance sheet date.

a. Loans and financing They are recorded at the contracted amounts, plus the agreed-upon charges, which include interest and monetary restatement or exchange variation that are incurred. They are recognized initially upon receipt of the funds at their fair value, net of incurred transaction costs, when applicable, and they are subsequently stated at amortized cost using the effective interest rate method.

b. Employee benefits Short-term employee benefit Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. Share-based payment transactions The Company offers certain employees and executives share-based payment, settled with Company’s shares, according to which the Company receives the services as consideration for the options to purchase the shares. The fair value of the options granted is recognized as an expense in the income statement, during the period in which the right is acquired, after certain specific conditions have been met. On the dates of quarterly information, the Company’s Management reviews the estimates in relation to the options, and when applicable recognizes the effect resulting from the review of Shareholders’ equity. The granted options are presented as capital reserve.

36

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

c. Government subsidies A government subsidy is recognized in the statement of income over the period that the expenses that it is intended are recognized, on a systematic basis, provided that the conditions of IAS 20 and CPC 07 - Government Subsidies and Assistance are met. The amounts related as tax incentives for investment were recorded in the statement of income in the account of other operating income and will be transfer net of deferred taxes to the Shareholders’ Equity by end of the year under the tax incentive reserve.

d. Income and social contribution taxes (current and deferred) Company and its subsidiaries operate under the income tax system at taxable profit, however, tax rates may have significant variation in different countries. In Brazil, we are subject to tax rate of 15%, plus a surcharge of 10% on taxable income in excess of R$ 240 (annual basis) and 9% of social contribution on net profit adjusted according to tax legislation. In Denmark, we are subject to income tax rate of 28%; in Turkey, income tax rate is 20%, in Russia, nominal income tax rate is 24%, however, we have tax incentive in Kaliningrad due to operations performed there. In Mexico, we are subject to income tax rate of 28% and in United States we are subject to average income tax rate of 34%, those rates incur on taxable profit according to legislation in force in each one of these jurisdictions. Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

37

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted up till the presentation date of the quarterly information. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The Company adopted the Tax Transitory System (RTT) for the determination of income tax and social contribution in preparation of the quarterly information.

e. Provisions A provision is recognized in the balance sheet when the Company and its subsidiaries have a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic resources will be required to settle the obligation. Provisions are recorded considering the best estimates of the risk involved.

38

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

The calculation of the present value is made for each transaction based on an interest rate that reflects the term, the currency and the risk of a transaction. The Company and its subsidiaries did not record adjustment to present value due to the fact that there were no material effects on the quarterly information.

Warranties The amount of the provision for warranties, required to face the liability assumed with respect to the equipment under guarantee, is calculated based on the number of products under guarantee and on the term of each guarantee granted for these products. The average frequency of assistance per product and the average cost per technical assistance attendance is also taken into consideration.

3.6

Statement of income Income and expenses are recognized on the accrual basis.

a. Income The operating income from the sale of products in the normal course of activities is stated at the fair value of the consideration received or receivable. Operating income is recognized when there is convincing evidence that the most significant risks and benefits inherent to the ownership of the assets have been transferred to the buyer. Revenue from services rendered is recognized in the statement of income in proportion to the stage of completion of the service.

39

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

b. Financial income and expenses Financial income comprises income from interest on investment funds (including financial assets available for sale), income from dividends (except for the dividends received from invested companies valued according to equity accounting in the Individual), gains on the sale of financial assets available for sale, changes in the fair value of financial assets stated at fair value through profit and loss and gains on hedge instruments that are recognized in the income statement. Income from interest is recognized in the income statement through the effective interest method. Income from dividends is recognized in the income statement on the date on which the Company’s right to receive payment is established. The distributions received from registered invested companies through equity accounting reduce the value of the investment. Financial expenses comprises expenses for interest on loans and financing, changes in fair value of financial assets stated at fair value through profit and loss, and losses in hedge instruments that are recognized in the income statement. Financing costs that are directly attributable to the acquisition, construction or production of a qualified asset stated in the income statement through the effective interest method.

the the not are

Exchange gains are recognized as financial income and exchange losses are recognized as financial expenses.

3.7

Earnings per share The basic earnings per share are calculated based on the result for the financial year attributable to the Company's controlling and non-controlling shareholders and the weighted average of outstanding common shares in the respective period. The diluted earnings per share are calculated based on the mentioned average of outstanding shares, adjusted by instruments that can potentially be converted into shares, with a dilution effect, in the periods presented, pursuant to CPC 41- Income per share and IAS 33 - Income per share.

40

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

3.8

Statement of added value The Company prepared individual and consolidated statements of added value in accordance with the rules of technical pronouncement CPC 09 - Statement of Added Value, which are presented as an integral part of the quarterly information under BRGAAP applicable to publicly-held companies, whereas under IFRS its represent additional financial information.

3.9

Segment reporting An operating segment is a component of the Company and its subsidiaries that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any other components. All operating segments’ operating results are reviewed regularly by the Management to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The segment results include items directly attributable to the segment, as well as those which may be allocated on reasonable bases. The items not allocated comprise mainly corporate assets (primarily the Company’s headquarters), and income tax and social contribution assets and liabilities.

3.10 Determination of Fair Value A number of the Company’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the methods described in note 25. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

4

Consolidated Quarterly information The consolidated quarterly information as of March 31, 2012, 2011 and December 31, 2011 were prepared in accordance with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB), and rules issued by the Brazilian Securities Commission (CVM) and the Accounting Pronouncements Committee (CPC), which comprise the quarterly information of Metalfrio Solutions S.A. and its subsidiaries, listed below:

41

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Ownership - % 03/31/2012

12/31/2011

Direct ownership Líder Metalfrio Solutions Sogutma Sanayi ve Ticaret Anonim Sirket (Lider Metalfrio - Turkey) Metalfrio Solutions A.S. (Metalfrio - Denmark) Metalfrio Solutions Inc. (Metalfrio - USA) Life Cycle Assistência Técnica Ltda. (Life Cycle) Metalfrio Solutions México S.A. de C.V. (Metalfrio - Mexico)

100.00 100.00 100.00 100.00 100.00

100.00 100.00 100.00 100.00 100.00

Indirect ownership Hold Co. A.S. (“Hold Co.”) (a) OOO Caravell/Derby (b) OOO Estate (b) OOO Metalfrio Solutions (b) GPD - Global Product Development S.A. de C.V. (“Enerfreezer”) (c) Metalfrio Servicios S.A. de C.V. (Metalfrio Servicios”) (c) Rome Investment Management Ltd. (“Rome Investment”) (d) Klimasan Klima Sanayi ve Ticaret (“Klimasan”) (e) Senocak Holding A.S. (“Senocak”) (e) Senocak Sogutma Sistemleri Tic. ve San A.S. (f) Klimasan Klima Sanayi ve Ticaret (“Klimasan”) (f) Senocak Marmara Sogutma Tic. ve San Paz A.S. (f) Klimasan Ukraine LLC (f) Klimasan Russia LLC (f)

90.00 100.00 100.00 100.00 90.93 100.00 100.00 7,75 100.00 100.00 61.00 99.99 100.00 90.00

90.00 100.00 100.00 100.00 90.93 100.00 100.00 7.75 100.00 100.00 61.00 99.99 100.00 90.00

(a) (b) (c) (d) (e) (f)

Subsidiary of Metalfrio - Denmark Subsidiaries of Hold Co. Subsidiary of Metalfrio - Mexico Subsidiary of Life Cycle. Investee of Rome Investment. Investee of Senocak.

42

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

5

Operating segments The segment reporting is being presented in accordance with CPC 22 - Information per Segment (IFRS 8) and is presented in relation to the business of the Company and its subsidiaries, which was identified based on its management structure and on the internal managerial information used by the Company’s main decision-makers. A segment is an identifiable component of the Company, earmarked for manufacturing products or providing services, or providing products and services in a particular economic environment that is subject to risks and remunerations that are different from those of other segments. The results per segment, as well as the assets and liabilities, considered the items directly attributable to the segment, as well as those that may be allocated on reasonable bases. The segments used for decision-making and internal management by the Company and its subsidiaries are products and services. Although the service segment does not represent more than 10% of the information required to be considered disclosable, in accordance with the criteria described in IFRS 8 - Information per Segment, the Company understands that the service segment is useful for the users of the quarterly information, besides the fact that the Company manages its business in accordance with the opening presented, i.e. through the product and service segments. The product segment comprises the manufacture and sale of domestic and commercial refrigerators and freezers, and the service segment comprises maintenance and technical assistance for the products traded not only by Metalfrio but also by our third parties, as well as the sale of parts to our authorized dealers and product clients. The results, assets and liabilities per segment, considered the items directly attributable to the segment, as well as those that may be allocated on reasonable bases.

43

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Statement of income per segment Consolidated 03/31/2012 Services

Goods

Net operating income

Total

Goods

03/31/2011 Services

Total

148,736

13,934

162,670

181,040

12,258

193,298

(132,097)

(11,152)

(143,249)

(150,313)

(9,896)

(160,209)

16,639

2,782

19,421

30,727

2,362

33,089

(17,923)

(1,641)

(19,564)

(20,152)

(1,621)

(21,773)

Operating income before financial results

(1,284)

1,141

Financial result, net

19,033

28

19,061

1,695

Operating results before income tax and social contribution

17,749

1,169

18,918

12,270

Income tax and social contribution

(1,042)

(399)

(1,441)

Income for the period

16,707

770

17,477

Shareholders' equity Non-controlling interest

16,358 349

770 -

17,128 349

Cost of goods sold and services rendered Gross Profit Operating expenses

44

(143)

10,575

741 -

11,316 1,695

741

13,011

(309)

(1,136)

11,443

432

11,875

9,365 2,078

432 -

9,797 2,078

(827)

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Balance sheet per segment Consolidated Goods Assets Current Long-term receivables Property, plant and equipment Intangible assets

Liabilities Current Non-current Shareholders' equity

Shareholders' equity Non-controlling interest

Total Shareholders' equity

03/31/2012 Services

Total

Goods

12/31/2011 Services

Total

622,032 22,110 166,320 107,776

25,492 1,460 154 14

647,524 23,570 166,474 107,790

634,915 22,655 154,925 109,495

27,767 1,160 167 18

662,682 23,815 155,092 109,513

918,238

27,120

945,358

921,990

29,112

951,102

303,129 350,824 264,285

13,891 13,229

317,020 350,824 277,514

305,282 371,999 244,709

16,652 12,460

321,934 371,999 257,169

918,238

27,120

945,358

921,990

29,112

951,102

254,844 9,441 264,285

13,229 13,229

268,073 9,441 277,514

236,013 8,696 244,709

12,460 12,460

248,473 8,696 257,169

45

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

6

Cash and cash equivalents Individual 03/31/2012 Cash and cash equivalents

Consolidated

12/31/2011

03/31/2012

12/31/2011

4,751

3,741

12,880

9,311

120,715 9,927

185,460 9,528

120,715 9,927

185,460 9,528

130,642

194,988

130,642

194,988

Fixed income (New Turkish Lira) (c)

-

-

1,195

2,736

Fixed income (Euro) (c)

-

-

9,880

23,649

Fixed income (Dollar) (c)

-

-

8,766

8,303

Fixed income (Mexican Peso) (c)

-

-

1,816

5,216

Cash equivalents Financial investments: in Reais Bank deposit certificate - CDB (a) Investment funds (b)

Financial investments: in foreign currency

Fixed income (Danish Krone) (c)

-

-

105

184

Fixed income (Rouble) (c)

-

-

213

37

-

-

21,975

40,125

135,393

198,729

165,497

244,424

Cash and cash equivalents

Short term financial investments of high liquidity are readily convertible into a known amount of cash and are subject to an insignificant risk of a change in value. (a) Financial investments in Bank Deposit Certificates (CDB) remunerated at variable rates from 80% to 114% of the Interbank Deposit Certificate (CDI) at March 31, 2012 and from 75% to 114% at December 31, 2011. Some of these operations are guaranteed by the FGC (Credit Guarantor Fund). (b) The investments in Investment Funds are calculated taking into consideration the market quotations of the papers that constitute the basis of the Fund.

