Earnings Release - 3Q14

3Q14 Earnings Release
ENEVA Announces Third Quarter 2014 Results

3Q14 EBITDA amounted to R$116.8 million as a result of improved operational performance of our power
plants and reduced operational subsidiaries overhead. One-time events such as reimbursements from
unavailability costs also contributed to a positive result
9M14 EBITDA exceeded R$300 million
Rio de Janeiro, November 14, 2014 - ENEVA S.A. (BM&FBOVESPA: ENEV3, GDR I: ENEVY) announces today results
for the third quarter ended September 30, 2014 (3Q14). The information below is presented on a consolidated basis in
accordance with the accounting practices adopted in Brazil, except where stated otherwise.
3Q14 Highlights
Energy sales: in line with the same period of last year;
Net Revenues: increase of 11.5% explained by higher variable revenues of Itaqui due to improved plants availability;
Operating Costs: 18.5% decrease due to unavailability charges costs reimbursement;
Operating Expenses: 46.4% decrease resulting from cost management optimization, headcount reduction at
operational subsidiaries and accounting adjustments at Holding;
EBITDA: higher EBITDA resulting from improved operational performance and positive regulatory outcomes in Itaqui
and reduced overhead at Holding.
MAIN INDICATORS
(R$ million)
Net Operating Revenue
Operating Costs
Operating Expenses
EBITDA
Net Income
Net Debt
Total Generation Energy Sales (GWh)
3Q14
3Q13
9M14
9M13
353.8
(247.6)
(25.6)
116.8
29.1
4,703.4
317.3
(303.8)
(47.8)
11.0
(178.0)
5,059.5
11.5%
-18.5%
-46.4%
962.7%
N. A.
-7.0%
1,429.8
(1,181.9)
(80.5)
300.1
(155.1)
4,703.4
908.5
(1,034.8)
(128.8)
(165.2)
(662.2)
5,059.5
57.4%
14.2%
-37.5%
N. A.
-76.6%
-7.0%
1,702
1,719
-1.0%
5,064
4,100
23.5%
3Q14 & Subsequent Events

Stabilization Plan
As part of the Stabilization Plan announced on May 12, 2014 to strengthen ENEVAs capital structure, the
Company concluded a Capital Increase and the partial sale of Pecm II Thermo Power Plant, as follows:
(i) Capital Increase: Settled on August 1, 2014 by the issuance of 137,581,638 common shares, at a price of
R$1.27 per share, amounted to R$174.7 million. From this total, Banco Citibank S.A. subscribed R$42.0 million,
which was fully used to prepay the principal of the debt contracted by ENEVA with such financial institution,
complying with terms and conditions entered into between the parties, and E.ON subscribed R$120 million as
according to Stabilization Plan agreement. Among the shareholders who share the control of the Company, E.ON
then holds approximately 42.9% of ENEVAs capital, while Mr. Eike Batista holds approximately 20.0%. The
Shareholders Agreement between E.ON and Mr. Eike Batista remains in effect.
(ii) Sale of Pecm II: By executing on July 14, 2014 the sale of 50% of the shares issued by Pecm II to
E.ON, ENEVA received cash proceeds of R$408 million, comprised by 50% of the book value of the asset and a
portion of the intercompany loan provided by ENEVA to Pecm II. ENEVA and E.ON became shareholders, with a
50% equity interest each, of a special purpose vehicle, which owns 100% of the shares issued by Pecm II.
Within the context of the transaction, the parties have granted each other call options to either repurchase the
50% of Pecm II or to acquire the remaining shares of Pecm II.
The Capital Increase, net of the Citibank subscription (which proceeds were used to pay off part of Holding debt),
and the partial sale of Pecm II represented a cash injection of R$540.7 million.
ENEVA remains in discussions with financial institutions of the Company in order to continue its Stabilization
Plan, which aims to strengthen its capital structure. Pursuant to the terms already disclosed, this process may
include a capital increase with cash and asset contributions. To date, ENEVA has not signed any binding
agreement related to the implementation of such process
Long-term credit facilities for Pecm II approval

