Demonstra??es Financeiras em Padr?es Internacionais

(A free translation of the original in Portuguese)
Eneva S.A. - under courtsupervised reorganization

Quarterly Information (ITR) at
March 31, 2015
and Report on Review of
Quarterly Information
Report on Review of Quarterly Information

To the Board of Directors and Shareholders
Eneva S.A. - under court-supervised reorganization
Introduction
We have reviewed the accompanying parent company and consolidated interim accounting information of Eneva S.A. - under
court-supervised reorganization (the Company), included in the Quarterly Information Form (ITR) for the quarter ended
March 31, 2015, comprising the balance sheet as at that date and the statements of operations, comprehensive income,
changes in equity and cash flows for the quarter then ended, and a summary of significant accounting policies and other
explanatory information.
Management is responsible for the preparation of the parent company interim accounting information in accordance with the
accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC),
and of the consolidated interim accounting information in accordance with CPC 21 and International Accounting Standard
(IAS) 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB), as well as the
presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM),
applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim
accounting information based on our review.
Scope of review
We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial
Information (NBC TR 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively).
A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted
in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Basis for qualified conclusion
As disclosed in Note 1, the Company filed a request for court reorganization on December 9, 2014 and decided to maintain the balances of
certain financial liabilities without the financial charge adjustments as from that date, due to these balances were under negotiation with
the Company's creditors and according to the Company management's expectations, such charges would not became due. As described in
Notes 1 and 29, on April 30 and May 12, 2015 the Judicial Recovery Plan was approved by the creditors and approved by court respectively,
which results on the unenforceability of these financial charges from the dates of these approvals. However, the terms of borrowing
contracts still effective as at March 31, 2015, foreseeing, establish the financial charge adjustments. As a result, the Company's current
liabilities, as at March 31, 2015, is understated by R$ 191.398 thousand and the equity and the loss for the quarter then ended are overstated
and understated, respectively in the same amount.
Qualified conclusion on the parent

company interim information
Based on our review, except for the effects of the matter described in the basis for qualified conclusion paragraph, nothing has
come to our attention that causes us to believe that the accompanying parent company interim accounting information
included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with
CPC 21 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by
the CVM.
Qualified conclusion on the consolidated
interim information
Based on our review, except for the effects of the matter described in the basis for qualified conclusion paragraph, nothing has
come to our attention that causes us to believe that the accompanying consolidated interim accounting information included
in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 and
IAS 34 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by
the CVM.
Emphasis of matter
Going Concern
As mentioned in further details in Note 1, on December 9, 2014 Eneva S.A. - under court-supervised reorganization - filed a
request for court-supervised reorganization in the State of Rio de Janeiro Capital Judicial District. On December 16, 2014, the
Court of the 4th Corporate Court of the State of Rio de Janeiro Capital decided to grant the processing of the court-supervised
reorganization of the Company and its subsidiary ENEVA Participaes S.A. under court-supervised reorganization. On
February 12, 2015, the Company presented the Reorganization Plan to the 4th Corporate Court of the State of Rio de Janeiro
Capital. On April 30, 2015, the general meeting of creditors, under the terms of the related Law, approved the aforementioned
plan, which was approved by Court on May 12, 2015. Additionally, the Company recorded, at March 31, 2015, accumulated
losses of R$ 4,006,590 thousand, loss for the quarter of R$ 128,610 thousand and excess of current liabilities over current
assets of R$ 2,101,899 thousand and R$ 2,879,822 thousand in the parent company and consolidated financial statements,
respectively. Therefore, the reversal of that situation of accumulated deficit and the readjustment of the financial and equity
structure of the Company depend on the success of the measures adopted in reorganization plan, as detailed in Note 1. This
situation raises significant doubt as to the ability of the Company to continue as a going concern. No adjustments arising from
the uncertainties involved were included in the financial information. Our conclusion is not qualified in respect of this matter.
Other matters
Statements of value added
We have also reviewed the parent company and consolidated statements of value added for the quarter ended March 31, 2015.
These statements are the responsibility of the Companys management, and are required to be presented in accordance with
standards issued by the CVM applicable to the preparation of Quarterly Information (ITR) and are considered supplementary
information under IFRS, which do not require the presentation of the statement of value added. These statements have been
submitted to the same review procedures described above and, based on our review, except for the effects of the matter
described in the basis for qualified conclusion paragraph, nothing has come to our attention that causes us to believe that they
have not been prepared, in all material respects, in a manner consistent with the parent company and consolidated interim
accounting information taken as a whole.
Rio de Janeiro, May 14, 2015
PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5 F RJ
Guilherme Naves Valle

Contador CRC 1MG070614/O-5 "S" RJ
ITR - Quarterly Information - 03/31/2015 - MPX ENERGIA SA
Version : 1
Contents
Company details
Break-down of Paid-in Capital
Individual Financial Statements

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

DMPL - 01/01/2015 to 03/31/2015
DMPL - 01/01/2014 to 03/31/2014
Statements of Added Value
Consolidated Financial Statements

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

DMPL - 01/01/2015 to 03/31/2015
15
DMPL - 01/01/2014 to 03/31/2014
16
Statements of Added Value

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

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

Number of Shares
(thousand)
Current Quarter
03/31/2015
Issued Capital
Common
840,106
Preferred
Total
840,106
Treasury stock
Common
Preferred
Total
PAGE: 1 of 25
Version : 1
Individual Financial Statements / Balance Sheet - Assets

(Thousands of Reais)
Account
Code
Account Description
Total Assets
1.01
Current Assets
1.01.01
Cash and Cash Equivalents
1.01.01.01
Cash and Bank deposits
4,530
4,055
1.01.01.02
Fundo Multimercado MPX 63
47,112
68,447
1.01.06
Recoverable Taxes
10,368
12,255
1.01.06.01
Current Taxes Recoverable
10,368
12,255
1.01.07
Prepaid Expenses
1.01.08
Other Current Assets
301,804
301,753
1.01.08.01
Non-current assets for sale
300,000
300,000
1.01.08.03
Others
1,804
1,753
1,762
1,712
42
41
1.01.08.03.01 Other Advances

1.01.08.03.04 Secured deposits
Current Quarter
03/31/2015
Previous Year
12/31/2014
3,661,904
3,729,971
363,816
386,513
51,642
72,502
1.02
Non-current Assets
3,298,088
3,343,458
1.02.01
Long-Term Assets
1,073,530
1,101,204
1.02.01.07
Prepaid Expenses
786
786
1.02.01.09
Other Non-current Assets
1,072,744
1,100,418
1.02.01.09.03 Gain on derivatives
21,122
21,122
1.02.01.09.07 Recoverable Taxes
38,325
33,237
1.02.01.09.08 Accounts receivable from other related parties
61,494
62,627
1.02.01.09.09 AFAC at Subsidiaries and Joint Ventures
164,610
248,000
1.02.01.09.11 Loan at Subsidiaries and Joint Ventures
709,626
691,287
77,565
44,143
1.02.01.09.12 Accounts receivable from Subsidiaries and Joint Ventures

1.02.01.09.14 Other Accounts Receivable
1.02.02
Investiments
2,210,651
2,228,139
1.02.02.01
Equity Interests
2,210,651
2,228,139
97,483
97,483
1,485,069
1,486,453
1.02.02.01.01 Interests in Associated Companies

1.02.02.01.02 Interests in Subsidiaries
1.02.02.01.03 Interests in Joint Ventures
566,004
582,108
1.02.02.01.04 Other Equity Interests
62,095
62,095
1.02.03
Property, plant and equipment
10,982
11,238
1.02.04
Intangible assets
2,925
2,877
PAGE: 2 of 25
Version : 1
Individual Financial Statements / Balance Sheet Liabilities

Account
Code
Account Description
Current Quarter
03/31/2015
Previous Year
12/31/2014
Total Liabilities
3,661,904
3,729,971
2.01
Current Liabilities
2,465,715
2,229,070
2.01.01
Social and labor obligations
6,591
6,742
2.01.01.02
Labor Obligations
6,591
6,742
2.01.02
Trade payables
13,547
11,737
2.01.02.01
Domestic Trade Payables
13,547
11,737
2.01.03
Tax Obligations
2,146
1,602
2.01.03.01
Federal Tax Liabilities
2,146
1,602
2.01.03.01.01 Income taxes and contributions payable
2,146
1,602
2.01.04
Loans and Financing
2,433,591
2,199,149
2.01.04.01
Loans and Financing
2,433,591
2,199,149
2,433,591
2,199,149
2.01.04.01.01 In local currency

2.01.05
Other liabilities
9,840
9,840
2.01.05.02
Others
9,840
9,840
9,749
9,749
2.01.05.02.07 Profit Sharing

2.01.05.02.09 Other liabilities
91
91
181,572
357,885
Loans and Financing
182,749
Loans and Financing
182,749
2.02
Non-current Liabilities
2.02.01
2.02.01.01
182,749
2.02.02
Other liabilities
174,760
171,595
2.02.02.01
Related-Party Transactions
174,760
171,595
174,760
171,595
2.02.02.01.04 Debts with Other Related Parties

2.02.04
Provisions
6,812
3,541
2.02.04.02
Other Provisions
6,812
3,541
2.02.04.02.05 Negative Equity
6,812
3,541
2.03
Shareholders Equity
1,014,617
1,143,016
2.03.01
Realized Capital
4,707,088
4,707,088
2.03.02
Capital Reserves
350,980
350,771
2.03.02.04
Options awarded
350,980
350,771
2.03.05
Retained Earnings/Accumulated Losses
-4,006,590
-3,877,982
2.03.06
Equity Appraisal Adjustments
-36,861
-36,861
PAGE: 3 of 25
Version : 1
Individual Financial Statements Statement

of Income (Thousands of Reais)
Account
Code
Account Description
Accrued value of the

Current Year
01/01/2015 to 03/31/2015

Prior Year
01/01/2014 to 03/31/2014
3.04
Operating Income/Expenses
3.04.02
General and Administrative Expenses
-103,050
-41,589
-18,452
-28,324
3.04.02.01
Personnel and Management
3.04.02.02
Other Expenses
-8,472
-13,287
-106
-11,925
3.04.02.03
Outsourced Services
3.04.02.04
Depreciation and Amortization
3.04.02.05
Leasing and Rentals
3.04.04
Other Operating Income
3.04.04.01
Sale of PGN (OGX Maranho)
3.04.04.02
Other
3.04.05
3.04.05.01
3.04.05.02
Provision for investment losses
3.04.05.03
Losses on the sale of assets
3.04.05.06
Other
3.04.06
Equity in Net Income of Subsidiaries
3.05
Earnings before financial income/loss and tax
3.06
Financial Income/Loss
3.06.01
Financial Revenue
3.06.01.01
Exchange Variance Gain
3.06.01.02
Interest-earning bank deposits
3.06.01.03
Derivative Financial Instruments
3.06.01.05
Other Financial Revenue
3.06.01.06
Interest on loans
26,405
33,060
3.06.02
Financial Expenses
-53,622
-93,095
3.06.02.01
Exchange Variance Loss
-51,693
-15,149
3.06.02.03
Debenture Interest/Cost
3.06.02.05
Debt charges
3.06.02.06
Other Financial Expenses
-680
-2,314
3.07
Earnings before tax on net income
-128,610
-71,931
3.09
Net Income from Continued Operations
-128,610
-71,931
3.11
Net Income/Loss for the Period
-128,610
-71,931
3.99
Earnings per Share - (Reais / Share)
3.99.1
Basic Earnings per Share
3.99.01.01
Common
-7,759
-525
-634
-1,348
-1,481
-1,239
60
21,870
21,858
60
12
Other Operating Expenses
-9,194
-129
Unsecured Liability
-3,272
36
-165
-4,940
-982
-75,464
-35,006
-103,050
-41,589
-25,560
-30,342
28,062
62,753
19,137
1,575
1,459
9,036
82
61
-27
-211
-1,222
-75,421
-0.15309
-0.26803
PAGE: 4 of 25
Version : 1
Individual Financial Statements Comprehensive

Statement of Income (Thousands of Reais)
Account
Code
Account Description
4.01
Net Income for the Period
4.02
4.02.02
Other Comprehensive Income

Effective portion of the changes in fair value of cash flow
hedges - hedge accounting
4.02.03
Deferred income and social contribution taxes - hedge

Accounting
4.03
Comprehensive Income for the Period

Current Year
01/01/2015 to 03/31/2015

Prior Year
01/01/2014 to 03/31/2014
-128,610
-71,931
-765
-1,160
395
-128,610
-72,696
PAGE: 5 of 25
Version : 1
Individual Financial Statements / Statement of Cash Flows

Indirect Method (Thousands of Reais)
Account
Code
Account Description

Current Year
01/01/2015 to 03/31/2015

Prior Year
01/01/2014 to 03/31/2014
6.01
6.01.01
Net Cash from Operating Activities
3,044
196,235
Cash Provided by Operating Activities
7,629
-5,588
6.01.01.01
Net income/loss before IR and CSLL
6.01.01.02
6.01.01.03

Equity in net income of subsidiary and associated
companies
-128,610
-71,931
636
525
75,464
35,006
6.01.01.04
Operations with derivative financial instruments
6.01.01.05
Stock Options Awarded
-9,036
209
4,671
6.01.01.07
Investment devaluation
4,940
165
6.01.01.08
Provision for Unsecured Liabilities
3,272
-36
6.01.01.13
26
211
6.01.01.15
Interest on loans and related parties
51,692
34,837
6.01.02
Changes in Assets and Liabilities
-7,857
202,067
6.01.02.01
Other Advances
-50
-143
6.01.02.02
Prepaid Expenses
6.01.02.05
Recoverable Taxes
-3,201
-2,575
6.01.02.09
Taxes, Duties and Contributions
544
-134
6.01.02.10
Trade payables
1,810
1,840
6.01.02.11
Provisions and payroll charges
-152
581
6.01.02.14
Related Parties
-6,810
202,498
6.01.03
Other
3,272
-244
6.02
Net Cash from Investment Activities
-23,877
-162,680
6.02.01
Acquisition of PPE and intangible assets
-427
-547
6.02.04
Capital contribution/AFAC in investments
-5,110
-92,170
6.02.07
Debt to related parties
-18,339
-69,962
6.02.10
Escrow Deposits
-1
-1
6.03
Net Cash from Financing Activities
-27
-124,017
6.03.04
Amortization of Principal - Financing
-203,980
6.03.07
Loans and Financing Obtained
80,000
6.03.10
Issuance (payment) of debentures
-27
-37
6.05
Increase (Decrease) in Cash and Cash Equivalents
-20,860
-90,462
6.05.01
Opening Balance of Cash and Cash Equivalents
72,502
110,156
6.05.02
Closing Balance of Cash and Cash Equivalents
51,642
19,694
PAGE: 6 of 25
Version: 1
Individual Financial Statements - Statements of Changes in Shareholders Equity / DMPL 01/01/2015 to 03/31/2015 (Thousands of Reais)
Paid-in share
capital
Capital Reserves,
Options Awarded and
Treasury Stock
Profit Reserves
Retained Earnings or
Accumulated Losses
Other Comprehensive
Income
Shareholders Equity
Opening Balances
4,707,088
350,771
-3,877,982
-36,861
1,143,016
5.03
Adjusted Opening Balances
4,707,088
350,771
-3,877,982
-36,861
1,143,016
5.04
Capital Transactions with Partners
209
209
5.04.03
Awarded Options Recognized
209
209
5.05
Total Comprehensive Income
-128,610
-128,610
5.05.02
-128,610
-128,610
5.05.02.06
Loss for the Period
-128,610
-128,610
5.07
Closing Balances
4,707,088
350,980
-4,006,592
-36,861
1,014,615
Account
Code
Account Description
5.01
PAGE: 7 of 25
Version: 1
Individual Financial Statements - Statements of Changes in Shareholders Equity / DMPL 01/01/2014 to 03/31/2014 (Thousands of Reais)
Paid-in share
capita
Capital Reserves,
Options Awarded and
Treasury Stock
Profit Reserves
Retained Earnings or
Accumulated Losses
Other Comprehensive
Income
Shareholders Equity
Opening Balances
4,532,315
350,514
-2,360,800
-53,284
2,468,745
5.03
Adjusted Opening Balance
4,532,315
350,514
-2,360,800
-53,284
2,468,745
5.04
3,511
3,511
5.04.03
3,511
3,511
5.05
-71,931
1,160
-70,771
5.05.02
-71,931
1,160
-70,771
5.05.02.01
Financial Instrument Adjustments
1,160
1,160
5.05.02.06
Loss for the Period
-71,931
-71,931
5.07
Closing Balances
4,532,315
354,025
-2,432,731
-52,124
2,401,485
Account
Code
Account Description
5.01
PAGE: 8 of 25
Version: 1
Individual Financial Statements Statement of

Added Value (Thousands of Reais)
Account
Code
Account Description

Current Year
01/01/2015 to 03/31/2015

Prior Year
01/01/2014 to 03/31/2014
7.01
7.01.02
Revenue
-5,862
Other Revenue
-5,862
7.02
7.02.02
Consumables acquired from third parties
-8233
-12,447
Material, Energy, Outsourced Services and Other
-8.233
-12,447
7.03
Gross Added Value
7.04
Retentions
-14,095
-12,447
-636
-525
7.04.01
Depreciation, Amortization and Depletion
-636
-525
7.05
Net Added Value Produced
-14,729
-12,972
7.06
Transferred Added Value
-50,673
30,340
7.06.01
-75,464
-35,006
7.06.02
Financial Revenue
7.06.03
Other
7.06.03.01
7.06.03.02
-3,271
36
7.06.03.04
Provision for Loss on investments
-165
7.06.03.05
7.06.03.06
Interest on loans
7.07
7.08
7.08.01
7.08.01.01
1,657
1,521
23,134
63,825
9,036
21,858
26,405
33,060
Total Added Value to be Distributed
-65,402
17,368
Distribution of Added Value
-65,402
17,368
Personnel
8,472
13,287
Direct Remuneration
4,368
8,402
7.08.01.02
Benefits
1,769
2,213
7.08.01.03
F.G.T.S.
2,335
2,672
7.08.02
319
7.08.02.01
Federal
319
7.08.03
Interest Expenses
54,726
75,693
7.08.03.01
Interest
27
211
7.08.03.02
Rent
1,481
1,348
7.08.03.03
Other
53,218
74,134
-376
398
7.08.03.03.03 Insurance
7.08.03.03.04 Exchange Variance
51,693
-3,987
7.08.03.03.06 Financial Expenses
1,901
77,735
7.08.03.03.07 Other
-12
7.08.04
Interest earnings
-128,610
-71,931
7.08.04.03
Retained Earnings/Loss for the Period
-128,610
-71,931
PAGE 9 of 25
Version: 1
Consolidated Financial Statements / Balance Sheet - Assets

Account
Code
Account Description
Total Assets
1.01
Current Assets
1.01.01
Cash and Cash Equivalents
1.01.01.01
Cash and Bank deposits
1.01.01.02
Fundos Multimercado MPX 63
1.01.01.04
CDB
22,632
28,006
1.01.03
Accounts Receivable
232,114
304,848
1.01.03.01
Clients
232,114
304,848
1.01.04
Inventories
94,403
99,185
1.01.06
Recoverable Taxes
31,048
32,354
1.01.06.01
Current Taxes Recoverable
31,048
32,354
1.01.07
Prepaid Expenses
30,098
42,081
1.01.08
Other Current Assets
314,486
308,921
1.01.08.01
Non-current assets for sale
300,000
300,000
1.01.08.03
Other
14,486
8,921
14,845
8,880
1.01.08.03.01 Other Advances

1.01.08.03.04 Escrow Deposits
1.01.08.03.05 CCC subsidies receivable
Current Quarter
03/31/2015
Previous Year
12/31/2014
6,989,581
7,044,418
883,090
944,708
180,941
157,319
38,720
44,229
119,589
85,084
42
41
-401
1.02
Non-current Assets
6,106,491
6,099,710
1.02.01
Long-Term Assets
790,233
742,745
1.02.01.06
Deferred Taxes
222,957
219,713
222,957
219,713
1.02.01.06.01 Deferred Income and Social Contribution Taxes

1.02.01.07
Prepaid Expenses
1.02.01.09
Other Non-current Assets
3,301
6,776
563,975
516,256
1.02.01.09.03 Gains on Derivatives
21,122
21,122
1.02.01.09.04 Escrow Deposits
86,494
62,070
1.02.01.09.07 Recoverable Taxes
42,873
37,575
1.02.01.09.08 Accounts receivable from other related parties
67,221
63,970
110
26,250
248,264
284,774
97,889
20,493
1.02.01.09.09 AFAC at joint ventures

1.02.01.09.11 Loan with joint ventures
1.02.01.09.12 Accounts receivable from joint ventures
1.02.01.09.13 Embedded derivatives
1.02.02
Investments
717,823
733,927
1.02.02.01
Equity Interests
717,823
733,927
97,483
97,484
1.02.02.01.01 Interests in Associated Companies

1.02.02.01.04 Other Equity Interests
1.02.03
Property, plant and equipment
1.02.04
Intangible assets
620,340
636,443
4,401,860
4,423,466
196,575
199,572
PAGE: 10 of 25
Version: 1
Consolidated Financial Statements / Balance Sheet - Liabilities

Account
Code
Account Description
Current Quarter
03/31/2015
Previous Year
12/31/2014
2
2.01
Total Liabilities
6,989,581
7,044,418
Current Liabilities
3,762,912
3,619,910
2.01.01
Social and labor obligations
14,167
14,934
2.01.01.02
Labor Obligations
14,167
14,934
2.01.02
Trade payables
140,502
149,785
2.01.02.01
Domestic Trade Payables
140,502
149,785
2.01.03
Tax Obligations
25,095
27,116
2.01.03.01
Federal Tax Liabilities
25,095
27,116
25,095
27,116
2.01.03.01.01 Income taxes and contributions payable

2.01.04
Loans and Financing
3,429,254
3,289,195
2.01.04.01
Loans and Financing
3,429,254
3,289,195
3,429,254
3,289,195
2.01.05
Debentures
153,894
138,880
2.01.05.02
Other
153,894
138,880
2.01.05.02.05 Contractual Retentions
19,196
20,945
2.01.05.02.07 Profit Sharing
16,592
16,591
2.01.05.02.09 Other liabilities
118,106
101,344
2.02
Non-current Liabilities
2,138,621
2,206,796
2.02.01
Loans and Financing
1,846,139
1,874,502
2.02.01.01
Loans and Financing
1,846,139
1,874,502
1,846,139
1,874,502
2.02.02
Other liabilities
280,826
320,874
2.02.02.01
Related-Party Transactions
280,826
320,874
280,826
320,874
2.02.02.01.04 Debts with Other Related Parties

2.02.03
Deferred Taxes
11,656
10,978
2.02.03.01
Deferred Income and Social Contribution Taxes
11,656
10,978
2.02.04
Provisions
442
2.02.04.02
Other Provisions
442
2.02.04.02.05 Negative Equity
442
2.03
Consolidated Shareholders Equity
1,088,048
1,217,712
2.03.01
Realized Capital
4,707,088
4,707,088
2.03.02
Capital Reserves
350,980
350,771
2.03.02.04
Options Awarded
2.03.05
Retained Earnings/Accumulated Losses
2.03.06
Equity Appraisal Adjustments
2.03.09
Minority Interests
350,980
350,771
-4,014,349
-3,885,741
-36,861
-36,861
81,190
82,455
PAGE: 11 of 25
Version : 1
Consolidated Financial Statements Statement

of Income (Thousands of Reais)
Account
Code
Account Description

Current Year
01/01/2015 to 03/31/2015

Prior Year
01/01/2014 to 03/31/2014
3.01
Revenue from goods sold and services rendered
3.02
Cost of goods and/or services sold
3.03
Gross Profit
43,419
91,992
3.04
Operating Income/Expenses
-53,819
-34,428
3.04.02
General and Administrative Expenses
-25,986
-36,791
3.04.02.01
-11,054
-15,292
3.04.02.02
Outsourced Services
-12.076
-17,358
3.04.02.03
Leasing and Rentals
-1,580
-768
3.04.02.04
-824
-1,528
3.04.02.05
Other Expenses
-460
-1,845
3.04.04
Other Operating Income
245
21,870
3.04.04.01
21,858
3.04.04.02
Other
245
12
3.04.05
Other Operating Expenses
3.04.05.01
Unsecured liability
3.04.05.02
Provision for investment losses
3.04.05.03
Losses on the sale of assets
3.04.05.06
Other
3.04.06
3.05
Earnings before financial income/loss and tax
3.06
Financial Income/Loss
3.06.01
Financial Revenue
3.06.01.01
Exchange Variance Gain
3.06.01.02
Interest-earning bank deposits
3.06.01.03
3.06.01.05
Other Financial Revenue
3.06.01.06
Interest on loans
3.06.02
Financial Expenses
3.06.02.01
Exchange Variance Loss
3.06.02.03
3.06.02.05
Debt charges
3.06.02.06
Other Financial Expenses
3.07
Earnings before tax on net income
3.08
Income and social contribution taxes on profit
3.08.01
Current
3.08.02
Deferred charges
3.09
3.11
373,784
586,771
-330,365
-494,779
-225
-12,146
-2,035
110
25
-6,718
-4,940
6,725
-5,538
-27,853
-7,361
-10,400
57,564
-119,793
-124,294
21,580
50,517
2,734
21,368
5,574
5,433
9,036
409
874
12,863
13,806
-141,373
-174,811
-51,869
-16,012
-27
-211
-80,494
-149,417
-8,983
-9,171
-130,193
-66,730
2,287
-3,836
-280
-2,733
2,567
-1,103
Net Income from Continued Operations
-127,906
-70,566
Consolidated Net Income/Loss for the Period
-127,906
-70,566
3.11.01
Attributed to Partners of the Parent Company
-128,609
-71,931
3.11.02
Attributed to Minority Partners
703
1,365
3.99
Earnings per Share - (Reais / Share)
3.99.1
Basic Earnings per Share
3.99.01.01
Common
-0,15225
-0,26295
PAGE: 12 of 25
Version : 1
Consolidated Financial Statements Comprehensive

Statement of Income (Thousands of Reais)
Account
Code
Account Description

Current Year
01/01/2015 to 03/31/2015

Prior Year
01/01/2014 to 03/31/2014
4.01
Consolidated Net Income for the Period
4.02
-127,907
-70,566
-765
4.02.02
Effective portion of the changes in fair value of cash flow

hedges - hedge accounting
-1,160
4.02.03
395
4.03
Deferred income and social contribution taxes - hedge

Accounting
Consolidated Comprehensive Income for the Period
-127,907
-71,331
4.03.01
Attributed to Partners of the Parent Company
-128,610
-72,696
4.03.02
Attributed to Minority Partners
703
1,365
PAGE: 13 of 25
Version : 1
Consolidated Financial Statements / Statement of Cash Flows

Indirect Method (Thousands of Reais)
Account
Code
Account Description

Current Year
01/01/2015 to 03/31/2015

Prior Year
01/01/2014 to 03/31/2014
6.01
6.01.01
Net Cash from Operating Activities
35,335
146,440
Cash Provided by Operating Activities
60,340
47,011
6.01.01.01
Net Income / Loss Before of IR and CSLL
6.01.01.02
6.01.01.03

