Earnings Release - 1Q15

1Q15 Earnings Release

1

ENEVA Announces First Quarter 2015 Results

Comparable profitability increase as a result of better operational performance

of plants and reduction of Holding overhead

Rio de Janeiro, May 14, 2015 - ENEVA S.A. (BM&FBOVESPA: ENEV3, GDR I: ENEVY) announces today results for the first quarter ended March

31, 2015 (1Q15). The information below is presented on a consolidated basis in accordance with the accounting practices adopted in Brazil,

except where stated otherwise.

1Q15 Highlights

Net Revenues: Reduction of 36.3% as a result of Pecm II deconsolidation as of June 2014 and lower variable revenues of

Parnaba I

Operating Costs: Despite a decrease of 33.2%, costs inflated in R$17.9 million as a consequence of overstatement

unavailability charges by CCEE. Cost per MWh decreased 7.7% QoQ

Operating Expenses: Down 29.3% reflecting, among others items, Holding cost reduction initiatives, especially 20%

headcount reduction

EBITDA: Excluding Pecm II deconsolidation effects in 1Q14 (R$46.3 million) and overstated unavailability charges

(R$17.9 million), comparable profitability increased 33.6% QoQ

Pecm I sale and Judicial Recovery Plan approved by creditors and ratified by Justice: Financial stabilization

program on track

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

PGN/BPMB: Settlement agreement signed to share costs and expenses due to Parnaba II start-up postponement, as

provided for in the TAC with Aneel

MAIN INDICATORS 1Q15 1Q14

1Q15/ 1Q14

1Q14 Pro-forma

1Q15/ 1Q14 PF (R$ million)

Net Operating Revenue 373.8 586.8 -36.3% 439.6 -15.0%

Operating Costs (330.4) (494.8) -33.2% (384.4) -14.1%

Operating Expenses (26.0) (36.8) -29.3% (35.3) -26.4%

EBITDA 59.4 103.9 -42.8% 57.6 3.1%

EBITDA (Adjusted) 77.0 103.9 -25.9% 57.6 33.6%

Net Income (128.6) (71.9) 78.8% (72.3) 77.9%

Net Debt 5,094.5 6,002.1 -15.1% 4,896.5 4.0%

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



2

1Q15 & Subsequent Events

Approval and Ratification by Justice of Pecm I sale and Judicial Recovery Plan

On April 30, 2015, the creditors of the Company and its subsidiary, ENEVA Participaes S.A., convened in a

Creditors General Meeting, approved the sale of ENEVAs interest in Pecm I TPP to EDP Energias do Brasil for

R$300 million and also the Judicial Recovery Plan, which adjusted version was disclosed on April 10, 2015.

The final main terms and conditions of the Judicial Recovery Plan are summarized as follows:

(i) full payment of up to R$250,000 for each creditor, subject to the amount of its respective credit;

(ii) discount of 20% of the amount of credits held by each creditor on sums greater than R$250,000;

(iii) capitalization of 40% of the amount of credits on sums greater than R$250,000; and

(iv) re-profiling of the remaining balance of credits, amounting to approx. R$991 million, under the

following terms and conditions:

Interest: CDI + 2.75% p.a. (for debt in Real) or Libor + 0% p.a. (for debt in foreign currency)

Duration: 13 years

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

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

Additionally, the Plan provides for a capital increase in amount of approx. R$3,000 million, at an issue price of

R$0.15/share of the Company, to be composed of:

(i) contribution in cash;

(ii) capitalization of the credits held by creditors, amounting to approx. R$991 million; and

(iii) contribution of assets by certain stakeholders of the Company, totaling R$1,305 million, comprised by:

50% of ENEVA Participaes;

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

30% of Parnaba I OCGT;

30% of Parnaba III OCGT;

30% of Parnaba IV TPP; and

BPMB Parnaba (owner of 30% of gas fields that supplies Parnaba Complex plants).

On May 12, 2015, the approved Judicial Recovery Plan was ratified by the 4th Commercial Court of the State of

Rio de Janeiro.


3

Pecm II furnace ash removal and anticipation of biennial preventive maintenance stoppage

Pecm II TPP had its operation suspended on April 13, 2015 in order to initiate ash removal procedures in its

furnace. Due to an accumulation of ash above normal, mainly caused by a deficiency in the furnaces coal burner

system, additional maintenance procedures were initiated. Such measures consist in remove the ash from the

furnace and repair or replace burners of this equipment, at an estimate cost of approx. R$2 million.

In order to minimize the total downtime of Pecm II for 2015, the biennial preventive maintenance stoppage of

the plant, initially expected for August 2015, has being anticipated to coincide with the abovementioned works.

All activities are estimated to be concluded by mid-May 2015.

Termination of power supply contract with MMX

In April, 2015, ENEVA Comercializadora, the trading arm of ENEVA, entered into a termination agreement to

cancel power supply contracts entered into with MMX Minerao e Metlicos and its subsidiaries for a period of 15

years as of January 2014.

ENEVA Comercializadora agreed to pay MMX the sum of R$40 million for 180MW to be delivered as of 2016 and

all other rights that were object of the power supply contracts and respective assignments to MMXs subsidiaries.

Payment will occur in a single installment after the fulfillment of certain conditions precedent, but shall not

exceed the deadline of September 30, 2014.

The termination agreement execution under the agreed-upon conditions reflects a balanced and appropriate

solution for the ENEVA and MMX current situations.

Settlement agreement signing with PGN and BPMB

ENEVA and Parnaba Complex Plants entered on April 30, 2015 into a settlement agreement with Parnaba Gs

Natural (PGN) and BPMB Parnaba, natural gas suppliers of the Parnaba Complex Plants, aiming to prevent

potential disputes concerning the natural gas supply, in view of the provisions of the Consent Decree (TAC)

entered into by the ENEVA, Parnaba II and Aneel Brazils National Electric Energy Agency on November 20,

2014.

Said agreement provides that PGN and BPMB will grant discounts on the natural gas supply to Parnaba Complex

Plants in the following amounts: (i) R$141.8 million, as for the startup date postponement of Parnaba II,

monthly due from April 2015 to September 2016; and (ii) R$167.0 million, equivalent to 50% of the fixed

revenue reduction of Parnaba II, amounting to R$334.1 million as provided for in the TAC, due from 2022 to

2036.

The agreement also provides for the extension of the natural gas supply contract of Parnaba II until the end of

its PPAs, as provided for in the TAC, i.e. April 30, 2036.

The conclusion of the agreement is an important step to increase economic and financial feasibility of the

Parnaba Complex Plants, especially Parnaba II.


4

Economic and Financial Performance

In light of the partial sale of Pecm II, ENEVAs equity interest in the project was reduced to 50%. As a

consequence, following the accounting standards set forth by the IFRS 11, as of June 1, 2014, Pecm II is

recognized under the equity method.

Due to Pecm I sale agreement signing on December 9, 2014, this asset has been accounted as Asset for Sale

and not as Investment, leading to no longer account its results as Equity Income.

1. Net Operating Revenues

In 1Q15, ENEVA recorded consolidated Net Operating Revenues of R$373.8 million vs R$586.8 million reported in

1Q14. The decrease in Net Revenues is mostly attributable to the deconsolidation of Pecm II as of June 2014,

which in 1Q14 sum R$147.1 million, and to the reduction of R$71.2 million in Variable Revenues of Parnaba I as

a result of availability reduction of this plant, impacted by gas optimization in the Parnaba Complex.

