Earnings Release - 3Q15

3Q15 Earnings Release

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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. Usual requests by the ONS throughout the period for load reductions (dispatch) by Parnaba I affected

operating revenues, with a reduction in variable revenues of R$14.8 million for this plant.

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 3Q15 3Q14

3Q15/ 9M15 9M14

9M15/ 9M14 9M15/

(R$ million) 3Q14 9M14 Pro-forma 9M14 PF

Net Operating Revenue 366.0 353.8 3.4% 1.053.5 1.429.8 -26.3% 1.186.0 -11.2%

Operating Costs (310.6) (247.6) 25.4% (911.6) (1.181.9) -22.9% (985.4) -7.5%

Operating Expenses (15.2) (25.6) -40.5% (63.6) (80.5) -21.0% (78.4) -18.9%

EBITDA 84.5 116.8 -27.6% 208.5 300.1 -30.5% 232.9 -10.5%

EBITDA (Adjusted) 86.9 21.9 296.5% 214.8 205.2 4.7% 138.0 55.6%

Net Income (113.9) 29.1 -492.0% 128.7 (155.1) -183.0% (195.5) -165.8%

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%



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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, PN-

T-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


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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

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.

BTG

Pactual

49.57%

E.ON

12.25%

Ita

Unibanco

11.65%

ICE

Canyon

6.80%

Bullseye

6.53%

Outros

13.21%


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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

Adjustments from previous periods 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

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


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2. Operating Costs

Operating Costs

(R$ million) 3Q15 3Q14 %

Personnel and Management (13.2) (10.8) 21.8%

Fuel (135.2) (142.4) -5.1%

Outsourced Services (26.0) (32.3) -19.4%

Leases and Rentals (46.8) (86.4) -45.8%

Energy Acquired for Resale (2.8) (5.5) -49.7%

Other Costs (43.0) 65.4 -

Transmission Charges (19.5) (11.3) -8.3%

Compensation for Downtime (5.7) 89.7 -95.4%

Other (17.8) (13.0) 36.9%

Total (267.0) (212.1) 25.9%

Depreciation and Amortization (43.5) (35.4) 22.9%

Total Operating Costs (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.


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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.

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.

87% 90% 88%74%

91% 92% 88% 91%

3Q14 4Q14 1Q15 2Q15 Jul-15 Aug-15 Sep-15 3Q15

Itaqui - Energy Availability

94% 86% 81%94%

79% 91% 81% 84%

3Q14 4Q14 1Q15 2Q15 Jul-15 Aug-15 Sep-15 3Q15

Parnaba I - Energy Availability


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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 Consolidated


Personnel (4.4) (5.7) -23.6%



Other Expenses (1.1) (1.0) 11.4%

Total (14.4) (24.8) -41.9%


Total Operating Expenses (15.2) (25.6) -40.5%

Operating Expenses Holding


Personnel (4.4) (4.6) -4.4%

Stock Options - 3.4 -100.0%



Other Expenses (0.6) (0.5) 12.4%

Total (8.8) (18.7) -52.9%



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).


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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


Financial Income 26.7 43.9 -39.3%

Monetary variation 0.9 1.4 -36.0%

Revenues from financial investments 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%

Other 1.1 8.8 -87.5%

Financial Expenses (185.9) (141.6) 31.3%

Monetary variation (35.8) (14.1) 154.2%

Interest expenses (128.1) (118.5) 8.2%

Settlement of derivatives - - -

Marking-to-market of derivatives - - -

Costs and Interest on Debentures (0.0) (0.1) -68.7%

Other (22.0) (9.0) 145.0%

Net Financial Result (159.2) (97.7) 63.1%


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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


Net Operating Revenues 142.0 126.7 12.0%

Operating Costs (109.5) (95.4) 12.0%

Operating Expenses (1.9) (2.0) -4.1%


Other Revenues/Expenses 0.9 0.1 -

Earnings Before Taxes (21.4) (9.9) 116.5%

Taxes Payable and Deferred - - -

NET INCOME (21.4) (9.9) 116.5%

EBITDA 47.3 45.8 3.3%

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


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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).

