Earnings Release - 3Q15

3Q15 Earnings Release
ENEVA Announces Third Quarter 2015 Results

The Company remains committed to deliver costs and expenses control
9M15 Adjusted EBITDA totaled R$214.8 million
Rio de Janeiro, November 12, 2015 - ENEVA S.A. (BM&FBOVESPA: ENEV3, GDR I: ENEVY) announces today its results for the third quarter
ended September 30, 2015 (3Q15). The information below is presented on a consolidated basis in accordance with the accounting practices adopted
in Brazil, except where stated otherwise.
3Q15 Highlights
The deconsolidation of Pecm II impacted all figures in the consolidated balance sheet and income statement as of June 1, 2014.
For a better understanding and comparison, 9M14 pro-forma excludes Pecm IIs consolidation effects.
Increased power settlement in the Free Market, due to changes in regulatory rules, increased operating revenues by R$15.4
million in 3Q15. Natural gas usage optimization by the Parnaiba Complex led to a reduction in variable revenues of R$14.8
million in Parnaiba I.
Operating costs rose by R$63.0 million, mainly as a consequence a one-time events in 3Q14 which impacted downtime
charges and lease and rentals cost of both Itaqui and Parnaba I, totaling R$94.9 million. Excluding these non-recurring items,
costs fell significantly by net R$31.9 million resulting from lower fuel, lease and rentals costs of Parnaba I, mainly as a result
of the partial substitution of generation by Parnaba II.
The ongoing expense reduction program continues to deliver results with a decrease of R$9.9 million in Holding operating
expenses, maily through a reduction of R$3.1 million in payroll expenses and of R$4.4 million in IT services. Consolidated
operating expenses and Holding expenses are lower by 40% and 51%, respectively, when comparing 3Q15 to 3Q14.
Adjusted EBITDA reached R$86.9 million, four times higher than the one reported in 3Q14.
Adjusted net income rose by 13.1% YoY after excluding non-recurring events in 3Q14 such as the impact of the partial sale
of Pecm II. The Company reported a 3Q15 a net loss of R$111.5 million.
The capital increase was concluded on November 5, 2015 and totaled R$2.3 billion - R$1.3 billion of assets, R$983.0 million
in debt converted into equity and R$9.1 million in cash. The capital increase, along with other provisions of the Judicial
Recovery Plan, reduce Holding indebtedness to approximately R$1.0 billion, with re-profiled long-term maturities.
Main Indicators
(R$ million)
Net Operating Revenue
Operating Costs
Operating Expenses
EBITDA
EBITDA (Adjusted)
Net Income
9M15/
9M14
9M15/
9M14
Pro-forma
9M14 PF
1.429.8
-26.3%
1.186.0
-11.2%
(911.6)
(1.181.9)
-22.9%
(985.4)
-7.5%
(63.6)
(80.5)
-21.0%
(78.4)
-18.9%
-27.6%
208.5
300.1
-30.5%
232.9
-10.5%
21.9
296.5%
214.8
205.2
4.7%
138.0
55.6%
29.1
-492.0%
128.7
(155.1)
-183.0%
(195.5)
-165.8%
3Q15
3Q14
366.0
353.8
(310.6)
(15.2)
3Q15/
9M15
9M14
3.4%
1.053.5
(247.6)
25.4%
(25.6)
-40.5%
84.5
116.8
86.9
(113.9)
3Q14
Net Income (Adjusted)
(111.5)
(65.8)
69.4%
(328.6)
(250.0)
31.4%
(290.4)
13.1%
Net Debt
4,702.6
4,842.4
-2.9%
4,702.6
4,842.4
-2.9%
4,434.4
6.0%
Total Gen. Energy Sales (GWh)
1,689.1
1,702.0
-0.8%
5,012.3
6,063.9
-17.3%
5,726.1
-12.5%
3Q15 & Subsequent Events

Exploration block in the Parnaba Basin successfully bid by ENEVA at 13th Bidding Round of ANP
ENEVA, through a consortium formed by its subsidiary Parnaba Participaes and BPMB Parnaba (which has been
part of the asset contributions concluded through the capital increase homologated on November 5th), placed a
bid, amounting to R$2,1 million, for the Block PN-T-84 in the 13th Bidding Round of ANP Brazils National Oil, Gas
and Biofuels Agency, held on October 7, 2015.
In the next four years, the consortium will conduct an exploration campaign in the block, which covers an area of
3,065Km in the north of the Parnaba Basin. As a result, ENEVA expects to increase its knowledge of existing
resources in the region of the Parnaba Basin, where are also located the exploration blocks which supply natural
gas to the thermoelectric plants of the Parnaba Complex.
Additionally, in the same bidding round, ENEVAs affiliate Parnaba Gs Natural and BPMB Parnaba (which has
been part of the asset contributions concluded through the capital increase homologated on November 5th),
individually or through partnerships, secured six additional exploration blocks (PN-T-69, PN-T-87, PN-T-101, PNT-103, PN-T-146 and PN-T-163), all located at the Parnaba Basin.
Part of the long-term loan for Parnaba II contracted

On October 8, 2015, Parnaba II received a portion of its long-term loan, amounting to R$225.3 million, which was
disbursed by Ita Unibanco S.A. as an on-lender of BNDES Brazils Economic and Social Development Bank. The
loan has 12-year tenor and an effective cost of TJLP + 5.90% p.a.
The proceeds of this loan were used to settle the full amount of the bridge loan contracted with Ita Unibanco by
Parnaba II.
ENEVA has already started negotiations with financial institutions for additional long-term loans in order to settle
the remaining balance of the bridge loan of Parnaba II, maturing on June 30, 2016.
Judicial Recovery process advances with R$2.3 billion capital increase conclusion
The capital increase provided for in the Judicial Recovery Plan of ENEVA was concluded on November 5, 2015 and
totaled R$2.3 billion. This amount comprises a contribution of R$1.3 billion of assets, R$983.0 million in debt
converted into equity, and R$9.1 million in cash.
As a result, ENEVA now holds 100% of all thermoelectric power plants of the Parnaba Complex (previously owner
of 70% of Parnaba I and 52.5% of Parnaba III and Parnaba IV), 100% of BPMB Parnaba and 27% of Parnaba
Gas Natural (previously owner of 18%) and also increased its stake for a fully-owned growth platform of more
9.6GW of greenfield projects. The capital increase, along with other provisions of the JR Plan, decreased Holding
indebtedness from R$2.4 billion to R$1.0 billion, while it also has been re-profiled in the longer term and grace
periods from interest and principal.
With the completion of the capital increase, the interest of E.ON and Eike Batista (the former controllers) were
reduced and the shareholders agreement between them became void. Additionally, no shareholder or group of
2
shareholders acting together has become holder of more than 50% of ENEVA. The new shareholding structure of
the Company is as follows:
New shareholding structure of ENEVA
Bullseye
6.53%
Outros
13.21%
ICE
Canyon
6.80%
Ita
Unibanco
11.65%
BTG
Pactual
49.57%
E.ON
12.25%
With the conclusion of the capital increase, all measures envisaged by the Judicial Recovery Plan have been fully
implemented, thus enabling ENEVA to move into a new phase. Notwithstanding, the Company will remain under
judicial recovery status until December 2016 due to Brazils judicial reorganization law.
Payments for unavailability of Parnaba I, Parnaba III and Pecm II recalculated as provided for
Aneels decision
On November 10, 2015, Brazils National Electric Energy Agency (Aneel) determined that Brazils Electric Energy
Clearing House (CCEE) recalculates, since the start of operations until July 2014, the reimbursements due to
unavailability of Parnaba I OCGT, Parnaba III OCGT and Pecm II TPP using a 60-month rolling average availability
methodology. The difference between the amounts calculated by this methodology and the ones already paid,
totaling R$185.8 million, will be refunded soon to the plants in one installment.
Since August 2014, Parnaba I, Parnaba III and Pecm II have been recording their unavailability in accordance
with a Federal Court ruling, which determined using a 60-month rolling average for unavailability calculations, as
provided for in the Power Purchase Agreements (PPAs) signed by the plants.
Economic and Financial Performance

