Demonstra??es Financeiras em Padr?es Internacionais

(A free translation of the original in Portuguese)
Eneva S.A. - under court-supervised

reorganization
Quarterly Information (ITR) at
September 30, 2015
and Report on Review of
Quarterly Information

Report on Review of Quarterly Information
To the Board of Directors and Shareholders
Eneva S.A. - under court-supervised reorganization
Introduction
We have reviewed the accompanying parent company and consolidated interim accounting
information of Eneva S.A. - under court-supervised reorganization (the Company), included in the
Quarterly Information Form (ITR) for the quarter ended September 30, 2015, comprising the balance
sheet as at that date and the statements of operations, comprehensive income for the quarter and ninemonth periods then ended, and the statements of changes in equity and cash flows for the nine-month
period then ended, and a summary of significant accounting policies and other explanatory
information.
Management is responsible for the preparation of the parent company interim accounting information
in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian
Accounting Pronouncements Committee (CPC), and of the consolidated interim accounting
information in accordance with CPC 21 and International Accounting Standard (IAS) 34 - Interim
Financial Reporting issued by the International Accounting Standards Board (IASB), as well as the
presentation of this information in accordance with the standards issued by the Brazilian Securities
Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our
responsibility is to express a conclusion on this interim accounting information based on our review.
Scope of review
We conducted our review in accordance with Brazilian and International Standards on Reviews of
Interim Financial Information (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 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.
Conclusion on the parent
company interim information
Based on our review nothing has come to our attention that causes us to believe that the accompanying
parent company interim accounting information included in the quarterly information referred to
above has not been prepared, in all material respects, in accordance with CPC 21 applicable to the
preparation of the Quarterly Information, and presented in accordance with the standards issued by
the CVM.
Conclusion on the consolidated
interim information
Based on our review nothing has come to our attention that causes us to believe that the accompanying
consolidated interim accounting information included in the quarterly information referred to above
has not been prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the
preparation of the Quarterly Information, and presented in accordance with the standards issued by
the CVM.
Emphasis of matter
Going Concern
As mentioned in further details in Note 1, on December 9, 2014 Eneva S.A. - under court-supervised
reorganization - filed a request for court-supervised reorganization in the State of Rio de Janeiro
Capital Judicial District. On December 16, 2014, the Court of the 4th Corporate Court of the State of

Rio de Janeiro Capital decided to grant the processing of the court-supervised reorganization of the
Company and its subsidiary ENEVA Participaes S.A. under court-supervised reorganization. On
February 12, 2015, the Company presented the Reorganization Plan to the 4th Corporate Court of the
State of Rio de Janeiro Capital. On April 30, 2015, the general meeting of creditors, under the terms of
the related Law, approved the aforementioned plan, which was approved by Court on May 12, 2015. On
August 26, 2015, the shareholders meeting decided to initiate the procedures for capital increase,
considering the established preconditions had been met. On November 5, 2015, the capital increase
was approved as detailed in Note 29, being implemented steps, up to this date, required in the Plan.
Additionally, the Company and its subsidiaries recorded, at September 30, 2015, net profit of R$
128,709 thousand, maintaining, however, accumulated losses of R$ 3,756,907 thousand and excess of
current liabilities over current assets of R$ 391,693 thousand for consolidated financial statements.
Therefore, the reversal of that situation of followed losses generation and the readjustment of the
financial and equity structure of the Company depend on the continuity success of the measures
adopted in reorganization plan, as detailed in Note 1. This situation raises significant doubt as to the
ability of the Company to continue as a going concern. No adjustments arising from the uncertainties
involved were included in the financial information. Our conclusion is not qualified in respect of this
matter.
Other matters
Statements of value added
We have also reviewed the parent company and consolidated statements of value added for the quarter
ended September, 2015. These statements are the responsibility of the Companys management, and
are required to be presented in accordance with standards issued by the CVM applicable to the
preparation of Quarterly Information (ITR) and are considered supplementary information under
IFRS, which do not require the presentation of the statement of value added. These statements have
been submitted to the same review procedures described above and, based on our review, nothing has
come to our attention that causes us to believe that they have not been prepared, in all material
respects, in a manner consistent with the parent company and consolidated interim accounting
information taken as a whole.
1. PricewaterhouseCoopers
2. Auditores Independentes
3. CRC 2SP000160/O-5 "F" RJ
4. Guilherme Naves Valle

5. Contador CRC 1MG070614/O-5 "S" RJ
ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA
Version : 1
Contents
Company details
Break-down of Paid-in Capital
Individual Financial Statements

Balance sheet - Assets
Balance sheet - Liabilities
Statement of income
Statement of Comprehensive Income
Statements of Cash Flow
Statements of Changes in Shareholders Equity

DMPL - 01/01/2015 to 09/30/2015
DMPL - 01/01/2014 to 09/30/2014
Statements of Added Value
Consolidated Financial Statements

Balance Sheet Assets
10
Balance Sheet - Liabilities
11
Statement of Income
12
Statement of Comprehensive Income
13
Statements of Cash Flow
14
Statements of Changes in Shareholders Equity

DMPL - 01/01/2015 to 09/30/2015
15
DMPL - 01/01/2014 to 09/30/2014
16
Statements of Added Value

Other information that the Company deemed relevant
17
18
Reports and statements

Fiscal Council Report or Equivalent Body
23
Directors' Declaration on the Financial Statements
24
Directors' Declaration on the Independent Auditors' Report
25
Version : 1
Company Data / Capital Breakdown

Number of Shares
(thousand)
Current Quarter
09/30/2015
Issued Capital
Common
840,106
Preferred
Total
840,106
Treasury stock
Common
Preferred
Total
PAGE: 1 of 25
Version : 1
Individual Financial Statements / Balance Sheet - Assets

(Thousands of Reais)
Account Code
1
1.01
1.01.01
1.01.01.01
1.01.01.02
1.01.06
1.01.06.01
1.01.07
1.01.08
1.01.08.01
1.01.08.03
1.01.08.03.01
1.01.08.03.02
1.01.08.03.04
1.02
1.02.01
1.02.01.07
1.02.01.09
1.02.01.09.03
1.02.01.09.07
1.02.01.09.08
1.02.01.09.09
1.02.01.09.11
1.02.01.09.12
1.02.01.09.14
1.02.02
1.02.02.01
1.02.02.01.01
1.02.02.01.02
1.02.02.01.03
1.02.02.01.04
1.02.03
1.02.04
Account Description
Total Assets
Current Assets
Cash and Cash Equivalents
Cash and Banks
Multimercado FICFI RF CP Eneva Funds
Recoverable taxes
Recoverable Current Taxes
Prepaid Expenses
Other Current Assets
Noncurrent Assets for Sale
Other
Other Advances
Dividends Receivable
Secured Deposits
Noncurrent Assets
Long-term Assets
Prepaid Expenses
Other Noncurrent Assets
Gain on Derivatives
Recoverable taxes
Accounts Receivable from Other Related Parties
AFAC with Subsidiaries and Joint Subsidiaries
Loan with Subsidiaries and Joint Subsidiaries
Accounts Receivable with Subsidiaries and Joint Subsidiaries
Other Credits
Capital Expenditure
Equity Interests
Equity Interests in Associated Companies
Equity Interests in Subsidiaries
Equity Interests in Joint Subsidiaries
Other Equity Interests
Property, Plant and Equipment
Intangible Assets
Current
Quarter
09/30/2015
3,423,875
205,261
142,028
445
141,583
20,441
20,441
6
42,786
42,786
7,284
1,802
33,700
3,218,614
1,084,173
1,573
1,082,600
21,122
44,639
188,980
752,745
75,112
2
2,120,106
2,120,106
94,412
1,445,258
518,341
62,095
11,070
3,265
Previous Year
12/31/2014
3,729,971
386,513
72,502
4,055
68,447
12,255
12,255
3
301,753
300,000
1,753
1,712
41
3,343,458
1,101,204
786
1,100,418
21,122
33,237
62,627
248,000
691,287
44,143
2
2,228,139
2,228,139
97,483
1,486,453
582,108
62,095
11,238
2,877
PAGE: 2 of 25
Version : 1
Individual Financial Statements / Balance Sheet Liabilities

Account Code
2
2.01
2.01.01
2.01.01.02
2.01.02
2.01.02.01
2.01.03
2.01.03.01
2.01.03.01.01
2.01.04
2.01.04.01
2.01.04.01.01
2.01.05
2.01.05.02
2.01.05.02.07
2.01.05.02.09
2.02
2.02.01
2.02.01.01
2.02.01.01.01
2.02.01.01.02
2.02.02
2.02.02.01
2.02.02.01.04
2.02.04
2.02.04.02
2.02.04.02.05
2.03
2.03.01
2.03.02
2.03.02.04
2.03.05
2.03.06
Account Description
Total Liabilities
Current Liabilities
Social and Labor Obligations
Labor Obligations
Trade Payables
National Trade Payables
Tax Obligations
Federal Tax Obligations
Payable Income and Social Contribution Tax
Loans and Financing
Loans and Financing
In National Currency
Other Obligations
Other
Interest in the Profits
Other Obligations
Noncurrent Liabilities
Loans and Financing
Loans and Financing
In Foreign Currency
Other Obligations
Liabilities with Related Parties
Debts with Other Related Parties
Provisions
Other Provisions
Unsecured Liabilities
Shareholders Equity
Capital Recorded
Capital Reserve
Options Granted
Accumulated Profits/Losses
Equity Appraisal Adjustements
Current
Quarter
09/30/2015
3,423,875
17,656
3,876
3,876
11,660
11,660
2,029
2,029
2,029
91
91
91
2,097,424
2,048,871
2,048,871
1,791,000
257,871
37,328
37,328
37,328
11,225
11,225
11,225
1,308,795
4,707,088
350,980
350,980
(3,749,273)
-
Previous Year
12/31/2014
3,729,971
2,229,070
6,742
6,742
11,737
11,737
1,602
1,602
1,602
2,199,149
2,199,149
2,199,149
9,840
9,840
9,749
91
357,885
182,749
182,749
182,749
171,595
171,595
171,595
3,541
3,541
3,541
1,143,016
4,707,088
350,771
350,771
(3,877,982)
(36,861)
PAGE: 3 of 25
Version : 1
Individual Financial Statements Statement

of Income (Thousands of Reais)
Account
Code
3.04
3.04.02
3.04.02.01
3.04.02.02
3.04.02.03
3.04.02.04
3.04.02.05
3.04.04
3.04.04.01
3.04.04.02
3.04.04.03
3.04.05
3.04.05.01
3.04.05.02
3.04.05.03
3.04.05.04
3.04.05.05
3.04.06
3.05
3.06
3.06.01
3.06.01.01
3.06.01.02
3.06.01.03
3.06.01.04
3.06.01.05
3.06.01.06
3.06.02
3.06.02.01
3.06.02.02
3.06.02.03
3.06.02.05
3.06.02.06
3.07
3.09
3.10
3.10.01
3.11
3.99.01.01
Equal
Previous
Current Year
Current
Previous
Year
Accumulated
Quarter from
Year Quarter Accumulated
Account Description
from
07/01/2015 to
from
from
01/01/2015 to
09/30/2015
07/01/2014 to 01/01/2014 to
09/30/2015
09/30/2014
09/30/2014
Operating Income/Expenses
(72,284)
(293,585)
76,835
(27,452)
General and Administrative Expenses
(9,457)
(42,731)
(19,294)
(60,908)
Personnel and Management
(4,355)
(17,681)
(4,557)
(22,742)
Other Expenses
(579)
(1,858)
(515)
(2,547)
Outsourced Services
(2,970)
(16,790)
(11,556)
(28,995)
Depreciation and Amortization
(650)
(1,918)
(615)
(1,720)
Leasing and Rentals
(903)
(4,484)
(2,051)
(4,904)
Other Operating Revenue
60
419,333
442,010
Sale of PGN (OGX Maranho)
(21,858)
Gains on the Sale of Assets
441,998
442,010
Other
60
(807)
Other Operating Expenses
(3,587)
(27,480)
(378,477)
(380,199)
(3,543)
(8,016)
1,718
1,583
Provision for Investment Losses
(72)
(313)
(500)
(692)
Losses on the Sale of Assets
91
(7,050)
(379,695)
(381,090)
Other
(63)
(794)
(11,307)
Equity in Income of Subsidiaries
(59,240)
(223,434)
55,273
(28,355)
Income Before Financial Income/Loss and Taxes
(72,284)
(293,585)
76,835
(27,452)
Financial Income
(41,646)
459,155
(47,772)
(127,698)
Financial Revenue
35,135
619,282
44,760
133,466
Positive Exchange Variance
2
24,604
1,393
23,716
Short-term Investments
8,001
14,474
6,152
8,973
Derivative Financial Instruments
6,560
11,678
16,109
Fair Value of Debentures
50
489,344
Other Financial Revenue
(813)
2,908
533
689
Interests on Loans
27,895
81,392
25,004
83,979
Financial Expenses
(76,781)
(160,127)
(92,532)
(261,164)
Negative Exchange Variance
(35,740)
(95,218)
(13,844)
(29,143)
(2,348)
(4,124)
Debenture Interest/Cost
(23)
(74)
(74)
(470)
Charges of debts
(40,523)
(60,784)
(76,938)
(221,766)
Other Financial Expenses
(495)
(1,703)
(1,676)
(5,661)
Earnings Before Tax on Net Income
(113,930)
165,570
29,063
(155,150)
Net Earnings from Continued Operations
(113,930)
165,570
29,063
(155,150)
Net Earnings from Discontinued Operations
(36,861)
Income/Net Loss from Discontinued Operations
(36,861)
Net income/Loss for the year
(113,930)
128,709
29,063
(155,150)
ON
(0)
0
0
(0)
PAGE: 4 of 25
Version : 1
Individual Financial Statements Comprehensive

Statement of Income (Thousands of Reais)
Account
Code
Account Description
Current
Quarter from
07/01/2015 to
09/30/2015
Current Year
Accumulated
from 01/01/2015 to
09/30/2015
Equal Previous
Year Quarter
from 07/01/2014
to 09/30/2014
Previous Year
Accumulated from
01/01/2014 to
09/30/2014
(155,149)
4.01
Net Income for the Period
(113,930)
128,709
29,062
4.02
Other Comprehensive Income
(36,861)
2,236
121
4.02.01
Accumulated Translation Adjustments
3,585
3,585
4.02.02
4.02.03
Effective portion of the changes in fair value of cash flow hedges - hedge accounting
(49,394)
(2,044)
(5,248)
4.02.04
Deferred income and social contribution taxes - hedge accounting
12,533
695
1,784
4.03
Comprehensive Income for the Period
(113,930)
91,848
31,298
(155,028)
PAGE: 5 of 25
Version : 1
Individual Financial Statements / Statement of Cash Flows

Indirect Method (Thousands of Reais)
Account
Code
6.01
6.01.01
6.01.01.01
6.01.01.02
6.01.01.03
6.01.01.04
6.01.01.05
6.01.01.07
6.01.01.08
6.01.01.13
6.01.01.14
6.01.01.15
6.01.01.16
6.01.01.18
6.01.02
6.01.02.01
6.01.02.02
6.01.02.05
6.01.02.09
6.01.02.10
6.01.02.11
6.01.02.14
6.01.03
6.01.03.02
6.02
6.02.01
6.02.04
6.02.07
6.02.08
6.02.10
6.02.11
6.02.12
6.03
6.03.01
6.03.03
6.03.04
6.03.07
6.03.10
6.05
6.05.01
6.05.02
Account Description
Net Cash Operating Activities

Cash Provided by Operating Activities
Income/Net Loss for the Period Before IR and CSLL
Operations with Derivative Financial Instruments
Stock Options Awarded
Investment Loss
Provision for Unsecured Liabilities
Interest on Loans and Related Parties
Other Income / Expenses
Other
Changes in Assets and Liabilities
Other Advances
Prepaid Expenses
Recoverable taxes
Taxes, Duties and Contributions
Trade Payables
Provisions and Payroll Charges
Related Parties
Other
Assets and Liabilities
Net Cash Investment Activities
Acquisition of PPE and Intangible Assets
Payment of Capital via AFAC
Debt to Related Parties
Dividends
Secured Deposits
Intended assets to Trading
Advance for Future Capital Increase - AFAC
Net Cash Financing Activities
Financial Instruments
Amortization of Principal - Financing
Loans Obtained
Issue (payment) of Debentures
Increase (Decrease) in Cash and Cash Equivalents
Opening Balance of Cash and Cash Equivalents
Closing Balance of Cash and Cash Equivalents
Current Year
Accumulated
from
01/01/2015 to
09/30/2015
(190,058)
(41,545)
128,709
1,918
234,741
(4,212)
44,225
8,016
70,689
(489,344)
(35,082)
(1,205)
(138,431)
(5,571)
(789)
(19,589)
428
(77)
(2,867)
(109,966)
(10,082)
(10,082)
260,208
(1,892)
64,035
(61,459)
(1,802)
(33,659)
300,000
(5,015)
(625)
(625)
69,525
72,503
142,028
Previous
Year
Accumulated
from
01/01/2014 to
09/30/2014
80,856
(19,866)
(155,149)
1,720
28,355
(11,985)
1,635
692
(1,583)
470
114,361
1,618
107,211
122
(8,650)
186
680
(2,707)
117,580
(6,489)
(6,489)
(164,853)
(2,035)
(196,464)
33,648
(2)
108,250
(4,124)
174,774
(236,580)
180,000
(5,820)
24,253
110,156
134,409
PAGE: 6 of 25
Version: 1
Individual Financial Statements - Statements of Changes in Shareholders Equity / DMPL 01/01/2015 to 09/30/2015 (Thousands of Reais)
Account
Code
5.01
5.02
5.03
5.04
5.04.03
5.05
5.05.02
5.05.02.02
5.05.02.06
5.07
Account Description
Openning Balances
Adjustments from Prior Years
Adjusted Openning Balances
Capital Transactions with Partners
Options Granted Recognized
Total Comprehensive Income
Taxes without Financial Instruments Adjustments
Period loss
Closing Balances
Paid-in
Share
Capital
4,707,088
4,707,088
4,707,088
Capital
Reserve,
Options
Awarded
and Shares
at Treasury
350,771
350,771
209
209
350,980
Other
Accumulated
Comprehensive Shareholders
Profits or
Income
Equity
Losses
Profit
Reserves
(3,877,982)
(3,877,982)
128,709
128,709
128,709
(3,749,273)
(36,861)
(36,861)
36,861
36,861
36,861
-
1,143,016
1,143,016
209
209
165,570
165,570
36,861
128,709
1,308,795
PAGE: 7 of 25
Version: 1
Individual Financial Statements - Statements of Changes in Shareholders Equity / DMPL 01/01/2014 to 09/30/2014 (Thousands of Reais)
Account
Code
5.01
5.02
5.03
5.04
5.04.03
5.04.10
5.05
5.05.02
5.05.02.01
5.05.02.05
5.07
Account Description
Openning Balances
Adjustments from Prior Years
Financial Instruments Adjustments
Taxes without Translation Adjustments in the Period
Closing Balances
Paid-in
Share
Capital
4,532,314
4,532,314
174,774
174,774
4,707,088
Capital
Reserve,
Options
Awarded
and Shares
at Treasury
350,514
350,514
(28)
(28)
350,486
Other
Accumulated
Profits or
Income
Equity
Losses
Profit
Reserves
(2,360,800)
(2,360,800)
(155,149)
(155,149)
(155,149)
(2,515,949)
(53,284)
(53,284)
1,663
1,663
5,248
(3,585)
(51,621)
2,468,744
2,468,744
174,746
(28)
174,774
(153,486)
(153,486)
5,248
(158,734)
2,490,004
PAGE: 8 of 25
Version: 1
Individual Financial Statements Statement of

Added Value (Thousands of Reais)
Account Code
7.01
7.01.02
7.02
7.02.02
7.03
7.04
7.04.01
7.05
7.06
7.06.01
7.06.02
7.06.03
7.06.03.01
7.06.03.02
7.06.03.06
7.06.03.07
7.07
7.08
7.08.01
7.08.01.01
7.08.01.02
7.08.01.03
7.08.02
7.08.02.01
7.08.03
7.08.03.01
7.08.03.02
7.08.03.03
7.08.03.03.01
7.08.03.03.03
7.08.03.03.04
7.08.03.03.06
7.08.04
7.08.04.03
Account Description
Revenue
Other Revenue
Consumables Acquired from Third Parties
Material, Electricity, Outsourced Services and Other
Gross Added Value
Retentions
Depreciation, Amortization and Depletion
Net Added Value Produced
Transferred Added Value
Financial Revenue
Other
Interests on Loans
Losses on Sales Operation
Total Added Value to be Distributed
Distribution of Added Value
Personnel
Direct Remuneration
Benefits
F.G.T.S.
Federal
Interest Expenses
Interest
Rent
Other
Losses on derivative transactions
Insurance
Exchange Variance
Financial Expenses
Interest Earnings
Withheld Income / Loss for the Period
Current Year
Accumulated
from 01/01/2015
to 09/30/2015
291,904
291,904
(18,188)
(18,188)
273,716
(1,918)
(1,918)
271,798
15,059
(234,741)
506,727
(256,927)
6,560
(8,016)
81,390
(336,861)
286,857
286,857
17,681
14,826
(2,825)
5,680
230
230
140,237
75
4,484
135,678
2,348
229
70,614
62,487
128,709
128,709
Previous Year
Accumulated
from 01/01/2014
to 09/30/2014
60,227
60,227
(30,752)
(30,752)
29,475
(1,720)
(1,720)
27,755
82,978
(28,355)
9,662
101,671
16,109
1,583
83,979
110,733
110,733
22,742
13,800
1,427
7,515
392
392
242,748
470
4,904
237,374
4,124
398
5,426
227,426
(155,149)
(155,149)
PAGE 9 of 25
Version: 1
Consolidated Financial Statements / Balance Sheet - Assets

Account
Code
1
1.01
1.01.01
1.01.01.01
1.01.01.02
1.01.01.04
1.01.03
1.01.03.01
1.01.04
1.01.06
1.01.06.01
1.01.07
1.01.08
1.01.08.01
1.01.08.03
1.01.08.03.01
1.01.08.03.02
1.01.08.03.04
1.02
1.02.01
1.02.01.06
1.02.01.06.01
1.02.01.07
1.02.01.09
1.02.01.09.03
1.02.01.09.04
1.02.01.09.07
1.02.01.09.08
1.02.01.09.09
1.02.01.09.11
1.02.01.09.12
1.02.01.09.13
1.02.02
1.02.02.01
1.02.02.01.01
1.02.02.01.04
1.02.03
1.02.04
Account Description
Total Assets
Current Assets
Cash and Cash Equivalents
Cash and Banks
Multimercado FICFI RF CP Eneva Funds
CDB/Security
Accounts Receivable
Clients
Inventories
Recoverable taxes
Recoverable Current Taxes
Prepaid Expenses
Other Current Assets
Noncurrent Assets for Sale
Other
Other Advances
Dividends Receivable
Secured Deposits
Noncurrent Assets
Long-term Assets
Deferred Taxes
Deferred Income and Social Contribution Tax
Prepaid Expenses
Other Noncurrent Assets
Gain on Derivatives
Secured Deposits
Recoverable taxes
Accounts Receivable from Other Related Parties
AFAC to Joint Subsidiaries
Loan with Joint Subsidiaries
Accounts Receivable with Joint Subsidiaries
Other Credits
Capital Expenditure
Equity Interests
Equity Interests in Associated Companies
Other Equity Interests
Property, Plant and Equipment
Intangible Assets
Current
Quarter
09/30/2015
6,800,641
727,253
254,704
42,981
171,539
40,184
234,459
234,459
88,747
37,933
37,933
60,125
51,285
51,285
17,413
172
33,700
6,073,388
819,725
269,100
269,100
4,526
546,099
21,122
78,191
55,030
5,729
19,480
295,639
70,904
4
667,214
667,214
94,412
572,802
4,397,029
189,420
Previous
Year
12/31/2014
7,044,418
944,708
157,319
44,229
85,084
28,006
304,848
304,848
99,185
32,354
32,354
42,081
308,921
300,000
8,921
8,880
41
6,099,710
742,745
219,713
219,713
6,776
516,256
21,122
62,070
37,575
63,970
26,250
284,774
20,493
2
733,927
733,927
97,484
636,443
4,423,466
199,572
PAGE: 10 of 25
Version: 1
Consolidated Financial Statements / Balance Sheet - Liabilities

Account Code
2
2.01
2.01.01
2.01.01.02
2.01.02
2.01.02.01
2.01.03
2.01.03.01
2.01.03.01.01
2.01.04
2.01.04.01
2.01.04.01.01
2.01.05
2.01.05.02
2.01.05.02.05
2.01.05.02.07
2.01.05.02.08
2.01.05.02.09
2.02
2.02.01
2.02.01.01
2.02.01.01.01
2.02.01.01.02
2.02.02
2.02.02.01
2.02.02.01.04
2.02.03
2.02.03.01
2.02.04
2.02.04.02
2.02.04.02.05
2.03
2.03.01
2.03.02
2.03.02.04
2.03.05
2.03.06
2.03.09
Account Description
Total Liabilities
Current Liabilities
Social and Labor Obligations
Labor Obligations
Trade Payables
National Trade Payables
Tax Obligations
Federal Tax Obligations
Payable Income and Social Contribution Tax
Loans and Financing
Loans and Financing
Other Obligations
Other
Contractual Retentions
Interest in the Profits
Payable Dividends
Other Obligations
Noncurrent Liabilities
Loans and Financing
Loans and Financing
In Foreign Currency
Other Obligations
Liabilities with Related Parties
Debts with Other Related Parties
Deferred Taxes
Deferred Income and Social Contribution Tax
Provisions
Other Provisions
Consolitated Shareholders Equity
Capital Recorded
Capital Reserve
Options Granted
Accumulated Profits/Losses
Minority Interests
Current
Quarter
09/30/2015
6,800,641
1,118,946
11,787
11,787
147,633
147,633
23,408
23,408
23,408
826,307
826,307
826,307
109,811
109,811
4,650
699
104,462
4,296,746
4,131,001
4,131,001
3,873,130
257,871
150,414
150,414
150,414
14,286
14,286
1,045
1,045
1,045
1,384,949
4,707,088
350,980
350,980
(3,756,907)
83,788
Previous Year
12/31/2014
7,044,418
3,619,910
14,934
14,934
149,785
149,785
27,116
27,116
27,116
3,289,195
3,289,195
3,289,195
138,880
138,880
20,945
16,591
101,344
2,206,796
1,874,502
1,874,502
1,874,502
320,874
320,874
320,874
10,978
10,978
442
442
442
1,217,712
4,707,088
350,771
350,771
(3,885,741)
(36,861)
82,455
PAGE: 11 of 25
Version : 1
Consolidated Financial Statements Statement

of Income (Thousands of Reais)
Account
Code
Account Description
3.01
3.02
3.03
3.04
3.04.02
3.04.02.01
3.04.02.02
3.04.02.03
3.04.02.04
3.04.02.05
3.04.04
3.04.04.01
3.04.04.02
3.04.04.03
3.04.05
3.04.05.01
3.04.05.02
3.04.05.03
3.04.05.04
3.04.05.05
3.04.05.06
3.04.05.07
3.04.05.08
3.04.06
3.05
3.06
3.06.01
3.06.01.01
3.06.01.02
3.06.01.03
3.06.01.04
3.06.01.05
3.06.01.06
3.06.02
3.06.02.01
3.06.02.02
3.06.02.03
3.06.02.05
3.06.02.06
3.07
3.08
3.08.01
3.08.02
3.09
3.10
3.10.01
3.11
3.11.01
3.11.02
Revenue from Goods Sold and/or Services Provided

Cost of Goods and/or Services Sold
Gross Profit
General and Administrative Expenses
Other Expenses
Outsourced Services
Leasing and Rentals
Other Operating Revenue
Gains on the Sale of Assets
Other
Other Operating Expenses
Unsecured liability
Losses on the sale of assets
Losses for share interest
Write-off of CCC Benefit
Other
Adomp/CCEE Penalty
Loss for write-off of inventory
Income Before Financial Income/Loss and Taxes
Financial Income
Financial Revenue
Short-term Investments
20% Discount RJ
Other Financial Revenue
Interests on Loans
Financial Expenses
Charges of debts
Other Financial Expenses
Earnings Before Tax on Net Income
Income and Social Contribution Taxes on Profit
Current
Deferred
Net Earnings from Continued Operations
Net Earnings from Discontinued Operations
Income/Net Loss from Discontinued Operations
Consolitated Income/Loss for the Period
Attributed to Partners of the Parent Company
Attributed to Minority Partners
Current
Quarter
from
07/01/2015
to
09/30/2015
365,971
(310,550)
55,421
(28,564)
(15,239)
(4,372)
(1,104)
(7,973)
(830)
(960)
236
236
(5,381)
(1,200)
(170)
(1,261)
261
435
(3,446)
(8,180)
26,857
(159,231)
26,672
891
14,599
50
1,049
10,083
(185,903)
(35,767)
(23)
(128,149)
(21,964)
(132,374)
18,190
187
18,003
(114,184)
(114,184)
(113,930)
(254)
Equal
Current
Previous
Previous
Year
Year
Year
Accumulated
Quarter
Accumulated
from
from
from
01/01/2015 to 07/01/2014 01/01/2014 to
09/30/2015
to
09/30/2014
09/30/2014
1,053,542
353,768
1,429,845
(911,583)
(247,556)
(1,181,938)
141,959
106,212
247,907
27,795
(30,798)
(152,286)
(63,619)
(25,626)
(80,545)
(21,157)
(5,723)
(27,182)
(3,030)
(991)
(4,298)
(32,247)
(15,911)
(41,318)
(2,471)
(812)
(2,382)
(4,714)
(2,189)
(5,365)
754
419,586
484,388
(21,858)
754
400,222
442,359
41,222
42,029
(9,216)
(378,683)
(404,578)
(3,407)
1,732
1,843
(313)
(17,888)
(19,108)
(8,403)
(379,695)
(381,090)
261
5,945
6,092
(6,223)
(6,223)
17,446
(3,446)
(80,205)
12,518
(30,063)
(10,327)
134,007
217,109
133,838
(97,653)
(356,488)
599,086
43,939
109,644
29,958
1,393
26,882
31,213
9,474
20,782
6,560
11,678
16,109
489,344
6,676
8,807
10,698
35,335
12,587
35,173
(465,248)
(141,592)
(466,132)
(95,717)
(14,070)
(30,274)
(2,348)
(4,124)
(74)
(74)
(470)
(320,800)
(118,482)
(402,064)
(46,309)
(8,966)
(29,200)
123,511
36,354
(139,379)
46,062
(7,252)
(12,528)
(18)
3,490
944
46,080
(10,742)
(13,472)
169,573
29,102
(151,907)
(36,861)
(36,861)
132,713
29,102
(151,907)
128,710
29,061
(155,150)
4,003
41
3,243
PAGE: 12 of 25
Version : 1
Consolidated Financial Statements Comprehensive