Equity in net income of subsidiary and associated
companies
-130,193
-66,728
41,989
48,711
27,845
7,361
6.01.01.04
Operations with derivative financial instruments
6.01.01.05
Stock Options Awarded
-9,036
209
4,671
6.01.01.07
Investment devaluation
-25
6,718
6.01.01.08
2,035
-110
6.01.01.09
Provision for Disassembly
51
6.01.01.13
27
211
6.01.01.15
Interest on loans and related parties
118,453
55,162
6.01.02
Changes in Assets and Liabilities
-24,563
102,642
6.01.02.01
Other Advances
-5,965
-782
6.01.02.02
Prepaid Expenses
15,456
-42
6.01.02.03
Accounts Receivable
72,733
-50,308
6.01.02.05
Recoverable Taxes
-3,992
-8,063
6.01.02.06
Inventory
4,782
31
6.01.02.09
-2,020
-8,427
6.01.02.10
Trade payables
-9,283
6,969
6.01.02.11
Provisions and payroll charges
6.01.02.12
Accounts Payable
6.01.02.13
CCC subsidies receivable
6.01.02.14
Debts / Credits with related parties
6.01.03
Other
6.02
Net Cash from Investment Activities
6.02.01
Acquisition of PPE and intangible assets
6.02.04
Capital contribution/AFAC in investments
6.02.05
Cash resulting from sale of property, plant and equipment

and intangible assets
6.02.07
-767
1,496
16,762
8,365
401
-16,133
-112,670
169,536
-442
-3,213
-2,289
-160,365
-17,383
-62,597
-110
-28,529
4,865
12
Debt to related parties
36,511
-54,337
6.02.09
Contractual Retentions
-1,748
-4,847
6.02.10
Escrow Deposits
-24,424
-10,067
6.03
Net Cash from Financing Activities
-9,424
-166,857
6.03.04
Amortization of Principal
-9,397
-246,820
6.03.07
Borrowing
80,000
6.03.10
Issuance (payment) of debentures
6.05
Increase (Decrease) in Cash and Cash Equivalents
6.05.01
6.05.02
-27
-37
23,622
-180,782
Opening Balance of Cash and Cash Equivalents
157,318
277,583
Closing Balance of Cash and Cash Equivalents
180,940
96,801
PAGE: 14 of 25
Version : 1
Consolidated Financial Statements - Statements of Changes in Shareholders Equity - 01/01/2015 to

03/31/2015 (Thousands of Reais)
Consolidated
Shareholders Equity
Paid-in share
capital
Capital Reserves,
Options Awarded and
Treasury Stock
Profit Reserves
Retained Earnings
or Accumulated Losses
Other Comprehensive
Income
Shareholders Equity
Opening Balances
4,707,088
350,771
-3,885,741
-36,861
1,135,257
82,455
1,217,712
4,707,088
350,771
-3,885,741
-36,861
1,135,257
82,455
1,217,712
209
209
209
5.04.03
209
209
209
5.05
-128,610
-128,610
-1,265
-129,875
5.05.02
-128,610
-128,610
-1,265
-129,875
5.05.02.07
Loss for the Period
-128,610
-128,610
702
-127,908
5.05.02.08
Interest of Non-controlling Shareholder
-1,967
-1,967
5.07
Closing Balances
4,707,088
350,980
-4,014,351
-36,861
1,006,856
81,190
1,088,046
Account
Code
Account Description
5.01
5.03
5.04
Minority interests
PAGE: 15 of 25
Version : 1
Consolidated Financial Statements - Statements of Changes in Shareholders Equity / DMPL 01/01/2014 to 03/31/2014 (Thousands of Reais)
Consolidated
Shareholders Equity
Paid-in share
capital
Capital Reserves,
Options Awarded and
Treasury Stock
Profit Reserves
Retained Earnings
or Accumulated Losses
Other Comprehensive
Income
Shareholders Equity
Opening Balances
4,532,315
350,514
-2,379,303
-53,284
2,450,242
123,633
2,573,.875
4,532,315
350,514
-2,379,303
-53,284
2,450,242
123,633
2,573,.875
3,511
3,643
7,154
7,154
5.04.03
3,511
3,511
3,511
5.04.09
Deferred Asset Adjustment
3,643
3,643
3,643
5.05
-71,931
1,160
-70,771
1,370
-69,401
5.05.02
-71,931
1,160
-70,771
1,370
-69,401
5.05.02.01
Financial Instrument Adjustments
1,160
1,160
1,160
5.05.02.07
Loss for the Period
-71,931
-71,931
1,365
-70,566
5.05.02.08
Interest of Non-controlling Shareholder
5.07
Closing Balances
4,532,315
354,025
-2,447,591
-52,124
2,386,625
125,003
2,511,628
Account
Code
Account Description
5.01
5.03
5.04
Minority interests
PAGE: 16 of 25
Version : 1
Consolidated Financial Statements Statement of

Added Value (Thousands of Reais)
Account
Code
Account Description
Accrued Value of the

Current Year
01/01/2015 to 03/31/2015
Accrued Value of the

Prior Year
01/01/2014 to 03/31/2014
7.01
7.01.01
Revenue
396,757
600,606
Sales of Goods, Products and Services
419,308
586,771
7.01.02
Other Revenue
7.01.03
Revenue relating to construction of company assets
7.02
7.02.02
7.03
7.04
7.04.01
Depreciation, Amortization and Depletion
-41,989
-48,711
7.05
Net Added Value Produced
104,249
203,870
7.06
Transferred Added Value
-11,034
37,038
7.06.01
-27,845
-7,361
7.06.02
Financial Revenue
5,983
6,307
7.06.03
Other
10,828
38,092
7.06.03.01
9,036
7.06.03.02
7.06.03.04
Provision for loss on investments
7.06.03.05
7.06.03.06
Interest on loans
7.07
Total Added Value to be Distributed
93,215
240,908
7.08
Distribution of Added Value
93,215
240,908
7.08.01
Personnel
25,494
28,312
7.08.01.01
Direct Remuneration
11,639
15,230
7.08.01.02
Benefits
7,683
6,518
7.08.01.03
F.G.T.S.
6,172
6,564
7.08.02
43,382
4,241
7.08.02.01
Federal
43,382
7.08.03
Interest Expenses
152,246
4,241
278
921
7.08.03.01
Interest
26
211
7.08.03.02
Rent
33,352
99,981
7.08.03.03
Other
118,868
178,729
-24,606
13,835
4,862
6,137
2,055
-24,606
13,835
Consumables acquired from third parties
-250,519
-348,025
Material, Energy, Outsourced Services and Other
-250,519
-348,025
Gross Added Value
146,238
252,581
Retentions
-41,989
-48,711
7.08.03.03.02 Advances to suppliers

7.08.03.03.03 Insurance
-2,035
110
-6,718
21,858
12,863
13,806
7.08.03.03.04 Exchange Variance
49,135
-5,356
7.08.03.03.06 Financial Expenses
89,477
158,587
5,526
7.08.03.03.07 Other
7.08.04
Interest earnings
-127,907
-70,566
7.08.04.03
Retained Earnings/Loss for the Period
-128,610
-71,931
7.08.04.04
Minority interests in retained earnings
703
1,365
PAGE: 17 of 25
Version : 1

FEDERAL PUBLIC SERVICE
CVM - THE SECURITIES COMMISSION OF BRAZIL
ITR - Quarterly information
COMMERCIAL COMPANY, INDUSTRIAL AND OTHER
Corporate Legislation
Data-Base 03/31/2015
02123-7 ENEVA S/A
04.423.567/0001-21
20.01 - OTHER INFORMATIONS THAT THE COMPANY DEEMED RELEVANT

As provided for in the Company's ByLaws, itself, its shareholders and managers are obliged to resolve through arbitration
any and all dispute or controversy that may arise between them related or arising from, in particular, the application,
validity, effectiveness, interpretation, violation and its effects, of the provisions contained in the Brazilian Corporate Law, in
the statute itself, the rules issued by the National Monetary Council by the Central Bank of Brazil and the Brazilian
Securities Exchange Commission, as well as other regulations applicable to the operation of the capital market in general,
beyond those included in the Novo Mercado Listing Rules, the Rules of the Arbitration Panel of the Market and the Novo
Mercado Participation Agreement.
On March 31, 2015, the Company's capital stock was composed of 840,106,107 common shares, distributed as follows:
CONSOLIDATED SHARESHOLDERS POSITION OF CONTROLLING SHAREHOLDERS
AND MANAGERS AND OUTSTANDING SHARES
Position on 03/31/2015
62.90
Total number
of shares
(units)
528,461,557
62.90
0
45,678
0.01
0.00
0
45,678
0.00
0.01
Supervisory Board *
Treasury Stock
0.00
0,00
Other Shareholders
311,598,872
37.09
311,598,872
37.09
Total
840,106,107
100
840,106,107
100
Oustanding Shares
311,598,872
37.09
311,598,872
37.09
Shareholder
Controller
Number of
common shares
(units)
528,461,557
Managers
Board of Directors
Executive Board
* On 03/31/2015 there was no Supervisory Board installed in the Company.
On 05/26/2011 a capital increase of the Company was carried out in accordance with the Board of Directors Meeting of
03/24/2011 increasing the Company's number of shares of 136,692,680 to 136,720,840 resulting from the exercise of
subscribing stock options.
In February 2012, the increase of the Company's capital was carried out in accordance with the Board of Directors
Meeting of 02/29/2012, through the issuance of 9,633 new shares, as a result of the conversion of 6,383 debentures out of
the 21,735,744 debentures issued by the Company on June 15th, 2011. With this, the number of Company's shares has
increased from current 136,720,840 to 136,730,473.
In March 2012, the increase of the Company's capital was carried out in accordance with the Board of Directors Meeting
of 03/21/2012, through the issuance of 984 new shares, as a result of the conversion of 649 debentures, and through the
issuance of 7,040 new common shares of no par value, resulting from the exercise of subscribing stock options within the
Stock Option or the Company's Share Subscription Program. With this, the number of Company's shares has increased
from current 136,730,473 to136,738,497
05/06/2015 11:18:02
Page:
PAGE: 18 of 25
Version : 1

02123-7 ENEVA S/A
04.423.567/0001-21

On 05/26/2011 a capital increase of the Company was carried out in accordance with the Board of Directors' Meeting of
05/09/2012 as a result of (i) the issuance of 4,112 new shares, and the conversion of 2,701 debentures; and (ii) the
issuance of 125,620 new common shares of no par value, resulting from the exercise of subscribing stock options within
the Stock Option or the Company's Share Subscription Program. With this, the number of Company's shares has
increased from 136,738,497 to 136,868,229.
In the same month, a new capital increase took place in accordance to the first Board of Directors' Meeting of 05/24/2012,
ratifying the issuance of 33,254,705 new common shares, nominative of no par value of the Company, resulting from the
conversion of 21,652,966 debentures. With this, the number of Company's shares has increased from 136,868,229 to
170,122,934.
On 05/24/2012 ENEVAs Board of Directors approved an increase in the capital of the Company for the total amount of R$
1,000,000,063.00 through the issuance of 22,623,796 new shares, however, the shares were only to exist upon
completion of the capital increase with subsequent approval of the same, which was concluded in July 2012 and approved
by the Board of Directors' Meeting held on July 25, 2012.
In June 2012 a new capital increase took place in accordance with the Board of Directors' Meeting of 06/15/2012, ratifying
the issuance of 514 new common shares, nominative of no par value of the Company, as a result of the conversion of 334
debentures. With this, the number of shares has increased from 170,122,934 to 170,123,448.
On 06/25/2012, in Board of Directors' Meeting the increase in the capital of the Company was approved, at RCA held on
05/24/2012 at 11h approved in the amount of R$1,000,000,063.00 (one billion and sixty-three reais), within the limits of the
authorized capital, due to the subscription and full payment of the 22,623,796 new common shares, nominative of no par
value, by E.ON AG (E.ON). With this, the number of shares has increased from 170,123,448 to 192,747,244.
Pursuant to the Minutes of the Company's Extraordinary General Meeting held on 08/15/2012, the shareholders approved
by unanimous vote, the split of common shares issued by the Company, whereby each one (1) common share existing
now corresponds to three (3) shares of the same class. Entitled to receive of the split shares of ENEVAs shareholders
,based on the shareholding composition of August 15, 2012. With this, the number of shares has increased from
192,747,244 to 578,241,732.
In January 2013 a capital increase took place in accordance with the Board of Directors' Meeting of 01/10/2013, ratifying
the issuance of 147,480 new common shares, resulting from the exercise of subscribing stock options within the Stock
Option or the Company's Share Subscription Program, bringing the Company's number of shares to 578,389,212.
In February 2013 a capital increase took place, in accordance with the Board of Directors' Meeting of the day 02/06/2013,
ratifying the issuance of 27,000 new common shares of no par value, resulting from the exercise of subscribing stock
options within the Stock Option or the Company's Share Subscription Program, bringing the Company's number of shares
to 578,416,212.
Nevertheless, there was a partial payment of the financial value to the capital increase, in a manner that the Capital Stock
on 03/31/2013 totalizes R$ 3,736,269,091.89, a lower value than shown in the minutes of Board of Directors' Meeting of
February 06, 2013. The remainder of the payment of the financial value to the capital increase was performed after the first
quarter closure, which totalizes the Capital Stock to R$ 3,736,354,722.02.
In April 2013 a capital increase took place, in accordance with the Board of Directors' Meeting of the day 05/04/2013,
ratifying the issuance of 34,500 new common shares of no par value, resulting from the exercise of subscribing stock
options within the Stock Option or the Company's Share Subscription Program,
05/06/2015 11:18:02
PAGE:
PAGE: 19 of 25
Version : 1

02123-7 ENEVA S/A
04.423.567/0001-21

, bringing the Company's number of shares to 578,450,712. Due to the resolution above, the Company's capital passes
from R$ 3,736,354,722.02 to R$ 3,736,468,820.55
In May 2013 a capital increase took place in accordance with the Board of Directors' Meeting of 05/08/2013, ratifying the
issuance of 29,250 new common shares of no par value, resulting from the exercise of subscribing stock options within the
Program of Option or the Company's Share Subscription, bringing the Company's number of shares to 578,479,962. Due
to the resolution above, the Company's capital passes from R$ 3,736,468,820.55 to R$ 3,736,568,320.85
On 09/16/2013 at the Board of Directors' Meeting the increase in the Company's capital was approved in accordance with
the Board of Directors' Meeting on July 3, 2013 in the value of R$ 799,999,995.15 within the limits of the authorized
capital, due to the subscription and full payment of the 124,031,007 new common shares, nominative of no par value. With
this, the number of shares has increased from 578,479,962 to 702,510,969. The Company's capital passes from R$
3,736,568,320.85 to R$ 4,536,568,316.00.
In October 2013 a capital increase took place, in accordance with the Board of Directors' Meeting of the day 10/21/2013,
ratifying issuance of 13,500 new common shares of no par value, resulting from the exercise of subscribing stock options
within the Program of Option or the Company's Share Subscription, bringing the Company's number of shares to
702,524,469. Due to the resolution above, the Company's capital passes from R$ 4,536,568,316.00 to R$
4,536,608,413.70
On 08/01/2014, at the Board of Directors' Meeting the increase in the Company's capital was approved in accordance with
the Board of Directors' Meeting held on 05/09/2014 in the value of R$174,728,680.26 within the limits of the authorized
capital, due to the subscription and full payment of the 137,581,638 new common shares, nominative of no par value. With
this, the number of shares has increased from 702,524,469 to 840,106,107. The Company's capital passes from R$
4,536,608,413.70 to R$ 4,711,337,093.96
Shareholding position of more than 5% of shareholders and each category and class of the Company to the level of
individual shareholders
Company: ENEVA S.A.
Common shares*
Shareholder
Quantity
Total
%
Quantity
E.ON
360,725,664
42.9%
360,725,664
42.9%
Other
151,499,940
18.0%
151,499,940
18.0%
Eike Fuhrken Batista
145,704,988
17.3%
145,704,988
17.3%
Centennial Asset Mining Fund LLC
20,08,840
2.4%
20,208,840
2.4%
Centennial Asset Brazilian Equity Fund LLC
1,822,065
0.2%
1,822,065
0.2%
FIA Dinmica Energia
87,494,400
1.,4%
87,494,400
10.4%
BNDESPAR
72,650,210
8.6%
72,650,210
8.6%
Total
840,106,107
100.0%
840,106,107
100.0%
* ENEVAs capital stock is only composed of common shares.
Distribution of the capital stock of the corporation (Company's shareholder) to the level of individual shareholders
05/06/2015 11:18:02
PAGE:
PAGE: 20 of 25
Version : 1
OTHER INFORMATIONS THAT THE COMPANY DEEMED RELEVANT

02123-7 ENEVA S/A
04.423.567/0001-21

Company: Centennial Asset Mining Fund LLC
Shares
Shareholder
Total
Quantity
Quantity
1,000
100
1,000
100
Total
1,000
100
1,000
100
Company: Centennial Asset Brazilian Equity Fund LLC

Shares
Shareholder
Quantity
Total
Quantity
1,000
100
1,000
100
Total
1,000
100
1,000
100
For a better understanding, below follows a brief background of the corporate changes in ENEVA in one-year period:
On 05/27/2013, E.ON SE and Mr. Eike Fuhrken Batista (Parties), ENEVAs controlling shareholder, concluded the
shareholders' agreement ("Agreement), in which the Parties have established the main terms and conditions that will
govern their relationship as, and as well to remain them (pursuant to the termination provisions of the Agreement),
ENEVAs shareholders aimed at a shared control by the Company Parties. E.ON and Mr. Eike Fuhrken Batista concluded
an Investment Contract on March 27, 2013 regarding the acquisition of shares issued by ENEVA through E.ON owned by
Mr. Eike Fuhrken Batista followed by private equity increase of ENEVA approved on 09/16/2013.
On December 31, 2013, the Company's capital stock was composed of 702,524,469 common shares distributed as follows:
CONSOLIDATED SHARESHOLDERS POSITION OF CONTROLLING SHAREHOLDERS

AND MANAGERS AND OUTSTANDING SHARES
Total number
of shares
(Units)
61.78
434,005,449
61.78
155,155
485,700
267,878,165
702,524,469
0.02
0.07
38.13
100
155,155
485,700
267,878,165
702,524,469
0.02
0.07
38.13
100
267,878,165
38.13
267,878,165
38.13
Number of common shares

(Units)
434,005,449
Board of Directors
Executive Board
Supervisory Board *
Treasury Stock
Other Shareholders
Total
Oustanding Shares
Shareholder
Controller
Managers
* For the fiscal year ended on 12/31/2014, the Supervisory Board was not installed by the Company's Annual Meeting.
05/06/2015 11:18:02
PAGE:
PAGE: 21 of 25
Version : 1
OTHER INFORMATIONS THAT THE COMPANY DEEMED RELEVANT

02123-7 ENEVA S/A
04.423.567/0001-21

Shareholding position of more than 5% of shareholders of each type and class of the Company to the level of individual
shareholders
(shares)
Company: ENEVA S.A.

Common shares*
Shareholder
Quantity

Centennial Asset Brazilian Equity Fund LLC
E.ON
BNDESPAR
Other
Total
145,704,988
20,208,840
1,822,065
266,269,556
72,650,210
195,868,810
702,524,469
Total
Quantity
20.7
2.9
0.3
37.9
10.3
27.9
100
145,704,988
20,208,840
1,822,065
266,269,556
72,650,210
195,868,810
702,524,469
20.7
2.9
0.3
37.9
10.3
27.9
100
Distribution of the capital stock of the corporation (Company's shareholder) to the level of individual shareholders
Company: Centennial Asset Mining Fund LLC
Shares
Shareholder
Total
Quantity
Quantity
1,000
100
1,000
100
Total
1,000
100
1,000
100
Company: Centennial Asset Brazilian Equity Fund LLC

Shares
Shareholder
05/06/2015 11:18:02
Quantity
Total
Quantity
1,000
100
1,000
100
Total
1,000
100
1,000
100
PAGE:
PAGE: 22 of 25
Version : 1
Reports and statements / Fiscal council report or Equivalent body

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

In compliance with the provisions in Article 25 of Instruction n 480/09, of December 7, 2009, the Management Board declares that it
has revised, discussed and agreed relevant to the Quarterly Information (Company and Consolidated) the quarter ended March 31,
2015.
Rio de Janeiro, May 14, 2015.
Alexandre Americano (Chief Executive Officer)
Ricardo Levy (Executive Vice President and Investor Relations Director)
PAGE: 24 of 25
Version : 1
Reports and statements / Director's declaration on Independent Auditors' Report

In compliance with the provisions in Article 25 of Instruction n 480/09, of December 7, 2009, the Management Board declares that it
has revised, discussed and agreed Declaration of Principles with the conclusion expressed in the Independent Auditors' relevant
review report, dated May 14, 2015, relevant to the Quarterly Information (Company and Consolidated) the quarter ended March 31,
2015.
Rio de Janeiro, May 14, 2015.
Alexandre Americano (Chief Executive Officer)
Ricardo Levy (Executive Vice President and Investor Relations Director)
PAGE: 25 of 25
May 14th 2015
Quarterly Information
Eneva S.A. In Judicial Reorganization
(Public Held Company)
March 31, 2015
With Independent Auditors Report on the Quarterly Information
Statements.
Summary
1. Reporting Entity ..................................................................................................................................................... 3
2. Licenses and Permits ............................................................................................................................................. 8
3. Interim Financial Statement .................................................................................................................................. 9
4. Significant Accounting Policies ............................................................................................................................ 11
5. Critical Accounting Estimates and Assumptions ................................................................................................. 11
6. Cash and Cash Equivalents .................................................................................................................................. 11
7. Secured Deposits ................................................................................................................................................. 11
8. Accounts Receivable and Fuel Consumption Account ........................................................................................ 12
9. Inventories ........................................................................................................................................................... 12
10. Recoverable and Deferred Taxes....................................................................................................................... 14
11. Capital Expenditure ........................................................................................................................................... 17
12. Available-for-sale Assets and Discontinued Operations ................................................................................... 21
13. Property, Plant and Equipment ......................................................................................................................... 22
14. Intangible Assests .............................................................................................................................................. 25
15. Related Parts ..................................................................................................................................................... 28
16. Loans and Financing .......................................................................................................................................... 33
17. Taxes and contributions payable....................................................................................................................... 43
18. Financial instruments and risk management .................................................................................................... 43
19
Provision for contingencies ......................................................................................................................... 52
20. Shareholders' equity.......................................................................................................................................... 52

21. Earnings per share ............................................................................................................................................. 54
22. Share-based remuneration plan........................................................................................................................ 54
23. Operating revenue............................................................................................................................................. 57
24. Costs and expenses by nature ........................................................................................................................... 58
25. Financial Income ................................................................................................................................................ 59
26. Commitments .................................................................................................................................................... 60
27. Insurance ........................................................................................................................................................... 63
28. Operating Segments .......................................................................................................................................... 63
29. Subsequent events ............................................................................................................................................ 72
QUARTERLY INFORMATION ENEVA S.A. IN JUDICIAL REORGANIZATION
Accompanying Notes to the Quarterly

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

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

(d) In the meeting of creditors held on 30 April 2015 was unanimously approved by the classes of creditors,
representing significant majority of creditors, the sale of the Company's participation in society Porto do
Pecm Gerao de Energia S.A. and the Plan of the Judicial Recovery. Further details on the process of
judicial reorganization can be found later in this section.
As shown in the table below, on March 31, 2015 the economic group ("Group" or "Company") includes the
Company and its equity interests in associated companies, direct and Indirect subsidiaries, joint ventures and
the Multimercado FICFI RF CP Eneva investment fund; for further details about the subsidiaries see Note 12:
*
**
Parnaba I Gerao de Energia S.A.;

Porto do Pecm Gerao de Energia S.A.;
Pecm II Gerao de Energia S.A.;
Itaqui Gerao de Energia S.A.,;
Amapari Energia S.A.;
ENEVA Comercializadora de Energia Ltda.,
ENEVA Comercializadora de Combustveis Ltda.,
Tau Gerao de Energia Ltda;
Parnaba III Gerao de Energia S.A.; e
Parnaba IV Gerao de Energia S.A.
Joint subsidiary.
Associated company.

