Earnings Release - 4Q14

4Q14 Earnings Release
ENEVA Announces Fourth Quarter 2014 Results

Accounting provisions and adjustments and other one-time events hit results major lines leading to a
negative EBITDA in the quarter that blurred plants operation stability and management efforts on
continuous cost optimization
Rio de Janeiro, March 26, 2015 - ENEVA S.A. (BM&FBOVESPA: ENEV3, GDR I: ENEVY) announces today results for
the fourth quarter ended December 31, 2015 (4Q14). The information below is presented on a consolidated basis in
accordance with the accounting practices adopted in Brazil, except where stated otherwise.
4Q14 Highlights
Energy sales: Decreased in 21.8% mainly due to Pecm II deconsolidation as of June 2014, despite the
increase of 132GW contributed by test and commissioning of Parnaba II;
Net Revenues: Excluding Pecm II deconsolidation and non-recurring events booked in 4Q13, totaling
R$179.7 million, revenues remained in line;
Operating Costs: 15.9% decrease mostly as a result of less fuel consumption by plants, despite booking
of unavailability costs provision due as of 2015;
Operating Expenses: Accounting provisions and adjustments and other one-time events impacted
Holding cost management program advance efforts;
Net Income: Reevaluation of Itaqui and Amapari asset values and accounting provision for the loss in the
sale of Pecm I contributed to post higher losses. Excluding these one-off events, net loss down to
R$380.0 million in the quarter and to R$535.2 million in 2014, a reduction of 43.2%.
MAIN INDICATORS
(R$ million)
4Q14
4Q13
2014
2013
Net Operating Revenue
368.2
530.3
-30.6%
1,798.1
1,438.8
25.0%
(397.4)
(472.3)
-15.9%
(1,579.3)
(1,507.0)
4.8%
Operating Expenses
(92.5)
(38.4)
140.5%
(173.0)
(167.3)
3.4%
EBITDA
(83.8)
76.3
N. A.
216.3
(88.9)
N. A.
(1,362.0)
(280.3)
386.0%
(1,517.2)
(942.5)
61.0%
5,006.4
5,932.9
-15.6%
5,006.4
5,932.9
-15.6%
1,821
2,330
-21.8%
7,885
6,430
22.6%
Operating Costs
Net Income
Net Debt
Total Generation Energy Sales (GWh)
4Q14 & Subsequent Events

Final agreement signing to maintain Parnaba II PPAs
On November 20, 2014, ENEVA signed the final agreement with Aneel Brazils National Electric Energy Agency
to adjust power supply obligations of the Parnaba II CCGT, which terms and conditions include:
Postponement of the PPAs Power Purchase Agreements, which will be effective from July 1, 2016 to April
30, 2036;
Generation replacement of Parnaba I OCGT by Parnaba II, until June 30, 2016, which procedure allows
power production with optimized use of natural gas resources;
Reduction of Parnaba II fixed revenue totaling R$334.1 million, to be paid for in installments as of January
2022, as tariff contribution. The reduction amounts to R$13.0 million per year between 2022 and 2025, and
to R$25.6 million per year between 2026 and 2036, adjusted by inflation (IPCA); and
Commitment to close the cycle of the four gas turbines of Parnaba I OCGT in up to five years from the
signing of the agreement. The energy of such project should be fully sold in the regulated market through an
appropriate auction. The regulator may postpone the indicated period of time whether the auction has not
been conducted.
In case of breach of any of the terms and conditions abovementioned, a 20% increase over the amount of the
reduction in Parnaba II fixed revenue will apply.
Resume of operation of Pecm I Generation Unit 1

On December 2, 2014, generation unit 1 of Pecm I TPP resumed operation after a shutdown due to the burnout
of the stator of its generator occurred on August 25, 2014. The generator was replaced with the objective of
reducing downtime and to enhance reliability of operations.
The investment to replace the generator will be covered by property damage liability insurance. The outage of
the unit during 87 days will impact the unavailability reimbursement calculation as of 2016 for a period of 60
months, which will be covered by business interruption insurance from the 61 st to the 87th day.
Sale of ENEVAs interest in Pecm I

On December 9, 2014, ENEVA has agreed to sell its interest in Pecm I TPP to EDP - Energias do Brasil S.A. for
R$300 million. This amount stands for the 50% of the share capital of Pecm I held by ENEVA and the future
capitalization of credits originally granted by ENEVA to Pecm I totaling R$409.9 million.
On March 10, 2015, CADE Brazils Antitrust Council approved without restrictions the transaction, despite the
conclusion of the transaction is subject to others conditions precedent, inter alia ENEVA creditors approval.
The proceeds with the sale of Pecm I will be used to strength the Companys cash position.
Judicial Recovery
On December 9, 2014, ENEVA and its subsidiary ENEVA Participaes filed for judicial recovery request, despite
several efforts made by the Management of the Company to implement its financial stabilization.
The request was as a result of (i) the non-revalidation of the agreement to suspend the amortization and
payment of interests of financial transactions entered into by the Company and certain subsidiaries with financial
creditors, due on November 21, 2014; and (ii) the failure to reach an agreement between the Company and
financial institutions to execute a financial stabilization plan of the Company aimed for the capital structure
strengthening and the debt re-profiling of the Company.
On December 16, 2014, the State Justice approved the judicial recovery request and appointed Deloitte Touch
Tohmatsu as the trustee.
On February 12, 2015, the judicial recovery plan was filed envisaging to push the financial debts reorganization
and to balance the capital structure of ENEVA. Such plan shall be implemented by means of:
(i)
the full payment of the amount of up to R$250,000 to each of the unsecured creditor, subject to the amount
of its respective credit;
(ii) the global reduction of 40% to 65% of the unsecured credits held by the creditors through the capitalization
of credits and/or the waiver of the unsecured credits and subsequent re-profiling of the remaining balance of
the debts owed to such creditors; and
(iii) the launch of a capital increase in the estimated amount of up to R$3 billion, at the issue price of R$0.15 per
share, to be composed of:
(a) capitalization of the credits held by the unsecured creditors;
(b) contribution of assets by shareholders, creditors and investors; and/or
(c) contribution in cash.
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.
As a consequence of the signing of Pecm I sale agreement, this asset will be accounted by the equity method
until December 2014.
1. Net Operating Revenues

In 4Q14, ENEVA recorded consolidated Net Operating Revenues of R$368.3 million vs R$530.3 million reported in
4Q13. The decrease in Net Revenues is mostly attributable to the deconsolidation of Pecm II as of June 2014.
Net Revenues in 4Q14 are comprised largely by the revenues from the Regulated Market Power Purchase
Agreements (PPA) of Itaqui and Parnaba I, which reached, respectively, R$132.7 million and R$233.4 million in
the period. In the quarter, Parnaba II revenue reflects 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. Revenues from test and commissioning of Parnaba II (R$91.0
million) were booked as CAPEX, as provided for in accounting standards.
The breakdown of Operating Revenues for 4Q14 is as follows:
Operating Revenues
(R$ million)
Itaqui
Parnaba I
Parnaba II
Amapari
Write Off
Consolidated
Gross Revenues
147.7
259.8
11.6
5.3
(11.8)
412.6
Fixed Revenues
82.5
115.8
0.0
5.3
0.0
203.6
Variable Revenues
57.4
138.9
0.0
0.0
0.0
196.3
Adjustments from previous periods
0.0
0.0
0.0
0.0
0.0
0.0
Other Revenues
7.8
5.1
11.6
0.0
(11.8)
12.8
Deductions from Operating Revenues
(15.0)
(26.3)
(1.1)
(2.0)
0.0
(44.4)
Net Operating Revenues
132.7
233.4
10.5
3.4
(11.8)
368.3
2. Operating Costs
Operating Costs
(R$ million)
4Q14
4Q13
2014
2013
(19.5)
(15.1)
29.4%
(54.3)
(40.8)
33,2%
(138.7)
(219.3)
-36.7%
(698.7)
(624.0)
12,0%
Outsourced Services
(37.3)
(51.6)
-27.6%
(143.9)
(96.8)
48,6%
Leases and Rentals
(44.7)
(53.4)
-16.3%
(302.8)
(164.9)
83,6%
(7.9)
(39.3)
-79.8%
(69.1)
(274.4)
-74,8%
(112.2)
(38.0)
195.1%
(143.3)
(162.7)
-11,9%
Transmission Charges
(11.1)
(7.7)
44.4%
(42.3)
(38.7)
9,2%
Compensation for Downtime
(44.1)
(35.6)
23.7%
20.4
(149.7)
-113,7%
Other
(57.0)
5.3
-1177.0%
(121.5)
25.7
-572,9%
(360.4)
(416.8)
-13.5%
(1,412.0)
(1,363.6)
3.5%
(37.0)
(55.5)
-33.4%
(167.3)
(143.4)
16,6%
(397.4)
(472.3)
-15.9%
(1,579.3)
(1,507.0)
4.8%
Personnel and Management

