Earnings Release - 1Q15

1Q15 Earnings Release
ENEVA Announces First Quarter 2015 Results

Comparable profitability increase as a result of better operational performance
of plants and reduction of Holding overhead
Rio de Janeiro, May 14, 2015 - ENEVA S.A. (BM&FBOVESPA: ENEV3, GDR I: ENEVY) announces today results for the first quarter ended March
31, 2015 (1Q15). The information below is presented on a consolidated basis in accordance with the accounting practices adopted in Brazil,
except where stated otherwise.
1Q15 Highlights
Net Revenues: Reduction of 36.3% as a result of Pecm II deconsolidation as of June 2014 and lower variable revenues of
Parnaba I
Operating Costs: Despite a decrease of 33.2%, costs inflated in R$17.9 million as a consequence of overstatement
unavailability charges by CCEE. Cost per MWh decreased 7.7% QoQ
Operating Expenses: Down 29.3% reflecting, among others items, Holding cost reduction initiatives, especially 20%
headcount reduction
EBITDA: Excluding Pecm II deconsolidation effects in 1Q14 (R$46.3 million) and overstated unavailability charges
(R$17.9 million), comparable profitability increased 33.6% QoQ
Pecm I sale and Judicial Recovery Plan approved by creditors and ratified by Justice: Financial stabilization
program on track
MMX: Termination of a power supply agreement on balanced terms and conditions

PGN/BPMB: Settlement agreement signed to share costs and expenses due to Parnaba II start-up postponement, as
provided for in the TAC with Aneel
MAIN INDICATORS
1Q15
1Q14
1Q15/
1Q14
1Q14
Pro-forma
1Q15/
1Q14 PF
373.8
586.8
-36.3%
439.6
-15.0%
(330.4)
(494.8)
-33.2%
(384.4)
-14.1%
(26.0)
(36.8)
-29.3%
(35.3)
-26.4%
EBITDA
59.4
103.9
-42.8%
57.6
3.1%
EBITDA (Adjusted)
77.0
103.9
-25.9%
57.6
33.6%
Net Income
(128.6)
(71.9)
78.8%
(72.3)
77.9%
Net Debt
5,094.5
6,002.1
-15.1%
4,896.5
4.0%
(R$ million)
Net Operating Revenue
Operating Costs
Operating Expenses
Note: 1Q14 Pro-forma does not consider Pecm II
1Q15 & Subsequent Events

Approval and Ratification by Justice of Pecm I sale and Judicial Recovery Plan
On April 30, 2015, the creditors of the Company and its subsidiary, ENEVA Participaes S.A., convened in a
Creditors General Meeting, approved the sale of ENEVAs interest in Pecm I TPP to EDP Energias do Brasil for
R$300 million and also the Judicial Recovery Plan, which adjusted version was disclosed on April 10, 2015.
The final main terms and conditions of the Judicial Recovery Plan are summarized as follows:
(i)
full payment of up to R$250,000 for each creditor, subject to the amount of its respective credit;
(ii) discount of 20% of the amount of credits held by each creditor on sums greater than R$250,000;
(iii) capitalization of 40% of the amount of credits on sums greater than R$250,000; and
(iv) re-profiling of the remaining balance of credits, amounting to approx. R$991 million, under the
following terms and conditions:
Interest: CDI + 2.75% p.a. (for debt in Real) or Libor + 0% p.a. (for debt in foreign currency)
Duration: 13 years
Grace period: 4 years (Interest) + 8 years (Principal)
Amortization: Custom, ramping up from 15% to 25% p.a.
Additionally, the Plan provides for a capital increase in amount of approx. R$3,000 million, at an issue price of
R$0.15/share of the Company, to be composed of:
(i)
contribution in cash;
(ii) capitalization of the credits held by creditors, amounting to approx. R$991 million; and
(iii) contribution of assets by certain stakeholders of the Company, totaling R$1,305 million, comprised by:
50% of ENEVA Participaes;
9,1% of Parnaba Gs Natural (gas supplier to Parnaba Complex plants);
30% of Parnaba I OCGT;
30% of Parnaba III OCGT;
30% of Parnaba IV TPP; and
BPMB Parnaba (owner of 30% of gas fields that supplies Parnaba Complex plants).
On May 12, 2015, the approved Judicial Recovery Plan was ratified by the 4th Commercial Court of the State of
Rio de Janeiro.
Pecm II furnace ash removal and anticipation of biennial preventive maintenance stoppage
Pecm II TPP had its operation suspended on April 13, 2015 in order to initiate ash removal procedures in its
furnace. Due to an accumulation of ash above normal, mainly caused by a deficiency in the furnaces coal burner
system, additional maintenance procedures were initiated. Such measures consist in remove the ash from the
furnace and repair or replace burners of this equipment, at an estimate cost of approx. R$2 million.
In order to minimize the total downtime of Pecm II for 2015, the biennial preventive maintenance stoppage of
the plant, initially expected for August 2015, has being anticipated to coincide with the abovementioned works.
All activities are estimated to be concluded by mid-May 2015.
Termination of power supply contract with MMX

In April, 2015, ENEVA Comercializadora, the trading arm of ENEVA, entered into a termination agreement to
cancel power supply contracts entered into with MMX Minerao e Metlicos and its subsidiaries for a period of 15
years as of January 2014.
ENEVA Comercializadora agreed to pay MMX the sum of R$40 million for 180MW to be delivered as of 2016 and
all other rights that were object of the power supply contracts and respective assignments to MMXs subsidiaries.
Payment will occur in a single installment after the fulfillment of certain conditions precedent, but shall not
exceed the deadline of September 30, 2014.
The termination agreement execution under the agreed-upon conditions reflects a balanced and appropriate
solution for the ENEVA and MMX current situations.
Settlement agreement signing with PGN and BPMB

ENEVA and Parnaba Complex Plants entered on April 30, 2015 into a settlement agreement with Parnaba Gs
Natural (PGN) and BPMB Parnaba, natural gas suppliers of the Parnaba Complex Plants, aiming to prevent
potential disputes concerning the natural gas supply, in view of the provisions of the Consent Decree (TAC)
entered into by the ENEVA, Parnaba II and Aneel Brazils National Electric Energy Agency on November 20,
2014.
Said agreement provides that PGN and BPMB will grant discounts on the natural gas supply to Parnaba Complex
Plants in the following amounts: (i) R$141.8 million, as for the startup date postponement of Parnaba II,
monthly due from April 2015 to September 2016; and (ii) R$167.0 million, equivalent to 50% of the fixed
revenue reduction of Parnaba II, amounting to R$334.1 million as provided for in the TAC, due from 2022 to
2036.
The agreement also provides for the extension of the natural gas supply contract of Parnaba II until the end of
its PPAs, as provided for in the TAC, i.e. April 30, 2036.
The conclusion of the agreement is an important step to increase economic and financial feasibility of the
Parnaba Complex Plants, especially Parnaba II.
Economic and Financial Performance

In light of the partial sale of Pecm II, ENEVAs equity interest in the project was reduced to 50%. As a
consequence, following the accounting standards set forth by the IFRS 11, as of June 1, 2014, Pecm II is
recognized under the equity method.
Due to Pecm I sale agreement signing on December 9, 2014, this asset has been accounted as Asset for Sale
and not as Investment, leading to no longer account its results as Equity Income.
1. Net Operating Revenues