46

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

(c) For March 31, 2012, the investments in fixed income are remunerated at fixed rates from 0.10% to 5.25% p.a. in Euros, by fixed rates from 0.01% to 5.25% in US dollars, by fixed rates of 3.80% p.a. in Mexican pesos, by fixed rates of 2.00% p.a. in rubles, by fixed rates from 0.10% to 0.40% p.a. in Danish krones and by rates of 6.75% to 11.00% p.a. in Turkish lira. The differences between the fair values are recognized in the profit and loss of the quarterly.

6.1 Marketable securities Individual 03/31/2012

Marketable securities: in Reais Bank deposit certificate - CDB (a)

Consolidated

12/31/2011

03/31/2012

12/31/2011

57,620

-

57,620

-

57,620

-

57,620

-

Bonds (American Dolar (b)

-

-

105,068

102,806

Bonds (Australian Dolar) (b)

-

-

1,954

-

Bonds (Euro) (b)

-

-

20,127

32,003

Bonds (GBP) (b)

-

-

-

2,802

Bonds (New Turkish Lira) (b)

-

-

680

645

-

-

127,829

138,256

57,620

-

185,449

138,256

Marketable securities: in foreign currency

Total

a)

Investments in CDBs are remunerated by variable rates from 103.5% to 107% of CDI on March 31, 2012.

b) Investments in Bonds are denominated in Euros, US dollar, Australian Dollar, New Turkish Lira, Pound Sterling, traded on the international market and valued at fair value through profit and loss.

47

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

7

Trade accounts receivable Individual 03/31/2012 12/31/2011

Consolidated 03/31/2012 12/31/2011

Domestic customers Foreign Customers

45,362 10,541 55,903

67,014 12,505 79,519

131,468 33,378 164,846

125,702 40,529 166,231

Allowance for doubtful accounts Current

(1,848) 54,055

(1,912) 77,607

(16,483) 148,363

(16,214) 150,017

Changes in the allowance for doubtful accounts were as follows: Consolidated (16,214)

Balance at december 31, 2011 Credits provisioned in the period

(76)

Credits recovered in the period

266

Exchange variation

(459)

Balance at March 31, 2012

(16,483)

48

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

The breakdown of accounts receivable on the domestic and foreign markets per age of maturity is as follows: Individual 03/31/2012 12/31/2011 Becoming due: Up to 30 days From 31 to 60 days Overdue: Up to 30 days From 31 to 60 days From 61 to 90 days From 91 to 120 days Above 120 days

Total current accounts receivable

Consolidated 03/31/2012 12/31/2011

25,032 23,549 48,581

56,278 20,414 76,692

71,875 61,274 133,149

90,252 52,927 143,179

2,541 870 2,454 472 985 7,322

154 1,070 400 193 1,010 2,827

12,910 3,152 3,109 6,246 6,280 31,697

3,816 2,488 1,741 8,587 6,420 23,052

55,903

79,519

164,846

166,231

We record provisions for doubtful accounts in the amount of the estimated losses as a result of the inability of our clients to pay overdue bills. Management determines the amount to be recorded as a provision with respect to the domestic and foreign markets, based on individual analyses for each client. These provisions are reviewed monthly so that they may be adjusted, if necessary. In the decision process our management also takes as a basis historical uncollectible debts, the client’s financial solidity, the current economic situation of each country and changes in the client’s payment standards. Historically, we have not incurred material losses in accounts receivable.

49

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

8

Inventories

Finished products Work in progress Raw materials and components

Consoldiated 03/31/2012 12/31/2011 39,044 30,098 9,640 8,852

Auxiliary and other materials Imports in transit

25,289 473 2,069

23,979 322 845

64,657 4,502 7,291

56,542 2,525 8,487

Provision for losses on inventories (*) Total

(929) 41,629

(993) 37,110

(3,691) 121,443

(5,627) 100,877

(*)

9

Individual 03/31/2012 12/31/2011 10,661 9,658 4,066 3,299

The amounts for certain items considered obsolete or slow moving were recorded as provisions.

Recoverable taxes Individual 03/31/2012

Value added taxes on sales and services - ICMS recoverable

03/31/2012

12/31/2011

3,005

3,752

3,005

3,752

-

-

9,610

9,784

1,224

976

1,224

976

735

40

2,487

1,788

Added value tax (VAT) - International operations Excise tax - IPI recoverable

Consolidated

12/31/2011

Recoverable income and social contribution taxes Contribution for the social integration program (PIS) and for social security financing (COFINS) recoverable Current

490

610

498

617

5,454

5,378

16,824

16,917

Value added taxes on sales and services - ICMS recoverable

1,327

1,214

1,328

1,214

-

-

2,005

2,022

Added value tax (VAT) - International operations Contribution for the social integration program (PIS) and for social security financing (COFINS) recoverable Non-Current

29

36

29

36

1,356

1,250

3,362

3,272

Total recoverable current and non-current taxes

6,810

6,628

20,186

20,189

50

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

10

Income tax and social contribution - Current and deferred a. Deferred taxes Deferred income tax and social contribution are recorded to reflect future tax effects attributable to temporary differences between the tax base of assets and liabilities and their respective book value. Pursuant to CVM Resolution 599/09 (CPC 32) and in accordance with international standards, IAS 12 , the Company and its subsidiaries, substantiated by expectations of generating future taxable income, determined in a technical study approved by Management, also recognized the tax credits on the tax loss carry forwards and negative bases of social contribution for prior years, which have no limitation period and the offsetting of which is limited to 30% of the annual taxable incomes of the Company and its subsidiaries resident and domiciled in Brazil, i.e. we have a limitation for offsetting tax loss carry forwards and negative basis of social contribution for prior years only for the Company and our subsidiary Life Cycle. The carrying value of deferred tax assets is reviewed by the Company and its subsidiaries quarterly and the resulting adjustments have not been material in relation to Management’s forecast. The amounts of deferred income tax and social contribution recognized in non-current assets and liabilities have the following origin:

51

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Individual

Consoldiated

03/31/2012

12/31/2011

03/31/2012

12/31/2011

466

466

750

1,692

Assets Temporary differences Doubtful accounts Guarantees

644

663

1,605

1,551

Sales commissions and bonuses

160

183

188

183

11

125

448

340

234

262

1,175

672

9

122

10

124

7,149

7,122

7,149

7,124

Loss on Inventories

316

355

367

263

Expense with option grants

510

895

510

895

3,091

3,835

Other commercial Other administrative Bonus and gratification Contingencies

Deferred Exchange variation Others Tax loss carry forward and negative basis of social contribution Total deferred income taxes and social contribution - Assets

3,091

3,835

-

-

1,452

976

752

-

3,463

2,888

13,342

14,028

20,208

20,543

(1,188)

(1,273)

(1,188)

(1,273)

(2,007)

(2,002)

Liabilities Revaluation of assets Accelerated depreciation - Mexico

-

Tax incentive reserve (Lei 11638/2007) Others Total deferred income taxes and social contribution - Liabilities

52

-

(15,673)

(15,673)

(15,673)

(15,673)

(1,204)

(1,107)

(1,581)

(2,079)

(18,065)

(18,053)

(20,449)

(21,027)

V

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Management considers that the deferred assets resulting from temporary differences will be realized in accordance with the final resolution of the contingencies and events. Based on a technical study of the projections for taxable results computed in accordance with CVM Resolution 599/09 (CPC 32) and IAS 12, the Company estimates it will recover the tax credit resulting from tax loss carry forwards and negative basis of social contribution in the following fiscal years: Year

Consolidated 03/31/2012 12/31/2011 Tax assets Tax assets

2012 2013 2014 Total

1,961 1,208 294 3,463

1,655 1,076 157 2,888

The estimates for recovery of tax credits were based on the projections for future taxable income taking into consideration a number of financial and business assumptions at year end. Accordingly, these estimates may differ from the effective taxable income in the future, due to the inherent uncertainties involving these forecasts. The changes in the temporary differences of the individual and consolidated quarterly information for the period ended March 31, 2012 is as follows:

53

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Individual

Balance at 12/31/2011

Recognized in results

Recognized directly in shareholders' equity

Balance at 03/31/2012

Assets Temporary Differences Doubtful accounts Guarantees Sales commissions and bonuses Other commercial Other administrative Bonus and gratification Contingencies Loss on Inventories Expense with option grants Deferred exchange variation Tax loss carry forward and negative basis of social contribution

466 663 183 125 262 122 7,122 355 895 3,835 -

(19) (23) (114) (28) (113) 27 (39) (385) (744) 752

-

466 644 160 11 234 9 7,149 316 510 3,091 752

Total deferred income taxes and social contribution - Assets

14,028

(686)

-

13,342

(1,273) (15,673) (1,107)

85 (97)

-

(1,188) (15,673) (1,204)

Total deferred income taxes and social contribution - Liabilities

(18,053)

(12)

-

(18,065)

Shareholders' equity Temporary Differences Exchange variation on net investments

(3,759)

-

(166)

(3,925)

Total deferred income tax and social contribution - Shareholders' equity

(3,759)

-

(166)

(3,925)

Total deferred income tax and social contribution

(7,784)

(166)

(8,648)

Liabilities Temporary Differences Revaluation of assets Tax incentive reserve (Law 11638/2007) Others

54

(698)

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Consolidated Recognized in other comprehensive results

Balance at 03/31/2012

-

23 (30) 11 28 (5) 36 (479)

750 1,605 188 448 1,175 10 7,149 367 510 3,091 1,452 3,463

81

-

(416)

20,208

(1,273) (2,002) (15,673) (2,079)

85 108 541

-

(113) (43)

(1,188) (2,007) (15,673) (1,581)

Total deferred income taxes and social contribution - Liabilities

(21,027)

734

-

(156)

(20,449)

Shareholders' equity Temporary Differences Exchange variation on net investments

(3,759)

-

(166)

-

(3,925)

Total deferred income tax and social contribution - Shareholders' equity

(3,759)

-

(166)

-

(3,925)

Total deferred income tax and social contribution

(4,243)

815

(166)