The Company took out a short-term debt to finance its operations in 2012 and 2013. In both projects, Parnaba
2 had its short-term loan to Ita Bank and CEF Bank rolled forward for 6 months in December 14 to June 15,
which now matures in conjunction with the BNDES's short-term debt.
The consolidated loans maturing in the next 12 months can be summarized as follows from March 31, 2015:
Within three months: R$ 3.321 billion that includes balance due of R$ 2.43 billion holding company that
is in reorganization process pending approval by the reorganization judge approved the plan at a
meeting of creditors
Between 3 and 6 months: R$ 47.856 million.
The short-term debts in force in December 2013 were taken out to finance part of the investments made and to
meet working capital requirements. The Company is also working to partially settle and roll forward all its shortterm debts in the project to long term ones and is mainly considering the following events in its business plan:
o
Restructuring of the long-term debt of Itaqui, providing a 6-month grace period for the
interest and 24 for the principal. Amendment signed and currently taken into effect.
Rolling forward for 12 months of short-term debt of Parnaba 2, and subsequent procurement
of long-term loan amounting to R$ 960 million.
Long-term financing for Parnaba III of R$ 150 million.
Lengthening of short-term debt for the Parnaba 1 venture for a total term of 18 months and
grace period for principal of 6 months. Amendment signed with Bradesco and Ita Banks.
the Pecm II debt restructuring in Itaqui molds. Ongoing negotiations over the 1st quarter
and the expected approval by BNDES, BNB and other guarantors benches along the 2nd
quarter.
In addition to the financial restructuring of certain projects, as described above, the Company is also working to
restructure its own short-term debt. The judicial reorganization plan approved on 30 April 2015 and pending
court approval includes a significant reduction of the holding company's debt, in addition to the lengthening of
the debt that remains. These potential measures are extremely important in order to bolster the capital
structure and create the means necessary to permit a significant reduction in its leverage and therefore
guarantee its long-term sustainable survival.
The judicial reorganization proceeding
On December 9, 2014 ENEVA S.A and its subsidiary Eneva Participaes S.A. In Judicial Reorganization filed for
judicial recovery in the courts of the city of Rio de Janeiro. The decision was made in order to maintain suitable
cash conditions to keep the company running properly. All in all, it has seen continued improvement in
operating indicators.
The Plan is designed to enable Eneva and Eneva Participaes to weather their economic and financial crisis,
implement other necessary operational reorganization measures, and protect direct and Indirect jobs and the
rights of Creditors and shareholders.
The seven power stations operated by the company have not been included in the petition, which applies only
to ENEVA S.A. and its subsidiary ENEVA Participaes S.A.
The decision to file for judicial recovery came after a standstill agreement with financial institutions expired on
November 21, 2014 and was not renewed. Under the expired agreement, the banks agreed to suspend interest
and principal payments on ENEVA's financial debt.
Judicial recovery protects the company and its operations from paying current debt, allowing discussions with
creditors to continue as the company prepares a judicial recovery plan.
On December 16, 2014, the judge of the 4th Business Court of the City of Rio de Janeiro accepted the petition for
judicial recovery of the company and its subsidiary, ENEVA Participaes S.A. The court appointed Deloitte
Touch Tohmatsu as trustee.
The company is currently discussing the approval of a judicial recovery plan within its creditors, aiming at a
significant reduction of the holding companys debt, in addition to the lengthening of the debt that remains.
After extensive negotiations that followed the approval of processing from reorganization by the Company and
its creditors the judicial recovery plan was approved by an absolute majority of the claims in the creditors'
meeting held on April 30, 2015 and its approval by the judge should take place in coming weeks. At the same
meeting approved the sale of 50% of the company's participation in the project Porto do Pecem Power
Generation SA (the net amount of R $ 300 million), which will give an important support for cash both short and
long-term of the company.
Overview of Recovery Measures
Purpose of the Plan - The plan aims to allow the Eneva S.A. and the Eneva Participaes overcome its economic
and financial crisis, adopt additional measures necessary for its operational restructuring and preserve the
maintenance of direct and indirect jobs and the rights of its creditors and shareholders.
Restructuring of credits - For the Recuperandas can reach their desired financial and operational uplift,
restructuring of credits is essential, taking place mainly through (i) the reduction of the amount of R $
250,000.00 (two hundred fifty thousand reais), the It is paid in the form of clauses 5.3.1 or 5.4.1 for Unsecured
Creditor; (Ii) the mandatory reduction of 20% (twenty percent) or 15% (fifteen percent) of Unsecured credits, by
applying a discount (ie cancellation) on the value of each Credit Unsecured amounting to overcome the R $
250,000.00 (two hundred fifty thousand reais) paid earlier, as described in clauses 5.3.2 or 5.4.2; (Iii) mandatory
reduction of 40% (forty percent) or 55% (fifty-five percent) of the value of Unsecured Claims in the amount
which exceeds the amount of R $ 250,000.00 (two hundred fifty thousand reais) paid earlier, which will take
place through capitalization of credits, as described in clauses 5.3.3 or 5.4.3; and (iv) debt reprofiling for
payment of the Outstanding Balance of Credit Unsecured, in the form of clauses 5.3.4 or 5.4.4, among other
measures provided for in this Plan.
Reprofiling of the liabilities of the operating companies of Eneva Group - Parallel to this Plan, the Recuperandas
use their best efforts to renegotiate new terms and conditions with the creditors of the Eneva Group's operating

companies not part of the Reorganization, in order to adjust payment the liability of each company to cash flow
obtained with the operation of the respective enterprise.
Strengthening the capital structure and balance of Eneva S.A. by Capital Increase - In order to strengthen its
capital structure and balance sheet, reduce its debt and receive assets able to contribute its cash flow and / or
its strategic positioning, promote Eneva S.A. the capital increase through the issue of New Shares to be
subscribed by the shareholders Unsecured Creditors, BPMB Shareholder, Petra (and / or the successors of Petra
in the Parnaba Assets III or in Assets Petra) and possible investors, and paid by (i ) Contribution in Kind, (ii)
Capitalization of credits and (iii) Subscription with the Assets, as provided herein.
Corporate Restructuring - The Recuperandas may promote corporate restructuring of Eneva Group in order to
get the most efficient and appropriate corporate structure to carry out the capital increase and compliance with
the provisions of this Plan. Given that this corporate restructuring will take place under the Capital Increase, the
fulfillment of this plan and always in the best interest of Recuperandas, Creditors and success of the Judicial
Reorganization, can be carried out without prior approval from a lender, provided that all legal, regulatory and
contractual provisions are observed. However, until there is a capital increase of Approval, any corporate
restructuring with a purpose other than the completion of the capital increase will depend on approval of a
simple majority of the credits.
2. Licenses and Permits

ENEVA - In judicial reorganization is committed to obtaining all the legal licenses and permits required for each
of its facilities and activities. The Company and its investees have the following environmental licenses as of
March 31, 2015:
Held by
ITAQUI GERAO DE ENERGIA S.A.
PORTO DO PECM GERAO DE ENERGIA S.A.
PECM II GERAO DE ENERGIA S.A.
Ventures
UTE PORTO DO ITAQUI
LINHA DE TRANSMISSO
UTE PORTO DO PECEM I
CORREIA TRANSPORTADORA
LINHA DE TRASMISSO PECEM I
UTE PORTO DO PECM II
LINHA DE TRASMISSO PECM II
Licenses
Expiry
LO 1.101/2012
LO 1.061/2011
LO 1.062/2012
LO 371/2014
LO 889/2012
LO 09/2013
LO 108/2013
10/26/2017
12/16/2017
12/28/2015
05/14/2018
09/26/2015
02/08/2016
07/17/2016
AMAPARI ENERGIA S.A.
UTE SERRA DO NAVIO (including TL)
LO 172/2013
03/25/2016
TAU GERAO DE ENERGIA LTDA.
USINA SOLAR TAU 1MW - (including TL)

USINA SOLAR TAU 4MW
USINA SOLAR TAU (45MW)
LO 133/2012*
LI 15/2012*
LP 253/2012
02/28/2014
03/05/2014
08/15/2015
PARNABA I GERAO DE ENERGIA S.A.
MARANHO IV E V
LO 559/2012
12/20/2016
PARNABA II GERAO DE ENERGIA S.A.
MARANHO III
LO 55/2014*
02/20/2018
PARNABA I GERAO DE ENERGIA S.A.
MARANHO IV E V (closing cycle)
LI 273/2011*
12/05/2013
ENEVA S.A.
UTE PARNAIBA I
LI 111/2012*
05/09/2013
ENEVA S.A.
UTE PARNABA II
LI 003/12*
11/11/2013
PARNABA IV GERAO DE ENERGIA S.A.
PARNABA IV
LO 415/2013
11/25/2017
LO 187/2014
09/23/2017
LP IN 025871
LI IN 019365
LI IN 000208*
LI IN 000207*
LP 332/2009*
LP 601/2010*
LI 589/2009*
LO N 9221/2009*
LP 0010/2012
LP 0083/2012
LP 0084/2012
LP 0085/2012
LP 0090/2012
LP 0091/2012
LP 0092/2012
LP 0093/2012
LP 0184/2013
LP 0187/2013
LP 0189/2013
LP 0186/2013
LP 0188/2013
LP 0185/2013
LP 0183/2013
LP 0191/2013
12/30/2015
04/24/2015
05/22/2012
05/22/2012
12/22/2012
05/21/2012
05/13/2015
10/20/2013
03/19/2016
03/20/2016
03/20/2016
03/20/2016
03/19/2016
03/19/2016
03/19/2016
03/19/2016
04/26/2015
05/02/2015
05/10/2015
05/06/2015
05/10/2015
05/06/2015
05/23/2015
05/10/2015
LP 0268/2013
LP 0270/2013
LP 0271/2013
LP 0269/2013
LP 0071/2014
06/18/2015
06/18/2015
06/18/2015
06/18/2015
04/11/2016
PARNABA III GERAO DE ENERGIA S.A.
PARNABA III (MCE NOVA VENECIA 2)
ENEVA S.A.
SUL GERAO DE ENERGIA LTDA.
SEIVAL GERAO DE ENERGIA LTDA.
SEIVAL SUL MINERAO LTDA.
CENTRAL ELICA MORADA NOVA LTDA.
CENTRAL ELICA SO FRANCISCO LTDA.
CENTRAL ELICA MILAGRES LTDA.
CENTRAL ELICA SANTA LUZIA LTDA.
CENTRAL ELICA PEDRA VERMELHA I LTDA.
CENTRAL ELICA ASA BRANCA LTDA.
CENTRAL ELICA SANTO EXPEDITO LTDA.
CENTRAL ELICA PEDRA VERMELHA II LTDA.
CENTAL ELICA PAU DARCO LTDA
CENTAL ELICA PEDRA ROSADA LTDA
CENTRAL ELICA PAU BRANCO LTDA
CENTRAL ELICA ALGAROBA LTDA
CENTRAL ELICA UBAEIRA I LTDA
CENTRAL ELICA UBAEIRA II LTDA
CENTRAL ELICA SANTA BENVINDA I LTDA
CENTRAL ELICA SANTA BENVINDA II LTDA
UTE PORTO DO AU II
LINHA DE TRANSMISSO
ELICA MARAVILHA
ELICA MUNDUS
UTE SUL
BARRAGEM SUL
UTE SEIVAL
MINA DO SEIVAL
CGE MORADA NOVA
CGE SO FRANCISCO
CGE MILAGRES
CGE SANTA LUZIA
CGE PEDRA VERMELHA I
CGE ASA BRANCA
CGE SANTO EXPEDITO
CGE PEDRA VERMELHA II
CGE PAU DARCO
CGE PEDRA ROSADA
CGE PAU BRANCO
CGE ALGAROBA
CGE UBAEIRA I
CGE UBAEIRA II
CGE SANTA BENVINDA I
CGE SANTA BENVINDA II
CENTRAL ELICA BOA VISTA I LTDA

CENTRAL ELICA BOA VISTA II LTDA
CENTRAL ELICA BONSUCESSO LTDA
CENTRAL ELICA PEDRA BRANCA LTDA
CENTRAL ELICA OURO NEGRO LTDA
CGE BOA VISTA I

CGE BOA VISTA II
CGE BONSUCESSO
CGE PEDRA BRANCA
CGE OURO NEGRO
UTE PORTO DO AU ENERGIA S.A.

AU III GERAO DE ENERGIA LTDA.
(*)The renewal of environmental licenses was applied for at least 120 (one hundred and twenty) days before the validity expires, as fixed in the respective
license, and is extended automatically until the respective environmental authority states its final position. (Supplementary Law 140/2011 art. 14 (4).
3. Interim Financial Statement

The interim financial statements have been prepared based on the historic cost basis, adjusted to realization
value when applicable, except for financial instruments held at fair value, including derivative instruments. The
interim financial statement was elaborated following the same financial policies, principles, methods and
standard criteria used in the financial statements presented at the end of the last fiscal year. They were audited
on December 31, 2014 and should accordingly be read along.
The preparation of the interim financial statements requires the use of certain critical accounting estimates. It
also requires management to exercise its judgment in the process of applying the accounting policies. The areas
involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant
to the parent company and financial statements are disclosed in Note 5.
(a)
Consolidated Interim Financial Statements
The consolidated interim financial statements were prepared and are presented according to the statement
issued by the Accounting Pronouncements Committee (CPC 21 - R1), interim statements, equivalent to
International Financial Reporting Standards (IAS 34).
The presentation of the Statement of Value Added (DVA), individual and consolidated, is required by Brazilian
Corporate Law and the accounting practices adopted in Brazil applicable to public companies.
(a)
Individual Interim Financial Statements
The individual financial statements of the Company have been prepared according to the statement issued by
the Accounting Pronouncements Committee - CPC 21 (R1), Interim Statements and are disclosed together with
the consolidated financial statements.
In the individual financial statements, subsidiaries are accounted for using the equity method adjusted held in
proportion of the Group's contractual rights and obligations. The accounting practices adopted in Brazil
applicable to the individual financial statements differ from IFRS applicable to the separate financial statements,
only the measurement of investments in subsidiaries, joint ventures and associates using the equity method,
whereas under IFRS it would be at cost or fair value.
Law No. 11,941 / 09, for BR GAAP purposes, abolished deferred charges, allowing the balance accrued up to
December 31, 2008, which may be amortized over 10 years, subject to impairment testing - impairment. With
the adoption of IFRS standards, the Company recorded accumulated losses, the consolidated balance sheet, the
amount of R$ 26,192, net of tax, on January 1, 2009, corresponding to deferred its and its subsidiaries that date.
Consequently, the difference between the individual and consolidated shareholders' equity is related to
deferred which was recognized in accumulated losses in consolidated equity.
The table below shows the reconciliation between the individual and consolidated shareholders' equities as of
March 31, 2015:
2015
Shareholders equity Parent Company
Deferred charges - Law 11.941/09
Shareholders equity - Attributable to controlling
1,014,617
(7,759)
1,006,858
shareholders
The Board of Directors authorized the issuance of these financial statements on March 14, 2015.
10
4. Significant Accounting Policies

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

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

Fundo de Investimento FICFI RF CP Eneva (a)
CDB
(b)
Parent Company
March
December
31
31
2015
2014
4,530
4,055
47,112
68,447
Consolidated
March
December
31
31
2015
2014
38,720
44,229
119,589
85,084
22,632
28,007
51,642
180,941
72,502
157,319
(a) Substantially consist of quotas in investment funds, of high liquidity, readily convertible into a known
amount of cash, regardless of asset maturity, and are subject to an insignificant risk of a change in value. This
is a share investment fund FI Multimercado Crdito Privado FICFI RF CP Eneva administrated by Banco
Ita, whose portfolio primarily consists of Bank Deposit Certificates - CDBs and securities subject to
repurchase agreements issued by first-rate financial institutions and companies, all linked to floating rates
and with an average yield of 101.20% (nominal rate on the curve) of the DI CETIP rate (Interbank Deposit
Certificate - CDI).
(b) These are the amounts invested in CDBs issued by first-rate financial institutions. The company that holds
these amounts is the subsidiary Itaqui Gerao de Energia S.A.
7. Secured Deposits
BNDES - Porto do Pecm

BNDES/BNB - Itaqui
BNDES - Parnaba
Other
Current
Noncurrent
(a)
(b)
Parent Company
March
December
31
31
2015
2014
42
41
42
41
42
41
-
Consolidated
March
December
31
31
2015
2014
42
41
51,213
37,423
35,281
24,647
86,536
62,111
42
86,494
41
62,070
(a) Refers to the debt service reserve accounts linked to the financing agreement between the subsidiary Itaqui
Gerao de Energia S.A , BNB-Banco do Nordeste do Brasil S.A. and BNDES. The variation between the quarters
11
presented refers to restoration of the balance of the debt reserve account that had drawn with approval of the
financing
(b) Refers to the debt service reserve accounts linked to the financing agreement between BNDES and the
subsidiary Parnaba Gerao de Energia S.A.
8. Accounts Receivable and Fuel Consumption Account
Itaqui Gerao de Energia S.A.

Parnaba Gerao de Energia S.A.
Parnaba II Gerao de Energia S.A.
(a)
(a)
(a)
Current
Noncurrent
Consolidated
2015
2014
92,173
86,295
132,696
136,677
7,245
81,876
232,114
304,848
232,114
304,848-
(a) The balance denotes the accounts receivable of the subsidiaries Itaqui Gerao de Energia S.A under the
electricity purchase contract in a regulated environment (CCEAR), signed with ANEEL, of R$ 92,173 (R$ 86,295 as
of December 31, 2014) and Parnaba Gerao de Energia S.A. R$ 132,696 (R$ 136,677 as of December 31,
2014), also under the CCEAR with ANEEL. The subsidiary Parnaba II Gerao de Energia R$ 7,245 referring to the
sale of energy in the free market.
9. Inventories
Diesel Oil/lubricant
Coal
Electronic and mechanical parts
(a)
(b)
(c)
Consolidated
2015
2014
5,975
6,909
55,777
61,209
32,650
31,067
94,403
99,185
(a)The balance consists of the reservoirs of diesel oil and lubricating oil used as consumables in electricity
generation by the subsidiaries Amapari Energia S.A.(R$ 3,615) and Itaqui Gerao de Energia S.A. (R$ 2,361).
The subsidiary Amapari Energia S.A. has a contractual acquisition obligation (take or pay) towards BR
Distribuidora S.A., to require a minimum 3,600 m of diesel oil a month, for a fixed price or to pay for this even if
it is not taken. In case the obligation is exercised, this results in the acquisition of the diesel oil used as a
consumable by the Company. The Company recorded a provision under trade payables for the difference
between the amount required and the minimum mandatory amount under the contract, charged to inventory.
The balance for this provision as of March 31, 2015 is R$ 3,615 (R$ 3,615 as of December 31, 2014). This
provision is restated semi-annually as specified in the diesel oil supply contract. The new agreement establishes
a consumption commitment and acknowledgement of 17,000 m which consists of the remaining portion to be
consumed.
12

(b) The balance consists of the inventory of coal used as consumables in electricity generation by the subsidiary
Itaqui Gerao de Energia S.A. (R$ 55,777). The coal was acquired for the operation and to establish a security
inventory at the plant, with a view to the commercial operations.
(c) The balance consists of electronic and mechanical parts for use and replacement in the maintenance
operations carried out by the subsidiaries: Itaqui Gerao de Energia S.A. (R$ 19,461), Parnaba Gerao de
Energia S.A. (R$ 8,673) and Parnaba II Gerao de Energia S.A. (R$ 4,516).
13
10. Recoverable and Deferred Taxes

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

Prepaid income tax
Prepaid social contributions
Prepaid social contributions previous year
Income tax withheld at source previous year
Income tax withheld at source loan
ICMS
PIS
COFINS
Other
Current
Noncurrent
(b)
(a)
(b)
Parent Company
March
December
31
31
2015
2014
1,012
2,815
462
462
19,859
35,242
27,348
6,695
2
47
10
216
15
48,693
45,492
10,368
12,255
38,325
33,237
Consolidated
March
December
31
31
2015
2014
7,062
8,206
5,357
5,080
1,711
1,756
2,963
2,562
22,129
37,507
27,996
7,342
535
254
719
866
3,298
3,975
2,151
2,381
73,921
69,929
31,048
32,354
42,873
37,575
(a) Refers to income and social contribution taxes prepaid in the course of the year and previous years,
which will be offset against the income and social contribution taxes determined on the taxable income.
(b) The balance of income tax withheld at source refers to amounts withheld on interest-earning bank
deposits and related-party loans. These balances will be offset against the income and social
contribution taxes payable.
Deferred Taxes
Deferred income and social contribution taxes reflect future tax effects attributable to temporary differences
between the tax bases of assets and liabilities and their carrying values.
The deferred tax was maintained at the subsidiaries due to the expectations of generating future taxable
income, determined by a technical valuation approved by Management. The carrying value of the deferred tax
asset is reviewed periodically and the projections are reviewed annually. If there are significant factors that
change the projections, they are also reviewed by the Company during the year.
The Company and its subsidiaries adopted the Transitional Taxation Scheme (RTT) so that the amendments
introduced by Law 11638 of December 28, 2007 and articles 37 and 38 of Law 11941 of 2009, which changed
the procedure for recognizing revenue, costs and expenses used to calculate the net income for the year
defined in art. 191 of Law 6404 of December 15, 1976, do not affect the calculation of the taxable income and
social contribution calculation base of companies that opt for the Transitional Taxation Scheme RTT. For tax
purposes the accounting methods and criteria in force at December 31, 2007 should be used.
Law 12973 was published on May 13, 2014 which revoked the Transitional Taxation Scheme - RTT introduced by
Law 11941 on May 27, 2009. This law changes the federal tax legislation regarding corporate income tax - IRPJ,
the social contribution on net income - CSLL, PIS/Pasep and Cofins in 2014 for the companies opting to elect the
14

provisions of this law. In 2014 the companies of Eneva S.A. - In judicial reorganization will not opt for this law,
the adoption of which is only mandatory from January 2015 on.
The Company and its subsidiaries will not elect the option provided in MP 12,973, and we believe it will not
make any fiscal amendment to be adjusted in the financial statements.
The origin of the deferred income and social contribution taxes is presented below:
Consolidated
Noncurrent deferred charges

Tax loss carryforwards and negative tax base
Noncurrent deferred liabilities

Temporary differences - RTT
March
31
2015
December
31
2014
222,957
219,713
222,957
219,713
11,656
10,978
Breakdown of deferred tax by company :

March
31
2015
December
31
2014
Parent Company
Itaqui
Parnaba
Parnaba II
192,127
10,638
20,192
192,127
12,009
15,577
Tax loss carryforwards and negative tax base
222,957
219,713
15
As of December 31, 2014 the taxes calculated on the adjusted net income consisted of IRPJ (rate of 15% and
surcharge of 10%) and CSLL (rate of 9%). The reconciliation between the tax expense as calculated by the
combined statutory rates and the income and social contribution tax expense charged to net income is
presented below:
As of March 31, 2015 the taxes calculated on the adjusted net income consisted of IRPJ (rate of 15% and
surcharge of 10%) and CSLL (rate of 9%). The reconciliation between the tax expense as calculated by the
combined statutory rates and the income and social contribution tax expense charged to net income is
presented below:
(*) Refers essentially to (i) the portion of deferred taxes of subsidiaries which was not recorded, due to the uncertainty surrounding the
valuation thereof.
Net income for the period before IRPJ/CSLL

Statutory rate - %
IRPJ/CSLL at the nominal rate
Equity in income of subsidiaries
Permanent differences
Tax asset not recorded (*)
Parent Company
March 31
2015
Consolidated
(128,608)
34%
(130,193)
34%
(43,727)
(44,266)
25,658
26
18,043
55
41,925
Income tax and social contribution expense, current

Deferred income and social contribution taxes
Total tax
Effective rate - %
280
0,00%
(2,566)
(2,286)
(1.76%)
valuation thereof.
Parent Comany
March 31
2014
Consolidated
Net income for the period before IRPJ/CSLL

Statutory rate - %
(71,931)
34%
(66,730)
34%
IRPJ/CSLL at the nominal rate
(24,456)
(22,688)
24,456
15,032
11,493
Equity in income of subsidiaries

Consolidation differences (**)
Tax asset not recorded (*)
Income tax and social contribution expense, current
Deferred income and social contribution taxes
Total tax
Effective rate - %
16
2,733
0,00%
1,104
3,837
(5.75%)

valuation thereof.
(**) Refers essentially to differences among companies from the same group. As for consolidated purposes, these transactions are abolished.......... ....
Based on the estimated generation of future taxable earnings, by way of its subsidiaries the Company expects to
recover these tax credits from FY 2015 onwards, in a maximum period of 10 years.
The expected recoverability of the tax credits is based on the projection of future taxable income taking into
consideration business and financial assumptions at year end. Accordingly, these estimates may differ from the
effective taxable income in the future due to the inherent uncertainties involving these estimates.
11. Capital Expenditure

(a) Breakdown of balances
Parent Company
2015
2014
Equity interests
Future acquisition of investment
2,210,556
95
2,210,651
Consolidated
2015
2014
2,228,044
95
2,228,139
717,727
95
717,823
733,831
95
733,927
(b) Equity interests

The Company's equity interests include the subsidiaries, joint ventures and associates. The balances of the main
account groups of equity interests as of March 31, 2015 and December 31, 2014 are:
March 31, 2015

Equity interests
Equity
interest in %
Current
assets
Noncurrent
assets
Current
liabilities
Noncurrent
liabilities
Shareholders'
equity
Net income
100.00%
209,119
2,447,223
172,128
1,669,564
814,651
(43,144)
Amapari Energia S.A.
51.00%
18,725
443
27,556
1,250
(9,638)
(2,420)
UTE Porto do A Energia S.A.
50.00%
39
22,643
1,013
21,669
(332)
Seival Sul Minerao Ltda.
70.00%
471
4,863
20
5,314
(739)
Sul Gerao de Energia Ltda.
50.00%
22
6,961
424
6,559
(44)
Termopantanal Participaes Ltda.
66.67%
400
2,726
(2,318)
Parnaba I Gerao de Energia S.A

Porto do Pecm Transportadora de Minrios
S.A.
PO&M - Pecm Operao e Manuteno de
Gerao Eltrica S.A.
70.00%
222,501
1,184,846
176,467
753,875
477,005
6,291
50.00%
3,797
177
709
3,264
686
50.00%
4,035
329
1,327
2,844
193
156
Seival Participaes S.A.
50.00%
31,755
11,977
19,781
(7)
100.00%
79,629
1,309,177
923,288
12,157
453,361
(8,946)
ENEVA Participaes S.A.
50.00%
20,099
187,979
15,772
97,720
94,585
(3,724)
A II Gerao de Energia S.A.
50.00%
14
2,622
297
2,336
Parnaba Participaes S.A.
50.00%
66,299
324,984
93,642
131,831
165,809
(20,983)
Pecm II Participaes S.A
99.99%
3,060
726,650
1,558
728,152
(25,450)
ENEVA Investimentos S.A.
99.99%
11
(9)
ENEVA Desenvolvimento S.A.
99.99%
166
10
505
(343)
(3)
100.00%
477
44
442
Tau II Gerao de Energia Ltda.
17
MABE Construo e Administrao de

Projetos Ltda.
50.00%
32,282
16,944
35,891
13,314
21
(3)
December
31
2014
Equity interests
Equity
interest in
%

UTE Porto do A Energia S.A.
Termopantanal Participaes Ltda.
100.00%
51.00%
50.00%
30.00%
50.00%
66.67%
Parnaba I Gerao de Energia S.A

Porto do Pecm Transportadora de Minrios S.A.
OGMP Transporte Arieo Ltda.
PO&M - Pecm Operao e Manuteno de Unidades de Gerao Eltrica
S.A.
70.00%
50.00%
50.00%

ENEVA Participaes S.A. In Judicial Reorganization
100.00%
50.00%
50.00%

Pecm II Participaes S.A
ENEVA Investimentos S.A.
ENEVA Desenvolvimento S.A.
MABE Construo e Administrao de Projetos Ltda.
50.00%
50.00%
99.99%
99.99%
100.00%
50.00%
50.00%
50.00%
Current
assets
Noncurren Current Noncurren Shareholders

t
liabilitie
t
'
Net income
assets
s
liabilities
equity
212,96
256,74
7 2,453,975
3 1,541,097
25,647
443 28,153
1,165
1,040
45,283
6
2,316
471
4,863
20
65
13,923
840
9
400
1
2,726
206,35
199,31
4 1,179,035
1 715,373
2,941
186
550
399
118
4
2,976
1,413 1,396
13
63,120
1
113,19
906,64
2 1,267,631
4
65.981 355,518 72,824
28
5,229
6
107,86
177,20
4 651,878
2
2.420 753,917 2,735
2
6
166
10
8
477
40,456
50,136 64,547
869,102 (419,614)
(3,228) (102,877)
44,001
(3,016)
5,314
(739)13,147
(69)
(2,318)
(5)
470,705
2,577
513
35,961
1,679
15
2,641
23,639
352
39,494
(63)
(67)
11,912
126,722
579
462,268
221,953
4,672
(13,797)
(62,416)
10
326,953
11
502
44
25,998
255,586
753.601
(9)
(340)
442
47
(16,651)
(44,614)
(151)
(239)
(32,256)
The balance of investments breaks down as follows:
Parent Comany
Capital expenditure
Consolidated
03/31/2015
12/31/2014
03/31/2015
12/31/2014
(126)
(123)
814,651
859,102
Goodwill based on future profits
15,470
15,470
Amortization of Goodwill based on future earnings
(1,108)
(980)
21,669
21,271
14,354
13,957
1,491
1,594
1,491
1,275
6,529
6,573
6,209
6,573
1,631
1,288
1,631
1,288
95,889
95,889
95,889
95,889
442
442
442
202,254
197,844
Porto do Pecm Gerao de Energia S.A.
(b)

UTE Porto do Au Energia S.A.
Parnaba Gs Natural S.A.

Parnaba I Gerao de Energia S.A.
18
(a)

OGMP Transporte Areo Ltda.
258
258
258
258
97
176
97
176
19,741
19,727
19,741
19,727
453,361
415,018
63,420
67,101
63,420
67,101
2,336
2,336
2,336
2,336
Pecm II Participaes S.A.
355,184
367,909
355,184
367,909
95,118
95,003
95,118
95,003
Pecm Operao e Manuteno de Unidades de Gerao Eltrica S.A. - PO&M

Eneva Participaes S.A. in Judicial Reorganization
Eneva Investimentos S.A.
62,000
62,000
62,000
62,000
MABE do Brasil
21
23
21
23
95
95
95
95
103
103
2,210,651
2,228,139
717,823
733,927
Subscription premium
MPX ENERGIA GMBH
(a) As of March 31, 2015 the balance of the investment with the subsidiaries ENEVA Desenvolvimento S.A.,
Amapari Energia S.A. and Termopantanal Participaes Ltda. was classified under unsecured liabilities in
the noncurrent liabilities, due to the fact these companies had negative equity.
.
(b) On December 09, 2014 Eneva S.A.- In judicial reorganization published a press release announcing the sale
of the Company's entire interest in its subsidiary Porto do Pecm Gerao de Energia S.A. to EDP
Energias do Brasil S.A., as described in Note 12.
See below the breakdown of the minority interest in the equity and net income of investees:
The balance of investments breaks down as follows:
Capital expenditure

Parnaba I Gerao de Energia
Termopantanal Participaes
Interest
Shareholders
Equity
51%
70%
67%
Net income
(9,638)
477,005
2,318
(2,420)
6,291
-
Total
Attributed to minority
interests
Equity
liquid
Net income
(4,723)
143,102
(772)
(1,186)
1,887
-
137,607
701
(c) Change in investments

Direct subsidiaries
Balance at
12/31/2014
Capital
subscription
Equity
income
Amortization
Balance at
03/31/2015
19
Porto do Pecm Gerao de Energia S.A.