Fuel
Energy Acquired for Resale

Other Costs
Total
Depreciation and Amortization
Total Operating Costs
Operating Costs totaled R$397.4 million in 4Q14, mainly impacted by a decrease of R$80.6 Million in fuel costs
relative to the same period of the preceding year, due mainly to the deconsolidation of Pecm II as of June 2014
and also the reduction of fuel consumption by Parnaba I and Amapari, attributed respectively to gas resources
optimization procedure and suspension of operations for PPA renegotiation. Fuel cost of R$138.7 million recorded
in the quarter is divided into R$61.4 million incurred by Itaqui, R$77.1 million incurred by Parnaba I and R$0.2
million by Amapari.
Deconsolidation of Pecm II also hit the Outsourced Services account, which reached R$37.3 million,
representing a reduction of R$14.3 million when compared to 4Q14. Excluding this effect, the referred cost
remained in line.
The Leases and Rentals account, which totaled R$55.7 million in the quarter, is comprised mainly by lease costs
incurred by Parnaba I, according to its gas supply agreement (R$44.0 million). Additionally, Parnaba I recorded
R$11.7 million in Leases and Rentals that were generation and operation costs of Parnaba II steam turbine and
related transmission charges transferred to Parnaba I, based on the operational schematics provided for in the
Aneel agreement to postpone Parnaba II startup date.
The Other Costs account, which totaled R$96.5 million in 4Q14, is mainly composed by transmission charges
(TUST) and compensation for downtime of the power plants (unavailability charges, also known as ADOMP).
Also, the Other Costs account was impacted by a write-down of credits held by Amapari which totaled R$37.1
million.
In 4Q14, Itaqui and Parnaba I had to reimburse DisCos for the energy not delivered calculated based on a 60month rolling average priced by the difference between their declared variable cost per MWh (CVU) and the
energy spot price (PLD). The energy exposure for 2014 of such plants represents -5.63 average MW/month and
+0.53 average MW/month, respectively. In August 2014, this parameter was recalculated for 2015 amounting to
-19.39 average MW/month for Itaqui and +0.84 average MW/month for Parnaba I. In the quarter, unavailability
costs totaled R$44.1 million for Itaqui (R$38.4 million was an accounting provision of unavailability due as of
5
2015) and R$0.0 for Parnaba I, which will be paid in 60 monthly instalments as of January 2015 and are subject
to annual reevaluation, as provided for in the 60-month rolling average calculation methodology.
Operational Highlights: During the period, Itaqui stopped for 18 days in October 2014 for inspection and
maintenance according to operation plan and thus lowering availability records. Net generation reached 522GWh.
Itaqui - Energy Availability
87%
75%
77%
1Q14
2Q14
72%
3Q14
4Q14
In 4Q14, Parnaba Is availability was compromised by occasional power reduction in order to allow Parnaba II
test and commissioning procedures. Net generation reached 844GWh.
Parnaba I - Energy Availability
99%
98%
94%
86%
1Q14
2Q14
3Q14
4Q14
3. Operating Expenses
In the quarter, Operating Expenses, excluding Depreciation & Amortization, amounted to R$91.6 million, a
145.7% increase when compared to 4Q13. In the same period, the Holding company posted Operating Expenses,
excluding Depreciation and Amortization, of R$84.1 million, compared to the R$35.6 million recorded in 4Q13.
During the period, the IPCA inflation index rose by 6.41%.
Operating Expenses
(R$ million)
Consolidated
4Q14
4Q13
2014
2013
Personnel
(54.3)
(18.5)
194.2%
(81.5)
(79.8)
2.1%
Outsourced Services
(24.0)
(15.5)
54.2%
(65.3)
(64.8)
0.7%
(2.1)
(1.2)
74.9%
(7.4)
(7.2)
2.7%
Leases and Rentals

Other Expenses
Total
Total Operating Expenses
(11.3)
(2.1)
436.5%
(15.6)
(12.3)
26.6%
(91.6)
(37.3)
145.7%
(169.8)
(164.1)
3.5%
(0.8)
(1.1)
-27.8%
(3.2)
(3.1)
2.8%
(92.5)
(38.4)
140.5%
(173.0)
(167.3)
3.4%
Operating Expenses
(R$ million)
Personnel
Stock Options
Outsourced Services
Leases and Rentals
Other Expenses
Total
Holding
4Q14
4Q13
2014
2013
(51.5)
3.4
(22.3)
131.1%
(74.3)
(67.6)
9.9%
(9.2)
-136.6%
0.2
-100.0%
(20.4)
(9.1)
123.8%
(49.4)
(40.4)
22.3%
(2.0)
(1.5)
33.9%
(6.9)
(5.5)
24.8%
(10.2)
(2.7)
273.6%
(12.8)
(7.9)
61.5%
(84.1)
(35.6)
136.1%
(143.3)
(121.4)
18.0%
(0.6)
(0.9)
-30.2%
(2.4)
(2.3)
3.3%
(84.8)
(36.6)
131.9%
(145.7)
(123.7)
17.8%
The main changes are as follows:
Personnel: Personnel expenses totaled R$54.3 million in 4Q14, compared to R$18.5 million reported in
the same period of the preceding year. The increase in personnel expenses is largely a result of:
Shared expenses from previous periods with subsidiaries provision amounting to R$27.8 million,
which will be transferred during the year of 2015 (+R$29.2 million);
Higher provision for employee bonus as compared to 4Q13 (+R$10.0 million);
Organizational redesign and streamlining and also reduction of labor costs associated with
dismissals (-R$5.7 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 4Q13 (-R$4.2 million);
Outsourced services: Expenses with outsourced services in 4Q14 totaled R$24.0 million, up R$8.4
million in relation to 4Q13. The highlights are:
Increase in IT expenses with infrastructure installation and contract termination with former IT
provider (+R$8.5 million);
Increase in expenses with technical, financial and legal consulting services in the Holding
company (+R$3.3 million);
Accounting provision in subsidiaries related to future shared expenses with holding due to IT
provider termination (-R$6.5 million).
Others: Increase mostly related to shared expenses from previous periods with subsidiaries amounting
to R$9.8 million, which will be transferred during the year of 2015 (+R$9.8 million).
4. EBITDA
In 4Q14, ENEVA reported a negative EBITDA of R$83.8 million, mainly comprised by:
Increase in Holdings Operating Expenses, mainly due to accounting provisions and adjustments;
Higher Operating Costs, reflecting accounting provision for unavailability costs of power plants due as of
2015 and write-down of credits by subsidiaries.
Adjusted EBITDA sums -R$1.9 million and is composed by excluding non-recurring events, such as
accounting provisions for unavailability costs of Itaqui for 2015 onwards, stock options, shared services
with subsidiaries and IT contract termination fee.
5. Net Financial Result