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

Fuel
Energy Acquired for Resale

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

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

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

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

3Q14, as a result of a decrease in both the number of options outstanding and the share price (+R$4.6
million).
Outsourced services: Expenses with outsourced services in 3Q15 totaled R$8.0 million, down R$7.9
million in relation to 3Q14. The highlights were:
Decrease in IT expenses due to in-house infrastructure development in recent months (-R$4.4 million);
Accounting provision adjustments related to shared services allocation between the Holding and the
plants (-R$3.2 million);
Increase in consulting services related to gas E&P activities (+R$1.4 million) and to financial
restructuring and the Judicial Recovery process (+R$1.1 million).
7
Leases and rentals: Reduction of R$1.2 million YoY mainly due to corporate headquarters facilities
reduction.
4. EBITDA
ENEVA reported 3Q15 EBITDA of R$84.5 million, vs R$116.8 million in the same period last year. Despite the
reduction, which was primarily due to the positive impact in unavailability charges in 3Q14 amounting to R$118.3
million from favorable outcomes from plants claims in Aneel and court decisions, it is worth noting the following:
Despite the ongoing gas optimization at the Parnaba Complex that led to a reduction in Parnaba Is
variable revenues, gas supply costs were reduced as a consequence of the agreement entered into with
PGN and BPMB, which were responsible for increasing this plants EBITDA by R$21.5 million. Unavailability
charges in Parnaba I were overstated, which had a negative impact on plants operating cost of R$2.4
million. Parnaba I reported 3Q15 EBITDA of R$46.9 million;
In Itaqui, FX depreciation and lower spot prices positively impacted costs related to Fuel, Energy acquired
to resale and downtime costs, leading to EBITDA of R$45.0 million in 3Q15 (R$33.4 million higher than in
3Q14 excluding one-off impacts);
Holdings EBITDA totaled -R$8.8 million in 3Q15, R$9.9 million higher than 3Q14, as a result of lower costs
associated with IT and corporate headquarters facilities rental.
If we exclude the impacts of the overstated unavailability charges in Parnaba I, Consolidated EBITDA for the period
would have come to R$86.9 million.
5. Net Financial Result

Financial Result
(R$ million)
3Q15
3Q14
Financial Income
26.7
43.9
-39.3%
0.9
1.4
-36.0%
24.7
22.1
11.9%
Marking-to-market of derivatives
11.7
-100.0%
Settlement of derivatives
Present value adjust. (debentures)
(0.0)
-100.0%
1.1
8.8
-87.5%
Monetary variation
Revenues from financial investments
Other
Financial Expenses
Monetary variation
Interest expenses
Settlement of derivatives
Marking-to-market of derivatives
Costs and Interest on Debentures
Other
Net Financial Result
(185.9) (141.6)
31.3%
(35.8)
(14.1)
154.2%
(128.1)
(0.0)
(118.5)
(0.1)
8.2%
-68.7%
(22.0)
(9.0)
145.0%
(159.2)
(97.7)
63.1%
In 3Q15, ENEVA recorded a net financial expense of R$159.2 million, compared to a net expense of R$97.7 million
in 3Q14.
The negative impact of R$61.2 million was mainly due to the increase of the fluctuations in the FX-rate, which hit
debt denominated in foreign currency, increasing the net monetary variation by R$22.2 million. The upturn of
R$9.1 million in Interest expenses is mainly a consequence of two reasons: (i) the Holding company debt stock
reduction and the reprofiling of the remaining debt balance, as a consequence of the implementation of Judicial
Recovery Plan measures, aid in falling by R$36.4 million of its Interest expenses; and (ii) the startup of Parnaba
II, which led to the start of payment of the plants loans interest, amounting to R$37.5 million. Also, Parnaba II
short-term debt renegotiation and Parnaba I bank guarantees renewal impacted Financial expenses by a total of
R$20.6 million. The settlement of a hedge instrument in the Holding company in December 2014 contributed for
the deterioration in R$11.7 million of the financial income, out of a total of R$17.3 million negative result.
As mentioned earlier, with the conclusion of the capital increase, reduces the remaining Holding debt by 40% by
a debt-to-equity conversion, amounting to R$985 million.
6. Equity Income
The Company reported negative equity income of R$8.2 million, mainly impacted by the net financial result of
Pecm II, which was impacted by higher debt service costs as a result of the increase of the reference rates on the
plants loans.
The following analyses consider 100% of the projects. On September 30, 2015, ENEVA held an interest of 50.0%
in ENEVA Participaes and 52.5% in both Parnaba III and Parnaba IV (30% as a direct investment and 22.5%
through ENEVA Participaes).
6.1.
Pecm II
INCOME STATEMENT - Pecm II
(R$ million)
3Q15
3Q14
142.0
126.7
12.0%
(109.5) (95.4)
12.0%
Operating Costs
Operating Expenses
(1.9)
(2.0)
-4.1%
(52.8)
(39.4)
34.2%
0.9
0.1
(21.4)
(9.9)
116.5%
(21.4)
(9.9)
116.5%
47.3
45.8
3.3%
Other Revenues/Expenses
Earnings Before Taxes
Taxes Payable and Deferred
NET INCOME
EBITDA
Pecm II generated revenues of R$142.0 million in the quarter, comprising:

9
Fixed revenues amounting to R$75.9 million;
Variable revenues totaling R$68.2 million;
Free market allocations amounting to R$9.8 million;
Adjustments from previous periods totaling R$4.8 million;
Deductions from operating revenues amounting to R$16.8 million.
In 3Q15, Pecm IIs variable revenues were 15.8% higher than 3Q14. This result was influenced by a higher net
generation in the period.
Operating costs totaled R$92.7 million in the quarter, excluding depreciation and amortization, R$13.8 million
higher than 3Q14, manly comprising:
Fuel costs of R$65.2 million, divided between coal (R$61.2 million) and diesel and other costs (R$4.0
million);
Transmission charges amounting to R$6.1 million; and
Unavailability costs of R$2.4 million. Due to a change in the regulatory framework, which is currently being
challenged by the Company, unavailability charges were overstated by R$2.4 million.
In 3Q15, Pecm II recorded positive EBITDA of R$47.3 million, 3.3% higher than 3Q14. EBITDA adjusted by the
overstated unavailability charges raises to R$49.7 million.
The net financial expense amounted to R$52.8 million, mainly impacted by higher interest expenses, as a result of
the increase in the long-term financing interest reference rates and the debt renegotiations carried out in 2Q15,
which basically consisted of the addition of a 6-month interest grace period and a 21-month amortization grace
period.
Pecm II reported a net loss of R$21.4 million, impacted by higher Operating Costs and upturn in the net financial
expense.
Operating Highlights: The plant recorded great availability figures in July and August. However, availability
moved down in September due to a repair of the heat exchanger of the generator. Net generation totaled 646GWh
(232GWh in June, 227GWh in August and 184GWh in September).
Pecm II - Energy Availability
77%
3Q14
99%
89%
100%
93%
Jul-15
Aug-15
53%
4Q14
1Q15
2Q15
76%
Sep-15
90%
3Q15
10
6.2.
ENEVA Participaes S.A.

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

3Q15
3Q14
Personnel
(0.9)
(5.5)
-84.1%
Outsourced Services
(0.7)
(0.8)
-4.6%
Leases and Rentals
(0.0)
(0.5)
-98.5%
Other Expenses
(0.1)
(0.3)
-49.1%
(1.7)
(7.1)
-75.4%
(0.0)
(0.0)
0.0%
(1.8)
(7.1)
-75.2%
Total
Operating expenses, excluding depreciation and amortization, amounted to R$1.7 million in 3Q15, a decrease of
R$5.3 million compared to 3Q14. The main changes are summarized as follows:
Personnel: Personnel expenses totaled R$0.9 million in 3Q15, compared to R$5.5 million in the same
period in the previous year. The reduction was largely a result of:
Leaner corporate structure with a substantial reduction in the workforce and a decline in labor costs
associated with layoffs (-R$1.5 million);
Lower shared expenses from personnel transferred from ENEVA Participaes to the plants (-R$1.4
million);
The reduction in provisions for legacy stock option-related expenses resulting from a decrease in the
number of options outstanding and the share price since 2Q14 (-R$0.2 million); and
Accounting provision adjustments related to shared services transferred from the Holding to the plants
(-R$2.1 million).
Leases and rentals: Reduction of R$0.5 million over the period mainly due to corporate facilities
reduction/reorganization.
11
6.3.2. Parnaba III

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

Operating Costs
Net revenues in the quarter amounted to R$63.9 million, consisting of:
Fixed revenues totaling R$26.2 million;
Variable revenues amounting to R$28.9 million;
Free market allocations totaling R$3.1 million;
Adjustments from previous periods amounting to R$12.8 million;
Deductions from operating revenues totaling R$7.1 million.
Parnaba IIIs revenues raised by 15.2% over the same period last year as a consequence of a 9.0% increase in
net generation.
Operating costs, excluding depreciation and amortization, amounted R$34.4 million, a reduction of 29.0 million
compared to 3Q14, and mainly comprised:
Fuel - natural gas (R$18.2 million);
Lease costs, in accordance with the gas supply agreement (R$11.8 million); and
Unavailability costs (R$0.4 million). Due to a change in the regulatory framework, which is currently being
challenged by the Company, unavailability charges were overstated by R$0.6 million.
In 3Q15, Parnaba III recorded positive EBITDA of R$23.8 million. EBITDA adjusted by the overstated unavailability
charges raise to R$24.2 million.
The net financial expense amounted to R$1.0 million, affected by higher debt charges in 3Q15.
Parnaba III reported net income of R$21.1 million in 3Q15.
Operating Highlights: Parnaba IIIs availability decrease in August and September, due to optimization
procedures in the Parnaba Complex. In September the plants availability was also impacted by a 5-day planned
outage of the gas treatment facility in order to allow the units upgrade for processing more gas volume and to
connect additional infrastructure to meet future gas supply of the Parnaba Complex. Net generation totaled
252GWh.
12
Parnaba III - Energy Availability
82%
3Q14
96%
67%
4Q14
1Q15
89%
99%
2Q15
Jul-15
78%
80%
63%
Aug-15
Sep-15
3Q15
6.3.3. Parnaba IV
INCOME STATEMENT - Parnaba IV
(R$ million)
3Q15
3Q14
7.2
4.7
53.0%
Operating Costs
(2.0)
9.7
Operating Expenses
(0.2)
(0.3)
-27.0%
(7.9)
(6.1)
28.7%
0.7
-100.0%
(2.9)
8.7
1.0
(3.0)
-132.9%
(1.9)
5.8
6.3
15.4
-59.0%
NET INCOME
EBITDA
INCOME STATEMENT - Parnaba Comercializadora