77%99% 89%

53%

100% 93%76%

90%

3Q14 4Q14 1Q15 2Q15 Jul-15 Aug-15 Sep-15 3Q15

Pecm II - Energy Availability


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6.2. ENEVA Participaes S.A.

6.2.1. Holding Operating Expenses

Operating Expenses Holding ENEVA Participaes S.A.


Personnel (0.9) (5.5) -84.1%



Other Expenses (0.1) (0.3) -49.1%

Total (1.7) (7.1) -75.4%



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.


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6.3.2. Parnaba III

INCOME STATEMENT - Parnaba III



Operating Costs (36.0) (65.1) -44.6%

Operating Expenses (1.2) (0.9) 33.3%

Net Financial Result (1.0) (2.2) -53.6%

Other Revenues/Expenses 0.0 11.0 -100.0%

Earnings Before Taxes 25.7 (1.7) -

Taxes Payable and Deferred (4.6) 0.0 -

NET INCOME 21.1 (1.7) -

EBITDA 28.3 (8.8) -

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.


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6.3.3. Parnaba IV

INCOME STATEMENT - Parnaba IV



Operating Costs (2.0) 9.7 -



Other Revenues/Expenses - 0.7 -100.0%

Earnings Before Taxes (2.9) 8.7 -

Taxes Payable and Deferred 1.0 (3.0) -132.9%

NET INCOME (1.9) 5.8 -

EBITDA 6.3 15.4 -59.0%

INCOME STATEMENT - Parnaba Comercializadora


Net Operating Revenues 0.6 (3.8) -

Operating Costs (3.0) (10.1) -70.2%


Net Financial Result (0.1) (0.1) -18.1%

Other Revenues/Expenses 0.0 - -

Earnings Before Taxes (2.4) (14.0) -82.5%

Taxes Payable and Deferred - - -

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

82%67%

96% 89% 99% 78%63%

80%

3Q14 4Q14 1Q15 2Q15 Jul-15 Aug-15 Sep-15 3Q15

Parnaba III - Energy Availability


14

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.

91% 91%72%

94% 88% 98%71%

86%

3Q14 4Q14 1Q15 2Q15 Jul-15 Aug-15 Sep-15 3Q15

Parnaba IV - Energy Availability


15

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



Operating Costs (310.6) (247.6) 25.4%



Equity Income (8.2) 12.5 -

Other Revenues/Expenses (5.1) 40.9 -

Earnings Before Taxes (132.4) 36.4 -

Taxes Payable and Deferred 18.2 (7.3) -

Minority Interest 0.3 (0.0) -

NET INCOME (113.9) 29.1 -

EBITDA 84.5 116.8 -27.6%

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).


16

Consolidated Debt Profile (R$ million)

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)

*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.

2,04941%2,908

59%

Working Capital Project Finance

82617%

4,13183%

Short Term Long Term

254.7826.3

9.1

388.2

139.7

1,545.1

2,048.9

Cash & Cash

Equivalents

12M 4Q16 2017 2018 From 2019 on

Project Finance Working Capital


17

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)

*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

418.5

354.6 (330.9)

(105.8)

(51.0)(16.5) (14.2)

254.7

Cash and Cash

Equivalents

(2Q15)

Revenues Operating Costs

and Expenses

Debt Service CAPEX Intercompany

Loans and

Contributions to

Subsidiaries

DSRA/Others Cash and Cash

Equivalents

(3Q15)


18

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.