Balance at 12/31/2011 Assets Temporary Differences Doubtful accounts Guarantees Sales commissions and bonuses Other commercial Other administrative Bonus and gratification Contingencies Loss on Inventories Expense with option grants Deferred exchange variation Others Tax loss carry forward and negative basis of social contribution

1,692 1,551 183 340 672 124 7,124 263 895 3,835 976 2,888

Total deferred income taxes and social contribution - Assets

20,543

Liabilities Temporary Differences Revaluation of assets Accelerated depreciation - Mexico Tax incentive reserve (Law11638/2007) Others

55

Recognized in results

(965) 84 5 97 475 (114) 25 109 (385) (744) 440 1,054

Recognized directly in shareholders' equity

(572)

(4,166)

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

b. Reconciliation of income tax and social contribution - current and deferred The reconciliation of income tax and social contribution recorded in the results for the period ended March 31, 2012 and 2011 is as follows: Individual 03/31/2012

Net income before income tax and social contribution Combined statutory rate for income tax and social contribution

17,991

Consolidated

12/31/2011

03/31/2012

10,252

12/31/2011

18,918

13,011

34%

34%

34%

34%

(6,117)

(3,486)

(6,432)

(4,424)

3,395

1,553

Permanent differences: Results of operations in the subsidiaries Deferred income taxed not recorded on the tax losses (*) Differences in rates (**) Tax incentives

Others Income tax and social contribution

(40)

-

432

890

1,961

2,082

-

2,743

1,080

(604) (455)

(105) (1,441)

(665) (1,136)

-

(1,518)

(1,441)

(102) (863) -

2,082

Deferred

(863)

(455)

Effective rate

-4.8%

-4.4%

(*)

(99)

-

-

-

Current

-

1,961

Deferred income taxes not recorded on income offset with tax loss carry forwards from prior periods

-

77 -7.6%

305 -8.7%

Deferred income tax was not recorded on the tax losses generated in the subsidiaries, with the exception of Mexico and Life Cycle, due to the inexistence of future taxable income.

(**) As described in note 3.5 d, each one of our subsidiaries is subject to the income tax rate in accordance with the legislation of its country of origin.

56

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

c. Tax benefits - Industrial Unit of Kaliningrad - Russia Kaliningrad is a Russian economic zone that grants tax benefits to companies that make investments in this region. The tax incentives are in the form of a 100% reduction in the rate for income tax (24%) and assets (2%) for the first six years of the investment project and a 50% reduction for an additional six years. The benefit is valid until 2013 and for 50% between 2013 and 2019. The region in which it is located benefits from the non-payment of import/export taxes for the countries that used to be part of the former Soviet Union.

11

Related parties The main asset and liability balances at March 31, 2012 and December 31, 2011, as well as the transactions that influenced the results for the period, with respect to transactions with related parties, key management professionals and other related parties, result from transactions with the Company and its subsidiaries, which were carried out under usual market conditions for the respective types of operations.

57

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Annual financial charges

Currency

Individual 03/31/2012

12/31/2011

Assets Current: Related Parties: Klimasan (b)

Dollar

-

-

2

Life Cycle (b)

Real

-

5,274

4,529

Metalfrio - Russia (b)

Dollar

-

1,016

778

Metalfrio - Mexico (b)

Dollar

-

2,977

2,668

Metalfrio - USA (b)

Dollar

-

11

9

9,278

7,986

Non-current: Related Parties Rome (a)

Dollar

5% p.a.

44,616

45,397

Líder Metalfrio - Turkey (a)

Dollar

5% a 7% p.a.

3,112

4,357

Metalfrio - Denmark (c )

Dollar

7% p.a.

2,782

2,741

Metalfrio - Mexico (a)

Dollar

5% p.a.

10,848

11,032

Metalfrio - Russia (a)

Dollar

5% a 7% p.a.

30,124 91,482

25,745 89,272

Liabilities Current: Related Parties: Life Cycle (b)

Real

-

48

-

Klimasan (b)

Euro

-

260

2

Metalfrio - Russia (a)

Dollar

-

-

161

Lider Metalfrio - Turkey (b)

Dollar

-

1,689

1,757

Metalfrio - Mexico (b)

Dollar

-

124 2,121

14 1,934

58

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Individual 03/31/2012 12/31/2011 Operating Results Genta Participações (e) Oz Lider (f) Life Cycle (d) Remuneration of management Financial Result Interest: Líder Metalfrio - Turkey (a) Metalfrio - Denmark (c) Rome Investmet (a) Metalfrio - Mexico (a) Metalfrio - Russia (a) Exchange variation: Líder Metalfrio - Turkey (a) Rome Investment (a) Metalfrio - Mexico (a)

(511) (2,550) (1,139) (4,200)

(466) (2,670) (1,385) (4,521)

44 79

Consolidated 03/31/2012 12/31/2011 (511) (103) (1,254) (1,868)

(466) (149) (1,490) (2,105)

-

44 45 500 125 349 1,063

111 218 452

-

(202) (1,206) (311) (1,719)

(79) (210) (289)

-

(a) It refers to loan transactions among the related parties with maturities of 12 months, which may be extended. Historically, the agreements have been extended. (b) It refers to the sale of finished goods, parts or services. These operations are carried out under market conditions, with the same terms and conditions as practiced with third parties. (c) It refers to loans granted for acquisition of assets with maturities of 12 months, which may be extended. Historically, the agreements have been extended. (d) It refers to the expense originating from a service agreement for maintenance of refrigerators under the Company’s guarantee.

59

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

(e) It refers to the expenses with a rental contract of our industrial unit in São Paulo with Genta Participações Ltda., family member´s of Mr. Luiz Eduardo Moreira Caio (a member of our Board of Directors). The contract is adjusted annually by the market general price index (IGP-M). The current price of the rent per m2 is approximately R$ 6.77 (expressed in Reais). Although it is not possible to estimate the real value of this property for us, since our unit has been installed at this location since 1960 and there would have been direct and indirect transfer costs, we believe that the price that we pay per m2 is within market parameters for properties of this type in the region. (f) It refers to the expenses with a rental contract of our subsidiary Líder Metalfrio with the Oz Líder Group, family member´s of Mr. Serkan Güleç, (a member of our Board of Directors). This contract was agreed in 2006 when we started up our operation in Turkey and has been renewed ever since then. The lease was not renewed since February 29, 2012. The contract is adjusted annually based on the variation of the local currency (Turkish Lira in relation to the US dollar). The price of the rent per m2 is approximately US$ 3.00 (expressed in US dollars). However, it is not possible to estimate the real value of this property for us, as our unit is installed at this strategic location since we started up our operation in Turkey and there would be direct and indirect transfer costs. We believe that the price that we pay per m2 is within market parameters for properties of this nature in the region.

Key Management professionals’ remuneration (Individual) Individual 03/31/2012 03/31/2011 Short-term benefits: Statutory directors - Fixed remuneration Statutory directors - Variable remuneration Board of Directors (fees) Subtotal Share option plan (*) Total

60

887 252

891 126 210

1,139

1,227

115

263

1,254

1,490

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Sureties, collaterals and guarantees The Company acts as a guarantor for part of the loans taken out by its subsidiaries in the amount of R$215,597 (R$247,729 at December 2011), equivalent to US$116,677 thousand (US$132,066 thousand at December 31, 2011), and also for the suppliers of the subsidiaries Metalfrio - Denmark, Metalfrio - Russia and Klimasan in the amount of R$6,622, equivalent to US$3,634 thousand at March 31, 2012 (R$6,694, equivalent to US$3,569 thousand at December 31, 2011).

12

Investments in subsidiaries The main information on the investments as of March 31, 2012 and December 31, 2011 is as follows: 03/31/2012

Lider Metalfrio - Turkey Metalfrio - Denmark Metalfrio - USA Metalfrio - Mexico

26,338 82,329 11,651 20,370

3,576 25,518 2,564 29,569

(118) 1,876 73 3,394

100 100 100 100

1,900 10,000 1 7,937

(118) 1,876 73 3,394

Balance of parent company's investment 3,576 25,518 2,564 29,569

Life Cycle

63,239

16,233

4,760

100

632,391

4,760

16,233

Capital

Shareholders' Income for equity the period

Ownership %

Number of shares/quotas Equity Method in thousands

Total parent company investments

9,985

77,460

12/31/2011

Lider Metalfrio - Turkey Metalfrio - Denmark Metalfrio - USA Metalfrio - Mexico

25,627 82,556 11,994 19,267

3,542 23,249 2,562 24,575

(2,098) (2,590) (623) (7,541)

100 100 100 100

1,900 10,000 1 7,937

(2,098) (2,590) (623) (7,541)

Balance of parent company's investment 3,542 23,249 2,562 24,575

Life Cycle

63,239

9,621

(11,138)

100

632,391

(11,138)

9,621

Capital

Shareholders' Income for equity the year

Total parent company investments

Ownership %

Number of shares/quotas Equity Method in thousands

(23,990)

61

63,549

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

The changes in investments are as follows:

Balance at Equity Method 12/31/2011 Lider Metalfrio - Turkey Metalfrio - Denmark Metalfrio - USA Metalfrio - Mexico Life Cycle Total parent company investments

3,542 23,249 2,562 24,575 9,621 63,549

(118) 1,876 73 3,394 4,760 9,985

Exchange variation on translation

Exchange variation of items considered as net investments

152 (2,564) (71) 1,600 1,852 969

2,957 2,957

Balance at 03/31/2012 3,576 25,518 2,564 29,569 16,233 77,460

The total assets, liabilities, shareholders’ equity, net income and results for the quarter ended March 31, 2012 of our subsidiaries are presented below:

Lider Metalfrio - Turkey Metalfrio - Denmark Metalfrio - USA Metalfrio - Mexico Life Cycle

Total Assets

Total Liabilities

5,052 37,926 98,332 82,256 24,183

1,476 12,408 95,768 52,687 7,950

62

Shareholders' Income for the Net Revenue equity period 3,576 25,518 2,564 29,569 16,233

357 6,881 4,613 27,560 42,253

(118) 1,876 73 3,394 4,760

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

13

Property, plant and equipment Individual 03/31/2012

Land Buildings Machinery and equipment Facilities Improvements Furniture and fixtures Vehicles Constructions in progress

Rate of Depreciation (%) 4 9.8 10 10 10 20 -

Accumulated depreciation

Cost

12/31/2011 Net amount

Cost

Accumulated Net amount depreciation

588 34,425 99,253 1,319 3,013 1,031 7,268 341

(5,232) (57,365) (882) (2,526) (535) (2,095) -

588 29,193 41,888 437 487 496 5,173 341

588 34,224 91,403 1,308 2,993 1,030 7,268 314

(4,889) (55,440) (861) (2,508) (509) (1,858) -

588 29,335 35,963 447 485 521 5,410 314

147,238

(68,635)

78,603

139,128

(66,065)

73,063

Consolidated 03/31/2012

Land Buildings Machinery and equipment Facilities Improvements Furniture and fixtures Vehicles Constructions in progress

Rate of Depreciation (%) 4 11 10 10 10 20 -

Accumulated depreciation

Cost 6,427 65,685 181,262 1,319 4,163 13,110 7,991 18,366 298,323

(9,959) (106,836) (882) (2,905) (8,701) (2,566) (131,849)