(R$ million)
3Q15
3Q14
0.6
(3.8)
Operating Costs
(3.0)
(10.1)
-70.2%
Operating Expenses
(0.0)
(0.0)
-23.1%
(0.1)
(0.1)
-18.1%
0.0
(2.4)
(14.0)
-82.5%
NET INCOME
(2.4)
(14.0)
-82.5%
EBITDA
(2.4)
(13.9)
-82.9%
As of July, 2014, Parnaba IVs energy supply structure has consisted of two entities, Parnaba IV itself and
Parnaba Comercializadora, in which different revenues and costs of the business are accounted. Parnaba IV and
13
Parnaba Comercializadora are interrelated companies, the latter being the trading vehicle through which Parnaba
IVs energy is sold.
Parnaba IVs net revenues in the quarter amounted to R$7.2 million, mainly composed of the plant lease contract
with Parnaba Comercializadora totaling R$7.9 million. Parnaba Comercializadoras revenues totaled R$0.6 million
from market power sales amounting to R$1.9 million after accounting adjustments from previous periods (-R$1.2
million).
Excluding depreciation and amortization, Parnaba IVs operating costs came to R$0.7 million in 3Q15, mainly
composed of costs with insurance, materials and service. Parnaba Comercializadoras costs came to R$3.0 million,
largely consisting of:
Natural gas (R$7.4 million), recognized under energy acquired for resale due to the companys trading
purpose;
Energy acquisitions, consisting solely of the costs associated with submarket exposure, amounting to R$1.7
million;
Lease costs (R$7.8 million), comprising the lease contract with Parnaba IV (R$7.9 million) and Kinrosss
46MWavg contribution to the power supply, in accordance with the contract entered into with this party,
amounting to R$15.7 million; and
Transmission charges (R$0.9 million).
Parnaba IV recorded a net financial expense of R$7.9 million, R$1.6 million higher than in 3Q14, due to higher
interest expenses from accrual of interest.
Operating Highlights: During the period, Parnaba IVs availability decreased due to engine repairs carried out
in July and to a planned outage of the gas treatment facility in September that impacted all plants of the Parnaba
Complex, as already mentioned. Net generation totaled 106GWh.
Parnaba IV - Energy Availability
91%
91%
3Q14
4Q14
72%
1Q15
94%
88%
98%
2Q15
Jul-15
Aug-15
71%
Sep-15
86%
3Q15
14
7. Net Income
In 3Q15, ENEVA reported a net loss of R$113.9 million, R$143.0 million less than in the same period last year,
when several elements impaired the last line of the income statement, such as the partial sale of Pecm II,
overstated leases and rental costs in Parnaba I and downtime costs reimbursements, totaling R$135.3 million.
Excluding these effects, net income of 3T14 would have come to a loss of R$164.4 million, R$50.5 million lower
than in 3Q15.
The better results disclosed in 3Q15 are mainly a result of plants stable operations, FX devaluation that helped
decrease Fuel costs but adversely impacted Interest expenses, lower energy spot prices and effectiveness of
Holding expenses control.
The adjusted net result for the period, excluding non-recurring impacts on EBITDA, was a loss of R$111.5 million.
INCOME STATEMENT
(R$ million)
3Q15
3Q14
366.0
353.8
3.4%
(310.6)
(247.6)
25.4%
Operating Expenses
(15.2)
(25.6)
-40.5%
(159.2)
(97.7)
63.1%
Equity Income
(8.2)
12.5
(5.1)
40.9
(132.4)
36.4
18.2
(7.3)
0.3
(0.0)
(113.9)
29.1
84.5
116.8
-27.6%
Operating Costs

Minority Interest
NET INCOME
EBITDA
8. Debt
On September 30, 2015, consolidated gross debt amounted to R$4,957.3 million, an increase of 1.5% in relation
to the amount recorded on June 30, 2015, mainly as a result of the accrual of interest on Holding debt during the
interest grace period (R$74 million). With the conclusion of the capital increase on November 5, 2015, R$986.0
million of the Holding debt has been converted into equity. In comparison with September 30, 2014, consolidated
gross debt fell by 1.8%, or R$92.4 million, mainly due to the approval of the Judicial Recovery Plan, which provided
for a 20% reduction to the Holding Companys outstanding debt (-R$227 million), and to the debt roll-over of
Parnaba II without settlement of principal and interest of the previous credit facility (+R$130 million).
15
Consolidated Debt Profile (R$ million)
2,908
59%
Working Capital
826
17%
2,049
41%
4,131
83%
Short Term
Project Finance
Long Term
The balance of short-term debt at the end of September, 2015 was R$826.3 million, R$226.3 million less than
June 30, 2015. All short-term debt was allocated in the projects (vs. R$1,052.6 million on June 30, 2015), as
follows:
R$129.9 million related to the current portion of the short-term debt of Itaqui and Parnaba I;
R$696.4 million related to bridge loans to Parnaba II.
As a consequence of the approval of the Judicial Recovery Plan, the Holding Companys outstanding debt, after the
aforementioned 20% reduction, has been re-profiled and fully allocated to the long term. On September 30, 2015,
consolidated long-term debt was R$4,131.0 million, the average cost of debt was 13.32% p.a. and the average
maturity was 6.9 years.
Debt Maturity Profile* (R$ million)
2,048.9
254.7
Cash & Cash

Equivalents
826.3
12M
1,545.1
388.2
139.7
9.1
4Q16
Project Finance
2017
2018
From 2019 on
Working Capital
*Amounts include principal + capitalized interest + charges
Out of the total debt due on the next 12 months, R$696.4 million refers to Parnaba II, which will be re-profiled as
soon as the Company concludes current negotiations with financial institutions. The debt amounting to R$255.8
million, due in 2017, will be apportioned in the long-term as a consequence of the disbursement of a credit facility
by Ita Unibanco on October 2015.
16
Debt, net of cash and charges on debt, closed 3Q15 at R$4,702.6 million, 5.3% less than at the end of 2Q15.
Consolidated Cash and Cash Equivalents (R$ million)
(330.9)
354.6
(105.8)
(51.0)
(16.5)
(14.2)
418.5
254.7
Cash and Cash

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

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

During 3Q15, ENEVAs consolidated capex totaled R$34.1 million, mainly due to investments on water supply
infrastructure for the Parnaba Complex and to the remaining investments in deployment of Parnaba II.
Consolidated Assets (R$ million)

3Q15
4Q14
Capex
Interest
Capitalized
Depreciation &
Amortization
Capex
Interest
Capitalized
Depreciation &
Amortization
Itaqui
2.8
0.0
-18.6
-359.8
0.0
-19.6
Parnaba I
17.7
0.0
-13.2
-51.8
0.0
-11.9
Parnaba II
13.6
0.0
-12.0
-41.4
15.7
-3.9
Consolidated Equity Assets Adjusted by ENEVAs interest (R$ million)

3Q15
4Q14
Capex
Interest
Capitalized
Depreciation &
Amortization
Capex
Interest
Capitalized
Depreciation &
Amortization
Pecm II
1.7
0.0
-16.8
11.2
0.0
-16.5
Parnaba III
1.3
0.0
-1.6
1.0
0.0
-1.6
Parnaba IV
0.4
0.0
-1.3
12.0
0.0
-1.3
17
10.Capital Markets
Stock Price Performance
ENEVAs capital on September 30, 2015 consisted of 840,106,107 common shares, 37.0% of which comprising the
free float. ENEVAs share price at the end of the third quarter of 2015 was R$0.15, 50.0% down on the R$0.30
recorded on June 30, 2015. In the same period, the Bovespa Index (Ibovespa) and the Electric Utilities Index (IEE)
decreased by 15.1% and 14.8%, respectively. In the last 12 months, ENEVAs shares fell by 78.6%. Ibovespa and
the IEE also fell by 16.7% and 6.6%, respectively. The Companys market capitalization at the end of the quarter
was R$126.0 million and daily traded volume averaged R$0.3 million.
140
Capital Markets Performance - 3Q15