Free Float Profile

(as of September 30, 2015)

0

20

40

60

80

100

120

140

06/3

0/1

5

07/0

4/1

5

07/0

8/1

5

07/1

2/1

5

07/1

6/1

5

07/2

0/1

5

07/2

4/1

5

07/2

8/1

5

08/0

1/1

5

08/0

5/1

5

08/0

9/1

5

08/1

3/1

5

08/1

7/1

5

08/2

1/1

5

08/2

5/1

5

08/2

9/1

5

09/0

2/1

5

09/0

6/1

5

09/1

0/1

5

09/1

4/1

5

09/1

8/1

5

09/2

2/1

5

09/2

6/1

5

09/3

0/1

5

Capital Markets Performance - 3Q15 09/30/2015 = 100

IBOV ENEV3 IEEX

-50.0%

-15.1%-14.8%

R$/share

06/30/2015 0.30

09/30/2015 0.15

0

20

40

60

80

100

120

140

09/3

0/1

4

10/3

1/1

4

11/3

0/1

4

12/3

1/1

4

01/3

1/1

5

02/2

8/1

5

03/3

1/1

5

04/3

0/1

5

05/3

1/1

5

06/3

0/1

5

07/3

1/1

5

08/3

1/1

5

09/3

0/1

5

Capital Markets Performance - 12m09/30/2014 = 100

IBOV ENEV3 IEEX

R$/share

09/30/2014 0.70

09/30/2015 0.15

-78.6%

-16.7%

-6.6%

17.8%

82.2%

Individuais Institucionais

98.5%

1.5%

Brazil International


19

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

[email protected]

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 Consolidated

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

Current Assets 205.3 386.5 727.3 944.7

Cash and Cash Equivalents 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 -

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

Non-current Assets

Long-term Asset 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

Prepaid Expenses - R&D 22.7 21.9 25.7 27.9

Fixed Assets 2,134.4 2,242.3 5,253.7 5,357.0

Equity Interest 2,120.1 2,228.1 667.2 733.9

Property, Plant and Equipment 11.1 11.2 4,397.0 4,423.5

Intangible Assets 3.3 2.9 189.4 199.6

Deferred Assets - - - -

TOTAL ASSETS 3,423.9 3,730.0 6,800.6 7,044.4


21

II. Balance Sheet Liabilities (Holding and Consolidated)


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

Current Liabilities 17.7 2,229.1 1,374.8 3,619.9

Accounts Payable 11.7 11.7 147.6 149.8

Personnel 3.9 6.7 11.8 14.9

Charges on Debts (0.0) 214.4 93.3 266.7

Taxes Payable 2.0 1.6 23.4 27.1

Short Term Debt - 1,984.7 988.9 3,022.5

Losses on Derivatives - - - -

Other 0.1 9.8 109.8 138.9

Non-current Liabilities - - - -

Long term Liabilities 2,097.4 357.9 4,040.9 2,206.8

Accounts Payable - - - -

Deferred Taxes (IR/CSLL) 56.7 9.8 7.9 (41.4)

Long-Term Debt 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

Others - - 14.3 11.0

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 - (36.9) - (36.9)

Profit Reserve 351.0 350.8 351.0 350.8

Advance for Future Capital Increase - AFAC - - - -

Translation Adjustments 0.0 0.0 0.0 0.0

Accumulated Profit or Losses (3,878.0) (2,360.8) (3,885.6) (2,368.6)

Net Earnings 128.7 (1,517.2) 128.7 (1,517.2)

TOTAL LIABILITIES 3,423.9 3,730.0 6,800.6 7,044.4


22

III. Income Statement (Holding and Consolidated)


(R$ million) 3Q15 3Q14 3Q15 3Q14

Gross Operating Revenues - - 406.9 395.4

Energy Supply - - 406.9 395.4

Energy Commercialization - - - -

Deductions from Gross Revenue - - (40.9) (41.7)

Net Operating Revenues - - 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)

Depreciation and Amortization - - (43.5) (35.4)

Leases and Rentals - - (46.8) (86.4)

CCC Subsidy - - - 0.7

Energy Acquired for Resale - - (2.8) (5.5)

Other costs - - (38.4) 69.6

Operating Expenses (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)

Depreciation and Amortization (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)

EBITDA (8.8) (18.7) 84.5 116.8

Net Financial Income (41.6) (47.8) (159.2) (97.7)

Other Revenues/ Expenses (3.6) 40.9 (5.1) 40.9

Equity Income (59.2) 55.3 (8.2) 12.5

Earnings Before Taxes (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 - - 0.3 (0.0)