In 1Q15, ENEVA recorded consolidated Net Operating Revenues of R$373.8 million vs R$586.8 million reported in
1Q14. The decrease in Net Revenues is mostly attributable to the deconsolidation of Pecm II as of June 2014,
which in 1Q14 sum R$147.1 million, and to the reduction of R$71.2 million in Variable Revenues of Parnaba I as
a result of availability reduction of this plant, impacted by gas optimization in the Parnaba Complex.
Net Revenues in 1Q15 are comprised largely by the revenues from the Regulated Market Power Purchase
Agreements (PPA) of Itaqui and Parnaba I, which reached, respectively, R$155.5 million and R$221.3 million in
the period. In the quarter, Parnaba II revenue encompassed costs reimbursement by Parnaba I for generating
in substitution of part of this last thermal plant, as provided for in the operational schematics of the Aneel
agreement to postpone Parnaba II startup date.
In the period, Itaqui and Parnaba I revenues were boosted by R$9.3 million and R$10.3 million, respectively, as
a result of regulatory changes regarding (i) the amount of energy allocated by plants in the Regulated and Free
Markets, effective as of January 2015; and (ii) the plants firm energy, effective as March 2015.
The breakdown of Operating Revenues for 1Q15 is as follows:
Operating Revenues
Consolidation
Consolidated
Elimination
Itaqui
Parnaba I
Parnaba II
Amapari
172.8
246.2
36.3
0.0
-35.9
419.3
Fixed Revenues
84.2
118.1
0.0
0.0
0.0
202.3
Variable Revenues
61.1
112.5
0.0
0.0
0.0
173.6
0.0
0.0
0.0
0.0
0.0
0.0
27.5
15.5
36.3
0.0
-35.9
43.4
Deductions from Operating Revenues
-17.3
-24.9
-3.4
0.0
0.0
-45.5
Net Operating Revenues
155.5
221.3
33.0
0.0
-35.9
373.8
(R$ million)
Gross Revenues
Adjustments from previous periods

Other Revenues
2. Operating Costs
Operating Costs
(R$ million)
1Q15
1Q14
(14.4)
(13.0)
10.9%
(147.6)
(227.9)
-35.2%
Outsourced Services
(26.1)
(35.9)
-27.5%
Leases and Rentals
(31.8)
(98.5)
-67.7%
Energy Acquired for Resale
(14.1)
(27.0)
-47.7%
Other Costs
(55.3)
(44.6)
24.0%
Transmission Charges
(20.1)
(10.2)
97.4%
Compensation for Downtime
(23.9)
(18.4)
30.2%
Other
(11.2)
(16.0)
-29.8%
(289.2)
(446.8)
-35.3%
(41.2)
(47.9)
-14.1%
(330.4)
(494.8)
-33.2%
Personnel and Management

Fuel
Total
Depreciation and Amortization
Total Operating Costs
Operating Costs totaled R$330.4 million in 1Q15, mainly impacted by a decrease of R$80.3 million in Fuel and of
R$66.7 million in Leases and Rentals, both compared to the same period of the preceding year.
Fuel cost reduction is mainly due to the deconsolidation of Pecm II as of June 2014 and also the reduction of
fuel consumption by Amapari, which is attributed to suspension of operations for PPA renegotiation as of July
2014. Fuel cost totaled in the quarter R$147.6 million recorded, divided into R$77.3 million incurred by Itaqui
and R$70.1 million incurred by Parnaba I.
Deconsolidation of Pecm II also hit the Outsourced Services account, which reached R$26.1 million, a reduction
of R$9.9 million when compared to 1Q14. Excluding this effect, the referred cost remained stable.
The Leases and Rentals account, which totaled R$31.8 million in the quarter, is comprised mainly by lease costs
incurred by Parnaba I, according to its gas supply agreement (R$66.7 million). Due to the Aneel agreement to
postpone Parnaba II startup date, this plant has been operating in substitution of part of Parnaba I and, as a
result, has transferred its generation and operation costs to Parnaba I. In light of the agreement with the gas
suppliers of the Parnaba Complex, as previously commented, part of these costs will be captured by them by
temporarily reducing gas costs billed to Parnaba I, which sum R$35.0 million in 1Q15.
Operating Costs in 1Q15 were also inflated by costs associated with power trades resulting from the annual
revision of plants firm energy, provided for in the PPAs. In this period, only Itaqui incurred in this cost, which
amounted to R$14.1 million. Every year, the ONS resets the plants firm energy based on the performance of the
past 60 months. If the average availability rate falls below the value originally declared, the plants firm energy is
reduced and the difference has to be covered by a free market collateral contract. The plant can then sell in the
spot market the energy associated with the collateral contract, maintaining only the collateral component of the
contract. In 1Q15, given high spot prices, gross revenues resulting from this sale amounted to R$15.1 million.
The Other Costs account, which totaled R$55.3 million in 1Q15, is mainly composed by transmission charges
(TUST), amounting to R$20.1 million, and compensation for downtime of the power plants (unavailability
charges, also known as ADOMP). In 1Q15, Itaqui and Parnaba I had to reimburse DisCos for the energy not
delivered calculated based on a 60-month rolling average priced by the difference between their declared
variable cost per MWh (CVU) and the energy spot price (PLD). In the quarter, these costs amounted to R$23.9
million, divided into R$15.4 million and R$8.5 million to Itaqui and Parnaba, respectively. Nevertheless, due to a
regulatory change in the ADOMP calculation, which will be challenged by the Company, unavailability charges are
overstated by +R$9.3 million in Itaqui and +R$8.5 million in Parnaba I.
Operational Highlights: During the period, Itaqui generation was limited on several days to 340MW to
malfunction of auxiliary. Net generation reached 617GWh.
Itaqui - Energy Availability
87%
75%
77%
1Q14
2Q14
3Q14
90%
88%
4Q14
1Q15
In 1Q15, Parnaba Is availability was compromised by gas optimization procedures and also by lower generation
from Parnaba II, which has been generating in substitution of part of Parnaba I since December 2014. Parnaba
II has been operating with power reduction in order to optimize water resources in the Parnaba Complex site.
Net generation reached 1,220GWh, including 547GWh from Parnaba II.
Parnaba I - Energy Availability
99%
98%
94%
86%
81%
1Q14
2Q14
3Q14
4Q14
1Q15
3. Operating Expenses
In the quarter, Operating Expenses, excluding Depreciation & Amortization, amounted to R$25.2 million, a
30.1% decrease when compared to 1Q14. In the same period, the Holding company posted Operating Expenses,
excluding Depreciation and Amortization, of R$17.8 million, compared to the R$27.8 million recorded in 1Q14.
During the period, the IPCA inflation index rose by 9.12%.
Operating Expenses
(R$ million)
Consolidated
1Q15
1Q14
Personnel
(11.1)
(15.3)
-27.7%
Outsourced Services
(12.1)
(17.4)
-30.4%
Leases and Rentals
(1.6)
(1.5)
3.4%
Other Expenses
(0.5)
(1.8)
-75.1%
(25.2)
(36.0)
-30.1%
(0.8)
(0.8)
7.2%
(26.0)
(36.8)
-29.3%
Total
Total Operating Expenses
Operating Expenses
(R$ million)
Holding
1Q15
1Q14
(8.5)
(13.3)
-36.2%
(0.3)
(4.5)
-93.6%
Outsourced Services
(7.8)
(11.9)
-34.9%
Leases and Rentals
(1.5)
(1.3)
9.9%
Other Expenses
(0.1)
(1.2)
-91.5%
(17.8)
(27.8)
-35.9%
(0.6)
(0.5)
20.9%
(18.5)
(28.3)
-34.9%
Personnel
Stock Options
Total
The main changes are as follows:
Personnel: Personnel expenses totaled R$11.1 million in 1Q15, compared to R$15.3 million reported in
the same period of the preceding year. The decrease in personnel expenses is largely a result of:
Organizational redesign and streamlining, especially at HoldCo with headcount reduction of 20% of
its total employees over the quarters (-R$0.8 million);
Accounting provision reduction for stock option-related expenses resulting from a decrease in both
the number of options outstanding and the share price since 1Q14 (-R$3.2 million).
Outsourced services: Expenses with outsourced services in 1Q15 totaled R$12.1 million, down R$5.3
million in relation to 1Q14. The highlights are:
Reduction on third party employees (-R$0.8MM)
Decrease in IT expenses due to in-house infrastructure development over the last months (-R$1.8
million);
Accounting provision adjustments, which cost will be allocated in the future into subsidiaries (-R$2.6
million).
Other: Decrease of R$0.7MM as result of insurance expenditures reimbursement by plants to Holding.
4. EBITDA
In 1Q15, ENEVA reported an EBITDA of R$59.4 million vs R$103.9 million in the same period of the preceding
year. Despite the reduction in such figure, as a result primarily of the deconsolidation of Pecm II as of June
2014, which in 1Q14 contributed with R$46.3 million to Consolidated EBITDA, relevant remarks are made:
First full-quarter of Parnaba II operating in substitution of Parnaba I, as provided for in the agreement
with Aneel;
Increase in availability of Itaqui by 25.9 p.p., reaching 88.5% in the quarter;
Unavailability charges figures overstated by R$17.9 million due to a change in the regulatory framework,
already being challenged by the Company; and
Important decrease in Holding expenses as part of the cost cutting initiatives, especially in headcount
(down 20%) and outsourced costs, even during judicial recovery process.
Excluding the impact of overstated unavailability charges, EBITDA raises to R$77.0 million in the period.
5. Net Financial Result