12/31/2011 Net amount 6,427 55,726 74,426 437 1,258 4,409 5,425 18,366 166,474

Changes in property, plant and equipment are presented in the tables below:

63

Cost 6,108 64,181 172,247 1,318 4,084 12,473 7,957 12,938 281,306

Accumulated Net amount depreciation (9,133) (102,873) (864) (2,866) (8,191) (2,287) (126,214)

6,108 55,048 69,374 454 1,218 4,282 5,670 12,938 155,092

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

a. Changes in the cost Individual 12/31/2011 Land Buildings Machinery and equipment Facilities Improvements Furniture and fixtures Vehicles Constructions in progress

Additions

Write-offs

72 7,998 11 20 1 27 8,129

(19) (19)

588 34,224 91,403 1,308 2,993 1,030 7,268 314 139,128

Transfer 129 (129) -

b. Changes in the depreciation

Buildings Machinery and equipment Facilities Improvements Furniture and fixtures Vehicles

12/31/2011 (4,889) (55,440) (861) (2,508) (509) (1,858) (66,065)

Individual Additions Write-offs (343) (1,944) 19 (21) (18) (26) (237) (2,589) 19

64

03/31/2012 (5,232) (57,365) (882) (2,526) (535) (2,095) (68,635)

03/31/2012 588 34,425 99,253 1,319 3,013 1,031 7,268 341 147,238

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

c. Changes in the cost Consolidated 12/31/2011 Land Buildings Machinery and equipment Facilities Improvements Furniture and fixtures Vehicles Constructions in progress

6,108 64,181 172,247 1,318 4,084 12,473 7,957 12,938 281,306

Additions

Write-offs

116 7,991 11 20 314 4,184 12,636

(1,600) (10) (135) (8) (1,753)

Foreign exchange variation 319 1,259 3,274 59 359 34 830 6,134

Transfer 129 (650) 99 422 -

03/31/2012 6,427 65,685 181,262 1,319 4,163 13,110 7,991 18,366 298,323

d. Changes in the depreciation Consolidated 12/31/2011 Buildings Machinery and equipment Facilities Improvements Furniture and fixtures Vehicles

(9,133) (102,873) (864) (2,866) (8,191) (2,287) (126,214)

Additions (601) (3,311) (21) (26) (400) (255) (4,614)

Write-offs 1,221 3 123 1,347

Foreign exchange variation (225) (1,873) (13) (233) (24) (2,368)

03/31/2012 (9,959) (106,836) (882) (2,905) (8,701) (2,566) (131,849)

The amounts of R$ 161 and R$ 10,123 (individual) represent the book value of items of property, plant and equipment that were given in guarantee for the loans and financing with FINEP (Finance Company for Studies and Projects) and the Industrial Credit Certificate (CCI) of the Constitutional Fund for Financing the Center-West (FCO), respectively. The remaining useful life of fixed assets have been revised based on the opinion of the engineers of the Company and there was no need for change.

65

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Revaluation of property, plant and equipment - In November 2005, a partial, voluntary revaluation of machinery, equipment and vehicles (individual) was made, based on the current replacement cost value, by a specialized company (Empresa Técnica de Avaliações e Pesquisas Valit S/C), which was approved in a quota holders’ meeting held on December 19, 2005, at the time when the Company was a Brazilian limited liability company. The amounts referring to the aforementioned revaluation, as well as their effects on the results for the period are as follows: Individual

Balance of revaluation

Effect on results for the year (depreciation of the revalued assets)

12/31/2011 Machinery and equipment Tax effects (*) Revaluation reserve, net of tax effects, recorded in shareholders' equity

Balance of revaluation

03/31/2012

3,745

(250)

3,495

3,745

(250)

3,495

(1,273)

85

(1,188)

2,472

(165)

2,307

(*) Income tax (25%) and social contribution (9%).

The results of the revaluation were incorporated in the revalued assets and its corresponding entries against the Revaluation Reserve, net of tax effects, in shareholders' equity. With the transformation of the Company into a joint-stock company, the realization of the revaluation reserve is being added to the net results at the end of each year for purposes of calculating the minimum compulsory dividends.

66

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

14

Intangible assets Individual 03/31/2012 Annual rate of amortization (%) Indefinite useful life Goodwill Trademarks and patents Definite useful life Softwares Others

20 20

Cost

Accumulated amortization

12/31/2011 Net amount

Cost

Accumulated amortization

Net amount

1,819 232

(182) -

1,637 232

1,819 232

(182) -

1,637 232

2,519 3,707

(1,697) (567)

822 3,140

2,489 3,254

(1,615) (432)

874 2,822

8,277

(2,446)

5,831

7,794

(2,229)

5,565

Consolidated Annual rate of amortization (%) Indefinite useful life Goodwill Trademarks and patents Definite useful life Intangible assets-Metalfrio-USA Trademarks and patents Softwares Others

20 33 20 20

03/31/2012 Cost

Accumulated amortization

12/31/2011 Net amount

Cost

Accumulated amortization

Net amount

106,832 232

(8,472) -

98,360 232

109,690 232

(8,717) -

100,973 232

2,093 4,422 3,139 9,682

(638) (3,779) (2,057) (3,664)

1,455 643 1,082 6,018

2,154 4,221 3,081 8,450

(625) (3,575) (1,939) (3,459)

1,529 646 1,142 4,991

126,400

(18,610)

107,790

127,828

(18,315)

109,513

67

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Changes in intangible assets are presented in the table below: a. Changes in the cost Individual Term of useful life - Years

12/31/2011

Indefinite useful life Goodwill Trademarks and patents Definite useful life Softwares Others

b.

5 5

Additions

Write-offs

03/31/2012

1,819 232

-

-

1,819 232

2,489 3,254

30 453

-

2,519 3,707

7,794

483

-

8,277

Changes in the amortization Individual Term of useful life - Years Indefinite useful life Goodwill Definite useful life Softwares (*) Others

12/31/2011

Amortization

(182)

5 5

03/31/2012

-

(1.615) (432)

(82) (135)

(2.229)

(217)

(182)

(1.697) (567) (2.446)

( * ) Straight-line amortization method and amortizations were recorded in the following lines of the income statement: Cost of goods sold, sales expenses and administrative expenses.

68

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

c. Changes in the cost Consolidated Term of useful life - Years Indefinite useful life Goodwill Trademarks and patents Definite useful life Intangible assets-Metalfrio-USA Trademarks and patents Softwares Others

5 3 5 5

12/31/2011

Additions

Write-offs

-

Exchange variation

03/31/2012

(2,858) -

106,832 232

109,690 232

-

2,154 4,221 3,081 8,450

37 31 1,243

(180)

(61) 164 27 169

2,093 4,422 3,139 9,682

127,828

1,311

(180)

(2,559)

126,400

d. Changes in the amortization Consolidated Term of useful life - Years Indefinite useful life Goodwill (*) Definite useful life Intangible assets-Metalfrio-USA (*) Trademarks and patents (*) Softwares (*) Others

12/31/2011

Additions

(8.717)

5 3 5 5

-

(625) (3.575) (1.939) (3.459) (18.315)

(29) (58) (104) (286) (477)

Write-offs

-

170 170

Exchange variation

03/31/2012

245

(8.472)

16 (146) (14) (89) 12

(638) (3.779) (2.057) (3.664) (18.610)

( * ) Straight-line amortization method and amortizations were recorded in the following lines of the income statement: Cost of goods sold, sales expenses and administrative expenses.

69

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Trademarks and the patients refer mainly to the acquisition by Metalfrio - Denmark of the trademarks “Caravell” and “Derby” and by Metalfrio - Mexico of the trademark “Nieto”, with the other assets. The intangible assets of Metalfrio - USA, refer to the amount paid for the client portfolio acquired from Coldmotion Inc. on December 17, 2006 and they are being amortized over five years. The amount of the goodwill refers to the acquisitions of the following subsidiaries: Senocak, Klimasan, Metalfrio Mexico and Enerfreezer. This goodwill is not amortized and its recoverable value is tested annually. The Company’s Management did not verify material changes in the valuation of the useful life of the intangible assets with a definite useful life, made previously. The Company recognized R$977 as expenditures on research and development during the quarter ended March 31, 2012 (R$1,018 at March 31,2011).

70

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

15

Loans and financing Individual Contractual Reates % p.a.

Maturities

03/31/2012

12/31/2011

32,718

32,204

161

321

12,805

14,445

45,684

46,970

May 2012 to July 2014

118,573

124,306

July 2014

22,004

22,782

24,225 164,802

24,656 171,744

Total

210,486

218,714

Current Non-Current

50,000 160,486

52,791 165,923

Loans and financing in Reais Industrial Credit Certificate (CCI)

8.5% to 10%

Financier of Studies and Projects (FINEP)

4.5%

BNDES - Exim - Pre-shipment

4.5%

September 2014 to September 2021 June 2012 August 2012 to June 2013

Loans and financing in foreign currency Pre-payment contracts (Dollar) Financing - Law nº 4131/62 Working capital (Dollar) Subtotal foreign currency:

2.45% to 3.80% + (*) Six month Libor 2.50% + (*) Six month Libor 2.75% + (*) Six month Libor

71

May 2012 to May 2013

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Consolidated 03/31/2012 12/31/2011

Contractual rates % p.a.

Maturities

8.50% to 10%

September 2014 to September 2021

32.718

32.204

4,50% 4,50%

June 2012 August 2012 to June 2013

161 12.805 45.684

321 14.445 46.970

May 2012 to July 2014

118.573

124.306

Loans and financing in Reais Industrial Credit Certificate (CCI) Financier of Studies and Projects (FINEP) BNDES - Exim - Pre-shipment Loans and financing in foreign currency 2.45% to 3.80% + (*) Libor Semiannual 2.50% + (*) Six month Libor

Pre-payment contracts (Dollar) Financing - Law nº 4131/62

July 2012

22.004

22.782

140.577

147.088

May 2012 to March 2014

91.492

93.265

May 2012 to May 2013

24.225

24.656

Working capital (Dollar) Metalfrio - USA Metalfrio - Brazil Metalfrio - Mexico Rome Rome Senocak

1.90% + (*) Libor Semiannual and 3.40% + (*) Libor Annual 2.75% + (*) Libor Semiannual 0.10% to 0.50% + (*) Libor Semiannual 4.5% to 7.5% 0.75% + (*) Libor Semiannual and 2.65% + (*) Libor Semiannual 3.25% to 5.00%

July 2012 to February 2013

12.525

20.602

July 2012 to March 2014

45.701

52.496

May 2012 to October 2013

51.948

51.602

April 2012 to July 2014

63.958 289.849

59.874 302.495

3.45% to 3.5%

April 2012 to September 2013

22.144 22.144

36.409 36.409

452.570

485.992

498.254

532.962

Working capital (Euro) Senocak

Subtotal foreign currency Total current and non-current Total Current Total Non-current

(*)

172.221 326.033

London Interbank Offered Rate - Libor.