Statement of Income (Thousands of Reais)
Account
Code
Account Description
Current
Quarter from
07/01/2015 to
09/30/2015
Current Year
Accumulated
from
01/01/2015 to
09/30/2015
Equal
Previous Year
Quarter from
07/01/2014 to
09/30/2014
Previous
Year
Accumulated
from
01/01/2014 to
09/30/2014
(114,184)
132,712
29,103
(151,906)
4.01
Consolitated Net Income for the Period
4.02
(36,861)
2,236
121
4.02.01
3,585
3,585
4.02.03
Effective portion of the changes in fair value of cash flow hedges - hedge accounting
(49,394)
(2,044)
(5,248)
4.02.04
12,533
695
1,784
4.03
Deferred income and social contribution taxes - hedge

accounting
Consolitated Comprehensive Income for the Period
(114,184)
95,851
31,339
(151,785)
4.03.01
(113,930)
91,848
31,297
(155,028)
4.03.02
(254)
4,003
42
3,243
PAGE: 13 of 25
Version : 1
Consolidated Financial Statements / Statement of Cash Flows

Indirect Method (Thousands of Reais)
Account
Code
6.01
6.01.01
6.01.01.01
6.01.01.02
6.01.01.03
6.01.01.04
6.01.01.05
6.01.01.07
6.01.01.08
6.01.01.09
6.01.01.13
6.01.01.14
6.01.01.15
6.01.01.16
6.01.01.18
6.01.02
6.01.02.01
6.01.02.02
6.01.02.03
6.01.02.05
6.01.02.06
6.01.02.09
6.01.02.10
6.01.02.11
6.01.02.12
6.01.02.13
6.01.02.14
6.01.03
6.01.03.02
6.02
6.02.01
6.02.04
6.02.05
6.02.07
6.02.08
6.02.09
6.02.10
6.02.11
6.02.12
6.03
6.03.01
6.03.03
6.03.04
6.03.07
6.03.09
6.03.10
6.05
6.05.01
6.05.02
Current
Previous
Year
Year
Accumulated Accumulated
Account Description
from
from
01/01/2015 to 01/01/2014 to
09/30/2015
09/30/2014
Net Cash Operating Activities
58,295
(1,677)
Cash Provided by Operating Activities
215,600
119,725
Loss for the Period
86,650
(139,378)
130,154
132,696
80,205
30,063
Operations with Derivative Financial Instruments
(4,212)
(11,985)
Stock Options Awarded
1,635
Investment Loss
49,023
19,108
3,407
(1,843)
Provision for Disassembly
(2,266)
65,833
470
(489,344)
Interest on Loans and Related Parties
254,252
155,977
39,632
Other
(64,752)
Changes in Assets and Liabilities
(138,502)
(125,687)
Other Advances
(8,534)
804
Prepaid Expenses
(15,796)
(24,441)
Accounts Receivable
70,389
(14,288)
Recoverable taxes
(23,033)
(8,225)
Inventories
6,992
15,927
(3,708)
(18,032)
Trade Payables
(2,151)
(116,193)
Provisions and Payroll Charges
(3,147)
(3,244)
Accounts Payable
3,118
(22,628)
Subsidies Receivable - CCC
14,272
Debts / Credits related parties
(162,632)
50,361
Other
(18,803)
4,285
Other Assets and Liabilities
(18,803)
4,285
Net Cash Investment Activities
95,926
1,063,898
Acquisition of PPE and intangible assets
(134,432)
(170,876)
Capital Contribution / AFAC in Investments
6,770
(424,969)
Cash derived from sale of Property, plant and equipment and Intangible assets
61,269
Debt to Related Parties
(10,864)
(287,132)
Dividends
526
Contractual Retentions
(16,295)
(64,283)
Secured Deposits
(49,779)
28,096
Effect on PPE Pecm II (Available-for-Sale)
1,921,793
Assets Intended for Sale
300,000
Net Cash Financing Activities
(56,834)
(1,132,469)
Financial Instruments
(4,124)
174,774
Amortizations of Principal
(56,834)
(353,898)
Obtaining Financings
180,000
Effect on Loans Pecm II (Available-for-Sale)
(1,123,401)
Issue (payment) of Debentures
(5,820)
Increase (Decrease) in Cash and Cash Equivalents
97,387
(70,248)
Opening Balance of Cash and Cash Equivalents
157,318
277,583
Closing Balance of Cash and Cash Equivalents
254,705
207,335
PAGE: 14 of 25
Version : 1
Consolidated Financial Statements - Statements of Changes in Shareholders Equity - 01/01/2015 to

09/30/2015 (Thousands of Reais)
Account Code
5.01
5.03
5.04
5.04.03
5.04.09
5.05
5.05.02
5.05.02.01
5.05.02.07
5.05.02.08
5.07
Account Description
Paid-in Share
Capital
Openning Balances
Deferred Asset Adjustment
Loss for the Period
Minority Interests
Closing Balances
4,707,088
4,707,088
4,707,088
Capital
Reserve,
Options
Awarded and
Shares at
Treasury
350,771
350,771
209
209
350,980
Accumulated
Other
Profits or
Losses
Income
Equity
Profit
Reserves
(3,885,741)
(3,885,741)
126
126
128,709
128,709
128,709
(3,756,906)
(36,861)
(36,861)
36,861
36,861
36,861
-
1,135,257
1,135,257
335
209
126
165,570
165,570
36,861
128,709
1,301,162
Consolitated
Shareholders
Equity
Minority
Interest
82,455
82,455
1,333
1,333
4,003
(2,670)
83,788
1,217,712
1,217,712
335
209
126
166,903
166,903
36,861
132,712
(2,670)
1,384,950
PAGE: 15 of 25
Version : 1
Consolidated Financial Statements - Statements of Changes in Shareholders Equity / DMPL 01/01/2014 to 09/30/2014 (Thousands of Reais)
Account
Code
5.01
5.03
5.04
5.04.03
5.04.09
5.04.10
5.05
5.05.02
5.05.02.01
5.05.02.04
5.05.02.07
5.05.02.08
5.07
Account Description
Openning Balances
Translation Adjustments in the Period
Loss for the Period
Minority Interests
Closing Balances
Paid-in Share
Capital
4,532,314
4,532,314
174,774
174,774
4,707,088
Capital
Reserve,
Options
Awarded and
Shares at
Treasury
350,514
350,514
(28)
(28)
350,486
Accumulated
Other
Profits or
Comprehensive
Losses
Income
Profit
Reserves
(2,379,303)
(2,379,303)
1,823
1,823
(155,149)
(155,149)
(155,149)
(2,532,629)
(53,284)
(53,284)
1,663
1,663
5,248
(3,585)
(51,621)
Shareholders
Equity
2,450,241
2,450,241
176,569
(28)
1,823
174,774
(153,486)
(153,486)
5,248
(3,585)
(155,149)
2,473,324
Consolitated
Shareholders
Equity
Minority
Interest
123,633
123,633
3,481
3,481
3,243
238
127,114
2,573,874
2,573,874
176,569
(28)
1,823
174,774
(150,005)
(150,005)
5,248
(3,585)
(151,906)
238
2,600,438
PAGE: 16 of 25
Version : 1
Consolidated Financial Statements Statement of

Added Value (Thousands of Reais)
Account Code
7.01
7.01.01
7.01.02
7.01.03
7.02
7.02.02
7.03
7.04
7.04.01
7.05
7.06
7.06.01
7.06.02
7.06.03
7.06.03.01
7.06.03.02
7.06.03.06
7.06.03.08
7.07
7.08
7.08.01
7.08.01.01
7.08.01.02
7.08.01.03
7.08.02
7.08.02.01
7.08.02.02
7.08.03
7.08.03.01
7.08.03.02
7.08.03.03
7.08.03.03.01
7.08.03.03.02
7.08.03.03.03
7.08.03.03.04
7.08.03.03.06
7.08.04
7.08.04.03
7.08.04.04
Account Description
Revenue
Sales of Goods, Products and Services
Other Revenue
Revenue Relating to Construction of Company Assets
Consumables Acquired from Third Parties
Material, Electricity, Outsourced Services and Other
Gross Added Value
Retentions
Financial Revenue
Other
Interests on Loans
Losses on Sales Operation
Distribution of Added Value
Personnel
Direct Remuneration
Benefits
F.G.T.S.
Federal
State
Interest Expenses
Interest
Rent
Other
Losses on Derivative Transactions
Advances to suppliers
Insurance
Exchange Variance
Financial Expenses
Interest Earnings
Withheld Income / Loss for the Period
Non-controlling Interests on Withheld Income
Current Year
Accumulated from
01/01/2015 to
09/30/2015
1,429,923
1,171,569
294,946
(36,592)
(622,096)
(622,096)
807,827
(130,154)
(130,154)
677,673
148,656
(80,205)
527,235
(298,374)
6,560
(3,407)
35,334
(336,861)
826,329
826,329
59,139
33,276
10,958
14,905
72,453
72,453
562,025
74
141,439
420,512
2,348
(36,592)
21,888
65,759
367,109
132,712
128,709
4,003
Previous Year
Accumulated from
01/01/2014 to
09/30/2014
(182,482)
1,598,175
77,967
(1,858,624)
(787,504)
(787,504)
(969,986)
(132,696)
(132,696)
(1,102,682)
54,544
(30,062)
31,481
53,125
16,109
1,843
35,173
(1,048,138)
(1,048,138)
61,981
32,220
12,320
17,441
181,803
174,899
6,904
(1,140,016)
470
263,437
(1,403,923)
4,124
(1,858,624)
15,921
3,392
431,264
(151,906)
(155,149)
3,243
PAGE: 17 of 25
Version : 1
Reports and statements / Fiscal council report or Equivalent body

Not applicable.
PAGE: 23 of 25
Version : 1
Reports and statements / Director's declaration on the Financial Statements

In compliance with the provisions in Article 25 of Instruction n 480/09, of December 7, 2009, the Management Board declares that it
has revised, discussed and agreed relevant to the Quarterly Information (Company and Consolidated) the quarter ended September
30, 2015.
Rio de Janeiro, November 12, 2015.
Alexandre Americano (Chief Executive Officer)
Ricardo Levy (Executive Vice President and Investor Relations Director)
PAGE: 24 of 25
Version : 1
Reports and statements / Director's declaration on Independent Auditors' Report

In compliance with the provisions in Article 25 of Instruction n 480/09, of December 7, 2009, the Management Board declares that it
has revised, discussed and agreed Declaration of Principles with the conclusion expressed in the Independent Auditors' relevant
review report, dated November 12, 2015, relevant to the Quarterly Information (Company and Consolidated) the quarter ended
September 30, 2015.
Rio de Janeiro, November 12, 2015.
Alexandre Americano (Chief Executive Officer)
Ricardo Levy (Executive Vice President and Investor Relations Director)
PAGE: 25 of 25
Eneva S.A. In Judicial Reorganization
(Public Held Company)
September 30 2015
With Independent Auditor's Report on the Financial Statements
Summary
1. Reporting Entity ................................................................................................................................................... 15
2. Licenses and Permits ........................................................................................................................................... 21
3. Interim Financial Statement .................................................................................... Erro! Indicador no definido.
4. Significant Account Policies ................................................................................................................................. 23
5. Critical accounting estimates and judgements ................................................................................................... 23
6. Cash and Cash Equivalents .................................................................................................................................. 23
7. Secures Deposits.................................................................................................................................................. 24
8. Accounts Receivables and Fuel Consumption Account ....................................................................................... 25
9. Inventories ............................................................................................................... Erro! Indicador no definido.
10. Recoverable and Deferred Taxes....................................................................................................................... 27
11. Capital Expenditure ........................................................................................................................................... 30
12. Available for sale Assests and Discontinued Operations................................................................................... 35
13. Property, Plant and Equipment ......................................................................................................................... 37
14. Intangible Assests .............................................................................................................................................. 39
15. Related Parts ..................................................................................................................................................... 42
16. Loans and Financeing ........................................................................................................................................ 48
17. Taxes and Payable Contributions ...................................................................................................................... 56
18. Financial Instruments and Risk Management ................................................................................................... 56
19. Provision for Contingencies .............................................................................................................................. 64
20. Shareholders' Equity .......................................................................................................................................... 64
21. Earnings per share ............................................................................................................................................. 66
22. Share-based Remunaration Plan ....................................................................................................................... 66
23. Operating Revenue ............................................................................................................................................ 69
24. Costs and Expenses by nature ........................................................................................................................... 70
25. Financial Results ................................................................................................................................................ 71
26. Commitments .................................................................................................................................................... 72
27. Insurance Coverage ........................................................................................................................................... 75
28. Operating Segments .......................................................................................................................................... 75
29. Subsequent Events ............................................................................................................................................ 83
QUARTERLY INFORMATION ENEVA S.A. IN JUDICIAL REORGANIZATION
Statements of Financial Position

Quarterly Information of 3rd ITR2015
(In thousands of Reais - R$)
Parent Company
Note 30/09/2015 31/12/2014
Assets
Current
Cash and cash equivalents
Securities
Trade accounts receivable
Subsidies receivable - Fuel Consumption Account
Inventories
Prepaid expenses
Recoverable taxes
Gain on derivatives
Other advances
Dividends receivable
Secured deposits
Other current assets
Noncurrent assets for sale
Noncurrent
Long-term
Prepaid expenses
Secured deposits
Subsidies receivable - Fuel Consumption Account
Recoverable tax
Deferred income and social contribution tax
Loan with subsidiaries
Accounts receivable from other related parties
Accounts receivable from subsidiaries
AFAC to subsidiaries
Advance for future capital increase with subsidiaries
Gain on derivatives
Other accounts receivable
6
7
9
9
10
11
19
8
8
12
8
9
11
11
15
15
15
15
15
17
Consolitated
30/09/2015 31/12/2014
142.028
6
20.441
7.284
1.802
33.700
205.260
72.502
3
12.255
1.712
41
300.000
300.000
386.513
254.705
234.459
88.747
60.125
37.933
17.414
172
33.700
727.253
157.318
304.848
99.185
42.081
32.354
8.880
1.573
44.639
752.745
75.112
188.980
21.122
2
786
33.237
691.287
62.627
44.143
248.000
21.122
2
4.527
78.191
55.030
269.100
295.639
5.729
70.904
19.480
21.122
2
6.774
62.070
37.575
219.713
284.774
63.970
20.492
26.250
21.122
2
1.084.173
1.101.204
819.724
742.743
41
300.000
300.000
944.708
Capital expenditure
12
2.120.106
2.228.139
667.214
733.927
Property, plant and equipment.
13
11.070
11.238
4.397.029
4.423.468
Intangible assets
14
3.265
2.876
189.420
199.572
3.423.875
3.729.972
6.800.641
7.044.418
Statements of Financial
Position
Quarterly Information of 3rd
ITR2015
Parent Company
Liabilities
Current
Trade payables
Loans and financing
Debentures
Taxes and contributions payable
Social and labor obligations
Contractual retention
Profit sharing
Dividends payable
Other liabilities
Note 30/09/2015
31/12/2014
30/09/2015
31/12/2014
11.660
2.029
3.876
91
17.655
11.737
2.199.149
1.602
6.742
9.749
91
2.229.071
147.633
826.307
23.408
11.787
4.650
699
104.462
1.118.945
149.785
3.289.195
27.116
14.934
20.945
16.592
101.344
3.619.909
4.131.002
150.414
1.045
14.286
4.296.746
1.874.502
320.875
442
10.978
2.206.797
16
18
13
Noncurrent
Loans and financing
Debts with other related parties
Debentures
Provision for unsecured liabilities
Deferred income and social contribution taxes
Provision for disassembly
16
15
17
12
11
13
2.048.871
37.328
11.225
2.097.424
182.749
171.595
3.541
357.885
Shareholders equity
Capital
Capital reserve
Equity appraisal adjustements
Accumulated losses
21
4.707.088
23
350.980
21
21 (3.749.273)
4.707.088
350.771
(36.861)
(3.877.982)
1.308.795
1.143.016
1.301.162
1.135.256
83.788
82.455
1.308.795
1.143.016
1.384.949
1.217.712
3.423.875
3.729.972
6.800.641
7.044.418
Shareholders' equity attributable to

controlling shareholders
Minority interests
Total shareholders equity
Consolitated
4.707.088
4.707.088
350.980
350.771
0
(36.861)
(3.756.907) (3.885.741)
ENEVA S.A.
(Public held company)
Statments of income
Parent Company
Consolitated
Note 30/09/2015 30/09/2014
30/09/2015
30/09/2014
Revenue from goods sold and services provided
24
1.053.542
1.429.845
Cost of goods and/or services sold
25
(911.583)
(1.181.938)
141.958
247.907
(293.585)
(27.452)
(152.286)
(30.799)
(42.731)
(17.681)
(60.908)
(22.742)
(63.620)
(21.157)
(80.546)
(27.182)
(1.857)
(2.547)
(3.030)
(4.298)
(16.790)
(28.995)
(32.247)
(41.318)
(1.918)
(1.720)
(2.471)
(2.382)
Leasing and Rentals
(4.484)
(4.904)
(4.714)
(5.365)
60
442.010
754
484.388
21.858
21.858
Gross profit
25
General and Administrative

Personnel and management
Other expenses
Outsourced Services
Other operating revenue

Sale Pecm I
419.303
419.303
Gains on the sale of assets
60
848
754
43.227
Other operating expenses

Unsecured Liability
(27.480)
(8.016)
(380.199)
1.583
(9.216)
(3.407)
(404.578)
1.843
Losses on the sale of assets
(7.050)
(1.618)
(8.403)
(1.895)
(313)
(1.251)
(313)
(560)
261
(5.945)
Adomp/CCEE Penalty
6.092
(17.446)
Sale Pecm I
(378.913)
(378.913)
(11.307)
-
(3.446)
(793)
(0)
(1.662)
Equity in income of subsidiaries
(223.434)
(28.355)
(80.205)
(30.063)
Income before financial income/loss and taxes
(293.585)
(27.452)
(10.328)
217.108
459.155
(127.696)
133.838
(356.488)
619.282
133.467
599.086
109.644
24.604
23.716
29.958
26.882
489.344
(0)
489.344
(0)
Provision for investment losses
Provision for investment losses - Impairment

Provision for inventory losses
Other
Financial income
Financial revenue
20% discount on RJ debt
26
Short-term investments
14.474
8.973
31.213
20.783
6.560
16.109
6.560
16.109
81.392
83.979
35.335
35.173
2.909
689
6.676
10.698
(160.127)
(261.163)
(465.248)
(466.131)
(95.218)
(29.143)
(95.717)
(30.274)
(2.348)
(4.124)
(2.348)
(4.124)
(74)
(470)
(74)
(470)
(60.784)
(221.766)
(320.800)
(402.064)
(1.703)
(5.661)
(46.309)
(29.200)
165.570
(155.149)
123.511
(139.379)
46.062
(12.528)
Current
(18)
944
Deferred charges
46.080
(13.472)
Consolidated Net Earnings from Continued Operations
165.570
(155.149)
169.573
(151.907)
Discontinued operations
Loss in discontinued operations - Sale Pecm I
(36.861)
(36.861)
128.709
(155.149)
132.712
(151.907)
Derivative financial instruments

Interests on Loans
Ohter financial revenue
Financial expenses
Debt charges
Other financial expenses
Earnings before tax on net income
Income and social contribution taxes on profit
18

Income/ Loss per Share
Basic and diluted loss per share (R$)
22
128.709
(155.149)
128.709
(155.149)
0,15321
(0,18468)
4.003
0,15797
3.243
(0,18082)
Statements of comprehensive
income
Loss for the Year

Equity Valuation Adjustments:
Effective portion of the changes in fair value of cash
flow hedges - hedge accounting
Deferred income and social contribution taxes hedge accounting
Parent Company
Consolitated
30/09/2015
30/09/2015
128.709
(36.861)
(49.394)
12.533
30/09/2014
(155.149)
3.585
(5.248)
(7.032)
1.784
132.712
(36.861)
(49.394)
12.533
30/09/2014
(151.906)
3.585
(5.248)
(7.032)
1.784
Total comprehensive income
91.848
(160.397)
95.851
(153.569)
Comprehensive Income for the Period

Noncontrolling shareholders
Controlling shareholders
Total comprehensive income
91.848
91.848
91.848
(160.397)
(160.397)
(160.397)
95.851
4.003
91.848
95.851
(153.569)
3.243
(156.812)
(153.569)
Statements of cash flows

Parent Company
Consolitated
30/09/2015
30/09/2014
30/09/2015
30/09/2014
128.709
(155.149)
86.650
(139.378)
Cash flows from operating activities

Loss for the Year
Adjustments to reconcile loss to cash flow from operating activities:
Depreciation and amortization
1.918
1.720
130.154
132.696
(4.212)
(11.985)
(4.212)
(11.985)
Stock options awarded
1.635
1.635
Provision for disassembly
(2.266)
234.741
28.355
80.205
30.063
Operations with derivative financial instruments

8.016
(1.583)
3.407
(1.843)
Income from sales/write-off of investments
44.225
1.251
49.023
19.108
Debenture Interest/Cost and Exchange variance
70.689
470
65.833
470
(489.344)
(489.344)
(35.082)
114.313
254.252
155.977
(1.205)
39.632
440
(64.752)
(41.545)
(20.533)
215.600
119.725
(5.571)
122
(8.534)
804
(789)
48
(15.796)
(24.441)
Conditional discount - effect of Judicial Reorganization

Interest from loans - related parties
Other
Changes in assets and liabilities

Other Advances
Prepaid Expenses
Accounts Receivable
70.389
(14.288)
(19.589)
(8.650)
(23.033)
(8.225)
6.992
15.927
Taxes and contributions
426
186
(3.708)
(18.032)
Trade payables
(77)
680
(2.151)
(116.193)
(2.867)
(2.707)
(3.147)
(3.244)
3.118
(22.628)
Taxes Recoverable/Deferred
Inventories
Provisions and payroll charges

Accounts Payable
Subsidies receivable - CCC
14.272
(109.966)
117.580
(162.632)
50.361
(10.082)
(7.380)
(18.803)
4.285
(148.513)
99.879
(157.307)
(121.403)
(190.058)
79.346
58.293
(1.678)
Acquisition of PPE and intangible assets
(1.892)
(856)
(134.432)
(170.876)
(5.015)
Change in Investments
64.035
(196.133)
6.770
(424.969)
Debts / Credits with related parties

Other Assets and Liabilities
Net cash used in operating activities

Cash flows produced by investment activities
Cash derived from sale of Property, plant and equipment and Intangible assets
Debt to related parties
Dividends receivable
Secured deposits
Effect on Property, plant and equipment Pecm II (Available-for-Sale)
Assets Intended for Sale
61.269
(61.459)
33.648
(10.864)
(287.132)
(1.802)
526
(33.659)
(10.285)
(66.074)
(36.187)
1.921.793
300.000
300.000

Net cash used in investment activities
260.208
(173.626)
95.926
1.063.899
Cash flows from financing activities

Loans obtained
Payment of principal on loans
185.420
180.000
(625)
(242.000)
(56.834)
(353.898)
(4.124)
Gain (loss) on settled financial instruments
(4.124)
Capital increase
174.774
174.774
Effect on Loans Pecm II (Available-for-Sale)
(1.123.401)
Debenture settlement
(5.820)
(5.820)
(625)
108.250
(56.834)
(1.132.469)
Net cash provided by (used in) financing activities

Exchange Variance on Cash and Cash Equivalents
Increase / (Decrease) in cash and cash equivalents
69.525
13.970
97.386
(70.248)
72.502
110.156
157.318
277.583
142.028
124.126
254.705
207.335
Increase (decrease) in cash and cash equivalents

At beginning of year
At end of year
Statements of changes in
shareholders equity
Quarterly Information of 3rd
ITR2015
Parent Company
Balance at December 31, 2013
(155.149)
(155.149)
174.774
-
(29)
174.774
(29)
(3.585)
5.248
(3.585)
5.248
Balance at September 30, 2014
4.707.088
350.486
(51.620) (2.515.949) 2.490.005
4.707.088
350.771
(36.861) (3.877.982) 1.143.016
Loss for the year
128.709
128.709
Transactions with shareholders:

Stock options granted by the
Company
209
209
Other comprehensive income:

Financial Instrument Adjustments
36.861
36.861
4.707.088
350.980
Loss for the year

Transactions with shareholders:
Capital increase
Other comprehensive income:

Translation adjustment in the year
Financial Instrument Adjustments
10
Total
Capital
liabilities
Reserve
and
Paid-in
and
Other
sharehold
share
Options
Profit Comprehen Accumulat
ers
capital
Awarded Reserves sive Income ed losses
equity
4.532.314
350.514
(53.284) (2.360.800) 2.468.744
- (3.749.273) 1.308.795
Statements of changes in
shareholders equity
of 3rd ITR2015
(In thousands of Reais R$)
Consolitated
Capital
Reserve
and
Options
Awarded
Paid-in
share
capital
Balance at December 31,
2013
Total
Total
liabilitie
liabilitie
Other
s and
s and
Compre
sharehol
sharehol
hensive Accumulate
ders Minority ders
Income
d losses
equity interests equity
4.532.314
350.514
(53.284)
(155.149)
(155.149)
3.243
(151.906)
174.774
174.774
174.774
(28)
-
(28)
(28)
1.823
1.823
1.823
(3.585)
(3.585)
(3.585)
5.248
5.248
5.248
238
238
Balance at September 30,

2014
4.707.088
350.486
(51.620)
(2.532.629) 2.473.325
127.113 2.600.438
Balance at December 31,

2014
4.707.088
350.771
(36.861)
(3.885.741) 1.135.257
82.455 1.217.712
Net income for the year:
128.709
128.709
4.003
132.712
Capital Transactions with

Partners:
Stock options granted by the
controlling shareholder
209
209
209
Loss for the year:

Capital Transactions with
Partners:
Capital increase
Advance for Future Capital
Increase - AFAC
Other comprehensive
income:
Translation adjustment in
the year
Financial Instrument
Adjustments
Minority Interests
(2.379.303) 2.450.242
123.633 2.573.874
11

Minority Interests
Other comprehensive
income:
Financial Instrument
Adjustments
Balance at September 30,
2015
12
126
126
126
(2.670)
(2.670)
36.861
36.861
36.861
4.707.088
350.980
(3.756.906) 1.301.162
83.788 1.384.950

Statements of added value
Parent Company
Consolitated
30/09/2015
30/09/2014
291.904
417.282
1.429.923
234.565
Sales of goods, products and services
1.171.569
1.598.175
Other revenue
417.282
294.945
458.412
Revenue relating to construction of company assets
291.904
Consumables acquired from third parties (including ICMS and IPI)
(18.188)
(30.752)
(622.096)
(787.504)
Material, electricity, outsourced services and other
(18.188)
(30.752)
(622.096)
(787.504)
Gross Added Value
273.716
386.530
807.827
(552.939)
(1.918)
(1.720)
(130.154)
(132.696)
(1.918)
(1.720)
(130.154)
(132.696)
271.797
384.810
677.673
(685.635)
15.060
(274.077)
148.656
(302.512)
(234.741)
(28.355)
(80.205)
(30.063)
506.727
9.662
527.234
31.481
(256.926)
(255.384)
(298.374)
(303.930)
6.560
16.109
6.560
16.109
1.583
(8.016)
(3.407)
1.843
21.858
21.858
(336.861)
(378.913)
(336.861)
(378.913)
81.392
83.979
35.335
35.173
286.857
110.733
826.329
(988.147)
Distribution of added value
286.857
110.734
826.329
(988.147)
17.681
22.742
59.139
61.981
Direct remuneration
14.826
13.800
33.276
32.251
Benefits
(2.825)
1.427
10.958
12.289
5.680
7.515
14.904
17.441
Revenue

Financial revenue
Other
Provision for investment devaluation
Sales on Operation of Pecm I and II
Interests on Loans
Personnel
FGTS and Contributions

Other
30/09/2015 30/09/2014
(36.592) (1.822.023)
13

Federal
230
392
72.453
181.803
230
392
72.453
174.899
6.904
State
Interest Expenses
140.237
242.749
74
470
74
470
4.484
4.904
141.439
263.436
135.678
237.375
2.348
4.124
229
398
21.888
15.921
Exchange variance
70.614
5.427
65.759
3.392
Financial expenses
62.487
367.109
431.264
CCEE Penalty
227.427
17.446
5.945
128.709
(155.149)
132.712
(151.906)
128.709
(155.149)
128.709
(155.149)
4.003
3.243
Interest
Rent
Other
Losses on derivative transactions
Advances to suppliers
Insurance
Interest earnings
Profit withheld / Loss for the year
Loss for the year attributed to noncontrolling shareholders
14
562.025 (1.080.024)
420.512 (1.343.931)
2.348
4.124
(36.592) (1.822.023)
Accompanying Notes to the Quarterly Information

(In thousands of reais R$, unless stated otherwise)
1. Reporting Entity
MPX Energia S.A. ("Company") was founded on April 25, 2001 and it is headquartered in Rio de Janeiro An
Extraordinary General Meeting held on September 11, 2013 approved the decision to change the Company's
name to Eneva S.A.
Its core activity is the generation of electricity through the development of a diversified portfolio of sources,
including mineral coal, natural gas and renewable sources. The Company has a diversified portfolio of projects,
including thermal power plants in Brazil, in addition to renewable energy projects, such as solar and wind energy.
In order to integrate its operations, the Company is also a shareholder in a natural gas production and exploration
project in Brazil, which supplies gas to plants built by the company in Maranho.
The company participates as a quota holder or shareholder of the companies that implement these projects and
certain projects will be implemented in partnership with other players in the energy sector. These projects were
primarily funded through funds obtained under the Company's public share offering made on December 14, 2007
and January 11, 2008 (supplementary batch), amounting to R$ 2,035,410, in addition to financing and the issuance
of 21,735,744 convertible debentures on June 15, 2011 amounting to R$ 1,376,527. 21,653,300 debentures were
converted on May 24, 2012, triggering the issuance of 33,255,219 new shares, because of the corporate
reorganization implemented by the Company.
On March 28, 2013 the controlling shareholder of MPX Energia S.A., Mr. Eike Fuhrken Batista, entered into an
investment agreement with E.ON SE consisting of the following events:
(a) On May 29, 2013, E.ON acquired some Company shares held by Eike Fuhrken Batista accounting for
approximately 24.5% of the share capital.