NET INCOME (113.9) 29.1 (113.9) 29.1


23

IV. Project Balance Sheet Assets (Consolidated Projects)

Itaqui Amapari Parnaba I Parnaba II

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

Current Assets 239.6 205.8 13.2 21.7 190.9 206.4 79.9 113.2

Cash and Cash Equivalents 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 - - - - - - - -

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

Inventories 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

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

Long-term Asset 253.5 234.1 0.5 0.4 44.1 40.7 88.7 27.9

Accounts Receivable - Related Parties 4.9 4.5 0.0 0.0 10.4 2.7 21.3 12.3

AFAC - - - - - - - -

Escrow Accounts 56.2 37.4 - - 22.0 24.6 - -

Deferred Taxes (IR/CSLL) 192.1 192.1 - - 9.5 12.0 67.5 15.6

Prepaid Expenses - R&D 0.2 - 0.5 0.4 2.2 1.4 - -

Fixed Assets 2,170.1 2,215.8 0.0 (0.0) 1,134.2 1,138.4 1,253.0 1,239.7

Equity Interest - - - - - - - -

Property, Plant and Equipment 2,160.5 2,205.5 (0.0) (0.1) 976.7 971.7 1,248.0 1,234.5

Intangible Assets 9.6 10.3 0.0 0.1 157.5 166.6 5.0 5.2

Deferred Assets - - - - - - - -

TOTAL ASSETS 2,663.3 2,655.6 13.7 22.1 1,369.2 1,385.4 1,421.6 1,380.8


24

V. Project Balance Sheet Liabilities (Consolidated Projects)


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

Current Liabilities 152.4 256.7 28.5 28.2 200.6 199.3 721.5 906.6

Accounts Payable 42.7 46.8 26.4 24.7 43.6 30.0 23.3 36.6

Personnel 3.9 3.4 0.3 0.5 2.7 2.3 1.0 2.0

Charges on Debts 6.2 8.9 - - 1.7 4.7 82.3 38.7

Taxes Payable 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

Losses on Derivatives - - - - - - - -

Other 83.5 92.3 1.7 1.9 26.2 18.0 - 16.8

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

Long term Liabilities 1,726.6 1,541.1 1.5 1.2 667.2 715.4 269.6 11.9

Accounts Payable - - - - - - - -

Deferred Taxes (IR/CSLL) (13.1) (14.1) - - (35.6) (37.1) 3.1 -

Long-Term Debt 1,281.9 1,127.8 - - 593.2 615.1 252.7 -

Intercompany Loan / Payable 457.2 426.7 0.3 - 99.2 130.3 13.8 11.9

Provision for Losses - - - - - - - -

Others 0.6 0.6 1.2 1.2 10.4 7.1 - -

Minority Interests - - - - - - - -

Shareholder's Equity 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 - - - -

Reserve Valuation Adjustments - - - - - - - -

Profit Reserve 0.1 0.1 - 12.0 16.7 0.0 0.7 0.7

Advance for Future Capital Increase - AFAC - 10.0 - - 193.1 188.1 - 47.3

Translation Adjustments - - - - - - - -

Accumulated Profit or Losses (909.7) (478.8) (98.5) (3.6) - (17.0) (31.3) (17.6)

Net Earnings (73.5) (430.9) (9.0) (106.9) 28.1 36.0 (100.7) (13.8)

TOTAL LIABILITIES 2,663.3 2,655.6 13.7 22.1 1,369.2 1,385.4 1,421.6 1,380.8


25

VI. Project Income Statement (Consolidated Projects)


(R$ million) 3Q15 3Q14 3Q15 3Q14 3Q15 3Q14 3Q15 3Q14

Gross Operating Revenues 173.5 150.4 - 9.4 232.9 235.6 22.0 -

Energy Supply 173.5 150.4 - 9.4 233.8 235.6 - -

Energy Commercialization - - - - (0.9) - 22.0 -

Deductions from Gross Revenue (17.4) (15.2) - (2.6) (23.6) (23.9) (2.0) -

Net Operating Revenues 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

Material (3.2) (4.2) (0.0) (0.1) (0.9) (0.7) (0.4) (0.0)