Financial Result
(R$ million)
1Q15
1Q14
Financial Income
21.6
50.5
-57.3%
2.7
21.4
-87.2%
18.4
19.2
-4.2%
Marking-to-market of derivatives
9.0
-100.0%
Settlement of derivatives
Present value adjust. (debentures)
0.4
0.9
-53.2%
(141.4)
(174.8)
-19.1%
Monetary variation
(51.9)
(16.0)
223.9%
Interest expenses
(80.5)
(149.4)
-46.1%
Costs and Interest on Debentures
(0.0)
(0.2)
-87.4%
Other
(9.0)
(9.2)
-2.0%
(119.8)
(124.3)
-3.6%
Monetary variation
Revenues from financial investments
Other
Financial Expenses
Net Financial Result
In 1Q15, ENEVA recorded net financial expenses of R$119.8 million, compared to net expenses of R$124.3
million in 1Q14. The reduction, despite the effect of Pecm II deconsolidation, is mainly due to the increase in
the FX rate hitting a non-hedged loan contracted by the Holding, which was converted from Reais to USD as
result of the Judicial Recovery request, as provided in terms and conditions of such loan contract.
Due to the Judicial Recovery process, as of December 9, 2014, all credit facilities interest payments contracted
by ENEVA, were suspended and since this date have not been accounted as financial expenses.
6. Equity Income
The Company reported a negative equity income of R$27.8 million, mainly impacted by higher Financial
Expenses by Pecm II in the quarter.
The following analyses consider 100% of the projects. On March 31, 2015, ENEVA held an interest of 50.0% in
Pecm I, Pecm II and ENEVA Participaes, 52.5% in both Parnaba III and Parnaba IV (30% as a direct
investment and 22.5% through ENEVA Participaes). Notwithstanding, due to Pecm I sale agreement signing
on December 9, 2014, this asset has been accounted as Asset for Sale and not as Investment, leading to no
longer account its results as Equity Income.
6.1.
Pecm II
INCOME STATEMENT - Pecm II

(R$ million)
1Q15
1Q14
139.6
147.1
-5.1%
(108.7)
(110.4)
-5.1%
Operating Expenses
(1.6)
(1.5)
10.0%
(57.6)
(35.3)
63.2%
0.0
(1.1)
(28.4)
(1.1)
2571.2%
0.4
(28.4)
(0.7)
3924.6%
45.8
46.3
-1.0%
Operating Costs
Other Revenues/Expenses
Earnings Before Taxes
Taxes Payable and Deferred
NET INCOME
EBITDA
On October 18, 2013, Pecm II received authorization from Aneel to start commercial operations and to
supplying 365MW of energy under the terms of the PPA secured in the A-5 energy auction in 2008.
Net revenues for Pecm II in the quarter amounted to R$139.6 million, comprised of:
Fixed revenues amounting to R$75.9 million;
Variable revenues amounting to R$66.0 million;
Other revenues amounting to R$14.3 million;
Taxes on revenues amounting to R$16.6 million.
In the period, Pecm II revenues were boosted by R$8.8 million, as a result of regulatory changes regarding (i)
the amount of energy allocated by the plant in the Regulated and Free Markets, effective as of January 2015;
and (ii) the plants firm energy, effective as March 2015.
Operating Costs reached R$92.1 million in the quarter, excluding Depreciation and Amortization, comprised
mainly of:
Fuel costs totaled R$63.3 million, split between coal (R$59.6 million) and diesel oil and other costs
(R$3.7 million);
Transmission charges (R$6.1 million); and
Unavailability cost (R$7.9 million). Due to a change in the regulatory framework, already being
challenged by the Company, unavailability charges figures overstated by R$8.5 million.
In 1Q15, Pecm II recorded a positive EBITDA of R$45.8 million.

Net financial expenses amounted to R$57.6 million, mainly impacted by higher interest expenses, as a
consequence of the increase on long-term financing interest reference rates.
Pecm II reported a net loss of R$28.4 million impacted by an increase of 63.2% in the Net financial expenses
line explained above.
Operational Highlights: During the period, the plant recorded a good availability figures but it was impacted by
some stoppages especially in march 2015 which has been solved by the company.
Net generation reached
636GWh.
Pecm II - Energy Availability
6.2.
97%
96%
1Q14
2Q14
77%
3Q14
99%
89%
4Q14
1Q15
ENEVA Participaes S.A

6.2.1. Holding Operating Expenses
Operating Expenses
(R$ million)
Holding ENEVA Participaes S.A.

1Q15
1Q14
(3.9)
(6.0)
-35.2%
1.2
(2.1)
-157.7%
Leases and Rentals
(0.0)
(0.6)
-97.1%
Other Expenses
(0.1)
(0.3)
-42.7%
(2.9)
(8.9)
-67.6%
(0.0)
(0.0)
-3.0%
(2.9)
(8.9)
-67.5%
Personnel
Outsourced Services
Total
10
In 1Q15, Operating Expenses, excluding Depreciation and Amortization, amounted to R$2.9 million, a decrease
of R$6.0 million compared to 1Q14. The main changes are summarized as follows:
Reduction on third party employees (-R$0.4MM);
Decrease in IT expenses due to in-house infrastructure development over the last months (-R$0.7
million);
Reflect of ENEVA organizational redesign and streamlining, in particular headcount reduction of 44% (R$1.0 million); and
Accounting adjustment on provision of shared expenses with Holding (-R$1.4 million).
6.3.2. Parnaba III

INCOME STATEMENT - Parnaba III
(R$ million)
1Q15
1Q14
81.4
76.5
6.3%
(66.5)
(63.4)
4.9%
Operating Expenses
(0.6)
(0.3)
100.7%
(4.0)
(2.7)
46.6%
0.5
(0.8)
-161.1%
10.7
9.3
15.8%
(2.4)
(3.1)
-23.5%
8.3
6.1
0.4
15.2
14.4
5.7%

Operating Costs
NET INCOME
EBITDA
On October 22, 2013, Parnaba III received authorization from Aneel to start the commercial operations of its
first generation unit, with 169MW of installed capacity. On February 17, 2014, the plant started the commercial
operations of its second generation unit, with 7MW of installed capacity, complying with the total capacity
contracted under the terms of the Regulated Market power purchase agreement secured in the 2008 A-5 energy
auction (176 MW).
Net revenues in the quarter amounted to R$81.4 million, comprised of:
Fixed revenues amounting to R$26.2 million;
Variable revenues amounting to R$58.7 million;
Other revenues amounting to R$5.6 million;
Taxes on revenues amounting to R$9.1 million.
In the period, Parnaba III revenues were boosted by R$2.2 million, as a result of regulatory changes regarding
(i) the amount of energy allocated by the plant in the Regulated and Free Markets, effective as of January 2015;
and (ii) the plants firm energy, effective as March 2015.
Operating Costs reached R$65.6 million in the quarter, excluding Depreciation and Amortization, comprised
mainly of:
11
Fuel - Natural gas (R$24.0 million);
Lease costs, according to the gas supply agreement (R$32.9 million); and
Unavailability costs (R$1.9 million). Due to a change in the regulatory framework, which will be
challenged by the Company, unavailability charges figures overstated by R$1.6 million.
In 1Q15, Parnaba III recorded a positive EBITDA of R$15.2 million.