(b) On the date the shares were acquired, E.ON and Eike Batista entered into a new shareholders' agreement,
which regulated the exercising of voting rights and restrictions on the transfer of shares held by them.
(c) In August 2013 a private capital increase was concluded of approximately R$ 800 million, with a
subscription price fixed at R$ 6.45 per share.

(d) During a board meeting held on April 30 2015, the shareholders approved the sale of Porto do Pecm
Gerao de Energia S.A and Judicial Recovery Plan. Further details on the progress of the Judicial
Reorganization process can be found in the following section.
15
As shown in the table below, on September 2015, the economic group ("Group" or "Company") includes the
Company and its equity interests in associated companies, direct and indirect subsidiaries, joint ventures and the
Multimercado FICFI RF CP Eneva investment fund; for further details about the subsidiaries see Note 12:
*
**
16
Joint subsidiary.
Associated Company.

The Company took out a short-term debt to finance its operations in 2012, 2013 and 2014. Within the scope of
the 2015 projects, we faced short and long-term debt restructuring as shown below:
Restructuring of Itaqui long-term debt, providing a 6-month grace period for the interest and 24 for the
principal. Amendment signed and currently taken into effect.
18 month debenture issuance in Parnaba III of R$ 120 million.
Lengthening of short-term debt for the Parnaba I venture for a total term of 18 months and grace period
for principal of 6 months. Amendment signed with Bradesco and Ita Banks.
Restructuring of Pecm II long-term debt, providing a 6-month grace period for the interest and 21 for
the principal. Amendment signed and currently taken into effect.
Bridge loan rolling of Parnaba II and BNDES board approval for long-term loan agreement via Ita
Unibanco S.A scheduled for early October.
From September 30, 2015, all consolidated loans maturing in the next 12 months can be summarized as follows:
Within 3 months: R$ 39.5 million.

Between 3 and 6 months: R$ 30.4 million.
Between 6 and 9 months: R$ 726.7 million, including part of Parnaba II debt R$696.3 million,
which will be extended in the coming months.
Between 9 and 12 months: R$32.9 million.
The short-term debts in force in December 2013 were taken out to finance part of the investments made and to
meet working capital requirements. In addition, the Company was able to roll forward its short-term debts to June
30 2016. It could also acquire BNDES board approval for a long-term loan agreement via Ita Unibanco S.A and it
is mainly considering the following events in its business plan:
o
Long-term financing of R$ 960 million.
In addition to the financial restructuring of certain projects, as described above, the Company is also working to
restructure its own short-term debt. The judicial reorganization plan approved in April 2015 and ratified by court
on May 12 2015, includes a significant reduction of the holding company's debt, in addition to the lengthening of
the debt that remains. These measures are extremely important in order to bolster the capital structure and
create the means necessary to permit a significant reduction in its leverage and therefore guarantee its long-term
sustainable survival. Having met all the conditions, the final phase of the Judicial Reorganization Plan, the
Company capital increase was approved at the shareholders' meeting on August 26, 2015, (capital increase
approval is scheduled to happen in early November). Due to the approval of the capital increase, Eneva will be
able to strengthen its capital structure and receive assets that contribute to the generation of revenue for the
company.
17
The judicial reorganization proceeding

On December 9, 2014 ENEVA S.A and its subsidiary Eneva Participaes S.A. In Judicial Reorganization filed for
judicial recovery in the courts of the city of Rio de Janeiro. The decision was made in order to maintain suitable
cash conditions to keep the company running properly. Overall, it has seen continued improvement in operating
indicators. The Plan is designed to enable Eneva and Eneva Participaes to weather their economic and financial
crisis, implement other necessary operational reorganization measures, and protect direct and indirect jobs and
the rights of Creditors and shareholders.
The seven power stations operated by the company have not been included in the petition, which applies only to
ENEVA S.A. and its subsidiary ENEVA Participaes S.A.
The decision to file for judicial recovery came after a standstill agreement with financial institutions expired on
November 21, 2014 it and was not renewed. Under the expired agreement, the banks agreed to suspend interest
and principal payments on ENEVA's financial debt.
Judicial recovery protects the company and its operations from paying current debt, allowing discussions with
creditors to continue as the company prepares a judicial recovery plan for submission within 60 days of
acceptance of the application.
On December 16, 2014, the judge of the 4th Business Court of the City of Rio de Janeiro accepted the petition for
judicial recovery of the company and its subsidiary, ENEVA Participaes S.A. The court appointed Deloitte Touch
Tohmatsu as trustee.
After extensive negotiations, the vast majority approved the Judicial Reorganization Plan between the Company
and its creditors during a meeting held on April 30, 2015 and the recovery was ratified on Court on May 12, 2015.
At the same meeting, there was the sale approval of 50% of the company's share in Porto do Pecm Gerao de
Energia S.A. project (by the amount of R$ 300 million), which will provide considerable support for the Company
both in the short and long run.
General overview of the Reorganization Measures
Plan Objective The plan aims at the full financial recovery of Eneva and and its subsidiary Eneva Participaes
so that they can overcome the economic-financial crisis and adopt measures towards the operational
reorganization in order to keep all direct and indirect jobs, as well as the rights of shareholders and investors.
Restructuring of Loans In order to accomplish the Recoverees' ultimate financial and operational objectives, the
Company and its subsidiaries need to go through some loan restructuring, such as (i) the reduction of
R$250,000,00 (two hundred and fifty thousand reais), that should be paid according to items 5.3.1 or 5.4.1 by
Unsecured Creditors; (ii) the mandatory cutback of 20% or 15% of all Unsecured Loans, by applying a discount (in
other words, the cancellation) on the amount of each Unsecured Loan that surpasses R$250,000,00 (two hundred
and fifty thousand reais) already paid in accordance with items 5.3.2 or 5.4.2; (iii) mandatory reduction of 40% or
55% off all Unsecured Loans on the amount that exceeds R$250,000,00 (two hundred and fifty thousand reais)
paid earlier, by means of Credit Capitalization according to items 5.3.3 or 5.4.3; and (iv) re-profiling of any Remain
Balance of Unsecured Loans in accordance with items 5.3.4 or 5.4.4, among other measures set out in this Plan.
Re-profiling of the liabilities of the Group operating companies. - Parallel to this Plan, the Recoverees assure they
will use their best efforts to renegotiate with creditors, that are not part of the Reorganization Plan, new terms
and conditions in order to order to match the settlement of each company's liabilities with its operational cash
flow.
18

Optimization of capital structure and balance sheet - Through Capital Increase Eneva will undertake a capital
increase and secure New Financing to strengthen its capital structure and balance sheet, reduce indebtedness
and obtain assets that will help improve cash flows and/or its strategic position. Eneva will promote capital
increase by issuing New Shares to shareholders, unsecured, BPMB shareholders, Petra (and /or Petra successors
in Paranaba III or Petra Assets) and possible investors, and fully paid shares by (i) Contribution in Kind, (ii) Loan
Capitalization, (iii) Asset subscription according to the policy forecast in this Plan.
Corporate Restructuring -The Recoverees may additionally undertake a corporate reorganization of Eneva Group
as required supporting the continuing development of its operations as redesigned within the Judicial Recovery
process and in accordance with the business plan deriving from implementation of the Plan. Considering that this
corporate restructuring will be made under Capital Increase, the fulfillment of this plan and the best interest of
the Recoverees, Creditors and the Judicial Reorganization success, it may be carried out without prior approval
from creditors, if all legal, regulatory and contractual provisions are observed. However, until the approval of the
Capital Increase, any other corporate restructuring with a purpose other than the completion of the Capital
Increase will depend on the approval of Simple Majority.
Progress of the Recovery Plan

On May 12, 2015, the judge of the 4th Business Court of the City of Rio de Janeiro approved the petition for judicial
recovery of the company and its subsidiary, ENEVA Participaes S.A that had been approved by the Board of
Directors on April 30 2015.
On May 15th 2015, according to the Material Fact published on December 9th 2014, the Company informed to
its shareholders and the market that on this date, it has completed the sale of entire equity interest of ENEVA at
Porto do Pecm Gerao de Energia S.A. "Pecm I" in favor of EDP - Energias do Brasil S.A., having met all business
procedures.
On this date, the company received the payment of R$300 million for the sale transaction. These funds will be
used to bolster the Company's cash position, especially during the judicial recovery period. It is worth mentioning
that the rate value was less than the carrying value and the loss effects on the recoverable amount were
accounted in December 2014 due to the classification of the asset as available for sale.
In June, the Company paid R$ 250,000 to all Unsecured Creditors. The amount of R $ 250,000.00 was paid in full
without discount to each Unsecured Creditor, limited to the amount of each Unsecured Loan, in two installments,
without monetary restatement and interest, as follows: (i) 50% was paid on the 30th day after the Approval of
the Judicial Recovery Plan and (ii) 50% will be paid on the 30th day after the Approval of the Capital Increase.
The plan approval involves the reduction of 20% of the Unsecured Loan in the amount that exceeds R$ 250,000.00
paid as mentioned above. The payment is entitled to a discount, in other words, there is a partial cancellation of
the Unsecured Credit. Thus, the discount has all the conditions required for its recognition. It should be noted
that the understanding of the amount discounted arises due to the impossibility of reversing the conditions
determined upon the Plan approval on May 12, 2015, even in the event of non-fulfillment of the precedent
conditions and because of that the Company has reduced these liabilities in return in the amount of R $ 489,294.
The reduction of 40% of the Unsecured Loans by the capitalization of the Unsecured Credit and the debt reprofiling, among other measures stated in the Judicial Recovery Plan are subject to Precedent Conditions.
The precedent conditions that need to be fulfilled so that the all the provisions can also be met are listed below:
19
(i)
(ii)
Absolute and irrevocable commitment of Paranaba II creditors to extend the maturity of the debts
and the proposal of a new schedule with maturity date on June 30, 2017 and with all the
compensation interest rates not being higher than those in force;
The achievement of - from the counterparties in financial contracts with the Recoveree subsidiaries consent, authorization, approval and/or waiver for the right to end, without demanding any rights or
obligations to declare the acceleration of debt or to collect any amounts of these companies, whether
arising from penalty clause or interest payment obligations mainly or awards as a result of any acts,
facts or events (a) of this Plan (including, without limitation, the Capital Increase and Subscription
with Assets); and / or (b) prior to the date it is signed the document, although continuing occurrence,
should such consent, authorization, approval and / or waiver be obtained between the date of Judicial
Plan Approval and the date of the extraordinary general meeting which will decide on the capital
increase.
On November 5, 2015, it was approved in the Board of Directors Meeting, the increase of the Company's capital
stock, as approved at the Extraordinary General Meeting held on August 26, 2015 in the amount of R $
2,300,531,398.65, due to the subscription and full payment of 15,336,875,991 new common shares with no par
value. In this way, the number of shares increased from 840,106,109 to 16,176,982,098. The Company's capital
increased from R $ 4,711,337,093.96 to R $ 7,011,868,492.61 (these figures do not include the effect of reducing
the IPO funding costs in the amount of R $ 4,294,567.12, recorded by the Company).
Given these steps, the Company's management considers that all the steps required for the full implementation
of the plan were fully met.
20
2. Licenses and Permits

ENEVA - In judicial reorganization is committed to obtaining all the legal licenses and permits required for each of
its facilities and activities. The Company and its investees have the following environmental licenses as of
September 30, 2015:
Held by
ITAQUI GERAO DE ENERGIA S.A.
PECM II GERAO DE ENERGIA S.A.
Ventures
UTE PORTO DO ITAQUI
LINHA DE TRANSMISSO
UTE PORTO DO PECM II
LINHA DE TRASMISSO PECM II
Licenses
Expiry
LO 1.101/2012
LO 1.061/2011
LO 09/2013
LO 108/2013
09/25/2025
12/16/2017
02/08/2016
07/17/2016
AMAPARI ENERGIA S.A.
UTE SERRA DO NAVIO (including TL)
LO 172/2013
03/25/2016
TAU GERAO DE ENERGIA LTDA.
USINA SOLAR TAU 1MW - (including TL)

USINA SOLAR TAU 4MW
USINA SOLAR TAU (45MW)
LO 133/2012*
LI 15/2012*
LP 253/2012
02/28/2014
03/05/2014
08/15/2015
PARNABA I GERAO DE ENERGIA S.A.
MARANHO IV E V
LO 559/2012
12/20/2016
PARNABA II GERAO DE ENERGIA S.A.
MARANHO III
LO 55/2014*
02/20/2018
PARNABA I GERAO DE ENERGIA S.A.
MARANHO IV E V (closing cycle)
LI 273/2011*
12/05/2013
ENEVA S.A.
UTE PARNAIBA I
LI 111/2012*
05/09/2013
ENEVA S.A.
UTE PARNABA II
LI 003/12*
11/11/2013
PARNABA IV GERAO DE ENERGIA S.A.
PARNABA IV
LO 415/2013
11/25/2017
LO 187/2014
09/23/2017
LP IN 025871
LI IN 000208*
LI IN 000207*
LP 332/2009*
LP 601/2010*
LI 589/2009*
LO N 9221/2009*
LP 0010/2012
LP 0083/2012
LP 0084/2012
LP 0085/2012
LP 0090/2012
LP 0091/2012
LP 0092/2012
LP 0093/2012
LP 0184/2013
LP 0187/2013
LP 0189/2013
LP 0186/2013
LP 0188/2013
LP 0185/2013
LP 0183/2013
LP 0191/2013
LP 0268/2013
LP 0270/2013
LP 0271/2013
LP 0269/2013
LP 0071/2014
12/30/2015
05/22/2012
05/22/2012
12/22/2012
05/21/2012
05/13/2015
10/20/2013
07/16/2016
07/16/2016
07/16/2016
07/16/2016
07/16/2016
07/16/2016
07/16/2016
07/16/2016
04/26/2015
05/02/2015
05/10/2015
05/06/2015
05/10/2015
05/06/2015
05/23/2015
05/10/2015
06/18/2015
06/18/2015
06/18/2015
06/18/2015
08/08/2016
PARNABA III GERAO DE ENERGIA S.A.
AU III GERAO DE ENERGIA LTDA.

ENEVA S.A.
SUL GERAO DE ENERGIA LTDA.
SEIVAL GERAO DE ENERGIA LTDA.
SEIVAL SUL MINERAO LTDA.
CENTRAL ELICA MORADA NOVA LTDA.
CENTRAL ELICA SO FRANCISCO LTDA.
CENTRAL ELICA MILAGRES LTDA.
CENTRAL ELICA SANTA LUZIA LTDA.
CENTRAL ELICA PEDRA VERMELHA I LTDA.
CENTRAL ELICA ASA BRANCA LTDA.
CENTRAL ELICA SANTO EXPEDITO LTDA.
CENTRAL ELICA PEDRA VERMELHA II LTDA.
CENTRAL ELICA PAU DARCO LTDA
CENTRAL ELICA PEDRA ROSADA LTDA
CENTRAL ELICA PAU BRANCO LTDA
CENTRAL ELICA ALGAROBA LTDA
CENTRAL ELICA UBAEIRA I LTDA
CENTRAL ELICA UBAEIRA II LTDA
CENTRAL ELICA SANTA BENVINDA I LTDA
CENTRAL ELICA SANTA BENVINDA II LTDA
CENTRAL ELICA BOA VISTA I LTDA
CENTRAL ELICA BOA VISTA II LTDA
CENTRAL ELICA BONSUCESSO LTDA
CENTRAL ELICA PEDRA BRANCA LTDA
CENTRAL ELICA OURO NEGRO LTDA
PARNABA III (MCE NOVA VENECIA 2)

UTE PORTO DO AU II
ELICA MARAVILHA
ELICA MUNDUS
UTE SUL
BARRAGEM SUL
UTE SEIVAL
MINA DO SEIVAL
CGE MORADA NOVA
CGE SO FRANCISCO
CGE MILAGRES
CGE SANTA LUZIA
CGE PEDRA VERMELHA I
CGE ASA BRANCA
CGE SANTO EXPEDITO
CGE PEDRA VERMELHA II
CGE PAU DARCO
CGE PEDRA ROSADA
CGE PAU BRANCO
CGE ALGAROBA
CGE UBAEIRA I
CGE UBAEIRA II
CGE SANTA BENVINDA I
CGE SANTA BENVINDA II
CGE BOA VISTA I
CGE BOA VISTA II
CGE BONSUCESSO
CGE PEDRA BRANCA
CGE OURO NEGRO
(*)The renewal of environmental licenses was applied for at least 120 (one hundred and twenty) days before the validity expires, as fixed in the respective
license, and is extended automatically until the respective environmental authority states its final position. (Supplementary Law 140/2011 art. 14 (4).
21
3. Interim Financial Statement

The financial statements have been prepared based on the historic cost basis, adjusted to realization value when
applicable, except for financial instruments held at fair value, including derivative instruments. The interim
financial statement was elaborated following the same financial policies, principles, methods and standard criteria
used in the financial statements presented at the end of the last fiscal year. They were audited on December 31,
2014 and should accordingly be read along.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgment in the process of applying the accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the parent
company and financial statements are disclosed in Note 5.
(a)
Consolidated Financial Statements
The consolidated interim financial statements have been prepared and are being presented in accordance with
Brazilian accounting practices, including the pronouncements issued by the Accounting Pronouncements
Committee (CPC 21 R1) and International Financial Reporting Standards issued by the International Accounting
Standards Board (IAS 34).
The presentation of the individual and consolidated Statement of Added Value (DVA) is required by Brazilian
corporate legislation and the accounting practices adopted in Brazil and applicable to listed companies.
(b)
Individual Financial Statements
The individual financial statements have been prepared and are being presented in accordance with the
Accounting Pronouncements Committee - CPC 21 (R1). Interim Financial Reporting is disclosed with the
consolidated financial statements.
For the purpose of BR GAAP, Law 11941/09 abolished deferred assets, permitting the maintenance of the balance
accumulated up to December 31, 2008, which may be amortized in up to 10 years, subject to impairment tests.
Following the adoption of IFRS, the Company recorded the amount of R$ 26,192 in the consolidated accumulated
losses, net of tax as of January 01, 2009, corresponding to its and its subsidiaries' deferred charges at that date.
The difference between the individual and consolidated shareholders' equity is therefore related to the deferred
asset, which was recognized in accumulated losses in the consolidated shareholders' equity.
22
The table below shows the reconciliation between the individual and consolidated shareholders' equities as of
September 30, 2015
2015
Shareholders equity Parent Company
Deferred charges - Law 11.941/09
1,308,795
(7,634)
Shareholders equity - Attributable to controlling

shareholders
1,301,161
The Board of Directors authorized the issuance of these financial statements on November 12, 2015.
4. Significant Accounting Policies

The main accounting policies used to prepare this Interim Financial Reporting are the same used in the last
financial statements presented on December 31, 2014
5. Critical Accounting Estimates and Assumptions

Estimates and judgments are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances. All critical
accounting estimates and assumptions used herein are the same presented in the last financial statements
audited on December 31, 2014.
6. Cash and Cash Equivalents
Cash and Bank Deposits

Fundo de Investment FICFI RF CP Eneva
CDB
(a)
(b)
PARENT COMPANY
September
December
30th 2015
31st 2014
4,055
445
68,447
44,760
96,823
142,028
72,502
CONSOLIDATED
September
December
30th 2015
31st 2014
44,229
42,981
85,084
74,717
28,006
137,006
254,704
157,319
(a) Substantially consist of quotas in investment funds, of high liquidity, readily convertible into a known amount
of cash, regardless of asset maturity, and are subject to an insignificant risk of a change in value. This is a share
investment fund FI Multimercado Crdito Privado FICFI RF CP Eneva administrated by Banco Ita, whose
portfolio primarily consists of Bank Deposit Certificates - CDBs and securities subject to repurchase
agreements issued by first-rate financial institutions and companies, all linked to floating rates and with an
average yield of 101.0% (nominal rate on the curve) of the DI CETIP rate (Interbank Deposit Certificate - CDI).
Repurchase operations, backed by debentures and registered at CETIP or SELIC, when applicable, with
repurchase guarantee at a previously established rate determined by the financial institutions. The portfolio
consists 100% of repurchase agreements, on September 30, 2015.
The use of the existing resources is for investments in capex, the cost of administrative and operational
activities.
23
As determined by CVM Instruction 408/05, the quarterly consolidated financial statements shall include the
balances and transactions of the exclusive investment funds, whose shareholders are the Company and its
subsidiaries, as shown:
Parent Company
Fundo Multimercado consolidado

Eneva S.A.
Amapari Energia S.A.
Parnaba Gerao de Energia S.A.
Parnaba II Gerao de Energia S.A.
Consolidated
September
30th 2015
December
31st 2014
September
30th 2015
December
31st 2014
44,760
68,447
44,760
11,972
120
17,865
68,447
16,569
59
9
44,760
68,447
74,717
85,084
(b) These are the amounts invested in CDBs issued by first-rate financial institutions. The company that holds
these amounts is the subsidiary Itaqui Gerao de Energia S.A.
Exclusive funds are regularly reviewed/audited by independent auditors and are subject to constraints related to
the payment of services rendered by the asset manager, concerning the operating investments, such as custody
and audit fees and other expenses There are no material financial obligations and no Company's assets to
guarantee these obligations.
7. Secured Deposits
Parent Company
BNDES - Porto do Pecm

BNDES - Itaqui
BNDES - Parnaba
HSBC
Current
Non-current
(a)
(b)
(c)
Consolidated
September
30th 2015
December
31st 2014
September
30th 2015
December
31st 2014
45
33,655
41
-
46
56,183
22,007
33,655
41
37,423
24,647
33,700
41
111,891
62,111
33,700
-
41
-
33,700
78,191
41
62,070
(a) Refers to the debt service reserve accounts linked to the financing agreement between the subsidiary Itaqui
Gerao de Energia S.A , BNB-Banco do Nordeste do Brasil S.A. and BNDES
(b) Refers to the debt service reserve accounts linked to the financing agreement between BNDES and the
subsidiary Parnaba Gerao de Energia S.A
(c) Refers to the deposit granted to HSBC in compliance with the loan agreement of Parnaiba II.
24
8. Accounts Receivable
Itaqui Gerao de Energia S.A.
Current
Non-current
(a)
(a)
(a)
Consolidated
2015
2014
97,769
86,295
129,507
136,677
7,183
81,876
234,459
304,848
234,459
304,848
-
(a) The balance denotes the accounts receivable of the subsidiaries Itaqui Gerao de Energia S.A under the
electricity purchase contract in a regulated environment (CCEAR), signed with ANEEL, of R$ 97,769
(R$ 86,295 as of December 31, 2014) and Parnaba Gerao de Energia S.A. R$ 129,507 (R$ 136,677 as of
December 31, 2014), also under the CCEAR with ANEEL. The subsidiary Parnaba II Gerao de Energia R$
7,183 referring to the sale of energy in the free market.
Accounts receivable accounts for 8.98% to Itaqui and 7.67% to Parnaba I and the Company did not provision for
receivables rated as a remote risk of loss.
25
9. Inventories
Diesel Oil/lubricant
Coal
Electronic and mechanical parts
(a)
(b)
(c)
Consolidated
2015
2014
1,728
6,909
41,868
61,209
45,151
31,067
88,747
99,185
(a) The balance consists of the reservoirs of diesel oil and lubricating oil used as consumables in electricity
generation by the subsidiaries Amapari Energia S.A.(R$ 34) and Itaqui Gerao de Energia S.A. (R$ 1,694).
(b) The balance consists of the inventory of coal used as consumables in electricity generation by the subsidiary
Itaqui Gerao de Energia S.A. The coal was acquired for the operation and to establish a security inventory at
the plant, towards commercial operations.
(c) The balance consists of electronic and mechanical parts for use and replacement in the maintenance
operations carried out by the subsidiaries: Itaqui Gerao de Energia S.A. (R$ 22,050), Parnaba Gerao de
Energia S.A. (R$ 9,792) and Parnaba II Gerao de Energia S.A. (R$ 13,309).
26
10. Recoverable and Deferred Taxes

The balance of recoverable taxes is as follows:
Income tax withheld at source

Prepaid income tax and Social contribution
previous year
Income tax withheld at source previous year
Income tax withheld at source loan
ICMS
PIS
COFINS
Other
Current
Noncurrent
(b)
(a)
(b)
Parent Company
September
December
30 2015
31 2014
3,886
2,815
463
462
24,114
35,242
35,708
6,695
47
216
909
15
65,080
45,492
20,441
12,255
44,639
33,237
Consolidated
September
December
30 2015
31 2014
9,873
8,206
1,205
6,836
4,889
2,562
32,337
37,507
36,356
7,342
238
254
537
866
2,447
3,975
5,081
2,381
92,963
69,929
37,933
32,354
55,030
37,575
(a) Refers to income and social contribution taxes prepaid in the course of the year and previous years, which
will be offset against the income and social contribution taxes determined on the taxable income.
(b) The balance of income tax withheld at source refers to amounts withheld on interest-earning bank
deposits and related-party loans. These balances will be offset against the income and social contribution
taxes payable.
Deferred Taxes
Deferred income and social contribution taxes reflect future tax effects attributable to temporary differences
between the tax bases of assets and liabilities and their carrying values.
The deferred tax was maintained at the subsidiaries due to the expectations of generating future taxable income,
determined by a technical valuation approved by Management. The carrying value of the deferred tax asset is
reviewed periodically and the projections are reviewed annually. If there are significant factors that change the
projections, they are also reviewed by the Company during the year.
The Company and its subsidiaries adopted the Transitional Taxation Scheme (RTT) so that the amendments
introduced by Law 11638 of December 28, 2007 and articles 37 and 38 of Law 11941 of 2009, which changed the
procedure for recognizing revenue, costs and expenses used to calculate the net income for the year defined in
art. 191 of Law 6404 of December 15, 1976, do not affect the calculation of the taxable income and social
contribution calculation base of companies that opt for the Transitional Taxation Scheme RTT. For tax purposes,
the accounting methods and criteria in force at December 31, 2007 should be used.
Law 12973 was published on May 13, 2014 which revoked the Transitional Taxation Scheme - RTT introduced by
Law 11941 on May 27, 2009. This law changes the federal tax legislation regarding corporate income tax - IRPJ,
the social contribution on net income - CSLL, PIS/Pasep and Cofins in 2014 for the companies opting to elect the
provisions of this law. In 2014, the companies of Eneva S.A. - In judicial reorganization will not opt for this law, the
adoption of which is only mandatory from January 2015 on.
The Company and its subsidiaries will not elect the option provided in MP 12973, and we believe it will not make
any fiscal amendment to be adjusted in the financial statements.
27
The origin of the deferred income and social contribution taxes is presented below:
Consolidated
Noncurrent deferred charges

Tax loss carryforwards and negative tax base
Noncurrent deferred liabilities

Temporary differences - RTT
September
30 2015
December
31 2014
269,100
219,713
269,100
219,713
14,286
10,978
Breakdown of deferred tax by company :
Itaqui
Parnaba
Parnaba II
Tax loss carryforwards and negative tax base
28
September 30
2015
192,127
9,513
67,460
December 31
2014
192,127
12,009
15,577
269,100
219,713
As of September 30, 2015, the taxes calculated on the adjusted net income consisted of IRPJ (rate of 15% and
surcharge of 10%) and CSLL (rate of 9%). The reconciliation between the tax expense as calculated by the
combined statutory rates and the income and social contribution tax expense charged to net income is presented
below:
(*) Refers essentially to (i) the portion of deferred taxes of subsidiaries, which was not recorded, due to the uncertainty surrounding the
valuation thereof.
Parent Company
September 30
2015
Consolidated
Net income for the period before IRPJ/CSLL

Statutory rate - %
128,709
34%
86,650
34%
IRPJ/CSLL at the nominal rate
43,761
29,461

Permanent differences
Tax asset not recorded (*)
79,812
68
(123,641)
150
(75,673)
Income tax and social contribution expense, current
(18)

Total tax
Effective rate - %
0.00%
46,080
46,062
53.16%
valuation thereof. The main effect refers to the completion of the sale of Porto do Pecm, generating chargeback the amount added temporarily
in 2014.
Parent Company
September 30
2015
Consolidated
(155,150)
34%
(139,379)
34%
IRPJ/CSLL at the nominal rate
(52,751)
(47,389)

Consolidation difference
Tax asset not recorded (*)
9,641
(13,314)
56,424
(4,354)
64,271
Net income for the period before IRPJ/CSLL

Statutory rate - %
Income tax and social contribution expense, current

Total tax
Effective rate - %
944
0.00%
(13,472)
(12,528)
8.99%
valuation thereof.
29
Based on the estimated generation of future taxable earnings, by way of its subsidiaries the Company expects to
recover these tax credits from FY 2015 onwards, in a period of 10 years.
Tax credit recovery estimates were based on taxable income forecast taking into consideration the financial and
business premises considered in FY. Consequently, these estimates may not come true in the future, due to the
uncertainties concerning them.
11. Capital Expenditure

(a) Breakdown of balance
Parent Company
2015
2014
Equity interests
Future acquisition of investment
2,120,011
95
2,120,106
Consolidated
2015
2014
2,228,044
95
2,228,139
667,119
95
667,214
733,831
95
733,927
(a) Equity interests
The Company's equity interests include the subsidiaries, joint ventures and associates. The balances of the main
account groups of equity interests as of September 30, 2015 and December 31, 2014 are:
09/30/2015
Equity
Equity interests
UTE Porto do A Energia S.A.
Seival Sul Minerao Ltda.
Sul Gerao de Energia Ltda.
Termopantanal Participaes Ltda.
Parnaba I Gerao de Energia S.A
Porto do Pecm Transportadora de
Minrios S.A.
OGMP Transporte Arieo Ltda.
PO&M - Pecm Operao e Manuteno de
Gerao Eltrica S.A.
Seival Participaes S.A.
ENEVA Participaes S.A.
A II Gerao de Energia S.A.
30
intere
st in
%
100.0
0%
51.00
%
50.00
%
30.00
%
50.00
%
66.67
%
70.00
%
50.00
%
50.00
%
50.00
%
50.00
%
100.0
0%
50.00
%
50.00
%
Current
assets
Noncurrent
assets
Current
liabilities
Noncurrent
liabilities
Shareholder
equity
Net income
239,642
2,423,622
152,373
1,726,610
784,281
(73,513)
13,195
530
28,494
1,459
(16,227)
(9,009)
3,344
45,243
5,378
43,208
(4,291)
92
4,914
29
20
4,957
(3,697)
40
13,921
869
13,092
(135)
10
7,464
9,731
(2,258)
190,903
1,178,291
200,588
860,233
308,372
28,058
2,864
152
3,998
(982)
(3,216)
33
13,921
859
13,094
(113)
4,062
328
1,220
2,906
264
(84)
39,764
192
39,580
(128)
79,877
1,341,722
977,268
13,758
430,573
(100,743)
1,100
112,209
4,293
28,888
80,128
(33,181)
2,603
287
2,325
(11)
Parnaba Participaes S.A.