UTE Porto do Itaqui Gerao de Energia S.A.
Amortization of Goodwill based on future earnings
OGMP Transporte Aereo
Pecm Operao e Manuteno de Unidades de Gerao Eltrica S.A. PO&M
Eneva Participaes S.A. In Judicial Reorganization
Prmio de Subscrio
Pecm II Participaes S.A.
MABE do Brasil
MPX Investimentos S.A.
MPX ENERGIA GMBH
Porto do Pecm Gerao de Energia

S.A.
Balance at
12/31/20
13
50.00%
580,366
Pecm II Gerao de Energia S.A.
100.00%
631,134
100.00%
979,903
Capital
Sub
scription
Equity
Income
50%
100%
50%
70%
50%
50%
33%
100%
70%
50%
859,102
15,470
-980
21,271
1,594
6,573
1,288
95,889
442
197,844
258
10,000 (54,451)
730
(332)
(103)
(44)
343
4,410
-
(128)
-
814,651
15,470
-1,108
21,669
1,491
6,529
1,631
95,889
442
202,254
258
50%
50%
50%
50%
50%
50%
50%
100%
100%
176
19,727
2,336
67,101
62,000
95,003
367,909
23
415,018
95
-
(79)
20
(7)
(3,681)
115
- (12,725)
(3)
47,250 (8,907)
103
-
97
19,741
2,336
63,420
62,000
95,118
355,184
21
453,361
95
103
2,228,139
58,000 (75,463)
(128)
2,210,651
100%
Equity
Income
from
discontinue
d operation
Loss on
sales of
investments
(116,314)
(469,300)
Capital
reduc
tion
Exchang
e
variance
Equity
Apprais
al
Adjustm
en
15,470
Amor
tizatio
n
5,248
(23,308)
298,700
Adjustment
in equity
interest
Balance at
12/31/2014
(0)
(303,913)
(419,501)
859,102
15,470

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

Minrios S.A.
50,00%
449
839
1,288
95,889
(469)
(511)
(3,500)
(980)
21,271
33.30%
51,899
43,990
100.00%
442
442
70.00%
172,637
25,207
197,844
OGMP Transporte Aereo
50.00%
277
Pecm Operao e Manuteno de

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

Reorganization
Subscription Preminum
50.00%
97,685
(30,566)
50.00%
103,394
Pecm II Participaes
50.00%
MABE do Brasil
50.00%
14
Eneva Investimentos S.A.
99.99%
100.00%
328,163
(13,145)
415,018
20
150
135
(178)
258
(31)
176
(33)
19,727
2,336
(1,107)
1,089
67,101
62,000
62,000
(8,391)
86,303
100,000
(22,307)
95,003
303,913
367,909
20

MPX Chile Holding Ltda.
95
50.00%
3,080,157
(*)
95
2,878
490,315
(2,878)
(450,970)
(116,314)
(472,178)
(3,678)
(1,107)
6,338
(511)
2,228,139
Denotes the effect of transferring the turbine from Parnaba I to Parnaba III.
12. Available-for-sale Assets and Discontinued Operations

On December 09, 2014 Eneva S.A.- In judicial reorganization published a press release announcing the sale of
the Company's entire interest in its subsidiary Porto do Pecm Gerao de Energia S.A. to EDP Energias do
Brasil S.A
The sale consists of the payment of R$ 300 million for the 50% equity interest in the share capital of Porto do
Pecm, for the shares held by Eneva - In judicial reorganization at this date, and the future capitalization of
credits originally awarded by Eneva - In judicial reorganization to Porto do Pecm, for the total of R$ 391 million,
to be made upon closure of the transaction
The sale shall only be made after precedent conditions have been met, including approval by the Administrative
Council for Economic Defense CADE.
As a result of this, on December 31, 2014 we classified the amount recorded under investments, loans extended
and credits referring to energy and coal purchases to current assets, under assets held for trading. This
classification was evaluated and ratified in accordance with CPC 31 - Non-current Assets Held for Sale and
Discontinued Operations. The current assets - held-for-trading was recorded at fair value of the transaction (R$
300 million) and the variance generated by the discrepancy between the book value and the fair value of these
assets was recorded in profit or loss for the year, and are presented as discontinued operations.
In the creditors' meeting held on April 30, 2015 was unanimously approved by the classes of creditors,
representing significant majority of creditors, the Company's share of alienation in society Porto do Pecem
Gerao de Energia SA.
These funds will be used to bolster the Company's cash position and therefore enable the advancement of the
measures necessary to adjust its capital structure, whilst preserving its interests and those of its stakeholders.
21
13. Property, Plant and Equipment

Consolidated
PP&E in service
Land
Buildings,
Civil
Works and
Improvemen
ts
Machiner
y
and
Equipmen
t
17
20
10
Depreciation rate %
p.a.
IT
Equipment
PP&E in
progress
Vehicl Furniture and
e
Fixtures
Impaimen
t
Total
Cost
Balance at
12/31/
2014
7,84
5
2,708,179
2,339,889
5,812
1,582
9,221
(419,946)
38,968
4,691,54
9
Balance at
12/31/
2014
7,84
5
2,708,179
2,339,889
5,812
1,582
9,221
(419,946)
38,968
4,691,54
9
(66,788)
16,279
12,284
29,949
61
5
89
(77)
-
(11,365)
-
03/31/
2015
7,84
5
2,657,670
2,382,121
5,877
1,582
9,234
(431,311)
75,106
Additions
Write-offs
Transfers
Balance at
Depreciation
44,731
57,165
37,639 (40,591)
(46,233)
4,708,12
3
Balance at
12/31/
2014
(119,694)
(142,666)
(1,949)
(724)
(3,046)
1,119
(266,960
)
Balance at
12/31/
2014
(119,694)
(142,666)
(1,949)
(724)
(3,046)
1,119
(266,960
)
(18,552)
327
-
(23,944)
-
(114)
-
(75)
-
(217)
19
-
3,252
-
03/31/
2015
(137,919)
(166,611)
(2,063)
(798)
(3,244)
4,371
- (306,263)
7,84
5
7,84
5
12/31/
2014
03/31/
2015
(42,901)
Additions
Write-offs
Transfers
Impairment
Balance at
Carrying
Amount
Balance at
Balance at
3,598
-
2,588,485
2,197,223
3,863
858
6,175
(419,947)
38,968
4,423,41
6
2,519,751
2,215,944
3,814
784
5,990
(426,940)
75,106
4,401,86
0
Dec-14
Land
Depreciation rate % p.a.
Buildings,
Civil
Works and
Improvements
4
Machinery
And
Equipment
7
IT Equipment
Vehicle
Furniture
and
Fixtures
17
20
10
PP&E in
progress
Impairment
Total
Cost
Balance at
22
12/31/2013
7,845
2,119,535
1,701,700
4,880
1,694
8,226
1,191,727
- 5,035,606
Balance
12/31/2013
7,845
Additions
2,119,535
167
Write-offs
548
1,701,700
4,880
1,694
8,226
1,191,727
5,035,606
34,084
923
125
988
41,293
78,128
(13)
(237)
(1)
(2,001)
(167)
588,096
604,118
(1,192,051)
12/31/2014
7,845
2,708,179
2,339,889
5,812
1,582
9,221
38,968
Balance at
12/31/2013
(58,240)
(73,929)
(1,620)
(591)
(2,198)
(136,576)
Balance at
12/31/2013
Transfers
Balance at
(444,221) (446,474)
-
12
(444,221) 4,667,272
Depreciation
(58,240)
(73,929)
(1,620)
(591)
(2,198)
(136,576)
Additions
(61,454)
(68,737)
(329)
(324)
(848)
(131,692)
Write-offs
191
24,274
24,465
Transfers
12/31/2014
(119,694)
(142,666)
(1,949)
(724)
(3,046)
24,274
(243,805)
Balance at
12/31/2013
7,845
2,061,295
1,627,771
3,260
1,103
6,028
1,191,727
- 4,899,030
Balance at
12/31/2014
7,845
2,588,485
2,197,223
3,863
858
6,175
38,968
(419,947) 4,423,416
Balance at
Carrying
Amount
Machinery and equipment

This refers primarily to plant equipment, transmission line and substation.
Buildings, Civil Works and Improvements
This basically refers to the UTEs Itaqui and Parnaba I, which came into operation in February 2013 and October
2013, respectively. Depreciation follows the same procedure and criteria described in the item Machinery and
equipment.
Property, plant and equipment in progress
The balances recorded in the group of assets in progress, at March 31, 2015, corresponding to imports in transit
in the amount of R $ 32,520 and the fixed reserve assets of R $ 35,189 and construction in progress of R $ 7,397,
totaling in total balance of R $ 75,106.
Impairment
Under CPC technical pronouncement 01, the entity should test for asset impairment at least annually and
calculate the recoverable value, which is determined by the largest monetary difference between the net sale
value and value in use. On December 31, 2014 we accordingly recognized impairment losses for the companies
Itaqui Gerao de Energia S.A and Amapari Energia S.A. of R$ 358,816 and R$ 62,017 respectively.
In evaluating the recoverability of the CGU Cash Generating Units is used the method of value in use from
projections that consider: the estimated useful life of the set of assets that make up the UGC; assumptions and
budgets approved by management; and rate pre-tax discount, which is derived from the average cost
calculation methodology weighted capital (WACC).
23
The company conducted an impairment test on the UGC of UTE Itaqui and Amapari via the value in use method
and found impairment losses amounting to R$ 359 million and R$ 62 million, recognized in other operating
expenses in the income statement for the year.
24
14. Intangible Assests

Consolidated
Intangible assets in service
Mar-15
Computer
programs and
licenses
Amortization rate % p.a.
Goodwill on
Acquisition of
Investments
Concessions
and CCEARs
Usage rights
20
Intangible
assets
In progress
Total
20
Cost
Balance at
12/31/2014
8,272
15,470
183,448
15,778
222,969
Balance at
Additions
Write-offs
Transfers
12/31/2014
8,272
749
-
15,470
183,448
(0)
-
15,778
(29)
-
47
-
222,969
796
(29)
Balance at
03/31/2015
9,022
15,470
183,448
15,749
47
223,736
Balance at
12/31/2014
(4,314)
(980)
(12,236)
(5,868)
(23,397)
Balance at
Additions
Write-offs
Transfers
12/31/2014
(4,314)
(355)
-
(980)
(128)
(12,236)
(3,017)
-
(5,868)
(263)
0
-
(23,397)
(3,763)
0
-
Balance at
03/31/2015
(4,669)
(1,108)
(15,253)
(6,130)
(27,160)
Balance at
12/31/2014
3,958
14,490
171,212
9,910
199,572
Balance at
03/31/2015
3,919
14,362
168,195
9,618
47
196,575
Amortization
Carrying Amount
Dec-14
Computer
programs and
licenses
Balance at
Addings
Write-offs
Transfers
Balance at
Amortization
Balance at
Balance at
Addings
Write-offs
Transfers
Balance at
Concessions and
CCEARs
20
Amortization rate % p.a.
Cost
Balance at
Goodwill on
investments
Usage rights
Intangible
assets in
progress
Total
20
12/31/2013
6,167
15,470
183,448
10,498
6,089
221,672
12/31/2013
15,470
12/31/2014
6,167
1,220
886
8,272
15,470
183,448
(0)
183,448
10,498
5,281
15,778
6,089
89
(6,178)
-
221,672
1.309
(12)
222,969
12/31/2013
(3,031)
(468)
(4,792)
(8,292)
12/31/2013
(3,031)
(1,283)
(4,314)
(468)
(511)
(12,236)
(12,236)
(4,792)
(1,076)
(5,868)
(8,292)
(15,106)
(23,397)
12/31/2014
(980)
25
Carrying Amount
Balance at
Balance at
12/31/2013
12/31/2014
3,135
3,959
15,002
14,490
183,448
171,212
5,706
9,910
6,089
-
213,380
199,572
(b) Goodwill on acquisition of investments

On October 14, 2008 Eneva S.A. - In judicial reorganization acquired the entire capital of Itaqui Gerao
de Energia S.A. from EDP Energias do Brasil S.A. in an acquisition that involved the swap of a 50%
interest in Porto do Pecm Gerao de Energia S.A. for said capital. This transaction generated goodwill
for Eneva S.A. - In judicial reorganization of R$ 15,470, which is being presented under investments in
the parent company's investment financial statements and under intangible assets in the consolidated
financial statements. This goodwill is based on the expected future yield and is amortized over the term
established in Ordinance authorization 177 issued May 12, 2008.
26
(c) Concessions and CCEARs Parnaba I

Following ANEEL approval, in September 2011 Eneva S.A entered into a 15-year concession acquisition
agreement with Grupo Bertin Energia e Participaes S.A. to acquire the concessions awarded by ANEEL
for the thermal power plants (UTEs) MC2 Joo Neiva and MC2 Joinville (subsidiaries of Bertin Energia e
Participaes S.A), to be set up as independent energy producers. This document also determines the
assignment of the energy sale agreements (CCEARs) of the UTEs to Eneva S.A.
The MC2 Joo Neiva and MC2 Joinville UTEs were procured at the A-5 03/2008- ANEEL auction held on
December 31, 2008, which ratified the supply of an average 225 MW to each distribution company, with
an authorization term of 35 years.
Eneva S.A. and its subsidiary Parnaba Gerao de Energia S.A. (UTE Parnaba) signed a rights and
obligations assignment agreement for the concessions acquired from Grupo Bertin Energia e
Participaes S.A. This agreement involves the free assignment to Parnaba of all the rights and
obligations deriving from the concessions purchase agreement.
The Company did not classify this transaction as a business combination, but rather an acquisition of
assets as it is acquiring intangible assets that are awarded under concession and the sale contracts.
Amortization is based on the concession term and the calculation is performed using the straight line
method using the rates determined by ANEEL Regulatory Resolution No. 474 of February 7, 2012.
27
15. Related Parts

The main balances of assets and liabilities as of March 31, 2015 and December 31, 2014 related to related-party
transactions, as well as the transactions that influenced the income for the period, relate to transactions
between the Company and its direct and Indirect subsidiaries, affiliates and key management personnel, which
were conducted in accordance with the terms agreed by the parties.
(a) Controlling Shareholder
The Company's control is jointly exercised by Mr. Eike Fuhrken Batista and DD Brazil Holdings S..R.L (fully
controlled by E.ON AG), which respectively hold 19.9% and 42.9% of the common shares.
(b) Executives
The Company is managed by a Board of Directors and an Executive Board, pursuant to the duties and powers
vested by its Bylaws in accordance with corporate law.
(c) Related companies
The Companys main affiliated companies are: EBX Holding Ltda., E.ON AG and Parnaba Gs Natural S.A., in
addition to its subsidiaries and associated companies.
28
As of March 31, 2015, the balances of assets, liabilities and effects on income of related-party transactions are
as follows:
Assets
Parent Company
2015
Pecm II Gerao de Energia S.A. (c)
Consolidated
2014
2015
2014
205,805
200,022
7,683
(7,453)
457
83
15
1,300
7,201
7,683
(7,453)
457
25
7
1,199
7,054
428,290
417,226
252
315
5,385
584
63
243
303
5,142
542
60
252
315
584
63
243
303
542
60
1,134
1,134
1,827
1,778
1,827
1,778
41,942
10,939
41,942
10,939
Porto do Pecm Gerao de Energia S.A. (i)
119
146
ENEVA Desenvolvimento (j)

Seival Sul Minerao Ltda. (j)
Parnaba Participaes S.A. (o)
ENEVA Investimentos S.A. (j)
Pecm II Participaes S.A. (k)
Tau II Gerao Energia Solar Ltda.
Parnaba III Gerao de Energia S.A. (k)
359
10
11
44
494
356
10
11
44
365
940
365
Parnaba IV Gerao de Energia S.A. (l)
79,089
76,425
79,089
76,425
Parnaba Gs Natural S.A. (m)
61,492
61.492
67,221
62,836
MABE da Brasil (n)
13,127
12,804
13,127
12,804
194
189
192
185
164,610
248,000
110
26,250
1,013,295
1,046,057
413,484
395,486
1,013,295
1,046,057
413,484
395,486
Termopantanal Ltda. (a)

Termopantanal Ltda. (a)
Termopantanal Participaes Ltda. (a)
Amapari Energia S.A..
ENEVA Solar Empreendimentos Ltda.
ENEVA Comercializadora de Energia S.A. (d)
Parnaba I Gerao de Energia S.A. (e)
Itaqui Gerao de Energia S.A. (f)
Sul Gerao de Energia S.A. (j)
UTE Porto do A Energia S.A. (j)
Parnaba II Gerao de Energia S.A. (k)
ENEVA Comercializadora de Combustvel Ltda. (j)
Seival Participaes S.A. (j)
EBX Holding Ltda. (b)
Pecm Operao e Manuteno de Unidades de Gerao Eltrica S.A. (h)
ENEVA Participaes S.A in judicial reorganization (k)
Seival Gerao de Energia S.A.

Advances for future capital increase for subsidiaries (g)
Current
Noncurrent
206,363
15
1,300
200,414
7
1,199
-
29
Liabilities
Parent Company
Consolidated
2015
EBX Holding Ltda. (b)
2014
2015
2014
2,772
2,772
2,820
2,820
28,233
27,547
32,898
27,547
Copelmi Minerao Ltda.
146
146
47,356
45,887
47,356
45,887
444
444
444
444
ENEVA Comercializadora de Energia Ltda. (d)
ENEVA Participaes S.A. (k)

Tau Gerao de Energia Ltda.
Petra Energia S.A.(p)
80,913
91,170
Parnaba Gs Natural S.A.(m)
61,493
61,492
76,983
112,086
Itaqui Gerao de Energia S.A
2,078
2,078
Parnaba Participaes S.A.(o)
30,861
29,852
30,861
29,852
1,523
1,523
8,403
8,403
2,518
280,826
320,875
DD Brazil (q)
Pecm II Gerao de Energia S.A.(c)
174,760
Current
Noncurrent
Amapari S.A
Pecem II Gerao de Energia S.A. (c)
Eneva Comercializadora de Energia S.A. (d)
Parnaba Gerao de Energia S.A. (e)
171,595
174,760
171,595
280,826
320,875
Net income
Parent Company
2015
2014
(13)
6,074
8,592
100
46
(778)
265
Consolidated
2015
2014
(12,859)
15,455
Itaqui Gerao de Energia S.A. (f)
13,007
10,704
452
Sul Gerao de Energia S.A. (j)

Porto do A Energia S.A. (j)
Eneva Comercializadora de Combustvel Ltda. (j)
Seival Participaes S.A. (j)
Pecm Operao e Manuteno Eltrica S.A. (h)
Parnaba II Gerao de Energia (k)
Parnaba Participaes (o)
Eneva Participaes S.A. (k)
9
11
42
11
57
521
(1,222)
(1,379)
8
(1)
4
(34)
42
310
148
514
9
11
42
11
57
(1,222)
(1,379)
8
(1)
4
(34)
42
514
5,491
4,201
5,491
4,201
Eneva Desenvolvimento S.A.(j)

Parnaba III Gerao de Energia S.A. (k)
Pecm II Participaes S.A. (k)
3
127
-
3
(986)
101
127
-
(986)
101
MABE Construo e Administrao de Projetos Ltda. (n)
390
293
(3,233)
(4,795)
(4)
2,944
-
1,917
(8,421)
2,944
(26,660)
1,917
76,658
59,098
25,390
17,706
(36,210)
152,176
Eneva Solar Empreendimentos Ltda

Parnaba IV Gerao de Energia S.A. (l)
Petra Energia S.A.(p)
Parnaiba Gas Natural (m)
Total
(a) Loan agreement executed with Eneva S.A. (lender) subject to monthly interest (101% of CDI) and with
an unfixed term of maturity. Eneva S.A. has made a provision of R$ 7,453 for the devaluation of its
66.67% investment in Termopantanal Participaes Ltda.
30
(b) The Company and its subsidiaries also maintained agreements for sharing costs of operating and
financial activities entered into with the company EBX Holding Ltda. involving monthly collections
made through trade notes paid according to understandings between the parties. Note that these
contracts were terminated in November 2013, leaving the outstanding balance between the parties
to be settled.
(c) The balance consists of a loan executed with Eneva S.A. (lender) subject to monthly interest (104% of
the DI-Over rate) and indefinite maturity period. As of March 31, 2015 the effect on net income is
R$6,074.
(d) The balance consists of: (i) loan agreement executed in January 2012 with Eneva S.A. (lender) subject
to monthly interest (125% of CDI) and with an indefinite maturity amounting to R$ 28,233. (ii)
operational and financial cost sharing agreements with Eneva S.A., Itaqui Gerao de Energia S.A.,
Parnaba II Gerao de Energia S.A. and Pecm II Gerao de Energia S.A., involving monthly
collections made through trade notes paid according to understandings between the parties (average
DPO of 30 to 60 days). As of March 31, 2015 the effect on consolidated net income is R$ 12,859.
(e) The balance derives from the administrative cost reimbursement contract and feasibility studies. The
outstanding balance as of March 31, 2015 is R$ 7,201 and the effect on the parent company's net
income is R$ 778.
(f) The balance consists of: (i) loan agreement executed in January 2012 with Eneva S.A. (lender) subject
to monthly interest (104% of CDI) and with an indefinite maturity amounting to R$ 416,222. As of
March 31, 2015 the effect on net income is R$ 12,231 and (ii) revenue from reimbursement of
operational, financial and administrative costs, amounting to R$ 12,068. As of March 31, 2015 the
effect on net income is R$ 776.
(g) Balance consisting of advances for future capital increase (AFACs) of its subsidiaries from investments
to noncurrent assets, which are irrevocable and irreversible. However, no fixed value has been
defined for the number of shares in the capital increase, in contravention of CPC 38. The following
AFACs are outstanding as of March 31, 2015 with the following companies:
Subsidiaries
Porto do Au Energia S.A.
Parnaba II Gerao de Energia S.A..
ENEVA Participaes S.A.
2015
2014
80
30
164,500
-
730
20
164,500
10,000
47,250
25,500
164,610
248,000
(h) The balance consists of a loan agreement executed in December 2011 with Eneva S.A. (lender) subject
to monthly interest (110% of CDI) and maturity on March 31, 2015, amounting to R$ 1,827. As of
March 31, 2015 the effect on net income is R$ 57.
(i) Eneva S.A. decided to sell its interest in Porto do Pecm, and in December 2014 recorded all the
outstanding balances between the companies as held for trading (as described in note 12). The
balance primarily consisted of: (i) the loan in September 2012 with Eneva S.A. (lender) subject to
31
monthly interest (105% of CDI) and with an indefinite maturity and (ii) contract between the parties
to assume the costs of acquiring coal incurred by Porto do Pecm in the period between September
and December 2013.
(j) Revenue from reimbursement of project implementation costs.
(k) Operational, financial and administrative costs reimbursement contract.
(l) The balance consists of: (i) loan agreement executed in January 2012 with Eneva S.A. (lender) subject
to monthly interest (125% of CDI) and with an indefinite maturity amounting to R$ 79,719. As of
March 31, 2015 the effect on net income is R$ 2,873 and (ii) revenue from reimbursement of
operational, financial and administrative costs, amounting to R$ 370. As of March 31, 2015 the effect
on net income is R$ 71.
(m) The balance consists of: (i) costs relating to the gas purchase agreement and leasing of the gas
treatment plant's capacity, between Parnaba Gs Natural and Parnaba Gerao, amounting to R$
15,490 as of March 31, 2015, (ii) future commitment to reimburse costs on international subsidiaries
amounting to R$ 61,492.
(n) Loan agreement executed in January 2013 with Eneva S.A. (lender) subject to monthly interest (105%
of CDI) and with an indefinite maturity amounting to R$ 13,115. As of March 31, 2015 the effect on
consolidated net income is R$ 3,233.
(o) Loan agreement executed in January 2013 with Parnaba Participaes S.A (lender) subject to monthly
interest (125% of CDI) and with an indefinite maturity amounting to R$ 30,861. As of March 31, 2015
the effect on consolidated net income is R$ 1,222.
(p) The balance consists of costs relating to the gas purchase agreement and leasing of the gas treatment
plant's capacity, between Parnaba and Petra, amounting to R$ 80,913.
(q) Project implementation costs reimbursement agreement with DD Brazil, amounting to R$ 8,403.
32
(d) Compensation of the Board of Directors and Executive Board members

In accordance with Law 6404/1976 and the Company's bylaws, the shareholders shall establish the managers'
overall annual remuneration at the General Meeting. The Board of Directors shall distribute the amount among
the directors.
The quarterly compensation of officers and the Board of Directors is presented below:
Parent Company
2015
2014
1,105
1,652
209
3,511
Immediate benefits
Stock options granted
1,314
5,163
Consolidated
2015
2,236
288
2014
2,366
3,511
2,524
5,877
See below the minimum, average and maximum individual annual compensation of the Board of Directors and
Officers, in R$:
Consolidated
2015
2014
Minimum Average
Board of Directors
OFFICERS
36,000
15,166
472,013
319,410
Maximum
Minimum
1,272,039
552,615
20,000
2,830
Average
Maximum
22,222
446,295
40000
2,802,366
16. Loans and Financing