Net Revenues in 1Q15 are comprised largely by the revenues from the Regulated Market Power Purchase

Agreements (PPA) of Itaqui and Parnaba I, which reached, respectively, R$155.5 million and R$221.3 million in

the period. In the quarter, Parnaba II revenue encompassed costs reimbursement by Parnaba I for generating

in substitution of part of this last thermal plant, as provided for in the operational schematics of the Aneel

agreement to postpone Parnaba II startup date.

In the period, Itaqui and Parnaba I revenues were boosted by R$9.3 million and R$10.3 million, respectively, as

a result of regulatory changes regarding (i) the amount of energy allocated by plants in the Regulated and Free

Markets, effective as of January 2015; and (ii) the plants firm energy, effective as March 2015.

The breakdown of Operating Revenues for 1Q15 is as follows:

Operating Revenues Itaqui Parnaba I Parnaba II Amapari

Consolidation Elimination

Consolidated (R$ million)

Gross Revenues 172.8 246.2 36.3 0.0 -35.9 419.3

Fixed Revenues 84.2 118.1 0.0 0.0 0.0 202.3

Variable Revenues 61.1 112.5 0.0 0.0 0.0 173.6

Adjustments from previous periods 0.0 0.0 0.0 0.0 0.0 0.0

Other Revenues 27.5 15.5 36.3 0.0 -35.9 43.4

Deductions from Operating Revenues -17.3 -24.9 -3.4 0.0 0.0 -45.5

Net Operating Revenues 155.5 221.3 33.0 0.0 -35.9 373.8


5

2. Operating Costs

Operating Costs

(R$ million) 1Q15 1Q14 %

Personnel and Management (14.4) (13.0) 10.9%

Fuel (147.6) (227.9) -35.2%

Outsourced Services (26.1) (35.9) -27.5%

Leases and Rentals (31.8) (98.5) -67.7%

Energy Acquired for Resale (14.1) (27.0) -47.7%

Other Costs (55.3) (44.6) 24.0%

Transmission Charges (20.1) (10.2) 97.4%

Compensation for Downtime (23.9) (18.4) 30.2%

Other (11.2) (16.0) -29.8%

Total (289.2) (446.8) -35.3%

Depreciation and Amortization (41.2) (47.9) -14.1%

Total Operating Costs (330.4) (494.8) -33.2%

Operating Costs totaled R$330.4 million in 1Q15, mainly impacted by a decrease of R$80.3 million in Fuel and of

R$66.7 million in Leases and Rentals, both compared to the same period of the preceding year.

Fuel cost reduction is mainly due to the deconsolidation of Pecm II as of June 2014 and also the reduction of

fuel consumption by Amapari, which is attributed to suspension of operations for PPA renegotiation as of July

2014. Fuel cost totaled in the quarter R$147.6 million recorded, divided into R$77.3 million incurred by Itaqui

and R$70.1 million incurred by Parnaba I.

Deconsolidation of Pecm II also hit the Outsourced Services account, which reached R$26.1 million, a reduction

of R$9.9 million when compared to 1Q14. Excluding this effect, the referred cost remained stable.

The Leases and Rentals account, which totaled R$31.8 million in the quarter, is comprised mainly by lease costs

incurred by Parnaba I, according to its gas supply agreement (R$66.7 million). Due to the Aneel agreement to

postpone Parnaba II startup date, this plant has been operating in substitution of part of Parnaba I and, as a

result, has transferred its generation and operation costs to Parnaba I. In light of the agreement with the gas

suppliers of the Parnaba Complex, as previously commented, part of these costs will be captured by them by

temporarily reducing gas costs billed to Parnaba I, which sum R$35.0 million in 1Q15.

Operating Costs in 1Q15 were also inflated by costs associated with power trades resulting from the annual

revision of plants firm energy, provided for in the PPAs. In this period, only Itaqui incurred in this cost, which

amounted to R$14.1 million. Every year, the ONS resets the plants firm energy based on the performance of the

past 60 months. If the average availability rate falls below the value originally declared, the plants firm energy is

reduced and the difference has to be covered by a free market collateral contract. The plant can then sell in the

spot market the energy associated with the collateral contract, maintaining only the collateral component of the

contract. In 1Q15, given high spot prices, gross revenues resulting from this sale amounted to R$15.1 million.


6

The Other Costs account, which totaled R$55.3 million in 1Q15, is mainly composed by transmission charges

(TUST), amounting to R$20.1 million, and compensation for downtime of the power plants (unavailability

charges, also known as ADOMP). In 1Q15, Itaqui and Parnaba I had to reimburse DisCos for the energy not

delivered calculated based on a 60-month rolling average priced by the difference between their declared

variable cost per MWh (CVU) and the energy spot price (PLD). In the quarter, these costs amounted to R$23.9

million, divided into R$15.4 million and R$8.5 million to Itaqui and Parnaba, respectively. Nevertheless, due to a

regulatory change in the ADOMP calculation, which will be challenged by the Company, unavailability charges are

overstated by +R$9.3 million in Itaqui and +R$8.5 million in Parnaba I.

Operational Highlights: During the period, Itaqui generation was limited on several days to 340MW to

malfunction of auxiliary. Net generation reached 617GWh.

In 1Q15, Parnaba Is availability was compromised by gas optimization procedures and also by lower generation

from Parnaba II, which has been generating in substitution of part of Parnaba I since December 2014. Parnaba

II has been operating with power reduction in order to optimize water resources in the Parnaba Complex site.

Net generation reached 1,220GWh, including 547GWh from Parnaba II.

3. Operating Expenses

In the quarter, Operating Expenses, excluding Depreciation & Amortization, amounted to R$25.2 million, a

30.1% decrease when compared to 1Q14. In the same period, the Holding company posted Operating Expenses,

excluding Depreciation and Amortization, of R$17.8 million, compared to the R$27.8 million recorded in 1Q14.

During the period, the IPCA inflation index rose by 9.12%.

75% 77%

87% 90% 88%

1Q14 2Q14 3Q14 4Q14 1Q15

Itaqui - Energy Availability

99% 98% 94% 86% 81%

1Q14 2Q14 3Q14 4Q14 1Q15

Parnaba I - Energy Availability


7

Operating Expenses Consolidated


Personnel (11.1) (15.3) -27.7%


Leases and Rentals (1.6) (1.5) 3.4%

Other Expenses (0.5) (1.8) -75.1%

Total (25.2) (36.0) -30.1%

Depreciation and Amortization (0.8) (0.8) 7.2%

Total Operating Expenses (26.0) (36.8) -29.3%

Operating Expenses Holding


Personnel (8.5) (13.3) -36.2%

Stock Options (0.3) (4.5) -93.6%


Leases and Rentals (1.5) (1.3) 9.9%

Other Expenses (0.1) (1.2) -91.5%

Total (17.8) (27.8) -35.9%

Depreciation and Amortization (0.6) (0.5) 20.9%


The main changes are as follows:

Personnel: Personnel expenses totaled R$11.1 million in 1Q15, compared to R$15.3 million reported in

the same period of the preceding year. The decrease in personnel expenses is largely a result of:

Organizational redesign and streamlining, especially at HoldCo with headcount reduction of 20% of

its total employees over the quarters (-R$0.8 million);

Accounting provision reduction for stock option-related expenses resulting from a decrease in both

the number of options outstanding and the share price since 1Q14 (-R$3.2 million).