Pecm II Participaes S.A
ENEVA Investimentos S.A.
ENEVA Desenvolvimento S.A.
Tau II Gerao de Energia Ltda.
MABE Construo e Administrao de
Projetos Ltda.
50.00
%
99.99
%
99.99
%
99.99
%
100.0
0%
50.00
%
1,358
194,684
1,534
60
194.448
4,443
4,752
690,422
4,147
158
690,869
(62,733)
11
(10)
(1)
166
10
511
(349)
(9)
477
49
436
(5)
35,046
9,430
30,113
14,398
(235)
(259)
December 31
2014
Equity interests
Equity
interest
in %

100.00%
51.00%
UTE Porto do A Energia S.A.
50.00%
30.00%
50.00%
Termopantanal Participaes Ltda.
66.67%
Parnaba I Gerao de Energia S.A
70.00%
Porto do Pecm Transportadora de Minrios S.A.
50.00%
OGMP Transporte Arieo Ltda.
50.00%
PO&M - Pecm Operao e Manuteno de Unidades de
Gerao Eltrica S.A.
50.00%
50.00%
100.00%
ENEVA Participaes S.A. In Judicial Reorganization
50.00%
50.00%
50.00%
Pecm II Participaes S.A
50.00%
ENEVA Investimentos S.A.
99.99%
ENEVA Desenvolvimento S.A.
99.99%
100.00%
MABE Construo e Administrao de Projetos Ltda.
50.00%
Current
Assets
Noncurrent
Assets
Current
liabilities
Noncurrent
liabilities
Shareholders
equity
Net income
212,967
25,647
1,040
471
65
9
206,354
2,941
399
2,453,975
443
45,283
4,863
13,923
400
1,179,035
186
118
256,743
28,153
6
1
199,311
550
4
1,551,097
1,165
2,316
20
840
2,726
715,373
-
859,102
(3,228)
44,001
5,314
13,147
(2,318)
470,705
2,577
513
(419,614)
(102,877)
(3,016)
(739)(69)
(5)
35,961
1,679
15
2,976
13
113,192
65,981
28
107,864
2,420
2
6
8
40,456
1,413
63,120
1,267,631
355,518
5.229
651,878
753.917
1,396
1
906,644
72,824
6
177,202
2,735
10
64,547
352
39,494
462,268
221,953
4,672
255,586
753,601
(9)
(340)
442
47
(63)
(67)
(13,797)
(62,416)
10
(16,651)
(44,614)
166
477
50,136
2,641
23,639
11,912
126,722
579
326,953
11
502
44
25,998
(151)
(239)
(32,256)
The balance of investments breaks down as follows:

Parent Company
09/30/2015
Porto do Pecm Gerao de Energia S.A.

Goodwill based on future profits
Amortization of Goodwill based on future earnings
12/31/2014
09/30/2015
12/31/2014
784,282
859,101
15,470
15,001
(1,363)
(511)

UTE Porto do Au Energia S.A.
Consolidated
(123)
21,605
21,271
14,290
13,957
1,487
1,594
1,487
1,275
6,536
6,573
6,217
6,573
1,288
1,288
31
Parnaba Gs Natural S.A.
92,821
95,889
436
442
442
215,861
197,844
258
258
258
258
133
176
133
176
19,790
19,727
430,573
415,018
33,953
67,101
33,953
67,101
2,325
2,336
2,325
2,336
Pecm II Participaes S.A.
336,542
367,909
336,542
97,224
95,002
97,224
62,000
62,000

Parnaba I Gerao de Energia S.A.
OGMP Transporte Areo Ltda.
Pecm Operao e Manuteno de Unidades de Gerao Eltrica S.A. PO&M
Eneva Participaes S.A.
Eneva Investimentos S.A.

Subscription premium
MABE do Brasil
92,821
19,765
95
MPX ENERGIA GMBH
78
2,120,106
95
19,727
-
367,909
95,002
-
62,000
20
95,889
62,000
20
95
95
103
2,.228,139
667,214
733,927
(a) On December 9 2014, Eneva S.A. - in Judicial Reorganization informed to its shareholders and the market
that on this date, it has completed the sale of entire equity interest of ENEVA at Porto do Pecm Gerao
de Energia S.A. "Pecm I" in favor of EDP - Energias do Brasil S.A., according to the statement in item 12. On
May 15, 2015, it has completed the sale of entire equity interest of ENEVA at Porto do Pecm Gerao de
Energia S.A. "Pecm I" in favor of EDP - Energias do Brasil S.A.
(b) As of September 30, 2015 the balance of the investment with the subsidiaries ENEVA Desenvolvimento S.A.,
Amapari Energia S.A. and Termopantanal Participaes Ltda. was classified under unsecured liabilities in the
noncurrent liabilities, due to the fact these companies had negative equity
32

See below the breakdown of the minority interest in the equity and net income of investees:
The balance of investments breaks down as follows:

Attributed to minority
interests
Capital expenditure

Parnaba I Gerao de Energia
Termopantanal Participaes
Total
Interest
attributed to
minority
49,00%
30,00%
33,33%
Shareholders
Equity
(16,227)
308,372
(2,318)
Net income
(9,009)
28,058
Equity
liquid
Net income
(7,951)
92,512
(773)
(4,414)
8,417
83,788
4,003
33
(b) Change in investments
Direct Subsidiaries

Goodwill based
on future profits
Amortization of Goodwill
based on future earnings
Porto do Pecm
Transportadora de Minrios
S.A.
Tau II Gerao de Energia
Ltda.
Parnaba I Gerao de Energia
S.A.
OGMP Transporte Areo
Pecm Operao e Manuteno de Unidades
de Gerao Eltrica S.A. - PO&M
Eneva Participaes S.A.
Subscription Preminum

Pecm II Participaes S.A.
MABE do Brasil
Parnaba II Gerao de Energia
S.A.
Future acquisition of
investment
MPX ENERGIA GMBH
Balance
at 12/31/
2014
Capital
subscripti
on
859,102
10,000
Equity
Income
Loss
on
valuati
on
impair
ment
Dividen
ds
Amorti
zation
%
100.
00%
(73,513)
(11,30
7)
784,282
15,470
15,470
(980)
51.0
0%
50.0
0%
30.0
0%
50.0
0%
50.0
0%
18.1
8%
100.
00%
70.0
0%
50.0
0%
50.0
0%
50.0
0%
50.0
0%
50.0
0%
50.0
0%
50.0
0%
50.0
0%
99.9
9%
100.
00%
(383)
(1,363)
-
21,271
2,479
1,594
6,573
30
1,288
(2,145)
21,605
(107)
1,487
(67)
6,536
(1,289)
95,889
(3,068)
442
92,821
(5)
197,844
437
19,647
(1,630)
215,861
258
258
176
19,727
101
2,336
67,101
(43)
133
(64)
19,764
(11)
2,325
(33,148)
33,953
62,000
62,000
95,003
2,221
367,909
97,224
(31,367)
23
336,542
(23)
415,018
116,250
95
100.
00%
(100,695)
430,573
95
103
103
(11,30
7)
2,228,139
34
Balance
at
09/30/2
015
128,963
(224,983)
(1,630)
(383)
2,120,10
6
Porto do Pecm Gerao de Energia

S.A.
Balance at
12/31/20
14
50.00%
580,366
Pecm II Gerao de Energia S.A.
100.00%
631,134
100.00%
979,903
Capital
Sub
scription
Equity
Income
Equity
Income
from
discontinue
d operation
Loss on
sales of
investments
(116,314)
(469,300)
Capital
reduc
tion
Exchang
e
variance
Equity
Apprais
al
Adjustm
ent
15,470
Amor
tizati
on
Balance at
09/30/20
15
5,248
(23,308)
298,700
Adjustment
in equity
interest
(0)
(303,913)
(419,501)
859,102
15,470
Goodwill based on future profits

Amortization of Goodwill based on
future earnings
50.00%
24,701
1,578
(1,508)
70.00%
3,706
531
(2,643)
1,594
50.00%
6,568
40
(35)
6,573
Porto do Pecm Transportadora de

Minrios S.A.
50.00%
449
839
1,288
95,889
(469)
(511)
(3,500)
(980)
21,271
33.30%
51,899
43,990
100.00%
442
442
Parnaba I Gerao de Energia S.A.
70.00%
172,637
25,207
197,844
OGMP Transporte Areo
50.00%
277
Pecm Operao e Manuteno de

Unidades de Gerao Eltrica S.A. PO&M
50.00%
207
99.90%
19,625
50.00%
2,331
Eneva Participaes S.A. - In Judicial

Reorganization
Subscription Preminum
50.00%
97,685
(30,566)
50.00%
103,394
Pecm II Participaes
50.00%
MABE do Brasil
50.00%
14
99.99%
100.00%
328,163
(13,145)
415,018
(178)
258
176
(33)
19,727
2,336
(1,107)
1,089
67,101
62,000
(8,391)
86,303
100,000
95,003
(22,307)
303,913
367,909
20
95
50.00%
3,080,157
(*)
135
9
(31)
62,000

MPX Chile Holding Ltda.
150
95
2,878
490,315
(2,878)
(450,970)
(116,314)
(472,178)
(3,678)
(1,107)
6,338
(511)
2,228,139
Denotes the effect of transferring the turbine from Parnaba I to Parnaba III.
12. Available for Sale Assets and Discontinued Operations

On December 09, 2014 Eneva S.A.- In judicial reorganization published a press release announcing the sale of the
Company's entire interest in its subsidiary Porto do Pecm Gerao de Energia S.A. to EDP Energias do Brasil
S.A
The sale consists of the payment of R$ 300 million for the 50% equity interest in the share capital of Porto do
Pecm, for the shares held by Eneva - In judicial reorganization at this date, and the future capitalization of credits
originally awarded by Eneva - In judicial reorganization to Porto do Pecm, for the total of R$ 391 million, to be
made upon closure of the transaction.
The sale shall only be made after precedent conditions have been met, including approval by the Administrative
Council for Economic Defense CADE.
Because of this, on December 31, 2014 we classified the amount recorded under investments, loans extended
and credits referring to energy and coal purchases to current assets, under assets held for trading. This
classification was evaluated and ratified in accordance with CPC 31 - Non-current Assets Held for Sale and
35
Discontinued Operations. The current assets - held-for-trading was recorded at fair value of the transaction (R$
300 million) and the variance generated by the discrepancy between the book value and the fair value of these
assets was recorded in profit or loss for the year, and are presented as discontinued operations.
These funds will be used to bolster the Company's cash position and therefore enable the advancement of the
measures necessary to adjust its capital structure, whilst preserving its interests and those of its stakeholders.
36
13. Property, Plant and Equipment

(a) Breakdown of balances
Consolidated
PP&E in service
September 30, 2015
Land
Depreciation rate % p.a.
Buildings, Civil
Works and
Improvements
Machinery
and
Equipment
Furniture
and
Fixtures
IT Equipment
Vehicle
17
20
PP&E in
progress
Impairme
nt
Total
10
Cost
Balance
12/31/2014
7,845
2,708,179
2,339,889
5,812
1,582
9,221
(444,221)
38,968
4,667,272
Balance
Additions
Write-offs
Transfers
12/31/2014
7,845
-
2,708,179
(66,365)
50,557
2,339,889
12,851
(0)
46,084
5,812
403
(4)
5
1,582
213
(110)
(42)
9,221
403
(176)
(24)
(444,221)
(11,438)
117
38,968
118,720
37,639
(96,697)
4,667,272
121,152
(29,016)
-
Balance
09/30/2015
7,845
2,692,371
2,398,824
6,215
1,643
9,424
(455,542)
98,630
4,759,410
Balance
12/31/2014
(119,694)
(142,666)
(1,949)
(724)
(3,046)
24,274
(244,925)
Additions
Write-offs
Transfers
Impairment
Additions
12/31/2014
(119,694)
(56,083)
329
-
(142,666)
(72,788)
5
-
(1,949)
(295)
0
-
(724)
(226)
83
-
(3,046)
(636)
52
-
24,274
10,984
-
(244,925)
(128,909)
11,453
-
Balance
09/30/2015
(175,448)
(215,450)
(2,244)
(867)
(3,630)
35,258
(362,391)
Balance at
12/31/2014
7,845
2,588,485
2,197,223
3,863
858
6,175
(419,947)
38,968
4,423,468
Balance at
09/30/2015
7,845
2,516,923
2,183,374
3,971
776
5,794
(420,284)
98,630
4,397,028
Depreciation
Carrying
Amount
Dec-14
Buildings, Civil
Works and
Improvements
Land
Depreciation rate % p.a.
Machinery
and
Equipment
Furniture
and
Fixtures
IT Equipment
Vehicle
17
20
Impairment
Total
PP&E in
progress
10
Cost
Balance
12/31/2013
7,845
2,119,535
1,701,700
4,880
1,694
8,226
1,191,727
- 5,035,606
Balance
12/31/2013
7,845
2,119,535
1,701,700
4,880
1,694
8,226
1,191,727
- 5,035,606
167
548
34,084
923
125
988
41,293
78,128
Balance
Additions
(13)
(237)
(1)
(2,001)
(444,221)
(446,474)
Write-offs
(167)
588,096
604,118
(1,192,051)
12
7,845
2,708,179
2,339,889
5,812
1,582
9,221
38,968
Transfers
12/31/2014
(444,221) 4,667,272
37
Depreciation
Balance
12/31/2013
(58,240)
(73,929)
(1,620)
(591)
(2,198)
(136,576)
Balance
12/31/2013
(58,240)
(73,929)
(1,620)
(591)
(2,198)
(136,576)
Additions
(61,454)
(68,737)
(329)
(324)
(848)
(132,813)
Write-offs
191
24,274
24,465
Transfers
12/31/2014
(119,694)
(142,666)
(1,949)
(724)
(3,046)
24,274
(244,924)
Balance at
12/31/2013
7,845
2,061,295
1,627,771
3,260
1,103
6,028
1,191,727
- 4,899,030
Balance at
12/31/2014
7,845
2,588,485
2,197,223
3,863
858
6,175
38,968
(419,947) 4,423,468
Balance
Carrying
Amount
Machinery and equipment

Relates to plant equipment, transmission lines and substation. Depreciation is based on the concession term and
the calculation is performed using the linear method using the rates determined by ANEEL Regulatory Resolution
No. 474 of February 07, 2012. For the estimated portion of the investments made and not amortized until the end
of award, a new rate of depreciation or amortization is calculated monthly and accounted for as a result, to obtain
the concession end residual value of zero.
Buildings, Civil Works and Improvements
This basically relates to UTEs Itaqui e Parnaba which came into operation in February 2013 and October 2013,
respectively. Depreciation follows the same procedure and criteria described at item Machinery and equipment.
Property, plant and equipment in progress
Balances recorded in PPE on September 30, 2015 correspond to importations in progress, at the value of R$ 27,272
and reserve PPE, of R$ 35,074 and constructions in progress of R$ 36,284; the total balance is R$ 98,630.
Impairment
Under CPC technical pronouncement 01, the entity should test for asset impairment at least annually and
calculate if there are signals of a possible devaluation on the asset value; should there be any evidence, its
recoverable value should be calculated, which is determined by the largest monetary difference between the net
sale value and value in use. On December 31, 2014 we accordingly recognized impairment losses for the
companies Itaqui Gerao de Energia S.A and Amapari Energia S.A. of R$ 358,816 and R$ 61,468 respectively.
On recovery valuation of Cash Generating Units (UGC) it is used the method of Value in Use from projections that
consider estimated life cycle of the group of assets that compose UGC; premises and budgets which are approved
by the companys board; and pre-tax discount rate, which comes from the methodology of calculation of weighted
average cost of capital (WACC).
38
14. Intangible Assets

(a) Balances composition
Consolidated
Intangible assets in service
September 30, 2015
Computer
Programs and
Licenses
Amortization rate % p.a.
Goodwill on
Acquisition of
Investments
Concessions
and CCEARs
Usage Rights
20
Impairment
Intangible
Assets
in Progress
Total
20
Cost
Balance on
12/31/2014
8,272
15,470
183,448
15,778
222,969
Balance at
Additions
Write-offs
Transfers
12/31/2014
8,272
1,767
(384)
15,470
-
183,448
-
15,778
(29)
25
(117)
75
(75)
222,969
1,842
(29)
(551)
Balance at
09/30/2015
9,656
15,470
183,448
15,774
(117)
(0)
224,231
Balance at
12/31/2014
(4,314)
(980)
(12,236)
(5,868)
(23,398)
Balance at
Additions
Write-offs
Transfers
12/31/2014
(4,314)
(1,087)
-
(980)
(384)
-
(12,236)
(9,152)
-
(5,868)
(794)
0
-
(23,398)
(11,417)
0
-
Balance at
09/30/2015
(5,401)
(1,364)
(21,388)
(6,662)
(34,815)
Balance at
12/31/2014
3,958
14,490
171,212
9,910
199,571
Balance at
09/30/2015
4,255
14,106
162,060
9,112
(117)
(0)
189,416
Usage Rights
Intangible
Assets
in Progress
Amortization
Carrying Amount
Dec-14
Amortization rate % p.a.

Cost
Balance at
Computer
Programs
and Licenses
20
Goodwill on
Acquisition of
Investments
Concessions
and CCEARs
Total
20
12/31/2013
6,167
15,470
183,448
10,498
6,089
221,672
12/31/2013
15,470
12/31/2014
6,167
1,220
886
8,272
15,470
183,448
(0)
183,448
10,498
5,281
15,778
6,089
89
(6,178)
-
221,672
1,309
(12)
222,969
Amortization
Balance at
12/31/2013
(3,031)
(468)
(4,792)
(8,292)
Balance at
12/31/2013
(3,031)
(468)
(4,792)
(8,292)
Balance at
Additions
Write-offs
Transfers
Balance at
39
Additions
Write-offs
Transfers
Balance at
Carrying Amount
Balance at
Balance at
(511)
12/31/2014
(1,283)
(4,314)
(980)
(12,236)
(12,236)
(1,076)
(5,868)
(15,106)
(23,397)
12/31/2013
12/31/2014
3,135
3,959
15,002
14,490
183,448
171,212
5,706
9,910
6,089
-
213,380
199,572
(b) Goodwill on Acquisition of Investments

On October 14, 2008 Eneva S.A. - In judicial reorganization acquired the entire capital of Itaqui Gerao
de Energia S.A. from EDP Energias do Brasil S.A. in an acquisition that involved the swap of a 50% interest
in Porto do Pecm Gerao de Energia S.A. for said capital. This transaction generated goodwill for Eneva
S.A. - In judicial reorganization of R$ 15,470, which is being presented under investments in the parent
company's investment financial statements and under intangible assets in the consolidated financial
statements. This goodwill is based on the expected future yield and is amortized over the term
established in Ordinance authorization 177 issued May 12, 2008.
40

(c) Concessions and CCEARs Parnaba I
Following ANEEL approval, in September 2011 Eneva S.A entered into a 15-year concession acquisition
agreement with Grupo Bertin Energia e Participaes S.A. to acquire the concessions awarded by ANEEL
for the thermal power plants (UTEs) MC2 Joo Neiva and MC2 Joinville (subsidiaries of Bertin Energia e
Participaes S.A), to be set up as independent energy producers. This document also determines the
assignment of the energy sale agreements (CCEARs) of the UTEs to Eneva S.A.
The MC2 Joo Neiva and MC2 Joinville UTEs were procured at the A-5 03/2008- ANEEL auction held on
December 31, 2008, which ratified the supply of an average 225 MW to each distribution company, with
an authorization term of 35 years.
Eneva S.A. and its subsidiary Parnaba Gerao de Energia S.A. (UTE Parnaba) signed a rights and
obligations assignment agreement for the concessions acquired from Grupo Bertin Energia e
Participaes S.A. This agreement involves the free assignment to Parnaba of all the rights and obligations
deriving from the concessions purchase agreement.
The Company did not classify this transaction as a business combination, but rather an acquisition of
assets as it is acquiring intangible assets that are awarded under concession and the sale contracts.
Its amortization is based on the term of concession, and the calculation is performed by straight-line
method using ANEELs rates determined by Normative Resolution 474 of February 07, 2012.
41
15. Related parties

The main balances of assets and liabilities as of September 30, 2015 and December 31, 2014 related to relatedparty transactions, as well as the transactions that influenced the income for the period, relate to transactions
between the Company and its direct and indirect subsidiaries, affiliates and key management personnel, which
were conducted in accordance with the terms agreed by the parties.
(a) Controlling Shareholder
The Company's control is jointly exercised by Mr. Eike Fuhrken Batista and DD Brazil Holdings S..R.L (fully
controlled by E.ON AG), which respectively hold 19.9% and 42.9% of the common shares.
(b) Executives
A Board of Directors and an Executive Board, pursuant to the duties and powers vested by its Bylaws in accordance
with corporate law, manage the Company.
(c) Related companies
The Companys main affiliated companies are EBX Holding Ltda., E.ON AG and Parnaba Gs Natural S.A., in
addition to its subsidiaries and associated companies.
42

As of September 30, 2015, the balances of assets, liabilities and effects on income of related-party transactions
are as follows:
Assets
Parent Company
09/30/2015
Pecm II Gerao de Energia S.A. (c)

Termopantanal Ltda. (a)
Termopantanal Ltda. (a)
Termopantanal Participaes Ltda. (a)
ENEVA Comercializadora de Energia S.A. (d)
Parnaba I Gerao de Energia S.A. (e)
Consolidated
12/31/2014
213,489
200,022
7,683
7,683
(7,453)
(7,453)
457
1,469
09/30/2015
12/31/2014
214,435
200,415
457
1,199
2,667
1,199
7,915
7,054
448,110
417,226
Sul Gerao de Energia S.A. (j)
272
243
272
UTE Porto do A Energia S.A. (j)
369
303
369
303
6,199
5,142
542
Itaqui Gerao de Energia S.A. (f)
Parnaba II Gerao de Energia S.A. (k)

Eneva Comercializadora de Combustvel Ltda. (j)
Eneva Solar Empreendimentos Ltda.
Seival Participaes S.A. (j)
EBX Holding Ltda. (b)
Pecm Operao e Manuteno Eltrica S.A. (h)
ENEVA Participaes S.A. em Recuperao Judicial(k)
Porto do Pecm Gerao de Energia S.A. (i)
Eneva Desenvolvimento (j)
Seival Sul Minerao Ltda. (j)
Parnaba Participaes S.A. (o)
Eneva investimentos S.A. (j)
694
542
81
65
60
1,134
1,963
1,778
17,561
-
10,939
365
10
26
243
694
81
65
60
1,134
1,963
1,778
17,561
10,939
74
356
10
-
26
Pecm II Participaes S.A (k)
11
101
11
-
Tau II Gerao Energia Solar Ltda.

Parnaba III Gerao de Energia S.A. (k)
49
860
44
365
860
365
Parnaba IV Gerao de Energia S.A. (l)
84,913
76,425
84,913
76,425
Parnaba Gs Natural S.A. (m)
61,492
5,829
62,836
13,974
12,804
13,974
12,804
Seival Gerao de Energia S.A.
217
185
217
185
186
25
MABE da Brasil (n)
Porto do Pecm Transportadora de Minrio S.A

Eneva Chile Holding Ltda
Au II Gerao de Energia Ltda
EON Brasil Ltda
Parnaiba Gerao e Comercializadora de Energia S.A
Advances for future capital increase for subsidiaries (g)
10
10
28,153
28,153
6
102
102
188,980
248,000
1,016,838
1,046,056
19,480
26,250
391,751
395,486
43
Current
Noncurrent
1,016,838
391,751
395,486
Liabilities
Parent Company
09/30/2015
Consolidated
12/31/2014
-
Eneva Comercializadora de Energia Ltda. (d)
12/31/2014
2,772
10
2,820
27,547
1,458
27,547
Copelmi Minerao Ltda.
146
146
Eneva Comercializadora de Combustveis Ltda. (m)
Eneva Participaes S.A. (k)
984
45,887
2,762
45,887
Tau Energia Solar Ltda.
444
444
444
444
Petra Energia S.A.(p)
79,801
91,170
Parnaba Gs Natural S.A.(m)
61,492
24,066
112,086
Parnaba Participaes S.A. (o)
32,424
29,852
32,424
29,852
Itaqui Gerao de energia S.A.
2,078
2,078
Pecem II Gerao de energia S.A. (c)

DD Brazil (q)
Current
Noncurrent
44
09/30/2015
38
2,518
1,398
1,523
9,263
8,403
37,328
171,595
150,413
320,875
37,328
171,595
150,413
320,875

Net income
Parent Company
Consolidated
09/30/2015
09/30/2014
09/30/2015
(6)
230
22,647
14,332
295
495
Pecem II Gerao de Energia S.A. (c)

Eneva Comercializadora de Energia S.A. (d)
Parnaba Gerao de Energia S.A. (e)
Itaqui Gerao de Energia S.A. (f)
2,027
899
49,076
23,117
(1,387)
(2,165)
44,170
Parnaba Gs Natural
(0)
Sul Gerao de Energia S.A. (j)
31
27
31
27
Porto do A Energia S.A. (j)

Tau Gerao de Energia Ltda
68
20
68
20
Eneva Comercializadora de Combustvel Ltda. (j)

Seival Participaes S.A. (j)
(8,694)
22,647
09/30/2014
79
(8,694)
161
78
161
78
38
42
38
42
238
178
Pecm Operao e Manuteno Eltrica S.A. (h)
238
178
Parnaba II Gerao de Energia (k)

Parnaba Participaes (o)
779
1,319
(4,091)
1,188
(4,091)
1,188
Eneva Participaes S.A. (k)
1,915
138
1,915
138
8,294
9,298
8,294
9,298
Parnaba III Gerao de Energia S.A. (k)
281
(1,698)
281
Pecem II Participaes S.A. (k)
237
101
237
1,503
647
Eneva Desenvolvimento S.A.(j)
MABE Construo e Administrao de Projetos Ltda. (n)

Eneva Solar Empreendimentos Ltda.
Parnaba IV Gerao de Energia S.A. (l)
Petra Energia S.A.(o)
2
10,983
4,479
1,503
(1,698)
101
(1,794)
10,983
4,479
137
Seival Sul Minerao Ltda
Tau II Gerao de Energia Ltda
102
Parnaiba Gerao e Comercializao De Energia S.A
EON Brasil Ltda

Au II Gerao de Energia S.A
Porto do Pecm Transportadora de Minrios S.A
Total
10
95,062
45,974
40,141
46,140
(a) Loan agreement executed with Eneva S.A. (lender) subject to monthly interest (101% of CDI) and with an
unfixed term of maturity. Eneva S.A. has made a provision of R$ 7,453 for the devaluation of its 66.67%
investment in Termopantanal Participaes Ltda.
(b) The Company and its subsidiaries also maintained agreements for sharing costs of operating and financial
activities entered into with the company EBX Holding Ltda. involving monthly collections made through
trade notes paid according to understandings between the parties. Note that these contracts were
terminated in November 2013, leaving the outstanding balance between the parties to be settled.
(c) The balance consists of: (i) a loan executed with Eneva S.A. (lender) subject to monthly interest (104% of
CDI) and indefinite maturity period. As of September 30, 2015 the effect on net income is R$ 20,712 and
outstanding balance of R$ 210,277 and (ii) sharing of operating and financial activities costs entered into
45
with Eneva S.A. As of September 30, 2015 the effect on net income is R$ 1,935 and outstanding balance
of R$ 3,212.
(d) The balance consists of revenue from sharing of costs of operating and financial activities entered into
between Eneva S.A., Itaqui Gerao de Energia S.A., Parnaba II Gerao de Energia S.A. and Gerao de
Energia S.A involving monthly collections made through trade notes paid according to understandings
between the parties (average maturity from 30 to 60 days). As of September 30, 2015 the effect on net
income is R$ 2,165.
(e) The balance derives from the administrative cost reimbursement contract and feasibility studies. The
outstanding balance as of September 30, 2015 is R$ 7,915 and the effect on the parent company's net
income is R$ 2,027.
(f) The balance consists of: (i) loan agreement executed in January 2012 with Eneva S.A. (lender) subject to
monthly interest (104% of CDI) and with an indefinite maturity amounting to R$ 441,457. As of September
30, 2015 the effect on net income is R$ 47,187 and (ii) revenue from reimbursement of operational,
financial and administrative costs, amounting to R$ 6,653. As of September 30, 2015 the effect on net
income is R$ 1,889.
(g) Balance consisting of advances for future capital increase (AFACs) of its subsidiaries from investments to
noncurrent assets, which are irrevocable and irreversible. However, no fixed value has been defined for
the number of shares in the capital increase, in contravention of CPC 38. The following AFACs are
outstanding as of September 30, 2015 with the following companies:
46

Subsidiaries
2015
Porto do Au Energia S.A.