Also in the context of the Stabilization Plan, a long-term credit facilities for Pecm II, totaling R$300 million, was
approved on September, 2014 by BNDES Brazils National Bank for Economic and Social Development and
several of the financial institutions that support ENEVAs Stabilization Plan. Disbursement of such amount is
subject to conditions precedent which has not been fulfilled. The proceeds of such credit facility will be used for
short-term debt re-profiling of Pecm II and ENEVA, as well as to cover future commitments of these parties.
Agreement with lenders to suspend amortization and interest payments

In order to preserve the cash position of ENEVA and its subsidiaries, as well as to enable the continue action of
the Stabilization Plan, ENEVA entered into an agreement to suspend, until November 21, 2014, the amortization
and the payments on interest of financial instruments of the Company and its subsidiaries with several of the
financial institutions that support ENEVAs Stabilization Plan. Such agreement is subject to conditions precedent
fulfilment during the abovementioned period of time.
On November 11, 2014, ENEVA announced that is discussing with its lenders to revalidate the abovementioned
agreement and to implement its Stabilization Plan, which is comprised by capital structure strengthening and
debt re-profiling of the Company.
Pecm I Generating Unit 01 stator burnout

On August 25, 2014, a sudden partial shutdown of Pecm I lead to a generation unscheduled unavailability of
360MW, caused by Generating Unit 01 stator burnout, as experts concluded afterwards. Generating Unit 01 will
have its damaged parts replaced and it is expected to return to operation before year end. The cost of repair is
covered by existing insurance, which includes property damage liability and business interruption after the 60th
day. The stoppage of Generating Unit 01 may impact the calculation of unavailability reimbursement as of 2016,
according to the 60-month rolling average rule, which is in place under a Federal Court sentence.
Parnaba II agreement with Aneel

Aneel Brazils National Electric Energy Agency approved on September 5, 2014 an agreement to adjust power
supply obligations of the Parnaba II CCGT based on the terms and conditions submitted by the Company, which
include:
The completion of the construction of Parnaba II until December 31, 2014. In the event of noncompliance with this condition, a penalty of R$60 million will apply;
The postponement of the start date of the Power Purchase Agreements (PPAs) to July 1st, 2016, or the
date when the Plant is granted with authorization for commercial operation, whichever occurs first;
A penalty amounting to a total of R$333 million, to be paid for in installments as of 2022, through the
partial reduction in annual fixed revenues over the term of plants PPAs; and
The suspension of the payment of transmission charges (TUST) until July, 2016.
Also as part of the agreement, ENEVA should commit to close the cycle of the four gas turbines of Parnaba I
OCGT in up to five years, subject to certain conditions precedent, including the sale of all of the energy in the
regulated market and the ability to secure long-term financing for the project. Such period may be postponed by
the regulator if the conditions precedent have not been reached during the period initially set. In the event of
non-compliance with this commitment, a fine of 20% of the penalty previously described will apply and also be
paid for in installments as of 2022.
Additionally, Aneel approved that with the completion of the construction of Parnaba II, this plant temporarily
replaces the generation of Parnaba III OCGT and of two turbines Parnaba I, thus optimizing the power
production with reduced use of natural gas.
Gas optimization for Parnaba Complex

Since mid-May, 2014, Parnaba Complex power output has been adjusted in order to maximize the life cycle of
the reservoirs in the current high thermoelectric dispatch scenario, while works by its natural gas supplier,
Parnaba Gs Natural, continue on drilling additional wells and expediting production at other discovered fields
already approved for commercial operation.
Additionally, in 3Q14, ANP Brazils National Oil, Gas and Biofuels Regulatory Agency recommended the
reduction of the gas production flow rate that supplies to a range between 4.4 and 4.8 million m/day.
Along with the agreement settled with Aneel for Parnaba II, the regulator approved that generation of Parnaba
III OCGT and of two turbines Parnaba I OCGT is replaced by Parnaba II, as soon as the construction of this
plant is completed, thus optimizing the power production with reduced use of natural gas.
Federal Court decision to halt hourly unavailability charges for Parnaba I, Parnaba III and Pecm II
On September 9, 2014, a Federal Court judged and granted an injunction to Parnaba I, Parnaba III and Pecm
II halting unavailability charges measured on an hourly basis, effective immediately, and also determined that
CCEE Brazil's Power Trade Chamber recalculate the amounts already paid by the plants in compliance with the
new methodology.
As of September, 2014, these plants are accounting unavailability charges as provided for on theirs PPAs, i.e. 60month rolling average availability methodology.
Pecm I and Itaqui unavailability payments recalculation