72

185.375 347.587

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

The short and long-term amounts have the following breakdown per year of maturity: Individual

Consolidated

03/31/2012

12/31/2011

03/31/2012

12/31/2011

2013

61,626

65,316

147,003

164,445

2014

81,541

84,501

161,711

167,036

2015

3,608

3,608

3,608

3,608

2016

3,608

3,608

3,608

3,608

2017

3,608

3,608

3,608

3,608

2018

3,608

3,608

3,608

3,608

2019

1,545

1,545

1,545

1,545

2020

1,342 160,486

129 165,923

1,342 326,033

129 347,587

The loans and financing are guaranteed by promissory notes. The long-term operation with FINEP (Financing Company for Studies and Projects), in the amount of R$ 161 at March 31, 2012 (R$ 321 at December 31, 2011), with maturity in June 2012, and the Industrial Credit Certificate (CCI) of the Constitutional Fund for Financing of the Center-West (FCO), in the amount of R$ 32,718 at March 31, 2012 (R$32,204 at December 31, 2011), with maturities until 2021, are guaranteed by items of the property, plant and equipment, whose book value is R$ 10,123 (R$ 10,123 at December 31, 2011). The loan operation of our subsidiary in Mexico with Bank ABN AMRO Bank N.V. has a promise clause of a net debt versus annual consolidated EBITDA ratio of up to 3.5. For the last evaluation at December 31, 2011, this ratio was 2.9 EBITDA and, therefore, this ratio has been fully complied with.

73

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

16

Tax liabilities Individual 03/31/2012 Excise tax - IPI payable Contribution for the Social Integration Program (PIS) and for Social Security Financing (COFINS) payable Income tax and social contribution payable Value added taxes on sales and services - ICMS payable Value added tax (VAT) - international operations Others

03/31/2012

12/31/2011

-

105

-

105

4,823

4,897

4,853

4,929

363 184

5,358 220 277

1,797 363 1,831 255

9,417 220 460 480

5,370

17

Consolidated

12/31/2011

10,857

9,099

15,611

Provision for contingencies The Company and its subsidiaries are defendants in judicial and administrative proceedings in various courts and government agencies, arising from the normal course of operations, involving tax, labor, civil and other issues. Considering the prognoses for the administrative and legal proceedings in progress classified as a probable, possible or remote loss by our legal advisers, we recorded the provision for probable losses. Accordingly, a contingency is recognized in our balance when (a) the Company has a legal or constructive obligation as a result of a past event; (b) it is probable that funds will be required to settle the obligation; and (c) the amount of the obligation may be estimated with sufficient security. The provisions are recorded based on the best estimates of the risk involved, analyzed case by case, in accordance with consultations made with our legal advisers and inhouse legal consultants. Individual and Consolidated 12/31/2011 Labor Civil Judicial Deposits

1,598 168 (659) 1,107

74

Additions 386

Use (428)

-

(16)

(42)

-

344

(444)

03/31/2012 1,556 152 (701) 1,007

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

The Company and its subsidiaries are parties to labor and civil actions involving risks of losses classified by management in the accordance with its external legal advisers as possible and remote, for which no provision was recorded. The amount reported by our legal advisers with respect to labor processes is R$9,502 as of March 31, 2012 (R$ 8,501 as of December 31, 2011), and with respect to civil processes it is R$556 as of March 31, 2012 (R$1,613 as of December 31, 2011).

18

Other provisions Individual 03/31/2012 12/31/2011

Consolidated 03/31/2012 12/31/2011

Commissions payable to representatives Guarantees Provisions for personnel Other commercial liabilities Other administrative liabilities

890 2,524 26 3,377 -

996 3,161 896 3,539 -

1,016 6,536 170 4,316 1,710

1,117 7,027 913 4,291 1,199

Total

6,817

8,592

13,748

14,547

Changes in other provisions are presented in the table below: Consolidated

Commissions payable to representatives Guarantees Provisions for personnel Other commercial liabilities Other administrative liabilities

Balance 12/31/2011 1,117 7,027 913 4,291 1,199 14,547

Additions 53 666 378 725 460 2,282

75

Use (161) (1,244) (1,122) (703) (3,230)

Exchange Variation 7 87 1 3 51 149

03/31/2012 1,016 6,536 170 4,316 1,710 13,748

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

19

Shareholder´s equity a. Capital At March 31, 2012 the Company’s capital is R$239,988 represented by 41,439,330 subscribed and paid in common shares. Authorized capital - Based on the Minutes of the Board of Directors’ Meeting (BDM), held on March 22, 2007, the Company is authorized to increase its capital, regardless of statutory reforms and decisions of the general shareholders’' meeting, through a simple decision of the Board of Directors, up to the limit of the Company’s authorized capital of 80,000,000 new common shares. Each common share entitles to one vote at the General Meeting On April 7, 2011 the Extraordinary General Meeting approved the capital increase by R$ 9,655, through the capitalization of the Company's capital reserve without issuing new shares and the capital decrease by R$ 9,653, without cancellation of shares, to be considered excessive, in accordance with Articles 173 and 174 of Law 6.404/76. On July 15, 2011the shareholders received R$ 0.2337 per share due to the capital decrease.

b. Treasury shares At the meeting of the Board of Directors held on May 12, 2011, the board members approved the renewal for another year of the program to acquire shares of the Company for cancellation or held in treasury, without capital reduction ("Program") since, keeping the same cyclical economic conditions, the Counselor believe that the acquisition of shares of the Company corresponds to an application of financial resources available to the Company that will benefit shareholders. During the quarter ended on March 31, 2012 , there were no changes in the treasury shares, therefore, the company keeping 135.400 shares held as treasury shares.

76

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

c. Capital reserve - Share grant Options The Company recognizes under this heading the share grant options (See the description of the plan in note 23). Also is recognized under this headline the goodwill generated on transaction among shareholders.

d. Profit reserve - Tax incentive In March 2005, agreement 624/05, which grants ICMS (Value added tax) tax incentives for the setting up of the factory in the city of Três Lagoas, was signed with the Government of the State of Mato Grosso do Sul. This incentive enables the company to reduce by 90% the debit balance of ICMS calculated monthly in that state, as established in Complementary Law 93. During the period of investment in the building of the factory, as it addresses an incentive intended for future investments, the incentivized amounts of ICMS were recorded as credit to a specific reserve in shareholders’ equity, as balancing items against ICMS payable. The Company had a commitment to invest in the State of Mato Grosso do Sul part of the incentive obtained in the operations carried out. Accordingly, until December 31, 2007, these amounts were classified in shareholders’ equity under Capital reserve - tax incentives. The Company has already fully complied with the investment commitment with the State. Based on Law 11941/09, which governs the application of Law 11638/07, the tax incentive obtained in the operations carried out in the year ended at March 31, 2012 in the amount of R$5,768 (R$6,123 at March 31, 2011) was recognized in the income statement under other operating income (expenses). Additionally, the aforementioned agreement assures us the benefit of (i) deferral of the payment of ICMS due on the importing of machinery and equipment, intended for and connected with the industrial process, until the moment that the sale or the interstate exit of the machinery occurs; (ii) deferral of payment of ICMS related to the difference between the prevailing internal rate and the interstate rate for machinery and equipment intended for and connected to the industrial process, until the moment that the sale or interstate exit of the machine occurs; and (iii) deferral of payment of ICMS due on the importing of inputs until the moment that the exit of the product occurs as a result of its further processing. The benefit is valid until March 2025. In addition to the ICMS benefit, we also have 100% exemption from IPTU (Municipal Real Estate Tax) and ISS (Service Tax) until March 2015.

77

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

e. Legal reserve The legal reserve is formed through the appropriation of 5% of the net income for the fiscal year, limited to 20% of capital, as required by article 193 of Law 6404/76.

f. Revaluation reserve On December 19, 2005, it was decided to record the revaluation of the Company’s assets. The taxes due on the aforementioned reserve are posted in non-current liabilities. The revaluation reserve is being realized through depreciation against retained earnings, net of taxes.

g. Expansion reserve On April 30, 2010, in the General Shareholders’ Meeting, the retention of the remaining balance of the net income for the year ended December 31, 2009 in the amount of R$ 1,869 was approved to meet the Company’s capital budget.

h. Accumulated translation adjustments and net investments The Company recognizes under this heading the effect of the exchange variations on the investments in subsidiaries abroad held directly and indirectly by the Company. This accumulated effect will be reversed to the results for the year as a gain or loss only in the event of disposal or write-off of the investment. The exchange variation referring to intercompany loans with characteristics of net investments with the subsidiaries Rome, Metalfrio - Denmark, Metalfrio - USA and Metalfrio - Russia are recognized under this heading.

78

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

The changes in Accumulated translation adjustments and net investments are as follows:

Opening balance at December 31,2011 Exchange variation adjustment in the translation of the financial statements Exchange variation adjustment for monetary items considered as net investment (net of tax affects) Closing balance at March 31, 2012

Parent Company and Consolidated 829 11 2,635 3,475

i. Shareholders’ remuneration / dividends The shareholders are assured a minimum dividend of 25% of the adjusted net income in accordance with corporation law and the Company’s bylaws. Whenever the amount of the compulsory dividend surpasses the realized portion of the net income for the year, Management may propose, and the General Shareholders’ Meeting may approve, the distribution of the surplus for the formation of a realizable profit reserve (article 197 of Law 6404/76). The Company may prepare half-yearly balances or for shorter periods. Observing the conditions established by law, the Board of Directors may: (i) decide on the distribution of dividends debited against profits verified in the half-yearly balance or in shorter periods for appreciation by the General Shareholders’ Meeting; and (ii) declare interim dividends debited against the profit reserves existing in the last annual or half-yearly balance.

79

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

20

Basic and diluted earnings per share As required by IAS 33, Earnings per Share, converging with CPC41, the Company should calculate the undiluted income per share or loss, considering the net income or loss attributable to the shareholders and to the weighted average number of outstanding shares, plus the effects of all the issues of potential shares. All the instruments and agreements that result in the issuing of shares are considered as potential shares. Comparative amounts should be adjusted to reflect capitalization, guarantee questions or parts, if divided. If these changes occur after the balance sheet date, but before the authorization for the issuing of the consolidated quarterly information, the calculations per share of these or of any previous quarterly information and prior periods should be based on the number of new shares. The calculation of the income per basic and diluted share is as follows:

(In thousands, except shares and data per share)

03/31/2012

12/31/2011

Basic numerator . Net income available for distribution

17,128

9,797

Denominador Weighted average of shares - basic Weighted average of shares - diluted (*)

41,304 41,796

41,304 42,079

Basic earnings per share in (R$) Diluted earnings per share in (R$)

0.415 0.410

0.237 0.233

(*) The potential increase in the shares due to the stock options plan, as presented in the note 23, was considered.