Financial Result
(R$ million)
4Q14
4Q13
2014
2013
Financial Income
22.1
36.1
-38.8%
131.7
88.5
48.8%
0.6
2.3
-75.9%
27.4
15.3
78.8%
Monetary variation
Revenues from financial investments
19.3
36.8
-47.4%
75.3
63.7
18.2%
0.8
(6.3)
-113.3%
17.0
1.2
1370.1%
Settlement of derivatives
1.6
-100.0%
Present value adjust. (debentures)
(0.1)
-100.0%
(0.0)
(0.5)
-100.0%
Marking-to-market of derivatives
Other
1.3
3.4
-60.5%
12.0
7.2
66.7%
(175.6)
(202.7)
-13.4%
(641.8)
(594.6)
7.9%
Monetary variation
(10.7)
(9.0)
18.9%
(40.9)
(33.7)
21.3%
Interest expenses
(114.5)
(133.1)
-14.0%
(516.5)
(364.8)
41.6%
Financial Expenses
Settlement of derivatives
117.7
-100.0%
Marking-to-market of derivatives
(1.8)
-100.0%
(4.1)
(121.1)
-96.6%
Costs and Interest on Debentures
(0.0)
(0.3)
-89.7%
(0.5)
(0.8)
-36.3%
(50.5)
(58.6)
-13.8%
(79.7)
(191.9)
-58.5%
(153.6)
(166.7)
-7.9%
(510.1)
(506.1)
0.8%
Other
Net Financial Result
In 4Q14, ENEVA recorded net financial expenses of R$153.6 million, compared to net expenses of R$166.7
million in 4Q13, impacted mainly by higher losses on monetary variation on derivatives, due to differential
exchange rates on hedging swaps. Despite Pecm II deconsolidation, higher interest expenses are related mostly
to the growth in holding indebtedness motivated by increased cash needs in the subsidiaries resulting mainly
from unavailability penalties. The net financial result was also impacted by the decrease in Other financial
expense, resulting from higher revenues by holding of intercompany loans.
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$620.1 million, mainly impacted by a provision recorded in
Pecm I of unavailability costs due as of 2015.
The following analyses consider 100% of the projects. On December 31, 2014, 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).
6.1.
Pecm I
INCOME STATEMENT - Pecm I

(R$ million)
4Q14
4Q13
2014
2013
303.7
332.7
-8.7%
1,153.7
984.4
17.2%
(609.7)
(305.7)
99.5%
(1,225.8)
(1,187.2)
3.3%
Operating Expenses
(7.0)
(5.8)
21.0%
(18.7)
(19.0)
-1.5%
(80.2)
(59.2)
35.5%
(281.4)
(206.0)
36.6%
(393.2)
(38.0)
934.3%
(372.2)
(427.8)
-13.0%
137.1
12.9
960.5%
135.9
145.4
-6.5%
NET INCOME
(256.1)
(25.1)
920.8%
(236.3)
(282.3)
-16.3%
EBITDA
(279.4)
61.7
-553%
46.0
(105.5)
-143.6%
Operating Costs
Earnings Before Taxes

Taxes Payable and Deferred
Net revenues for Pecm I in the quarter amounted to R$303.7 million, comprised of:
Fixed revenues amounting to R$157.8 million;
Variable revenues amounting to R$108.5 million;
Revenues referring to power trades resulting from the annual revision of the plants firm energy,
provided for in the PPA, totaling R$74.7 million;
Taxes on revenues amounting to R$37.2 million.
Operating Costs, excluding Depreciation and Amortization, totaled R$576.2 million, a 117.2% increase compared
to the same period of last year, mainly due to the effect of an accounting provision amounting to +R$278.2
million from unavailability costs due as of 2015 and higher fuel costs (+R$43.8 million) as a reflect of power
generation increase.
Fuel costs in the quarter reached R$114.6 million, split between coal (R$106.1 million) and diesel oil and other
(R$8.5 million) costs.
Operating Costs in 4Q14 were also inflated by costs associated with power trades resulting from the annual
revision of the plants firm energy, provided for in the PPAs, amounting to R$69.5 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
9
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 4Q14, given high spot prices,
gross revenues resulting from this sale amounted to R$74.7 million.
Other costs totaled R$339.5 million in 4Q14. This account is composed mainly by transmission charges (R$15.2
million) and unavailability costs that totaled R$323.1MM, including R$278.2 million as an accounting provision of
unavailability due as of 2015. The energy exposure related to unavailability for 2014 represents -48.2 average
MW/month. In August 2014, this parameter was recalculated for 2015 and increased to -78.5 average
MW/month. Unavailability costs will be paid in 60 monthly instalments as of January 2015 and are subject to
annual reevaluation, as provided for in the 60-month rolling average calculation methodology.
In 4Q14, Pecm I recorded a negative EBITDA of R$279.4 million. Net financial expenses amounted to R$80.2
million, compared to R$59.2 million in 4Q13, impacted mainly higher losses on monetary variation, due to
differential exchange rates on hedging swaps.
Pecm I reported a net loss of R$256.1 million in 4Q14.
Operational Highlights: In 4Q14, Generation Unit 01 of the plant has being repaired and stopped for 50 days,
impacting total availability for the period. Despite this event, high availability standards were achieved during the
quarter. Net generation reached 1,034GWh.
Pecm I - Energy Availability
86%
83%
80%
77%
50%
2Q14
43%
3Q14
Pecm I
6.2.
71%
70%
71%
1Q14
97%
86%
83%
UG1
4Q14
UG2
Pecm II
INCOME STATEMENT - Pecm II

(R$ million)
4Q14
4Q13
2014
2013
153.2
146.6
4.5%
567.1
179.1
216.6%
(112.6)
(113.8)
4.5%
(440.2)
(164.1)
168.3%
Operating Expenses
(2.2)
1.2
-278.7%
(6.8)
(6.4)
6.7%
Operating Costs
(40.0)
(42.4)
-5.5%
(154.5)
(78.5)
96.7%
Other Revenues/Expenses
1.9
1.1
0.0
92790.8%
0.3
(8.4)
-103.3%
(33.4)
(69.9)
-52.2%
2.7
-100.0%
0.4
23.5
-98.5%
0.3
(5.7)
-104.8%
(33.0)
(46.3)
-28.7%
54.9
55.4
-1.0%
180.4
30.2
497.6%

NET INCOME
EBITDA
10
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$153.2 million, comprised of:
Other revenues amounting to R$15.3 million;
Operating Costs reached R$96.2 million in the quarter, excluding Depreciation and Amortization, comprised
mainly of:
Fuel costs totaled R$69.1 million, split between coal (R$67.1 million) and diesel oil and other costs
(R$2.0 million);
Transmission charges (R$6.0 million); and
Unavailability costs (-R$0.6MM), as a reflect of an accounting adjustment from previous periods. Pecm
II has no energy exposure related to unavailability neither for 2014 nor to 2015, due to its high
operational efficiency.
In 4Q14, Pecm II recorded a positive EBITDA of R$54.9 million.

Net financial expenses amounted to R$40.0 million, mainly impacted by interest expenses due to interest on
long-term financing no longer being capitalized with the start-up of operations of the plant.
Pecm II reported a net profit of R$0.3 million in 4Q14.
Operational Highlights: During the period, the plant recorded high availability figures, especially in November
2014 when hit 100%, thus consolidating itself as a true benchmark of the ENEVAs fleet. Net generation reached
736GWh.
Pecm II - Energy Availability
97%
96%
1Q14
2Q14
77%
3Q14
99%
4Q14
11
6.3.
ENEVA Participaes S.A

6.3.1. Holding Operating Expenses
Operating Expenses
Holding ENEVA Participaes S.A.
(R$ million)
4Q14
4Q13
2014
2013
Personnel
(4.9)
22.2
-122.0%
(17.9)
(27.2)
-34.1%
Outsourced Services
(5.2)
5.2
-199.2%
(10.2)
(6.3)
60.0%
Leases and Rentals
(1.1)
1.1
-202.5%
(2.0)
(3.2)
-39.2%
Other Expenses
(0.4)
10.0
-103.9%
(0.9)
(1.2)
-23.8%
(11.6)
38.5
-130.0%
(31.0)
(38.0)
-18.5%
(0.0)
(0.0)
46.8%
(0.1)
(0.0)
468.5%
(11.6)
38.5
-130.0%
(31.0)
(38.0)
-18.3%
Total
In 4Q14, Operating Expenses, excluding Depreciation and Amortization, amounted to +R$27.0 million, a
decrease of R$37.4 million compared to 4Q13. The main changes are summarized as follows:
Higher provision for employee bonus as compared to 4Q13 (+R$8.0 million);
Booking of shared expenses from previous periods with holding and subsidiaries (-R$39.1 million);
Decrease in expenses of technical consultancy services, mainly the ones provided by E.ON (-R$3.5
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 4Q13 (-R$2.9 million).
6.3.2. Parnaba III

INCOME STATEMENT - Parnaba III
(R$ million)
4Q14
4Q13
2014
2013
55.9
89.4
-37.5%
244.9
198.3
23.5%
(44.2)
(58.5)
-24.5%
(239.4)
(221.9)
7.9%
Operating Expenses
(0.6)
(0.2)
280.5%
(2.0)
(0.5)
322.5%
(3.1)
(1.7)
82.6%
(10.7)
(4.8)
122.5%
Operating Costs
(17.7)
(8.0)
(9.8)
29.0
-133.8%
(15.3)
(28.9)
-47.1%
3.2
(9.9)
-132.9%
5.1
9.8
-48.0%
NET INCOME
(6.5)
19.1
(1.3)
(10.2)
(19.1)
(0.5)
EBITDA
12.7
32.0
-60.3%
9.8
(22.8)
-143.0%
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
12
auction (176 MW).