Net financial expenses amounted to R$4.0 million, mainly impacted by higher interest expenses, as a
consequence of the increase on long-term financing interest reference rates.
Parnaba III reported a net income of R$8.3 million in 1Q15.
Operational Highlights: In 1Q15, Parnaba III recovered high availability figures, despite a 3-day outage for
planned maintenance in March 2015. Net generation reached 359GWh.
Parnaba III - Energy Availability
99%
1Q14
80%
82%
2Q14
3Q14
96%
67%
4Q14
1Q15
6.3.3. Parnaba IV
Parnaba IV (56MW) received authorization from Aneel to start commercial operations as a power self-producer
on December 12, 2013. The plant, a partnership between ENEVA, ENEVA Participaes and Petra Energia S.A.,
signed a contract in the free market with Kinross, for a five-year period, to supply 20 MWavg from December,
2013 until May, 2014 and 46MWavg from June, 2014 until December, 2018. The remaining power generation of
the plant is sold in the free market.
As of July, 2014, the structure to supply energy by Parnaba IV has been comprised by two entities, Parnaba IV
itself and Parnaba Comercializadora, in which different revenues and costs of the business are accounted.
Parnaba IV and Parnaba Comercializadora are interrelated companies, in which the latter consists as a trading
vehicle through which Parnaba IV energy is sold.
12
INCOME STATEMENT - Parnaba IV

(R$ million)
1Q15
1Q14
7.2
32.9
-78.1%
Operating Costs
(2.1)
(23.1)
-91.0%
Operating Expenses
(0.2)
(0.7)
-72.3%
(6.2)
(1.2)
409.4%
(0.0)
(0.9)
-96.9%
(1.3)
7.0
(0.6)
(1.3)
-52.5%
NET INCOME
(1.9)
5.7
6.2
10.3
-39.6%
EBITDA
INCOME STATEMENT - Parnaba Comercializadora

(R$ million)
1Q15
1Q14
3.9
6.2
-36.2%
(11.7)
(6.2)
90.2%
Operating Expenses
(0.0)
(0.0)
52.8%
0.2
(1.5)
(9.1)
(0.0)
NET INCOME
(9.1)
(0.0)
EBITDA
(7.8)
(0.0)

Operating Costs
Net revenues in the quarter amounted to R$7.2 million in Parnaba IV, mainly comprised of the plant lease
contract to Parnaba Comercializadora amounting to R$7.9 million. In the same period of the year, Parnaba
Comercializadora revenues totaled R$3.9 million from the power sale in the market amounting to R$4.3 million.
Excluding Depreciation & Amortization, Operating Costs of Parnaba IV reached R$0.8 million in 1Q15, mainly
composed of Personnel and Insurance costs that sum R$0.5 million; Parnaba Comercializadora costs totaled
R$11.7 million, comprised mainly by:
Natural gas (R$5.3 million), accounted in the entry Energy acquired for resale due to trading purpose
of the entity;
Energy acquisition in the spot market to fulfill power supply contract with Kinross (R$7.0 million), due to
lower availability of the plant;
Lease costs (+R$1.7 million), spit into plant lease contract with Parnaba IV (R$7.2 million) and the
contribution of Kinross for the power supply of 46MWavg, according to contract signed with this party,
amounting to +R$8.9 million;
Transmission charges (R$0.7 million).

13
Net financial expenses in Parnaba IV reached R$6.2 million, mainly impacted by higher interest rates on
intercompany loans.
Operational Highlights: During the period, Parnaba IV engines stopped several days for maintenance thus
lowering availability records. Plants operational team is working closely with Wrtsil, engines manufacturer,
reduce downtime. Net generation reached 85GWh.
Parnaba IV - Energy Availability
94%
91%
91%
3Q14
4Q14
63%
1Q14
2Q14
72%
1Q15
7. Net Income
In 1Q15, ENEVA reported a net loss of R$128.6 million, impacted mainly by overstated unavailability charges on
Itaqui and Parnaba I, hurting Operational Costs, mark to market of a Holding non-hedged loan increased
Financial Expenses and the decrease of Equity Income as a result of higher Financial Expenses posted by Pecm
II, despite initial positive outcomes of Holding cost reduction initiatives which lowered Operating Expenses in the
period.
INCOME STATEMENT
(R$ million)
1Q15
1Q14
373.8
586.8
-36.3%
(330.4)
(494.8)
-33.2%
Operating Expenses
(26.0)
(36.8)
-29.3%
(119.8)
(124.3)
-3.6%
(27.8)
(7.4)
278.3%
0.0
9.7
-99.8%
(130.2)
(66.7)
95.1%
2.3
(3.8)
(0.7)
(1.4)
-48.6%
(128.6)
(71.9)
78.8%
59.4
103.9
-42.8%
Operating Costs
Equity Income
Minority Interest
NET INCOME
EBITDA
14
8. Debt
As of March 31, 2015, consolidated gross debt amounted to R$5,275.4 million, an increase of 2.2% in relation to
the amount recorded on December 31, 2014. When compared to March 31, 2014, consolidated gross debt
decrease 13.5% or R$823.5 million. The variation is mainly attributed to Pecm II deconsolidation as of June
2014.
Consolidated Debt Profile (R$ million)
1.846
35%
2.434
46%
2.842
54%
Working Capital
Short Term
Project Finance
3.429
65%
Long Term
The balance of short-term debt at the end of March, 2015 was R$3,429.3 million, or R$140.1 million higher than
the amount recorded on December 31, 2014.
R$995.7 million out of the total balance of short-term debt are allocated in the projects (vs. R$1,090.0 million on
December 31, 2014), as follows:
R$122.3 million refer to the current portion of the short-term debts of Itaqui and Parnaba I;
R$873.3 million refer to bridge loans to Parnaba II.
The remaining balance of short-term debt, amounting to R$2,433.6 million, is allocated in the Holding (vs.
R$2,199.1 million on December 31, 2014). At the end of March, 2015, the average cost of debt was 11.60% p.a.
and the average maturity at 3.4 years.
Debt Maturity Profile* (R$ million)
2.433,6
1.503,6
180,9
995,7
Cash & Cash

Equivalents
2015
70,9
132,3
139,3
2016
2017
2018
Project Finance
From 2019 on
Working Capital
*Values include principal + capitalized interest + charges

15
Debt, net of Cash position and Charges on debt, in 1Q15 amounted to R$5,094.5 million, 1.8% higher than the
value reported in 4Q14.
Consolidated Cash and Cash Equivalents (R$ million)
(368.8)
477,9
(34.3)
(5.3)
(21.4)
(24.4)
180,9
157,3
Cash and Cash

Equivalents
(4Q14)
Revenues
Operating Costs
and Expenses
CAPEX
Intercompany
Loan
Debt Service
DSRA/Others
Cash and Cash