80

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

21

Operating income The composition of our gross operating revenues and reconciliation between the gross revenues for tax purposes and the revenues presented in the income statement for the period are as follows: Individual Sales of Goods Sales of Services

Consolidated

03/31/2012 116,167 971

03/31/2011 124,355 804

03/31/2012 207,309 5,572

03/31/2011 237,427 5,295

117,138

125,159

212,881

242,722

03/31/2012 117,138

03/31/2011 125,159

03/31/2012 212,881

03/31/2011 242,722

(26,336) (9,788)

(27,468) (5,113)

(38,565) (11,646)

(41,680) (7,744)

81,014

92,578

162,670

193,298

Total of Revenues

Individual Gross tax revenue Deductions from revenue: Sales taxes Returns and discounts Total operating income

81

Consolidated

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

22

Other operating income (expenses) a) Selling expenses

Freigths, comissions and marketing Warranties Personnel expenses Depreciation and amortization Others selling expenses

Individual 03/31/2012 03/31/2011 (6,670) (7,604) (3,417) (3,353) (1,145) (1,151) (92) (78) (649) (2,011)

Total

(11,973)

(14,197)

Consolidated 03/31/2012 03/31/2011 (9,241) (9,991) (2,154) (2,162) (3,277) (3,341) (180) (148) (2,529) (4,379) (17,381)

(20,021)

b) General and administratives expenses

Personnel expenses Services Depreciation and amortization Other Expenses general and administratives

Individual 03/31/2012 03/31/2011 (1,345) (1,287) (1,073) (664) (297) (296) (822) (190)

Total

(3,537)

Consolidated 03/31/2012 03/31/2011 (3,880) (3,434) (1,777) (1,144) (385) (431) (2,268) (1,099)

(2,437)

(8,310)

(6,108)

03/31/2012 5,768 (93) 1,277

03/31/2011 6,123 (105) (38) (227)

03/31/2012 5,768 (93) 6 1,700

03/31/2011 6,123 (105) (38) (134)

6,952

5,753

7,381

5,846

c) Other incomes (expense) operational Individual Tax incentives Expense with option grants Results on the sale of fixed assets Others Total

82

Consolidated

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

23

Stock option plan Option plan 1 On March 15, 2007, the Company’s Board of Directors established the share option grant program, indicating the officers, managers and other employees that will receive the options and the total number to be distributed, where there are employees of our subsidiaries participating in the plan. The option may be exercised partially or totally during the period of two months as from the third anniversary of the signing of the Option Agreement with each employee. The number of share purchase options granted up till December 31, 2010 was 884,200 shares (884,200 shares at June 30, 2010) and it may not exceed 1,250,000 common shares, where, up till at the closing of the year ended December 31, 2010, 620,400 shares were exercised at the exercise price of R$ 2.2533, in the terms of the Board of Directors’ Meeting on June 9 and 11, 2010. The exercise price of the option of the first grant referring to Option Plan 1 was (i) R$ 1.90 for each share, monetarily restated according to the variation of the general market price index (IGP-M), as from the date of signing the Option Agreement (March 23, 2007) and up till the date for exercising the option, in the event the grant had been made not later than the date of the public offering made by the Company in 2007 or (ii) 80% (eighty percent) of the weighted average price per volume of the Company’s shares observed in the last 20 (twenty) trading sessions on the Sao Paulo Stock Exchange (BOVESPA) immediately prior to the date of the granting of the option, in the event the grant had been made not later than the date of the public offering made by the Company in 2007.

83

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

For the second grant referring to Option Plan 1, the exercise price was (i) R$ 6.14 for each share, monetarily restated according to the variation of the general market price index (IGP-M), as from the date of signing the Option Agreement (December 11, 2009) and up till the date for exercising the option, in the event the grant had been made not later than the date of the public offering made by the Company in 2007 or (ii) 80% (eighty percent) of the weighted average price per volume of the Company’s shares observed in the last 20 (twenty) trading sessions on the Sao Paulo Stock Exchange (BOVESPA) immediately prior to the date of the granting of the option, in the event the grant had been made after the date of the public offering made by the Company in 2007. The weighted average fair value of the options granted during the first grant, determined based on the Black & Scholes valuation model, was R$17.50 per option and R$ 6.85 for the second grant. The significant data included in the model were: weighted average price of the share of R$ 19.00 on the date of the first grant and R$ 10.69 on the date of the second grant, 30% volatility, and an expected life of the option corresponding to three years, according to the case, and an annual interest rate free of risk of 12%. The expected volatility is estimated considering the historical volatility of the average share price.

Option plan 2 On January 22, 2010, in accordance with the General Shareholders’ Meeting, the new share purchase option plan was approved in a number that does not exceed 1,500,000 (one million, five hundred thousand) shares issued by the Company, the terms and conditions for which will be identical to those of Option Plan 1 (with the exception of the exercise price, which will correspond to only one of the alternatives included in Option Plan 1). On June 9 and 11, 2010 in accordance with the Board of Directors’ Meeting, 525,000 shares were granted. There are employees from our subsidiaries participating in Option Plan 2. The weighted average fair value of the options granted in Option Plan 2, determined based on the Black & Scholes valuation model, was R$ 5.07 per option. The significant data included in the model were: weighted average price of the share of R$ 9.30 on the date of the grant, 59% volatility, an expected life of the option corresponding to three years, according to the case, and an annual interest rate free of risk of 12%. On March 31, 2012, the unit market price per basic share was R$ 4.90 (R$ 11.20 at March 31, 2011), by basic share.

84

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

The expenses referring to the fair value of the options granted in the two plans, recognized in the results for the exercise ended March 31, 2012, in accordance with the term elapsed for acquisition of the right to exercise the options, were R$ 307 (R$ 369 at March 31, 2011). The amount recorded in Shareholders’ Equity referring to the options granted and not exercised was R$ 307 at March 31, 2012 (R$ 369 at March 31, 2011). The changes in the share purchase option plans, Option Plan 1 and Option Plan 2, are presented as follows:

Date of grant

Options granted

Options cancelled

Options exercised

Number balance

Strike price - R$

Vesting period

Fair value of shares R$ per share

Option plan 1 03/15/2007 12/11/2009

1,056,200 250,000

435,800 250,000

620,400 -

-

1.90 6.14

3 years 2.8 years

17.50 6.85

7.16

3 years

5.07

Option plan 2 06/11/2010

525,000

33,000

-

492,000 492,000

Total

492,000

On the quarter ended at March 31, 2012, 250,000 shares from the stock options 1 and 33,000 shares of stock options were lost.

85

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

24

Financial results Individual

Consolidated

Quarter ended

Quarter ended

03/31/2012

03/31/2011

03/31/2012

03/31/2011

4,742 20,500 3,389 1,105

2,676 2,265 492

12,347 33,202 34,624 218

7,582 6,605 2,230 345

29,736

5,433

80,391

16,762

(2,395) (17,496) (1,335)

(948) (1,204) (2,392)

(4,788) (18,921) (36,262) (1,359)

(4,254) (6,478) (1,500) (2,835)

(21,226)

(4,544)

(61,330)

(15,067)

8,510

889

19,061

1,695

Financial Income Interest on financial investments Gains on exchange variations Gains on swap and forward operations Other financial income Financial expenses: Interest on loans and financing Losses on exchange variations Losses on swap and forward operations Other financial expenses

Financial result, net

25

Financial instruments The Company and its subsidiaries carry out operations with financial instruments. The management of these instruments is monitored through the Financial Risk Management Policy, approved by the Company’s Board of Directors in August 2010. The main objective is to establish guidelines, limits, attributions and procedures to be adopted in the processes for contracting, control, valuation and monitoring of financial operations involving financial risks. The control consists of permanently monitoring the contracted conditions versus prevailing market conditions. The contracting of financial instruments for hedge purposes, where applicable, is done through a periodic analysis and assessment of the risk that management intends to cover (exchange risk, interest rate risk, etc.). The Company maintains control through monitoring the contracted conditions versus prevailing market conditions.

86

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

The results obtained with financial instruments are in line with the policies and strategies established by Company Management. All the operations with financial instruments are recognized in the Company’s quarterly information, in accordance with the table below: Financial instruments classified by category Individual 03/31/2012 Fair value through profit and loss Assets Financial investments Marketable securities Accounts receivable Other Receivables Total

Total

Loans and receivables

130,642 57,620 188,262

60,076

-

-

Liabilities Loans and financing in Reais Loans and financing in foreign currency Accounts payable to suppliers Other accounts payable -

12/31/2011

Liabilities measured by Amortized Cost

54,055 6,021

Total

-

194,988 194,988

130,642 57,620 54,055 6,021 248,338

-

45,684 164,802 43,134 4,696

-

Fair value through profit and loss

258,316

45,684 164,802 43,134 4,696

-

258,316

-

Loans and receivables

Liabilities measured by Amortized Cost

77,607 5,819

Total

-

83,426

194,988 77,607 5,819 278,414

-

-

46,970 171,744 50,318 4,999

46,970 171,744 50,318 4,999

-

274,031

274,031

Consolidated 03/31/2012 Fair value through profit and loss

Loans and receivables

12/31/2011

Liabilities measured by Amortized Cost

Total

Fair value through profit and loss

Loans and receivables

Liabilities measured by Amortized Cost

Total

Assets

Financial investments Marketable securities Trade accounts receivable Accounts receivable on derivatives Other Receivables Total

152,617 185,449 148,363 9,948 496,377

235,113 138,256 2,474 -

150,017 9,717

375,843

159,734

45,684

45,684

-

-

46,970

46,970

452,570

452,570

-

-

485,992

-

-

485,992 80,553

-

-

152,617 185,449 -

148,363 9,948

338,066

158,311

Liabilities Loans and financing in Reais

-

-

Loans and financing in foreign currency

-

-

2,126 -

-

91,523

2,126

-

600,973

Accounts payable to suppliers Accounts payable on derivatives Other accounts payable Total

-

11,196

87

91,523 2,126 11,196 603,099

235,113 138,256 150,017 2,474 9,717 535,577

-

10,266

623,781

80,553 10,266 623,781

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

There were no reclassifications between the categories for financial instruments during the quarter ended at March 31, 2012 and year ended at December 31, 2011.

Risk factors The operations of the Company and its subsidiaries are subject to the risk factors described below: a. Exposure to exchange risks The main assets and liabilities subject to exchange risks are listed below and there are no material differences between the fair values and the carrying values: Consolidated 03/31/2012 USD

EUR

TRY

12/31/2011 AUD

Total converted in BRL

USD

EUR

TRY

GBP

Total converted in BRL

Short - Terms Bonds Accounts Receivable Loans and financig Derivatives

4,811 57,663 5,880

4,066 8,283 9,327

1,169 666 -

1,034 -

19,841 127,829 33,378

4,426 54,806 7,952

9,715 13,147 10,522

2,751 649 -

961 -

34,688 138,256 40,529

(236,226) 44,341

(9,112) (9,963)

(58,490)

-

(452,570) -

(239,653) 44,752

(14,974) (10,179)

(56,585)

(993)

(485,992) -

Exposure

(123,531)

2,601

(56,655)

1,034

(271,522)

(127,717)

8,231

(53,185)

(32)

(272,519)

Rates used: USD/BRL EUR/BRL TRY/BRL GBP/BRL AUD/BRL

03/31/2012 12/31/2011 1.8221 2.4300 1.0221 1.8892

1.8758 2.4342 0.9945 2.9148 -

88

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

On December 29, 2011, the Company settled in advance some term contracts to purchase U.S. dollars, which were balanced by the sale of real, notional 160,000 in U.S. dollars and maturing in January 2012, however, on January 19, 2012, the Company recomposed the hedging by contracting with fixed-term contracts to purchase U.S. dollars in return for sale of real, with a notional amount of 140,000 U.S. dollars, the average rate of these contracts is 1.79. Up to March 13, 2012, the Company had forward contracts to purchase US dollars, which were balanced by the sale of real, notional 140,000 in US dollars. These contracts were settled on March 14, 2012 and March 15, 2012, 100,000 in notional amount of US dollars and 40,000 in notional amount of US dollars, respectively. According to the Policy Financial Risk Management, approved by the Board of Directors, the Company is not obligated to maintain financial instruments to protect their currency exposures. However, the Company has an ongoing monitoring foreign exchange risk to which it is exposed, and protection through financial instruments are hired only after a risk analysis that you want to cover and the conditions prevailing in the market. b. Exposure to interest rate risks The Company and its subsidiaries are exposed to floating interest rates mainly indexed to the variations of the Interbank Deposits (DI) in the financial investments made in Reais and of the interests on the loans in the foreign country currency exposed to changes in the Libor and Euribor rates. For further details in this respect refer to notes 6 and 15. The Company and its subsidiaries have part of their financial investments in Bonds and in investment funds that are marked to market and, therefore, are subject to fluctuations. The Company monitors these fluctuations through internal control tools and market follow-up, without necessarily having any obligation for contracting hedge instruments.