Net revenues in the quarter amounted to R$55.9 million, comprised of:
Operating Costs reached R$44.6 million in the quarter, excluding Depreciation and Amortization, comprised
mainly of:
Fuel - natural gas (R$15.4 million);
Lease costs, according to the gas supply agreement (R$21.7 million)
Unavailability costs were not recorded in the period. Parnaba III has no energy exposure related to
unavailability neither for 2014 nor to 2015, due to its high operational efficiency.
In 4Q14, Parnaba III recorded a positive EBITDA of R$12.7 million.

Net financial expenses amounted to R$3.1 million, mainly impacted by interest expenses.
Parnaba III reported a net loss of R$6.5 million in 3Q14.
Operational Highlights: In 4Q14, Parnaba IIIs availability was compromised by occasional power reduction in
order to allow Parnaba II test and commissioning procedures and also by maintenance on gas facilities that
supply Parnaba Complex. Net generation reached 226GWh.
Parnaba III - Energy Availability
99%
1Q14
80%
82%
2Q14
3Q14
67%
4Q14
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.
13
INCOME STATEMENT - Parnaba IV

(R$ million)
4Q14
4Q13
2014
2013
7.2
5.8
23.7%
50.0
5.8
758.7%
Operating Costs
(2.2)
(3.2)
(32.5)
(3.2)
903.4%
Operating Expenses
(0.2)
(0.3)
-26.9%
(1.5)
(0.6)
142.3%
(5.7)
(1.1)
411.6%
(21.3)
3.4
-723.1%
NET INCOME
EBITDA
0.4
0.2
(0.5)
1.2
-140.4%
(5.1)
5.4
-195.4%
0.1
(0.4)
-137.7%
2.8
(1.8)
-254.6%
(0.3)
0.8
-141.8%
(2.3)
3.6
-165.5%
6.1
2.6
133.2%
21.0
2.3
814.3%
INCOME STATEMENT - Parnaba Comercializadora

(R$ million)
4Q14
4Q13
2014
2013
1.6
7.0
Operating Costs
(0.7)
(19.9)
Operating Expenses
(0.0)
(0.0)
(0.0)
(0.1)
0.2
0.2
1.2
(12.8)
NET INCOME
1.2
(12.8)
EBITDA
1.0
(12.9)
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$1.6 million from the power sale in the market amounting to R$1.8 million.
Excluding Depreciation & Amortization, Operating Costs of Parnaba IV reached R$0.9 million in 4Q14, mainly
composed of Personnel and Insurance costs that sum R$0.6 million; Parnaba Comercializadora costs totaled
R$0.7 million, comprised mainly by:
Natural gas (R$6.2 million), booked in the entry Energy acquired for resale due to trading purpose of
the entity;
Plant lease contract (+R$7.2 million), reflecting the contribution of Kinross for the power supply of
46MWavg, according to contract signed with this party, amounting to +R$14.4 million;
Transmission charges (R$0.7 million).
Net financial expenses in Parnaba IV reached R$5.7 million, mainly impacted by interest expenses on
intercompany loans.
14
Operational Highlights: During the period, one of Parnaba IV engines stopped for inspection and maintenance
according to operation plan and thus lowering availability records. Net generation reached 108GWh.
Parnaba IV - Energy Availability
94%
91%
91%
3Q14
4Q14
63%
1Q14
2Q14
7. Net Income
In 4Q14, ENEVA reported a net loss of R$1,362.0 million, impacted mainly by the reevaluation of Itaqui and
Amapari asset values (R$358.8 million and R$62.5 million, respectively) and an accounting provision for the loss
in the sale of Pecm I (R$560.7 million). Excluding these one-off events, net loss in the quarter down to R$380.0
million.
INCOME STATEMENT
(R$ million)
4Q14
4Q13
2014
2013
368.2
530.3
-30.6%
1,798.1
1,438.8
25.0%
(397.4)
(472.3)
-15.9%
(1,579.3)
(1,507.0)
4.8%
Operating Expenses
(92.5)
(38.4)
140.5%
(173.0)
(167.3)
3.4%
(153.6)
(166.7)
-7.9%
(510.1)
(506.1)
0.8%
Equity Income
(140.6)
(1.7)
8392.0%
(170.7)
(153.0)
11.5%
(999.3)
(34.5)
2792.7%
(919.5)
(38.7)
2276.9%
(1,415.1)
(183.3)
672.2%
(1,544.4)
(933.3)
66.6%
10.0
(97.9)
-110.2%
(2.5)
(11.2)
-77.3%
Minority Interest
43.0
0.9
4721.1%
39.8
2.0
1923.6%
(1,362.0)
(280.3)
386.0%
(1,517.2)
(942.5)
61.0%
(83.8)
76.3
-209.9%
216.3
(88.9)
-343.2%
Operating Costs
NET INCOME
EBITDA
8. Debt
As of December 31, 2014, consolidated gross debt amounted to R$5,163.7 million, an increase of 2.3% in
relation to the amount recorded on September 30, 2014. When compared to December 31, 2013, consolidated
15
gross debt decrease 16.9% or R$ 1.046.8 million. The variation is mainly attributed to Pecm II deconsolidation
as of June 2014.
Consolidated Debt Profile (R$ million)
1.875
36%
2.382
46%
2.782
54%
Working Capital
Short Term
Project Finance
3.289
64%
Long Term
The balance of short-term debt at the end of December, 2014 was R$3,289.2 million, or R$136.6 million higher
than the amount recorded on September 31, 2014.
R$1,090.0 million out of the total balance of short-term debt are allocated in the projects (vs. R$1,062.7 million
on September 30, 2014), as follows:
R$243,6 million refer to the current portion of the short-term debts of Itaqui and Parnaba I;
R$846.4 million refer to bridge loans to Parnaba II.
The remaining balance of short-term debt, amounting to R$2,199.1 million, is allocated in the Holding company
(vs. R$2,089.9 million on September 30, 2014).
At the end of December, 2014, the average cost of debt was 10.94% p.a. and the average maturity at 3.3 years.
Debt Maturity Profile* (R$ million)
2.199,1
1.234,2
1.090,0
157,3
149,2
Cash & Cash
Equivalents
2015
2016
Project Finance
116,3
153,3
66,4
2017
155,0
2018
From 2019 on
Working Capital
*Values include principal + capitalized interest + charges

16
Debt, net of Cash position and Charges on debt, in 4Q14 amounted to R$5,006.4 million, 3.4% higher than the
value reported in 3Q14.
Consolidated Cash and Cash Equivalents (R$ million)
-452.7
474,5
-45.4
9,1
-64.7
207,3
29,1
157,3
Cash and Cash

Equivalents
(3Q14)
Revenues
Operating Costs
and Expenses
CAPEX
Intercompany
Loan
Debt Service
DSRA/Others
Cash and Cash

Equivalents
(4Q14)
*DSRA = Debt Service Reserve Account
Consolidated Cash and Cash Equivalents totaled R$156.5 million at the end of December, 2014, a decrease of
R$50.8 million as compared to the balance in September 30, 2014.
9. Capital Expenditures (Accounting view)