As of March 31, 2015 and December 31, 2014 the loans taken out from financial institutions break down as
follows:
Consolidated
03/31/15
Compan
y
Creditor
Itaqui
BNDES
(Direct)
BNB
Itaqui
Curre
n
cy
Interest
Rates
Maturity
Effecti
ve
Rate
(a)
R$
TJLP+2.7
8%
06/15/
26
12/15/
26
2.89
%
10,14
%
(b)
R$
R$
IPCA + TR
BNDES+
4.8%
10%
15/06/
26
4.94
%
(c)
(d)
R$
TJLP+4,8
%
06/15/
26
CDI+3,00
%
CDI+3,00
%
TJLP+1,8
8%
IPCA + TR
BNDES +
1.88%
CDI+3,00
%
CDI+3,00
%
TJLP+2.4
0%
CDI+2,65
%
CDI+2,95
%
04/22/
15
04/15/
15
06/15/
27
15/07/
26
2.37
%
Parna
ba I
Parna
ba I
Parna
ba I
BNDES
(Indirect
)
BNDES
(Indirect
)
BRADES
CO
Banco
Ita BBA
BNDES
(Direct)
Parna
ba I
BNDES
(Direct)
(k)
R$
Parna
ba II
Parna
ba II
Parna
ba II
ENEVA
S/A
ENEVA
S/A
Banco
Ita BBA
(l)
R$
CEF
(m
)
R$
Itaqui
Itaqui
BNDES
Banco
Ita BBA
Banco
Citibank
(h)
R$
(i)
R$
(j)
(n)
R$
R$
(o)
R$
(p)
R$
06/15/
15
06/15/
15
06/15/
15
12/16/
14
09/22/
14
Transacti
on Cost
12/31/14
Unappropria
ted cost
Principal
Interes
t
11,182
9,030
778,071
2,575
771,616
11,182
9,217
762,788
2,535
756,107
2,892
2,566
200,527
4,022
201,983
2,892
2,602
200,787
852
199,037
2,023
1,856
111,436
9,576
119,156
2,023
1,878
107,505
5,942
111,569
4.94
%
1,475
1.448
152,798
625
151,975
1,475
1,460
149,088
621
148,249
30,634
168
30,802
30,294
134
30,428
54,419
199
54,618
53,174
178
53.352
2.35
%
28,395
27,832
447,755
1,330
421,253
28,395
28,191
456,893
1,353
430,055
11,705
10,661
220,204
7,510
217,054
11,705
10,629
212,438
4,776
206,585
228,330
8,223
236,553
228,330
126
228,456
280,000
51,18
7
331,187
280,000
39,84
3
319,843
5.05
%
10,967
1,843
304,959
2,490
305,606
10,967
3,890
299,387
2,624
298,120
105,790
101,250
14,15
0
19,96
1
Total
Transacti
on cost
Unappropria
ted cost
Principal
Interes
t
Total
119,940
105,790
121,211
101,250
14,15
0
19,96
1
119,940
121,211
33
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
ENEVA
S/A
Banco
Citibank
Banco
BTG
Pactual
Banco
BTG
Pactual
Banco
BTG
Pactual
Banco
BTG
Pactual
Banco
Citibank
Banco
Ita BBA
Banco
Ita BBA
Banco
Ita BBA
Banco
BTG
Pactual
Banco
Ita BBA
Banco
Citibank
Banco
BTG
Pactual
(q)
US$
LIBOR
3M +
1.26%
09/27/
17
160,400
1,098
161,498
132,810
909
133,719
(r)
R$
CDI+3,75
%
12/09/
14
101,912
6,524
108,437
101.912
6,524
108,437
(s)
R$
CDI+3,75
%
06/09/
15
350,000
22,40
6
372,406
350,000
22,40
6
372,406
(t)
R$
CDI+3,75
%
12/09/
14
370,000
23,68
7
393,687
370,000
23,68
7
393,687
(u)
R$
CDI+2.75
%
12/12/
14
303,825
50,29
6
354,120
303,825
50,29
6
354,120
CDI+4.00
%
CDI+2.65
%
CDI+2.65
%
CDI+3.15
%
12/09/
14
12/05/
14
12/09/
14
01/19/
16
CDI+3.00
%
10/13/
14
CDI+3.00
%
CDI+3.00
%
10/13/
14
10/13/
14
CDI+3.00
%
10/13/
14
(v)
R$
(w
)
R$
(x)
R$
(y)
R$
(z)
R$
(z)
R$
(z)
R$
(z)
R$
15,71
8
27,50
5
28,65
4
123,309
200,000
210,000
80,000
9,782
39,782
13,01
4
27,50
5
28,65
4
139,026
102,099
227,505
200,000
238,654
210,000
89,782
80,000
9,782
89,782
2,914
42,696
39,782
2,914
42,696
28,838
2,112
30,950
28,838
2,112
30,950
16,675
1,221
17,896
16,675
1,221
17,896
14,705
1,077
15,782
14,705
1,077
15,782
68,639
55,235
5,015,6
19
315,0
10
5,275,3
94
68,639
57,867
4,938,3
70
283,1
96
5,163,6
98
Principal
Interes
t
Total
Unappropria
ted cost
Principal
Interes
t
Total
Unappropria
ted cost
Current
4,818
Noncurre
nt
50,417
3,119,0
62
1,896,5
57
315,0
10
-
3,429,7
58
1,846,1
39
6,698
51,171
3,022,4
78
1,915,8
91
273,4
14
9,782
115,113
227,505
238,654
3,289,1
94
1,874,5
02
The table below shows the breakdown of the loans of the joint subsidiary Pecm II Gerao de Energia S.A. and
the indirect subsidiariesUTE Parnaba IV Gerao de Energia S.A. and UTE Parnaba III Gerao de Energia S.A. As
a result of the new consolidation rules introduced by IFRS 11, from 2013 we are no longer obliged to consolidate
them into the annual information:
Consolidated
03/31/2015
Companies
Unappropri
ated cost
322,198
1,114
323,312
3,628
3,161
328,791
1,145
326,775
105,325
3,171
108,496
806
530
101,610
456
101,536
120,889
120,889
2,144
2,076
121,906
119,829
42,000
2,111
44,111
349
52
42,000
601
42,549
590,412
6,396
596,808
6,926
5,820
594,307
2,202
590,689
Unappropriat
ed cost
Principal
Interest
Total
Unappropriat
ed cost
Principal
Interest
Total
Current
115,549
6,396
121,945
52
119,033
2,202
121,183
Noncurrent
474,863
474,863
5,768
475,275
469,506
Curr
ency
Creditor
34
12/31/2014
Custo
de
transa
o
Effec
tive
Rate
Interest
Rates
BNDES (Direct)
(e)
R$
(f)
R$
TJLP+2.18%
IPCA+TRBND
ES+2.18%
06/15/2027
BNDES (Direct)
BNB
(g)
R$
10%
01/31/2028
0,023
0,023
2
0,101
7
Banco
Bradesco
(aa)
R$
CDI+2.53%
01/27/2015
0,042
3
06/15/2027
Principal
Interest
Total
Transaction
Cost
Unappropri
ated cost
Principal
Interes
t
Total

Itaqui Gerao de Energia SA (Itaqui)
(a) . The National Social and Economic Development Bank (BNDES) released the entire R$ 784 million of the
long-term loan to Itaqui relating to subcredits A, B and C, incurring an annual cost of TJLP + 2.78%. The
financing facility has a term of 17 years, with 14 years repayment and a grace period on the principal of
until July 2012. Subcredit D, intended for social investments (BNDES Social) of R$ 13.7 million, only incurs
TJLP and R$ 11.7 million has been disbursed to date. The BNDES Social facility has a total term of 9 years,
with 6 years repayment and a grace period of until July 2012. The interest earned during the grace period
was capitalized along with the amounts outlaid. The balance of the principal as of December 31, 2014
therefore stands at R$ 762.7 million. The interest on these loans was capitalized during the construction
phase. This financing is secured by the traditional guarantee in project finance loans
In January 2015, a debt reschedule assured a new grace period of 24 months for the principal and of 6
months for the intersts. In addition, the amortization applied was: 3% (three per cent) in 2017 and 5% (five
per cent) in 2018, being 8% (eight per cent) in 2019 and 10% (ten per cent) in 2020. The remaining 74%
(seventy four per cent) would be applied in the following years through a constant amortization system
SAC. All finacing charges have not changed. As of March 31 2015, the balance of the principal stands at R$
778 million. This financing is secured by the traditional guarantee in Project Finance Loans.
(b) To top up the funding from the BNDES, Itaqui took out a loan from BNB-FNE, worth a total R$ 203 million
under which the last payment was released on July 28, 2011, completing the loan. The BNB loan has a total
term of 17 years, with 14 years repayment and a grace period on the principal of until July 2012. It is
charged interest of 10% p.a. The funding has a performance bonus (15%), which consequently reduces the
cost to 8.5% per annum. In January 2015 this loan was rescheduled following the same conditions
mentioned above (a).This financing is secured by the traditional guarantee in Project Finance Loans.
(c) R$ 99 million of this indirect BNDES line has been released to Itaqui consisting of subcredits A, B, C, D and E,
whose agents are the banks Bradesco and Votorantim This part of the loan has a total term of 17 years,
including 14 years of amortization and a grace period for interest and the principal of until July 2012. The
loan incurs IPCA + BNDES Reference rate + 4.8% p.a. during the construction stage and IPCA + BNDES
Reference rate + 5.3% during the operational stage. The interest earned during the grace period was
capitalized along with the amounts outlaid. The balance of the principal as of December 31, 2014 therefore
stands at R$ 107.5 million. The interest on these loans was capitalized during the construction phase. This
financing is secured by the traditional guarantee in Project Finance Loans.
35
(d) The entire subcredit F, of the loan mentioned in the previous item equal to R$ 141.8 million, has been
passed through to Itaqui. This part of the loan has a total term of 17 years, with 14 years repayment and a
grace period on the principal and interest of until July 2012. The loan incurs TJLP + 4.80% p.a. during the
construction stage and TJLP + 5.30% during the operational stage. The interest earned during the grace
period was capitalized along with the amounts outlaid. The balance of the principal as of March 31, 2015
therefore stands at R$ 152,8 million. The interest on these loans was capitalized during the construction
phase. In January 2015, this loan was rescheduled following the same conditions above (a). This financing is
secured by the traditional guarantee in Project Finance Loans.
Pecm II Gerao de Energia SA (Pecm II)
(e) By June 30, 2014 Pecm II had received R$ 615.3 million of the R$ 627.3 million earmarked in
subcredits A, B, C, D and L of the long-term financing contract with the BNDES (in nominal R$,
excluding interest during the construction). These subcredits have a total term of 17 years, with 14
years repayment and a grace period on the principal and interest of until July 2013. The loan initially
incurs LTIR + 2.18% p.a. but in December 2014 an renegociation was held and the spread of the debt
was changed to 3.14% per year. The interest earned during the grace period was capitalized along
with the amounts outlaid. The balance of the principal as of March 31, 2015 therefore stands at R$
644.4 million. The balances of principal and interest shown in the table above correspond to 50% of
the original balances, given the 50% stake of EON. This financing is secured by the traditional
guarantee in Project Finance Loans. Negotiations were initiated with the bank in January 2015, for the
project to obtain a renegotiation within interest and principal payments of debt, with the aim of the
project get a relief in the short and medium term cash. The same is in fairly advanced process for
approval at the bank, with the signing of the additive forecast the loan agreement during the 2nd
quarter 2015.
(f) Pecm II received R$ 110.1 million referring to subcredits E, F, G, H and I of the long-term financing
contract with the BNDES mentioned in the item above. These subcredits have a total term of 17 years,
with 14 years repayment and a grace period on the principal and interest of until June 2014. The loan
incurs IPCA + BNDES Reference rate + 2.18% p.a.. In December 2014, an renegotiation of the contract
was made and interest incurred to date were incorporated into the main, being the modified vesting
until December 2015. In the same renegotiation the spread of the debt was changed to 3.14%. The
balances of principal and interest shown in the table above correspond to 50% of the original
balances, given the 50% stake of EON. This financing is secured by the traditional guarantee in Project
Finance Loans. Negotiations were initiated with the bank in January 2015, for the project to obtain a
renegotiation within interest and principal payments of debt, with the aim of the project get a relief in
the short and medium term cash. The same is in fairly advanced process for approval at the bank,
with the signing of the amendment to the forecast over the 2nd quarter 2015 loan agreement.
(g) To top up the funding from the BNDES, Pecm II took out a loan from BNB with FNE funding, worth a
total R$ 250 million, which has been disbursed in its entirety. The BNB loan has a total term of 17
years, with quarterly interest and 14 years' repayment and a grace period on the principal of until
February 2014. It is charged interest of 10% p.a. The funding has a performance bonus (15%), which
consequently reduces the cost to 8.5% per annum. The balances of principal and interest shown in
the table above correspond to 50% of the original balances, given the 50% stake of EON. This
financing is secured by the traditional guarantee in Project Finance Loans. Negotiations were initiated
with the bank in January 2015 and are still ongoing, to obtain a longer period in the lack of payment
of debt principal (along the lines of the aforementioned trading), aiming to obtain a relief in the short
box and medium-term project, thus bringing sustainable economic and financial performance for the
long term.
36
Parnaba Gerao de Energia SA (Parnaba I)
(h) On December 27, 2011 Parnaba I borrowed R$ 75 million under a CCB loan (Bank Credit Note) with
BRADESCO, which was endorsed by the parent company. Taken out to finance the construction of
thermoelectric power plants Maranho IV and V, this bridge loan incurs annual interest of the CDI
rate + 3% and matures initially on June 26, 2013, whereupon the principal and interest is due.
37
A further R$ 75 million was disbursed on February 28, 2012 by the bank on the same terms as the
previous disbursement. R$ 90 million of the principal plus the interest due was settled on December
28, 2012, when the long-term BNDES loan described in items (j) and (k) was released. On June 26,
2013 the company renegotiated the principal balance of R$ 60 million, paying all the interest due up
to that date with the new maturity date changing to September 24, 2013 and the interest held at the
CDI rate plus 3% per annum. On September 24 UTE Parnaba renegotiated the terms of the contract,
changing the maturity date to October 24, 2013 and subsequently to November 24, 2013. On October
31, 2013 a new renegotiation amended the loan's maturity to December 18, 2014. The loan was
renegotiated and the balance of interest incurred up to the date was included in the principal, and
since then both the principal and interest are being paid in 4 monthly instalments commencing in
January 2015. In the first quarter 2015, again a new contractual renegotiation took place and the debt
balance was refinanced, it means the principal is payable in 12 monthly installments beginning in
August 2015, whereas the interest rates, which were adjusted for CDI + 3.5 % p.a.. They are being
paid monthly since February 2015. The debt balance on March 31, 2015, corresponds to R $ 30.8
million.
(i) On December 27, 2011 Parnaba I borrowed R$ 125 million under a CCB loan (Bank Credit Note) with
Banco Ita BBA, which was endorsed by the parent company. Taken out to finance the construction of
thermoelectric power plants Maranho IV and V, this bridge loan incurs annual interest of the CDI
rate + 3% and matures originally on June 26, 2013, whereupon the principal and interest is due. In
December 2012, R$ 60 million of the principal, plus interest were paid upon the long-term loan gotten
from BNDES as described in items (j) and (k). On June 26, 2013, the Company renewed the principal
balance of R$ 65 million, paying all interest owed, rescheduling maturity to September 24, 2013 and
keeping interest rates at 100% of CDI plus 3 % p.a. Since then, new renovation changed the contract
maturity to October 24, 2013 and subsequently to 15 April 2015. In December 2014, new
renegotiation of the contract was carried out and the interst balance has been incorporated into the
principal. So far, both the principal and interest shall be paid in three monthly installments from
February 2015. In the first quarter 2015, a contractual renegotiation took place and the debt balance
was refinanced, and the principal is to be paid in 12 monthly installments starting in September 2015,
while interest, which were adjusted to CDI + 3.5% p.a. are being paid monthly since March 2015. The
debt balance on March 31, 2015 stands at R$ 54.6 million.
(j) In December 2012 Parnaba I received R$ 495.7 million as subcredits B and C of the bridge loan from
BNDES, out of a total of R$ 671 million. These subcredits will be amortized over 168 monthly
instalments commencing July 15, 2013, along with the interest. The loan incurs LTIR + 1.88% p.a. The
balance of the principal as of March 31, 2015 stands at R$ 447.7 million.
(k) In December 2012 Parnaba I also received R$ 204.3 million referring to the entire subcredit A of the
long-term financing contract with the BNDES mentioned in the item above. This subcredit will be
amortized over 13 annual instalments commencing July 15, 2014, along with the interest. The loan
incurs IPCA + BNDES Reference rate + 1.88% p.a. The interest earned during the grace period was
capitalized along with the amounts outlaid. The balance of the principal as of December 31, 2014
therefore stood at R$ 208.9 million. This financing is secured by the traditional guarantee in Project
Finance Loans.
Parnaba II Gerao de Energia SA (Parnaba II)
38

(l) On March 30, 2012 the Parnaba II project secured R$ 100 million via a CCB loan from Banco Ita BBA,
endorsed by the parent company. Originally maturing on September 30, 2013 for the payment of
principal and interest, this bridge loan was used to finance the building of the Maranho III thermal
power plant. Upon maturity this bridge loan incurs annual interest of the CDI rate + 3% and matures
on September 30, 2013, whereupon the principal and interest is due. The company renegotiated the
loan, altering its maturity date to December 30, 2013. The loan was subsequently renegotiated,
changing its maturity to December 30, 2014 and an additional R$ 100 million was borrowed, maturing
on December 30, 2014. At the end of December both contracts were renegotiated and had their
maturity altered to June 15, 2015. The balance of the principal as of March 31, 2015 therefore stands
at R$ 228.3 million
(m) In May 2012 Parnaba II borrowed R$ 325 million under a CCB loan from Caixa Econmica Federal,
which was endorsed by the parent company. Taken out to finance the construction of thermoelectric
power plant Maranho III, this bridge loan incurs annual interest of the CDI rate + 3% and originally
matures on November 07, 2013, whereupon the principal and interest is due. A portion of R$ 125
million has been released, in addition to two portions of R$ 100 million, on May 08, 2012, May 15,
2012 and May 30, 2012. Upon maturity the company renegotiated the loan, altering its maturity date
to December 30, 2013. R$ 45 million of the principal has been repaid to date, in addition to the
interest hitherto incurred, and the remaining amount has been renegotiated to December 30, 2014.
At the end of December the contract was renegotiated and had its maturity altered to June 15, 2015.
The balance of the principal as of March 31, 2015 therefore stands at R$ 280 million.
(n) Parnaba II received a bridge loan from BNDES of R$ 280.7 million at the end of December 2013. This
loan will be amortized in a single payment on June 15, 2015 along with the interest. The annual costs
was LTIR + 2.40%.
Eneva SA (Eneva)
39
(o) On December 16, 2013 Eneva - In judicial reorganization renegotiated the R$ 105.8 million of CCBs
(Bank Credit Notes) from Banco Ita BBA S.A., paying all the interest due up to that date with the new
maturity date changing to December 16, 2014. The cost will be CDI plus 2.65% per annum with the
interest and principal being paid at the end of the loan. The company did not make the payment on
the maturity date due to the judicial reorganization proceedings.
(p) On September 27, 2012 the parent company Eneva S.A - In judicial reorganization issued a CCB (Bank
Credit Note) via Banco Citibank S.A. for R$ 101,250 maturing on September 27, 2013. The interest
agreed was 100% of the CDI rate +1.15% per annum and is due upon maturity, on September 27,
2013. On this date Eneva S/A - In judicial reorganization renewed this agreement, changing its
maturity date to September 22, 2014 and changing the interest rate to CDI plus 2.95% per annum.
The company did not make the payment on the maturity date due to the judicial reorganization
proceedings.
(q) On September 27, 2012 Eneva - In judicial reorganization took out a loan equal to USD 50,000 from
Banco Citibank S.A. under a Credit Agreement, in due accordance with BACEN Resolution 4131. This
loan is subject to interest of Libor + 1.26% p.a. and will be paid quarterly. The principal will be paid
semi-annually, with a grace period of September 26, 2014 and the contract expiring on September 27,
2017. Eneva S.A. - In judicial reorganization took out a swap from Citibank in order to hedge this loan
against exchange variance. See Note 18. The company did not make the payment on the maturity
date due to the judicial reorganization proceedings.
(r) On December 13, 2012 Eneva - In judicial reorganization issued a CCB (Bank Credit Note) via Banco
BTG Pactual for R$ 101.9 million maturing on December 13, 2013. Upon maturity the line was
renegotiated, altering its maturity date to December 09, 2014. The interest will be paid quarterly at
the cost of the CDI rate plus 3.75% p.a. The principal will be paid in full upon maturity. The company
did not make the payment on the maturity date due to the judicial reorganization proceedings.
(s) On February 07, 2013 Eneva - In judicial reorganization issued a CCB (Bank Credit Note) via Banco BTG
Pactual for R$ 350 million maturing on August 06, 2013. The interest agreed was 100% of the CDI rate
2.95% per annum and is due upon maturity. On August 06, 2013 the company renegotiated the loan,
altering its maturity date to December 02, 2013. A new renegotiation extended the debt's maturity
date to June 09, 2015, with interest paid quarterly at the cost of CDI + 3.75% p.a. and the principal
paid on maturity.
(t) On December 09, 2013 and December 26, 2013 Eneva - In judicial reorganization issued two CCBs
(Bank Credit Notes) via Banco BTG Pactual for the individual amounts of R$ 100 million on December
09, 2013 and R$ 270 million on December 26, 2013, both maturing on December 09, 2014. The
interest agreed was 100% of the CDI rate 3.75% per annum and is due quarterly. The company did not
make the payment on the maturity date due to the judicial reorganization proceedings.
(u) On March 25, 2013 Eneva - In judicial reorganization issued a CCB (Bank Credit Note) via Banco HSBC
for R$ 100 million maturing on March 25, 2014. The interest agreed was 100% of the CDI rate 1.75%
per annum and is due upon maturity. The interest accumulated to December 12, 2013 was paid and a
new maturity was agreed for December 12, 2014. The spread for this new period will be 2.75% per
annum. At the time of the renegotiation the company issued a new CCB amounting to R$ 203.8
million scheduled for maturity on December 12, 2014. The cost will be CDI plus 2.75% per annum with
the interest and principal being paid at the end of the loan. The company did not make the payment
on the maturity date due to the judicial reorganization proceedings On December 30, 2014 Banco
40

HSBC endorsed both CCBs for Banco BTG Pactual, with the consent of ENEVA reorganization.
In judicial
(v) Eneva took out a loan from Citibank S.A of R$ 100 million (in the form of a CCB) on December 09,
2013, maturing on December 09, 2014. The principal and interest will be paid upon maturity at the
cost of the CDI rate plus 4.00% per annum and. The company did not make the payment on the
maturity date due to the judicial reorganization proceedings.
(w) On December 05, 2013 Eneva issued a Ita BBA CCB (Bank Credit Note) for R$ 200 million maturing on
December 05, 2014. The interest agreed was 100% of the CDI rate plus 2.65% per annum with
principal and interest due upon maturity. The company did not make the payment on the maturity
(x) On December 09, 2013 Eneva issued a Ita BBA CCB (Bank Credit Note) for R$ 210 million maturing on
December 09, 2014. The interest agreed was 100% of the CDI rate plus 2.65% per annum with
principal and interest due upon maturity. The company did not make the payment on the maturity
(y) On January 29, 2014 Eneva issued a Ita BBA CCB (Bank Credit Note) for R$ 80 million on January 29,
2014, maturing on 19 January 2016. The agreed interest were 100% of CDI plus 3.15% spread per
year, with payment of principal and interest at the end of the operation
(z) On May 12, 2014 Eneva issued 4 CCBs (Bank Credit Notes) to the banks Ita BBA, BTG Pactual,
Citibank and HSBC, which jointly amounted to R$ 100 million and mature on August 12, 2014. The
interest agreed was 100% of the CDI rate plus 3% per annum with principal and interest due upon
maturity. Eneva - In judicial reorganization and its creditors renegotiated these CCBs, extending their
maturities to October 13, 2014. The company did not make the payment on the maturity date due to
the judicial reorganization proceedings.
Parnaba III Gerao de Energia SA (Parnaba III)
(aa) On November 25, 2013 the Parnaba III project secured a bridge loan from Banco Bradesco of R$
120 million, initially maturing on January 09, 2014. A new maturity date was agreed for January 31,
2014. The cost of the bridge loan is CDI plus 2.53% per annum. Principal and interest will be paid at
the end of the operation. A promissory note was issued to replace this loan on the same terms and
with a new maturity date of July 30, 2014. This promissory note was substituted by another at the
cost of CDI + 3.0% per annum, now maturing on January 26, 2015. For payment of the 2nd Issue of
promissory notes due on 26 January, it was negotiated with Bradesco bank debentures ICVM 476 with
the same amount ( 120 million). In the new negotiation and due to market conditions was signed
indenture in January 2015 with a term of 18 months and quarterly interest payments from July 2015
at a cost of CDI + 3.50% pa (maturity 26 July 2016).
The portions of the loans and financing classified in non-current liabilities as of March 31, 2015 have the
following payment schedule:
Consolidated
Maturity
2016
2017
70,868
84,992
41
2018
2019 to final maturity
110,241
1,580,039
1,846,140
Financial Covenants
Creditors involved in financial contracts use financial covenants in a number of debt contracts to monitor
the Company and its investees' financial situation.
The financing contracts relating to the ventures Porto do Pecm Gerao de Energia S.A.,Pecm II Gerao
de Energia S.A., Itaqui Gerao de Energia S.A. and Parnaba Gerao de Energia S.A. have minimum debt
service coverage indexes that measure the payment capacity of the financial expense in relation to EBITDA.
All the financial covenants had been performed as of March 31, 2015.
Non-financial Covenants
A number of financing contracts also have nonfinancial covenants, which are usual for the market and have
been summarized below. As of March 31, 2015 all these covenants were being performed.
42
Obligation to periodically submit financial statements to creditors.
Creditor rights to inspect and visit facilities.
Obligation to keep up with tax, social security and payroll obligations.
Obligation to maintain materially important contracts for its operations in force.
Comply with environmental legislation and keep any operating licenses necessary in force.
Contractual restrictions on related-party transactions and sales of assets outside the normal course of
business.
Restrictions on the change of share control, corporate restructuring and material changes to the core
activities and articles of association of the borrowers, and
Restrictions on debt ratios and the procurement of new debt
17. Taxes and contributions payable

Parent Company
March December
31
31
2015
2014
Corporate Income Tax IRPJ
Social Contribution on Net Income - CSLL
Income Tax Withheld at Source - IRRF
ICMS
PIS, COFINS, IRRF and CSL
Tax on Financial Transactions - IOF
IPI Import
FGTS
Import Tax
Other
Current
Consolidated
March December
31
31
2015
2014
300
301
888
530
127
113
2
259
477
647
104
300
99
9,841
1,011
9,716
893
134
1,260
228
1,613
404
158
7,854
1,025
9.950
481
1,277
1,585
2,494
1,888
2,146
1,602
25,095
27,116
18. Financial instruments and risk management

The management of these financial instruments is done through operating strategies and internal controls,
aimed at liquidity, profitability and security. Our control policy consists of permanently monitoring contract
rates versus market rates. The Company and its subsidiaries do not invest in derivative financial instruments or
any other risky assets on a speculative basis. This is a determination of the financial investment policy.
The estimated realization values of the financial assets and liabilities of the Company and its subsidiaries were
determined through information available in the market and appropriate valuation methodologies. However,
considerable judgment was required in the interpretation of the market data to estimate the most adequate
realization value. Consequently, the estimates below do not necessarily indicate the values that could be
realized in the current exchange market. The use of different market methodologies may have a material effect
on the estimated realizable values.
43
The consolidated book balances of the main financial instruments included in the balance sheets as of March 31,
2015 and 2014 are shown below:
Parent Company
Financial instruments
Assets
Loans and receivables
Accounts receivable from other related parties
Accounts receivable from subsidiaries
AFAC - with subsidiaries
Loans to subsidiaries
Escrow deposits
Fair value through profit or loss
Cash and cash equivalents
Liabilities
Other financial liabilities
Trade payables
Loans and financing
Debts with subsidiaries
Loans with other related parties
44
2015
2014
61,494
77,565
164,610
709,626
42
62,627
44,143
248,000
691,287
41
51,642
72,502
13,547
2,433,591
142,376
32,384
11,737
2,381,898
75,956
95,639

Consolidated
Financial instruments
2015
2014
232,114
(401)
248,264
67,221
97,889
86,536
304,848
284,774
63,970
20,493
62,111
180,941
157,319
140,502
5,275,393
19,196
217,843
62,983
149,785
5,163,697
20,945
76,398
244,476
Assets
Loans and receivables
Trade accounts receivable
CCC subsidy receivable
Loans to subsidiaries
Accounts receivable from other related parties
Accounts receivable from subsidiaries
Escrow deposits
Fair value through profit or lossValor justo por meio do
resultado
Liabilities
Other financial liabilities
Trade payables
Loans and financing
Contractual retentions
Debts with subsidiaries
Debits with related parties
The financial instruments measured at amortized cost and presented above are close to their market values (fair value).
18.1 Fair
value of financial instruments
The concept of fair value states that assets and liabilities should be valued at market prices, in the case of liquid
assets, or by using mathematical pricing methods, in other cases. The hierarchy level of the fair value gives
priority to unadjusted prices quoted on an active market. A part of the company's accounts has the fair value
equal to book value, these accounts include cash equivalents, payables and receivables, bullet debts and shortterm. The accounts whose fair value differs from book value can be seen below. Short-term investments are
stated at fair value, due to their classification at fair value through profit and loss.
Consolidated
2015
Prices
observable in an
active market
(Level I)
Stock options awarded
Derivatives
Balance at March 31, 2015
Pricing with
Pricing without
observable prices observable prices
(Level II)
(Level III)
(350,980)
(350,980)
45
46