Outsourced services: Expenses with outsourced services in 1Q15 totaled R$12.1 million, down R$5.3

million in relation to 1Q14. The highlights are:

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

Decrease in IT expenses due to in-house infrastructure development over the last months (-R$1.8

million);

Accounting provision adjustments, which cost will be allocated in the future into subsidiaries (-R$2.6

million).

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


8

4. EBITDA

In 1Q15, ENEVA reported an EBITDA of R$59.4 million vs R$103.9 million in the same period of the preceding

year. Despite the reduction in such figure, as a result primarily of the deconsolidation of Pecm II as of June

2014, which in 1Q14 contributed with R$46.3 million to Consolidated EBITDA, relevant remarks are made:

First full-quarter of Parnaba II operating in substitution of Parnaba I, as provided for in the agreement

with Aneel;

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

Unavailability charges figures overstated by R$17.9 million due to a change in the regulatory framework,

already being challenged by the Company; and

Important decrease in Holding expenses as part of the cost cutting initiatives, especially in headcount

(down 20%) and outsourced costs, even during judicial recovery process.

Excluding the impact of overstated unavailability charges, EBITDA raises to R$77.0 million in the period.

5. Net Financial Result

Financial Result


Financial Income 21.6 50.5 -57.3%

Monetary variation 2.7 21.4 -87.2%

Revenues from financial investments 18.4 19.2 -4.2%

Marking-to-market of derivatives - 9.0 -100.0%

Settlement of derivatives - - -

Present value adjust. (debentures) - - -

Other 0.4 0.9 -53.2%

Financial Expenses (141.4) (174.8) -19.1%

Monetary variation (51.9) (16.0) 223.9%

Interest expenses (80.5) (149.4) -46.1%

Costs and Interest on Debentures (0.0) (0.2) -87.4%

Other (9.0) (9.2) -2.0%

Net Financial Result (119.8) (124.3) -3.6%

In 1Q15, ENEVA recorded net financial expenses of R$119.8 million, compared to net expenses of R$124.3

million in 1Q14. The reduction, despite the effect of Pecm II deconsolidation, is mainly due to the increase in

the FX rate hitting a non-hedged loan contracted by the Holding, which was converted from Reais to USD as

result of the Judicial Recovery request, as provided in terms and conditions of such loan contract.


9

Due to the Judicial Recovery process, as of December 9, 2014, all credit facilities interest payments contracted

by ENEVA, were suspended and since this date have not been accounted as financial expenses.

6. Equity Income

The Company reported a negative equity income of R$27.8 million, mainly impacted by higher Financial

Expenses by Pecm II in the quarter.

The following analyses consider 100% of the projects. On March 31, 2015, ENEVA held an interest of 50.0% in

Pecm I, Pecm II and ENEVA Participaes, 52.5% in both Parnaba III and Parnaba IV (30% as a direct

investment and 22.5% through ENEVA Participaes). Notwithstanding, due to Pecm I sale agreement signing

on December 9, 2014, this asset has been accounted as Asset for Sale and not as Investment, leading to no

longer account its results as Equity Income.

6.1. Pecm II

INCOME STATEMENT - Pecm II


Net Operating Revenues 139.6 147.1 -5.1%

Operating Costs (108.7) (110.4) -5.1%

Operating Expenses (1.6) (1.5) 10.0%

Net Financial Result (57.6) (35.3) 63.2%

Other Revenues/Expenses 0.0 (1.1) -

Earnings Before Taxes (28.4) (1.1) 2571.2%

Taxes Payable and Deferred - 0.4 -

NET INCOME (28.4) (0.7) 3924.6%

EBITDA 45.8 46.3 -1.0%

On October 18, 2013, Pecm II received authorization from Aneel to start commercial operations and to

supplying 365MW of energy under the terms of the PPA secured in the A-5 energy auction in 2008.

Net revenues for Pecm II in the quarter amounted to R$139.6 million, comprised of:

Fixed revenues amounting to R$75.9 million;

Variable revenues amounting to R$66.0 million;

Other revenues amounting to R$14.3 million;

Taxes on revenues amounting to R$16.6 million.


10

In the period, Pecm II revenues were boosted by R$8.8 million, as a result of regulatory changes regarding (i)

the amount of energy allocated by the plant in the Regulated and Free Markets, effective as of January 2015;

and (ii) the plants firm energy, effective as March 2015.

Operating Costs reached R$92.1 million in the quarter, excluding Depreciation and Amortization, comprised

mainly of:

Fuel costs totaled R$63.3 million, split between coal (R$59.6 million) and diesel oil and other costs

(R$3.7 million);

Transmission charges (R$6.1 million); and

Unavailability cost (R$7.9 million). Due to a change in the regulatory framework, already being

challenged by the Company, unavailability charges figures overstated by R$8.5 million.

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

Net financial expenses amounted to R$57.6 million, mainly impacted by higher interest expenses, as a

consequence of the increase on long-term financing interest reference rates.

Pecm II reported a net loss of R$28.4 million impacted by an increase of 63.2% in the Net financial expenses

line explained above.

Operational Highlights: During the period, the plant recorded a good availability figures but it was impacted by

some stoppages especially in march 2015 which has been solved by the company. Net generation reached

636GWh.

6.2. ENEVA Participaes S.A

6.2.1. Holding Operating Expenses

Operating Expenses Holding ENEVA Participaes S.A.


Personnel (3.9) (6.0) -35.2%

Outsourced Services 1.2 (2.1) -157.7%

Leases and Rentals (0.0) (0.6) -97.1%

Other Expenses (0.1) (0.3) -42.7%

Total (2.9) (8.9) -67.6%

Depreciation and Amortization (0.0) (0.0) -3.0%


97% 96% 77%

99% 89%

1Q14 2Q14 3Q14 4Q14 1Q15

Pecm II - Energy Availability


11

In 1Q15, Operating Expenses, excluding Depreciation and Amortization, amounted to R$2.9 million, a decrease

of R$6.0 million compared to 1Q14. The main changes are summarized as follows:

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

Decrease in IT expenses due to in-house infrastructure development over the last months (-R$0.7

million);

Reflect of ENEVA organizational redesign and streamlining, in particular headcount reduction of 44% (-

R$1.0 million); and

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

6.3.2. Parnaba III

INCOME STATEMENT - Parnaba III


Net Operating Revenues 81.4 76.5 6.3%

Operating Costs (66.5) (63.4) 4.9%



Other Revenues/Expenses 0.5 (0.8) -161.1%

Earnings Before Taxes 10.7 9.3 15.8%

Taxes Payable and Deferred (2.4) (3.1) -23.5%

NET INCOME 8.3 6.1 0.4

EBITDA 15.2 14.4 5.7%

On October 22, 2013, Parnaba III received authorization from Aneel to start the commercial operations of its

first generation unit, with 169MW of installed capacity. On February 17, 2014, the plant started the commercial

operations of its second generation unit, with 7MW of installed capacity, complying with the total capacity

contracted under the terms of the Regulated Market power purchase agreement secured in the 2008 A-5 energy

auction (176 MW).

Net revenues in the quarter amounted to R$81.4 million, comprised of:

Fixed revenues amounting to R$26.2 million;

Variable revenues amounting to R$58.7 million;

Other revenues amounting to R$5.6 million;

Taxes on revenues amounting to R$9.1 million.

In the period, Parnaba III revenues were boosted by R$2.2 million, as a result of regulatory changes regarding

(i) the amount of energy allocated by the plant in the Regulated and Free Markets, effective as of January 2015;

and (ii) the plants firm energy, effective as March 2015.