During 4Q14, ENEVAs consolidated Capital Expenditures totalized a negative R$453.0 million, mainly explained
by the review of Itaqui Fixes Asset value totaling R$358.8 million. Capitalized interest amounted to R$15.7
million and depreciation & amortization to R$35.3 million.
Consolidated Assets (R$ million)

4Q14
4Q13
Capex
Interest
Capitalized
Depreciation &
Amortization
Capex
Interest
Capitalized
Depreciation &
Amortization
Itaqui
-359.8
0.0
-19.6
40.4
0.0
-22.4
Parnaba I
-51.8
0.0
Parnaba II
-41.4
15.7
-11.9
0.0
-22.4
18.0
-3.9
-22.4
18.0
0.0
17
Equity Consolidated Assets Adjusted by ENEVAs interest (R$ million)

4Q14
4T13
Capex
Interest
Capitalized
Depreciation &
Amortization
Capex
Interest
Capitalized
Depreciation &
Amortization
Pecm I
58.8
0.0
-16.8
15.8
0.0
-20.2
Pecm II
11.2
0.0
-16.5
51.1
0.6
-21.4
10.Capital Markets
Stock Price Performance
ENEVAs capital on December 31, 2014 was constituted by 840,106,107 ordinary shares, of which 37.1% were
free float.
ENEVAs share price at the end of the fourth quarter of 2014 was R$0.40, compared to R$0.70 on September 30,
2014, representing a drop of 42.9% in the quarter. In the same period, the Bovespa Index (Ibovespa) decreased
7.6% and the Electrical Utilities Sector Index (IEE) fell 1.6%. In the last 12 months, ENEVAs shares fell 86.7%,
Ibovespa decrease 2.9% and IEE rose by3.52%. The Companys market capitalization at the end of the quarter
reached R$336.0 million. Average daily traded volume in 4Q14 was R$4.5 million.
Capital Markets Performance - 4Q14
09/30/2014 = 100
140
Capital Markets Performance - 12 mo

12/30/2013 = 100
140
120
120
-1.6%
-7.6%
100
80
3.5%
-2.9%
100
80
60
-42.9%
ENEV3
IEEX
IBOV
ENEV3
31/12/14
30/11/14
31/10/14
30/09/14
31/08/14
31/07/14
30/06/14
-86.7%
31/05/14
3.00
0.40
30/04/14
30/12/14
23/12/14
16/12/14
09/12/14
02/12/14
25/11/14
18/11/14
11/11/14
04/11/14
28/10/14
21/10/14
14/10/14
07/10/14
30/09/14
IBOV
R$/share
12/30/2013
12/30/2014
20
31/03/14
0.70
0.40
28/02/14
20
40
30/01/14
R$/shre
09/30/2014
12/30/2014
30/12/13
40
60
IEEX
18
Free Float Profile

(as of December 30, 2014)
4,4%
18.2%
95,6%
Brazil
International
81.8%
Individuals
Institutional
19
4Q14 Conference Call

Friday, March 27, 2015
11:00 am (Brasilia Time) / 10:00 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/4q14.htm
Webcast in Portuguese: www.ccall.com.br/eneva/4t14.htm
ENEVA Contacts
Investor Relations:
Rodrigo Vilela
Carlos Cotrim
+55 21 3721-3030
ri@ENEVA.com.br
ir.ENEVA.com.br
Press:
Marina Duarte
+55 21 3721-3373 / + 55 21 98132-0459
20
ANNEX
I.
Balance Sheet Assets (Holding and Consolidated)
Holding
(R$ million)
Current Assets
Consolidated
Dec-14
Dec-13
Dec-14
Dec-13
386.5
141.2
944.7
747.8
Cash and Cash Equivalents
72.5
110.2
157.3
277.6
Accounts Receivable
14.0
26.9
346.1
347.0
Gain on Derivatives
4.2
4.2
Subsidies CCC
30.8
300.0
300.0
99.2
78.4
Escrow Accounts
0.0
0.0
0.0
0.0
Prepaid Expenses
0.0
42.1
9.8
1,101.2
1,464.4
742.7
966.7
Accounts Receivable - Related Parties
831.3
1,256.9
406.8
542.6
AFAC
Assets Disposed to Sale

Inventories
Non-current Assets
Long-term Asset
248.0
206.7
26.3
0.2
Escrow Accounts
62.1
118.6
Deferred Taxes (IR/CSLL)
219.7
302.3
21.9
0.8
27.9
3.0
2,242.3
3,146.3
5,357.0
7,974.7
2,228.1
3,131.0
733.9
941.9
11.2
12.6
4,423.5
6,819.5
2.9
2.7
199.6
213.4
3,730.0
4,752.0
7,044.4
9,689.2
Prepaid Expenses - R&D

Fixed Assets
Equity Interest
Property, Plant and Equipment
Intangible Assets
TOTAL ASSETS
21
II.
Balance Sheet Liabilities (Holding and Consolidated)
Holding
Consolidated
(R$ million)
Dec-14
Dec-13
Dec-14
Dec-13
Current Liabilities
2,229.1
1,580.0
3,619.9
2,978.9
11.7
3.5
149.8
331.2
Accounts Payable
Personnel
Charges on Debts
Taxes Payable
Short Term Debt
Losses on Derivatives
Other
Non-current Liabilities
Long term Liabilities
Accounts Payable
6.7
8.4
14.9
16.8
214.4
15.7
266.7
85.3
1.6
0.7
27.1
45.9
1,984.7
1,546.5
3,022.5
2,322.8
9.8
5.2
138.9
176.8
357.9
703.2
2,206.8
4,136.5
9.8
(41.4)
(51.4)
Long-Term Debt
173.0
655.4
1,915.9
3,853.8
Intercompany Loan / Payable
171.6
34.5
320.9
307.7
3.5
8.1
0.4
11.6
5.2
11.0
14.8
82.5
123.6
Shareholder's Equity
1,153.0
2,468.7
1,145.3
2,450.2
Common Stock
4,707.1
4,532.3
4,707.1
4,532.3
Capital Reserve
Reserve Valuation Adjustments
(36.9)
(44.0)
(36.9)
(44.0)
Profit Reserve
350.8
350.5
350.8
350.5
Provision for Losses

Others
Minority Interests
Advance for Future Capital Increase - AFAC
0.0
(9.2)
0.0
(9.2)
Accumulated Profit or Losses
(2,360.8)
(1,418.3)
(2,368.6)
(1,436.8)
Net Earnings
(1,517.2)
(942.5)
(1,517.2)
(942.5)
3,730.0
4,752.0
7,044.4
9,689.2
Translation Adjustments
TOTAL LIABILITIES
22
III. Income Statement (Holding and Consolidated)
Holding
Consolidated
4Q14
4Q13
4Q14
4Q13
412.6
590.1
Energy Supply
412.6
590.1
Energy Commercialization
(0.0)
Deductions from Gross Revenue
(44.4)
(59.8)
368.2
530.3
Operating Costs
(397.4)
(472.3)
Personnel
(19.5)
(15.1)
Material
(9.6)
(8.9)
Fuel
(138.7)
(219.3)
Outsourced Services
(37.3)
(51.6)
(37.0)
(55.5)
Leases and Rentals
(44.7)
(53.4)
CCC Subsidy
(0.8)
27.6
(7.9)
(39.3)
(R$ million)
Gross Operating Revenues
Other costs
(101.7)
(56.8)
(84.8)
(36.6)
(92.5)
(38.4)
(51.5)
(22.3)
(54.3)
(18.5)
(0.1)
(0.1)
(0.1)
(0.0)
(20.4)
(9.1)
(24.0)
(15.5)
(0.6)
(0.9)
(0.8)
(1.1)
Leases and Rentals
(2.0)
(1.5)
(2.1)
(1.2)
(10.2)
(2.7)
(11.2)
(2.1)
EBITDA
(84.1)
(35.6)
(83.8)
76.3
Net Financial Income
(79.2)
(68.5)
(153.6)
(166.7)
(34.5)
Operating Expenses
Personnel
Material
Outsourced Services
Other Expenses
Other Revenues/ Expenses
(578.0)
(9.9)
(999.3)
Equity Income
(620.1)
(50.9)
(140.6)
(1.7)
(1,362.0)
(165.9)
(1,415.1)
(183.3)