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

Risk of changes in commodity prices (commodities), exchange rates and interest rates
18.2.2.1 Risk of oscillation in commodity prices
In the case of Eneva - In judicial reorganization, this risk is exclusively posed by the coal price, which is recorded,
according to the formation of inventory for generating energy in the thermoelectric power plants.
The inventory coal price is established and will be converted into revenue, according to the remuneration for
the energy generation, according to the PPA rules1. The period between the purchase of the cargo and its use
for generating energy constitutes the price change risk incurred by the thermoelectric power plant.
(a) Risk Management

The Company manages the exchange risk on a consolidated basis for its companies to detect and mitigate risks
posed by changes in exchange rates underlying global assets and liabilities. The aim is to detect or create natural
hedges, taking advantage of the synergy between the companies' operations, thereby minimizing the use of
derivatives. Derivative instruments are used in cases where natural hedges cannot be taken advantage of.
18.2.2.2 Currency Risk
Risk of change in exchange rates which could be associated to the Company's assets and liabilities
(a) Gerenciamento de risco
The Company manages the exchange risk on a consolidated basis for its companies to detect and mitigate risks
posed by changes in exchange rates underlying global assets and liabilities. The aim is to detect or create natural
hedges, taking advantage of the synergy between the companies' operations, thereby minimizing the use of
47
derivatives. Derivative instruments are used in cases where natural hedges cannot be taken advantage of. On
March 31, 2015 the Company has no derivatives.
(b) Investiment in fixed assets (capex)

The revenue of the consolidated energy generating units of Eneva - In judicial reorganization is denominated in
reais. Part of the investment made in fixed assets is also paid in foreign currency, primarily US dollars and euros.
The volumes and terms of these payments do not generally require the structuring of hedge transactions. The
Company is currently mapping out the payments in foreign currencies - based on historic and future entries, in
order to establish an average amount and terms, thereby ensuring control over the related foreign currency
exposure.
(c ) Coal inventory
The Company goes long when forming its coal inventory for its thermal power plants, which in turn is
determined in the international market in US dollars. The Company consequently also assumes a long position in
dollars, generally creating a mismatch between its assets and liabilities. As mentioned earlier for the coal price
risk, the company is studying hedge mechanisms against the market risks posed by coal purchases. In other
words, the commodity price hedge and the exchange risk hedge will be structured simultaneously.
d) Loans and financing
The Company has no significant foreign exchange exposure related to its financial liabilities arising from foreign
currency denominated transactions in its subsidiaries. Below we have a risk of projection of the current
outstanding amounts.
Risk for
Position
Fair
Value
Scenary I
(high 25%)
Senary II
(high 50%)
ENEVA SA
Loan in Dollar/|LiborUSD
Net Exposure
Dollar aopreciation
-
(197,447)
(197,447)
(246,809)
(246,809)
(296,171)
(296,171)
(*) The assessment does not represent the total exposure in the currency nor the global loss related to exposure
Reference rate: PTAX800 Sale (3.2080 on 31.03.2015) the Central Bank of Brazil
Scenario I: adverse shock in 25% (high exchange to generate loss in a short exposure)
Scenario II: adverse shock in 50% (high exchange to generate loss in a short exposure)
18.2.2.3
Interest Rate Risk
Risk of shifting of the interest structure that could be associated with the payment flows of the debt principal
and interest
(a) Cash flow risk related to floating interest rates
48

There is a financial risk associated with floating rates that could increase the future value of the financial
liabilities. The common risk is uncertainty about the interest futures market, which makes payment flows
unpredictable. In loss scenarios, the interest forward rises, thereby increasing the liability's value. Alternatively,
the company's liabilities could diminish if the rates fell.
More than 90% of Eneva (In judicial reorganization) and its subsidiaries' liabilities are indexed to floating interest
in the interbank deposit segment (DI) and the long-term interest rate of the BNDES (TJLP), and in the inflationary
segment with restatement according to the IPCA price index.
The BNDES facilities restated by the IPCA and TJLP price indexes - which also contain a strong inflation
component - are part of a special credit segment posing low volatility and therefore a low probability of abrupt
changes in rates. As this is a specific segment, caution should be exercised in respect of interference and
hypotheses in statistical models in the attempt to map out and make projections about this segment in order to
quantify the hypothetical related losses. Furthermore, the companies' assets consisting of the revenue will also
be restated by the same rates, which substantially reduces the mismatch between asset and liability rates.
(b) Interest rate sensitivity
The debt restated by the interbank deposit rate - DI had a principal of R$ 2.7 billion and balance of R$ 3.2 billion
as of December 31, 2014. 91.38% of this amount matures by the end of 2015. However, as this is a floating rate
in a scenario of rising interest rates, see below the financial loss if the interest rate curve were shifted by 25%
and 50%, respecting the payment terms of each facility.
Amount
Amount
Amount
Future
Future
Future system
system
system
(25%
(50%
Risk
Market
increase)
increase)
ENEVA SA
Cash Flow Risk related to
Increase in
Interest Rate
3,221,644
3,730,019
3,831,501
3,221,644
-
3,730,019
508,375
3,831,501
609,857
Liability indexed to CDI
Outstanding (Principal + Interest)

Increase in financial expense
(*) The scenarios do not reflect the company's projections for interest rates.
This assessment merely aims for compliance with the legislation.
Method: parallel upwards shift in DI rate of 25% and 50%
CDI at March 31, 2015: 12.62%
18.2.2 Risco de crdito

This arises from the possibility of the Company and its subsidiaries suffering losses due to the default of their
counterparties or of financial institutions where they have funds or financial investments. This risk factor could
derive from commercial operations and cash management.
To mitigate these risks, the Company and its subsidiaries have a policy of analyzing the financial position of their
counterparties, as well constantly monitoring outstanding accounts.
49
The Company has a Financial Investment Policy, which establishes investment limits for each institution and
considers the credit rating as a reference for limiting the investment amount. The average terms are continually
assessed, as are the indexes underlying the investments, in order to diversify the portfolio. The maximum
exposure to credit risk is denoted by the balance of short-term investments.
Consolidated
2015
2014
Positions of credit risk
Trade receivables
CCC subsidy receivable
Escrow deposits
Consolidated credit accounts
180,940
232,114
86,535
520,711
157,319
304,48
62,111
545,400
The cash and cash equivalents substantially consists of the current account and investment fund at Ita S.A., a
first-rate bank and in relation to accounts receivable its main exposure derives from the possibility of the
company incurring losses due to problems in realizing receivables. To mitigate this type of risk and to help
manage default risk management, the Company monitors the accounts receivable realizing several collection
proceedings. Furthermore, the Company's customers have signed an assurance of full performance of the
contractual obligations.
18.2.3 Liquidity risk

The Company and its subsidiaries monitor their liquidity levels, based on expected cash flows versus the amount
of cash and cash equivalents at hand. Managing the liquidity risk means maintaining cash, sufficient securities
and capacity to settle market positions. The amounts recognized as of March 31, 2015 approach the operations'
settlement values, including estimated future interest payments (see note 1).
2015
From 6 to
12
months
up to 6
months
Liabilities
Trade payables
Related parties
Contractual retention
140,502
3,101,279
3,241,781
806,858
19,196
826,054
1 to 2
years
2 to 5
years
Over 5
years
280,826
627,906
908,732
1,250,408
1,250,408
2,401,343
2,401,343
Total by
account
140,502
280,826
8,187,794
19,196
8,628,318
Consolidated
up to 6
months
Liabilities
Trade payables
Related parties
50
149,785
-
From 6 to
12 months
1 to 2
years
320,875
2 to 5 years
2014
Total by
account
Over 5
years
149,785
320,875

Loans and financing
Contractual retention
2,168,102
-
1,577,102
20,945
767,386
-
1,286,344 2,480,823
-
8,279,757
20,945
2,317,887 1,598,047 1,050,742
1,286,344 2,480,823
8,733,842
51
19
Provision for contingencies
The Company and its subsidiaries are not party to judicial proceedings, involving labor and tax issues rated as a
probable loss, and no provision was therefore made for them.
The Company and its subsidiaries are party to judicial proceedings, involving labor and civil issues to the
estimated amount of R$ 328,868 (R$ 332,192 as of December 31, 2014). Their legal advisors rate the
proceedings as a possible loss, and management does not believe it is necessary to record a provision for them.
19. Shareholders' equity

As of March 31, 2015 and December 31, 2014 respectively, the Company's share capital consists of 840,106,107
(eight hundred and forty million one hundred and six thousand, one hundred and seven) and nominative
common shares, with no par value and the authorized capital is 1.2 billion book-entered common shares with no
par value.
As of December 31, 2014 the Company's share capital was R$ 4,707,088 (R$ 4,707,088 as of December 31,
2014), consisting of common shares distributed as follows:
2015
Shareholder
Centennial Asset Mining Fund LLC (*)
Centennial Asset Brazilian Equity Fund LLC (*)
E.ON
BNDESPAR
FIA Dinmica Energia
Other
(*)
52
Controlled by Eike Fuhrken Batista.
2014
145,704,988
20,208,840
1.822.065
360,725,664
72,650,210
87,494,400
151,499,940
17.3
2.4
0.2
42.9
8.6
10.4
18
145,704,988
20,208,840
1,822,065
360,725,664
72,650,210
87,494,400
151,499,940
17.3
2.4
0.2
42.9
8.6
10.4
18
840,106,107
100
840,106,107
100

The changes in the share capital up to the fourth quarter of 2015 have been summarized below :
December/2012
January/2013
February/2013
April 2013
May/2013
September 2013
October 2013
578,241,732
147,480
27,000
34,500
29,250
124,031,007
13,500
Capital
share
(R$
thousand)
3,731,734
232
95
114
99
800,000
40
May 2014
119,959
August 2014
137,581,638
54,815
Opening balance
Capital increase company plan
Capital increase
Capital increase shareholder
contribution
Capital increase shareholder
contribution
December 31, 2014
840,106,107
4,707,088
Closing balance
Quantity
of shares
Data
Description
On August 01, 2014 the Board of Directors' meeting ratified the Company's capital increase, as approved by the
Board of Directors' meeting on May 09, 2014, of R$ 174,728, within the authorized capital limit, as a result of
the subscription and payment of the 137,581,638 new common registered shares with no par value. The
number of Company shares accordingly rose from 702,524,469 to 840,106,107. The Company's share capital has
accordingly changed from R$ 4,536,608 to R$ 4,707,088
53
20. Earnings per share

Basic and diluted earnings per share
The basic and diluted earnings per share were calculated by dividing the earnings of the year attributable to the
controlling and noncontrolling shareholders of the Company as of March 31, 2015 and December 31, 2014 and
the respective average number of common shares in circulation, as per the table below:
2015
Common
Basic and diluted numerator
Loss attributable to shareholders
parent companies
Basic and diluted denominator
Weighted share average
Loss per share (R$) basic
2014
Total
Common
Total
(128,610)
(128,610)
(1,51,.182)
(1,517,182)
840,106,107
840,106,107
760,195,676
760,195,676
(0,15309)
(0,15309)
(0,15309)
(0,15309)
21. Share-based remuneration plan

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

The Company awarded stock option plans for its own stock to beneficiaries providing services to it.
54
The Extraordinary General Meeting held November 26, 2007 approved the Stock Purchase Option Program,
which was recorded in the minutes as an appendix. The same date share options were awarded to the
Company's executives.
The plan entailed the right to acquire 175,900 shares, following the share split on July 17, 2009, awarded to 5
participants in equal amounts, subject to the individuals remaining at the Company for 5 years in order to
exercise all of their rights.
The Options Program consists of the right to acquire a certain amount of Company shares, awarded to the
program's beneficiary, at a given strike price per share - or purchase price per share - which has to be exercised
in a period or by a deadline.
The plan's regulations state that the Company's Board of Directors should determine the amount of shares to be
awarded, the strike prices, maturity terms and expiry dates of the rights.
On the date the right is exercised, the shares sold to the plan beneficiary should be subscribed again or placed in
the treasury. The company's other shareholders do not have subscription rights to the shares allocated to the
option plans.
The Extraordinary General Meeting held December 07, 2007 approved the grouping of the Company's shares, by
which 22 shares were grouped into 1 common share. The Extraordinary General Meeting held July 17, 2009
subsequently approved the splitting of the Company shares, by which each common share on that date was split
into 20 common shares. A further split was approved on August 15, 2012, whereby each common share was
split into 3 common shares. These events led to an adjustment in the quantity and strike price of the options
under the plans awarded.
The minutes from the Extraordinary General Meeting held September 28, 2010 documented the extension to
the Company's stock options program to December 31, 2015.
Options were again awarded to executives on December 01, 2010, subject to the individuals remaining at the
company for 7 years.
The Extraordinary General Meeting held April 26, 2011 approved the increase to the maximum percentage of
shares that can be allocated to the Stock Options Program, to 2% of the Company's total stock.
The Extraordinary General Meeting minutes held on January 26, 2012 made updates to the plan contract and
new beneficiaries were added to the plan, but considering the grant date on November 24, 2011.
On May 24, 2012, the partial spin-off was approved for CCX Coal of Colombia SA, which represented 20.69% of
the Company's assets. With the split, the share value was proportionally reduced. To maintain the value of the
options granted, it was granted a discount on the price of options which were not exercised at the date of
demerger of the companies.
On May 31, 2012 over 75,000 options were granted. Later in the 3rd quarter of 2012 three more grants were
made, totaling 165,000 options.
55
Hence, a total of ten grants were issued until December 31, 2014, They are divided as follows (*):
Plan 1: 528,000 options granted on November 26, 2007;
Plan 2: 3,300,000 options on December 1, 2010;
Plan 2.1: 30,000 options on April 27, 2012 - the second grant of Plan 2
Plan 2.2: 60,000 options on June 2, 2012 - third grant of Plan 2
Plan 3: 2,098,500 options on 24 November 2011;
Plan 3.1: 225,000 options on May 31, 2012 - the second grant the Plan 3
Plan 3.2: 52,500 options on July 10, 2012 - third award of the Plan 3
Plan 3.3: 22,500 options on July 20, 2012 - fourth grant the Plan 3
Plan 3.4: 90,000 options on August 1, 2012 - the fifth grant the Plan 3
Plan 3.5: 3,000,000 options on December 13, 2012 - grants sixth of the Plan 3
(*) amount and prices after the stock split on 15 August 2012 and split-off of CCX.
The table below presents the overall characteristics of the options awarded by the Company
Plan
Vesting
period
(years)
5
7
7
7
7
7
7
7
7
7
Date
Awarded
Plan 1 11/26/2007
Plan 2 12/1/2010
Plan 2.1 4/27/2011
Plan 2.2 6/2/2012
Plan 3 11/24/2011
Plan 3.1 5/31/2012
Plan 3.2 7/10/2012
Plan 3.3 7/20/2012
Plan 3.4 8/1/2012
Plan 3.5 12/13/2012
Initial date of
maturity
Date rights
expire
11/26/2008
12/14/2011
4/7/2013
6/2/2013
11/24/2012
5/31/2013
7/10/2013
7/20/2013
8/1/2013
12/13/2013
11/26/2013
12/14/2018
4/27/2020
6/2/2020
11/24/2019
5/31/2020
7/10/2020
7/20/2020
8/1/2020
12/13/2020
Total
Original
Amount
Awarded (a)
528,000
3,300,000
30,000
60,000
2,098,500
225,000
52,500
22,500
90,000
3,000,000
9,406,500
Original
Strike Price
(a)
0.76
2.97
4.13
2.97
5.14
5.14
3.91
4.13
4.23
4.53
Strike Price
Restated by
IPCA(b)
4.03
6.17
6.00
4.56
4.82
4.92
5.11
(a) amounts and prices after the stock split on 15 August 2012 and split-off of CCX.
(b) To fully exercised or expired grants, the price was not adjusted by the IPCA.
The table below shows the changes in the options plan in FY 2014:
Plan awarded by the
Company - number of
stock options
Plan 1
Plan 2
Plan 2.1
Plan 2.2
Plan 3
Plan 3.1
Plan 3.2
Plan 3.3
Plan 3.4
Plan 3.5
Balance at December 31,

2014
441,000
379,200
67,500
27,000
20,250
54,000
432,000
Exercised
Cancelled
(84,000)
(76,800)
(36,000)
Awarded
Expired
Balance at March 31, 2015
357,000
302,400
67,500
27,000
20,250
54,000
396,000
56
To determine the fair value of the options we used the Merton model (1973)1, which is a variant of the Black &
Scholes (1973)2 model which considers dividend payments. A number of assumptions were made for the
model's entry variables. Like:
the share price at the measurement date

the instrument's strike price
the expected volatility
expected dividends
the instruments' term, and
risk-free interest rate.
To calculate the expected volatility the continuous returns from the price history of the share were used (based
on the past volatility, adjusted for changes expected due to information publicly available). The time window for
estimating the expected volatility was the same as the option's term, or the longest term available, when the
trading history of the company's share was shorter than the expected term.
The risk-free interest rate was based on public securities and interest rate curves published by BM&FBovespa.
Service conditions and performance conditions outside the market inherent to the transactions are not taken
into account when determining fair value.
The table below shows the assumptions made to calculate the fair value of the options awarded by the
Company:
Fair Value Assumptions
Plan 2
Plan 2.1
Plan 2.2
Plan 3
Plan 3.1
Plan 3.2
Plan 3.3
Plan 3.4
Plan 3.5
Number of exercisable options (matured)
63,000
47,400
7,500
3,000
2,250
6,000
48,000
2.46
3.07
3.21
3.33
3.35
3.39
3.76
0.0024
0.0015
0.0018
0.0030
0.0028
0.0028
0.0031
Share price in R$ (b)
0.20
0.20
0.20
0.20
0.20
0.20
0.20
Strike price of the options in R$ (c)
4.18
6.40
6.23
4.74
5.00
5.10
5.31
Average expected volatility (per annum) (d)
85.1%
81,. %
83.1%
79.2%
85.7%
84.3%
76.7%
Risk-free interest rate (average) (per annum) (e)
6.06%
6.09%
6.11%
6.11%
6.12%
6.12%
6.14%
100
128
22
18
150
Average outstanding term (years)

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

Intrinsic value in R$ k (f)
(a) Calculation of the options' fair value based on the Merton model (1973)
(b) The closing price of the share ENEV3
(c)
Strike prices of the options restated by the IPCA price index.
(d)
To calculate the volatility of the share the continuous returns from the price history of the share ENEV3 were used.
(e)
Reference rate to adjust the SWAP contracts for the IPCA coupon disclosed by BM&FBOVESPA.
(f) A value of zero is used when the options' intrinsic value is negative
22. Operating revenue
MERTON, R. Theory of Rational Option Pricing. Bell Journal of Economics and Management Science, 4 (Spring 1973), 14183
2 BLACK, F.; SCHOLES, M. The pricing of options and corporate liabilities. Journal of Political Economy, Chicago, v. 81, p.
637-654, 1973
57
The reconciliation between the gross revenue and the net revenue recorded in the income statement for the
year is as follows:
Consolidated
2015
2014
419,308
656,588
(45,525)
(69,817)
373,784
586,771
Gross revenue
Sales taxes
Total net revenue
23. Costs and expenses by nature

Costs and expenses by nature
Parent Company
2015
2014
Depreciation and amortization

Personnel expenses
Outsourced services
Rental expenses
(b)
Expenses incurred on stock options awarded
Provision for Investment Devaluation
Cost per Downtime Incident
Material
Insurance
Other expenses
(a)
Consumables
(c)
CCC Incentive
Electricity for resale
(634)
(8,263)
(7,759)
(1,481)
(209)
(3,272)
(5,967)
(27,586)
(525)
(9,775)
(11,925)
(1,348)
(3,512)
(165)
36
Classified as:
Cost
Administrative and general expenses and
stock options granted
Consolidated
2015
2014
(6,583)
(33,352)
(209)
25
(2,035)
(4,457)
(5,172)
(44,224)
(147,562)
(14,110)
(356,494)
(48,711)
(24,800)
(53,272)
(99,981)
(3,512)
(6,718)
110
(32,353)
(3,813)
(5,739)
(3,471)
(227,875)
15,286
(26,995)
(521,845)
(330,365)
(494,779)
(27,586)
(6,583)
(26,132)
(27,066)
20.631
(41,989)
(25,282)
(38,128)
(a) The presented amount denotes the negative effect of the operation involving Porto do Pecm, where
the Company intends to sell its balances of investments, loans and accounts receivable on coal and
energy purchases from the joint subsidiary. This operation has not yet been completed as the conditions
precedent have not yet been performed. Said balance of assets is recorded as held for trading, as
described in note 12.
(b) With the start of the Parnaba II replacement operation, a reduction in the cost of leasing the gas
treatment capacity. This reduction is linked to greater efficiency combined cycle added the operation.
58

(c) The reduction presented in coal consumption is directly related to the sale of 50% of Pecm II Power
Generation for E.ON. Thus we fail to consolidate this plant.
24. Financial Income

The Company's financial income breaks down as follows:
Parent Company
2015
2014
Financial expenses
Bank expenses
Monetary variance
Debenture interest/cost
Other
Financial revenue
Short-term investments
Income from related parties
Monetary variance
Gains (losses) on derivative transactions
Other
Net financial income
Consolidated
2015
2014
(1,222)
(51,693)
(27)
(75,421)
(15,149)
(211)
(80,494)
(51,869)
(27)
(149,417)
(16,012)
(211)
(680)
(53,621)
(2,315)
(93,096)
(8,983)
(141,373)
(9,170)
(174,810)
1,575
26,405
82
1,459
33,060
19,137
9,036
61
5,574
12,863
2,734
409
5,433
13,806
21,368
9,036
874
28,062
62,754
21,580
50,517
(25,560)
(30,342)
(119,793)
(124,293)
59
25. Commitments
The main commitments undertaken with suppliers of goods and services are the following:
(*) The figures presented include commitments undertaken by the subsidiary in conjunction with Pecm
Gerao de Energia S.A, to an amount equal to the Company's percentage interest (50%).
(**) The environmental compensation amounts are being included as and when the construction costs are
incurred.
(***)
Refers to the purchase and sale of energy from several suppliers and with several clients for the period between 2014 and 2024, subject to fixed.
Total
contracted
on
03/31/2015
Supplier
Subject matter of contract
Signature
Term
AVIPAM TURISMO E TECNOLOGIA LTDA
Purchase of Flights/Accommodation
12/11/2012
9/30/2014
BANCO BANKPAR SA
Supply of accommodation
12/11/2012
12/31/2014
1,360
BRASLIMP TRANSPORTES ESPECIALIZADOS LTDA
Disposal of Class II waste in general.
5/29/2014
12/31/2014
1,323
CAL TREVO INDUSTRIAL LTDA
Supply of Burnt Lime
5/2/2013
5/1/2015
1,119
CARBOMIL QUIMICA S.A
7/29/2013
5/6/2015
6,000
Technical Assistance Services
6/16/2014
6/15/2016
1,120
Regulation of Solid Bulk Movement
3/18/2014
12/29/2024
7,674
Supply of Electricity to the Port
8/7/2012
Not
determined
2,400
E ON GLOBAL COMMODITIES SE
Supply of coal
1/2/2014
12/31/2014
290,001
E ON GLOBAL COMMODITIES SE
Supply of coal
10/2/2013
12/31/2014
70,921
EBM CONSULTORIA E INVESTIMENTOS LTDA
Consultancy for obtaining financing

Maintenance and operation of UTE
Pecem II.
Turbine no. 03 maintenance services
1/29/2010
9/30/2014
4,428
1/24/2014
2/28/2015
8,642
9/18/2013
9/30/2014
3,300
Pressure level monitoring services
8/1/2014
8/31/2016
975
FORNECEDORA MAQUINAS E EQUIPAMENTOS LTDA
Compacting of coal in the yard.
7/30/2014
12/31/2014
6,253
Heavy Vehicle Leasing Services
5/30/2014
12/29/2015
2,940
Compacting of coal in the yard.
9/1/2014
9/30/2018
2,226
Heavy Vehicle Leasing Services
9/1/2014
9/30/2018
12,613
FORSHIP ENGENHARIA S/A

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

Project closure process.
1/2/2013
9/28/2012
12/30/2014
9/30/2014
9,500
2,000
ICAL INDUSTRIA DE CALCINAO LTDA
8/9/2013
4/22/2015
MINERAO BELOCAL LTDA

MINERAO LAPA VERMELHA LTDA

Maintenance of scaffolding and industrial
paintwork
Meals - breakfast, lunch, dinner and
supper
9/3/2013
9/9/2013
12/31/2014
12/31/2014
941
1,871
10/28/2013
10/27/2015
4,867
12/7/2012
9/30/2014
activities related to commissioning
12/23/2014
TRAINING AND ENHANCEMENT CENTER OF BRIGADA DE

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

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

NUTRINOR RESTAURANTES DE COLETIVIDADE LTDA
OPE COMISSIONAMENTO OPERACIONAL LTDA-ME
NATIONAL ELECTRIC SYSTEM OPERATOR - ONS
PORTO DO PECEM TRANSPORTADORA DE MINERIOS S/A
Transmission
between
concession
operators and Mpx
Unloading of ships moored in the
terminal
5/27/2014
Not
determined
Not
determined
720
786
1,811
52,001
3/26/2012
12/31/2016
6,950
Worker transportation service
10/1/2014
10/31/2017
992
PHYSICAL ACOUSTICS SOUTH AMERICA LDTA
MACHINERY
MAINTENANCE
6/10/2014
6/9/2016
683
RAIZEN COMBUSTIVEIS S.A
Supply of B S10 Diesel Fuel
4/2/2014
3/31/2015
9,999
REX EMPREENDIMENTOS IMOBILIARIOS LTDA
Property rental
1/1/2009
11/27/2042
45,283
RH CLEAN SERVICOS PROFISSIONAIS DE LIMPEZA LTDA
Cleaning of the Coal Transfer Towers
1/8/2013
12/31/2014
1,263
RH CLEAN SERVICOS PROFISSIONAIS DE LIMPEZA LTDA

RIP SERVIOS INDUSTRIAIS LTDA
Procurement of outsourced labor

Specialist Labor Services
7/2/2012
9/24/2014
9/30/2014
10/5/2014
750
7,500
60
EQUIPMENT
697
697
733
733
1,083
1,083
2,945
2,945
840
840
4,233
4,233
579
579
9,924
9,924
24,583
24,583
1,659
1,659
885
885
1,529
1,529
2,095
2,095
2,082
2,082
11,798
11,798
732
732
2,798
2,798
784
784
8,966
8,966
2,678
2,678
992
992
683
683
7,713
7,713
37,711
37,711
532
532
571
PRIME PLUS LOCACAO DE VEICULOS E TRANSPORTES

TURISTICOS LTDA
AND
Contract Balance
03/31/2015
12/31/2014

SEMACE
ENVIRONMENTAL COMPENSATION
SPIG TORRES DE RESFRIAMENTO LTDA
Electromechanical
Assembly
SUPRICEL LOGISTICA LTDA
Burnt Lime Shipping Services
Monitoring
and
9/5/2008
Not
determined
4,850
4/1/2014
3/31/2015
1,491
8/9/2013
4/22/2015
8,464
1,020
TDG - TRANSMISSORA DELMIRO GOUVEIA S/A
Connection Bay
3/6/2014
Not
determined
MABE
Construction of UTE-EPC
1/27/2008
Indefinite
144,144
Tecnometal
Supply of coal conveyor transportation

system
7/24/2009
7/31/2014
130,757
Cargotec
Supply of ship unloading equipment
10/7/2009
7/6/2013
20,161
Carbomil
7/6/2015
30,000
EMS Silvestrini
Maintenance, Industrial Cleaning and