Parnaba II Gerao de Energia S.A..
2014
25
10
169,500
19,445
730
20
164,500
10,000
47,250
25,500
188,980
248,000
(h) The balance consists of loan agreement executed in December 2011 with Eneva S.A. (lender) subject to
monthly interest (110% of CDI) and with maturity at June 30, 2015, amounting to R$ 1,963. As of
September 30, 2015 the effect on net income is R$ 238.
(i) Eneva S.A. decided to sell its interest in Porto do Pecm, and in December 2014 recorded all the
outstanding balances between the companies as held for trading (as described in note 12). The balance
primarily consisted of: (i) the loan in September 2012 with Eneva S.A. (lender) subject to monthly interest
(105% of CDI) and with an indefinite maturity and (ii) contract between the parties to assume the costs of
acquiring coal incurred by Porto do Pecm in the period between September and December 2013.
(j) Revenue from reimbursement of project implementation costs.
(k) Operational, financial and administrative costs reimbursement contract.
(l) The balance consists of: (i) loan agreement executed in January 2012 with Eneva S.A. (lender) subject to
monthly interest (125% of CDI) and with an indefinite maturity amounting to R$ 84,410. As of September
30, 2015 the effect on net income is R$ 10,912 and (ii) revenue from reimbursement of operational,
financial and administrative costs, amounting to R$ 504. As of September 30, 2015 the effect on net
income is R$ 71.
(m) The balance consists of: (i) costs relating to the gas purchase agreement and leasing of the gas treatment
plant's capacity, entered into between Parnaba Gs Natural and Parnaba Gerao, net amounting to R$
18,237 (supplier advances) at September 30, 2015.
(n) Loan agreement executed in January 2013 with Eneva S.A. (lender) subject to monthly interest (105% of
CDI) and with an indefinite maturity amounting to R$ 13,974. As of September 30, 2015 the effect on
consolidated net income is R$ 1,503.
(o) Loan agreement executed in January 2013 with Eneva S.A. (lender) subject to monthly interest (125% of
CDI) and with an indefinite maturity amounting to R$ 32,424. As of September 30, 2015 the effect on
consolidated net income is R$ 4,091.
(p) The balance consists of costs relating to the gas purchase agreement and leasing of the gas treatment
plant's capacity, entered into between Parnaba and Petra, amounting to R$ 79,801.
(q) Project implementation costs reimbursement agreement with DD Brazil, amounting to R$ 9,263.
47
(d) Compensation of the Board of Directors and Executive Board members

In accordance with Law 6404/1976 and the Company's bylaws, the shareholders shall establish the managers'
overall annual remuneration at the General Meeting. The Board of Directors shall distribute the amount among
the directors.
The quarterly compensation of officers and the Board of Directors is presented below:
Parent Company
2015
2014
6,774
2,557
209
3,351
Immediate benefits
Stock options granted
6,983
5,908
Consolidated
2015
10,114
288
2014
4,055
3,351
10,402
7,406
See below the minimum, average and maximum individual quarterly compensation of the Board of Directors and
Officers, in R$:
Consolidated
September 30, 2015
Minimum Average
Board of Directors
Officers
133,200
172,021
531,111
372,119
September 30, 2014
Maximum
Minimum
1,323,332
554,719
20,000
177,722
Average
Maximum
24,000
326,446
40,000
530,456
16. Loans and financing

As of September 30, 2015 and December 31, 2014 the loans taken out from financial institutions break down as
follows:
Consolidated
09/30/15
48
Comp
any
Creditor
Itaqui
BNDES
(Direct)
Itaqui
BNB
Itaqui
BNDES
(Indirect)
Itaqui
Parna
ba I
Parna
ba I
BNDES
(Indirect)
BRADESC
O
Banco
Ita BBA
Parna
ba I
BNDES
(Direct)
Parna
ba I
BNDES
(Direct)
(g
)
(
h
)
Parna
ba II
Banco
Ita BBA
Parna
ba II
CEF
Effect
ive
Rate
Curre
ncy
Interest
Rates
Matur
ity
R$
TJLP+2.
78%
06/15
/26
2.89%
R$
10%
12/15
/26
R$
IPCA +
12.13%
06/15
/26
R$
TJLP+4.
8%
CDI+3.5
0%
CDI+3.5
0%
06/15
/26
08/23
/16
07/18
/16
R$
TJLP+1.
88%
06/15
/27
R$
IPCA +
4.78%
(i
)
R$
(j
)
R$
(a
)
(
b
)
(c
)
(
d
)
(e
)
(f
)
R$
R$
Transac
tion
Cost
12/31/14
Unappropri
ated Cost
Princip
al
Inter
est
Total
8,632
795,52
8
2,786
789,68
2
11,182
10.14
%
2,892
2,485
200,52
7
798
4.94%
2,023
1,783
128,85
5
4.94%
1,475
1,440
Transac
tion
Cost
Unappropri
ated Cost
Princip
al
Inter
est
Total
9,217
762,78
8
2,535
756,10
7
11,182
198,84
0
2,892
2,602
200,78
7
852
199,03
7
3,197
130,27
0
2,023
1,878
107,50
5
5,942
111,56
9
156,96
7
672
156,19
9
1,475
1,460
149,08
8
621
148,24
9
25,529
130
25,659
30,294
134
30,428
49,884
153
50,037
53,174
178
53,352
2.35%
28,395
27,432
429,99
4
1,359
403,92
1
28,395
28,191
456,89
3
1,353
430,05
5
07/15
/26
2.37%
11,705
10,263
209,80
0
2,110
201,64
6
11,705
10,629
212,43
8
4,776
206,58
5
CDI+3.0
0%
06/30
/17
252,71
6
3,100
255,81
6
228,33
0
126
228,45
6
CDI+3.0
0%
06/30
/16
280,00
0
78,12
8
358,12
8
280,00
0
39,84
3
319,84
3

Parna
ba II
HSBC/BN
DES
(k
)
ENEVA
S/A
Banco
Ita BBA
Banco
BTG
Pactual
Banco
Citibank
S.A.
Banco
Citibank
S.A.
Banco
Citibank
NA
Banco
Credit
Suisse
(l
)
(l
)
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
R$
CDI+3.0
0%
06/30
/16
5.05%
10,967
334,11
6
4,123
338,23
9
10,967
3,890
299,38
7
2,624
298,12
0
R$
CDI+2.7
5%
05/15
/28
565,41
0
18,69
6
584,10
6
624,62
9
82,20
3
706,83
2
R$
CDI+2.7
5%
05/15
/28
1,029,
665
34,05
0
1,063,
716
1,180,
224
106,9
03
1,287,
127
R$
CDI+2.7
5%
05/15
/28
111,20
6
3,674
114,88
0
117,92
5
21,18
2
139,10
6
US$
LIBOR
6M
05/15
/28
139,24
6
126
139,37
2
132,81
0
909
133,71
9
US$
LIBOR
6M
05/15
/28
120,54
6
109
120,65
4
102,09
9
13,01
4
115,11
3
US$
LIBOR
6M
05/15
/28
26,120
23
26,143
68,639
52,035
4,856,
109
153,2
35
4,957,
309
68,639
57,867
4,938,
369
283,1
96
5,163,
698
Unappropri
ated Cost
Princip
al
Inter
est
Total
Unappropri
ated Cost
Princip
al
Inter
est
Total
3,297
736,14
6
93,45
6
826,30
5
6,698
3,022,
478
273,4
14
3,289,
194
4,119,
963
59,77
8
4,131,
004
1,915,
891
9,782
51,171
1,874,
502
(l
)
(l
)
(l
)
(l
)
Current
Noncurr
ent
48,738
The table below shows the breakdown of the loans of the joint subsidiary Pecm II Gerao de Energia S.A. and
the indirect subsidiary UTE Parnaba III Gerao de Energia S.A. As a result of the new consolidation rules
introduced by IFRS 11, from 2013 we are no longer obliged to consolidate them into the annual information:
Consolidated
09/30/15
Compa
ny
Creditor
C
u
r
r
e
n
c
y
Interest
Rates
R
$
12/31/14
Maturity
Effect
ive
Rate
Transact
ion Cost
Unappr
opriate
d Cost
Princip
al
Inte
rest
Transact
ion Cost
Unappr
opriate
d Cost
Total
Princip
al
Inte
rest
Total
TJLP+3.14
%
06/15/27
2.30%
3,628
3,012
337,10
8
1,23
0
335,32
6
3,628
3,161
328,79
1
1,14
5
326,77
5
R
$
IPCA+
10.59%
06/15/27
2.32%
806
480
112,29
4
6,39
7
118,21
2
806
530
101,61
0
456
101,53
6
R
$
10%
01/31/28
10.17
%
2,144
2,022
120,52
1
118,49
9
2,144
2,076
121,90
6
119,82
9
R
$
CDI +
3.50%
07/26/16
42,000
1,29
4
43,294
349
52
42,000
601
42,549
6,577
5,513
611,92
3
8,92
2
615,33
2
6,926
5,820
594,30
7
2,20
2
590,68
9
Unappr
opriate
d Cost
Princip
al
Inte
rest
Total
Unappr
opriate
d Cost
Princip
al
Inte
rest
Total
44,580
8,92
2
53,502
52
119,03
3
2,20
2
121,18
3
561,83
0
475,27
5
5,768
469,50
6
(m)
Pecm
II (50%)
BNDES
(Direct)
(n)
Pecm
II (50%)
BNDES
(Direct)
(o)
Pecm
II (50%)
Parnab
a III
(35%)
BNB
(p)
Banco
Bradesco
Current
Noncurren
t
5,513
567,34
3
49
Porto do Itaqui Gerao de Energia SA (Itaqui)

(a) The National Social and Economic Development Bank (BNDES) released the entire R$ 784
million of the long-term loan to Itaqui relating to subcredits A, B and C, incurring an annual cost
of TJLP + 2.78%. The financing facility has a term of 17 years, with 14 years repayment and a
grace period on the principal of until July 2012. Subcredit D, intended for social investments
(BNDES Social) of R$ 13.7 million, only incurs TJLP and R$ 11.7 million has been disbursed to
date. The BNDES Social facility has a total term of 9 years, with 6 years repayment and a
grace period of until July 2012. The interest earned during the grace period was capitalized
along with the amounts outlaid.
In January 2015, a debt reschedule assured a new grace period of 24 months for the principal
and of 6 months for the interests. In addition, the amortization applied was 3% (three per cent)
in 2017, 5% (five per cent) in 2018, being 8% (eight per cent) in 2019 and 10% (ten per cent) in
2020. The remaining 74% (seventy four per cent) would be applied in the following years through
a constant amortization system SAC. Not all financing charges have changed. This financing
is secured by the traditional guarantee in Project Finance Loans.
(b) To top up the funding from the BNDES, Itaqui took out a loan from BNB-FNE, worth a total R$
203 million under which the last payment was released on July 28, 2011, completing the loan.
The BNB loan has a total term of 17 years, with 14 years repayment and a grace period on the
principal until July 2012. It is charged interest of 10% p.a. The funding has a performance bonus
(15%), which consequently reduces the cost to 8.5% per annum. In January 2015, this loan was
rescheduled following the same conditions mentioned above (a). This financing is secured by
the traditional guarantee in Project Finance Loans.
(c)
50
R$ 99 million of this indirect BNDES line has been released to Itaqui consisting of subcredits
A, B, C, D and E, whose agents are the banks Bradesco and Votorantim. This part of the loan
has a total term of 17 years, including 14 years of amortization and a grace period for interest
and the principal of until July 2012. The loan incurs IPCA + BNDES Reference rate + 4.8% p.a.
The interest earned during the grace period was capitalized along with the amounts outlaid. In
January 2015, this loan was rescheduled following the same conditions mentioned above (a).
This financing is secured by the traditional guarantee in Project Finance Loans.
(d) The entire subcredit F, of the loan mentioned in the previous item equal to R$ 141.8 million, has
been passed through to Itaqui. This part of the loan has a total term of 17 years, with 14 years
repayment and a grace period on the principal and interest of until July 2012. The loan incurs
TJLP + 4.80% p.a. The interest earned during the grace period was capitalized along with the
amounts outlaid. In January 2015, this loan was rescheduled following the same conditions
mentioned above (a). This financing is secured by the traditional guarantee in Project Finance
Loans.
UTE Parnaba Gerao de Energia SA (Parnaba I)
(e) On December 27, 2011 Parnaba I borrowed R$ 75 million under a CCB loan (Bank Credit Note)
with BRADESCO, which was endorsed by the parent company. Taken out to finance the
construction of thermoelectric power plants Maranho IV and V, this bridge loan incurs annual
interest of the CDI rate + 3% and matures initially on June 26, 2013, whereupon the principal
and interest is due. A further R$ 75 million was disbursed on February 28, 2012 by the bank on
the same terms as the previous disbursement. R$ 90 million of the principal plus the interest
due was settled on December 28, 2012, when the long-term BNDES loan described in items (j)
and (k) was released. On June 26, 2013, the company renegotiated the principal balance of R$
60 million, paying all the interest due up to that date with the new maturity date changing to
September 24, 2013 and the interest held at the CDI rate plus 3% per annum. On September
24, UTE Parnaba renegotiated the terms of the contract, changing the maturity date to October
24, 2013 and subsequently to November 24, 2013. On October 31, 2013, a new renegotiation
amended the loan's maturity to December 18, 2014. The loan was renegotiated and the balance
of interest incurred up to the date was included in the principal, and since then both the principal
and interest are being paid in 4 monthly instalments commencing in January 2015. In the first
quarter 2015, again a new contractual renegotiation took place and the debt balance was
refinanced, it means the principal is payable in 12 monthly installments beginning in August
2015, whereas the interest rates, which were adjusted for CDI + 3.5 % p.a. They are being paid
monthly since February 2015.
(f) On December 27, 2011 Parnaba I borrowed R$ 125 million under a CCB loan (Bank Credit
Note) with Banco Ita BBA, which was endorsed by the parent company. Taken out to finance
the construction of thermoelectric power plants Maranho IV and V, this bridge loan incurs
annual interest of the CDI rate + 3% and matures initially on June 26, 2013, whereupon the
principal and interest is due. R$ 60 million of the principal plus the interest due was settled on
December 2012, when the long-term BNDES loan described in items (j) and (k) was released.
On June 26, 2013, the company renegotiated the principal balance of R$ 65 million, paying all
the interest due up to that date with the new maturity date changing to September 24, 2013 and
the interest held at the CDI rate plus 3% per annum. Since then, a new renegotiation amended
the loan's maturity to October 24, 2013 and subsequently to April 15, 2015. In December 2014,
new renegotiation of the contract was carried out and the interest balance has been incorporated
into the principal. So far, both the principal and interest shall be paid in 3 monthly installments
from February 2015. In the first quarter 2015, again a new contractual renegotiation took place
and the debt balance was refinanced, it means the principal is payable in 12 monthly installments
beginning in September 2015, whereas the interest rates, which were adjusted for CDI + 3.5 %
p.a. They are being paid monthly since March 2015.
(g) In December 2012 Parnaba I received R$ 495.7 million as subcredits B and C of the long-term
financing contract with BNDES, out of a total of R$ 671 million. These subcredits will be
amortized over 168 monthly instalments commencing July 15, 2013, along with the interest. The
loan incurs TJLP + 1.88% p.a.
51
(h) In December 2012 Parnaba I also received R$ 204.3 million referring to the entire subcredit A
of the long-term financing contract with BNDES mentioned in the item above. These subcredits
will be amortized over 13 monthly instalments commencing July 15, 2014, along with the
interest. The loan incurs IPCA + BNDES Reference rate + 1.88% p.a. The interest earned
during the grace period was capitalized along with the amounts outlaid. This financing is secured
by the traditional guarantee in Project Finance Loans.
52
UTE Parnaba II Gerao de Energia SA (Parnaba II)

(i)
On March 30, 2012 the Parnaba II project secured R$ 100 million via a CCB loan from Banco
Ita BBA, endorsed by the parent company. Originally maturing on September 30, 2013 for the
payment of principal and interest, this bridge loan was used to finance the building of the
Maranho III thermal power plant. Upon maturity, this bridge loan incurs annual interest of the
CDI rate + 3% and matures on September 30, 2013, whereupon the principal and interest is
due. The company renegotiated the loan, altering its maturity date to December 30, 2013. The
loan was subsequently renegotiated; changing its maturity to December 30, 2014 and an
additional R$ 100 million was borrowed, maturing on December 30, 2014. At the end of
December both contracts were renegotiated and had, their maturity altered to June 15, 2015.
Upon new renegotiation, maturity of the loan was altered to June 30, 2017.
(j)
In May 2012, Parnaba II borrowed R$ 325 million under a CCB loan from Caixa Econmica
Federal, which was endorsed by the parent company. Taken out to finance the construction of
thermoelectric power plant Maranho III, this bridge loan incurs annual interest of the CDI rate
+ 3% and originally matures on November 07, 2013, whereupon the principal and interest is
due. A portion of R$ 125 million has been released, in addition to two portions of R$ 100 million,
on May 08, 2012, May 15, 2012 and May 30, 2012. Upon maturity, the company renegotiated
the loan, altering its maturity date to December 30, 2013. R$ 45 million of the principal has been
repaid to date, in addition to the interest hitherto incurred, and the remaining amount has been
renegotiated to December 30, 2014. At the end of December, the contract was renegotiated and
had its maturity altered to June 15, 2015. Upon new renegotiation, maturity of the loan was
altered to June 30, 2017.
(k) Parnaba II received a bridge loan from BNDES of R$ 280.7 million at the end of December
2013. The loan incurs TJLP + 2.40% p.a. That loan should be amortized in a single installment
at June 15, 2015, along with interest; however, an agreement has not been reached to postpone
the maturity of the loan and guarantee of Banco HSBC, which guaranteed its payment. At June
18, 2015, Banco HSBC was notified by BNDES in order to honor such payment owed by
Parnaba II. Since then, the companys obligation is before HSBC, which agreed with a new
maturity to June 30, 2016 at cost of CDI plus 3%.
53
Eneva SA (Eneva)
(l)
In the judicial recovery plan of the company, approved by lenders and homologated at May 15,
2015, it was defined that the outstanding balance of the debt to each lender would correspond
to the balance of the values after (i) reduction of the amount of R$ 250 thousand (ii) mandatory
reduction of the value of 20% through a negative goodwill over the debt value amounting what
exceeds R$ 250 thousand and (iii) mandatory reduction of 40% of the debt value amounting
what exceeds R$ 250 thousand, which shall occur through capitalization of the debt. That
outstanding balance accrues rates of CDI + 2, 75% p.a., for debts in reais, and Libor, for debts
in foreign currency. That balance still has a 5-year grace period to pay interests and and 8-year
grace period to pay the principal, which shall be amortized according to the following payment
schedule. 15% at 9th year, 15% at 10th year, 20% at 11th year, 25% at 12th year and 25% at
13th year. At September 30, 2015, the mandatory reduction of 40% above mentioned still had
not occurred, and because of that it sill consists the debt balance, however it is not able to
receive correction.
Pecm II Gerao de Energia SA (Pecm II)

(m) By June 30, 2014 Pecm II had received R$ 615.3 million of the R$ 627.3 million earmarked in
subcredits A, B, C, D and L of the long-term financing contract with the BNDES (in nominal R$,
excluding interest during the construction). These subcredits have a total term of 17 years, with
14 years repayment and a grace period on the principal and interest of until July 2013. The loan
initially incurs TJLP + 2.18% p.a. but in December 2014, a renegotiation was held and the spread
of the debt was changed to 3.14% per year. The interest earned during the grace period was
capitalized along with the amounts outlaid. In April 2015, a debt reschedule assured a new grace
period of 21 months for the principal and 6 months for the interests. Balances of principal and
interests shown at the table above correspond to 50% of the original balances, considering
EONs 50% participation. This financing is secured by the traditional guarantee in Project
Finance Loans.
(n) Pecm II received R$ 110.1 million referring to subcredits E, F, G, H and I of the long-term
financing contract with the BNDES mentioned in the item above. These subcredits have a total
term of 17 years, with 14 years repayment and a grace period on the principal and interest of
until July 2014. The loan incurs IPCA + BNDES Reference rate + 2.18% p.a. Subcredit J of R$
22 million, which was part of that financing line, was transferred in April 2012 to subcredit A of
prior item. In December 2014, a renegotiation of the contract was made and interest incurred to
date were incorporated into the main, being the modified vesting until December 2015. In the
same renegotiation, the spread of the debt was changed to 3.14%. In April 2015, a debt
reschedule assured a new grace period of 1 year for the principal. Balances of principal and
interests shown at the table above correspond to 50% of the original balances, considering
EONs 50% participation. This financing is secured by the traditional guarantee in Project
Finance Loans.
(o) To top up the funding from the BNDES, Pecm II took out a loan from BNB with FNE funding,
worth a total R$ 250 million, which has been disbursed in its entirety. The BNB loan has a total
term of 17 years, with 14 years repayment and a grace period on the principal until February
2014. It is charged interest of 10% p.a. The funding has a performance bonus (15%), which
consequently reduces the cost to 8.5% per annum. In May 2015, a debt reschedule assured a
new grace period of 1 year for the principal. Balances of principal and interests shown at the
table above correspond to 50% of the original balances, considering EONs 50% participation.
This financing is secured by the traditional guarantee in Project Finance Loans.
54
UTE Parnaba III Gerao de Energia SA (Parnaba III)
(p) On November 25, 2013, the Parnaba III project secured a bridge loan from Banco Bradesco of
R$ 120 million, initially maturing on January 09, 2014. A new maturity date was agreed for
January 31, 2014. The cost of the bridge loan is CDI plus 2.53% per annum. Principal and
interest will be paid at the end of the operation. A promissory note was issued to replace this
loan on the same terms and with a new maturity date of July 30, 2014. Another at the cost of
CDI + 3.0% per annum substituted this promissory note, now maturing on January 26, 2015. On
January 2015, the prior promissory note was substituted, the project issued debentures at the
cost of CDI + 3.5% per year and principal maturity on July 26, 2016. Interests shall be paid on
a quarterly basis.
The portions of the loans and financing classified in non-current liabilities as of September 30, 2015
have the following payment schedule:
Consolidated
Maturity year
2016
2017
2018
2019 until the last maturity
9,147
340,828
110,608
3,670,421
4,131,004
Financial Covenants
Creditors involved in financial contracts use financial covenants in a number of debt contracts to
monitor the Company and its investees' financial situation.
The financing contracts relating to the ventures Pecm II Gerao de Energia S.A., Porto do Itaqui
Gerao de Energia S.A. and UTE Parnaba Gerao de Energia S.A. have minimum debt service
coverage indexes that measure the payment capacity of the financial expense in relation to EBITDA
(earnings before interest, taxes, depreciation and amortization).
All the financial covenants had been performed as of September 30, 2015.
55
Nonfinancial covenants continued

A number of financing contracts also have nonfinancial covenants, which are usual for the market
and have been summarized below. As of September 30, 2015 all these covenants are fully
performed.
Obligation to periodically submit financial statements to creditors.
Creditor rights to inspect and visit facilities.
Obligation to keep up with tax, social security and payroll obligations.
Obligation to maintain materially important contracts for its operations in force.
Comply with environmental legislation and keep any operating licenses necessary in force.
Contractual restrictions on related-party transactions and sales of assets outside the normal
course of business.
Restrictions on the change of share control, corporate restructuring and material changes to
the core activities and articles of association of the borrowers, and
Restrictions on debt ratios and the procurement of new debt.
Up to September 30, 2015, it was not identified any situation of nonperformance of the financial and
nonfinancial covenant clauses.
17. Taxes and contributions payable
Corporate Income Tax IRPJ

Social Contribution on Net Income - CSLL
Income Tax Withheld at Source - IRRF
ICMS
PIS, COFINS, IRRF and CSL
IPI Import
FGTS
Import Tax
Other
Current
Parent Company
Consolidated
Septembe December
r 30
31
2015
2014
Septembe December
r 30
31
2015
2014
79
113
2
736
647
104
18
14,873
559
5,486
169
336
193
1,774
404
158
7,854
1,025
10,431
1,277
1,585
2,494
1,888
2,029
1,602
23,408
27,116
929
903
118
18. Financial instruments and risk management
56

The management of these financial instruments is done through operating strategies and internal controls, aimed
at liquidity, profitability and security. Our control policy consists of permanently monitoring contract rates versus
market rates. The Company and its subsidiaries do not invest in derivative financial instruments or any other risky
assets on a speculative basis. This is a determination of the financial investment policy.
The estimated realization values of the financial assets and liabilities of the Company and its subsidiaries were
determined through information available in the market and appropriate valuation methodologies. However,
considerable judgment was required in the interpretation of the market data to estimate the most adequate
realization value. Consequently, the estimates below do not necessarily indicate the values that could be realized
in the current exchange market. The use of different market methodologies may have a material effect on the
estimated realizable values.
The consolidated book balances of the main financial instruments included in the balance sheets as of September
30, 2015 and December 31, 2014 are shown below:
Parent Company
Financial instruments
Assets
Loans and receivables
Loans to subsidiaries
Escrow deposits
Fair value through profit or loss
Accounts receivable settled SWAP operation
Liabilities
Other financial liabilities
Trade Payables
Loans and financing
Debts with subsidiaries
Loans with other related parties
2015
2014
75,112
752,745
33,700
62,627
44,143
691,287
41
21,122
142,028
21,122
72,503
11,660
2,048,871
3,507
33,822
11,737
2,381,898
75,956
95,639
57
Consolidated
Financial instruments
Assets
Loans and receivables
Trade accounts receivable
Loans to subsidiaries
Escrow deposits
Fair value through profit or loss
Liabilities
Other financial liabilities
Trade Payables
Loans and financing
Contractual retentions
Debts with subsidiaries
Debts with related parties
2015
2014
234,459
295,639
5,729
70,904
111,891
304,848
284,774
63,970
20,493
62,112
21,122
254,705
21,122
157,319
147,633
4,957,309
4,650
85,994
64,420
149,785
5,163,697
20,945
76,398
244,478
The financial instruments measured at amortized cost and presented above are close to their market values (fair value).
58

18.1 Fair value of financial instruments
The concept of fair value states that assets and liabilities should be valued at market prices, in the case of liquid
assets, or by using mathematical pricing methods, in other cases. The hierarchy level of the fair value gives priority
to unadjusted prices quoted on an active market. A part of the company's accounts has the fair value equal to
book value, these accounts include cash equivalents, payables and receivables, bullet debts and short-term. The
accounts whose fair value differs from book value can be seen below. Short-term investments are stated at fair
value, due to their classification at fair value through profit and loss.
Consolidated
2015
Prices
observable in an
active market
(Level I)
Stock options awarded
Pricing with
Pricing without
observable prices observable prices
(Level II)
(Level III)
(350,980)
(350,980)
59
18.2 Derivatives, hedges and risk management

The Company has a formal policy for financial risk management. The use of financial instruments for hedging
purposes is done through an analysis of the risk exposure that (exchange and interest rates, amongst others) and
follows the strategy approved by the Board of Directors.
The protection guidelines are applied according to exposure type. The risk factors posed by foreign currencies
should be neutralized in the short term (within 01 year), and the protection may be extended for longer. Decision
taking regarding the risk posed by interest rates and inflation on liabilities acquired will be assessed in terms of
the economic and operational context and when Management deems the risk to be material.
There are currently no outstanding hedge/derivative positions. The previous swap operation of the last quarter
of 2014 generated to balance the debt between Citibank and Eneva - In judicial reorganization was settled due to
early repayment of debt, generating a positive balance for the company of R$ 21.1 million. The derivative
contracted to balance the loan from Credit Suisse was settled, generating a balance of USD 669 thousand, used
to amortize the debt.
18.2.1 Market Risk

Risk of changes in commodity prices (commodities), exchange rates and interest rates.
18.2.2.1 Risk of oscillation in commodity prices
In the case of Eneva - In judicial reorganization, this risk is exclusively posed by the coal price, which is recorded,
according to the formation of inventory for generating energy in the thermoelectric power plants.
The inventory coal price is established and will be converted into revenue, according to the remuneration for the
energy generation, according to the PPA rules. The period between the purchase of the cargo and its use for
generating energy constitutes the price change risk incurred by the thermoelectric power plant.
(a) Risk management
The Company manages coal price risk through structuring hedge operations in the future market of coal without
any physical settlement. Eneva - in judicial reorganization seeks resource in the national market which holds a
still incipient market for that kind of operation to settle the risk associated with its coal inventories through
hedge structuring in the beginning of 2014. At the third quarter of 2015, the Company did not have operations
with derivatives thereto.
18.2.2.2 Currency risk
Risk of change in exchange rates, which could be associated to the Company's assets and liabilities.
(a) Risk management
The Company manages the exchange risk on a consolidated basis for its companies to detect and mitigate risks
posed by changes in exchange rates underlying global assets and liabilities. The aim is to detect or create natural
hedges, taking advantage of the synergy between the companies' operations, thereby minimizing the use of
derivatives. Derivative instruments are used in cases where natural hedges cannot be taken advantage. On
September 30, 2015, the Company does not have derivatives.
(b) Investment in fixed assets (capex)
60
The revenue of the consolidated energy generating units of Eneva - In judicial reorganization is denominated in
reais. Part of the investment made in fixed assets is also paid in foreign currency, primarily US dollars and euros.
The volumes and terms of these payments do not generally require the structuring of hedge transactions. The
Company is currently mapping out the payments in foreign currencies - based on historic and future entries, in
order to establish an average amount and terms, thereby ensuring control over the related foreign currency
exposure.
(c) Coal inventory
The Company goes long when forming its coal inventory for its thermal power plants, which in turn is determined
in the international market in US dollars. The Company consequently also assumes a long position in dollars,
generally creating a mismatch between its assets and liabilities. As mentioned earlier for the coal price risk, the
company is studying hedge mechanisms against the market risks posed by coal purchases. In other words, the
commodity price hedge and the exchange risk hedge will be structured simultaneously.
(d) Loans and financing
The Company has no significant foreign exchange exposure related to its financial liabilities arising from foreign
currency denominated transactions in its subsidiaries.
18.2.2.3 Interest rates risk
Risk of shifting of the interest structure that could be associated with the payment flows of the debt principal and
interest.
(a) Cash flow risk related to floating interest rates
There is a financial risk associated with floating rates that could increase the future value of the financial liabilities.
The common risk is uncertainty about the interest futures market, which makes payment flows unpredictable. In
loss scenarios, the interest forward rises, thereby increasing the liability's value. Alternatively, the company's
liabilities could diminish if the rates fell.
More than 90% of Eneva (In judicial reorganization) and its subsidiaries' liabilities are indexed to floating interest
in the interbank deposit segment (DI) and the long-term interest rate of the BNDES (TJLP), and in the inflationary
segment with restatement according to the IPCA price index.
The BNDES facilities restated by the IPCA and TJLP price indexes - which also contain a strong inflation component
- are part of a special credit segment posing low volatility and therefore a low probability of abrupt changes in
rates. As this is a specific segment, caution should be exercised in respect of interference and hypotheses in
statistical models in the attempt to map out and make projections about this segment in order to quantify the
hypothetical related losses. Furthermore, the companies' assets consisting of the revenue will also be restated by
the same rates, which substantially reduces the mismatch between asset and liability rates.
(b) Interest rate sensitivity
The debt restated by the interbank deposit rate - DI had a principal of R$ 2.4 billion and future value of R$ 5.5
billion as of September 30, 2015. 69% of this amount has bigger maturity then 720 days. However, as this is a
floating rate in a scenario of rising interest rates, see below the financial loss if the interest rate curve were shifted
by 25% and 50%, respecting the payment terms of each facility.
61
Amount
Future
system
Amount
Future
system
(25%
increase)
Amount
Future
system
(50%
increase)
Risk
Market
Increase in Interest
Rate
5,507,568
6,480,204
6,675,172
5,507,568
-
6,480,204
972,636
6,675,172
1,167,604
ENEVA SA
Cash Flow Risk related to
Liability indexed to CDI
Outstanding (Principal + Interest)
Increase in financial expense
(*) The scenarios do not reflect the company's projections for interest rates.
This assessment merely aims for compliance with the legislation.
Method: parallel upwards shift in DI rate of 25% and 50%
CDI at 05/31/15: 12.62%
18.2.2 Credit risk