09/30/2015 = 100
Capital Markets Performance - 12m

09/30/2014 = 100
140
120
120
-14.8%
-15.1%
100
100
-6.6%
-16.7%
80
80
60
60
-50.0%
ENEV3
IBOV
IEEX
ENEV3
09/30/15
08/31/15
07/31/15
06/30/15
05/31/15
04/30/15
03/31/15
02/28/15
06/30/15
07/04/15
07/08/15
07/12/15
07/16/15
07/20/15
07/24/15
07/28/15
08/01/15
08/05/15
08/09/15
08/13/15
08/17/15
08/21/15
08/25/15
08/29/15
09/02/15
09/06/15
09/10/15
09/14/15
09/18/15
09/22/15
09/26/15
09/30/15
IBOV
01/31/15
-78.6%
0.70
0.15
12/31/14
R$/share
09/30/2014
09/30/2015
20
11/30/14
0.30
0.15
10/31/14
20
40
R$/share
06/30/2015
09/30/2015
09/30/14
40
IEEX
Free Float Profile

(as of September 30, 2015)
1.5%
17.8%
82.2%
Individuais
98.5%
Institucionais
Brazil
International
18
3Q15 Conference Call

Friday, November 13, 2015
11:00 am (Brasilia Time) / 08:00 am (US EST)
Access numbers Brazil
+55 11 2188-0155
Access numbers US
+1 646 843-6054
+55 11 2188-0155
Password: ENEVA
Webcast in English:
http://webcast.neo1.net/Cover.aspx?PlatformId=nzZzrbkT031TBGoyjAdiSQ%3D%3D
Webcast in portuguese:
http://webcast.neo1.net/Cover.aspx?PlatformId=6dlutyfBvlAxj5hyPUyXPw%3D%3D
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
19
ANNEX
I.
Balance Sheet Assets (Holding and Consolidated)

Holding
Consolidated
Sep-15
Dec-14
Sep-15
Dec-14
205.3
386.5
727.3
944.7
142.0
72.5
254.7
157.3
Accounts Receivable
27.7
14.0
289.8
346.1
Gain on Derivatives
1.8
0.2
(R$ million)
Current Assets
Cash and Cash Equivalents
Subsidies CCC
Assets Disposed to Sale
300.0
300.0
Inventories
88.7
99.2
Escrow Accounts
33.7
0.0
33.7
0.0
Prepaid Expenses
0.0
0.0
60.1
42.1
1,084.2
1,101.2
819.7
742.7
Accounts Receivable - Related Parties
872.5
831.3
427.3
406.8
AFAC
189.0
248.0
19.5
26.3
Escrow Accounts
78.2
62.1
Deferred Taxes (IR/CSLL)
269.1
219.7
Non-current Assets
Long-term Asset
Prepaid Expenses - R&D

Fixed Assets
Equity Interest
Property, Plant and Equipment
Intangible Assets
Deferred Assets
TOTAL ASSETS
22.7
21.9
25.7
27.9
2,134.4
2,242.3
5,253.7
5,357.0
2,120.1
2,228.1
667.2
733.9
11.1
11.2
4,397.0
4,423.5
3.3
2.9
189.4
199.6
3,423.9
3,730.0
6,800.6
7,044.4
20
II.
Balance Sheet Liabilities (Holding and Consolidated)

Holding
Consolidated
Sep-15
Dec-14
Sep-15
Dec-14
17.7
2,229.1
1,374.8
3,619.9
11.7
11.7
147.6
149.8
3.9
6.7
11.8
14.9
(0.0)
214.4
93.3
266.7
2.0
1.6
23.4
27.1
Short Term Debt
1,984.7
988.9
3,022.5
Losses on Derivatives
0.1
9.8
109.8
138.9
2,097.4
357.9
4,040.9
2,206.8
(R$ million)
Current Liabilities
Accounts Payable
Personnel
Charges on Debts
Taxes Payable
Other
Non-current Liabilities
Long term Liabilities
Accounts Payable
Long-Term Debt
56.7
9.8
7.9
(41.4)
1,992.2
173.0
3,867.2
1,915.9
Intercompany Loan / Payable
37.3
171.6
150.4
320.9
Provision for Losses
11.2
3.5
1.0
0.4
14.3
11.0
Others
Minority Interests
83.8
82.5
Shareholder's Equity
1,308.8
1,143.0
1,301.2
1,135.3
Common Stock
4,707.1
4,707.1
4,707.1
4,707.1
Capital Reserve
Reserve Valuation Adjustments

Profit Reserve
Advance for Future Capital Increase - AFAC
Translation Adjustments
Accumulated Profit or Losses
Net Earnings
TOTAL LIABILITIES
(36.9)
(36.9)
351.0
350.8
351.0
350.8
0.0
0.0
0.0
0.0
(3,878.0)
(2,360.8)
(3,885.6)
(2,368.6)
128.7
(1,517.2)
128.7
(1,517.2)
3,423.9
3,730.0
6,800.6
7,044.4
21
III. Income Statement (Holding and Consolidated)

Holding
Consolidated
3Q15
3Q14
3Q15
3Q14
406.9
395.4
Energy Supply
406.9
395.4
Energy Commercialization
Deductions from Gross Revenue
(40.9)
(41.7)
366.0
353.8
Operating Costs
(310.6)
(247.6)
Personnel
(13.2)
(10.8)
Material
(4.6)
(5.0)
Fuel
(135.2)
(142.4)
Outsourced Services
(26.0)
(32.3)
(43.5)
(35.4)
Leases and Rentals
(46.8)
(86.4)
CCC Subsidy
0.7
(2.8)
(5.5)
(R$ million)
Gross Operating Revenues
Other costs
(38.4)
69.6
(9.5)
(19.3)
(15.2)
(25.6)
Personnel
(4.4)
(4.6)
(4.4)
(5.7)
Material
(0.0)
(0.0)
(0.0)
(0.1)
Outsourced Services
(3.0)
(11.6)
(8.0)
(15.9)
(0.6)
(0.6)
(0.8)
(0.8)
Leases and Rentals
(0.9)
(2.1)
(1.0)
(2.2)
Other Expenses
(0.6)
(0.5)
(1.1)
(0.9)
(8.8)
(18.7)
84.5
116.8
(41.6)
(47.8)
(159.2)
(97.7)
(3.6)
40.9
(5.1)
40.9
Operating Expenses
EBITDA
Net Financial Income
Other Revenues/ Expenses
Equity Income
(59.2)
55.3
(8.2)
12.5
(113.9)
29.1
(132.4)
36.4
CSLL/IR
0.2
3.5
Deferred Taxes Provision (IR/CSLL)
18.0
(10.7)
Minority Interest
NET INCOME
0.3
(0.0)
(113.9)
29.1
(113.9)
29.1
22
IV.
Project Balance Sheet Assets (Consolidated Projects)