89

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

The position of the financial instruments subject to rate risks, as well as a comparison between the fair values and the book values is presented below: Consolidated 03/31/2012 Book value Deposit certificates Investment funds Bonds (Real, Dollar, Euro, New Turkish Lira and Pounds) Fixed marketable securities (New Turkish Lira, Euro, Dollar, Mexican Peso, Danish Krone and Rouble)

12/31/2011

Fair value

Book value

Fair value

178,335 9,927

178,335 9,927

185,460 9,528

185,460 9,528

127,829

127,829

138,256

138,256

21,975

21,975

40,125

40,125

338,066

338,066

373,369

373,369

Consolidated 03/31/2012 Book value Loans and Financing

Fair value

498,254

498,254

90

12/31/2011 Book value

532,962

Fair value

532,962

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

c

Credit risk concentration This arises from the possibility of the company and its subsidiaries suffering losses resulting from the default of its clients or of financial institutions that are depositories of funds or financial investments. To mitigate these risks, the Company and its subsidiaries have defined parameters in their risk management policy for analyzing the financial and equity situation of financial institutions that are depositories of funds or financial investments, which operate, using risk classifications based on at least one of the three agencies (Standard & Poors, Moodys or Fitch), as well as defining credit limits and permanently monitoring outstanding positions. Financial instruments that potentially subject the Company to credit risk concentration consist, mainly, of bank balances, financial investments and trade accounts receivable. To reduce the credit risk, the Company conducts a periodic, individual evaluation of its current clients and for adhesion of new clients, but, as a market practice, it does not request receipt in advance nor guarantees. As described in note 1, an important part of our revenues, 46.1% in March 2012 (58.8% in March 2011), is concentrated in our 10 main clients. The Company's Management believes that records sufficient provisions to face nonreceipt and there is no difference between the fair value and book value of these provisions. The amount of the allowance for doubtful accounts is presented in note 7.

d

Liquidity risk The cash flow forecast is made in the Company’s operating entities by finance professionals that continually monitor liquidity. This forecast takes into consideration the plans for financing debt, compliance with the internal goals of the quotient of the balance sheet and, if applicable, external or legal regulatory requirements, e.g. currency restrictions. Through its risk management policy, the Company defines a minimum consolidated cash limit and financial indexes for debt management.

91

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

The cash surplus held by the operating entities, as well as the balance required for management of working capital, is held in the entities, themselves, but managed by finance professionals. The Company invests its funds in accordance with its financial risk management policy, approved by the Board of Directors, in investments with liquidity, through deposits in financial institutions, fixed or variable marketable securities and in investment funds and released in our webpage. The table below presents the Company’s non-derivative financial liabilities per maturity bracket, corresponding to the remaining period in the balance sheet until the contractual date of maturity.

Loans and financing

Less than 1 year

From 1 to 2 years

From 2 to 7 years

173,329

221,773

109,788

Capital management The Company manages its funds through a financial risk management policy approved by the Board of Directors. The policy establishes, amongst others: a. Net Debt Ratio over Net Equity, less than 0.75x; b. Long-term indebtedness ratio over total indebtedness, higher than 40%; c. Minimum consolidated cash limit of R$ 50 million in addition to the financial debt payment program for the following quarter:

92

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Individual 03/31/2012 12/31/2011 Loans and Financing

Consolidated 03/31/2012 12/31/2011

210,486

218,714

498,254

532,962

Short-term

50,000

52,791

172,221

185,375

Long-term

160,486

165,923

326,033

347,587

(193,013)

(198,729)

(350,946)

(382,680)

17,473

19,985

147,308

150,282

248,473 0.07

239,564 0.08

257,169 0.57

248,786 0.60

( - ) Cash, Cash Equivalents and Marketable Securities ( = ) Net debt Net equity a) Net debt ratio on net equity

65%

b) Longe-term debt ratio on total indebtedness

65%

c) Consolidated minimum cash Consolidated minimum cash R$ 50 million + financial debts of the following quarter Minimum cash ratio on cash, cash equivalents and marketable securities

149,920 (0.43)

108,160 (0.28)

The Company’s Management seeks to maintain a balance between the highest possible returns with more adequate levels of loans and the advantages and security provided by a healthy capital position.

Derivative financial instruments The Management of the Company and its subsidiaries permanently monitors the derivative financial instruments contracted in accordance with its financial risk management policy. The results obtained from these operations are in line with the policies and strategies established by the Management of the company and its subsidiaries.

93

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Criteria for determining fair value The estimated fair value for the derivative financial instruments contracted by the Company and by its subsidiaries was determined through information available on the market. The fair value of these derivatives is obtained through the discounted cash flow, in accordance with the contractual (exchange and interest) rates and those prevailing on the market. However, considerable judgment was required to interpret the market data in order to produce the estimated fair value for each operation. Accordingly, the following estimates do not necessarily indicate the amounts that will be effectively realized upon the financial settlement of the operations. The Company and its subsidiaries, within their financial risk management policy, use exchange future contracts (Non Deliverable Forwards and Deliverable Forwards), as follows, as a way of mitigating the impacts of the exchange rate variations on assets and liabilities, financial results and gross margin: a. Outstanding operations with derivatives and exchange rate Notional value

Fair value receivable (payable) 03/31/2012

Results gain/(loss) in the quarter

Credit Suisse

1,827

377

74

Credit Suisse

(1,827)

(219)

(67)

(54,804)

(4,115)

(4,208)

April 2012 to April 2014 Teb e Credit Suisse

81,850

2,380

(1,976)

April 2012 to April 2014 Teb e Credit Suisse

(57,562)

(549)

1,531

(30,516)

(2,126)

(4,646)

Amounts at March 31, 2012 (in Reais‘000) Description

Risk

Maturity

Non Sold in USD/BRL May 2012 Deliverable Purchased in Forwards May 2012 USD/BRL Deliverable Purchased in Forwards USD/TRY Sold in Deliverable EUR/USD Forwards (Purchased in EUR/USD)

April 2012

Counterparty

Ingbank e Isbank

94

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Notional value

Amounts at December 31, 2011 (in Reais‘000) Description

Risk

Non Sold in USD/BRL Deliverable Purchased in Forwards USD/BRL Deliverable Purchased in Forwards USD/TRY Deliverable Sold in Forwards GBP/USD Sold in Deliverable EUR/USD Forwards (Purchased in EUR/USD)

Maturity

Fair value receivable (payable)

Results gain/(loss) in the period

12/31/2011

Counterparty

May 2012

Credit Suisse

1,876

309

(85)

May 2012

Credit Suisse

(1,876)

(154)

83

April 2012

Ingbank e Isbank

(56,274)

(140)

(382)

February 2012

Credit Suisse

February 2012 to April 2014 April 2012 to February 2013

2,895

79

76

Teb e Credit Suisse

79,520

4,439

4,476

Teb e Credit Suisse

(54,743)

(2,059)

(2,086)

(28,602)

2,474

2,082

On March 31, 2012 and December 31, 2011, the Company has forward contracts containing a guarantee clause, which is not in default. This guarantee is related to the part of the operations with the bank, Credit Suisse and consists basically of maintaining investments in this institution, corresponding to a percentage of the notional value which varies between 7.6% and 8.5% or to the limit of the loss of the operation at market value, whichever is higher, less the gains also calculated at market value of the operation. On March 31, 2012, the amount of this guarantee was R$ 3,596 (equivalent to 1,973 in US dollars) to cover a notional volume of approximately, R$ 25,583 (equivalent to 14,040 in US dollars) and December 31, 2011, the value of this guarantee was R$ 4,154 (equivalent to 2,215 US dollars) to cover a notional amount of approximately R$ 30,051 (equivalent to 16,020 in US dollars). The Company has a policy of not using complex derivatives, such as target forwards, for example.

95

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

b. Operations settled with derivatives and exchange rate

Notional value on the date of settlement

Amounts at March 31, 2012 (in Reais‘000) Description Deliverable Forwards Deliverable Forwards Deliverable Forwards

Counterparty

Risk

Maturity

Sold in GBP/USD

February 2012

Credit Suisse

2,697

03/31/2012

32

(42)

Sold in EUR/USD

February and March 2012

Credit Suisse

26,475

(189)

(339)

Sold in BRL/USD

March 2012

Itaú e Bradesco

(253,724)

3,389

3,389

(224,552)

3,232

3,008

Notional value on the date of settlement

Amounts at March 31, 2011 (in Reais‘00 Description Deliverable Forwards

Deliverable Forwards

Fair value Results receivable gain/(loss) in (payable) on the the quarter ended date of settlement 03/31/2012

Risk Sold in EUR/TRY (Purchased in EUR/TRY)

Maturity

Counterparty

Fair value Results receivable gain/(loss) in (payable) on the the quarter date of ended settlement 03/31/2011 03/31/2011

March 2011

Fortis

23,129

(1,224)

(881)

March 2011

Fortis, IS Bankasi and AK Bank

(34,694)

1,664

746

Denizbank

(15,691)

787

805

(27,256)

1,227

670

(Purchased in January 2011 EUR/TRY)

96

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

c. Income and (expenses) from operations with derivatives for exchange hedge Accumulated Individual 03/31/2012 03/31/2011 3,389 3,389

Gains/(Losses) - Outstanding operations Gains/(Losses) - Settled operations

0.00

Consolidated 03/31/2012 03/31/2011 (4,646) 3,008 (1,638)

Sensitivity analysis The financial instruments, including derivatives, may undergo changes in fair value as a result of the fluctuation of commodity prices, exchange rates, interest rates, shares and share indexes, price indexes and other variables. The evaluations of the sensitivity of the derivative financial instruments to these variables are presented below: i.

Selection of the risks The Company selected five market risks that may most affect the value of the financial instruments that it holds, such as: (1) the US dollar-real exchange rate; (2) the US dollarTurkish lira exchange rate; (3) the exchange rate of U.S. dollar-euro, (4) the exchange rate of U.S. dollar-sterling and (5) the exchange rate of Libor rate. For purposes of the analysis of sensitivity to risks, the Company presents the exposures to currencies as if independent, i.e. without reflecting in the exposure to one exchange rate the risks of changes in other exchange rates that could be indirectly influenced by it.