Aneel Brazils National Electric Energy Agency determined on September 30, 2014 that CCEE Brazils Electric
Energy Clearing Chamber recalculates the unavailability reimbursements since the start of operations of Pecm I
and Itaqui thermo power plants using a 60-month rolling average availability methodology. As a result of this
decision, as of November 10, 2014, the plants were already refunded in a total of R$366 million.
Since December 2013, Pecm I and Itaqui have been recording their unavailability in accordance with a Federal
Court ruling, which determined using a 60-month rolling average for unavailability calculations, as provided for in
the PPAs Power Purchase Agreements signed by the plants.
Economic and Financial Performance

In light of the partial sale of Pecm II, as described above, 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.
1. Net Operating Revenues

In 3Q14, ENEVA recorded consolidated Net Operating Revenues of R$353.8 million vs R$317.3 million reported in
3Q13. The increase in net revenues is mostly attributable to higher variable revenues of Itaqui due to improved
plant availability.
Net revenues in 3Q14 are comprised largely by the revenues from the Regulated Market Power Purchase
Agreements (PPA) of Itaqui and Parnaba I, which reached, respectively, R$135.2 million and R$211.7 million in
the period.
The breakdown of operating revenues for 3Q14 is as follows:
Operating Revenues
(R$ million)
Consolidated
Itaqui
Parnaba I
Amapari
395.4
150.4
235.6
9.4
Fixed Revenues
199.5
79.0
111.1
9.4
Variable Revenues
184.7
62.0
122.7
0.0
Gross Revenues
Adjustments from previous periods
0.0
0.0
11.3
9.4
1.8
0.0
Deductions from Operating Revenues
(41.7)
(15.2)
(23.9)
(2.6)
Net Operating Revenues
353.8
135.2
211.7
6.8
Other Revenues
2. Operating Costs
Operating Costs
(R$ million)
3Q14
3Q13
(10.8)
(12.0)
(142.4)
(156.4)
Outsourced Services
(32.3)
(28.8)
Leases and Rentals
Personnel and Management