Itaqui
(R$ million)
Current Assets
Amapari
Parnaba I
Parnaba II
Sep-15
Dec-14
Sep-15
Dec-14
Sep-15
Dec-14
Sep-15
Dec-14
239.6
205.8
13.2
21.7
190.9
206.4
79.9
113.2
55.9
29.1
12.1
16.7
26.5
38.1
18.1
0.9
Accounts Receivable
106.1
92.3
1.1
1.3
142.5
155.8
12.3
82.7
Gain on Derivatives
Subsidies CCC
65.6
80.4
0.0
3.6
9.8
7.5
13.3
3.7
Escrow Accounts
Prepaid Expenses
11.9
4.0
0.0
0.1
12.1
5.0
36.1
25.8
253.5
234.1
0.5
0.4
44.1
40.7
88.7
27.9
4.9
4.5
0.0
0.0
10.4
2.7
21.3
12.3
Inventories
Non-current Assets
Long-term Asset
AFAC
Escrow Accounts
Fixed Assets
Equity Interest
Intangible Assets
Deferred Assets
TOTAL ASSETS
56.2
37.4
22.0
24.6
192.1
192.1
9.5
12.0
67.5
15.6
0.2
0.5
0.4
2.2
1.4
2,170.1
2,215.8
0.0
(0.0)
1,134.2
1,138.4
1,253.0
1,239.7
2,160.5
2,205.5
(0.0)
(0.1)
976.7
971.7
1,248.0
1,234.5
9.6
10.3
0.0
0.1
157.5
166.6
5.0
5.2
2,663.3
2,655.6
13.7
22.1
1,369.2
1,385.4
1,421.6
1,380.8
23
V.
Project Balance Sheet Liabilities (Consolidated Projects)

Itaqui
(R$ million)
Current Liabilities
Accounts Payable
Personnel
Charges on Debts
Amapari
Parnaba I
Parnaba II
Sep-15
Dec-14
Sep-15
Dec-14
Sep-15
Dec-14
Sep-15
Dec-14
152.4
256.7
28.5
28.2
200.6
199.3
721.5
906.6
42.7
46.8
26.4
24.7
43.6
30.0
23.3
36.6
3.9
3.4
0.3
0.5
2.7
2.3
1.0
2.0
6.2
8.9
1.7
4.7
82.3
38.7
16.1
13.0
0.1
1.1
4.4
6.6
0.8
4.8
Short Term Debt
92.3
122.0
137.7
614.1
807.7
83.5
92.3
1.7
1.9
26.2
18.0
16.8
Taxes Payable
Other
Accounts Payable
Long-Term Debt
Others
Minority Interests
1,726.6
1,541.1
1.5
1.2
667.2
715.4
269.6
11.9
(13.1)
(14.1)
(35.6)
(37.1)
3.1
1,281.9
1,127.8
593.2
615.1
252.7
457.2
426.7
0.3
99.2
130.3
13.8
11.9
0.6
0.6
1.2
1.2
10.4
7.1
784.3
857.8
(16.2)
(7.2)
501.4
470.7
430.6
462.3
Common Stock
1,767.4
1,757.4
84.8
84.8
263.6
263.6
562.0
445.7
Capital Reserve
6.5
6.5
0.1
0.1
12.0
16.7
0.0
0.7
0.7
10.0
193.1
188.1
47.3
Profit Reserve
Net Earnings
TOTAL LIABILITIES
(909.7)
(478.8)
(98.5)
(3.6)
(17.0)
(31.3)
(17.6)
(73.5)
(430.9)
(9.0)
(106.9)
28.1
36.0
(100.7)
(13.8)
2,663.3
2,655.6
13.7
22.1
1,369.2
1,385.4
1,421.6
1,380.8
24
VI.
Project Income Statement (Consolidated Projects)

Itaqui
(R$ million)
Energy Supply
Amapari
Parnaba I
Parnaba II
3Q15
3Q14
3Q15
3Q14
3Q15
3Q14
3Q15
3Q14
173.5
150.4
9.4
232.9
235.6
22.0
173.5
150.4
9.4
233.8
235.6
(0.9)
22.0
(17.4)
(15.2)
(2.6)
(23.6)
(23.9)
(2.0)
156.2
135.2
6.8
209.3
211.7
20.0
Operating Costs
(127.4)
(42.9)
(1.0)
(2.4)
(174.3)
(202.0)
(27.4)
(0.0)
Personnel
(6.5)
(5.2)
(0.7)
(0.9)
(5.7)
(4.7)
(0.4)
0.0
(0.0)
Material
(3.2)
(4.2)
(0.0)
(0.1)
(0.9)
(0.7)
(0.4)
Fuel
(70.9)
(65.4)
(0.1)
(0.3)
(64.3)
(76.7)
Outsourced Services
(14.7)
(21.3)
(0.2)
(0.2)
(9.4)
(10.8)
(1.7)
0.0
(18.5)
(21.8)
(1.4)
(13.1)
(12.2)
(11.9)
(0.0)
(0.5)
(0.5)
(0.0)
(0.1)
(65.4)
(85.7)
(0.0)
Leases and Rentals