CSLL/IR
(2.2)
2.1
Deferred Taxes Provision (IR/CSLL)
(114.4)
12.2
(100.0)
Minority Interest
NET INCOME
43.0
0.9
(1,362.0)
(280.3)
(1,362.0)
(280.3)
23
IV.
Project Balance Sheet Assets (Consolidated Projects)
Itaqui
(R$ million)
Current Assets
Amapari
Parnaba I
Parnaba II
Dec-14
Dec-13
Dec-14
Dec-13
Dec-14
Dec-13
Dec-14
Dec-13
213.0
153.1
25.6
62.1
206.4
158.3
113.2
62.3
29.1
27.3
16.7
9.8
38.1
32.0
0.9
57.7
Accounts Receivable
92.3
91.8
1.3
10.1
155.8
117.9
82.7
1.4
Gain on Derivatives
Subsidies CCC
30.8
Inventories
80.4
31.5
7.6
11.3
7.5
4.2
3.7
0.1
Escrow Accounts
Prepaid Expenses
11.1
2.5
0.1
0.1
5.0
4.1
25.8
3.1
238.3
261.9
0.4
1.9
40.7
50.7
27.9
24.1
4.5
4.4
0.0
2.7
2.4
12.3
14.9
37.4
64.8
0.1
24.6
34.0
192.1
192.1
1.8
12.0
14.0
15.6
8.7
Non-current Assets
Long-term Asset
Accounts Receivable - Related Parties
AFAC
Escrow Accounts
Fixed Assets
Equity Interest
Intangible Assets
TOTAL ASSETS
4.2
0.6
0.4
1.4
0.3
0.5
2,215.7
2,662.8
(0.0)
67.4
1,138.4
1,214.0
1,239.7
1,139.8
2,205.5
2,651.1
(0.1)
64.5
971.7
1,035.1
1,234.5
1,134.6
10.3
11.1
0.1
0.2
166.6
178.9
5.2
5.2
2,666.9
3,077.8
26.1
131.3
1,385.4
1,423.0
1,380.8
1,226.2
24
V.
Project Balance Sheet Liabilities (Consolidated Projects)
Itaqui
(R$ million)
Current Liabilities
Accounts Payable
Personnel
Charges on Debts
Amapari
Parnaba I
Parnaba II
Dec-14
Dec-13
Dec-14
Dec-13
Dec-14
Dec-13
Dec-14
Dec-13
256.7
285.5
28.2
31.6
199.3
265.8
906.6
594.8
46.8
126.2
24.7
29.5
30.0
85.8
36.6
57.9
3.4
3.0
0.5
0.5
2.3
1.7
2.0
2.3
8.9
9.2
4.7
12.1
38.7
0.4
Taxes Payable
13.0
14.4
1.1
0.1
6.6
9.4
4.8
6.7
Short Term Debt
92.3
90.5
137.7
137.6
807.7
480.0
92.3
42.3
1.9
1.5
18.0
19.2
16.8
47.4
1,541.1
1,724.7
1.2
0.1
715.4
769.0
11.9
303.3
Other
Accounts Payable
(14.1)
(15.2)
(37.1)
(22.9)
(3.4)
1,127.8
1,213.5
615.1
680.5
280.7
426.7
526.4
0.1
130.3
107.2
11.9
26.0
0.6
1.2
7.1
4.2
869.1
1,067.6
(3.2)
99.6
470.7
388.2
462.3
328.2
Common Stock
1,757.4
1,458.7
84.8
84.8
263.6
263.6
445.7
345.7
Capital Reserve
6.5
6.5
0.1
12.0
12.0
0.0
0.7
10.0
87.7
188.1
141.6
47.3
(478.8)
(228.0)
(3.6)
(17.0)
(17.1)
(17.6)
(0.7)
Net Earnings
(419.6)
(250.7)
(102.9)
(3.6)
36.0
0.2
(13.8)
(16.8)
2,666.9
3,077.8
26.1
131.3
1,385.4
1,423.0
1,380.8
1,226.2
Long-Term Debt
Others
Minority Interests
Profit Reserve
Advance for Future Capital Increase AFAC
TOTAL LIABILITIES
25
VI.
Project Income Statement (Consolidated Projects)
Itaqui
Amapari
Parnaba I
Parnaba II
(R$ million)
4Q14
4Q13
4Q14
4Q13
4Q14
4Q13
4Q14
4Q13
147.7
166.3
5.3
11.2
259.8
239.0
11.6
10.0
147.7
166.3
5.3
11.2
259.8
239.0
(0.2)
10.0
Energy Supply
11.8
(15.0)
(16.6)
(2.0)
(1.1)
(26.3)
(24.2)
(1.1)
(0.9)
132.7
149.7
3.4
10.1
233.4
214.8
10.5
9.1
Operating Costs
(179.4)
(147.8)
(40.0)
4.6
(178.6)
(194.2)
(11.1)
(20.9)
Personnel
(10.0)
(6.4)
(0.9)
(1.1)
(7.5)
(5.3)
(1.1)
(0.0)
(5.3)
(6.2)
(0.0)
(0.1)
(4.2)
(1.1)
(0.1)
0.0
Fuel
(61.4)
(63.7)
(0.2)
(19.7)
(77.1)
(87.7)
Outsourced Services
(22.2)
(27.8)
(0.1)
(0.5)
(12.4)
(7.4)
(2.7)
(0.0)
(20.4)
(22.1)
(0.9)
(1.4)
(11.8)
(10.6)
(3.8)
(0.0)
(0.7)
(1.9)
(0.0)
(0.1)
(55.7)
(49.9)
(0.0)
(0.8)
27.6
(8.2)
(16.6)
(0.0)
(0.5)
0.3
(20.9)
(51.3)
(3.0)
(37.0)
(0.0)
(9.9)
(31.7)
(3.5)
0.0
(2.5)
(0.0)
(0.8)
(0.4)
(1.2)
0.7
(3.3)
(3.3)
Personnel
(0.9)
2.3
(0.4)
(0.1)
(0.0)
1.7
(1.6)
0.4
Material
(0.0)
(0.1)
(0.0)
(0.0)
(0.0)
0.2
(0.0)
(0.1)
Outsourced Services
(1.2)
(2.4)
(0.4)
(0.2)
(0.9)
(0.9)
(1.0)
(3.4)
(0.1)
(0.1)
(0.0)
(0.0)
(0.1)
(0.1)
(0.0)
(0.0)
Leases and Rentals
(0.0)
0.3
(0.0)
(0.0)
(0.0)
0.1
(0.1)
(0.1)
Other Expenses
(0.3)
(0.1)
(0.0)
(0.0)
(0.1)
(0.4)
(0.6)
(0.1)
Material
Leases and Rentals

CCC Subsidy
Other costs
Operating Expenses
EBITDA
(28.7)
24.2
(36.5)
15.8
65.6
32.0
0.0
(15.1)
(38.5)
(37.8)
(6.2)
0.2
(20.4)
(18.2)
(9.2)
0.1
(359.1)
(0.2)
(62.4)
(24.6)
0.0
0.0
26
Itaqui
(R$ million)
Equity Income
CSLL/IR
Minority Interest
NET INCOME
4Q14
Amapari
4Q13
4Q14
Parnaba I
4Q13
4Q14
Parnaba II
4Q13
4Q14
4Q13
(446.8)
(36.1)
(106.1)
(10.0)
33.3
3.1
(13.0)
(15.0)
0.7
0.8
(2.9)
1.3
8.8
(1.1)
1.8
0.1
5.1
4.3
4.9
(438.0)
(36.1)
(106.5)
(7.5)
30.5
9.4
(8.7)
(10.1)
27
VII. Project Balance Sheet Assets (Projects accounted as Equity Income)

ENEVA Part.
Holding
(R$ million)
Current Assets
ENEVA Part.
Consolidated
Pecm I
Dec-14
Dec-13
Dec-14
Dec-13
22.1
9.6
131.2
224.0
535.4
Pecm II
Parnaba III
Parnaba IV
Dec-14 Dec-13 Dec-14 Dec-13 Dec-14 Dec-13 Dec-14 Dec-13