Operating Costs reached R$65.6 million in the quarter, excluding Depreciation and Amortization, comprised

mainly of:


12

Fuel - Natural gas (R$24.0 million);

Lease costs, according to the gas supply agreement (R$32.9 million); and

Unavailability costs (R$1.9 million). Due to a change in the regulatory framework, which will be

challenged by the Company, unavailability charges figures overstated by R$1.6 million.

In 1Q15, Parnaba III recorded a positive EBITDA of R$15.2 million.

Net financial expenses amounted to R$4.0 million, mainly impacted by higher interest expenses, as a

consequence of the increase on long-term financing interest reference rates.

Parnaba III reported a net income of R$8.3 million in 1Q15.

Operational Highlights: In 1Q15, Parnaba III recovered high availability figures, despite a 3-day outage for

planned maintenance in March 2015. Net generation reached 359GWh.

6.3.3. Parnaba IV

Parnaba IV (56MW) received authorization from Aneel to start commercial operations as a power self-producer

on December 12, 2013. The plant, a partnership between ENEVA, ENEVA Participaes and Petra Energia S.A.,

signed a contract in the free market with Kinross, for a five-year period, to supply 20 MWavg from December,

2013 until May, 2014 and 46MWavg from June, 2014 until December, 2018. The remaining power generation of

the plant is sold in the free market.

As of July, 2014, the structure to supply energy by Parnaba IV has been comprised by two entities, Parnaba IV

itself and Parnaba Comercializadora, in which different revenues and costs of the business are accounted.

Parnaba IV and Parnaba Comercializadora are interrelated companies, in which the latter consists as a trading

vehicle through which Parnaba IV energy is sold.

99% 80% 82%

67%

96%

1Q14 2Q14 3Q14 4Q14 1Q15

Parnaba III - Energy Availability


13

INCOME STATEMENT - Parnaba IV



Operating Costs (2.1) (23.1) -91.0%

Operating Expenses (0.2) (0.7) -72.3%


Other Revenues/Expenses (0.0) (0.9) -96.9%

Earnings Before Taxes (1.3) 7.0 -

Taxes Payable and Deferred (0.6) (1.3) -52.5%

NET INCOME (1.9) 5.7 -

EBITDA 6.2 10.3 -39.6%

INCOME STATEMENT - Parnaba Comercializadora



Operating Costs (11.7) (6.2) 90.2%


Net Financial Result 0.2 - -

Other Revenues/Expenses (1.5) - -

Earnings Before Taxes (9.1) (0.0) -

Taxes Payable and Deferred - - -

NET INCOME (9.1) (0.0) -

EBITDA (7.8) (0.0) -

Net revenues in the quarter amounted to R$7.2 million in Parnaba IV, mainly comprised of the plant lease

contract to Parnaba Comercializadora amounting to R$7.9 million. In the same period of the year, Parnaba

Comercializadora revenues totaled R$3.9 million from the power sale in the market amounting to R$4.3 million.

Excluding Depreciation & Amortization, Operating Costs of Parnaba IV reached R$0.8 million in 1Q15, mainly

composed of Personnel and Insurance costs that sum R$0.5 million; Parnaba Comercializadora costs totaled

R$11.7 million, comprised mainly by:

Natural gas (R$5.3 million), accounted in the entry Energy acquired for resale due to trading purpose

of the entity;

Energy acquisition in the spot market to fulfill power supply contract with Kinross (R$7.0 million), due to

lower availability of the plant;

Lease costs (+R$1.7 million), spit into plant lease contract with Parnaba IV (R$7.2 million) and the

contribution of Kinross for the power supply of 46MWavg, according to contract signed with this party,

amounting to +R$8.9 million;

Transmission charges (R$0.7 million).


14

Net financial expenses in Parnaba IV reached R$6.2 million, mainly impacted by higher interest rates on

intercompany loans.

Operational Highlights: During the period, Parnaba IV engines stopped several days for maintenance thus

lowering availability records. Plants operational team is working closely with Wrtsil, engines manufacturer,

reduce downtime. Net generation reached 85GWh.

7. Net Income

In 1Q15, ENEVA reported a net loss of R$128.6 million, impacted mainly by overstated unavailability charges on

Itaqui and Parnaba I, hurting Operational Costs, mark to market of a Holding non-hedged loan increased

Financial Expenses and the decrease of Equity Income as a result of higher Financial Expenses posted by Pecm

II, despite initial positive outcomes of Holding cost reduction initiatives which lowered Operating Expenses in the

period.

INCOME STATEMENT



Operating Costs (330.4) (494.8) -33.2%

Operating Expenses (26.0) (36.8) -29.3%

Net Financial Result (119.8) (124.3) -3.6%

Equity Income (27.8) (7.4) 278.3%

Other Revenues/Expenses 0.0 9.7 -99.8%

Earnings Before Taxes (130.2) (66.7) 95.1%

Taxes Payable and Deferred 2.3 (3.8) -

Minority Interest (0.7) (1.4) -48.6%

NET INCOME (128.6) (71.9) 78.8%

EBITDA 59.4 103.9 -42.8%

94%

63%

91% 91% 72%

1Q14 2Q14 3Q14 4Q14 1Q15

Parnaba IV - Energy Availability


15

8. Debt

As of March 31, 2015, consolidated gross debt amounted to R$5,275.4 million, an increase of 2.2% in relation to

the amount recorded on December 31, 2014. When compared to March 31, 2014, consolidated gross debt

decrease 13.5% or R$823.5 million. The variation is mainly attributed to Pecm II deconsolidation as of June

2014.

Consolidated Debt Profile (R$ million)

The balance of short-term debt at the end of March, 2015 was R$3,429.3 million, or R$140.1 million higher than

the amount recorded on December 31, 2014.

R$995.7 million out of the total balance of short-term debt are allocated in the projects (vs. R$1,090.0 million on

December 31, 2014), as follows:

R$122.3 million refer to the current portion of the short-term debts of Itaqui and Parnaba I;

R$873.3 million refer to bridge loans to Parnaba II.

The remaining balance of short-term debt, amounting to R$2,433.6 million, is allocated in the Holding (vs.

R$2,199.1 million on December 31, 2014). At the end of March, 2015, the average cost of debt was 11.60% p.a.

and the average maturity at 3.4 years.

Debt Maturity Profile* (R$ million)

*Values include principal + capitalized interest + charges

2.434 46%

2.842 54%

Working Capital Project Finance

3.429 65%

1.846 35%

Short Term Long Term

180,9 995,7

70,9 132,3 139,3

1.503,6

2.433,6

Cash & Cash

Equivalents

2015 2016 2017 2018 From 2019 on

Project Finance Working Capital


16

Debt, net of Cash position and Charges on debt, in 1Q15 amounted to R$5,094.5 million, 1.8% higher than the

value reported in 4Q14.

Consolidated Cash and Cash Equivalents (R$ million)

*DSRA = Debt Service Reserve Account

Consolidated Cash and Cash Equivalents totaled R$180.9 million at the end of March, 2015, an increase of

R$23.6 million as compared to the balance in December 31, 2014.

9. Capital Expenditures (Accounting view)

During 1Q15, ENEVAs consolidated Capital Expenditures totalized R$17.0 million, mainly explained by remaining

investments in Parnaba II deployment.