Industrial Support
5/1/2012
6/30/2014
19,692
Global Crossing
IT SERVICES
8/11/2009
12/9/2012
697
Fortal Servios de Segurana
Armed security and surveillance services
7/25/2012
3/24/2014
Petroleo Sabba
Supply of diesel oil
7/1/2012
8/31/2014
Nova Aliana Locao de Veculos
Personnel Transportation Services
7/1/2012
8/31/2015
3/1/2013
5/31/2014
904
5/20/2013
5/19/2014
522
CONSULTORIA PLANEJAMENTO E ESTUDOS AMBIENTAIS

SEMPRE VERDE SERV. E CONSTR. CIVIL
5/7/2010
Monitoring of water quality

Technical management of agricultural
hub
5,275
19,325
3,843
239
1,449
1,268
1,268
8,300
5,399
5,399
664
Safety Consultoria Empresarial
Emergency services combating fires
1/1/2014
12/31/2014
518
Avipam
Accommodation services, issuance of

flights
3/18/2014
4/17/2015
J DE D S LIMA
Medical service
1/1/2014
10/31/2014
3/20/2014
3/19/2015
3/20/2014
3/19/2015
4/7/2014
2/18/2015
290
420
5,562
719
EMAP
Unloading and shipping products
4/1/2014
3/31/2016
VIP VIGILANCIA
Armed security services on-site
1/22/2014
4/25/2014
CENTRAL DE GERENCIAMENTO AMBIENTAL TITARA S/A
Disposal of ash generated at the landfill
4/17/2014
4/16/2022
90,000
ENVITEK SERVICOS AMBIENTAIS LTDA
Handling and transportation of ashes in

the UTE's yard
3/24/2014
3/23/2022
82,000
4/16/2014
4/15/2015
759
5,145
GE International
GE Turbina e assistencia
5/30/2011
1/18/2014
397,986
DURO Felguera
EPC and Turbine and technical assistance
5/30/2011
10/31/2013
586,827
Guimar Engenharia
Engineering consultancy for UTE Parnaba
6/1/2011
10/31/2013
4,166
78,849
72,700
72,700
253
253
266,552
266,552
242,013
242,013
1,081
383
383
2,194
532
532
109
109
40
40
235
235
171
171
216,154
216,154
12/31/2013
560
12/16/2027
3/21/2013
3/20/2015
4/4/2013
4/3/2015
Procurement of specialist labor
6/3/2013
6/2/2015
PARNABA GS NATURAL
Natural gas acquisition
1/1/2013
12/31/2027
871,917
BPMB PARNABA
Leasing of leased capacity
2/1/2013
1/31/2028
695,234
RH GLOBAL CONSULTORIA E ASSESSORIA LTDA
Specialized services: outsourced labor
7/24/2013
1/23/2015
VIP VIGILANCIA
Unarmed
security
protection services
8/10/2013
8/9/2015
property
4,166
78,849
8,335
12/17/2012
and
79
2,084
4/24/2017
M CARTAXO LACERDA
79
239
2/25/2014
EMS SILVESTRINI
2,084
Maintenance of atlas compressors
ELETRONORTE
Atlas Copco Brasil
1/3/2011
123,346
GASMAR
11
1/31/2015
11/5/2012
11
1/1/2014
Construction of heliport and new cabin

Specialist legal advisory services for
environmental matters
Distribution system operation and
maintenance
Maintenance and operation services - in
connection bay
Preventive and corrective industrial
maintenance
198
8,310
Supply of coal
BESSA & BARREIRA ADVOGADOS
198
1,406
E ON GLOBAL COMMODITIES
6/4/2013
1,800
479
12/4/2015
8/10/2012
1,800
12,670
12/5/2013
Biotic Monitoring
26,798
479
750
CONSROD CONSTRUCOES RODOVIARIAS LTDA ME
26,798
12,670
9/30/2015
8/9/2018
1,621
10/1/2013
Biota Projetos e Consultoria Ambiental
30,399
1,621
697
Monitoring of groundwater at UTE
30,399
194
4/30/2014
CONTROL AMBIENTAL ENGENHARIA E PLANEJAMENTO LTDA
5,960
194
2/1/2013
PROVIDA BRASIL
5,960
71
Air quality monitoring and meteorology
SEMPRE VERDE SERV. E CONSTR. CIVIL
754
71
ECOSOFT
Coal stacking services during receipt from

ship
Maintenance of green areas of UTE and
surroundings
Monitoring of aquatic biota during
operations
754
7/21/2014
MAQMIX
2,355
90
7/21/2013
MONSERTEC
2,355
Leasing of specialist outsourced labor
OGMO
471
1,491
90
RH Global
Collective agreement with dockers' trade

unions
Assembly of scaffold and industrial and
civil treatment.
471
1,491
57,838
2,375
1,664
723
163,832
163,832
1,598
338
338
1,431
685
685
61
INST. AYRTON SENNA
Implementation
of
program for school flow
FACULDADES CATOLICAS
management
6/18/2013
1/30/2017
Research and development.
3/18/2014
4/17/2017
M CARTAXO LACERDA
Preparation and supply of meals to

employees
4/11/2014
4/10/2016
MPX ENERGIA
Research and development project.
3/19/2014
3/18/2017
790
PSR SOLUES
Research and development project.
3/18/2014
3/17/2017
589
INITEC Energia S.A.
EPC
8/15/2011
2/2/2014
Hidroinga Artesian Wells
WELL ENGINEERING
3/25/2012
7/30/2013
Brasilis Kaduna
Consultancy services
2/17/2012
4/16/2013
SYNERGIA
Consultancy
Action Plan
5/7/2012
7/6/2013
Desga Ambiental Industria e Comrcio
Water intake and disposal system
8/1/2012
10/31/2013
20,763
Desga Ambiental Industria e Comrcio
Complete implementation of the water

intake
8/1/2012
5/31/2014
42,206
General Electric Company
Acquisition of 2 (two) turbo generators
8/20/2012
12/19/2013
61,424
11/30/2012
4/29/2014
3/21/2013
6/30/2014
3/18/2013
7/17/2014
5/21/2013
5/20/2014
Hidroinga Artesian Wells

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

wells
Construction of the well interconnection
system
Development of the interconnection
system project
Consultancy for occupational safety and
the environment
RH GLOBAL
Procurement of specialist labor
7/24/2013
7/23/2014
LBB TRANSPORTE
Completion of effluent disposal duct
10/15/2013
5/16/2014
Guimar Engenharia
STEAG Energy
E M S Silvestrini
VIP Vigilncia
Biota Projetos
Engineering consultancy
Engineering consultancy
Industrial correction and maintenance of
equipment
Unarmed
security
and
property
protection services
9/1/2013
9/1/2013
1/1/2014
1/1/2014
2/29/2016
2/29/2016
2,121
2,121
2,121
2,161
1,359
1,359
1,939
1,939
790
790
327
327
2,574
913,300
410,225
410,225
1,578
1,000
352
352
1,239
9,789
9,789
9,450
42,206
9,920
9,920
104
104
2,032
4,828
2,751
153
153
3,441
3,040
3,605
12,162
6,504
4/3/2015
8/9/2015
8/9/2018
78
78
836
242
242
998
387
387
551
464
464
1,507
1,507
Biotic monitoring of Parnaiba

Preparation, handling and supply of
meals
Final implementation of the waste
disposal system
1/1/2014
3/17/2014
7/16/2014
WARTSILA BRASIL LTDA
EPC
3/28/2013
4/30/2014
CMI CONSTRUES
ELECTRICAL CONNECTION
10/1/2013
5/20/2014
Mabe
Construction of UTE-EPC
1/27/2008
Indefinite
2,607,057
Mabe/SEMACE
Environmental compensation
09/05/2008
Indefinite
713
Consulgal Portugal
Owners engineering
12/20/2007
10/19/2014
Other
Services/Materials
Other
Indefinite
REX
Operating Leasing
7/23/2008
1/23/2043
Carbomil
Lime
8/20/2010
6/1/2015
11,910
ICAL
Lime
9/23/2011
11/10/2014
21,950
Cogerh
Raw Water
10/28/2010
10/27/2020
73,725
CAGECE
Waste disposal
2/9/2012
10/10/2031
14,264
EDP Comercializadora
Energy for sale
Other
Indefinite
89,972
BTG Energia
Energy for sale
Other
Indefinite
52,920
E-on
Coal
Other
Indefinite
389,100
M Cartaxo R Lacerda
Bripaza Construes
62
4/11/2014
4/10/2016
2,114
2,433
8,916
877
877
3,250
117
117
25,817
25,817
713
713
355
355
177,728
177,728
6,325
6,325
4,765
4,765
2,618
426,887
8,093
43,581
43,581
3,572
3,572
4,682
4,682
52,920
52,920
209,216
209,216
26. Insurance
It is the policy of the Company and its direct and indirect subsidiaries to take out insurance coverage for the
assets subject to risk at amounts considered by management sufficient to cover any incidents, considering the
nature of their activity. The policies are in force and the premiums have been paid. The company considers its
insurance coverage is consistent with other companies of similar sizes operating in the sector.
As of March 31, 2015 and 31 December 14, the main risks covered are:
Consolidated
2015
2014
Material damages
Civil liability
22.090.975
510.000
18.291.418
438.500
27. Operating Segments

Segment information should be prepared in accordance with CPC 22 (Segment reporting), equivalent of IFRS 8,
and should be presented with respect to the Company and its subsidiaries' business that was identified based on
its management structure and on internal management reporting, provided to the main manager for decisiontaking purposes.
Company Management takes its decisions based on four core business segments: energy generation, energy
sales, supplies and corporate, which are subject to risks and remuneration managed by centralized decisions.
The current activity is managed by a main manager, who allocates and evaluates the operational segment's
performance. In the case of the Company, this manager is the CEO.
As the ventures move forward, Management aims to re-evaluate business segments to provide the market with
real and quantitative information.
Gerao de
Energia
Suprimentos
Corporativo
14.308.211
1.109.813
Caixa e equivalentes de caixa
Total do
Consolidated
Outros
Eliminaes
e ajustes
3.361.903
4.559.387
316.902
2.146.228
63.935
593.924
3.060
146.564
331.666
51.643
191.655
55
28.545
Contas a receber de clientes
464.348
119
232.233
70.294
Ttulos e Valores Mobilirios
188.807
94.403
39.729
(803)
(401)
Balano patrimonial - ativo

Circulante
Estoque
Subsdios a receber - CCC
Ganhos em operaes com derivativos
63
42
42
42
Outros ativos circulantes
125.752
12.132
75.991
3.005
7.997
No circulante
Realizvel a longo prazo
13.198.399
3.297.967
3.965.463
313.842
1.999.664
974.735
848.564
(85.138)
313.842
49.234
24.617
445.914
222.957
86.065
21.122
21.122
21.122
Depsitos vinculados
173.893
86.946
22.874
Outros ativos no circulantes
168.612
203.722
(142.833)
889
Investimentos
2.210.651
2.210.651
(775.006)
Imobilizado
8.793.603
10.982
4.402.293
1.889.240
360.634
2.925
210.505
596
(0)
Depsitos vinculados
Partes relacionadas
Subsdios a receber -CCC
Impostos diferidos
Intangvel
Diferido
03/31/2015
Gerao de
Energia
Suprimentos
Corporativo
Outros
Eliminaes
e ajustes
Total do
Consolidated
14.622.312
3.661.905
4.859.389
1.483.311
2.146.168
Circulante
4.974.833
2.375.933
3.675.383
1.558
196.984
Emprstimos e financiamentos
4.339.639
2.343.809
3.341.724
86.185
267.456
13.547
140.503
49.425
Perdas em operaes com derivativos
Partes relacionadas
(1)
(0)
(0)
Debntures
367.736
18.577
193.157
1.558
61.373
No circulante
Exigvel longo prazo
5.171.070
11
271.354
1.753.421
1.379.137
3.777.557
89.782
1.933.669
1.007.834
23.311
11.656
Balano patrimonial - passivo
Fornecedores
Outros passivos circulantes
Impostos diferidos
64
Partes relacionadas
1.358.872
11
174.760
(182.834)
368.777
Debntures
11.329
6.812
(9.071)
2.526
162.379
4.476.411
(9)
1.014.617
(731.794)
1.481.753
570.047
Outros passivos no circulantes

Acionistas no controladores
Patrimnio lquido
03/31/2015
Gerao
de
energia
Supriment
os
Corporativ
o
Outros
Eliminae
s e ajustes
Total do
Consolidate
d
Receita operacional lquida
819.390
337.873
139.553
Custo de Bens e/ou Servios vendidos
(732.55
3)
(294.454
)
(108.672)
(33.673)
(18.452)
(25.909)
(0)
(1.617)
6.699
(9.134)
1.256
(75.464)
19.757
(214.02
6)
(25.559)
(119.793
)
(57.633)
4.573
2.286
Participao de no controladores
(1.402)
(702)
Lucro/Prejuzo do perodo
(150.99
3)
(128.609)
(79.684)
Demonstrao do resultado
Despesas operacionais
Outros resultados operacionais
Equivalncia patrimonial
Resultado financeiro
Proviso dos tributos correntes e
diferidos
(0)
(28.359)
31 de Dezembro 2014
Gerao de Energia
Corporativo
Outros
Eliminaes e ajustes
Total do Consolidated
5.467.613
3.729.972
174
(2.153.341)
7.044.418
Circulante
558.187
386.513
944.708
Caixa e equivalentes de caixa

Contas a receber de clientes
84.809
304.848
72.502
-
7
-
157.318
304.848
Balano patrimonial - ativo
65
Ttulos e Valores Mobilirios

Estoque
Subsdios a receber - CCC
Depsitos vinculados
Ativos mantidos para negociao
Outros ativos circulantes
No circulante
Realizvel a longo prazo
Partes relacionadas
Subsdios a receber -CCC
Impostos diferidos
Depsitos vinculados
Outros ativos no circulantes
Investimentos
Imobilizado
Intangvel
Diferido
99.185
69.346
41
300.000
13.970
99.185
41
300.000
83.316
4.909.425
3.343.458
166
(2.153.341)
6.099.710
315.156
23.048
24.617
219.713
62.070
(14.292)
1.101.204
798.056
21.122
282.026
(673.618)
(451.868)
(221.750)
742.743
369.236
24.617
219.713
21.122
62.070
45.984
2.228.139
(1.494.213)
733.927
4.412.063
11.238
166
4.423.466
182.206
2.876
14.490
199.572
31 de Dezembro 2014
Gerao de
Energia
Corporativo
Outros
Eliminaes
e ajustes
Total do
Consolidated
Balano patrimonial - passivo
5.467.613
3.729.972
174
(2.153.341)
7.044.418
Circulante
1.390.854
2.229.071
10
(25)
3.619.910
Fornecedores
Partes relacionadas
Debntures
Outros passivos circulantes
1.090.044
138.048
25
162.736
2.199.149
11.737
18.185
1
(1)
10
(25)
-
3.289.195
149.785
(0)
180.930
No circulante
2.282.048
357.885
513
(433.649)
2.206.796
Exigvel longo prazo

Impostos diferidos
Partes relacionadas
Debntures
Outros passivos no circulantes
1.691.753
10.978
577.059
2.258
182.749
171.595
3.541
513
-
(428.291)
(5.357)
1.874.502
10.978
320.875
442
82.455
82.455
Acionistas no controladores
66
Patrimnio lquido
1.794.712
1.143.016
(349)
(1.802.122)
1.135.257
67
31 de Maro
de 2014
Gerao de
energia
Suprimentos
Corporativo
Outros
Eliminaes
e ajustes
Total do
Consolidate
d
Demonstrao do resultado
Receita operacional lquida
Custo de bens e/ou servios vendidos
Despesas operacionais
Outros resultados operacionais
586.771
(494.605 )
586.771
(173 )
(8.463 )
(28.324 )
(12.091 )
(93.960 )
Proviso dos tributos correntes e diferidos
(3.837 )
Participao de no controladores
(1.414 )
Lucro/prejuzo do perodo
68
(27.599 )
(5 )
21.740
Equivalncia patrimonial
Resultado financeiro
(494.779 )
(36.791 )
75
9.725
(35.006 )
(7.361 )
(30.342 )
(124.293 )
(3.837 )
50
(116 )
(1.365 )
(71.931 )
(4 )
75
(71.931 )
Geographic data
The four segments described above are located in three different geographical areas, as summarized below:
North and North-east System
The North and North-east System consists of the plants of Itaqui Gerao de Energia S.A., Pecm II Gerao de
Energia S.A., Parnaba Gerao de Energia S.A., Parnaba II Gerao de Energia S.A., Parnaba III Gerao de
Energia S.A., Parnaba IV Gerao de Energia S.A., Parnaba V Gerao de Energia S.A., Tau Gerao de Energia
Ltda., Tau II Gerao de Energia Ltda. and Amapari Energia S.A.
The coal-fired Itaqui thermal power plant is located in the proximity of Itaqui, in Maranho state. It has an
energy generation capacity of 360 MW and has energy sale orders from 2012.
69
The pulverized coal-fired power plants Pecm II Gerao de Energia S.A. are located in the region of Porto do
Pecm, Cear state, with installed capacity of 720 MW and 360 MW respectively.
Tau and Tau II are also located in the state of Cear, and are solar energy generation companies with an
environmental license for the joint generation of 5 MW each, where two 1-MW plants have already been built.
Amapari, an Independent Energy Producer (PIE) in the insulated system, is a diesel fuel thermal power plant
located in the municipality of Serra do Navio, Amap state, with an installed capacity of 23 MW.
The Parnaba complex, a natural gas thermal power plant, is strategically located in block PN-T-68 of the
Parnaba Basin, in Maranho state. The venture has been licensed by the Maranho State environment
Department (SEMA) and has a forecast total capacity of 3,722 MW. The five Parnaba companies are located in
this complex.
South - Southeast System
The Seival Sul mine, located in the municipality of Candiota, Rio Grande do Sul state, has proven reserves of 152
million tons of coal. The thermoelectric ventures of Sul Gerao de Energia and UTE Seival are going to be built
in this area. These power plants will have an installed capacity of 727 MW and 600 MW respectively, and will
guarantee the supply of fuel for 30 years by integrating with the Seival Sul mine
70
71
28. Subsequent events

Eneva celebrates dissolution of electricity supply contract to MMX
On April 13, 2015 - The Eneva SA - In Judicial Recovery announces to its shareholders and the market in general
that was signed today by its subsidiary Eneva Comercializadora de Energia Ltda. ("Eneva Comercializadora") the
termination ("Termination") contracts for the supply of electricity to MMX Minerao e Metlicos SA and
subsidiaries ("MMX") for a period of 15 years, started in January 2014 under the terms and conditions published
in the material fact of September 12, 2011 and the Company's Reference Form. Through the Dissolution, the
Eneva Comercializadora undertook to pay the MMX the value of R $ 40 million for 180 MW to be delivered from
2016 and any other right object of the contracts and their assignments to the MMX subsidiaries. The dividend
will be paid in a single installment after the fulfillment of certain conditions precedent, with the deadline date of
September 30, 2015. If the payment is not made by that date, the Termination shall terminate and the
obligations under the contracts remain unchanged, including the obligation to pay any contractual penalties,
and the Eneva jointly liable. Administrations of Eneva and MMX understand that the celebration of Dissolution
on contractual conditions reflect a balanced and appropriate alternative to the current situation of companies.
Pecm II undergoes maintenance cleaning of ash accumulated in the boiler and anticipates biennial stop for
preventive maintenance
On April 24, 2015 - The Eneva SA - In Judicial Recovery announces to its shareholders and the market in general
that the Pecm II TPP ("Pecm II" or "Plant"), currently owned by the Company and E.ON, had stopped its
operation on April 13, 2015 for the removal of ash accumulated in the boiler plant. At the beginning of this
process, there is an accumulation of ashes than normal, leading to initiate additional maintenance procedures.
Initial assessments of staff of operations Pecm II, in partnership with technicians from E.ON, indicate that the
reported occurrence was mainly due to weaknesses in the boiler coal burning system. As a result, it established
a plan of action that involves the removal of the ash from the boiler and the repair or replacement of the
burners of this equipment at an estimated cost of approximately R $ 2 million. In addition to these activities,
being the cause of the problem analyzes conducted to mitigate the possibility of recurrence. In order to
minimize the downtime of Pecm II in 2015, the biennial stop for preventive maintenance of the plant, originally
scheduled for August 2015, is being brought forward to coincide with the completion of the above procedures.
The conclusion of these activities is estimated to mid-May 2015.
Approval of Sale of Pecm I and the Company's Reorganization Plan
On April 30, 2015 - Eneva SA - In Judicial Recovery, and continuity to the Material Facts disclosed on 12 February
and on 10 and 16 April 2015, informs its shareholders and the market in general the following. The general
meeting of the Company's creditors and its subsidiary Eneva Participaes SA ("Recuperandas") held today, the
following matters on the agenda were approved:
(I) 98.82% of total loans held by creditors of Recuperandas present at the Meeting, the sale of the interest held
by the Company in Port of Pecm society Power Generation SA (Pecem I) in favor of EDP - Energias do Brazil SA;
and
(Ii) (ii) 81.47% of total loans held by creditors of Recuperandas present at the Meeting, the Judicial Recovery
Plan set of Recuperandas, which will be submitted for approval by the 4th Corporate Court of the Rio District
Court of January, according to the law.
PGN-BPMB Agreement
On April 30, 2015 - Eneva SA - In Judicial Recovery informs its shareholders and the market in general that, in
conjunction with Parnaba I Power Generation SA, Parnaba II Power Generation SA ("Parnaba II"), Parnaba III
Generation Energy SA and the consortium UTE Parnaba IV (collectively "Parnaiba Complex Power Plants"), as of
72

yesterday, celebrated according to the Parnaiba Natural Gas SA ("PGN") and BPMB Parnaba SA ("BPMB"),
suppliers of natural gas from Parnaba Complex of plants in order to prevent potential disputes concerning the
supply of natural gas, in view of the provisions of the Conduct Adjustment Commitment Agreement ("TAC")
entered into between the Company, Parnaba II and Aneel - Agency National Electric Energy, as disclosed in the
Notice to the Market August 5, 2014 and November 21, 2014. This agreement provides, among other things,
that the PGN and the BPMB grant discounts on the supply of natural gas to the power plants Parnaba complex
in the following amounts:
(I) R $ 141.8 million related to the postponement of the start of commercial operation of Parnaba II, to be
calculated monthly between the months of April 2015 and September 2016; and
(Ii) (ii) R $ 167.0 million, equivalent to 50% of the reduction in fixed Parnaba II revenue of R $ 334.1 million, as
provided for in TAC, to be determined between the years 2022 and 2036.
The agreement also provides for the extension of the contract to supply natural gas to Parnaba II until the end
of their CCEARs - Electricity Trading Agreements in the Regulated Environment, as provided by TAC, ie April 30,
2036. The celebration of agreement represents an important step in expanding the economic and financial
viability of Parnaiba Complex projects, especially Parnaba II.
Approval of the Judicial Recovery Plan
On May 12, 2015 the Judge of the 4th Corporate Court of the Judicial District of Rio de Janeiro issued a decision
ratifying the Judicial Recovery Plan set the Company and its subsidiary Eneva Participaes SA - in Judicial
Recovery (together "Recuperandas"), then approved Creditors in the General Meeting of April 30, 2015.
Board of Directors
Jorgen Kildahl
Keith Plowman
Marcos Grodetzky
Adriano Carvalhdo Castello Branco Gonalves
Fabio Hironaka Bicudo(Presidente)
Executive Board
Alexandre Americano (Directr presidente)
Ricardo Levy (Directr Vice-Presidente e de Relaes com Investidores)
Accountant
Ana Paula Vergetti Diniz
CRC n 087040/O-9
73
1Q15 Earnings Release
1Q15 & Subsequent Events

Approval and Ratification by Justice of Pecm I sale and Judicial Recovery Plan
On April 30, 2015, the creditors of the Company and its subsidiary, ENEVA Participaes S.A., convened in a
Creditors General Meeting, approved the sale of ENEVAs interest in Pecm I TPP to EDP Energias do Brasil for
R$300 million and also the Judicial Recovery Plan, which adjusted version was disclosed on April 10, 2015.
The final main terms and conditions of the Judicial Recovery Plan are summarized as follows:
(i)
full payment of up to R$250,000 for each creditor, subject to the amount of its respective credit;
(ii) discount of 20% of the amount of credits held by each creditor on sums greater than R$250,000;
(iii) capitalization of 40% of the amount of credits on sums greater than R$250,000; and
(iv) re-profiling of the remaining balance of credits, amounting to approx. R$991 million, under the
following terms and conditions:
Interest: CDI + 2.75% p.a. (for debt in Real) or Libor + 0% p.a. (for debt in foreign currency)
Duration: 13 years
Grace period: 4 years (Interest) + 8 years (Principal)
Amortization: Custom, ramping up from 15% to 25% p.a.
Additionally, the Plan provides for a capital increase in amount of approx. R$3,000 million, at an issue price of
R$0.15/share of the Company, to be composed of:
(i)
contribution in cash;
(ii) capitalization of the credits held by creditors, amounting to approx. R$991 million; and
(iii) contribution of assets by certain stakeholders of the Company, totaling R$1,305 million, comprised by:
50% of ENEVA Participaes;
9,1% of Parnaba Gs Natural (gas supplier to Parnaba Complex plants);
30% of Parnaba I OCGT;
30% of Parnaba III OCGT;
30% of Parnaba IV TPP; and
BPMB Parnaba (owner of 30% of gas fields that supplies Parnaba Complex plants).
On May 12, 2015, the approved Judicial Recovery Plan was ratified by the 4th Commercial Court of the State of
Rio de Janeiro.
Pecm II furnace ash removal and anticipation of biennial preventive maintenance stoppage
Pecm II TPP had its operation suspended on April 13, 2015 in order to initiate ash removal procedures in its
furnace. Due to an accumulation of ash above normal, mainly caused by a deficiency in the furnaces coal burner
system, additional maintenance procedures were initiated. Such measures consist in remove the ash from the
furnace and repair or replace burners of this equipment, at an estimate cost of approx. R$2 million.
In order to minimize the total downtime of Pecm II for 2015, the biennial preventive maintenance stoppage of
the plant, initially expected for August 2015, has being anticipated to coincide with the abovementioned works.
All activities are estimated to be concluded by mid-May 2015.
Termination of power supply contract with MMX

In April, 2015, ENEVA Comercializadora, the trading arm of ENEVA, entered into a termination agreement to
cancel power supply contracts entered into with MMX Minerao e Metlicos and its subsidiaries for a period of 15
years as of January 2014.
ENEVA Comercializadora agreed to pay MMX the sum of R$40 million for 180MW to be delivered as of 2016 and
all other rights that were object of the power supply contracts and respective assignments to MMXs subsidiaries.
Payment will occur in a single installment after the fulfillment of certain conditions precedent, but shall not
exceed the deadline of September 30, 2014.
The termination agreement execution under the agreed-upon conditions reflects a balanced and appropriate
solution for the ENEVA and MMX current situations.
Settlement agreement signing with PGN and BPMB