CCC Subsidy
0.7
(3.9)
(5.4)
0.9
(0.1)
(0.2)
Other costs
(9.2)
80.9
(0.0)
(0.3)
(16.5)
(11.0)
(12.7)
(0.0)
Operating Expenses
(2.4)
(2.1)
(0.1)
(0.4)
(1.4)
(1.7)
(1.9)
(0.9)
Personnel
(0.1)
(0.3)
(0.0)
(0.1)
0.5
(0.0)
(0.3)
0.5
Material
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
Outsourced Services
(2.1)
(1.6)
(0.0)
(0.3)
(1.6)
(1.4)
(1.4)
(1.1)
(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)
(0.0)
(0.1)
Other Expenses
(0.1)
(0.1)
(0.0)
(0.0)
(0.2)
(0.1)
(0.2)
(0.2)
45.0
112.1
(1.1)
5.4
46.9
20.3
2.6
(0.9)
(43.4)
(34.9)
(0.2)
0.4
(25.6)
(15.4)
(48.4)
0.0
(0.6)
0.8
(3.3)
0.0
0.0
(0.8)
0.0
(17.6)
56.1
(4.6)
4.3
8.1
(8.2)
(57.8)
(0.9)
(0.2)
0.2
3.7
0.3
EBITDA
Equity Income
CSLL/IR
Minority Interest
NET INCOME
(9.5)
(0.6)
(1.6)
(0.9)
19.6
(17.6)
46.7
(4.6)
3.5
6.7
(5.5)
(38.1)
(0.6)
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
Sep-15
Dec-14
Sep-15
Dec-14
Sep-15
Dec-14
Sep-15
Dec-14
Sep-15
Dec-14
Sep-15
Dec-14
2.2
22.1
91.2
131.2
230.8
129.1
111.7
71.3
24.9
14.3
19.3
20.6
0.1
1.2
6.7
11.3
74.3
22.0
46.5
14.1
0.1
0.3
1.0
4.6
Accounts Receivable
2.1
18.2
49.3
95.5
89.3
80.4
51.5
52.1
23.2
13.1
18.3
16.0
Gain on Derivatives
0.1
0.1
Subsidies CCC
Inventories
0.0
0.0
59.6
23.7
11.2
3.9
0.6
0.2
Escrow Accounts
2.6
35.2
24.4
0.0
0.0
Prepaid Expenses
0.0
7.6
3.1
2.5
1.2
1.1
0.6
Non-current Assets
34.5
57.4
62.4
108.2
116.1
109.0
90.2
86.3
44.8
22.2
0.1
0.0
34.0
56.3
40.0
84.6
0.0
3.0
75.6
68.1
40.3
18.9
0.1
0.0
0.5
1.1
0.0
1.0
Escrow Accounts
29.2
19.2
22.3
22.6
86.1
86.1
14.3
18.2
4.6
3.3
0.8
0.7
0.2
189.9
208.8
184.5
182.1
1,864.8
1,904.1
175.5
181.5
145.3
161.2
156.9
176.8
139.2
137.3
6.6
6.6
18.6
19.0
1,864.1
1,903.9
175.5
181.5
145.3
161.2
26.4
25.4
26.8
25.8
0.7
0.3
226.6
288.3
338.1
421.5
2,211.7
2,142.3
377.4
339.2
215.1
197.7
19.4
20.6
(R$ million)
Current Assets
Long-term Asset
AFAC
Fixed Assets
Equity Interest
Intangible Assets
Deferred Assets
TOTAL ASSETS
26
VIII. Project Balance Sheet Liabilities (Projects accounted as Equity Income)
(R$ million)
Current Liabilities
ENEVA Part.
Holding
Sep-15
Dec-14
ENEVA Part.
Consolidated
Sep-15
Dec-14
Pecm II
Parnaba III
Parnaba IV
Sep-15
Dec-14
Sep-15
Dec-14
Sep-15
Dec-14
Parnaba
Comercializadora
Sep-15
Dec-14
8.6
16.3
25.3
72.8
179.0
164.4
165.1
164.1
9.5
5.7
10.8
6.0
Accounts Payable
2.2
0.9
17.9
55.3
94.6
33.2
30.6
33.7
2.7
1.8
10.8
1.6
Personnel
6.2
9.9
6.8
10.7
1.2
0.9
0.1
15.1
2.5
3.7
1.6
0.2
1.1
0.7
1.4
10.7
12.3
2.6
0.4
6.8
3.7
0.0
0.0
5.2
77.0
120.0
120.0
Charges on Debts
Taxes Payable
Short Term Debt
Other
(0.0)
4.3
(0.0)
5.4
52.2
38.4
8.2
8.4
0.1
4.4
57.8
39.5
163.4
126.8
1,342.0
1,379.6
38.4
38.0
193.3
174.9
48.4
27.3
Accounts Payable
(10.8)
(10.8)
Long-Term Debt
1,134.7
1,027.6
36.8
32.9
39.1
34.6
215.6
360.4
32.6
34.8
191.5
173.3
48.4
27.3
21.0
6.6
124.3
92.1
2.6
2.5
Others
5.8
3.3
1.9
1.6
160.3
232.6
149.4
222.0
690.7
598.4
173.9
137.1
12.2
17.2
(39.9)
(12.7)
Common Stock
266.8
266.8
266.8
266.8
962.2
799.2
160.3
160.3
15.9
15.9
0.1
0.1
Capital Reserve
62.0
62.0
62.0
62.0
1.1
1.0
1.1
1.0
Minority Interests