Consolidated Assets (R$ million)

1Q15 1Q14

Capex Interest Capitalized

Depreciation & Amortization

Capex Interest

Capitalized Depreciation & Amortization

Itaqui 1.5 0.0 -18.3 12.8 0.0 -21.4

Parnaba I 6.4 0.0 -11.4

-11.4 0.0 -25.8

Parnaba II 9.1 0.0 -11.6 48.3 20.1 0.0

Equity Consolidated Assets Adjusted by ENEVAs interest (R$ million)

1Q15 1Q14

Capex Interest Capitalized

Depreciation & Amortization

Capex Interest

Capitalized Depreciation & Amortization

Pecm II 2.3 0.0 -16.6 12.3 0.0 -11.0

157,3

477,9

(368.8)

(34.3) (5.3) (21.4)

(24.4)

180,9

Cash and Cash

Equivalents

(4Q14)

Revenues Operating Costs

and Expenses

CAPEX Intercompany

Loan

Debt Service DSRA/Others Cash and Cash

Equivalents

(1Q15)


17

10. Capital Markets

Stock Price Performance

ENEVAs capital on March 31, 2015 was constituted by 840,106,107 ordinary shares, of which 37.1% were free

float.

ENEVAs share price at the end of the first quarter of 2015 was R$0.20, compared to R$0.40 on December 30,

2014, representing a drop of 50.0% in the quarter. In the same period, the Bovespa Index (Ibovespa) increased

2.3% and the Electrical Utilities Sector Index (IEE) also increased 1.3%. In the last 12 months, ENEVAs shares

fell 87.7%, Ibovespa increase 1.5% and IEE rose by 10.7%. The Companys market capitalization at the end of

the quarter reached R$168.0 million. Average daily traded volume in 1Q15 was R$0.6 million.

Free Float Profile

(as of March 31, 2015)

0

20

40

60

80

100

120

140

12/3

0/1

4

01/0

6/1

5

01/1

3/1

5

01/2

0/1

5

01/2

7/1

5

02/0

3/1

5

02/1

0/1

5

02/1

7/1

5

02/2

4/1

5

03/0

3/1

5

03/1

0/1

5

03/1

7/1

5

03/2

4/1

5

03/3

1/1

5

Capital Markets Performance - 1Q15 12/30/2014 = 100

IBOV ENEV3 IEEX

-50.0%

2.3%

1.3%

R$/share

12/30/2014 0.40

03/31/2015 0.20

0

20

40

60

80

100

120

140

03/3

1/1

4

04/3

0/1

4

05/3

1/1

4

06/3

0/1

4

07/3

1/1

4

08/3

1/1

4

09/3

0/1

4

10/3

1/1

4

11/3

0/1

4

12/3

1/1

4

01/3

1/1

5

02/2

8/1

5

03/3

1/1

5

Capital Markets Performance - 12m 03/31/2014 = 100

IBOV ENEV3 IEEX

R$/share

03/31/2014 1.63

03/31/2015 0.20 -87.7%

1.5%

10.7%

99,1%

0,9%

Brazil International

21,1%

78,9%

Individuals Institutional


18

1Q15 Conference Call

Friday, May 15, 2015

12:00 am (Brasilia Time) / 11:00 am (US EST)

Access numbers Brazil

+55 11 3193-1001

+55 11 2820-4001

Access numbers US

+1 786 924-6977

Password: ENEVA

Webcast in English: www.ccall.com.br/eneva/1q15.htm Webcast in Portuguese: www.ccall.com.br/eneva/1t15.htm

ENEVA Contacts

Investor Relations:

Rodrigo Vilela

Carlos Cotrim

+55 21 3721-3030

[email protected]

ir.ENEVA.com.br

Press:

Marina Duarte +55 21 3721-3373 / + 55 21 98132-0459


19

ANNEX

I. Balance Sheet Assets (Holding and Consolidated)

Holding Consolidated

(R$ million) Mar-15 Dec-14 Mar-15 Dec-14

Current Assets 363.8 386.5 883.1 944.7

Cash and Cash Equivalents 51.6 72.5 180.9 157.3

Accounts Receivable 12.1 14.0 278.0 346.1

Gain on Derivatives - - - -

Subsidies CCC - - (0.4) -

Assets Disposed to Sale 300.0 300.0 300.0 300.0

Inventories - - 94.4 99.2

Escrow Accounts 0.0 0.0 0.0 0.0

Prepaid Expenses 0.0 0.0 30.1 42.1

Non-current Assets

Long-term Asset 1,073.5 1,101.2 790.2 742.7

Accounts Receivable - Related Parties 887.0 831.3 456.2 406.8

AFAC 164.6 248.0 0.1 26.3

Escrow Accounts - - 86.5 62.1

Deferred Taxes (IR/CSLL) - - 223.0 219.7

Prepaid Expenses - R&D 21.9 21.9 24.4 27.9

Fixed Assets 2,224.6 2,242.3 5,316.3 5,357.0

Equity Interest 2,210.7 2,228.1 717.8 733.9

Property, Plant and Equipment 11.0 11.2 4,402.3 4,423.5

Intangible Assets 2.9 2.9 196.1 199.6

Deferred Assets - - - -

TOTAL ASSETS 3,661.9 3,730.0 6,989.6 7,044.4


20

II. Balance Sheet Liabilities (Holding and Consolidated)


(R$ million) Mar-15 Dec-14 Mar-15 Dec-14

Current Liabilities 2,465.7 2,229.1 3,762.9 3,619.9

Accounts Payable 13.5 11.7 140.5 149.8

Personnel 6.6 6.7 14.2 14.9

Charges on Debts 227.1 214.4 310.2 266.7

Taxes Payable 2.1 1.6 25.1 27.1

Short Term Debt 2,206.5 1,984.7 3,119.1 3,022.5

Losses on Derivatives - - - -

Other 9.8 9.8 153.9 138.9

Non-current Liabilities - - - -

Long term Liabilities 181.6 357.9 2,138.6 2,206.8

Accounts Payable - - - -

Deferred Taxes (IR/CSLL) - 9.8 (50.4) (41.4)

Long-Term Debt - 173.0 1,896.6 1,915.9

Intercompany Loan / Payable 174.8 171.6 280.8 320.9

Provision for Losses 6.8 3.5 0.0 0.4

Others - - 11.7 11.0

Minority Interests - - 81.2 82.5

Shareholder's Equity 1,014.6 1,143.0 1,006.9 1,135.3

Common Stock 4,707.1 4,707.1 4,707.1 4,707.1

Capital Reserve - - - -

Reserve Valuation Adjustments (36.9) (36.9) (36.9) (36.9)

Profit Reserve 351.0 350.8 351.0 350.8

Advance for Future Capital Increase - AFAC - - - -

Translation Adjustments 0.0 0.0 0.0 0.0

Accumulated Profit or Losses (3,878.0) (2,360.8) (3,885.7) (2,368.6)

Net Earnings (128.6) (1,517.2) (128.6) (1,517.2)

TOTAL LIABILITIES 3,661.9 3,730.0 6,989.6 7,044.4


21

III. Income Statement (Holding and Consolidated)


(R$ million) 1Q15 1Q14 1Q15 1Q14

Gross Operating Revenues - -

419.3 656.6

Energy Supply - -

419.3 656.6

Energy Commercialization - -

- -

Deductions from Gross Revenue - -

(45.5) (69.8)

Net Operating Revenues - -

373.8 586.8

Operating Costs - -

(330.4) (494.8)

Personnel - -

(14.4) (13.0)

Material - -

(4.5) (3.8)

Fuel - -

(147.6) (227.9)

Outsourced Services - -

(26.1) (35.9)