This arises from the possibility of the Company and its subsidiaries suffering losses due to the default of their
counterparties or of financial institutions where they have funds or financial investments. This risk factor could
derive from commercial operations and cash management.
To mitigate these risks, the Company and its subsidiaries have a policy of analyzing the financial position of their
counterparties, as well as constantly monitoring outstanding accounts.
The Company has a Financial Investment Policy, which establishes investment limits for each institution and
considers the credit rating as a reference for limiting the investment amount. The average terms are continually
assessed, as are the indexes underlying the investments, in order to diversify the portfolio. The balance of shortterm investments denotes the maximum exposure to credit risk.
Consolidated
2015
2014
Positions of credit risk
Trade receivables
Escrow deposits
Consolidated credit accounts
254,704
234,459
21,122
111,891
622,176
157,319
304,848
21,122
62,111
545,400
The cash and cash equivalents substantially consists of the current account and investment fund at Ita S.A., a
first-rate bank and in relation to accounts receivable its main exposure derives from the possibility of the company
incurring losses due to problems in realizing receivables. To mitigate this type of risk and to help manage default
risk management, the Company monitors the accounts receivable realizing several collection proceedings.
Furthermore, the Company's customers have signed an assurance of full performance of the contractual
obligations.
18.2.3 Liquidity risk
62

The Company and its subsidiaries monitor their liquidity levels, based on expected cash flows versus the amount
of cash and cash equivalents at hand. Managing the liquidity risk means maintaining cash, sufficient securities
and capacity to settle market positions. The amounts recognized as of September 30, 2015 approach the
operations' settlement values, including estimated future interest payments (see note 1).
Parent Company
2015
Up to 6
months
Trade Payables
Related parties
Loans and financing
From 6 to 12
months
147,633
895,249
1,042,882
333,307
4,650
337,957
2 to 5
years
1 to 2 years
Over 5
years
Total by
account
150,414
566,707 1,314,876 7,247,059
717,121 1,314,876 7,247,059
147,633
150,414
10,357,198
4,650
10,659,895
Consolidated
2014
Liabilities
Trade Payables
Related parties
Loans and financing
Up to 6
From 6 to
12
1 to
2 to
Over
months
months
2 years
5 years
5 years
149,785
2,168,102
-
1,577,102
20,945
320,875
767,386
-
1,286,344 2,480,823
-
149,785
320,875
8,279,757
20,945
2,317,887 1,598,047 1,050,742
1,286,344 2,480,823
8,733,842
Total
by
account
63
19. Provision for contingencies

The Company and its subsidiaries are not party to judicial proceedings, involving labor and tax issues rated as a
probable loss, and no provision was therefore made for them.
The Company and its subsidiaries are party to judicial proceedings, involving labor and civil issues to the estimated
amount of R$ 237,214 (R$ 332,192 as of December 31, 2014). Their legal advisors rate the proceedings as a
possible loss, and management does not believe it is necessary to record a provision for them.
20. Shareholders equity

As of September 30, 2015 and December 31, 2014 respectively, the Company's share capital consists of
840,106,107 (eight hundred and forty million one hundred and six thousand, one hundred and seven) and
nominative common shares, with no par value and the authorized capital is 1.2 billion book-entered common
shares with no par value.
As of September 30, 2015, the Company's share capital was R$ 4,707,088 (R$ 4,707,088 as of December 31, 2014),
consisting of common shares distributed as follows:
2015
Shareholder
Eike Fuhrken Batista
Centennial Asset Mining Fund LLC (*)
Centennial Asset Brazilian Equity Fund LLC (*)
E.ON
BNDESPAR
FIA Dinmica Energia
Other
(*)
64
Controlled by Eike Fuhrken Batista.
2014
145,704,988
20,208,840
1,822,065
360,725,664
72,650,210
130,023,200
108,971,140
17.3
2.4
0.2
42.9
8.6
15.5
12.9
145,704,988
20,208,840
1,822,065
360,725,664
72,650,210
87,494,400
151,499,940
17.3
2.4
0.2
42.9
8.6
10.4
18.2
840,106,107
100
840,106,107
100

The changes in the share capital on September 30, 2015 have been summarized below
Quantity
of shares
Date
Capital
share
(R$
thousand)
Description
December/2012
January/2013
February/2013
April/2013
May/2013
September/2013
October/2013
578,241,732
147,480
27,000
34,500
29,250
124,031,007
13,500
3,731,734
232
95
114
99
800,000
40
May 2014
119,959
August 2014
137,581,638
54,815
Opening balance
Capital increase company plan
Capital increase
Capital increase
shareholder
contribution
Capital increase
shareholder
contribution
September 30, 2015
840,106,107
4,707,088
Closing balance
On August 01, 2014 the Board of Directors' meeting ratified the Company's capital increase, as approved by the
Board of Directors' meeting on May 09, 2014, of R$ 174,728, within the authorized capital limit, as a result of the
subscription and payment of the 137,581,638 new common registered shares with no par value. The number of
Company shares accordingly rose from 702,524,469 to 840,106,107. The Company's share capital has accordingly
changed from R$ 4,536,608 to R$ 4,707,088.
On November 5, 2015 completed the increase of the Company's private equity approved by the Extraordinary
General Meeting held on August 26, 2015 ("AGE"), as a key step towards the implementation of the bankruptcy
reorganization plan of the Company. As described in Note 29.
65
21. Earnings per share

Basic and diluted earnings per share
The basic and diluted earnings per share were calculated by dividing the earnings of the year attributable to the
controlling and noncontrolling shareholders of the Company as of September 30, 2015 and December 31, 2014
and the respective average number of common shares in circulation, as per the table below:
2015
Common
Basic and diluted numerator
Profit/Loss
attributable
shareholders
Parent companies
Basic and diluted denominator
Weighted share average
2014
Total
Common
Total
to
128,709
128,709
(1,517,182)
(1,517,182)
840,106,107
840,106,107
760,195,676
760,195,676
0.1532
0.1532
(4.8692)
(4.8692)
Profit/Loss per share (R$) basic
22. Share-based remuneration plan

The Company's stock options break down as follows:
Parent
Company
2015
Stock options granted - Shareholders' Equity
Granted by Company
Granted by Mr. Eike Batista
35,420
315,560
35,211
315,560
350,980
350,771
Parent
Company
2015
Expenses incurred on share options awarded
Consolidated
2014
209
Parent
Company
2014
257
The stock option plans were released in two different modalities: the primary plan, which consists of
awarding call options, resulting in the issuance of new shares by the Company or the assignment of
treasury stock; and secondary plans consisting of options offered by the shareholder to Company
executives, which in this case does not entail a dilution of the share capital.
a)
Stock options granted by the Company

The Company awarded stock option plans for its own stock to beneficiaries providing services to it.
66

The Extraordinary General Meeting held November 26, 2007 approved the Stock Purchase Option
Program, which was recorded in the minutes as an appendix. The same date share options were awarded
to the Company's executives.
The plan entailed the right to acquire 175,900 shares, following the share split on July 17, 2009, awarded
to 5 participants in equal amounts, subject to the individuals remaining at the Company for 5 years in
order to exercise all of their rights.
The Options Program consists of the right to acquire a certain amount of Company shares, awarded to
the program's beneficiary, at a given strike price per share - or purchase price per share - which has to
be exercised in a period or by a deadline.
The plan's regulations state that the Company's Board of Directors should determine the amount of
shares to be awarded, the strike prices, maturity terms and expiry dates of the rights.
On the date the right is exercised, the shares sold to the plan beneficiary should be subscribed again or
placed in the treasury. The company's other shareholders do not have subscription rights to the shares
allocated to the option plans.
The Extraordinary General Meeting held December 07, 2007 approved the grouping of the Company's
shares, by which 22 shares were grouped into 1 common share. The Extraordinary General Meeting held
July 17, 2009 subsequently approved the splitting of the Company shares, by which each common share
on that date was split into 20 common shares. A further split was approved on August 15, 2012, whereby
each common share was split into 3 common shares. These events led to an adjustment in the quantity
and strike price of the options under the plans awarded.
The minutes from the Extraordinary General Meeting held September 28, 2010 documented the
extension to the Company's stock options program to December 31, 2015.
Options were again awarded to executives on December 01, 2010, subject to the individuals remaining
at the company for 7 years.
The Extraordinary General Meeting held April 26, 2011 approved the increase to the maximum
percentage of shares that can be allocated to the Stock Options Program, to 2% of the Company's total
stock.
The Extraordinary General Meeting minutes held on January 26, 2012 made updates to the plan contract
and new beneficiaries were added to the plan, but considering the grant date on November 24, 2011.
On May 24, 2012, the partial spin-off was approved for CCX Coal of Colombia SA, which represented
20.69% of the Company's assets. With the split, the share value was proportionally reduced. To maintain
the value of the options granted, it was granted a discount on the price of options, which were not
exercised at the date of demerger of the companies.
On May 31, 2012 over 75,000 options were granted. Later in the 3rd quarter of 2012, three more grants
were made, totaling 165,000 options.
Hence, ten grants were issued until December 31, 2014. They are divided as follows (*):
Plan 1: 528,000 options granted on November 26, 2007;
Plan 2: 3,300,000 options on December 1, 2010;
Plan 2.1.: 30,000 options on April 27, 2012 - the second grant of Plan 2
67
Plan 2.2.: 60,000 options on June 2, 2012 - third grant of Plan 2

Plan 3: 2,098,500 options on 24 November 2011;
Plan 3.1.: 225,000 options on May 31, 2012 - the second grant the Plan 3
Plan 3.2.: 52,500 options on July 10, 2012 - third award of the Plan 3
Plan 3.3.: 22,500 options on July 20, 2012 - fourth grant the Plan 3
Plan 3.4.: 90,000 options on August 1, 2012 - the fifth grant the Plan 3
Plan 3.5.: 3,000,000 options on December 13, 2012 - grants sixth of the Plan 3
(*) amount and prices after the stock split on 15 August 2012 and split-off of CCX.
The table below presents the overall characteristics of the options awarded by the Company.
Plan
Date
Awarded
Vesting
period (years)
Initial date of
maturity
Date rights
expire
Original Amount
Awarded (a)
Original Strike
Price (a)
Plan 1
11/26/2007
11/26/2008
Plan 2
12/01/2010
12/14/2011
Plan 2.1
04/27/2011
Plan 2.2
06/02/2012
Plan 3
11/24/2011
Plan 3.1
11/26/2013
528,000
0.76
12/14/2018
3,300,000
2.97
04/07/2013
04/27/2020
30,000
4.13
4.18
-
06/02/2013
06/02/2020
60,000
2.97
11/24/2012
11/24/2019
2,098,500
5.14
6.40
05/31/2012
05/31/2013
05/31/2020
225,000
5.14
6.23
Plan 3.2
07/10/2012
07/10/2013
07/10/2020
52,500
3.91
4.74
Plan 3.3
07/20/2012
07/20/2013
07/20/2020
22,500
4.13
5.00
Plan 3.4
08/01/2012
08/01/2013
08/01/2020
90,000
4.23
5.10
Plan 3.5
12/13/2012
12/13/2013
12/13/2020
3,000,000
4.53
5.31
Total
Strike Price Restated by

IPCA(b)Original Strike Price(b)
9,406,500
(*) Amount and prices after the stock split on 15 August 2012 and split-off of CCX.
(b)To fully exercised or expired grants, the price was not adjusted by the IPCA.
The table below shows the changes in the options plan in FY 2014:
Plan awarded by the Company number of stock options
Plan 1
Plan 2
Plan 2.1
Plan 2.2
Plan 3
Plan 3.1
Plan 3.2
Plan 3.3
Plan 3.4
Plan 3.5
441,000
379,200
67,500
27,000
20,250
54,000
432,000
Exercised
Cancelled
(84,000)
(76,800)
(36,000)
Awarded
Expired
357,000
302,400
67,500
27,000
20,250
54,000
396,000
To determine the fair value of the options we used the Merton model (1973)1, which is a variant of the
Black & Scholes (1973)2 model, which considers dividend payments. A number of assumptions were
made for the model's entry variables. Like:
1
2
68
The share price at the measurement date;

The instrument's strike price;
MERTON, R. Theory of Rational Option Pricing. Bell Journal of Economics and Management Science, 4 (Spring 1973), 141-83
BLACK, F.; SCHOLES, M. The pricing of options and corporate liabilities. Journal of Political Economy, Chicago, v. 81, p. 637-654, 1973
The expected volatility;

Expected dividends;
The instruments' term; and
Risk-free interest rate.
To calculate the expected volatility the continuous returns from the price history of the share were used
(based on the past volatility, adjusted for changes expected due to information publicly available). The
time window for estimating the expected volatility was the same as the option's term, or the longest
term available, when the trading history of the company's share was shorter than the expected term.
The risk-free interest rate was based on public securities and interest rate curves published by
BM&FBovespa.
Service conditions and performance conditions outside the market inherent to the transactions are not
taken into account when determining fair value.
The table below shows the assumptions made to calculate the fair value of the options awarded by the
Company:
Fair Value Assumptions
Plan 2
Plan 2.1
Plan 2.2
Plan 3
Plan 3.1
Plan 3.2
Plan 3.3
Plan 3.4
Plan 3.5
Number of exercisable options (matured)
63,000
47,400
7,500
3,000
2,250
6,000
48,000
2.46
3.07
3.21
3.33
3.35
3.39
3.76
0.0024
0.0015
0.0018
0.0030
0.0028
0.0028
0.0031
Share price in R$ (b)
0.15
0.15
0.15
0.15
0.15
0.15
0.15
Strike price of the options in R$ (c)
4.18
6.40
6.23
4.74
5.00
5.10
5.31
Average expected volatility (per annum) (d)
85.1%
81.5%
83.1%
79.2%
85.7%
84.3%
76.7%
Risk-free interest rate (average) (per annum) (e)
6.06%
6.09%
6.11%
6.11%
6.12%
6.12%
6.14%
100
128
22
18
150
Average outstanding term (years)

Fair value of options awarded in R$ (a)
Effects on net income in 2014 in R$ k

Intrinsic value in R$ k (f)
( ) Calculation of the options' fair value based on the Merton model (1973)
(b) The closing price of the share ENEV3
(c) Strike prices of the options restated by the IPCA price index.
(d) To calculate the volatility of the share the continuous returns from the price history of the share ENEV3 were used.
(e) Reference rate to adjust the SWAP contracts for the IPCA coupon disclosed by BM&FBOVESPA
(f) A value of zero is used when the options' intrinsic value is negative.
23. Operating revenue

The reconciliation between the gross revenue and the net revenue recorded in the income statement for the year
is as follows:
Gross revenue
Sales taxes
Total net revenue
Consolidated
2015
2014
1,171,569
1,598,175
(118,027)
(168,330)
1,053,542
1,429,845
69
The variation of the gross revenue stems from the partial sale (50%) of Pecm II Power Generation, in May 2014.
24. Costs and expenses by nature

Costs and expenses by nature
Parent Company
09/30/2015 09/30/2014
Consolidated
09/30/2015 09/30/2014
(1,918)
(1,720)
(130,154)
(132,696)
Personnel expenses
(17,472)
(22,769)
(58,905)
(61,997)
Outsourced services
(16,790)
(28,995)
(109,641)
(147,840)
(4,484)
(4,904)
(141,439)
(263,436)
(209)
27
22
16
(692)
(3,446)
(19,108)
(8,016)
(114)
(229)
(46,241)
(230)
(3,407)
(20,026)
(15,406)
(21,888)
(103,516)
(388,208)
(488)
-
(95,705)
1,583
(2,546)
60,919
902
(24,023)
(1,020,525)
1,843
(29,928)
(13,009)
(15,523)
44,340
(559,930)
60,919
14,805
(61,128)
(1,182,674)
(911,583)
(1,181,938)
(95,705)
902
(108,942)
(736)
Depreciation and amortization
Rental expenses
Expenses incurred on stock options
awarded
(b)
Provision for Investment Devaluation

Cost per Downtime Incident
Material
Insurance
Other expenses
Consumables
Taxes and contributions
Gain with sale of interests
CCC Incentive
Electricity for resale
Classified as:
Cost
Administrative and general expenses and
stock options granted
(d)
(a)
(c)
(a) The presented amount denotes the negative effect of the operation involving Porto do Pecm, sold as
described in note 12. Note that in this operation investment, loan and accounts receivable were engaged
by purchase operations of coal and energy before the joint subsidiary.
(b) With the beginning of operation that substituted Parnaba II, we have observed a decrease on costs with
leasing of gas treatment capacity. That decrease is attached to the biggest efficiency that combined cycle
added to the operation.
(c) Presented decrease on coal consumption is directly related to the sale of 50% of Pecm II Gerao de
Energia for E.ON. Thus, we have stopped consolidating this plant.
70

(d) The cost of balance due to unavailability consists of: R $ 2,405 to R $ 17,568 Itaqui and Parnaba I.
25. Financial income

The Company's financial income breaks down as follows:
Parent Company
09/30/2015
09/30/2014
Consolidated
09/30/2015
09/30/2014
Financial expenses
Charges of debt
(60,784)
(221,766)
(320,800)
(402,064)
Monetary variance
(95,218)
(29,143)
(95,717)
(30,274)
(2,348)
(4,124)
(2,348)
(4,124)
(74)
(470)
(74)
(470)
(31,228)
(1,703)
(160,127)
(5,661)
(261,163)
(15,081)
(465,248)
(29,200)
(466,130)
Short-term investments
14,474
8,973
31,213
20,783
Income from related parties
81,392
83,979
35,335
35,173
Monetary variance
24,604
23,716
29,958
26,882
6,560
16,109
6,560
16,109
489,344
2,909
489,344
689
6,676
10,698
619,282
133,467
599,086
109,645
459,155
(127,696)
133,838
(356,486)
Loss on derivative transactions

Debenture interest/cost
Commission on bank finance
Other
Financial revenue
Gains on derivative transactions

Discount debt RJ 20%
Other
Net financial income
(a)
71
(a) With the approval of judicial reorganization plan, it was applied the decrease of 20% of the value of
Unsecured Claims, which occurred through a negative goodwill of the debt, that is, partial cancellation of
Unsecured Claims. The value of the 20% discount was recognized in June on the said liabilities as
counterpart of other operating revenue.
26. Commitments
The main commitments undertaken with suppliers of goods and services are the following:
(**)
The environmental compensation amounts are being included as and when the construction costs are incurred.
(***) Refers to the purchase and sale of energy from several suppliers and with several clients for the period between 2014 and 2024, subject to fixed
prices and volumes. These purchase and sale prices are not therefore subject to changes in the energy sector.
Supplier
Subject matter of contract
Signature
Term
AVIPAM TURISMO E TECNOLOGIA LTDA
Purchase of Flights/Accommodation
12/11/2012
09/30/2014
720
BANCO BANKPAR SA
Supply of accommodation
12/11/2012
12/31/2014
1,360
BRASLIMP TRANSPORTES ESPECIALIZADOS LTDA
Disposal of Class II waste in general
05/29/2014
12/31/2014
1,323
CAL TREVO INDUSTRIAL LTDA
Supply of Burnt Lime
05/02/2013
05/01/2015
1,119
CARBOMIL QUIMICA S.A
07/29/2013
05/06/2015
6,000
Technical Assistance Services
06/16/2014
06/15/2016
1,120
Regulation of Solid Bulk Movement
03/18/2014
12/29/2024
7,674
Supply of Electricity to the Port
08/07/2012
Undetermined
2,400
E ON GLOBAL COMMODITIES SE
Supply of coal
01/02/2014
12/31/2014
290,001
E ON GLOBAL COMMODITIES SE
Supply of coal
10/02/2013
12/31/2014
70,921
EBM CONSULTORIA E INVESTIMENTOS LTDA
Consultancy for obtaining financing

Maintenance and operation of UTE
Pecem II
Turbine no. 03 maintenance services
01/29/2010
09/30/2014
4,428
01/24/2014
02/28/2015
8,642
09/18/2013
09/30/2014
3,300
Pressure level monitoring services
08/01/2014
08/31/2016
975
FORNECEDORA MAQUINAS E EQUIPAMENTOS LTDA
Compacting of coal in the yard
07/30/2014
12/31/2014
6,253
Heavy Vehicle Leasing Services
05/30/2014
12/29/2015
2,940
Compacting of coal in the yard
09/01/2014
09/30/2018
2,226
Heavy Vehicle Leasing Services
09/01/2014
09/30/2018
12,613
FORSHIP ENGENHARIA S/A

GUIMAR ENGENHARIA S.A.
Commissioning services at UTE Pecm II

Project closure process
01/02/2013
09/28/2012
12/30/2014
09/30/2014
9,500
2,000
ICAL INDUSTRIA DE CALCINAO LTDA
08/09/2013
04/22/2015
786
MINERAO BELOCAL LTDA

MINERAO LAPA VERMELHA LTDA

Maintenance of scaffolding and industrial
paintwork
Meals - breakfast, lunch, dinner and
supper
09/03/2013
09/09/2013
12/31/2014
12/31/2014
941
1,871
10/28/2013
10/27/2015
4,867
12/07/2012
09/30/2014
571
Activities related to commissioning
12/23/2014
Undetermined
1,811
05/27/2014
Undetermined
52,001
03/26/2012
12/31/2016
6,950
CENTRO DE FORMACAO E APERFEICOAMENTO DE BRIGADA DE

INCENDIO LTDA
COMPANHIA DE INTEGRACAO PORTUARIA DO CEARA
CEARAPORTOS
COMPANHIA DE INTEGRACAO PORTUARIA DO CEARA
CEARAPORTOS
ELETROMECANICA CAPISTRANO EIRELI-ME

ELETROMECANICA CAPISTRANO EIRELI-ME
ENGETEC CONSULTORIA GESTAO E SERVICOS EMPRESARIAIS
LTDA
MONSERTEC MANUTENCAO INDUSTRIAL LTDA

NUTRINOR RESTAURANTES DE COLETIVIDADE LTDA
OPE COMISSIONAMENTO OPERACIONAL LTDA-ME
OPERADOR NACIONAL DO SISTEMA ELETRICO ONS
PORTO DO PECEM TRANSPORTADORA DE MINERIOS S/A
72
Total
contracted
on
09/30/201
5
Transmission
between
concession
operators and Mpx
Unloading of ships moored in the
terminal
PRIME PLUS LOCACAO DE VEICULOS E TRANSPORTES

TURISTICOS LTDA
Worker transportation service
10/01/2014
10/31/2017
992
PHYSICAL ACOUSTICS SOUTH AMERICA LDTA
MACHINERY
MAINTENANCE
06/10/2014
06/09/2016
683
RAIZEN COMBUSTIVEIS S.A
Supply of B S10 Diesel Fuel
04/02/2014
03/31/2015
9,999
REX EMPREENDIMENTOS IMOBILIARIOS LTDA
Property rental
01/01/2009
11/27/2042
45,283
AND
EQUIPMENT
Contract Balance
09/30/2015
12/31/2014
697
697
733
733
1,083
1,083
2,945
2,945
840
840
4,233
4,233
579
579
9,924
9,924
24,583
24,583
1,659
1,659
885
885
1,529
1,529
2,095
2,095
2,082
2,082
11,798
11,798
732
732
2,798
2,798
784
784
8,966
8,966
2,678
2,678
992
992
683
683
7,713
7,713
37,711
37,711

RH CLEAN SERVICOS PROFISSIONAIS DE LIMPEZA LTDA
Cleaning of the Coal Transfer Towers
01/08/2013
12/31/2014
1,263
RH CLEAN SERVICOS PROFISSIONAIS DE LIMPEZA LTDA

RIP SERVIOS INDUSTRIAIS LTDA
Procurement of outsourced labor

Specialist Labor Services
07/02/2012
09/24/2014
09/30/2014
10/05/2014
750
7,500
SEMACE
ENVIRONMENTAL COMPENSATION
09/05/2008
Undetermined
4,850
SPIG TORRES DE RESFRIAMENTO LTDA
Electromechanical
Assembly
04/01/2014
03/31/2015
1,491
SUPRICEL LOGISTICA LTDA
Burnt Lime Shipping Services
08/09/2013
04/22/2015
8,464
TDG - TRANSMISSORA DELMIRO GOUVEIA S/A
Connection Bay
03/06/2014
Undetermined
1,020
MABE
Construction of UTE-EPC
01/27/2008
Undetermined
Tecnometal
Supply of coal conveyor transportation

system
07/24/2009
07/31/2014
Cargotec
Supply of ship unloading equipment
10/07/2009
07/06/2013
20,161
Carbomil
07/06/2015
30,000
EMS Silvestrini
Maintenance, Industrial Cleaning and

Industrial Support
05/01/2012
06/30/2014
19,692
Global Crossing
IT SERVICES
08/11/2009
12/09/2012
Fortal Servios de Segurana
Armed security and surveillance services
07/25/2012
03/24/2014
Petroleo Sabba
Supply of diesel oil
07/01/2012
08/31/2014
Nova Aliana Locao de Veculos
Personnel Transportation Services
07/01/2012
08/31/2015
03/01/2013
05/31/2014
05/20/2013
05/19/2014
CONSULTORIA PLANEJAMENTO E ESTUDOS AMBIENTAIS

SEMPRE VERDE SERV. E CONSTR. CIVIL
Monitoring
and
05/07/2010
Monitoring of water quality

Technical management of agricultural
hub
RH Global
Leasing of specialist outsourced labor
07/21/2013
07/21/2014
ECOSOFT
Air quality monitoring and meteorology
02/01/2013
04/30/2014
10/01/2013
09/30/2015
05/12/2013
04/12/2015
OGMO
MONSERTEC
Collective agreement with dockers' trade

unions
Assembly of scaffold and industrial and
civil treatment
E ON GLOBAL COMMODITIES
Supply of coal
01/01/2014
01/31/2015
Atlas Copco Brasil
Maintenance of atlas compressors
02/25/2014
04/24/2017
Safety Consultoria Empresarial
Emergency services combating fires
01/01/2014
12/31/2014
Avipam
Accommodation services, issuance of

flights
03/18/2014
04/17/2015
J DE D S LIMA
Medical service
01/01/2014
10/31/2014
03/20/2014
03/19/2015
03/20/2014
03/19/2015
04/07/2014
02/18/2015
MAQMIX
SEMPRE VERDE SERV. E CONSTR. CIVIL
PROVIDA BRASIL
Coal stacking services during receipt from

ship
Maintenance of green areas of UTE and
surroundings
Monitoring of aquatic biota during
operations
30,399
26,798
26,798
1,800
1,800
904
79
79
522
1,406
90
90
697
71
71
750
194
194
697
5,275
19,325
3,843
8,310
1,621
1,621
12,670
12,670
664
479
479
518
198
198
290
11
11
420
2,084
2,084
239
239
1,449
1,268
1,268
8,300
5,399
5,399
5,145
4,166
4,166
78,849
78,849
72,700
72,700
253
253
397,986
266,552
266,552
586,827
242,013
242,013
8,335
1,081
383
383
123,346
5,562
719
04/25/2014
CENTRAL DE GERENCIAMENTO AMBIENTAL TITARA S/A
Disposal of ash generated at the landfil
04/17/2014
04/16/2022
90,000
ENVITEK SERVICOS AMBIENTAIS LTDA
Handling and transportation of ashes in

the UTE's yard
03/24/2014
03/23/2022
82,000
04/16/2014
04/15/2015
EPC and Turbine and technical assistance
05/30/2011
10/31/2013
Guimar Engenharia
Engineering
Parnaba
06/01/2011
10/31/2013
Biota Projetos e Consultoria Ambiental

CONSROD CONSTRUCOES RODOVIARIAS LTDA ME
consultancy
for
UTE
Biotic Monitoring
08/10/2012
Construction of heliport and new cabin

Specialist legal advisory services for
environmental matters
Distribution system operation and
maintenance
Maintenance and operation services - in
connection bay
Preventive and corrective industrial
maintenance
11/05/2012
M CARTAXO LACERDA
BESSA & BARREIRA ADVOGADOS

GASMAR
01/03/2011
08/09/2018
06/04/2013
12/31/2013
12/17/2012
12/16/2027
03/21/2013
03/20/2015
04/04/2013
04/03/2015
Procurement of specialist labor
06/03/2013
06/02/2015
PARNABA GS NATURAL
Natural gas acquisition
01/01/2013
12/31/2027
BPMB PARNABA
Leasing of leased capacity
02/01/2013
01/31/2028
ELETRONORTE
EMS SILVESTRINI
2,355
30,399
01/22/2014
DURO Felguera
2,355
130,757
Armed security services on-site
01/18/2014
1,491
754
VIP VIGILANCIA
05/30/2011
1,491
5,960
03/31/2016
GE Turbina e assistencia
471
754
04/01/2014
Monitoring of groundwater at UTE
471
5,960
Unloading and shipping products
GE International
532
144,144
EMAP
CONTROL AMBIENTAL ENGENHARIA E PLANEJAMENTO LTDA
532
759
2,194
532
532
109
109
2,375
40
40
1,664
235
235
560
57,838
723
171
171
871,917
216,154
216,154
695,234
163,832
163,832
73
RH GLOBAL CONSULTORIA E ASSESSORIA LTDA
Specialized services: outsourced labor

Unarmed security and property
protection services
Implementation
of
management
program for school flow
VIP VIGILANCIA
INST. AYRTON SENNA
01/23/2015
08/10/2013
08/09/2015
06/18/2013
01/30/2017
1,598
338
338
1,431
685
685
2,121
2,121
2,121
2,161
1,359
1,359
2,574
1,939
1,939
790
790
790
589
327
327
410,225
410,225
1,578
1,000
352
352
FACULDADES CATOLICAS
Research and development
03/18/2014
14/17/2017
M CARTAXO LACERDA
Preparation and supply of meals to

employees
04/11/2014
04/10/2016
MPX ENERGIA
Research and development project
03/19/2014
03/18/2017
PSR SOLUES
Research and development project
03/18/2014
03/17/2017
INITEC Energia S.A.
EPC
08/15/2011
02/02/2014
Hidroinga Poos Artesianos
Well engineering
03/25/2012
07/30/2013
Brasilis Kaduna
Consultancy services
02/17/2012
04/16/2013
SYNERGIA
Consultancy for Rural Resettlement