Equivalents
(1Q15)
*DSRA = Debt Service Reserve Account
Consolidated Cash and Cash Equivalents totaled R$180.9 million at the end of March, 2015, an increase of
R$23.6 million as compared to the balance in December 31, 2014.
9. Capital Expenditures (Accounting view)

During 1Q15, ENEVAs consolidated Capital Expenditures totalized R$17.0 million, mainly explained by remaining
investments in Parnaba II deployment.
Consolidated Assets (R$ million)
1Q15
1Q14
Capex
Interest
Capitalized
Depreciation &
Amortization
Capex
Interest
Capitalized
Depreciation &
Amortization
Itaqui
1.5
0.0
-18.3
12.8
0.0
-21.4
Parnaba I
6.4
0.0
-11.4
-11.4
0.0
-25.8
Parnaba II
9.1
0.0
-11.6
48.3
20.1
0.0
Equity Consolidated Assets Adjusted by ENEVAs interest (R$ million)

1Q15
Pecm II
1Q14
Capex
Interest
Capitalized
Depreciation &
Amortization
2.3
0.0
-16.6
Capex
Interest
Capitalized
Depreciation &
Amortization
12.3
0.0
-11.0
16
10.Capital Markets
Stock Price Performance
ENEVAs capital on March 31, 2015 was constituted by 840,106,107 ordinary shares, of which 37.1% were free
float.
ENEVAs share price at the end of the first quarter of 2015 was R$0.20, compared to R$0.40 on December 30,
2014, representing a drop of 50.0% in the quarter. In the same period, the Bovespa Index (Ibovespa) increased
2.3% and the Electrical Utilities Sector Index (IEE) also increased 1.3%. In the last 12 months, ENEVAs shares
fell 87.7%, Ibovespa increase 1.5% and IEE rose by 10.7%. The Companys market capitalization at the end of
the quarter reached R$168.0 million. Average daily traded volume in 1Q15 was R$0.6 million.
Capital Markets Performance - 1Q15

12/30/2014 = 100
140
Capital Markets Performance - 12m

03/31/2014 = 100
140
120
120
2.3%
1.3%
100
10.7%
1.5%
100
80
80
60
-50.0%
60
40
ENEV3
IEEX
IBOV
ENEV3
03/31/15
02/28/15
01/31/15
12/31/14
11/30/14
10/31/14
-87.7%
09/30/14
03/31/15
03/24/15
03/17/15
03/10/15
03/03/15
02/24/15
02/17/15
02/10/15
02/03/15
01/27/15
01/13/15
01/06/15
12/30/14
01/20/15
IBOV
03/31/14
1.63
0.20
08/31/14
R$/share
03/31/2014
03/31/2015
20
07/31/14
0.40
0.20
06/30/14
20
05/31/14
R$/share
12/30/2014
03/31/2015
04/30/14
40
IEEX
Free Float Profile

(as of March 31, 2015)
0,9%
21,1%
99,1%
Brazil
International
78,9%
Individuals
Institutional
17
1Q15 Conference Call

Friday, May 15, 2015
12:00 am (Brasilia Time) / 11:00 am (US EST)
Access numbers Brazil
+55 11 3193-1001
+55 11 2820-4001
Access numbers US
+1 786 924-6977
Password: ENEVA
Webcast in English: www.ccall.com.br/eneva/1q15.htm
Webcast in Portuguese: www.ccall.com.br/eneva/1t15.htm
ENEVA Contacts
Investor Relations:
Rodrigo Vilela
Carlos Cotrim
+55 21 3721-3030
ri@ENEVA.com.br
ir.ENEVA.com.br
Press:
Marina Duarte
+55 21 3721-3373 / + 55 21 98132-0459
18
ANNEX
I.
Balance Sheet Assets (Holding and Consolidated)

Holding
Consolidated
Mar-15
Dec-14
Mar-15
Dec-14
363.8
386.5
883.1
944.7
Cash and Cash Equivalents
51.6
72.5
180.9
157.3
Accounts Receivable
12.1
14.0
278.0
346.1
Gain on Derivatives
Subsidies CCC
(0.4)
300.0
300.0
300.0
300.0
94.4
99.2
Escrow Accounts
0.0
0.0
0.0
0.0
Prepaid Expenses
0.0
0.0
30.1
42.1
1,073.5
1,101.2
790.2
742.7
Accounts Receivable - Related Parties
887.0
831.3
456.2
406.8
AFAC
164.6
248.0
0.1
26.3
Escrow Accounts
86.5
62.1
Deferred Taxes (IR/CSLL)
223.0
219.7
21.9
21.9
24.4
27.9
2,224.6
2,242.3
5,316.3
5,357.0
2,210.7
2,228.1
717.8
733.9
11.0
11.2
4,402.3
4,423.5
2.9
2.9
196.1
199.6
3,661.9
3,730.0
6,989.6
7,044.4
(R$ million)
Current Assets
Assets Disposed to Sale

Inventories
Non-current Assets
Long-term Asset
Prepaid Expenses - R&D

Fixed Assets
Equity Interest
Property, Plant and Equipment
Intangible Assets
Deferred Assets
TOTAL ASSETS
19
II.
Balance Sheet Liabilities (Holding and Consolidated)

Holding
Consolidated
(R$ million)
Mar-15
Dec-14
Mar-15
Dec-14
Current Liabilities
2,465.7
2,229.1
3,762.9
3,619.9
13.5
11.7
140.5
149.8
6.6
6.7
14.2
14.9
227.1
214.4
310.2
266.7
2.1
1.6
25.1
27.1
2,206.5
1,984.7
3,119.1
3,022.5
9.8
9.8
153.9
138.9
181.6
357.9
2,138.6
2,206.8
Accounts Payable
9.8
(50.4)
(41.4)
Long-Term Debt
173.0
1,896.6
1,915.9
174.8
171.6
280.8
320.9
6.8
3.5
0.0
0.4
11.7
11.0
81.2
82.5
Shareholder's Equity
1,014.6
1,143.0
1,006.9
1,135.3
Common Stock
4,707.1
4,707.1
4,707.1
4,707.1
Capital Reserve
Reserve Valuation Adjustments
(36.9)
(36.9)
(36.9)
(36.9)
Profit Reserve
351.0
350.8
351.0
350.8
0.0
0.0
0.0
0.0
(3,878.0)
(2,360.8)
(3,885.7)
(2,368.6)
(128.6)
(1,517.2)
(128.6)
(1,517.2)
3,661.9
3,730.0
6,989.6
7,044.4
Accounts Payable
Personnel
Charges on Debts
Taxes Payable
Short Term Debt
Losses on Derivatives
Other
Non-current Liabilities
Long term Liabilities
Intercompany Loan / Payable

Provision for Losses
Others
Minority Interests
Advance for Future Capital Increase - AFAC

Translation Adjustments
Accumulated Profit or Losses
Net Earnings
TOTAL LIABILITIES
20
III. Income Statement (Holding and Consolidated)

Holding
Consolidated
1Q15
1Q14
1Q15
1Q14
419.3
656.6
Energy Supply
419.3
656.6
Energy Commercialization
Deductions from Gross Revenue
(45.5)
(69.8)
373.8
586.8
Operating Costs
(330.4)
(494.8)
Personnel
(14.4)
(13.0)
Material
(4.5)
(3.8)
Fuel
(147.6)
(227.9)
Outsourced Services
(26.1)
(35.9)
(41.2)
(47.9)
Leases and Rentals
(31.8)
(98.5)
CCC Subsidy
15.3
(14.1)
(27.0)
Other costs
(50.8)
(56.1)
(18.5)
(28.3)
(26.0)
(36.8)
Personnel
(8.5)
(13.3)
(11.1)
(15.3)
Material
(0.0)
(0.1)
(0.0)
(0.2)
Outsourced Services
(7.8)
(11.9)
(12.1)
(17.4)
(0.6)
(0.5)
(0.8)
(0.8)
Leases and Rentals
(1.5)
(1.3)
(1.6)
(1.5)
Other Expenses
(0.1)
(1.2)
(0.4)
(1.7)
EBITDA
(17.8)
(27.8)
59.4
103.9
Net Financial Income
(25.6)
(30.3)
(119.8)
(124.3)
(9.1)
21.7
0.0
9.7
(75.5)
(35.0)
(27.8)
(7.4)
(128.6)
(71.9)
(130.2)
(66.7)
CSLL/IR
(0.3)
(2.7)
Deferred Taxes Provision (IR/CSLL)
2.6
(1.1)
(0.7)
(1.4)
(128.6)
(71.9)
(128.6)
(71.9)
(R$ million)
Gross Operating Revenues
Operating Expenses
Other Revenues/ Expenses