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

Depreciation and Amortization (18.5) (21.8) - (1.4) (13.1) (12.2) (11.9) (0.0)

Leases and Rentals (0.5) (0.5) (0.0) (0.1) (65.4) (85.7) (0.0) -

CCC Subsidy - - - 0.7 - - - -

Energy Acquired for Resale (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)

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

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

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

EBITDA 45.0 112.1 (1.1) 5.4 46.9 20.3 2.6 (0.9)

Net Financial Income (43.4) (34.9) (0.2) 0.4 (25.6) (15.4) (48.4) 0.0

Other Revenues/ Expenses (0.6) 0.8 (3.3) 0.0 0.0 (0.8) 0.0 -

Equity Income - - - - - - - -

Earnings Before Taxes (17.6) 56.1 (4.6) 4.3 8.1 (8.2) (57.8) (0.9)

CSLL/IR - - - (0.2) 0.2 3.7 - -

Deferred Taxes Provision (IR/CSLL) - (9.5) - (0.6) (1.6) (0.9) 19.6 0.3

Minority Interest - - - - - - - -

NET INCOME (17.6) 46.7 (4.6) 3.5 6.7 (5.5) (38.1) (0.6)


26

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

ENEVA Part.

Holding ENEVA Part. Consolidated

Pecm II Parnaba III Parnaba IV Parnaba

Comercializadora

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

Current Assets 2.2 22.1 91.2 131.2 230.8 129.1 111.7 71.3 24.9 14.3 19.3 20.6

Cash and Cash Equivalents 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 - - - - - - - - - - - -

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

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 - - - - - - - - - - - -

Long-term Asset 34.5 57.4 62.4 108.2 116.1 109.0 90.2 86.3 44.8 22.2 0.1 0.0

Accounts Receivable - Related Parties 34.0 56.3 40.0 84.6 0.0 3.0 75.6 68.1 40.3 18.9 0.1 0.0

AFAC 0.5 1.1 0.0 1.0 - - - - - - - -

Escrow Accounts - - - - 29.2 19.2 - - - - - -

Deferred Taxes (IR/CSLL) - - 22.3 22.6 86.1 86.1 14.3 18.2 4.6 3.3 - -

Prepaid Expenses - R&D - - - - 0.8 0.7 0.2 - - - - -

Fixed Assets 189.9 208.8 184.5 182.1 1,864.8 1,904.1 175.5 181.5 145.3 161.2 - -

Equity Interest 156.9 176.8 139.2 137.3 - - - - - - - -

Property, Plant and Equipment 6.6 6.6 18.6 19.0 1,864.1 1,903.9 175.5 181.5 145.3 161.2 - -

Intangible Assets 26.4 25.4 26.8 25.8 0.7 0.3 - - - - - -

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

TOTAL ASSETS 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

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

ENEVA Part.



Comercializadora

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

Current Liabilities 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 - -

Charges on Debts - - - - 15.1 2.5 3.7 1.6 - - - -

Taxes Payable 0.2 1.1 0.7 1.4 10.7 12.3 2.6 0.4 6.8 3.7 0.0 0.0

Short Term Debt - - - - 5.2 77.0 120.0 120.0 - - - -

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

Other (0.0) 4.3 (0.0) 5.4 52.2 38.4 8.2 8.4 - 0.1 - 4.4

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

Long term Liabilities 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 - - - - - - - - - - - -

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

Long-Term Debt - - - - 1,134.7 1,027.6 - - - - - -

Intercompany Loan / Payable 36.8 32.9 39.1 34.6 215.6 360.4 32.6 34.8 191.5 173.3 48.4 27.3

Provision for Losses 21.0 6.6 124.3 92.1 2.6 2.5 - - - - - -

Others - - - - - - 5.8 3.3 1.9 1.6 - -

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

Shareholder's Equity 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 - - - - - - - -

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

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

Advance for Future Capital Increase - AFAC 19.4 25.5 19.4 25.8 - - 7.2 7.2 - - - -

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

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

Net Earnings (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


28

Project Income Statement (Projects accounted as Equity Income)

ENEVA Part.