Action Plan
05/07/2012
07/06/2013
Desga Ambiental Industria e Comrcio
Water intake and disposal system
08/01/2012
10/31/2013
20,763
Desga Ambiental Industria e Comrcio
Complete implementation of the water

intake
08/01/2012
05/31/2014
42,206
General Electric Company
Acquisition of 2 (two) turbo generators
08/20/2012
12/19/2013
61,424
11/30/2012
04/29/2014
03/21/2013
06/30/2014
03/18/2013
07/17/2014
05/21/2013
05/20/2014
Hidroinga Poos Artesianos

CONEL CONSTRUCOES E ENGENHARIA LTDA
HATCH
CONSULTORIA
EMPREENDIMENTOS LTDA
GERENCIAMENTO
ARM CONSULTORIA EM SEGURANCA LTDA - PREVINE
DE
Planning and construction of two cased

wells
Construction of the well interconnection
system
Development of the interconnection
system project
Consultancy for occupational safety and
the environment
RH GLOBAL
Procurement of specialist labor
07/24/2013
07/23/2014
LBB TRANSPORTE
Completion of effluent disposal duct
10/15/2013
05/16/2014
Engineering consultancy
09/01/2013
Guimar Engenharia
STEAG Energy
E M S Silvestrini
VIP Vigilncia
Biota Projetos
Engineering consultancy
Industrial correction and maintenance of
equipment
Unarmed
security
and
property
protection services
09/01/2013
01/01/2014
01/01/2014
02/29/2016
02/29/2016
04/03/2015
08/09/2015
08/09/2018
913,300
1,239
9,789
9,789
9,450
42,206
9,920
9,920
104
104
2,032
4,828
2,751
153
153
3,441
3,040
6,504
78
78
836
242
242
998
387
387
3,605
12,162
Biotic monitoring of Parnaiba

Preparation, handling and supply of
meals
Final implementation of the waste
disposal system
01/01/2014
03/17/2014
07/16/2014
WARTSILA BRASIL LTDA
EPC
03/28/2013
04/30/2014
CMI CONSTRUES
CONEXO ELETRICA
10/01/2013
05/20/2014
Mabe
Construction of UTE-EPC
01/27/2008
Undetermined
Mabe/SEMACE
Environmental compensation
09/05/2008
Undetermined
Consulgal Portugal
Owners engineering
12/20/2007
10/19/2014
Several
Services/Materials
Several
Undetermined
REX
Operating Leasing
07/23/2008
01/23/2043
Carbomil
Lime
08/20/2010
06/01/2015
11,910
ICAL
Lime
09/23/2011
11/10/2014
21,950
Cogerh
Raw Water
10/28/2010
10/27/2020
73,725
CAGECE
Waste disposal
02/09/2012
10/10/2031
14,264
EDP Comercializadora
Electricity for sale
Several
Undetermined
89,972
BTG Energia
Electricity for sale
Several
Undetermined
52,920
E-on
Coal
Several
Undetermined
M Cartaxo R Lacerda
Bripaza Construes
74
07/24/2013
04/11/2014
04/10/2016
551
464
464
2,114
1,507
1,507
2,433
8,916
877
877
3,250
117
117
25,817
25,817
713
713
713
2,618
355
355
177,728
177,728
6,325
6,325
4,765
4,765
43,581
43,581
3,572
3,572
2,607,057
426,887
8,093
389,100
4,682
4,682
52,920
52,920
209,216
209,216
27. Insurance Coverage

It is the policy of the Company and its direct and indirect subsidiaries to take out insurance coverage for the assets
subject to risk at amounts considered by management sufficient to cover any incidents, considering the nature of
their activity. The policies are in force and the premiums have been paid. The company considers its insurance
coverage is consistent with other companies of similar sizes operating in the sector.
As of September 30, 2015 and December 31, 2014 the main risk cover are:
Consolidated
2015
2014
Material damages
Civil liability
21,255,204
535,000
18,291,418
438,500
Key Policies in force

Insurance
Branch
Value at risk
ACE Seguradora
Operational
Risks
USD 5.343.735.084,
ACE Seguradora
General
Liability
Tokio Marine
Seguradora
General
Liability
Fairfax Seguros
Liability of
Directors
XL Seguros
Port operator
Limit
Maximum
indemnified
USD
1.682.646.357,
per event
R$
135.000.000
per event or
no aggregate
R$ 50.000.000
per event or
R$100.000.000
in aggregate
R$
300.000.000
per event or
aggregate
R$ 25.000.000
per event or
R$ 50.000.000
in aggregate
Effectiveness
Award
01.07.15 a
01.07.16
USD
15,766,959.56
17.03.15 a
17.03.16
R$ 238,384
17.03.15 a
17.03.16
R$ 214,841
30.08.15 a
30.08.16
R$ 1,367,711
23.08.15 a
23.08.16
R$ 96,642
28. Operating segments

Segment information should be prepared in accordance with CPC 22 (Segment reporting), equivalent of IFRS 8,
and should be presented with respect to the Company and its subsidiaries' business that was identified based on
its management structure and on internal management reporting, provided to the main manager for decisiontaking purposes.
75
Company Management takes its decisions based on four core business segments: energy generation, energy sales,
supplies and corporate, which are subject to risks and remuneration managed by centralized decisions.
A main manager, who allocates and evaluates the operational segment's performance, manages the current
activity. In the case of the Company, this manager is the CEO.
As the ventures move forward, Management aims to re-evaluate business segments.
Eliminations
and
adjustments
Total
consolidated
173
(660,772)
6,800,641
205,260
(1,630)
727,253
112,670
142,028
254,705
234,459
234,459
88,747
88,747
CCC subsidies receivable
Secured deposits
33,700
33,700
87,741
29,532
(1,630)
115,643
4,952,533
3,218,614
166
(659,143)
6,073,387
Related parties
34,056
827,858
(489,643)
372,271
CCC subsidy receivable
24,617
24,617
269,100
269,100
21,124
21,124
78,191
78,191
(11,272)
235,191
(169,500)
54,421
2,120,106
667,214
4,385,792
11,070
166
4,397,029
Intangible assets
172,048
3,265
189,420
Deferred charges
(0)
Corporate
Other
5,476,149
3,423,875
Current
523,616

Trade receivables
Energy
Generation
Balance sheets- assets
Securities
Inventories
Held-for-trading assets
Noncurrent
Long-term
Deferred taxes
Secured deposits
Other noncurrent assets
Capital expenditure
Property, plant and equipment
76
09/30/2015
Other
Eliminations
and
adjustments
Total
consolidated
3,423,875
173
474,688
6,800,640
1,358,725
17,655
11
(1,630)
1,374,761
1,082,122
(0)
1,082,123
135,973
11,660
147,633
Losses and derivative operations
Related parties
(1)
(0)
(0)
Debentures
140,630
5,995
10
(1,630)
145,005
2,421,494
2,097,424
521
(968,152)
4,040,930
1,826,315
2,048,871
3,875,186
Deferred taxes
14,286
14,286
Related parties
578,635
37,328
521
(955,714)
150,414
Debentures
2,258
11,225
(12,438)
1,045
83,788
1,695,931
1,308,795
(359)
1,444,470
1,301,162
Eliminations
and
adjustments
Total
consolidated
1,053,542
Energy
Generation
Corporate
Balance sheets - liabilities
5,476,149
Current
Loans and financing

Trade Payables
Other current liabilities
Noncurrent
Long-term
Loans and financing
Other noncurrent liabilities
Shareholders equity
09/30/2015
Energy
Generation
Corporate
Other
1,096,814
Statements of operations
Revenue
77
Cost of goods and/or service sold
(954,855)
43,272
(911,583)
(20,958)
(42,731)
(10)
79
(63,620)
3,042
(52,974)
(45,323)
(234,741)
(80,205)
(325,316)
459,155
133,838
Provision for current deferred taxes
46,062
46,062
Noncontrolling interest
(4,002)
(155,212)
128,709
(10)
Operating expenses
Other operating income
Equity and net income of subsidiaries
Financial income
(4,003)
43,351
128,709
December 31, 2014

Energy Generation
Corporate
Other
Eliminations and adjustments
Total consolidated
5,467,613
3,729,972
174
(2,153,341)
7,044,418
Current
558,187
386,513
944,708

Trade receivables
Securities
Inventories
CCC subsidies receivable
Secured deposits
Secured deposits
Held-for-trading assets
84,809
304,848
99,185
69,346
72,502
41
300,000
13,970
7
-
157,318
304,848
99,185
41
300,000
83,316
4,909,425
3,343,458
166
(2,153,341)
6,099,710
315,156
23,048
24,617
1,101,204
798,056
-
(673,618)
(451,868)
-
742,743
369,236
24,617
Balance sheets- assets
Noncurrent
Long-term
Related parties
CCC subsidy receivable
78

Deferred taxes
Secured deposits
Other noncurrent assets
219,713
62,070
(14,292)
21,122
282,026
(221,750)
219,713
21,122
62,070
45,984
2,228,139
(1,494,213)
733,927
4,412,063
11,238
166
4,423,466
Intangible assets
182,206
2,876
14,490
199,572
Deferred charges
Capital expenditure
Property, plant and equipment
December 31, 2014

Energy
Generation
Corporate
Other
Eliminations
and
adjustments
Total
consolidated
Balance sheets - liabilities
5,467,613
3,729,972
174
(2,153,341)
7,044,418
Current
1,390,854
2,229,071
10
(25)
3,619,910
Loans and financing

Trade Payables
Related parties
Debentures
Other current liabilities
1,090,044
138,048
25
162,736
2,199,149
11,737
18,185
1
(1)
10
(25)
-
3,289,195
149,785
(0)
180,930
Noncurrent
2,282,048
357,885
513
(433,649)
2,206,796
Long-term
Loans and financing
Deferred taxes
Related parties
Debentures
Other noncurrent liabilities
1,691,753
10,978
577,059
2,258
182,749
171,595
3,541
513
-
(428,291)
(5,357)
1,874,502
10,978
320,875
442
82,455
82,455
1,794,712
1,143,016
(349)
(1,802,122)
1,135,257
Shareholders equity
79
June 30,
2014
Energy
Generation
Supplies
Corporate
Other
Elimination
s and
adjustments
Total
consolidated
Statements of operations
Net operating revenue
Cost of goods or service sold
Operating expenses
Other operating income
586,771
(494,605 )
586,771
(173 )
(8,463 )
(28,324 )
(12,091 )
21,740
Equity in net income of subsidiaries

Financial income
(93,960 )
Provision for current and deferred taxes
(3,837 )
Non-controlling interest
(1,414 )
80
(494,779 )
(27,599 )
(5 )
(36,791 )
75
9,725
(35,006 )
(7,361 )
(30,342 )
(124,293 )
(3,837 )
50
(116 )
(1,365 )
(71,931 )
(4 )
75
(71,931 )
Geographic Data
The four segments described above are located in three different geographical areas, as summarized below:
North and Northeast System
The North and North-east System consists of the plants of Itaqui Gerao de Energia S.A., Pecm Gerao de
Energia S.A., Parnaba Gerao de Energia S.A., Parnaba II Gerao de Energia S.A., Parnaba III Gerao de Energia
S.A., Parnaba IV Gerao de Energia S.A., Parnaba V Gerao de Energia S.A., Tau Gerao de Energia Ltda.,
Tau II Gerao de Energia Ltda. and Amapari Energia S.A.
The coal-fired Itaqui thermal power plant is located in the proximity of Itaqui, in Maranho state. It has an energy
generation capacity of 360 MW and has energy sale orders from 2012.
81
The pulverized coal-fired power plants Pecm II Gerao de Energia S.A. are located in the region of Porto do
Pecm, Cear state, with installed capacity of 360 MW.
Tau and Tau II are also located in the state of Cear, and are solar energy generation companies with an
environmental license for the joint generation of 5 MW each, where two 1-MW plants have already been built.
Amapari, an Independent Energy Producer (PIE) in the insulated system, is a diesel fuel thermal power plant
located in the municipality of Serra do Navio, Amap state, with an installed capacity of 23 MW.
The Parnaba complex, a natural gas thermal power plant, is strategically located in block PN-T-68 of the Parnaba
Basin, in Maranho state. The venture has been licensed by the Maranho State environment Department (SEMA)
and has a forecast total capacity of 3,722 MW. The five Parnaba companies are located in this complex.
South - Southeast System
The Seival Sul mine, located in the municipality of Candiota, Rio Grande do Sul state, has proven reserves of 152
million tons of coal. The thermoelectric ventures of Sul Gerao de Energia and UTE Seival are going to be built in
this area. These power plants will have an installed capacity of 727 MW and 600 MW respectively, and will
guarantee the supply of fuel for 30 years by integrating with the Seival Sul mine.
82
29. Subsequent events

Completion of Capital increase achievement of key stage of the judicial recovery plan
On 05 November of 2015 hereby informs the completion, of the Companys private capital increase, approved by
the Companys Extraordinary Shareholders Meeting held on August 26, 2015 (ESM), which represents a
significant step towards the Companys judicial recovery plan (Judicial Recovery Plan), approved by its
shareholders on April 30, 2015 and ratified by the 4th Commercial Court of Rio de Janeiro State on May 12, 2015
(Capital Increase).
The subscription and payment of the Capital Increase have been made (i) through the contribution of assets,
totaling R$1.3 billion; (ii) through the capitalization of credits in the approximate total amount of R$983.0 million,
corresponding to 40% of the total unsecured credits against the Company registered in judicial recovery, which,
together with the reduction of 20% of the debt enrolled in the judicial recovery, reduced the Companys debt of
approximately R$2.4 billion to a long-term debt of approximately R$1.0 billion; and (iii) in cash, in an amount of
approximately R$9.1 million.
With the contributed assets, ENEVA now holds 100% interest in (a) BPMB Parnaba S.A.; (b) Parnaba I, Parnaba
III and Parnaba IV power plants; and (c) ENEVA Participaes S.A., in addition to a 27.3% interest held in Parnaba
Gs Natural S.A. The assets contributed will foster cash generation and the Companys strategic positioning.
Considering that the minimum amount requirement of the Capital Increase approved by the ESM has been
reached, the Companys Board of Directors, on a meeting held on the date hereof, approved, by unanimity of its
members votes, (i) the verification of the subscription of 15,336,875,991 new common shares issued by the
Company, at an issuance price of R$0.15 per share, which represents a subscription amount of
R$2,300,531,398.65; (ii) the ratification of the Capital Increase; and (iii) the cancellation of the non-subscribed
common shares.
As a result of the ratification of the Capital Increase, the Companys share capital increased from the current
R$4,711,337,093.96, divided in 840,106,107 common shares, to R$7,011,868,492.61, divided in 16,176,982,098
common shares (these figures do not include the effect of reducing the IPO funding costs in the amount of R$
4,294,567.12, recorded by the Company).
Upon the completion of the Capital Increase, the shareholders DD Brazil Holdings S..R.L (E.ON) and Eike
Fuhrken Batista (and Centennial Asset Mining Fund LLC and Centennial Asset Brazilian Equity Fund LLC) had their
interest in the capital stock reduced to 12.25% and 1.04%, respectively, thereby no longer being considered
controlling shareholders of the Company.
In this sense, the Company hereby informs that, upon completion of the Capital Increase, no shareholder or
shareholders group, jointly acting, holds more than 50% of the Companys share capital. ENEVAs shareholding
structure upon completion of the Capital Increase is divided as follows:
Shareholder
Number of share Interest
Banco BTG Pactual S.A. 8,019,078,311

E.ON
Ita Unibanco S.A.
1,980,876,587
49.57%
12.25%
1,884,283,260 11.65%
Ice Canyon LLC
1,100,447,853
6.80%
Outros (< 5% each)
3,192,296,087
19.73%
83
Finally, the Company hereby informs that, up to this date, all of the stages set forth in the Judicial Recovery Plan
have been fully complied with, which allows the Companys maintenance and the resumption of its longterm
financial stability.
Termination of shareholders agreement between E.ON and Eike Batista
On November 10, 2015, the Geneva Preview SA was notified about the Company's shareholders' agreement of
termination executed on May 23, 2013 and amended on December 30, 2014 between DD Brazil Holdings S..rl
("E.ON") and Eike Batista Fuhrken ("Batista").
ENEVA also informs hereby that no shareholder or shareholders group, jointly acting, currently holds more than
50% of the Companys share capital.
Aneel determines recalculation of payments for unavailability of Parnaba I, Parnaba III and Pecm II
On November 10, 2015, Aneel - National Electric Energy Agency determined the CCEE - Chamber of Electricity
Commercialization recalculate from start operation until July 2014, the reimbursements due to unavailability of
title of thermoelectric plants Parnaba I Parnaba III and Pecm II using the methodology of a moving average of
60 months of the effective availability. The difference observed between the values calculated by this
methodology and those already paid will be reimbursed to the plants.
Since August 2014, Parnaba I Parnaba III and Pecm II came to recognize the unavailability according to the
judicial decision of the 7th Federal Court of the Federal District, which determined the calculation based on the
moving average rule of 60 months as provided for in CCEARs - Electricity Trading Agreements in the Regulated
Market signed by the plants.
Board of Directors
84
Jorgen Kildahl
Keith Plowman
Marcos Grodetzky
Adriano Carvalhdo Castello Branco Gonalves
Fabio Hironaka Bicudo(Chairman)
Executive Board
Alexandre Americano (CEO)
Ricardo Levy (Deputy president and Investor Relations Officer)
Accountant
Ana Paula Vergetti Diniz
CRC n 087040/O-9
85
SERVIO PBLICO FEDERAL

CVM - COMISSO DE VALORES MOBILIRIOS
ITR - Quarterly Information
Societria
BUSINESS, INDUSTRIAL AND OTHER ESTABLISHMENTS
Corporations Law
Base-Date 09/30/2015
02123-7 ENEVA S/A
04.423.567/0001-21
20.01 - OTHER INFORMATION THE COMPANY DEEMS RELEVANT

Pursuant to requirements of Corporate By-Laws, the Company itself, its shareholders and its
management have undertaken to settle by arbitration all and every dispute or contention which may
come up between them, especially arising out of, or related to the enforcement, effectiveness,
lawfulness, interpretation, default, and its consequences, of the provisions of the Corporations Law,
corporate By-Laws, the rules issued by the National Monetary Council and the Securities Commission
(CVM), the regulations applicable to the operation of the capital market in general, besides those
set out in the New Market Regulations, Market Arbitration Chamber Rules and under the New Market
Participation Agreement.
On September 30, 2015, Company share capital was represented by 840,106,107 common shares
distributed as follows:
CONSOLIDATED SHAREHOLDING STRUCTURE OF THE CONTROLLING SHAREHOLDERS,
MANAGERS AND FREE FLOAT
Position on 9/30/2015
Number of Common
Shares
(in units)
528,461,557
62.90
Total Number of
Shares
(in units)
528,461,557
62.90
Managers
Board of Directors
Executive Board
0
45,678
0.00
0.01
0
45,678
0.00
0.01
Supervisory Board*
Treasury Shares
0.00
0.00
Other Shareholders
311,598,872
37.09
311,598,872
37.09
Total
840,106.107
100
840,106,107
100
Free Float
311,598,872
37.09
311,598,872
37.09
Shareholder
Controlling Shareholder
*On September 30, 2015 In the Company the Advisory Board had not been called to convene.
On May 26, 2011, pursuant to a resolution passed at the Meeting of Company Board of Directors,
held on March 24, 2011 a capital increase was carried out, whereby the number of Company shares
was increased from 136,692,680 to 136,720,840, as a result of the exercise of the share subscription
options.
In February of 2012, pursuant to a resolution passed at the Meeting of Company Board of Directors
held on February 29, 2012, a capital increase was carried out, upon issue of 9,633 new shares, due
to the conversion of 6,383 debentures out of the 21,735,744 debentures issued by the Company on
September 15, 2011. As a result, the number of Company shares was increased from 136,720,840
to 136,730,473.
26/11/2015 16:10:44
Page

Societria
02123-7 ENEVA S/A
Corporations Law
04.423.567/0001-21

On March, 2012 pursuant to a resolution passed at the Meeting of Company Board of Directors, held
on March 21, 2012, a capital increase was carried out upon issue of 984 new shares, following of
the conversion of 649 debentures and issue of 7,040 new common shares, without par value, due
to the exercise of the subscription options awarded as part of Company Share Purchase or
Subscription Option Award Program. As a result, the number of Company shares was increased
from 136,730,473 to 136,738,497.
On May, 2012, pursuant to a resolution passed at the Meeting of Company Board of Directors, held
on May 9, 2012, a capital increase was carried out, due to (i) the issue of 4,112 new shares, following
the conversion of 2,701 debentures; and (ii) issue of 125,620 new common shares, without par value,
following of the exercise of the share subscription options awarded as part of Company Share
Purchase or Subscription Option Award Program. As a result, the number of Company shares was
increased from 136,738,497 to 136,868,229.
In the course of the same month, a new capital increase was carried out under a resolution passed
at a Meeting of Company Board of Directors, held on May 24, 2012, ratifying the issue of 33,254,705
new common nominative shares of the Company, without par value, due to the conversion of
21,652,966 debentures. As a result, the number of Company shares was increased from
136,868,229 to 170,122,934.
On May 24, 2012 the Board of Directors of ENEVA approved a Company capital increase, mounting
to R$ 1,000,000,063.00, upon issue of 22,623,796 new shares. However, the new shares only
started to exist upon completion of the capital increase and consequent approval, which took place
in July, 2012 and ratification at a Meeting of the Board of Directors, held on July 25, 2012.
In June of 2012, pursuant to a resolution passed at the Meeting of Company Board of Directors, held
on September, 15, 2012, a capital increase was carried out, ratifying the issue of 514 new common
nominative shares of the Company, without par value, due to conversion of 334 debentures. As a
result, the number of Company shares was increased from 170,122,934 to 170,123,448.
On June 25, 2012, Meeting the Board of Directors resolved to ratify the capital increase approved
at the RCA (Meeting of the Board of Directors) held on May 24, 2012, at 11 am, amounting to one
billion and sixty three reais (R$1,000,000,063.00), within the limits of the authorized capital, as a
result of the subscription and full pay-in of the new 22,623,796 new common nominative shares,
without par value, by E.ON AG (E.ON). Thus, the number of Company shares was increased from
170,123,448 to 192,747,244.
According to the terms of the Minutes of the General Extraordinary Meeting of the Company, held on
August 15,2012, by unanimous vote the shareholders in attendance approved a split of Company
common shares, whereby each one (1) of the common shares was to correspond to three (3) shares
of the same class. The split shares will be allocated to the ENEVA shareholders based on the
shareholding structure on August 15, 2012. As a result, the number of Company shares was
increased from 192,747,244 to 578,241,732.
In January, 2013 a capital increase was carried out, as resolved at a Meeting of the Board of
Directors, held on January 1, 2013, ratifying the issue of 147,480 new common shares, without par
value, following the exercise of the share subscription options awarded as part of Company Share
Purchase or Subscription Option Award Program, increasing the number of Company shares to
578,389,212.
26/11/2015 16:10:44
Page

Societria
02123-7 ENEVA S/A
Corporations Law
04.423.567/0001-21

In February of 2013, a capital increase was carried out, as resolved at a Meeting of the Board of
Directors, held on September 2, 2013, ratifying the issue of 27,000 common shares, without par
value, due to the exercise of the subscription options awarded as part of the Company Share
Purchase or Subscription Option Award Program, increasing the number of Company shares to
578,416,212.
However, in face of a partial pay-in of the financial amount of the capital increase, Company Share
Capital on March 31, 2013 amounted to R$ 3,736,269,091.89, an amount lower than the one stated
in the Minutes of the Meeting of the Board of Directors held on February 6, 2013. The outstanding
pay-in of the financial amount of the capital increase was carried out after the closing of the first
quarter and, consequently, Company Share Capital amounted to R$ 3,736,354,722.02.
In April of 2013, a capital increase was carried out, as resolved at a meeting of the Board of Directors,
held on April 5, 2013, ratifying the issue of 34,500 new common shares, without par value, due to
the exercise of the share subscription options warded as part of Company Share Purchase or
Subscription Option Award Program, increasing the number of Company shares to 578,450,712. As
a result of the above mentioned resolution, Company share capital went from R$ 3,736,354,722.02
to R$ 3,736,468,820.55.
In May of 2013 a capital increase entered into effect, as resolved at a meeting of the Board of
Directors, held on May 8, 2013, ratifying the issue of 29,250 new common shares, without par value,
following the exercise of shares subscription options as part of the Company Shares Purchase or
Subscription Option Award Program, increasing the number of Company Shares to 578,479,962.
As a result of the above mentioned resolution, Company share capital went from
R$
3,736,468,820.55 to R$ 3,736,568,320.85.
On September 16, 2013, a Meeting of the Board of Directors ratified Company capital increase, as
resolved at a Meeting of the Board of Directors, held on July 3, 2013, amounting to R$
799,999,995.15, within the limits of the authorized capital, as a result of the subscription and full payin of 124,031,007 new common nominative shares, without par value. Thus, the number of Company
shares was increased from 578,479,962 to 702,510,969. Company share capital was increased from
R$ 3,736,568,320.85 to R$ 4,536,568,316.00.
In October of 2013, a capital increase was carried out, as resolved at a Meeting of Company Board
of Directors held on October 21, 2013, ratifying the issue of 13.500 new common shares, without par
value, due to the exercise of share subscription options awarded as part of Company Share
Purchase or Subscription Option Award Program, taking the number of Company shares to
702,524,469. As a result of the above mentioned resolution, Company share capital went from R$
4,536,568,316,00 to R$ 4,536,608,413.70.
On August 1, 2014, a Meeting of the Board of Directors ratified Company capital increase, as
resolved at a Meeting of the Board of Directors, held on September 5, 2014, amounting to R$
174,728,680.26, within the limits of the authorized capital, following the subscription and pay-in of
137,581,638 new common nominative shares, without par value. Thus, the number of Company
shares was increased from 702,524,469 to 840,106,107. Company share capital went from R$
4,536,608,413.70 to R$ 4,711,337,093.96.
26/11/2015 16:10:44
Page

Societria
Corporations Law
02123-7 ENEVA S/A
04.423.567/0001-21

Shareholding structure of the holders of over 5% Company shares of each kind and class up to the
natural person (individual) level.
Companhia:
ENEVA S.A.
Posio em
30/09/2015
Aes ordinrias*
Acionista
E.ON
Total
Quantidade
Quantidade
360.725.664
42,94%
360.725.664
42,94%
17,34%
145.704.988
17,34%
2,41%
20.208.840
2,41%
0,22%
1.822.065
0,22%
19,24%
161.615.000
19,24%
Eike
Fuhrken
145.704.988
Batista
Centennial
Asset Mining 20.208.840
Fund LLC
Centennial
Asset
Brazilian
1.822.065
Equity Fund
LLC
FIA
Dinmica
161.615.000
Energia
BNDESPAR
72.650.210
8,65%
72.650.210
8,65%
Outros
77.379.340
9,21%
77.379.340
9,21%
Total
840.106.107 100,00% 840.106.107 100,00%
*The share capital of ENEVA consists only of common shares.
Breakdown of the share capital of the legal entity (Company shareholder) up to the natural person
(individual) level
26/11/2015 16:10:44
Page

Societria
Corporations Law
02123-7 ENEVA S/A
04.423.567/0001-21
Company: Centennial Asset Mining Fund LLC
Quotas
Shareholder
Total
Quantity
Quantity
1,000
100
1,000
100
Total
1,000
100
1,000
100
Company: Centennial Asset Brazilian Equity Fund LLC

Quotas
Shareholder
Quantity
Total
Quantity
Centennial Asset Mining Fund LLC
1,000
100
1,000
100
Total
1,000
100
1,000
100
For easier understanding a brief history of the changes to equity interest that took place at ENEVA,
in the period of one year, is presented below:
On May 27, 2013, E.ON SE and Mr. Eike Fuhrken Batista (Parties), the controlling shareholder of
ENEVA, executed a Shareholders' Agreement (Agreement), under which the Parties set forth the
most relevant terms and conditions that were to govern their relationship as, and while they remain
(always complying with the termination provisions set in said Agreement) as shareholders of ENEVA,
aiming at Shared Control of the Company by the Parties. E.ON and Mr. Eike Fuhrken Batista entered
into an Investment Agreement executed on March 27, 2013 providing on the purchase by E.ON of
the shares issued by ENEVA and were held by Mr. Eike Fuhrken Batista, followed by an ENEVA
private capital increase, that was ratified on September 16, 2013.
On September 30, 2014, Company share capital consisted of 840,106,107 common shares, with the
following breakdown:
CONSOLIDATED SHAREHOLDING STRUCTURE OF THE CONTROLLING SHAREHOLDERS,

MANAGEMENT AND D FREE FLOAT
Shareholder
Controlling Shareholder
Managers
Board of Directors
Executive Board
Supervisory Board*
Treasury Shares
26/11/2015 16:10:44
Total Quantity of Common

Shares
(In Units)
528,461,557
62,90
528,461,557
62,90
57,070
0
-
0.01
0
-
57,070
0
-
0.01
0
-
Quantity of Common Shares

(In Units)
Page

Societria
Corporations Law
02123-7 ENEVA S/A
04.423.567/0001-21

Other Shareholders
Total
311,587,480
840,106,107
37,09
100
311,587,480
840,106,107
37,09
100
Free Float
311,587,480
37,09
311,587,480
37,09
*In the fiscal year ended on September 30, 30/09/2014, the Supervisory Board was not called to convene by the General
Meeting of the Company.
Shareholding structure of holders of over 5% of Company shares of each kind and class up to the
natural person (individual level).
(in shares)
Company: ENEVA S.A.