Depreciation and Amortization - -

(41.2) (47.9)

Leases and Rentals - -

(31.8) (98.5)

CCC Subsidy - -

- 15.3

Energy Acquired for Resale - -

(14.1) (27.0)

Other costs - -

(50.8) (56.1)

Operating Expenses (18.5) (28.3)

(26.0) (36.8)

Personnel (8.5) (13.3)

(11.1) (15.3)

Material (0.0) (0.1)

(0.0) (0.2)

Outsourced Services (7.8) (11.9)

(12.1) (17.4)

Depreciation and Amortization (0.6) (0.5)

(0.8) (0.8)

Leases and Rentals (1.5) (1.3)

(1.6) (1.5)

Other Expenses (0.1) (1.2)

(0.4) (1.7)

EBITDA (17.8) (27.8)

59.4 103.9

Net Financial Income

(25.6) (30.3)

(119.8) (124.3)

Other Revenues/ Expenses

(9.1) 21.7

0.0 9.7

Equity Income

(75.5) (35.0)

(27.8) (7.4)

Earnings Before Taxes

(128.6) (71.9)

(130.2) (66.7)

CSLL/IR

- -

(0.3) (2.7)

Deferred Taxes Provision (IR/CSLL)

- -

2.6 (1.1)

Minority Interest

- -

(0.7) (1.4)

NET INCOME (128.6) (71.9)

(128.6) (71.9)


22

IV. Project Balance Sheet Assets (Consolidated Projects)

Itaqui Amapari Parnaba I Parnaba II

(R$ million) Mar-15 Dec-14 Mar-15 Dec-14 Mar-15 Dec-14 Mar-15 Dec-14

Current Assets 209.1 205.8 18.7 21.7 211.8 206.4 79.6 113.2

Cash and Cash Equivalents 25.2 29.1 14.6 16.7 51.9 38.1 37.5 0.9

Accounts Receivable 103.9 92.3 0.8 1.3 148.8 155.8 12.3 82.7

Gain on Derivatives - - - - - - - -

Subsidies CCC - - (0.4) - - - - -

Assets Disposed to Sale - - - - - - - -

Inventories 77.6 80.4 3.6 3.6 8.7 7.5 4.5 3.7

Escrow Accounts - - - - - - - -

Prepaid Expenses 2.3 4.0 0.1 0.1 2.4 5.0 25.3 25.8

Non-current Assets - - - - - - - -

Long-term Asset 248.3 234.1 0.5 0.4 51.0 40.7 71.9 27.9

Accounts Receivable - Related Parties 4.8 4.5 0.0 0.0 3.2 2.7 51.7 12.3

AFAC - - - - - - - -

Escrow Accounts 51.2 37.4 - - 35.3 24.6 - -

Deferred Taxes (IR/CSLL) 192.1 192.1 - - 10.6 12.0 20.2 15.6

Prepaid Expenses - R&D 0.1 - 0.5 0.4 1.9 1.4 - -

Fixed Assets 2,198.9 2,215.8 (0.0) (0.0) 1,133.4 1,138.4 1,237.2 1,239.7

Equity Interest - - - - - - - -

Property, Plant and Equipment 2,188.9 2,205.5 (0.1) (0.1) 969.7 971.7 1,232.1 1,234.5

Intangible Assets 10.0 10.3 0.1 0.1 163.6 166.6 5.1 5.2

Deferred Assets - - - - - - - -

TOTAL ASSETS 2,656.3 2,655.6 19.2 22.1 1,396.2 1,385.4 1,388.8 1,380.8


23

V. Project Balance Sheet Liabilities (Consolidated Projects)


(R$ million) Mar-15 Dec-14 Mar-15 Dec-14 Mar-15 Dec-14 Mar-15 Dec-14

Current Liabilities 172.1 256.7 27.6 28.2 174.2 199.3 923.3 906.6

Accounts Payable 39.5 46.8 25.1 24.7 33.1 30.0 29.2 36.6

Personnel 3.4 3.4 0.4 0.5 2.2 2.3 1.6 2.0

Charges on Debts 15.7 8.9 - - 7.4 4.7 60.1 38.7

Taxes Payable 14.2 13.0 0.1 1.1 6.3 6.6 2.3 4.8

Short Term Debt - 92.3 - - 99.3 137.7 813.3 807.7

Losses on Derivatives - - - - - - - -

Other 99.4 92.3 1.9 1.9 25.9 18.0 16.8 16.8

Non-current Liabilities - - - - - - - -

Long term Liabilities 1,669.6 1,541.1 1.3 1.2 745.0 715.4 12.2 11.9

Accounts Payable - - - - - - - -

Deferred Taxes (IR/CSLL) (13.8) (14.1) - - (36.6) (37.1) - -

Long-Term Debt 1,242.8 1,127.8 - - 653.7 615.1 - -

Intercompany Loan / Payable 439.9 426.7 0.1 - 120.1 130.3 12.2 11.9

Provision for Losses - - - - - - - -

Others 0.6 0.6 1.2 1.2 7.8 7.1 - -

Minority Interests - - - - - - - -

Shareholder's Equity 814.7 857.8 (9.6) (7.2) 477.0 470.7 453.4 462.3

Common Stock 1,767.4 1,757.4 84.8 84.8 263.6 263.6 493.0 445.7

Capital Reserve - - 6.5 6.5 - - - -

Reserve Valuation Adjustments - - - - - - - -

Profit Reserve 0.1 0.1 12.0 12.0 0.1 0.0 0.7 0.7

Advance for Future Capital Increase - AFAC - 10.0 - - 188.1 188.1 - 47.3

Translation Adjustments - - - - - - - -

Accumulated Profit or Losses (909.7) (478.8) (110.5) (3.6) 19.0 (17.0) (31.3) (17.6)

Net Earnings (43.1) (430.9) (2.4) (106.9) 6.3 36.0 (9.0) (13.8)

TOTAL LIABILITIES 2,656.3 2,655.6 19.2 22.1 1,396.2 1,385.4 1,388.8 1,380.8


24

VI. Project Income Statement (Consolidated Projects)


(R$ million) 1Q15 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 1Q14

Gross Operating Revenues 172.8 176.7 - 16.9 246.2 298.3 36.3 0.2

Energy Supply 172.8 176.7 - 16.9 245.3 298.3 1.3 0.2

Energy Commercialization - - - - 0.9 - 35.0 -

Deductions from Gross Revenue (17.3) (17.6) - (4.6) (24.9) (30.2) (3.4) (0.0)

Net Operating Revenues 155.5 159.1 - 12.3 221.3 268.1 33.0 0.2

Operating Costs (156.2) (142.3) (1.1) (5.5) (183.1) (236.2) (25.8) (0.3)

Personnel (6.4) (6.0) (0.5) (1.0) (5.3) (4.9) (2.2) (0.0)

Material (3.3) (2.4) (0.1) (0.2) (0.7) (0.6) (0.4) (0.0)

Fuel (77.3) (62.7) (0.1) (17.4) (70.1) (85.0) - -

Outsourced Services (13.7) (13.7) (0.1) (0.9) (11.0) (11.7) (1.3) 0.0

Depreciation and Amortization (18.3) (21.3) - (1.4) (11.3) (14.3) (11.6) (0.0)

Leases and Rentals (0.9) (0.9) (0.0) (0.1) (66.8) (96.6) (0.0) -

CCC Subsidy - - - 15.3 - - - -

Energy Acquired for Resale (14.1) (23.1) - - - (0.8) - (0.3)