290.9
129.1
170.2
71.3
162.1
14.3
29.0
Parnaba
Comercializadora
Dec-14
Dec-13
20.6
0.0
1.2
9.0
11.3
67.9
151.7
46.0
22.0
40.0
14.1
62.8
0.3
5.1
4.6
0.0
Accounts Receivable
18.2
0.5
95.5
151.6
223.0
153.2
80.4
98.9
52.1
96.3
13.1
20.8
16.0
Gain on Derivatives
2.2
65.4
0.1
1.4
3.1
Subsidies CCC
Inventories
0.0
0.0
89.3
91.4
23.7
31.3
3.9
0.2
0.0
Escrow Accounts
2.6
24.4
0.1
0.3
0.0
0.3
Prepaid Expenses
0.0
2.1
5.9
3.1
0.0
1.2
1.3
0.6
0.1
Non-current Assets
Long-term Asset
57.4
32.1
108.2
209.5
619.0
479.9
109.0
108.3
86.3
10.5
22.2
0.1
0.0
Accounts Receivable - Related

Parties
56.3
32.0
84.6
203.5
7.4
2.5
3.0
2.2
68.1
0.2
18.9
0.1
0.0
1.1
0.1
1.0
Escrow Accounts
(0.0)
60.9
55.8
19.2
19.7
22.6
6.0
550.2
421.6
86.1
85.7
18.2
10.3
3.3
0.0
AFAC

Fixed Assets
Equity Interest
Intangible Assets
TOTAL ASSETS
0.5
0.7
0.7
208.8
270.5
182.1
282.8
3,441.4
3,426.7
1,904.1
1,920.8
181.5
156.2
161.2
118.3
176.8
240.5
137.3
6.6
5.3
19.0
214.1
3,439.6
3,425.1
1,903.9
1,920.4
181.5
156.2
161.2
118.3
25.4
24.7
25.8
68.6
1.6
1.4
0.3
0.3
288.3
312.2
421.5
716.3
4,595.9
4,197.5
2,142.3
2,199.3
339.2
328.8
197.7
147.4
20.6
0.0
28
VIII. Project Balance Sheet Liabilities (Projects accounted as Equity Income)
(R$ million)
Current Liabilities
ENEVA Part.
Holding
Dec-14 Dec-13
ENEVA Part.
Consolidated
Dec-14
Dec-13
Pecm I
Pecm II
Parnaba III
Parnaba IV
Dec-14 Dec-13 Dec-14 Dec-13 Dec-14 Dec-13 Dec-14 Dec-13
Parnaba
Comercializadora
Dec-14
Dec-13
16.3
12.9
72.8
335.3
694.7
548.8
164.4
221.7
164.1
149.7
5.7
83.6
6.0
0.0
Accounts Payable
0.9
1.1
55.3
199.6
193.8
112.0
33.2
28.9
33.7
28.3
1.8
7.9
1.6
0.0
Personnel
9.9
3.6
10.7
4.5
4.7
3.6
0.9
0.9
0.1
0.1
2.9
3.1
2.8
2.5
47.8
1.6
0.6
5.1
1.1
0.7
1.4
13.0
22.6
39.4
12.3
14.6
0.4
0.0
3.7
0.4
0.0
106.0
176.5
165.4
77.0
68.3
120.0
120.0
70.0
Charges on Debts
Taxes Payable
Short Term Debt
Other
37.7
5.6
4.3
7.5
5.4
9.4
256.4
220.1
38.4
61.1
8.4
0.8
0.1
0.0
4.4
39.5
30.8
126.8
86.3
2,962.3
2,487.9
1,379.6
1,346.5
38.0
39.1
174.9
44.3
27.3
Accounts Payable
(21.5)
(26.1)
(10.8)
(9.9)
Long-Term Debt
5.5
1,909.8
2,000.8
1,027.6
1,023.6
32.9
20.3
34.6
67.6
975.6
449.3
360.4
327.2
34.8
38.6
173.3
43.2
27.3
6.6
10.4
92.1
7.0
98.4
63.9
2.5
2.3

Others
6.4
3.4
3.3
0.5
1.6
1.1
36.9
232.6
268.6
222.0
257.7
938.9
1,160.7
598.4
631.1
137.1
140.0
17.2
19.5
(12.7)
0.0
Common Stock
266.8
266.8
266.8
266.8
1,886.9
1,886.9
799.2
799.2
160.3
160.3
15.9
15.9
0.1
0.1
Capital Reserve
62.0
62.0
62.0
62.0
1.0
1.0
0.0
(73.7)
(88.1)
71.3
71.3
0.3
3.6
25.5
25.8
7.2
Minority Interests

Profit Reserve
Advance for Future Capital Increase AFAC
Net Earnings
TOTAL LIABILITIES
0.0
0.0
(60.2)
(33.7)
(71.1)
(44.6)
(709.4)
(427.0)
(168.0)
(121.7)
(20.2)
(1.2)
0.0
0.0
(0.0)
(62.4)
(26.6)
(62.4)
(26.6)
(236.3)
(282.3)
(33.0)
(46.3)
(10.2)
(19.1)
(2.3)
3.6
(12.8)
(0.0)
288.3
312.2
421.5
716.3
4,595.9
4,197.5
2,142.3
2,199.3
339.2
328.8
197.7
147.4
20.6
0.0
29
IX.
Project Income Statement (Projects accounted as Equity Income)

ENEVA Part.
Holding
4Q14
4Q13
ENEVA Part.
Consolidated
4Q14
4Q13
Pecm I
Pecm II
Parnaba III
Parnaba IV
Parnaba
Comercializadora
4Q14
4Q13
4Q14
4Q13
4Q14
4Q13
4Q14
4Q13
4Q14
4Q13
108.1
481.6
340.9
373.1
171.2
163.6
62.2
99.1
7.9
6.4
1.8
Energy Supply
0.3
(1,079.9)
340.9
373.1
171.2
163.6
62.2
(58.9)
1.8
107.8
1.561.4
0.0
158.0
7.9
6.4
(10.4)
(44.2)
(37.2)
(40.4)
(18.1)
(17.0)
(6.3)
(9.7)
(0.7)
(0.6)
(0.2)
(R$ million)