97

60 670 730

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

ii. Selection of the scenarios In accordance with CVM Instruction 475/08, the Company includes three scenarios in the sensitivity analysis, where one is probable, one possible and one remote that may present adverse effects for the Company. In the preparation of the adverse scenarios, the Company only considered the impact of the variables on the financial instruments. The global impact on the Company’s operations was not considered. Given that the Company manages its exchange exposure on a net basis, adverse effects verified with a high of the US dollar against the real may be compensated or amplified by opposite effects in the Company’s operating results. The probable scenario considers highs of 10% in the quotation for the US dollar-real, US dollar-Turkish lira, euro-Turkish lira and Libor and Euribor interest rates in relation to the closing quotations at March 31, 2012. The possible and remote scenarios consider highs of 25% and 50%, respectively, in the quotation for the US Dollar-Real, US Dollar-Turkish Lira, Euro-Turkish Lira and Libor and Euribor interest rates in relation to the closing-quotations at March 31, 2012.

98

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

a. Sensitivity analysis for changes in foreign currency Consolidated

Description

Effect in the results on the spot exchange of 03/31/2012 Probable Possible Remote scenario scenario scenario 10% 25% 50%

Risk

Non Deliverable Forwards Sold net in USD/BRL

Increase in the dollar rate

117

(63)

(356)

Non Deliverable Forwards Purchased net in USD/BRL

Increase in the dollar rate

(35)

188

460

Deliverable Forwards Purchased net in USD/TRY

Increase in the dollar rate

1,237

7,660

15,510

Deliverable Forwards Sold net in EUR/USD

Increase in the euro rate

(5,239)

(14,381)

(25,555)

Deliverable Forwards Purchased net in EUR/USD

Increase in the euro rate

4,703

11,007

18,712

Increase in the dollar rate

(41,114)

(102,784)

(205,568)

Loans and financing

Increase in the euro rate

(1,808)

(4,519)

(9,038)

Investments in Bonds

Increase in the dollar rate

10,507

26,267

52,534

Investments in Bonds

Increase in the euro rate

2,013

5,032

10,063

Investments in Bonds

Increase in the turkish lita rate

68

170

340

Investments in Bonds

Increase in the australian dollar

195

Investments in fixed interest

Increase in the dollar rate

877

2,191

4,383

Investments in fixed interest

Increase in the euro rate

988

2,470

4,940

Investments in fixed interest

Increase in the new turkish lira rate

119

299

Total

(27,372)

488

(65,975)

977

597 (132,001)

Rates used: Effect in the results on the spot exchange of March 31, 2012 Equal to spot rate on 03/31/12

TRY/BRL USD/BRL EUR/BRL GBP/BRL AUD/BRL

1.0221 1.8221 2.4300 2.9132 1.8892

99

Probable scenario 10%

Possible scenario 25%

Remote scenario 50%

1.1243 2.0043 2.6730 3.2045 2.0781

1.2776 2.2776 3.0375 3.6415 2.3615

1.5332 2.7332 3.6450 4.3698 2.8338

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Consolidated

Description Non Deliverable Forwards Sold net in USD/BRL

Decrease in the dollar rate

622

Non Deliverable Forwards Purchased net in USD/BRL

Decrease in the dollar rate

(447)

(901)

(2,263)

Deliverable Forwards Purchased net in USD/TRY

Decrease in the dollar rate

(10,658)

(23,741)

(62,992)

Deliverable Forwards Sold net in EUR/USD

Decrease in the euro rate

11,691

30,314

86,184

Deliverable Forwards Purchased net in EUR/USD

Decrease in the euro rate

(6,971)

(19,812)

(58,336)

Decrease in the dollar rate

41,114

102,784

205,568 9,038

Loans and financing

Risk

Effect in the results on the spot exchange of 03/31/2012 Probable Possible Remote scenario scenario scenario 10% 25% 50% 1,110

2,577

Decrease in the euro rate

1,808

4,519

Investments in Bonds

Decrease in the dollar rate

(10,507)

(26,267)

(52,534)

Investments in Bonds

Decrease in the euro rate

(2,013)

(5,032)

(10,063)

Investments in Bonds

Decrease in the turkish lira rate

(68)

(170)

(340)

Investments in Bonds

Decrease in the australian dollar

(195)

(488)

(977)

Investments in fixed interest

Decrease in the dollar rate

(877)

(2,191)

(4,383)

Investments in fixed interest

Decrease in the euro rate

(988)

(2,470)

(4,940)

Investments in fixed interest

Decrease in the new turkish lira rate

(119)

(299)

(597)

Total

22,392

100

57,356

105,942

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Rates used: Effect in the results on the spot exchange of March 31, 2012 Equal to spot rate on 03/31/12

TRY/BRL USD/BRL EUR/BRL GBP/BRL AUD/BRL

1.0221 1.8221 2.4300 2.9132 1.8892

Probable scenario 10%

Possible scenario 25%

Remote scenario 50%

0.9199 1.6399 2.1870 2.6219 1.7003

0.7666 1.3666 1.8225 2.1849 1.4169

0.5111 0.9111 1.2150 1.4566 0.9446

b. Sensitivity analysis of change in Libor and Euribor interest rates on loans and financing Consolidated Effect in the Results on the spot exchange of March 31, 2012 Description Loans and financing

Risk Increase in Libor

Total

Probable Scenario 10%

Possible scenario 25%

Remote scenario 50%

698

1,154

1,915

698

1,154

1,915

Valuation of fair value IFRS 7 defines the fair value as the exchange price that would be received for an asset or the price paid to transfer a liability (exit price) on the main market, or on the most advantageous market for the asset or liability, in a normal transaction between participants in the market on the valuation date, and it also establishes a hierarchy of three levels to be used for valuing the fair value, namely: Level 1 - Prices quoted (unadjusted) on active markets for similar assets and liabilities.

101

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

Level 2 - Other information, except the information included in level 1, through which the prices are quoted (unadjusted) for similar assets and liabilities, (directly as prices or indirectly as derivatives of the prices), on inactive markets, or other information that is available or that can be corroborated by the information observed on the market for, substantially, the integrality of the terms of the assets and liabilities. Level 3 - Information unavailable due to little or no market activity that it is material for defining the fair value of the assets and liabilities (unobservable). A market is considered as active if the prices quoted are readily and regularly available from a stock exchange or regulatory agency, amongst others, and those prices represent actual market transactions and that they occur regularly on purely commercial bases, and accordingly, the fair value of the financial instruments traded on active markets is based on the market prices, quoted on the balance sheet date, and is included in Level 1. The fair value of financial instruments that are not traded on active markets (e.g. over-the-counter derivatives) is determined through the use of valuation techniques. These valuation techniques maximize the use of data adopted by the market where it is available and rely as little as possible on the Company’s specific estimates. If all the relevant information required for the fair value of an instrument is provided by the market, the instrument will be included in Level 2. If the information originates from the Company’s internal data, the instrument will be included in Level 3. On March 31, 2012, the Company held certain assets whose valuation at fair value is required on recurring bases. These assets include investments in corporate bonds and derivative instruments. The Company’s assets and liabilities stated at fair value on recurring bases and subject to disclosure, in accordance with the requirements of IFRS 7 at March 31, 2012 and December 31, 2011, are as follows:

102

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

03/31/2012

Valued at fair value - Consolidated Prices quoted on Prices quoted on active markets for inactive markets for Unobservable similar assets similar assets records Level 1 Level 2 Level 3

Assets Financial Investments

152,617

Bonds Other Receivables

-

152,617

-

127,829

-

127,829

-

57,620

-

57,620

-

338,066

-

338,066

-

2,126

-

2,126

-

2,126

-

2,126

-

Liabilities Accounts payable on derivatives

12/31/2011

Valued at fair value - Consolidated Prices quoted on Prices quoted on active markets for inactive markets for Unobservable similar assets similar assets records Level 1 Level 2 Level 3

Assets Financial Investments

235,113

-

235,113

-

Bonds

138,256

-

138,256

-

2,474

-

2,474

-

375,843

-

375,843

-

Accounts receivable on derivatives

There were no reclassifications between the valuation levels of the fair value of the financial instruments during the quarter ended at March 31, 2012 and December 31, 2011.

103

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

26

Insurance coverage On March 31, 2012, the Company and its subsidiaries have insurance coverage against fire and other risks for the assets of the property, plant and equipment and the inventories, at amounts considered by management to be sufficient to cover eventual losses, considering the nature of its activity and the opinion of its insurance advisers. The risk assumptions adopted, given their nature, are not part of the scope quarterly information review and, accordingly, were not examined by our independent auditors. Individual Items Factories Civil Vehicles

Type of coverage Any material damages to buildings, facilities, inventories, machinery and equipment Civil liability Fire, explosion, civil liability, collision and theft

Maturity

Amount insured

01/31/13 01/31/13 01/31/13

221,787 10,200 1,975

Consolidated Items

27

Type of coverage

Maturity

Factories

Any material damages to buildings, facilities, inventories, machinery and equipment

Civil

Civil liability

Vehicles

Fire, explosion, civil liability, collision and theft

From 04/03/12 to 01/31/13 From 04/14/12 to 01/31/13 From 03/14/12 to 01/31/13

Amount insured 471,701 105,354 5,510

Commitments The Company and its subsidiaries have real estate rental contracts for variable periods of time. The expectations are that these contracts will continue to be renewed. The expenditures with annual rentals are estimated according to the table below. Additionally, the Company has no other long-term commitments with third parties.

104

Metalfrio Solutions S.A. Notes of Quarterly information (In thousands of Reais - R$, except when indicated otherwise)

During the quarter ended at March 31, 2012, the expenditures with these rental contracts were R$ 614 (R$ 615 at March 31, 2011). On March 31, 2012, based on the signed lease contracts, the estimated future liability for the next four years is presented in the table below. This table does not include eventual renewals of the abovementioned contracts, after normal expiration:

2012 2013 2014 2015

28

Individual

Consolidated

1,551 2,224 2,390 2,570

1,551 2,224 2,390 2,570

Subsequent events On April 30, 2012 as per Annual General Meeting were approved the following matters: i. destination of net profit for the year 2011: (a) R$ 362 to legal reserve, (b) R$ 7,662 for the tax incentive reserve, considering also the positive net realization of revaluation reserve in the amount of $ 776. Therefore, no distribution of dividends; ii. Annual compensation to be distributed among the Directors and members Board of Directors of the Company up to R$ 7.76 million.

105

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Quarterly Information March 31, 2012 - Metalfrio

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maele.net | 2012 | March
Mar 29, 2012 - Specialization: Linguistik Terapan, Pengajian Bahasa Inggeris, Applied Linguistics, English Language Stud

PsychSpiritual: March 2012
Mar 1, 2012 - University of Illinois at Chicago Source: (Lecture delivered on February 14, 2001) http://www.integritasin

March 2012 ~ Pak Zen
Mar 23, 2012 - Based on generic structure and language feature dominantly used, texts are divided into several types. Th