Net revenue: R$193.3mn in 1Q11 (+7.0% vs. 1Q10)
Raise of 57% in Europe net revenue
Adjusted EBITDA: R$17.2mn in 1Q11, with a margin of 9.0%
Net Debt of R$107.6mn in 1Q11 (1.12 times adjusted EBITDA)
Operating Cash Flow1 of R$20.8mn in 1Q11 (consumption of R$1.3mn in 1Q10)

São Paulo, Brazil, May 13, 2011 - Metalfrio Solutions S.A. (FRIO3) (“Metalfrio”), one of the world’s largest manufacturers of plug-in commercial refrigeration equipment, announces its results for the first quarter of 2011 (“1Q11”). Financial and operational information given is in accord with international accounting standards (IFRS), in Reais (R$). Comparisons are with the first quarter of 2010 (“1Q10”) or as indicated.

1Q11 Summary

  • Net revenue: R$193.3mn in 1Q11 (+7.0% vs. 1Q10). Americas: R$118.7mn (-10.8% vs. 1Q10). Europe: R$74.6mn (+57.1% vs. 1Q10)
  • Gross Profit of R$33.1mn in 1Q11 (gross margin 17.1%), compared with gross profit of R$33.8mn in 1Q10 (gross margin 18.7%)
  • Adjusted EBITDA of R$17.2mn in 1Q11 (-12.6% vs.1Q10), margin of 9.0% (10.9% in 1Q10)
  • Operating cash flow 1 of R$20.8mn in 1Q11 (consumption of R$1.3mn in 1Q10)
  • Net profit of R$11.9mn in 1Q11(-36.6% vs.1Q10), net margin of 6.1% (10.4% in 1Q10)
  • Net debt of R$107.6mn in 1Q11, equivalent to 1.12 times the accumulated adjusted EBITDA of the last 12 months (Net Debt of R$123.8mn in 1Q10)

To access the Earnings Release, click here.