97.8
437.3
303.7
332.7
153.2
146.6
55.9
89.4
7.2
5.8
1.6
Operating Costs
(0.0)
(0.2)
(129.5)
(449.9)
(609.7)
(305.7)
(112.6)
(113.8)
(44.2)
(58.5)
(2.2)
(3.2)
(0.7)
(0.0)
Personnel
(0.5)
(0.9)
(9.4)
(10.9)
(2.3)
(2.2)
(0.0)
(0.1)
Material
(0.0)
(0.0)
(7.5)
(9.0)
(1.3)
(1.4)
(0.3)
Fuel
(9.6)
(114.6)
(70.8)
(69.1)
(48.3)
(15.4)
(16.7)
(2.6)
(0.0)
(0.2)
(0.1)
(4.8)
(31.1)
(18.6)
(14.5)
(15.8)
(2.2)
(8.9)
(0.1)
(0.3)
(0.4)
(0.1)
(2.0)
(33.5)
(40.4)
(16.5)
(21.4)
(1.6)
(1.3)
(1.3)
(0.3)
Leases and Rentals
(0.1)
(14.2)
(2.5)
(1.6)
(1.4)
(1.4)
(21.7)
(24.3)
7.2
CCC Subsidy
1.1
1.4
(128.5)
(419.2)
(69.5)
(53.4)
(0.1)
(1.3)
(0.0)
(11.5)
(0.0)
(6.8)
(0.0)
(0.0)
(0.2)
0.9
(342.6)
(102.3)
(7.4)
(22.0)
(3.2)
4.2
(0.4)
(0.0)
(0.7)
(0.0)
26.9
(11.6)
24.5
(17.6)
(7.0)
(5.8)
(2.2)
1.2
(0.6)
(0.2)
(0.2)
(0.3)
(0.0)
(0.0)
17.3
(4.9)
15.2
(7.0)
(2.2)
(2.0)
(0.5)
(0.3)
(0.1)
(0.1)
(0.0)
(0.1)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
0.0
(5.2)
(0.2)
(7.9)
(4.5)
(3.0)
(1.3)
0.5
(0.4)
(0.0)
(0.1)
(0.1)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.2)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
Leases and Rentals
(0.0)
(1.1)
(0.0)
(1.5)
(0.1)
(0.1)
(0.0)
(0.1)
(0.1)
9.6
(0.4)
9.5
(0.9)
(0.1)
(0.5)
(0.3)
1.1
(0.2)
(0.2)
(0.0)
(0.0)
(0.0)
(0.0)
Outsourced Services
Other costs
Operating Expenses
Personnel
Material
Outsourced Services
Other Expenses
EBITDA
26.9
(11.7)
(7.1)
(28.0)
(279.4)
61.7
54.9
55.4
12.7
32.0
6.1
2.6
1.0
(0.0)
0.1
3.9
1.2
(0.2)
(80.2)
(59.2)
(40.0)
(42.4)
(3.1)
(1.7)
(5.7)
(1.1)
(0.0)
(0.0)
3.1
(0.9)
(2.1)
30.1
0.0
(0.0)
1.9
(17.7)
0.4
0.2
(36.2)
17.9
(10.5)
11.5
(6.0)
9.1
(18.7)
11.2
(393.2)
(38.0)
0.3
(8.4)
(9.8)
29.0
(0.5)
1.2
1.2
(0.0)
-
Equity Income
CSLL/IR
Minority Interest
NET INCOME
(1.4)
14.3
(144.7)
10.3
(0.2)
(0.6)
12.1
(0.7)
122.7
157.6
2.7
3.2
(20.1)
0.1
(0.2)
(6.6)
9.1
(6.6)
9.1
(256.1)
(25.1)
0.3
(5.7)
(6.5)
19.1
(0.3)
0.8
1.2
(0.0)
30
X.
Debt
R$ MM
Interest rates
Maturity
Itaqui
BNDES (Direto)
Short Term
Long Term
Total
101.2
2.0%
1,113.8
21.6%
1215.0
23.5%
TJLP+2.78%
06/15/26
69.3
5.7%
686.8
56.5%
756.1
14.6%
10%
12/15/26
3.4
0.3%
195.6
16.1%
199.0
3.9%
BNDES (Indireto)
IPCA + TR BNDES+ 4.8%
06/15/26
14.9
1.2%
96.7
8.0%
111.6
2.2%
BNDES (Indireto)
TJLP+4.8%
06/15/26
13.6
1.1%
134.7
11.1%
148.2
2.9%
142.4
2.8%
578.0
11.2%
720.4
14.0%
BNB
Parnaba I
Bradesco
Banco Ita BBA
CDI+3.00%
CDI+3.00%
04/22/15
04/15/15
30.4
53.4
4.2%
7.4%
0.0
0.0
0.0%
0.0%
30.4
53.4
0.6%
1.0%
BNDES (Direto)
TJLP+1.88%
06/15/27
36.2
5.0%
393.9
54.7%
430.1
8.3%
BNDES (Direto)
IPCA + TR BNDES + 1.88%
07/15/26
22.5
3.1%
184.1
25.6%
206.6
4.0%
846.4
16.4%
0.0
0.0%
846.4
16.4%
Parnaba II
Banco Ita BBA
CEF
CDI+3.00%
CDI+3.00%
12/30/14
12/30/14
228.5
319.8
31.7%
37.8%
0.0
0.0
0.0%
0.0%
228.5
319.8
4.4%
6.2%
BNDES
TJLP+2.40%
06/15/15
298.1
35.2%
0.0
0.0%
298.1
5.8%
2,199.1
42.6%
182.7
3.5%
2381.9
46.1%
CDI+2.65%
CDI+2.95%
12/16/14
09/22/14
119.9
121.2
5.0%
5.1%
0.0
0.0
0.0%
0.0%
119.9
121.2
2.3%
2.3%
Banco Citibank
Banco BTG Pactual
LIBOR 3M + 1.26%
CDI+3.75%
09/27/17
12/09/14
40.8
108.4
1.7%
4.6%
93.0
0.0
3.9%
0.0%
133.7
108.4
2.6%
2.1%
Banco BTG Pactual

Banco BTG Pactual
CDI+3.75%
CDI+3.75%
06/09/15
12/09/14
372.4
393.7
15.6%
16.5%
0.0
0.0
0.0%
0.0%
372.4
393.7
7.2%
7.6%
Banco HSBC
Banco Citibank
CDI+2.75%
CDI+4.00%
12/12/14
12/09/14
354.1
115.1
14.9%
4.8%
0.0
0.0
0.0%
0.0%
354.1
115.1
6.9%
2.2%
Banco Ita BBA

Banco Ita BBA
CDI+2.65%
CDI+2.65%
12/05/14
12/09/14
227.5
238.7
9.6%
10.0%
0.0
0.0
0.0%
0.0%
227.5
238.7
4.4%
4.6%
Banco Ita BBA

Banco BTG Pactual
CDI+3.15%
CDI+3.00%
01/19/16
10/13/14
0.0
42.7
0.0%
1.8%
89.8
0.0
3.8%
0.0%
89.8
42.7
1.7%
0.8%
Banco Ita BBA

Banco Citibank
CDI+3.00%
CDI+3.00%
10/13/14
10/13/14
31.0
17.9
1.3%
0.8%
0.0
0.0
0.0%
0.0%
31.0
17.9
0.6%
0.3%
Banco HSBC
CDI+3.00%
10/13/14
15.8
0.0
0.0
0.0
15.8
0.0
3,289.2
63.7%
1,874.5
36.3%
5,163.7
157.3
100.0%
Cash (b)
Net Debt (a) - (b)
5,006.4
ENEVA S/A
Banco Ita BBA
Banco Citibank
Gross Debt (a)
31

Earnings Release - 4Q14

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Earnings Release - 4Q14

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4Q14 Earnings Release

4Q14 Earnings Release

ENEVA Announces Fourth Quarter 2014 Results

Net Operating Revenue

4Q14 Earnings Release

4Q14 & Subsequent Events

Resume of operation of Pecm I Generation Unit 1

Sale of ENEVAs interest in Pecm I

4Q14 Earnings Release

4Q14 Earnings Release

Economic and Financial Performance

1. Net Operating Revenues

Adjustments from previous periods

Deductions from Operating Revenues

Net Operating Revenues

4Q14 Earnings Release

Leases and Rentals

Compensation for Downtime

Personnel and Management

Energy Acquired for Resale

4Q14 Earnings Release

Leases and Rentals

4Q14 Earnings Release

The main changes are as follows:

Higher provision for employee bonus as compared to 4Q13 (+R$10.0 million);

4Q14 Earnings Release

5. Net Financial Result

Present value adjust. (debentures)

Costs and Interest on Debentures

4Q14 Earnings Release

INCOME STATEMENT - Pecm I

Net Operating Revenues

Net Financial Result

Earnings Before Taxes

Fixed revenues amounting to R$157.8 million;

Variable revenues amounting to R$108.5 million;

Taxes on revenues amounting to R$37.2 million.

4Q14 Earnings Release

INCOME STATEMENT - Pecm II

Net Operating Revenues

Net Financial Result

Earnings Before Taxes

Taxes Payable and Deferred

4Q14 Earnings Release

Fixed revenues amounting to R$74.3 million;

Variable revenues amounting to R$81.6 million;

Other revenues amounting to R$15.3 million;

Taxes on revenues amounting to R$18.1 million.

Transmission charges (R$6.0 million); and

In 4Q14, Pecm II recorded a positive EBITDA of R$54.9 million.

4Q14 Earnings Release

ENEVA Participaes S.A

Holding ENEVA Participaes S.A.

Leases and Rentals

Higher provision for employee bonus as compared to 4Q13 (+R$8.0 million);

6.3.2. Parnaba III

Net Financial Result

Earnings Before Taxes

Taxes Payable and Deferred

4Q14 Earnings Release

auction (176 MW).

Fixed revenues amounting to R$25.7 million;

Variable revenues amounting to R$35.4 million;