Equity Income
Minority Interest
NET INCOME
21
IV.
Project Balance Sheet Assets (Consolidated Projects)

Itaqui
Amapari
Parnaba I
Parnaba II
Mar-15
Dec-14
Mar-15
Dec-14
Mar-15
Dec-14
Mar-15
Dec-14
209.1
205.8
18.7
21.7
211.8
206.4
79.6
113.2
25.2
29.1
14.6
16.7
51.9
38.1
37.5
0.9
Accounts Receivable
103.9
92.3
0.8
1.3
148.8
155.8
12.3
82.7
Gain on Derivatives
Subsidies CCC
(0.4)
77.6
80.4
3.6
3.6
8.7
7.5
4.5
3.7
Escrow Accounts
Prepaid Expenses
2.3
4.0
0.1
0.1
2.4
5.0
25.3
25.8
248.3
234.1
0.5
0.4
51.0
40.7
71.9
27.9
4.8
4.5
0.0
0.0
3.2
2.7
51.7
12.3
51.2
37.4
35.3
24.6
192.1
192.1
10.6
12.0
20.2
15.6
0.1
0.5
0.4
1.9
1.4
2,198.9
2,215.8
(0.0)
(0.0)
1,133.4
1,138.4
1,237.2
1,239.7
2,188.9
2,205.5
(0.1)
(0.1)
969.7
971.7
1,232.1
1,234.5
10.0
10.3
0.1
0.1
163.6
166.6
5.1
5.2
2,656.3
2,655.6
19.2
22.1
1,396.2
1,385.4
1,388.8
1,380.8
(R$ million)
Current Assets
Inventories
Non-current Assets
Long-term Asset
AFAC
Escrow Accounts
Fixed Assets
Equity Interest
Intangible Assets
Deferred Assets
TOTAL ASSETS
22
V.
Project Balance Sheet Liabilities (Consolidated Projects)

Itaqui
Amapari
Parnaba I
Parnaba II
Mar-15
Dec-14
Mar-15
Dec-14
Mar-15
Dec-14
Mar-15
Dec-14
172.1
256.7
27.6
28.2
174.2
199.3
923.3
906.6
39.5
46.8
25.1
24.7
33.1
30.0
29.2
36.6
3.4
3.4
0.4
0.5
2.2
2.3
1.6
2.0
Charges on Debts
15.7
8.9
7.4
4.7
60.1
38.7
Taxes Payable
(R$ million)
Current Liabilities
Accounts Payable
Personnel
14.2
13.0
0.1
1.1
6.3
6.6
2.3
4.8
Short Term Debt
92.3
99.3
137.7
813.3
807.7
99.4
92.3
1.9
1.9
25.9
18.0
16.8
16.8
1,669.6
1,541.1
1.3
1.2
745.0
715.4
12.2
11.9
Other
Accounts Payable
Long-Term Debt
Others
Minority Interests
(13.8)
(14.1)
(36.6)
(37.1)
1,242.8
1,127.8
653.7
615.1
439.9
426.7
0.1
120.1
130.3
12.2
11.9
-
0.6
0.6
1.2
1.2
7.8
7.1
814.7
857.8
(9.6)
(7.2)
477.0
470.7
453.4
462.3
Common Stock
1,767.4
1,757.4
84.8
84.8
263.6
263.6
493.0
445.7
Capital Reserve
6.5
6.5
0.1
0.1
12.0
12.0
0.1
0.0
0.7
0.7
10.0
188.1
188.1
47.3
Profit Reserve
Net Earnings
TOTAL LIABILITIES
(909.7)
(478.8)
(110.5)
(3.6)
19.0
(17.0)
(31.3)
(17.6)
(43.1)
(430.9)
(2.4)
(106.9)
6.3
36.0
(9.0)
(13.8)
2,656.3
2,655.6
19.2
22.1
1,396.2
1,385.4
1,388.8
1,380.8
23
VI.
Project Income Statement (Consolidated Projects)

Itaqui
(R$ million)
Energy Supply
Amapari
Parnaba I
1Q15
1Q14
Parnaba II
1Q15
1Q14
1Q15
1Q14
1Q15
1Q14
172.8
176.7
16.9
246.2
298.3
36.3
0.2
172.8
176.7
16.9
245.3
298.3
1.3
0.2
0.9
35.0
(17.3)
(17.6)
(4.6)
(24.9)
(30.2)
(3.4)
(0.0)
155.5
159.1
12.3
221.3
268.1
33.0
0.2
Operating Costs
(156.2)
(142.3)
(1.1)
(5.5)
(183.1)
(236.2)
(25.8)
(0.3)
Personnel
(6.4)
(6.0)
(0.5)
(1.0)
(5.3)
(4.9)
(2.2)
(0.0)
Material
(3.3)
(2.4)
(0.1)
(0.2)
(0.7)
(0.6)
(0.4)
(0.0)
Fuel
(77.3)
(62.7)
(0.1)
(17.4)
(70.1)
(85.0)
Outsourced Services
(13.7)
(13.7)
(0.1)
(0.9)
(11.0)
(11.7)
(1.3)
0.0
(18.3)
(21.3)
(1.4)
(11.3)
(14.3)
(11.6)
(0.0)
(0.9)
(0.9)
(0.0)
(0.1)
(66.8)
(96.6)
(0.0)
15.3
(14.1)
(23.1)
(0.8)
(0.3)
Other costs
(22.3)
(12.2)
(0.3)
0.2
(18.0)
(22.3)
(10.3)
0.0
(2.4)
(2.1)
(1.4)
(0.4)
(1.3)
(1.4)
(2.5)
(3.0)
(0.5)
(0.3)
(0.7)
(0.1)
(0.0)
(0.0)
(1.5)
(1.2)
(0.0)
(0.0)
(0.0)
(0.1)
(0.0)
(0.0)
Outsourced Services
(1.7)
(1.6)
(0.7)
(0.1)
(1.0)
(1.0)
(0.9)
(1.6)
(0.1)
(0.1)
(0.0)
(0.1)
(0.1)
(0.0)
(0.0)
Leases and Rentals
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.1)
(0.1)
Other Expenses
(0.1)
(0.1)
(0.0)
(0.1)
(0.2)
(0.2)
(0.1)
(0.1)
15.2
36.1
(2.5)
7.9
48.2
44.8
16.2
(3.1)
(40.2)
(38.3)
0.1
0.2
(27.6)
(20.2)
(26.5)
(0.3)
0.2
(5.0)
0.0
(5.5)
(0.6)
(0.5)
8.3
(43.1)
(28.5)
(2.4)
1.1
8.6
9.7
(13.6)
(3.5)
CSLL/IR
(1.2)
(0.3)
(1.5)
(0.9)
(2.0)
(1.8)
4.6
1.2
Leases and Rentals

CCC Subsidy
Operating Expenses
Personnel
Material
EBITDA
Equity Income
Minority Interest
NET INCOME
(43.1)
(28.5)
(2.4)
(1.0)
6.3
6.4
(9.0)
(2.3)
24
VII. Project Balance Sheet Assets (Projects accounted as Equity Income)