Common shares*
Shareholder
Centennial Asset Brazilian Equity Fund LLC
E.ON
BNDESPAR
Other
Total
Total
Quantity
Quantity
145,704,988
20,208,840
1,822,065
360,725,664
72,650,210
238,994,340
840,106,107
17,3
2.4
0.2
42,9
8,6
28,4
100
145,704,988
20,208,840
1,822,065
360,725,664
72,650,210
238,994,340
840,106,107
20.7
2.9
0.3
42,9
8,6
28,4
100
Breakdown of the share capital of the legal entity (Company shareholder) up to the natural person
(individual) level
Company: Centennial Asset Mining Fund LLC
Quotas
Shareholder
Quantity
Total
%
Quantity
1,000
100
1,000
100
Total
1,000
100
1,000
100
Company: Centennial Asset Brazilian Equity Fund LLC

Quotas
Shareholder
Quantity
Total
Quantity
1.000
100
1.000
100
Total
1.000
100
1.000
100
26/11/2015 16:10:44
Page

Societria
02123-7 ENEVA S/A
Corporations Law
04.423.567/0001-21
On November 5, 2015, it was approved in the Board of Directors Meeting, the increase of the
Company's capital stock, as approved at the Extraordinary General Meeting held on August 26, 2015
in the amount of R $ 2,300,531,398.65, due to the subscription and full payment of 15,336,875,991
new common shares with no par value. In this way, the number of shares increased from 840,106,109
to 16,176,982,098. The Company's capital increased from R $ 4,711,337,093.96 to R $
7,011,868,492.61.
After the capital increase , the Company's share capital is now composed of 16,176,982,098
common shares , as follows:
shareholder base
%
BTG Pactual
8.019.078.311
49,57092%
E.ON
1.980.876.587
12,24503%
Ita Unibanco
1.884.283.260
11,64793%
ICE Canyon
1.100.447.853
6,80255%
Bullseye
1.055.689.298
6,52587%
Outros
2.136.606.789
13,20770%
16.176.982.098
100,00000%
Total
26/11/2015 16:10:44
Page
3Q15 Earnings Release
Economic and Financial Performance

1. Net Operating Revenues
In 3Q15, ENEVA recorded consolidated net operating revenues of R$366.0 million, vs R$353.8 million in 3Q14.
The increase of R$11.5 million was mostly attributable to earnings from power settlement in the Free Market, which
were higher by R$15.4 million within the period, mainly as a result of the increase of the amount of power allocated
by plants to the Free Market due to changes in regulatory rules, effective as of January 2015. Aneel Brazils
Electricity Regulatory Agency reviewed free and captive markets ratio allocation in 2014 in order to stabilize the
power settlement of regulated contracts throughout the contracts term and to adjust the power allocation of plants
with different regulated contracts.
Net revenues in 3Q15 consisted largely of revenues from Itaqui and Parnaba Is Regulated Market Power Purchase
Agreements (PPA), which totaled R$156.2 million and R$209.4 million, respectively. Parnaba Is revenue was hit
by a reduction of R$14.8 million in variable revenues as a result mainly of the reduction in the plants availability
due to gas optimization in the Parnaba Complex. Additionally, Parnaba Is revenue was understated in R$5.5
million due to a miscalculation by CCEE Power Trading Clearing Chamber, which is already being challenged by
the Company. Parnaba IIs revenues of R$19.9 million comprised the reimbursement of 50% of its operating costs
by Parnaba I for partially substituting the latter thermal plants generation, as provided for in the Aneel agreement
to postpone the Parnaba II startup date.
A breakdown of 3Q15 operating revenues is shown below:
Operating Revenues
(R$ million)
Itaqui
Parnaba I
Parnaba II
Amapari
Write Off1
Consolidated
Gross Revenues
173.5
232.9
22.0
0.0
(21.5)
406.9
Fixed Revenues
84.2
118.1
0.0
0.0
0.0
202.3
Variable Revenues
62.1
107.9
0.0
0.0
0.0
170.1
Free Market allocation
9.3
9.6
0.0
0.0
0.0
18.9
Ballast liquidation
4.6
0.0
0.0
0.0
0.0
4.6
Other Revenues
0.0
0.0
22.0
0.0
(21.5)
0.5
13.4
(2.7)
0.0
0.0
0.0
10.7
Deductions from Operating Revenues
(17.4)
(23.6)
(2.0)
0.0
2.0
(40.9)
Net Operating Revenues
156.2
209.4
19.9
0.0
(19.5)
366.0
Adjustments from previous periods
Write off as a consequence of consolidation elimination, according to accounting practices.
2. Operating Costs
Operating Costs
(R$ million)
3Q15
3Q14
(13.2)
(10.8)
21.8%
(135.2)
(142.4)
-5.1%
Outsourced Services
(26.0)
(32.3)
-19.4%
Leases and Rentals
(46.8)
(86.4)
-45.8%
(2.8)
(5.5)
-49.7%
(43.0)
65.4
(19.5)
(11.3)
-8.3%
(5.7)
89.7
-95.4%
(17.8)
(13.0)
36.9%

Fuel
Energy Acquired for Resale

Other Costs
Transmission Charges
Compensation for Downtime
Other
Total
Total Operating Costs
(267.0) (212.1) 25.9%

(43.5)
(35.4)
22.9%
(310.6) (247.6) 25.4%
Operating costs totaled R$310.6 million in 3Q15, R$63.0 million higher than in the same period last year, mainly
as a result of an increase of R$101.3 million in unavailability charges compared to 3Q14. To recall, in 3Q14,
unavailability charges were boosted by a positive impact of R$118.3 million (R$100.5 million for Itaqui and R$17.8
million for Parnaba I), as a result of two different causes: (i) a decision of Aneel which benefited Itaqui by
determining the recalculation of plants unavailability charges on an hourly-based methodology since its startup;
and (ii) an accounting adjustment in Parnaba I due to a Federal Court decision in September 2014 which provided
for charging ADOMP on an 60-month rolling average methodology (instead of the hourly basis calculation).
The fuel cost reduction was mainly due to the reduction in fuel consumption by Parnaba I, whose generation has
been partially covered by Parnaba IIs operations as part of the agreement with Aneel to postpone the Parnaba II
startup date, which had an impact of R$12.5 million on this line. Nevertheless, despite the reduction of 22.9% in
coal prices over the period, the BRL/USD FX rate adjusted by 46,4% thus impacting fuel cost of Itaqui, which rose
by R$5.4 million in the period. Fuel costs in the quarter totaled R$135.2 million, R$70.9 million of which incurred
by Itaqui and R$64.3 million by Parnaba I.
Outsourced services account totaled R$26.0 million, a reduction of R$6.3 million over the period, mainly due to
lower costs with ash disposal incurred by Itaqui (-R$4.2 million).
The leases and rentals account line, which totaled R$46.8 million in the quarter, mainly comprises lease costs
incurred by Parnaba I, in accordance with its gas supply contract (R$65.2 million). As a result of Parnaba II
partially substituting Parnaba I, the latter has borne 50% of Parnaba IIs operating costs. These costs (R$21.5
million) have been compensated by the Parnaba Complex gas suppliers PGN and BPMB through a temporary
reduction in the gas costs billed to Parnaba I, as part of an settlement agreement signed in 1Q15. It is worth
noting that, in 3Q14, lease cost was boosted by R$23.4 million due to the accounting of understated payments of
Parnaba Is fixed gas treatment facility lease cost during 2014.
The operating costs in 3Q15 were also impacted by higher costs associated with insurance, due to updated risk
assessment on all assets, to an increase of 62.1% in the FX rate and to the startup of Parnaba II as of December,
2014.
The power trades resulting from the annual revision of the plants firm energy, as provided for in the PPAs,
decreased by R$2.7 million especially due to the reduction of 70% in energy spot prices in a quarterly comparison,
despite higher ballast demand by Itaqui (+13.76MWavg). Nevertheless, the sale revenues of the energy associated
with the collateral contract purchase used to cover the Itaquis firm energy shortage amounted to R$4.6 million.
The other costs account, which totaled R$26.8 million in 3Q15, is mainly composed of transmission charges (TUST),
amounting to R$19.5 million, and of compensation for power plant downtime (unavailability charges, also known
as ADOMP), amounting to R$5.7 million. According to the ADOMP rules in place, the plants have to reimburse the
DisCos for the cost of undelivered energy, whose calculation is 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 3Q15, Itaqui
and Parnaba I incurred in unavailability charges amounting to R$0.2 million and R$5.4 million, respectively.
Additionally, due to a regulatory change in the ADOMP calculation, which is currently being challenged by the
Company, downtime charges were overstated by R$2.4 million in Parnaba I. Excluding the one-time events that
impacted figures in 3Q14, as previously mentioned, unavailability charges decrease by R$25.3 million mainly as a
result of a decrease of 70% in spot prices of North region.
Operating Highlights: Despite the high records for the period, generation interruptions were mostly related with
ventilation systems and coal mills, decreasing Itaquis availability. Net generation totaled 624GWh.
Itaqui - Energy Availability
87%
90%
88%
3Q14
4Q14
1Q15
74%
2Q15
91%
92%
88%
91%
Jul-15
Aug-15
Sep-15
3Q15
Gas optimization procedures in 3Q15 compromised availability of Parnaba I and also Parnaba II, which has been
generating in substitution of part of Parnaba I since December 2014. During the period, Parnaba Is availability
was also impacted by a 5-day planned outage of the gas treatment facility in order to allow the units upgrade for
processing more gas volume and to connect additional infrastructure to meet future gas supply of the Parnaba
Complex. Net generation reached 1,089GWh, including 552GWh from Parnaba II.
Parnaba I - Energy Availability
94%
86%
81%
3Q14
4Q14
1Q15
94%
2Q15
79%
Jul-15
91%
81%
84%
Aug-15
Sep-15
3Q15
3. Operating Expenses
Operating expenses, excluding depreciation and amortization, amounted to R$14.4 million, R$10.4 million lower
than on 3Q14. In the same period, the Holding Company posted operating expenses, excluding depreciation and
amortization, of R$8.8 million, vs. R$18.7 million in 3Q14. The second-quarter IPCA inflation index increased by
9.49%.
Operating Expenses
(R$ million)
Consolidated
3Q15
3Q14
Personnel
(4.4)
(5.7)
-23.6%
Outsourced Services
(8.0)
(15.9)
-49.9%
Leases and Rentals
(1.0)
(2.2)
-56.1%
Other Expenses
(1.1)
(1.0)
11.4%
Total
(14.4) (24.8) -41.9%

Total Operating Expenses
(0.8)
Operating Expenses
(R$ million)
Personnel
Stock Options
(0.8)
2.3%
(15.2) (25.6) -40.5%
Holding
3Q15
3Q14
(4.4)
(4.6)
-4.4%
3.4
-100.0%
Outsourced Services
(3.0)
(11.6)
-74.3%
Leases and Rentals
(0.9)
(2.1)
-56.0%
Other Expenses
(0.6)
(0.5)
12.4%
Total
(8.8) (18.7) -52.9%

(0.6)
(0.6)
5.7%
(9.5) (19.3) -51.0%
The main changes were as follows:
Personnel: Personnel expenses totaled R$4.4 million in 3Q15, vs. R$5.7 million in the same period last
year, largely as a result of:
Organizational redesign and streamlining, especially in the Holding Company, with a 24% reduction in
its total headcount, and a decline in labor costs associated with layoffs (-R$3.1 million);
Settlement of accounting provision adjustments for legacy stock-option-related expenses made in

3Q14, as a result of a decrease in both the number of options outstanding and the share price (+R$4.6
million).
Outsourced services: Expenses with outsourced services in 3Q15 totaled R$8.0 million, down R$7.9
million in relation to 3Q14. The highlights were:
Decrease in IT expenses due to in-house infrastructure development in recent months (-R$4.4 million);
Accounting provision adjustments related to shared services allocation between the Holding and the
plants (-R$3.2 million);
Increase in consulting services related to gas E&P activities (+R$1.4 million) and to financial
restructuring and the Judicial Recovery process (+R$1.1 million).
Leases and rentals: Reduction of R$1.2 million YoY mainly due to corporate headquarters facilities
reduction.
4. EBITDA
ENEVA reported 3Q15 EBITDA of R$84.5 million, vs R$116.8 million in the same period last year. Despite the
reduction, which was primarily due to the positive impact in unavailability charges in 3Q14 amounting to R$118.3
million from favorable outcomes from plants claims in Aneel and court decisions, it is worth noting the following:
Despite the ongoing gas optimization at the Parnaba Complex that led to a reduction in Parnaba Is
variable revenues, gas supply costs were reduced as a consequence of the agreement entered into with
PGN and BPMB, which were responsible for increasing this plants EBITDA by R$21.5 million. Unavailability
charges in Parnaba I were overstated, which had a negative impact on plants operating cost of R$2.4
million. Parnaba I reported 3Q15 EBITDA of R$46.9 million;
In Itaqui, FX depreciation and lower spot prices positively impacted costs related to Fuel, Energy acquired
to resale and downtime costs, leading to EBITDA of R$45.0 million in 3Q15 (R$33.4 million higher than in
3Q14 excluding one-off impacts);
Holdings EBITDA totaled -R$8.8 million in 3Q15, R$9.9 million higher than 3Q14, as a result of lower costs
associated with IT and corporate headquarters facilities rental.
If we exclude the impacts of the overstated unavailability charges in Parnaba I, Consolidated EBITDA for the period
would have come to R$86.9 million.
5. Net Financial Result

Financial Result
(R$ million)
3Q15
3Q14
Financial Income
26.7
43.9
-39.3%
0.9
1.4
-36.0%
24.7
22.1
11.9%
Marking-to-market of derivatives
11.7
-100.0%
Settlement of derivatives
Present value adjust. (debentures)
(0.0)
-100.0%
1.1
8.8
-87.5%
Monetary variation
Revenues from financial investments
Other
Financial Expenses
Monetary variation
Interest expenses
Settlement of derivatives
Marking-to-market of derivatives
Costs and Interest on Debentures
Other
Net Financial Result
(185.9) (141.6)
31.3%
(35.8)
(14.1)
154.2%
(128.1)
(0.0)
(118.5)
(0.1)
8.2%
-68.7%
(22.0)
(9.0)
145.0%
(159.2)
(97.7)
63.1%
In 3Q15, ENEVA recorded a net financial expense of R$159.2 million, compared to a net expense of R$97.7 million
in 3Q14.
The negative impact of R$61.2 million was mainly due to the increase of the fluctuations in the FX-rate, which hit
debt denominated in foreign currency, increasing the net monetary variation by R$22.2 million. The upturn of
R$9.1 million in Interest expenses is mainly a consequence of two reasons: (i) the Holding company debt stock
reduction and the reprofiling of the remaining debt balance, as a consequence of the implementation of Judicial
Recovery Plan measures, aid in falling by R$36.4 million of its Interest expenses; and (ii) the startup of Parnaba
II, which led to the start of payment of the plants loans interest, amounting to R$37.5 million. Also, Parnaba II
short-term debt renegotiation and Parnaba I bank guarantees renewal impacted Financial expenses by a total of
R$20.6 million. The settlement of a hedge instrument in the Holding company in December 2014 contributed for
the deterioration in R$11.7 million of the financial income, out of a total of R$17.3 million negative result.
As mentioned earlier, with the conclusion of the capital increase, reduces the remaining Holding debt by 40% by
a debt-to-equity conversion, amounting to R$985 million.
6. Equity Income
The Company reported negative equity income of R$8.2 million, mainly impacted by the net financial result of
Pecm II, which was impacted by higher debt service costs as a result of the increase of the reference rates on the
plants loans.
The following analyses consider 100% of the projects. On September 30, 2015, ENEVA held an interest of 50.0%
in ENEVA Participaes and 52.5% in both Parnaba III and Parnaba IV (30% as a direct investment and 22.5%
through ENEVA Participaes).
6.1.
Pecm II
INCOME STATEMENT - Pecm II
(R$ million)
3Q15
3Q14
142.0
126.7
12.0%
(109.5) (95.4)
12.0%
Operating Costs
Operating Expenses
(1.9)
(2.0)
-4.1%
(52.8)
(39.4)
34.2%
0.9
0.1
(21.4)
(9.9)
116.5%
(21.4)
(9.9)
116.5%
47.3
45.8
3.3%
Other Revenues/Expenses
Earnings Before Taxes
Taxes Payable and Deferred
NET INCOME
EBITDA
Pecm II generated revenues of R$142.0 million in the quarter, comprising:
Fixed revenues amounting to R$75.9 million;
Variable revenues totaling R$68.2 million;
Free market allocations amounting to R$9.8 million;
Adjustments from previous periods totaling R$4.8 million;
Deductions from operating revenues amounting to R$16.8 million.
In 3Q15, Pecm IIs variable revenues were 15.8% higher than 3Q14. This result was influenced by a higher net
generation in the period.
Operating costs totaled R$92.7 million in the quarter, excluding depreciation and amortization, R$13.8 million
higher than 3Q14, manly comprising:
Fuel costs of R$65.2 million, divided between coal (R$61.2 million) and diesel and other costs (R$4.0
million);
Transmission charges amounting to R$6.1 million; and
Unavailability costs of R$2.4 million. Due to a change in the regulatory framework, which is currently being
challenged by the Company, unavailability charges were overstated by R$2.4 million.
In 3Q15, Pecm II recorded positive EBITDA of R$47.3 million, 3.3% higher than 3Q14. EBITDA adjusted by the
overstated unavailability charges raises to R$49.7 million.
The net financial expense amounted to R$52.8 million, mainly impacted by higher interest expenses, as a result of
the increase in the long-term financing interest reference rates and the debt renegotiations carried out in 2Q15,
which basically consisted of the addition of a 6-month interest grace period and a 21-month amortization grace
period.
Pecm II reported a net loss of R$21.4 million, impacted by higher Operating Costs and upturn in the net financial
expense.
Operating Highlights: The plant recorded great availability figures in July and August. However, availability
moved down in September due to a repair of the heat exchanger of the generator. Net generation totaled 646GWh
(232GWh in June, 227GWh in August and 184GWh in September).
Pecm II - Energy Availability
77%
3Q14
99%
89%
100%
93%
Jul-15
Aug-15
53%
4Q14
1Q15
2Q15
76%
Sep-15
90%
3Q15
6.2.

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

3Q15
3Q14
Personnel
(0.9)
(5.5)
-84.1%
Outsourced Services
(0.7)
(0.8)
-4.6%
Leases and Rentals
(0.0)
(0.5)
-98.5%
Other Expenses
(0.1)
(0.3)
-49.1%
(1.7)
(7.1)
-75.4%
(0.0)
(0.0)
0.0%
(1.8)
(7.1)
-75.2%
Total
Operating expenses, excluding depreciation and amortization, amounted to R$1.7 million in 3Q15, a decrease of
R$5.3 million compared to 3Q14. The main changes are summarized as follows:
Personnel: Personnel expenses totaled R$0.9 million in 3Q15, compared to R$5.5 million in the same
period in the previous year. The reduction was largely a result of:
Leaner corporate structure with a substantial reduction in the workforce and a decline in labor costs
associated with layoffs (-R$1.5 million);
Lower shared expenses from personnel transferred from ENEVA Participaes to the plants (-R$1.4
million);
The reduction in provisions for legacy stock option-related expenses resulting from a decrease in the
number of options outstanding and the share price since 2Q14 (-R$0.2 million); and
Accounting provision adjustments related to shared services transferred from the Holding to the plants
(-R$2.1 million).
Leases and rentals: Reduction of R$0.5 million over the period mainly due to corporate facilities
reduction/reorganization.
6.3.2. Parnaba III

INCOME STATEMENT - Parnaba III
(R$ million)
3Q15
3Q14
63.9
55.5
15.2%
(36.0)
(65.1)
-44.6%
Operating Expenses
(1.2)
(0.9)
33.3%
(1.0)
(2.2)
-53.6%
0.0
11.0
-100.0%
25.7
(1.7)
(4.6)
0.0
NET INCOME
21.1
(1.7)
EBITDA
28.3
(8.8)

Operating Costs
Net revenues in the quarter amounted to R$63.9 million, consisting of:
Fixed revenues totaling R$26.2 million;
Variable revenues amounting to R$28.9 million;
Free market allocations totaling R$3.1 million;
Adjustments from previous periods amounting to R$12.8 million;
Deductions from operating revenues totaling R$7.1 million.
Parnaba IIIs revenues raised by 15.2% over the same period last year as a consequence of a 9.0% increase in
net generation.
Operating costs, excluding depreciation and amortization, amounted R$34.4 million, a reduction of 29.0 million
compared to 3Q14, and mainly comprised:
Fuel - natural gas (R$18.2 million);
Lease costs, in accordance with the gas supply agreement (R$11.8 million); and
Unavailability costs (R$0.4 million). Due to a change in the regulatory framework, which is currently being
challenged by the Company, unavailability charges were overstated by R$0.6 million.
In 3Q15, Parnaba III recorded positive EBITDA of R$23.8 million. EBITDA adjusted by the overstated unavailability
charges raise to R$24.2 million.
The net financial expense amounted to R$1.0 million, affected by higher debt charges in 3Q15.
Parnaba III reported net income of R$21.1 million in 3Q15.
Operating Highlights: Parnaba IIIs availability decrease in August and September, due to optimization
procedures in the Parnaba Complex. In September the plants availability was also impacted by a 5-day planned
outage of the gas treatment facility in order to allow the units upgrade for processing more gas volume and to
connect additional infrastructure to meet future gas supply of the Parnaba Complex. Net generation totaled
252GWh.
Parnaba III - Energy Availability
82%
3Q14
96%
67%
4Q14
1Q15
89%
99%
2Q15
Jul-15
78%
80%
63%
Aug-15
Sep-15
3Q15
6.3.3. Parnaba IV
INCOME STATEMENT - Parnaba IV
(R$ million)
3Q15
3Q14
7.2
4.7
53.0%
Operating Costs
(2.0)
9.7
Operating Expenses
(0.2)
(0.3)
-27.0%
(7.9)
(6.1)
28.7%
0.7
-100.0%
(2.9)
8.7
1.0
(3.0)
-132.9%
(1.9)
5.8
6.3
15.4
-59.0%
NET INCOME
EBITDA
INCOME STATEMENT - Parnaba Comercializadora

(R$ million)
3Q15
3Q14
0.6
(3.8)
Operating Costs
(3.0)
(10.1)
-70.2%
Operating Expenses
(0.0)
(0.0)
-23.1%
(0.1)
(0.1)
-18.1%
0.0
(2.4)
(14.0)
-82.5%
NET INCOME
(2.4)
(14.0)
-82.5%
EBITDA
(2.4)
(13.9)
-82.9%
As of July, 2014, Parnaba IVs energy supply structure has consisted of 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, the latter being the trading vehicle through which Parnaba
IVs energy is sold.
Parnaba IVs net revenues in the quarter amounted to R$7.2 million, mainly composed of the plant lease contract
with Parnaba Comercializadora totaling R$7.9 million. Parnaba Comercializadoras revenues totaled R$0.6 million
from market power sales amounting to R$1.9 million after accounting adjustments from previous periods (-R$1.2
million).
Excluding depreciation and amortization, Parnaba IVs operating costs came to R$0.7 million in 3Q15, mainly
composed of costs with insurance, materials and service. Parnaba Comercializadoras costs came to R$3.0 million,
largely consisting of:
Natural gas (R$7.4 million), recognized under energy acquired for resale due to the companys trading
purpose;
Energy acquisitions, consisting solely of the costs associated with submarket exposure, amounting to R$1.7
million;
Lease costs (R$7.8 million), comprising the lease contract with Parnaba IV (R$7.9 million) and Kinrosss
46MWavg contribution to the power supply, in accordance with the contract entered into with this party,
amounting to R$15.7 million; and
Transmission charges (R$0.9 million).
Parnaba IV recorded a net financial expense of R$7.9 million, R$1.6 million higher than in 3Q14, due to higher
interest expenses from accrual of interest.
Operating Highlights: During the period, Parnaba IVs availability decreased due to engine repairs carried out
in July and to a planned outage of the gas treatment facility in September that impacted all plants of the Parnaba
Complex, as already mentioned. Net generation totaled 106GWh.
Parnaba IV - Energy Availability
91%
91%
3Q14
4Q14
72%
1Q15
94%
88%
98%
2Q15
Jul-15
Aug-15
71%
Sep-15
86%
3Q15
7. Net Income
In 3Q15, ENEVA reported a net loss of R$113.9 million, R$143.0 million less than in the same period last year,
when several elements impaired the last line of the income statement, such as the partial sale of Pecm II,
overstated leases and rental costs in Parnaba I and downtime costs reimbursements, totaling R$135.3 million.
Excluding these effects, net income of 3T14 would have come to a loss of R$164.4 million, R$50.5 million lower
than in 3Q15.
The better results disclosed in 3Q15 are mainly a result of plants stable operations, FX devaluation that helped
decrease Fuel costs but adversely impacted Interest expenses, lower energy spot prices and effectiveness of
Holding expenses control.
The adjusted net result for the period, excluding non-recurring impacts on EBITDA, was a loss of R$111.5 million.
INCOME STATEMENT
(R$ million)
3Q15
3Q14
366.0
353.8
3.4%
(310.6)
(247.6)
25.4%
Operating Expenses
(15.2)
(25.6)
-40.5%
(159.2)
(97.7)
63.1%
Equity Income
(8.2)
12.5
(5.1)
40.9
(132.4)
36.4
18.2
(7.3)
0.3
(0.0)
(113.9)
29.1
84.5
116.8
-27.6%
Operating Costs

Minority Interest
NET INCOME
EBITDA
8. Debt
On September 30, 2015, consolidated gross debt amounted to R$4,957.3 million, an increase of 1.5% in relation
to the amount recorded on June 30, 2015, mainly as a result of the accrual of interest on Holding debt during the
interest grace period (R$74 million). With the conclusion of the capital increase on November 5, 2015, R$986.0
million of the Holding debt has been converted into equity. In comparison with September 30, 2014, consolidated
gross debt fell by 1.8%, or R$92.4 million, mainly due to the approval of the Judicial Recovery Plan, which provided
for a 20% reduction to the Holding Companys outstanding debt (-R$227 million), and to the debt roll-over of
Parnaba II without settlement of principal and interest of the previous credit facility (+R$130 million).
Consolidated Debt Profile (R$ million)
2.908
59%
Working Capital
826
17%
2.049
41%
4.131
83%
Short Term
Project Finance
Long Term
The balance of short-term debt at the end of September, 2015 was R$826.3 million, R$226.3 million less than
June 30, 2015. All short-term debt was allocated in the projects (vs. R$1,052.6 million on June 30, 2015), as
follows:
R$129.9 million related to the current portion of the short-term debt of Itaqui and Parnaba I;
R$696.4 million related to bridge loans to Parnaba II.
As a consequence of the approval of the Judicial Recovery Plan, the Holding Companys outstanding debt, after the
aforementioned 20% reduction, has been re-profiled and fully allocated to the long term. On September 30, 2015,
consolidated long-term debt was R$4,131.0 million, the average cost of debt was 13.32% p.a. and the average
maturity was 6.9 years.
Debt Maturity Profile* (R$ million)
2.048,9
254,7
Cash & Cash

Equivalents
826,3
12M
1.545,1
388,2
139,7
9,1
4Q16
Project Finance
2017
2018
From 2019 on
Working Capital
*Amounts include principal + capitalized interest + charges
Out of the total debt due on the next 12 months, R$696.4 million refers to Parnaba II, which will be re-profiled as
soon as the Company concludes current negotiations with financial institutions. The debt amounting to R$255.8
million, due in 2017, will be apportioned in the long-term as a consequence of the disbursement of a credit facility
by Ita Unibanco on October 2015.
Debt, net of cash and charges on debt, closed 3Q15 at R$4,702.6 million, 5.3% less than at the end of 2Q15.
Consolidated Cash and Cash Equivalents (R$ million)
(330.9)
354,6
(105.8)
(51.0)
(16.5)
(14.2)
418,5
254.7
Cash and Cash

Equivalents
(2Q15)
Revenues
Operating Costs
and Expenses
Debt Service
CAPEX
Intercompany DSRA/Others
Loans and
Contributions to
Subsidiaries
Cash and Cash

Equivalents
(3Q15)
*DSRA = Debt Service Reserve Account
Consolidated cash and cash equivalents totaled R$254.7 million at the end of September, 2015, R$163.7 million
lower than June 30, 2015.
9. Capital Expenditures (Accounting view)

During 3Q15, ENEVAs consolidated capex totaled R$34.1 million, mainly due to investments on water supply
infrastructure for the Parnaba Complex and to the remaining investments in deployment of Parnaba II.
Consolidated Assets (R$ million)
3Q15
4Q14
Capex
Interest
Capitalized
Depreciation &
Amortization
Capex
Interest
Capitalized
Depreciation &
Amortization
Itaqui
2.8
0.0
-18.6
-359.8
0.0
-19.6
Parnaba I
17.7
0.0
-13.2
-51.8
0.0
-11.9
Parnaba II
13.6
0.0
-12.0
-41.4
15.7
-3.9
Consolidated Equity Assets Adjusted by ENEVAs interest (R$ million)

3Q15
4Q14
Capex
Interest
Capitalized
Depreciation &
Amortization
Capex
Interest
Capitalized
Depreciation &
Amortization
Pecm II
1.7
0.0
-16.8
11.2
0.0
-16.5
Parnaba III
1.3
0.0
-1.6
1.0
0.0
-1.6
Parnaba IV
0.4
0.0
-1.3
12.0
0.0
-1.3

Demonstra??es Financeiras em Padr?es Internacionais

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Demonstra??es Financeiras em Padr?es Internacionais

Uploaded by

Copyright:

Available Formats

(A free translation of the original in Portuguese)

Eneva S.A. - under court-supervised

(A free translation of the original in Portuguese)

(A free translation of the original in Portuguese)

4. Guilherme Naves Valle

(A free translation of the original in Portuguese)

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

Individual Financial Statements

Balance sheet - Liabilities

Statement of Comprehensive Income

Statements of Cash Flow

Statements of Changes in Shareholders Equity

DMPL - 01/01/2014 to 09/30/2014

Statements of Added Value

Consolidated Financial Statements

Balance Sheet - Liabilities

Statement of Comprehensive Income

Statements of Cash Flow

Statements of Changes in Shareholders Equity

DMPL - 01/01/2014 to 09/30/2014

Statements of Added Value

Reports and statements

Directors' Declaration on the Financial Statements

Directors' Declaration on the Independent Auditors' Report

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

Company Data / Capital Breakdown

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

Individual Financial Statements / Balance Sheet - Assets

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

Individual Financial Statements / Balance Sheet Liabilities

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

Individual Financial Statements Statement

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

Individual Financial Statements Comprehensive

Net Income for the Period

Other Comprehensive Income

Accumulated Translation Adjustments

Equity Appraisal Adjustements

Deferred income and social contribution taxes - hedge accounting

Comprehensive Income for the Period

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

Individual Financial Statements / Statement of Cash Flows

Net Cash Operating Activities

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

Individual Financial Statements Statement of

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

Consolidated Financial Statements / Balance Sheet - Assets

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

Consolidated Financial Statements / Balance Sheet - Liabilities

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

Consolidated Financial Statements Statement

Revenue from Goods Sold and/or Services Provided

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

Consolidated Financial Statements Comprehensive

Consolitated Net Income for the Period

Other Comprehensive Income

Accumulated Translation Adjustments

Deferred income and social contribution taxes - hedge

Attributed to Partners of the Parent Company

Attributed to Minority Partners

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA

Consolidated Financial Statements / Statement of Cash Flows