ENEVA and Parnaba Complex Plants entered on April 30, 2015 into a settlement agreement with Parnaba Gs
Natural (PGN) and BPMB Parnaba, natural gas suppliers of the Parnaba Complex Plants, aiming to prevent
potential disputes concerning the natural gas supply, in view of the provisions of the Consent Decree (TAC)
entered into by the ENEVA, Parnaba II and Aneel Brazils National Electric Energy Agency on November 20,
2014.
Said agreement provides that PGN and BPMB will grant discounts on the natural gas supply to Parnaba Complex
Plants in the following amounts: (i) R$141.8 million, as for the startup date postponement of Parnaba II,
monthly due from April 2015 to September 2016; and (ii) R$167.0 million, equivalent to 50% of the fixed
revenue reduction of Parnaba II, amounting to R$334.1 million as provided for in the TAC, due from 2022 to
2036.
The agreement also provides for the extension of the natural gas supply contract of Parnaba II until the end of
its PPAs, as provided for in the TAC, i.e. April 30, 2036.
The conclusion of the agreement is an important step to increase economic and financial feasibility of the
Parnaba Complex Plants, especially Parnaba II.
Economic and Financial Performance

In light of the partial sale of Pecm II, ENEVAs equity interest in the project was reduced to 50%. As a
consequence, following the accounting standards set forth by the IFRS 11, as of June 1, 2014, Pecm II is
recognized under the equity method.
Due to Pecm I sale agreement signing on December 9, 2014, this asset has been accounted as Asset for Sale
and not as Investment, leading to no longer account its results as Equity Income.
1. Net Operating Revenues

In 1Q15, ENEVA recorded consolidated Net Operating Revenues of R$373.8 million vs R$586.8 million reported in
1Q14. The decrease in Net Revenues is mostly attributable to the deconsolidation of Pecm II as of June 2014,
which in 1Q14 sum R$147.1 million, and to the reduction of R$71.2 million in Variable Revenues of Parnaba I as
a result of availability reduction of this plant, impacted by gas optimization in the Parnaba Complex.
Net Revenues in 1Q15 are comprised largely by the revenues from the Regulated Market Power Purchase
Agreements (PPA) of Itaqui and Parnaba I, which reached, respectively, R$155.5 million and R$221.3 million in
the period. In the quarter, Parnaba II revenue encompassed costs reimbursement by Parnaba I for generating
in substitution of part of this last thermal plant, as provided for in the operational schematics of the Aneel
agreement to postpone Parnaba II startup date.
In the period, Itaqui and Parnaba I revenues were boosted by R$9.3 million and R$10.3 million, respectively, as
a result of regulatory changes regarding (i) the amount of energy allocated by plants in the Regulated and Free
Markets, effective as of January 2015; and (ii) the plants firm energy, effective as March 2015.
The breakdown of Operating Revenues for 1Q15 is as follows:
Operating Revenues
Consolidation
Consolidated
Elimination
Itaqui
Parnaba I
Parnaba II
Amapari
172.8
246.2
36.3
0.0
-35.9
419.3
Fixed Revenues
84.2
118.1
0.0
0.0
0.0
202.3
Variable Revenues
61.1
112.5
0.0
0.0
0.0
173.6
0.0
0.0
0.0
0.0
0.0
0.0
27.5
15.5
36.3
0.0
-35.9
43.4
Deductions from Operating Revenues
-17.3
-24.9
-3.4
0.0
0.0
-45.5
Net Operating Revenues
155.5
221.3
33.0
0.0
-35.9
373.8
(R$ million)
Gross Revenues
Adjustments from previous periods

Other Revenues
2. Operating Costs
Operating Costs
(R$ million)
1Q15
1Q14
(14.4)
(13.0)
10.9%
(147.6)
(227.9)
-35.2%
Outsourced Services
(26.1)
(35.9)
-27.5%
Leases and Rentals
(31.8)
(98.5)
-67.7%
Energy Acquired for Resale
(14.1)
(27.0)
-47.7%
Other Costs
(55.3)
(44.6)
24.0%
Transmission Charges
(20.1)
(10.2)
97.4%
Compensation for Downtime
(23.9)
(18.4)
30.2%
Other
(11.2)
(16.0)
-29.8%
(289.2)
(446.8)
-35.3%
(41.2)
(47.9)
-14.1%
(330.4)
(494.8)
-33.2%

Fuel
Total
Total Operating Costs
Operating Costs totaled R$330.4 million in 1Q15, mainly impacted by a decrease of R$80.3 million in Fuel and of
R$66.7 million in Leases and Rentals, both compared to the same period of the preceding year.
Fuel cost reduction is mainly due to the deconsolidation of Pecm II as of June 2014 and also the reduction of
fuel consumption by Amapari, which is attributed to suspension of operations for PPA renegotiation as of July
2014. Fuel cost totaled in the quarter R$147.6 million recorded, divided into R$77.3 million incurred by Itaqui
and R$70.1 million incurred by Parnaba I.
Deconsolidation of Pecm II also hit the Outsourced Services account, which reached R$26.1 million, a reduction
of R$9.9 million when compared to 1Q14. Excluding this effect, the referred cost remained stable.
The Leases and Rentals account, which totaled R$31.8 million in the quarter, is comprised mainly by lease costs
incurred by Parnaba I, according to its gas supply agreement (R$66.7 million). Due to the Aneel agreement to
postpone Parnaba II startup date, this plant has been operating in substitution of part of Parnaba I and, as a
result, has transferred its generation and operation costs to Parnaba I. In light of the agreement with the gas
suppliers of the Parnaba Complex, as previously commented, part of these costs will be captured by them by
temporarily reducing gas costs billed to Parnaba I, which sum R$35.0 million in 1Q15.
Operating Costs in 1Q15 were also inflated by costs associated with power trades resulting from the annual
revision of plants firm energy, provided for in the PPAs. In this period, only Itaqui incurred in this cost, which
amounted to R$14.1 million. Every year, the ONS resets the plants firm energy based on the performance of the
past 60 months. If the average availability rate falls below the value originally declared, the plants firm energy is
reduced and the difference has to be covered by a free market collateral contract. The plant can then sell in the
spot market the energy associated with the collateral contract, maintaining only the collateral component of the
contract. In 1Q15, given high spot prices, gross revenues resulting from this sale amounted to R$15.1 million.
The Other Costs account, which totaled R$55.3 million in 1Q15, is mainly composed by transmission charges
(TUST), amounting to R$20.1 million, and compensation for downtime of the power plants (unavailability
charges, also known as ADOMP). In 1Q15, Itaqui and Parnaba I had to reimburse DisCos for the energy not
delivered calculated based on a 60-month rolling average priced by the difference between their declared
variable cost per MWh (CVU) and the energy spot price (PLD). In the quarter, these costs amounted to R$23.9
million, divided into R$15.4 million and R$8.5 million to Itaqui and Parnaba, respectively. Nevertheless, due to a
regulatory change in the ADOMP calculation, which will be challenged by the Company, unavailability charges are
overstated by +R$9.3 million in Itaqui and +R$8.5 million in Parnaba I.
Operational Highlights: During the period, Itaqui generation was limited on several days to 340MW to
malfunction of auxiliary. Net generation reached 617GWh.
Itaqui - Energy Availability
87%
75%
77%
1Q14
2Q14
3Q14
90%
88%
4Q14
1Q15
In 1Q15, Parnaba Is availability was compromised by gas optimization procedures and also by lower generation
from Parnaba II, which has been generating in substitution of part of Parnaba I since December 2014. Parnaba
II has been operating with power reduction in order to optimize water resources in the Parnaba Complex site.
Net generation reached 1,220GWh, including 547GWh from Parnaba II.
Parnaba I - Energy Availability
99%
98%
94%
86%
81%
1Q14
2Q14
3Q14
4Q14
1Q15
3. Operating Expenses
In the quarter, Operating Expenses, excluding Depreciation & Amortization, amounted to R$25.2 million, a
30.1% decrease when compared to 1Q14. In the same period, the Holding company posted Operating Expenses,
excluding Depreciation and Amortization, of R$17.8 million, compared to the R$27.8 million recorded in 1Q14.
During the period, the IPCA inflation index rose by 9.12%.
Operating Expenses
(R$ million)
Consolidated
1Q15
1Q14
Personnel
(11.1)
(15.3)
-27.7%
Outsourced Services
(12.1)
(17.4)
-30.4%
Leases and Rentals
(1.6)
(1.5)
3.4%
Other Expenses
(0.5)
(1.8)
-75.1%
(25.2)
(36.0)
-30.1%
(0.8)
(0.8)
7.2%
(26.0)
(36.8)
-29.3%
Total
Total Operating Expenses
Operating Expenses
(R$ million)
Holding
1Q15
1Q14
(8.5)
(13.3)
-36.2%
(0.3)
(4.5)
-93.6%
Outsourced Services
(7.8)
(11.9)
-34.9%
Leases and Rentals
(1.5)
(1.3)
9.9%
Other Expenses
(0.1)
(1.2)
-91.5%
(17.8)
(27.8)
-35.9%
(0.6)
(0.5)
20.9%
(18.5)
(28.3)
-34.9%
Personnel
Stock Options
Total
The main changes are as follows:
Personnel: Personnel expenses totaled R$11.1 million in 1Q15, compared to R$15.3 million reported in
the same period of the preceding year. The decrease in personnel expenses is largely a result of:
Organizational redesign and streamlining, especially at HoldCo with headcount reduction of 20% of
its total employees over the quarters (-R$0.8 million);
Accounting provision reduction for stock option-related expenses resulting from a decrease in both
the number of options outstanding and the share price since 1Q14 (-R$3.2 million).
Outsourced services: Expenses with outsourced services in 1Q15 totaled R$12.1 million, down R$5.3
million in relation to 1Q14. The highlights are:
Reduction on third party employees (-R$0.8MM)
Decrease in IT expenses due to in-house infrastructure development over the last months (-R$1.8
million);
Accounting provision adjustments, which cost will be allocated in the future into subsidiaries (-R$2.6
million).
Other: Decrease of R$0.7MM as result of insurance expenditures reimbursement by plants to Holding.
4. EBITDA
In 1Q15, ENEVA reported an EBITDA of R$59.4 million vs R$103.9 million in the same period of the preceding
year. Despite the reduction in such figure, as a result primarily of the deconsolidation of Pecm II as of June
2014, which in 1Q14 contributed with R$46.3 million to Consolidated EBITDA, relevant remarks are made:
First full-quarter of Parnaba II operating in substitution of Parnaba I, as provided for in the agreement
with Aneel;
Increase in availability of Itaqui by 25.9 p.p., reaching 88.5% in the quarter;
Unavailability charges figures overstated by R$17.9 million due to a change in the regulatory framework,
already being challenged by the Company; and
Important decrease in Holding expenses as part of the cost cutting initiatives, especially in headcount
(down 20%) and outsourced costs, even during judicial recovery process.
Excluding the impact of overstated unavailability charges, EBITDA raises to R$77.0 million in the period.
5. Net Financial Result

Financial Result
(R$ million)
1Q15
1Q14
Financial Income
21.6
50.5
-57.3%
2.7
21.4
-87.2%
18.4
19.2
-4.2%
Marking-to-market of derivatives
9.0
-100.0%
Settlement of derivatives
Present value adjust. (debentures)
0.4
0.9
-53.2%
(141.4)
(174.8)
-19.1%
Monetary variation
(51.9)
(16.0)
223.9%
Interest expenses
(80.5)
(149.4)
-46.1%
Costs and Interest on Debentures
(0.0)
(0.2)
-87.4%
Other
(9.0)
(9.2)
-2.0%
(119.8)
(124.3)
-3.6%
Monetary variation
Revenues from financial investments
Other
Financial Expenses
Net Financial Result
In 1Q15, ENEVA recorded net financial expenses of R$119.8 million, compared to net expenses of R$124.3
million in 1Q14. The reduction, despite the effect of Pecm II deconsolidation, is mainly due to the increase in
the FX rate hitting a non-hedged loan contracted by the Holding, which was converted from Reais to USD as
result of the Judicial Recovery request, as provided in terms and conditions of such loan contract.
Due to the Judicial Recovery process, as of December 9, 2014, all credit facilities interest payments contracted
by ENEVA, were suspended and since this date have not been accounted as financial expenses.
6. Equity Income
The Company reported a negative equity income of R$27.8 million, mainly impacted by higher Financial
Expenses by Pecm II in the quarter.
The following analyses consider 100% of the projects. On March 31, 2015, ENEVA held an interest of 50.0% in
Pecm I, Pecm II and ENEVA Participaes, 52.5% in both Parnaba III and Parnaba IV (30% as a direct
investment and 22.5% through ENEVA Participaes). Notwithstanding, due to Pecm I sale agreement signing
on December 9, 2014, this asset has been accounted as Asset for Sale and not as Investment, leading to no
longer account its results as Equity Income.
6.1.
Pecm II
INCOME STATEMENT - Pecm II

(R$ million)
1Q15
1Q14
139.6
147.1
-5.1%
(108.7)
(110.4)
-5.1%
Operating Expenses
(1.6)
(1.5)
10.0%
(57.6)
(35.3)
63.2%
0.0
(1.1)
(28.4)
(1.1)
2571.2%
0.4
(28.4)
(0.7)
3924.6%
45.8
46.3
-1.0%
Operating Costs
Other Revenues/Expenses
Earnings Before Taxes
Taxes Payable and Deferred
NET INCOME
EBITDA
On October 18, 2013, Pecm II received authorization from Aneel to start commercial operations and to
supplying 365MW of energy under the terms of the PPA secured in the A-5 energy auction in 2008.
Net revenues for Pecm II in the quarter amounted to R$139.6 million, comprised of:
Fixed revenues amounting to R$75.9 million;
Variable revenues amounting to R$66.0 million;
Other revenues amounting to R$14.3 million;
Taxes on revenues amounting to R$16.6 million.
In the period, Pecm II revenues were boosted by R$8.8 million, as a result of regulatory changes regarding (i)
the amount of energy allocated by the plant in the Regulated and Free Markets, effective as of January 2015;
and (ii) the plants firm energy, effective as March 2015.
Operating Costs reached R$92.1 million in the quarter, excluding Depreciation and Amortization, comprised
mainly of:
Fuel costs totaled R$63.3 million, split between coal (R$59.6 million) and diesel oil and other costs
(R$3.7 million);
Transmission charges (R$6.1 million); and
Unavailability cost (R$7.9 million). Due to a change in the regulatory framework, already being
challenged by the Company, unavailability charges figures overstated by R$8.5 million.
In 1Q15, Pecm II recorded a positive EBITDA of R$45.8 million.

Net financial expenses amounted to R$57.6 million, mainly impacted by higher interest expenses, as a
consequence of the increase on long-term financing interest reference rates.
Pecm II reported a net loss of R$28.4 million impacted by an increase of 63.2% in the Net financial expenses
line explained above.
Operational Highlights: During the period, the plant recorded a good availability figures but it was impacted by
some stoppages especially in march 2015 which has been solved by the company.
Net generation reached
636GWh.
Pecm II - Energy Availability
6.2.
97%
96%
1Q14
2Q14
77%
3Q14
99%
89%
4Q14
1Q15
ENEVA Participaes S.A

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

1Q15
1Q14
(3.9)
(6.0)
-35.2%
1.2
(2.1)
-157.7%
Leases and Rentals
(0.0)
(0.6)
-97.1%
Other Expenses
(0.1)
(0.3)
-42.7%
(2.9)
(8.9)
-67.6%
(0.0)
(0.0)
-3.0%
(2.9)
(8.9)
-67.5%
Personnel
Outsourced Services
Total
In 1Q15, Operating Expenses, excluding Depreciation and Amortization, amounted to R$2.9 million, a decrease
of R$6.0 million compared to 1Q14. The main changes are summarized as follows:
Reduction on third party employees (-R$0.4MM);
Decrease in IT expenses due to in-house infrastructure development over the last months (-R$0.7
million);
Reflect of ENEVA organizational redesign and streamlining, in particular headcount reduction of 44% (R$1.0 million); and
Accounting adjustment on provision of shared expenses with Holding (-R$1.4 million).
6.3.2. Parnaba III

INCOME STATEMENT - Parnaba III
(R$ million)
1Q15
1Q14
81.4
76.5
6.3%
(66.5)
(63.4)
4.9%
Operating Expenses
(0.6)
(0.3)
100.7%
(4.0)
(2.7)
46.6%
0.5
(0.8)
-161.1%
10.7
9.3
15.8%
(2.4)
(3.1)
-23.5%
8.3
6.1
0.4
15.2
14.4
5.7%

Operating Costs
NET INCOME
EBITDA
On October 22, 2013, Parnaba III received authorization from Aneel to start the commercial operations of its
first generation unit, with 169MW of installed capacity. On February 17, 2014, the plant started the commercial
operations of its second generation unit, with 7MW of installed capacity, complying with the total capacity
contracted under the terms of the Regulated Market power purchase agreement secured in the 2008 A-5 energy
auction (176 MW).
Net revenues in the quarter amounted to R$81.4 million, comprised of:
Fixed revenues amounting to R$26.2 million;
Variable revenues amounting to R$58.7 million;
Other revenues amounting to R$5.6 million;
Taxes on revenues amounting to R$9.1 million.
In the period, Parnaba III revenues were boosted by R$2.2 million, as a result of regulatory changes regarding
(i) the amount of energy allocated by the plant in the Regulated and Free Markets, effective as of January 2015;
and (ii) the plants firm energy, effective as March 2015.
Operating Costs reached R$65.6 million in the quarter, excluding Depreciation and Amortization, comprised
mainly of:
Fuel - Natural gas (R$24.0 million);
Lease costs, according to the gas supply agreement (R$32.9 million); and
Unavailability costs (R$1.9 million). Due to a change in the regulatory framework, which will be
challenged by the Company, unavailability charges figures overstated by R$1.6 million.
In 1Q15, Parnaba III recorded a positive EBITDA of R$15.2 million.

Net financial expenses amounted to R$4.0 million, mainly impacted by higher interest expenses, as a
consequence of the increase on long-term financing interest reference rates.
Parnaba III reported a net income of R$8.3 million in 1Q15.
Operational Highlights: In 1Q15, Parnaba III recovered high availability figures, despite a 3-day outage for
planned maintenance in March 2015. Net generation reached 359GWh.
Parnaba III - Energy Availability
99%
1Q14
80%
82%
2Q14
3Q14
96%
67%
4Q14
1Q15
6.3.3. Parnaba IV
Parnaba IV (56MW) received authorization from Aneel to start commercial operations as a power self-producer
on December 12, 2013. The plant, a partnership between ENEVA, ENEVA Participaes and Petra Energia S.A.,
signed a contract in the free market with Kinross, for a five-year period, to supply 20 MWavg from December,
2013 until May, 2014 and 46MWavg from June, 2014 until December, 2018. The remaining power generation of
the plant is sold in the free market.
As of July, 2014, the structure to supply energy by Parnaba IV has been comprised by two entities, Parnaba IV
itself and Parnaba Comercializadora, in which different revenues and costs of the business are accounted.
Parnaba IV and Parnaba Comercializadora are interrelated companies, in which the latter consists as a trading
vehicle through which Parnaba IV energy is sold.
INCOME STATEMENT - Parnaba IV

(R$ million)
1Q15
1Q14
7.2
32.9
-78.1%
Operating Costs
(2.1)
(23.1)
-91.0%
Operating Expenses
(0.2)
(0.7)
-72.3%
(6.2)
(1.2)
409.4%
(0.0)
(0.9)
-96.9%
(1.3)
7.0
(0.6)
(1.3)
-52.5%
NET INCOME
(1.9)
5.7
6.2
10.3
-39.6%
EBITDA
INCOME STATEMENT - Parnaba Comercializadora

(R$ million)
1Q15
1Q14
3.9
6.2
-36.2%
(11.7)
(6.2)
90.2%
Operating Expenses
(0.0)
(0.0)
52.8%
0.2
(1.5)
(9.1)
(0.0)
NET INCOME
(9.1)
(0.0)
EBITDA
(7.8)
(0.0)

Operating Costs
Net revenues in the quarter amounted to R$7.2 million in Parnaba IV, mainly comprised of the plant lease
contract to Parnaba Comercializadora amounting to R$7.9 million. In the same period of the year, Parnaba
Comercializadora revenues totaled R$3.9 million from the power sale in the market amounting to R$4.3 million.
Excluding Depreciation & Amortization, Operating Costs of Parnaba IV reached R$0.8 million in 1Q15, mainly
composed of Personnel and Insurance costs that sum R$0.5 million; Parnaba Comercializadora costs totaled
R$11.7 million, comprised mainly by:
Natural gas (R$5.3 million), accounted in the entry Energy acquired for resale due to trading purpose
of the entity;
Energy acquisition in the spot market to fulfill power supply contract with Kinross (R$7.0 million), due to
lower availability of the plant;
Lease costs (+R$1.7 million), spit into plant lease contract with Parnaba IV (R$7.2 million) and the
contribution of Kinross for the power supply of 46MWavg, according to contract signed with this party,
amounting to +R$8.9 million;
Transmission charges (R$0.7 million).
Net financial expenses in Parnaba IV reached R$6.2 million, mainly impacted by higher interest rates on
intercompany loans.
Operational Highlights: During the period, Parnaba IV engines stopped several days for maintenance thus
lowering availability records. Plants operational team is working closely with Wrtsil, engines manufacturer,
reduce downtime. Net generation reached 85GWh.
Parnaba IV - Energy Availability
94%
91%
91%
3Q14
4Q14
63%
1Q14
2Q14
72%
1Q15
7. Net Income
In 1Q15, ENEVA reported a net loss of R$128.6 million, impacted mainly by overstated unavailability charges on
Itaqui and Parnaba I, hurting Operational Costs, mark to market of a Holding non-hedged loan increased
Financial Expenses and the decrease of Equity Income as a result of higher Financial Expenses posted by Pecm
II, despite initial positive outcomes of Holding cost reduction initiatives which lowered Operating Expenses in the
period.
INCOME STATEMENT
(R$ million)
1Q15
1Q14
373.8
586.8
-36.3%
(330.4)
(494.8)
-33.2%
Operating Expenses
(26.0)
(36.8)
-29.3%
(119.8)
(124.3)
-3.6%
(27.8)
(7.4)
278.3%
0.0
9.7
-99.8%
(130.2)
(66.7)
95.1%
2.3
(3.8)
(0.7)
(1.4)
-48.6%
(128.6)
(71.9)
78.8%
59.4
103.9
-42.8%
Operating Costs
Equity Income
Minority Interest
NET INCOME
EBITDA
8. Debt
As of March 31, 2015, consolidated gross debt amounted to R$5,275.4 million, an increase of 2.2% in relation to
the amount recorded on December 31, 2014. When compared to March 31, 2014, consolidated gross debt
decrease 13.5% or R$823.5 million. The variation is mainly attributed to Pecm II deconsolidation as of June
2014.
Consolidated Debt Profile (R$ million)
1.846
35%
2.434
46%
2.842
54%
Working Capital
Short Term
Project Finance
3.429
65%
Long Term
The balance of short-term debt at the end of March, 2015 was R$3,429.3 million, or R$140.1 million higher than
the amount recorded on December 31, 2014.
R$995.7 million out of the total balance of short-term debt are allocated in the projects (vs. R$1,090.0 million on
December 31, 2014), as follows:
R$122.3 million refer to the current portion of the short-term debts of Itaqui and Parnaba I;
R$873.3 million refer to bridge loans to Parnaba II.
The remaining balance of short-term debt, amounting to R$2,433.6 million, is allocated in the Holding (vs.
R$2,199.1 million on December 31, 2014). At the end of March, 2015, the average cost of debt was 11.60% p.a.
and the average maturity at 3.4 years.
Debt Maturity Profile* (R$ million)
2.433,6
1.503,6
180,9
995,7
Cash & Cash

Equivalents
2015
70,9
132,3
139,3
2016
2017
2018
Project Finance
*Values include principal + capitalized interest + charges
Working Capital
From 2019 on
Debt, net of Cash position and Charges on debt, in 1Q15 amounted to R$5,094.5 million, 1.8% higher than the
value reported in 4Q14.
Consolidated Cash and Cash Equivalents (R$ million)
(368.8)
477,9
(34.3)
(5.3)
(21.4)
(24.4)
180,9
157,3
Cash and Cash

Equivalents
(4Q14)
Revenues
Operating Costs
and Expenses
CAPEX
Intercompany
Loan
Debt Service
DSRA/Others
Cash and Cash

Equivalents
(1Q15)
*DSRA = Debt Service Reserve Account
Consolidated Cash and Cash Equivalents totaled R$180.9 million at the end of March, 2015, an increase of
R$23.6 million as compared to the balance in December 31, 2014.
9. Capital Expenditures (Accounting view)

During 1Q15, ENEVAs consolidated Capital Expenditures totalized R$17.0 million, mainly explained by remaining
investments in Parnaba II deployment.
Consolidated Assets (R$ million)
1Q15
1Q14
Capex
Interest
Capitalized
Depreciation &
Amortization
Capex
Interest
Capitalized
Depreciation &
Amortization
Itaqui
1.5
0.0
-18.3
12.8
0.0
-21.4
Parnaba I
6.4
0.0
-11.4
-11.4
0.0
-25.8
Parnaba II
9.1
0.0
-11.6
48.3
20.1
0.0
Equity Consolidated Assets Adjusted by ENEVAs interest (R$ million)

1Q15
Pecm II
1Q14
Capex
Interest
Capitalized
Depreciation &
Amortization
2.3
0.0
-16.6
Capex
Interest
Capitalized
Depreciation &
Amortization
12.3
0.0
-11.0

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(A free translation of the original in Portuguese)

Eneva S.A. - under courtsupervised reorganization

Report on Review of Quarterly Information

Qualified conclusion on the parent

Guilherme Naves Valle

ITR - Quarterly Information - 03/31/2015 - MPX ENERGIA SA

Individual Financial Statements

Balance sheet - Liabilities

Statement of Comprehensive Income

Statements of Cash Flow

Statements of Changes in Shareholders Equity

DMPL - 01/01/2014 to 03/31/2014

Statements of Added Value

Consolidated Financial Statements

Balance Sheet - Liabilities

Statement of Comprehensive Income

Statements of Cash Flow

Statements of Changes in Shareholders Equity

DMPL - 01/01/2014 to 03/31/2014

Statements of Added Value

Reports and statements

Directors' Declaration on the Financial Statements

Directors' Declaration on the Independent Auditors' Report

ITR - Quarterly Information - 03/31/2015 - MPX ENERGIA SA

Company Data / Capital Breakdown

ITR - Quarterly Information - 03/31/2015 - MPX ENERGIA SA

Individual Financial Statements / Balance Sheet - Assets

Cash and Cash Equivalents

Cash and Bank deposits

Fundo Multimercado MPX 63

Current Taxes Recoverable

Other Current Assets

Non-current assets for sale

1.01.08.03.01 Other Advances

Other Non-current Assets

1.02.01.09.03 Gain on derivatives

1.02.01.09.07 Recoverable Taxes

1.02.01.09.08 Accounts receivable from other related parties

1.02.01.09.09 AFAC at Subsidiaries and Joint Ventures

1.02.01.09.11 Loan at Subsidiaries and Joint Ventures

1.02.01.09.12 Accounts receivable from Subsidiaries and Joint Ventures

1.02.02.01.01 Interests in Associated Companies

1.02.02.01.04 Other Equity Interests

Property, plant and equipment

ITR - Quarterly Information - 03/31/2015 - MPX ENERGIA SA

Individual Financial Statements / Balance Sheet Liabilities

Social and labor obligations

Domestic Trade Payables

Federal Tax Liabilities

2.01.03.01.01 Income taxes and contributions payable

Loans and Financing

Loans and Financing

2.01.04.01.01 In local currency

2.01.05.02.07 Profit Sharing

Loans and Financing

Loans and Financing

2.02.01.01.01 In local currency

2.02.02.01.04 Debts with Other Related Parties

2.02.04.02.05 Negative Equity

Retained Earnings/Accumulated Losses

Equity Appraisal Adjustments

ITR - Quarterly Information - 03/31/2015 - MPX ENERGIA SA

Individual Financial Statements Statement

Accrued value of the