Other costs (22.3) (12.2) (0.3) 0.2 (18.0) (22.3) (10.3) 0.0

Operating Expenses (2.4) (2.1) (1.4) (0.4) (1.3) (1.4) (2.5) (3.0)

Personnel (0.5) (0.3) (0.7) (0.1) (0.0) (0.0) (1.5) (1.2)

Material - (0.0) (0.0) (0.0) - (0.1) (0.0) (0.0)

Outsourced Services (1.7) (1.6) (0.7) (0.1) (1.0) (1.0) (0.9) (1.6)

Depreciation and Amortization (0.1) (0.1) - (0.0) (0.1) (0.1) (0.0) (0.0)

Leases and Rentals (0.0) (0.0) (0.0) (0.0) - (0.0) (0.1) (0.1)

Other Expenses (0.1) (0.1) (0.0) (0.1) (0.2) (0.2) (0.1) (0.1)

EBITDA 15.2 36.1 (2.5) 7.9 48.2 44.8 16.2 (3.1)

Net Financial Income (40.2) (38.3) 0.1 0.2 (27.6) (20.2) (26.5) (0.3)

Other Revenues/ Expenses 0.2 (5.0) 0.0 (5.5) (0.6) (0.5) 8.3 -

Equity Income - - - - - - - -

Earnings Before Taxes (43.1) (28.5) (2.4) 1.1 8.6 9.7 (13.6) (3.5)

CSLL/IR - - - (1.2) (0.3) (1.5) - -

Deferred Taxes Provision (IR/CSLL) - - - (0.9) (2.0) (1.8) 4.6 1.2

Minority Interest - - - - - - - -

NET INCOME (43.1) (28.5) (2.4) (1.0) 6.3 6.4 (9.0) (2.3)


25

VII. Project Balance Sheet Assets (Projects accounted as Equity Income)

ENEVA Part.

Holding ENEVA Part. Consolidated

Pecm II Parnaba III Parnaba IV Parnaba

Comercializadora

(R$ million) Mar-15 Dec-14 Mar-15 Dec-14 Mar-15 Dec-14 Mar-15 Dec-14 Mar-15 Dec-14 Mar-15 Dec-14

Current Assets 21.1 22.1 112.6 131.2 146.6 129.1 99.1 71.3 13.1 14.3 19.7 20.6

Cash and Cash Equivalents 0.1 1.2 13.3 11.3 28.5 22.0 37.6 14.1 0.1 0.3 8.4 4.6

Accounts Receivable 18.4 18.2 69.0 95.5 76.7 80.4 56.4 52.1 12.4 13.1 11.4 16.0

Gain on Derivatives - - - - - - 0.1 0.1 - - - -

Subsidies CCC - - - - - - - - - - - -

Assets Disposed to Sale - - - - - - - - - - - -

Inventories - - 0.0 0.0 39.7 23.7 3.9 3.9 0.2 0.2 - -

Escrow Accounts 2.6 2.6 30.3 24.4 - - 0.5 0.0 - - - -

Prepaid Expenses - - 0.0 0.0 1.6 3.1 0.6 1.2 0.3 0.6 - -

Non-current Assets - - - - - - - - - - - -

Long-term Asset 59.1 57.4 120.3 108.2 109.8 109.0 88.0 86.3 30.0 22.2 0.0 0.0

Accounts Receivable - Related Parties 58.7 56.3 96.5 84.6 0.0 3.0 70.5 68.1 26.2 18.9 0.0 0.0

AFAC 0.4 1.1 0.4 1.0 - - - - - - - -

Escrow Accounts - - - - 22.9 19.2 - - - - - -

Deferred Taxes (IR/CSLL) - - 23.4 22.6 86.1 86.1 17.5 18.2 3.8 3.3 - -

Prepaid Expenses - R&D - - - - 0.8 0.7 0.1 - - - - -

Fixed Assets 208.3 208.8 183.3 182.1 1,889.8 1,904.1 181.4 181.5 160.4 161.2 - -

Equity Interest 175.3 176.8 137.8 137.3 - - - - - - - -

Property, Plant and Equipment 6.6 6.6 18.7 19.0 1,889.2 1,903.9 181.4 181.5 160.4 161.2 - -

Intangible Assets 26.4 25.4 26.8 25.8 0.6 0.3 - - - - - -

Deferred Assets - - - - - - - - - - - -

TOTAL ASSETS 288.5 288.3 416.2 421.5 2,146.2 2,142.3 368.5 339.2 203.5 197.7 19.8 20.6


26

VIII. Project Balance Sheet Liabilities (Projects accounted as Equity Income)

ENEVA Part.



Comercializadora

(R$ million) Mar-15 Dec-14 Mar-15 Dec-14 Mar-15 Dec-14 Mar-15 Dec-14 Mar-15 Dec-14 Mar-15 Dec-14

Current Liabilities 15.5 16.3 31.0 72.8 197.0 164.4 175.8 164.1 6.2 5.7 4.9 6.0

Accounts Payable 1.1 0.9 14.6 55.3 49.4 33.2 36.8 33.7 1.9 1.8 4.9 1.6

Personnel 9.9 9.9 10.7 10.7 1.0 0.9 - - 0.0 0.1 - -

Charges on Debts - - - - 8.0 2.5 6.0 1.6 - - - -

Taxes Payable 0.2 1.1 0.4 1.4 12.5 12.3 2.2 0.4 4.2 3.7 0.0 0.0

Short Term Debt - - - - 78.2 77.0 120.0 120.0 - - - -

Losses on Derivatives - - - - - - - - - - - -

Other 4.3 4.3 5.4 5.4 47.9 38.4 10.8 8.4 0.1 0.1 - 4.4

Non-current Liabilities - - - - - - - - - - - -

Long term Liabilities 71.1 39.5 193.7 126.8 1,379.1 1,379.6 44.7 38.0 182.0 174.9 36.7 27.3

Accounts Payable - - - - - - - - - - - -

Deferred Taxes (IR/CSLL) - - - - (10.8) (10.8) - - - - - -

Long-Term Debt - - - - 1,018.7 1,027.6 - - - - - -

Intercompany Loan / Payable 63.9 32.9 65.8 34.6 368.8 360.4 40.7 34.8 179.3 173.3 36.7 27.3

Provision for Losses 7.2 6.6 127.9 92.1 2.5 2.5 - - - - - -

Others - - - - - - 4.0 3.3 2.7 1.6 - -

Minority Interests - - - - - - - - - - - -

Shareholder's Equity 201.9 232.6 191.4 222.0 570.0 598.4 148.0 137.1 15.3 17.2 (21.9) (12.7)

Common Stock 266.8 266.8 266.8 266.8 799.2 799.2 160.3 160.3 15.9 15.9 0.1 0.1

Capital Reserve 62.0 62.0 62.0 62.0 - - - - - - - -

Reserve Valuation Adjustments 1.1 1.0 1.1 1.0 - - - - - - - -

Profit Reserve - - - - 0.3 0.3 - - 3.6 3.6 - -

Advance for Future Capital Increase - AFAC - 25.5 0.3 25.8 - - 7.2 7.2 - - - -

Translation Adjustments - - - - - - - - - - - -

Accumulated Profit or Losses (122.7) (60.2) (133.6) (71.1) (201.1) (168.0) (30.4) (20.2) (2.3) 0.0 (12.8) (0.0)

Net Earnings (5.3) (62.4) (5.3) (62.4) (28.4) (33.0) 10.9 (10.2) (1.9) (2.3) (9.1) (12.8)

TOTAL LIABILITIES 288.5 288.3 416.2 421.5 2,146.2 2,142.3 368.5 339.2 203.5 197.7 19.8 20.6


27

IX. Project Income Statement (Projects accounted as Equity Income)

ENEVA Part.