Profit Reserve
0.3
0.3
3.6
3.6
19.4
25.5
19.4
25.8
7.2
7.2
(122.7)
(60.2)
(133.6)
(71.1)
(201.1)
(168.0)
(30.4)
(20.2)
(2.3)
0.0
(12.8)
(0.0)
Net Earnings
(66.4)
(62.4)
(66.4)
(62.4)
(70.7)
(33.0)
36.9
(10.2)
(5.0)
(2.3)
(27.2)
(12.8)
TOTAL LIABILITIES
226.6
288.3
338.1
421.5
2,211.7
2,142.3
377.4
339.2
215.1
197.7
19.4
20.6
27
Project Income Statement (Projects accounted as Equity Income)
ENEVA Part.
Holding
3Q15
3Q14
ENEVA Part.
Consolidated
3Q15
3Q14
Pecm II
Parnaba III
Parnaba IV
Parnaba
Comercializadora
3Q15
3Q14
3Q15
3Q14
3Q15
3Q14
3Q15
3Q14
29.4
115.6
158.7
141.8
71.0
61.7
7.9
4.8
0.7
Energy Supply
0.0
0.3
158.7
141.8
71.0
70.2
0.5
0.7
5.9
29.4
115.3
(8.5)
7.9
4.4
(12.5)
(2.8)
(11.0)
(16.8)
(15.1)
(7.1)
(6.3)
(0.7)
(0.1)
(0.1)
2.7
26.7
104.6
142.0
126.7
63.9
55.5
7.2
4.7
0.6
(3.8)
Operating Costs
(0.0)
(0.0)
(28.4)
(144.8)
(109.5)
(95.4)
(36.0)
(65.1)
(2.0)
9.7
(3.0)
(10.1)
Personnel
(0.9)
(0.2)
(2.0)
(1.1)
(0.0)
(0.0)
(0.0)
(0.0)
Material
(0.0)
(2.5)
(0.8)
(0.0)
(0.0)
(0.1)
(0.1)
Fuel
(63.9)
(46.7)
(18.1)
(17.0)
3.4
(0.0)
(0.0)
(0.2)
(0.2)
(11.8)
(13.7)
(2.0)
2.3
(0.2)
2.3
(0.9)
(0.6)
(R$ million)
Outsourced Services
(6.5)
(0.1)
(0.1)
(16.7)
(16.4)
(1.6)
(1.6)
(1.3)
(1.3)
(0.0)
(0.1)
(0.1)
(1.4)
(0.9)
(11.8)
(22.8)
7.8
7.0
CCC Subsidy
(26.9)
(144.8)
(2.8)
(0.3)
7.4
(9.0)
(15.3)
Leases and Rentals
Other costs
(0.0)
(0.3)
0.5
(11.3)
(13.0)
(2.2)
(25.9)
(0.3)
(2.1)
(0.9)
(1.1)
(1.8)
(7.1)
(2.2)
(8.6)
(1.9)
(2.0)
(1.2)
(0.9)
(0.2)
(0.3)
(0.0)
(0.0)
Personnel
(0.9)
(5.5)
(0.9)
(6.3)
(0.1)
(0.2)
(0.1)
Material
(0.0)
0.0
(0.0)
0.0
0.0
(0.0)
(0.0)
Outsourced Services
(0.7)
(0.8)
(1.0)
(1.3)
(1.7)
(1.7)
(0.9)
(0.8)
(0.2)
(0.2)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.1)
(0.0)
(0.0)
(0.0)
Leases and Rentals
(0.0)
(0.5)
(0.0)
(0.5)
(0.0)
(0.0)
Other Expenses
(0.1)
(0.3)
(0.3)
(0.4)
(0.0)
(0.0)
(0.3)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
EBITDA
(1.8)
(7.1)
(3.8)
(48.6)
47.3
45.8
28.3
(8.8)
6.3
15.4
(2.4)
(13.9)
(0.0)
0.3
1.1
0.9
(52.8)
(39.4)
(1.0)
(2.2)
(7.9)
(6.1)
(0.1)
(0.1)
(7.8)
(0.0)
37.6
(3.3)
0.9
0.1
0.0
11.0
0.7
0.0
3.3
(31.0)
(41.0)
(1.3)
(6.3)
(37.9)
(6.3)
(52.5)
(21.4)
(9.9)
25.7
(1.7)
(2.9)
8.7
(2.4)
(14.0)
CSLL/IR
5.5
(0.8)
0.6
(6.8)
9.1
(3.8)
(0.6)
1.0
3.8
(6.3)
(37.9)
(6.3)
(37.9)
(21.4)
(9.9)
21.1
(1.7)
(1.9)
5.8
(2.4)
(14.0)
Operating Expenses
Equity Income
Minority Interest
NET INCOME
28
IX.
Debt
R$ MM
Interest rates
Maturity
Itaqui
BNDES (DIRECT)
BNB
Short Term
Long Term
Total
6.2
0.1%
1,268.7
25.6%
1,275.0
25.7%
TJLP+2,78%
06/15/26
2.1
0.2%
787.6
61.8%
789.7
15.9%
10%
12/15/26
0.6
0.0%
198.3
15.5%
198.8
4.0%
BNDES (INDIRECT)
IPCA + 12,13%
06/15/26
3.0
0.2%
127.2
10.0%
130.3
2.6%
BNDES (INDIRECT)
TJLP+4,8%
06/15/26
Parnaba I
BRADESCO
0.6
0.0%
155.6
12.2%
156.2
3.2%
123.7
2.5%
557.6
11.2%
681.3
13.7%
0.0
0.0%
25.7
0.5%
CDI+3,50%
08/23/16
25.7
3.8%
BANCO ITA BBA
CDI+3,50%
07/18/16
50.0
7.3%
0.0
0.0%
50.0
1.0%
BNDES (DIRECT)
TJLP+1,88%
06/15/27
36.4
5.3%
367.5
53.9%
403.9
8.1%
BNDES (DIRECT)
IPCA + 4,78%
07/15/26
Parnaba II
BANCO ITA BBA
CEF
BNDES
11.6
1.7%
190.1
27.9%
201.6
4.1%
696.4
14.0%
255.8
5.2%
952.2
19.2%
CDI+3,00%
06/30/17
0.0
0.0%
255.8
37.6%
255.8
5.2%
CDI+3,00%
06/30/16
358.1
37.6%
0.0
0.0%
358.1
7.2%
CDI+3%a.a. +1% a.m
06/30/16
338.2
35.5%
0.0
0.0%
338.2
6.8%
0.0
0.0%
2,048.9
41.3%
2,048.9
41.3%
ENEVA S/A
BANCO ITA BBA
CDI+2,75%
05/15/28
0.0
0.0%
584.1
28.5%
584.1
11.8%
BANCO BTG PACTUAL
CDI+2,75%
05/15/28
0.0
0.0%
1063.7
51.9%
1,063.7
21.5%
BANCO CITIBANK S.A.
CDI+2,75%
05/15/28
0.0
0.0%
114.9
5.6%
114.9
2.3%
BANCO CITIBANK S.A.
LIBOR 6M
05/15/28
0.0
0.0%
139.4
6.8%
139.4
2.8%
BANCO CITIBANK NA
LIBOR 6M
05/15/28
0.0
0.0%
120.7
5.9%
120.7
2.4%
BANCO CREDIT SUISSE

Gross Debt (a)
LIBOR 6M
05/15/28
0.0
0.0%
26.1
1.3%
26.1
0.5%
826.3
16.7%
4,131.0
83.3%
4,957.3
100.0%
Cash (b)
Net Debt (a) - (b)
254.7
4,702.6
29

Earnings Release - 3Q15

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Earnings Release - 3Q15

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3Q15 Earnings Release

3Q15 Earnings Release

ENEVA Announces Third Quarter 2015 Results

Net Income (Adjusted)

Total Gen. Energy Sales (GWh)

3Q15 Earnings Release

3Q15 & Subsequent Events

Part of the long-term loan for Parnaba II contracted

3Q15 Earnings Release

3Q15 Earnings Release

Economic and Financial Performance

Free Market allocation

Deductions from Operating Revenues

Net Operating Revenues

Adjustments from previous periods

Write off as a consequence of consolidation elimination, according to accounting practices.

3Q15 Earnings Release

Leases and Rentals

Personnel and Management

Energy Acquired for Resale

(267.0) (212.1) 25.9%

(310.6) (247.6) 25.4%

3Q15 Earnings Release

Itaqui - Energy Availability

3Q15 Earnings Release

Leases and Rentals

(14.4) (24.8) -41.9%

Total Operating Expenses

(15.2) (25.6) -40.5%

Leases and Rentals

(8.8) (18.7) -52.9%

Total Operating Expenses

(9.5) (19.3) -51.0%

The main changes were as follows:

Settlement of accounting provision adjustments for legacy stock-option-related expenses made in

3Q15 Earnings Release

5. Net Financial Result

Present value adjust. (debentures)

3Q15 Earnings Release

Net Operating Revenues

Net Financial Result

Pecm II generated revenues of R$142.0 million in the quarter, comprising:

3Q15 Earnings Release

Fixed revenues amounting to R$75.9 million;

Variable revenues totaling R$68.2 million;

Free market allocations amounting to R$9.8 million;

Adjustments from previous periods totaling R$4.8 million;

Deductions from operating revenues amounting to R$16.8 million.

Transmission charges amounting to R$6.1 million; and

Pecm II - Energy Availability

3Q15 Earnings Release

ENEVA Participaes S.A.

Holding ENEVA Participaes S.A.

Leases and Rentals

3Q15 Earnings Release

6.3.2. Parnaba III

Net Financial Result

Earnings Before Taxes

Taxes Payable and Deferred

Net Operating Revenues

Net revenues in the quarter amounted to R$63.9 million, consisting of:

Fixed revenues totaling R$26.2 million;

Variable revenues amounting to R$28.9 million;