ENEVA Part.
Holding
ENEVA Part.
Consolidated
Pecm II
Parnaba III
Parnaba IV
Parnaba
Comercializadora
Mar-15
Dec-14
Mar-15
Dec-14
Mar-15
Dec-14
Mar-15
Dec-14
Mar-15
Dec-14
Mar-15
Dec-14
21.1
22.1
112.6
131.2
146.6
129.1
99.1
71.3
13.1
14.3
19.7
20.6
0.1
1.2
13.3
11.3
28.5
22.0
37.6
14.1
0.1
0.3
8.4
4.6
Accounts Receivable
18.4
18.2
69.0
95.5
76.7
80.4
56.4
52.1
12.4
13.1
11.4
16.0
Gain on Derivatives
0.1
0.1
Subsidies CCC
Inventories
0.0
0.0
39.7
23.7
3.9
3.9
0.2
0.2
Escrow Accounts
2.6
2.6
30.3
24.4
0.5
0.0
Prepaid Expenses
0.0
0.0
1.6
3.1
0.6
1.2
0.3
0.6
Non-current Assets
59.1
57.4
120.3
108.2
109.8
109.0
88.0
86.3
30.0
22.2
0.0
0.0
58.7
56.3
96.5
84.6
0.0
3.0
70.5
68.1
26.2
18.9
0.0
0.0
0.4
1.1
0.4
1.0
Escrow Accounts
22.9
19.2
23.4
22.6
86.1
86.1
17.5
18.2
3.8
3.3
0.8
0.7
0.1
208.3
208.8
183.3
182.1
1,889.8
1,904.1
181.4
181.5
160.4
161.2
175.3
176.8
137.8
137.3
6.6
6.6
18.7
19.0
1,889.2
1,903.9
181.4
181.5
160.4
161.2
26.4
25.4
26.8
25.8
0.6
0.3
288.5
288.3
416.2
421.5
2,146.2
2,142.3
368.5
339.2
203.5
197.7
19.8
20.6
(R$ million)
Current Assets
Long-term Asset
AFAC
Fixed Assets
Equity Interest
Intangible Assets
Deferred Assets
TOTAL ASSETS
25
VIII. Project Balance Sheet Liabilities (Projects accounted as Equity Income)
(R$ million)
Current Liabilities
ENEVA Part.
Holding
Mar-15
Dec-14
ENEVA Part.
Consolidated
Mar-15
Dec-14
Pecm II
Parnaba III
Parnaba IV
Mar-15
Dec-14
Mar-15
Dec-14
Mar-15
Dec-14
Parnaba
Comercializadora
Mar-15
Dec-14
15.5
16.3
31.0
72.8
197.0
164.4
175.8
164.1
6.2
5.7
4.9
6.0
Accounts Payable
1.1
0.9
14.6
55.3
49.4
33.2
36.8
33.7
1.9
1.8
4.9
1.6
Personnel
9.9
9.9
10.7
10.7
1.0
0.9
0.0
0.1
8.0
2.5
6.0
1.6
0.2
1.1
0.4
1.4
12.5
12.3
2.2
0.4
4.2
3.7
0.0
0.0
78.2
77.0
120.0
120.0
Charges on Debts
Taxes Payable
Short Term Debt
Other
4.3
4.3
5.4
5.4
47.9
38.4
10.8
8.4
0.1
0.1
4.4
71.1
39.5
193.7
126.8
1,379.1
1,379.6
44.7
38.0
182.0
174.9
36.7
27.3
Accounts Payable
(10.8)
(10.8)
Long-Term Debt
1,018.7
1,027.6
63.9
32.9
65.8
34.6
368.8
360.4
40.7
34.8
179.3
173.3
36.7
27.3
7.2
6.6
127.9
92.1
2.5
2.5

Others
4.0
3.3
2.7
1.6
201.9
232.6
191.4
222.0
570.0
598.4
148.0
137.1
15.3
17.2
(21.9)
(12.7)
Common Stock
266.8
266.8
266.8
266.8
799.2
799.2
160.3
160.3
15.9
15.9
0.1
0.1
Capital Reserve
62.0
62.0
62.0
62.0
1.1
1.0
1.1
1.0
Minority Interests

Profit Reserve
0.3
0.3
3.6
3.6
25.5
0.3
25.8
7.2
7.2
(122.7)
(60.2)
(133.6)
(71.1)
(201.1)
(168.0)
(30.4)
(20.2)
(2.3)
0.0
(12.8)
(0.0)
Net Earnings
(5.3)
(62.4)
(5.3)
(62.4)
(28.4)
(33.0)
10.9
(10.2)
(1.9)
(2.3)
(9.1)
(12.8)
TOTAL LIABILITIES
288.5
288.3
416.2
421.5
2,146.2
2,142.3
368.5
339.2
203.5
197.7
19.8
20.6
26
IX.
Project Income Statement (Projects accounted as Equity Income)