Comercializadora

(R$ million) 3Q15 3Q14 3Q15 3Q14 3Q15 3Q14 3Q15 3Q14 3Q15 3Q14 3Q15 3Q14

Gross Operating Revenues - - 29.4 115.6 158.7 141.8 71.0 61.7 7.9 4.8 0.7 (6.5)

Energy Supply - - 0.0 0.3 158.7 141.8 71.0 70.2 - 0.5 0.7 5.9

Energy Commercialization - - 29.4 115.3 - - - (8.5) 7.9 4.4 - (12.5)

Deductions from Gross Revenue - - (2.8) (11.0) (16.8) (15.1) (7.1) (6.3) (0.7) (0.1) (0.1) 2.7

Net Operating Revenues - - 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 - -

Outsourced Services (0.0) (0.0) (0.2) (0.2) (11.8) (13.7) (2.0) 2.3 (0.2) 2.3 (0.9) (0.6)

Depreciation and Amortization - - (0.1) (0.1) (16.7) (16.4) (1.6) (1.6) (1.3) (1.3) - -

Leases and Rentals (0.0) - (0.1) (0.1) (1.4) (0.9) (11.8) (22.8) - - 7.8 7.0

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

Energy Acquired for Resale - - (26.9) (144.8) - (2.8) (0.3) - - 7.4 (9.0) (15.3)

Other costs - (0.0) (0.3) 0.5 (11.3) (13.0) (2.2) (25.9) (0.3) (2.1) (0.9) (1.1)

Operating Expenses (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)

Depreciation and Amortization (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)

Net Financial Income (0.0) 0.3 1.1 0.9 (52.8) (39.4) (1.0) (2.2) (7.9) (6.1) (0.1) (0.1)

Other Revenues/ Expenses (7.8) (0.0) 37.6 (3.3) 0.9 0.1 0.0 11.0 - 0.7 0.0 -

Equity Income 3.3 (31.0) (41.0) (1.3) - - - - - - - -

Earnings Before Taxes (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) - -

Deferred Taxes Provision (IR/CSLL) - - - 9.1 - - (3.8) (0.6) 1.0 3.8 - -

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

NET INCOME (6.3) (37.9) (6.3) (37.9) (21.4) (9.9) 21.1 (1.7) (1.9) 5.8 (2.4) (14.0)


29

IX. Debt

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

Itaqui 6.2 0.1% 1,268.7 25.6% 1,275.0 25.7%

BNDES (DIRECT) TJLP+2,78% 06/15/26 2.1 0.2% 787.6 61.8% 789.7 15.9%

BNB 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 0.6 0.0% 155.6 12.2% 156.2 3.2%

Parnaba I 123.7 2.5% 557.6 11.2% 681.3 13.7%

BRADESCO CDI+3,50% 08/23/16 25.7 3.8% 0.0 0.0% 25.7 0.5%

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 11.6 1.7% 190.1 27.9% 201.6 4.1%

Parnaba II 696.4 14.0% 255.8 5.2% 952.2 19.2%

BANCO ITA BBA CDI+3,00% 06/30/17 0.0 0.0% 255.8 37.6% 255.8 5.2%

CEF CDI+3,00% 06/30/16 358.1 37.6% 0.0 0.0% 358.1 7.2%

BNDES CDI+3%a.a. +1% a.m 06/30/16 338.2 35.5% 0.0 0.0% 338.2 6.8%

ENEVA S/A 0.0 0.0% 2,048.9 41.3% 2,048.9 41.3%

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 LIBOR 6M 05/15/28 0.0 0.0% 26.1 1.3% 26.1 0.5%

Gross Debt (a) 826.3 16.7% 4,131.0 83.3% 4,957.3 100.0%

Cash (b) 254.7

Net Debt (a) - (b) 4,702.6

Documents

Earnings Release - 3Q15