Comercializadora

(R$ million) 1Q15 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 1Q14

Gross Operating Revenues - - 42.1 164.1 156.1 164.5 90.5 85.1 7.9 36.6 4.3 8.3

Energy Supply - - 0.2 0.2 156.1 164.5 90.5 74.8 - 32.5 4.3 -

Energy Commercialization - - 41.9 163.9 - - - 10.2 7.9 4.1 - 8.3

Deductions from Gross Revenue - - (4.1) (14.9) (16.6) (17.4) (9.1) (8.5) (0.7) (3.7) (0.4) (2.2)

Net Operating Revenues - - 38.0 149.3 139.6 147.1 81.4 76.5 7.2 32.9 3.9 6.2

Operating Costs (0.0) (0.1) (45.9) (147.8) (108.7) (110.4) (66.5) (63.4) (2.1) (23.1) (11.7) (6.2)

Personnel - - (0.9) (0.7) (1.4) (1.2) (0.0) - (0.2) - - -

Material - - - (0.0) (0.7) (0.7) (0.0) - (0.1) (0.3) - -

Fuel - - - - (63.3) (62.8) (24.0) (19.1) - (6.8) - -

Outsourced Services (0.0) (0.0) (0.2) (0.1) (9.7) (9.6) (2.5) (3.6) (0.1) (2.1) (0.4) -

Depreciation and Amortization - - (0.1) (0.1) (16.5) (10.9) (0.9) (1.5) (1.3) (1.2) - -

Leases and Rentals - - (0.1) (0.1) (1.1) (0.7) (33.3) (29.1) - (0.0) 1.7 -

CCC Subsidy - - - - - - - - - - - -

Energy Acquired for Resale - - (43.7) (145.9) - (2.8) (0.6) (2.4) - (12.7) (12.3) (6.2)

Other costs (0.0) (0.1) (0.9) (1.0) (16.0) (21.6) (5.2) (7.7) (0.3) (0.0) (0.7) (0.0)

Operating Expenses (2.9) (8.9) (3.5) (9.9) (1.6) (1.5) (0.6) (0.3) (0.2) (0.7) (0.0) (0.0)

Personnel (3.9) (6.0) (4.2) (6.7) (0.3) (0.3) - - (0.0) (0.4) - -

Material 0.0 (0.0) 0.0 (0.0) (0.0) (0.0) - (0.0) - (0.0) - -

Outsourced Services 1.2 (2.1) 0.9 (2.2) (1.1) (1.0) (0.5) (0.2) (0.1) (0.2) (0.0) -

Depreciation and Amortization (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) - - (0.0) (0.0) - -

Leases and Rentals (0.0) (0.6) (0.0) (0.6) (0.0) (0.1) - - - (0.0) - -

Other Expenses (0.1) (0.2) (0.2) (0.4) (0.1) (0.0) (0.1) (0.0) (0.1) (0.0) (0.0) (0.0)

EBITDA (2.9) (9.0) (11.2) (8.3) 45.8 46.3 15.2 14.4 6.2 10.3 (7.8) (0.0)

Net Financial Income 0.4 0.6 2.1 2.2 (57.6) (35.3) (4.0) (2.7) (6.2) (1.2) 0.2 -

Other Revenues/ Expenses (0.3) (0.0) 3.4 (1.6) 0.0 (1.1) 0.5 (0.8) (0.0) (0.9) (1.5) -

Equity Income (2.5) 3.9 (0.2) 3.7 - - - - - - - -

Earnings Before Taxes (5.3) (4.5) (6.1) (4.2) (28.4) (1.1) 10.7 9.3 (1.3) 7.0 (9.1) (0.0)

CSLL/IR - - - (0.4) - - (0.9) (1.9) - (1.1) - -

Deferred Taxes Provision (IR/CSLL) - - 0.8 (0.0) - 0.4 (1.5) (1.3) (0.6) (0.2) - -

Minority Interest - - - - - - - - - - - -

NET INCOME (5.3) (4.5) (5.3) (4.5) (28.4) (0.7) 8.3 6.1 (1.9) 5.7 (9.1) (0.0)


28

X. Debt

R$ MM Interest rates Maturity Short Term % Long Term % Total %

Itaqui

15.7 0.3% 1,229.1 23.3% 1,244.7 23.6%

BNDES (Direto) TJLP + 2,78% 15/06/26 1.9 0.2% 769.7 61.8% 771.6 14.6%

BNB 10% 15/12/26 3.8 0.3% 198.2 15.9% 202.0 3.8%

BNDES (Indireto) IPCA + TR BNDES + 4,8% 15/06/26 9.4 0.8% 109.7 8.8% 119.2 2.3%

BNDES (Indireto) TJLP + 4,8% 15/06/26 0.5 0.0% 151.5 12.2% 152.0 2.9%

Parnaba I

106.6 2.0% 617.1 11.7% 723.7 13.7%

Bradesco CDI + 3,00% 22/04/15 20.6 2.8% 10.2 1.4% 30.8 0.6%

Banco Ita BBA CDI + 3,00% 15/04/15 31.9 4.4% 22.7 3.1% 54.6 1.0%

BNDES (Direto) TJLP + 1,88% 15/06/27 36.5 5.0% 384.7 53.2% 421.3 8.0%

BNDES (Direto) IPCA + TR BNDES + 1,88% 15/07/26 17.6 2.4% 199.5 27.6% 217.1 4.1%

Parnaba II

873.3 16.6% 0.0 0.0% 873.3 16.6%

Banco Ita BBA CDI + 3,00% 30/12/14 236.6 32.7% 0.0 0.0% 236.6 4.5%

CEF CDI + 3,00% 30/12/14 331.2 37.9% 0.0 0.0% 331.2 6.3%

BNDES TJLP + 2,40% 15/06/15 305.6 35.0% 0.0 0.0% 305.6 5.8%

ENEVA S/A

2,433.6 46.1% 0.0 0.0% 2,433.6 46.1%

Banco Ita BBA CDI + 2,65% 16/12/14 119.9 4.9% 0.0 0.0% 119.9 2.3%

Banco Citibank CDI + 2,95% 22/09/14 121.2 5.0% 0.0 0.0% 121.2 2.3%

Banco Citibank LIBOR 3M + 1,26% 27/09/17 161.5 6.6% 0.0 0.0% 161.5 3.1%

Banco BTG Pactual CDI + 3,75% 09/12/14 108.4 4.5% 0.0 0.0% 108.4 2.1%





Banco Ita BBA CDI + 2,65% 05/12/14 227.5 9.3% 0.0 0.0% 227.5 4.3%

Banco Ita BBA CDI + 2,65% 09/12/14 238.7 9.8% 0.0 0.0% 238.7 4.5%

Banco Ita BBA CDI + 3,15% 19/01/16 89.8 3.7% 0.0 0.0% 89.8 1.7%


Banco Ita BBA CDI + 3,00% 13/10/14 31.0 1.3% 0.0 0.0% 31.0 0.6%



Gross Debt (a)

3,429.3 65.0% 1,846.1 35.0% 5,275.4 100.0%

Cash (b)

180.9

Net Debt (a) - (b)

5,094.5

Documents

Earnings Release - 1Q15