ENEVA Part.
Holding
1Q15
1Q14
ENEVA Part.
Consolidated
1Q15
1Q14
Pecm II
Parnaba III
Parnaba IV
Parnaba
Comercializadora
1Q15
1Q14
1Q15
1Q14
1Q15
1Q14
1Q15
1Q14
42.1
164.1
156.1
164.5
90.5
85.1
7.9
36.6
4.3
Energy Supply
0.2
0.2
156.1
164.5
90.5
74.8
32.5
4.3
41.9
163.9
10.2
7.9
4.1
8.3
(4.1)
(14.9)
(16.6)
(17.4)
(9.1)
(8.5)
(0.7)
(3.7)
(0.4)
(2.2)
38.0
149.3
139.6
147.1
81.4
76.5
7.2
32.9
3.9
6.2
Operating Costs
(0.0)
(0.1)
(45.9)
(147.8)
(108.7)
(110.4)
(66.5)
(63.4)
(2.1)
(23.1)
(11.7)
(6.2)
Personnel
(0.9)
(0.7)
(1.4)
(1.2)
(0.0)
(0.2)
Material
(0.0)
(0.7)
(0.7)
(0.0)
(0.1)
(0.3)
Fuel
(63.3)
(62.8)
(24.0)
(19.1)
(6.8)
(0.0)
(0.0)
(0.2)
(0.1)
(9.7)
(9.6)
(2.5)
(3.6)
(0.1)
(2.1)
(0.4)
(0.1)
(0.1)
(16.5)
(10.9)
(0.9)
(1.5)
(1.3)
(1.2)
Leases and Rentals
(0.1)
(0.1)
(1.1)
(0.7)
(33.3)
(29.1)
(0.0)
1.7
CCC Subsidy
(43.7)
(145.9)
(2.8)
(0.6)
(2.4)
(12.7)
(12.3)
(6.2)
(R$ million)
Outsourced Services
Other costs
Operating Expenses
Personnel
8.3
(0.0)
(0.1)
(0.9)
(1.0)
(16.0)
(21.6)
(5.2)
(7.7)
(0.3)
(0.0)
(0.7)
(0.0)
(2.9)
(8.9)
(3.5)
(9.9)
(1.6)
(1.5)
(0.6)
(0.3)
(0.2)
(0.7)
(0.0)
(0.0)
(3.9)
(6.0)
(4.2)
(6.7)
(0.3)
(0.3)
(0.0)
(0.4)
Material
0.0
(0.0)
0.0
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
Outsourced Services
1.2
(2.1)
0.9
(2.2)
(1.1)
(1.0)
(0.5)
(0.2)
(0.1)
(0.2)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
Leases and Rentals
(0.0)
(0.6)
(0.0)
(0.6)
(0.0)
(0.1)
(0.0)
Other Expenses
(0.1)
(0.2)
(0.2)
(0.4)
(0.1)
(0.0)
(0.1)
(0.0)
(0.1)
(0.0)
(0.0)
(0.0)
(2.9)
(9.0)
(11.2)
(8.3)
45.8
46.3
15.2
14.4
6.2
10.3
(7.8)
(0.0)
0.4
0.6
2.1
2.2
(57.6)
(35.3)
(4.0)
(2.7)
(6.2)
(1.2)
0.2
(0.3)
(0.0)
3.4
(1.6)
0.0
(1.1)
0.5
(0.8)
(0.0)
(0.9)
(1.5)
Equity Income
(2.5)
3.9
(0.2)
3.7
(5.3)
(4.5)
(6.1)
(4.2)
(28.4)
(1.1)
10.7
9.3
(1.3)
7.0
(9.1)
(0.0)
CSLL/IR
(0.4)
(0.9)
(1.9)
(1.1)
0.8
(0.0)
0.4
(1.5)
(1.3)
(0.6)
(0.2)
(5.3)
(4.5)
(5.3)
(4.5)
(28.4)
(0.7)
8.3
6.1
(1.9)
5.7
(9.1)
(0.0)
EBITDA
Minority Interest
NET INCOME
27
X.
Debt
R$ MM
Interest rates
Maturity
Itaqui
Short Term
Long Term
Total
15.7
0.3%
1,229.1
23.3%
1,244.7
23.6%
BNDES (Direto)
TJLP + 2,78%
15/06/26
1.9
0.2%
769.7
61.8%
771.6
14.6%
BNB
10%
15/12/26
3.8
0.3%
198.2
15.9%
202.0
3.8%
BNDES (Indireto)
IPCA + TR BNDES + 4,8%
15/06/26
9.4
0.8%
109.7
8.8%
119.2
2.3%
BNDES (Indireto)
TJLP + 4,8%
15/06/26
0.5
0.0%
151.5
12.2%
152.0
2.9%
106.6
2.0%
617.1
11.7%
723.7
13.7%
Parnaba I
Bradesco
CDI + 3,00%
22/04/15
20.6
2.8%
10.2
1.4%
30.8
0.6%
Banco Ita BBA
CDI + 3,00%
15/04/15
31.9
4.4%
22.7
3.1%
54.6
1.0%
BNDES (Direto)
TJLP + 1,88%
15/06/27
36.5
5.0%
384.7
53.2%
421.3
8.0%
BNDES (Direto)
IPCA + TR BNDES + 1,88%
15/07/26
17.6
2.4%
199.5
27.6%
217.1
4.1%
873.3
16.6%
0.0
0.0%
873.3
16.6%
Parnaba II
Banco Ita BBA
CDI + 3,00%
30/12/14
236.6
32.7%
0.0
0.0%
236.6
4.5%
CEF
CDI + 3,00%
30/12/14
331.2
37.9%
0.0
0.0%
331.2
6.3%
BNDES
TJLP + 2,40%
15/06/15
305.6
35.0%
0.0
0.0%
305.6
5.8%
2,433.6
46.1%
0.0
0.0%
2,433.6
46.1%
ENEVA S/A
Banco Ita BBA
CDI + 2,65%
16/12/14
119.9
4.9%
0.0
0.0%
119.9
2.3%
Banco Citibank
CDI + 2,95%
22/09/14
121.2
5.0%
0.0
0.0%
121.2
2.3%
Banco Citibank
LIBOR 3M + 1,26%
27/09/17
161.5
6.6%
0.0
0.0%
161.5
3.1%
Banco BTG Pactual
CDI + 3,75%
09/12/14
108.4
4.5%
0.0
0.0%
108.4
2.1%
Banco BTG Pactual
CDI + 3,75%
09/06/15
372.4
15.3%
0.0
0.0%
372.4
7.1%
Banco BTG Pactual
CDI + 3,75%
09/12/14
393.7
16.2%
0.0
0.0%
393.7
7.5%
Banco BTG Pactual
CDI + 2,75%
12/12/14
354.1
14.6%
0.0
0.0%
354.1
6.7%
Banco Citibank
CDI + 4,00%
09/12/14
139.0
5.7%
0.0
0.0%
139.0
2.6%
Banco Ita BBA
CDI + 2,65%
05/12/14
227.5
9.3%
0.0
0.0%
227.5
4.3%
Banco Ita BBA
CDI + 2,65%
09/12/14
238.7
9.8%
0.0
0.0%
238.7
4.5%
Banco Ita BBA
CDI + 3,15%
19/01/16
89.8
3.7%
0.0
0.0%
89.8
1.7%
Banco BTG Pactual
CDI + 3,00%
13/10/14
42.7
1.8%
0.0
0.0%
42.7
0.8%
Banco Ita BBA
CDI + 3,00%
13/10/14
31.0
1.3%
0.0
0.0%
31.0
0.6%
Banco Citibank
CDI + 3,00%
13/10/14
17.9
0.7%
0.0
0.0%
17.9
0.3%
Banco BTG Pactual
CDI + 3,00%
13/10/14
15.8
0.6%
0.0
0.0%
15.8
0.3%
3,429.3
65.0%
1,846.1
35.0%
5,275.4
100.0%
Gross Debt (a)

Cash (b)
180.9
Net Debt (a) - (b)
5,094.5
28

Earnings Release - 1Q15

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Earnings Release - 1Q15

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1Q15 Earnings Release

1Q15 Earnings Release

ENEVA Announces First Quarter 2015 Results

MMX: Termination of a power supply agreement on balanced terms and conditions

Note: 1Q14 Pro-forma does not consider Pecm II

1Q15 Earnings Release

1Q15 & Subsequent Events

Grace period: 4 years (Interest) + 8 years (Principal)

Amortization: Custom, ramping up from 15% to 25% p.a.

50% of ENEVA Participaes;

9,1% of Parnaba Gs Natural (gas supplier to Parnaba Complex plants);

30% of Parnaba I OCGT;

30% of Parnaba III OCGT;

30% of Parnaba IV TPP; and

1Q15 Earnings Release

Termination of power supply contract with MMX

Settlement agreement signing with PGN and BPMB

1Q15 Earnings Release

Economic and Financial Performance

1. Net Operating Revenues

Deductions from Operating Revenues

Net Operating Revenues

Adjustments from previous periods

1Q15 Earnings Release

Leases and Rentals

Energy Acquired for Resale

Compensation for Downtime

Personnel and Management

1Q15 Earnings Release

1Q15 Earnings Release

Leases and Rentals

Leases and Rentals

The main changes are as follows:

Reduction on third party employees (-R$0.8MM)

Other: Decrease of R$0.7MM as result of insurance expenditures reimbursement by plants to Holding.

1Q15 Earnings Release

Increase in availability of Itaqui by 25.9 p.p., reaching 88.5% in the quarter;

5. Net Financial Result

Present value adjust. (debentures)

Costs and Interest on Debentures

Net Financial Result

1Q15 Earnings Release

INCOME STATEMENT - Pecm II

Net Operating Revenues

Net Financial Result

Fixed revenues amounting to R$75.9 million;

Variable revenues amounting to R$66.0 million;

Other revenues amounting to R$14.3 million;

Taxes on revenues amounting to R$16.6 million.

1Q15 Earnings Release

Transmission charges (R$6.1 million); and

In 1Q15, Pecm II recorded a positive EBITDA of R$45.8 million.

Net generation reached

ENEVA Participaes S.A

Holding ENEVA Participaes S.A.

Leases and Rentals

1Q15 Earnings Release

Reduction on third party employees (-R$0.4MM);

Accounting adjustment on provision of shared expenses with Holding (-R$1.4 million).

6.3.2. Parnaba III

Net Financial Result

Earnings Before Taxes

Taxes Payable and Deferred