Fuel
(86.4)
(43.9)
Energy Acquired for Resale
(5.5)
14.4
Other Costs
65.4
(32.6)
(11.3)
(15.2)
Transmission Charges
Compensation for Downtime
89.7
(23.3)
(13.1)
5.9
(212.1)
(259.2)
(35.4)
(44.7)
(247.6)
(303.8)
Other
Total
Depreciation and Amortization
Total Operating Costs
Operating Costs totaled R$247.6 million in 3Q14, mainly impacted by an increase of R$42.6 million in Leases and
Rentals, due to Parnaba Is leases cost readjustment. In July, 2014, fixed gas treatment facility lease of Parnaba
I increased to R$12.3 million/month, as per terms and conditions provided for in the plants gas supply contract,
and in such month was accounted R$23.4 million of pending payments from previous periods of 2014.
The Leases and Rentals account, which totaled R$86.4 million in the quarter, is comprised mainly by lease costs
incurred by Parnaba I, according to its gas supply agreement (R$76.7 million).
Fuel cost of R$142.4 million recorded in the quarter is divided into R$65.4 million incurred by Itaqui, R$76.7
million incurred by Parnaba I and R$0.3 million by Amapari. The reduction of R$14.0 million is mostly
attributable to Amapari power generation decrease in the period.
The full-quarter operation of these plants also impacted the Outsourced Services account, which reached R$32.3
million in 3Q14, mainly due to higher costs with utilities, machinery and equipment repair, mechanical
maintenance service and technical consulting.
The Other Costs account, which totaled +R$74.5 million in 3Q14, is mainly composed by transmission charges
(TUST) and compensation for downtime of the power plants (unavailability charges, also known as ADOMP).
In 3Q14, Itaqui and Parnaba I had to reimburse DisCos for the energy not delivered by the difference between
their declared variable cost per MWh (CVU) and the energy spot price (PLD) and also accounted the figures
provided for in Aneel and Federal Justice decisions on such matter. In the quarter, net costs amounted to
+R$88.1 million and +R$1.6 million for Itaqui and Parnaba I.
In June, 2014 Parnaba I filed a lawsuit against Aneel questioning the penalties being charged on an hourly basis,
considering that the Regulated Market Power Purchase Agreements (PPAs) signed by the plant provide for using
a 60-month rolling average availability. On September 9, 2014, a Federal Court judged and granted an injunction
to Parnaba I halting unavailability charges measured on an hourly basis and also determined that CCEE
recalculates the amounts already paid by the plant since its start of operations in compliance with the new
methodology.
On September 30, 2014 Aneel agreed to a Federal Court decision by which unavailability charges for Itaqui
should be calculated based on the 60-month rolling average, as provided for in the PPAs signed by the plant. In
this decision, Aneel determined that CCEE should recalculate the unavailability reimbursements since the start of
operations of Itaqui.
Considering these events, unavailability charges costs reported in 3Q14 were offset by provisions of
reimbursement for overpayments of previous periods in Itaqui (+R$100.5 million) and accounting provision
reversal in Parnaba I due to new unavailability calculation methodology as of September, 2014 (+R$17.8
million), according to the Aneel and Federal Court decisions.
3. Operating Expenses
In the quarter, Operating Expenses, excluding Depreciation & Amortization, amounted to R$24.8 million, a
47.3% reduction when compared to 3Q13. In the same period, the Holding company posted Operating Expenses,
excluding Depreciation & Amortization, of R$18.7 million, compared to the R$33.1 million recorded in 3Q13.
During the period, the IPCA inflation index rose by 7.41%.
Operating Expenses
(R$ million)
Personnel
Consolidated
3Q14
3Q13
(5.7)
(22.2)
-74.2%
(15.9)
(17.0)
-6.3%
Leases and Rentals
(2.2)
(2.8)
-21.0%
Other Expenses
(1.0)
(5.2)
-81.0%
(24.8)
(47.1)
-47.3%
(0.8)
(0.7)
18.4%
(25.6)
(47.8)
-46.4%
Outsourced Services
Total
Total Operating Expenses
Operating Expenses
(R$ million)
Holding
3Q14
3Q13
(4.6)
(17.7)
-74.2%
3.4
(9.2)
-136.6%
(11.6)
(10.9)
5.8%
Leases and Rentals
(2.1)
(1.9)
6.5%
Other Expenses
(0.5)
(2.6)
-79.9%
(18.7)
(33.1)
-43.6%
(0.6)
(0.5)
32.1%
(19.3)
(33.6)
-42.5%
Personnel
Stock Options
Outsourced Services
Total
The main changes are as follows:
Personnel: Personnel expenses totaled R$5.7 million in 3Q14, compared to R$22.2 million reported in
the same period of the preceding year. The reduction in personnel expenses is largely a result of:
Headcount reduction and/or organizational optimization in Itaqui, Parnaba I and Parnaba II (R$3.9 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 3Q13 (-R$12.6 million);
Outsourced services: Expenses with outsourced services in 3Q14 totaled R$15.9 million, down R$1.1
million in relation to 3Q13. The highlights are:
Decrease in expenses with technical, financial and legal consulting services in the holding
company (-R$1.1 million);
Decrease in expenses with shared services in the holding company, resulting from the
elimination of EBXs service structure (-R$1.7 million);
Increase in IT expenses with infrastructure installation to replace a former IT provider (+3.6

million).
4. EBITDA
In 3Q14, ENEVA reported a positive EBITDA of R$116.8 million, mainly comprised to:
Higher variable revenues of Itaqui due to improved plants availability;
Reduction of Holdings Operating Expenses, excluding Depreciation & Amortization;
Provisions of reimbursement for unavailability overpayments of previous periods of Itaqui;
Higher lease cost of Parnaba I due to adjustment in Parnaba I gas supply contract.
5. Net Financial Result

Financial Result
(R$ million)
3Q14
3Q13
Financial Income
43.9
19.8
121.8%
1.4
8.5
-83.6%
Revenues from financial investments
22.1
17.0
29.6%
Mark-to-market of derivatives
11.7
(7.5)
-256.6%
Settlement of derivatives
Present value adjust. (debentures)
8.8
1.8
400.9%
(141.6)
(118.5)
19.5%
Monetary variation
Other
Financial Expenses
Monetary variation
(14.1)
(9.6)
46.5%
Interest expenses
(118.5)
(86.7)
36.6%
Settlement of derivatives
102.6
-100.0%
Marking-to-market of derivatives
(105.0)
-100.0%
Costs and Interest on Debentures
(0.1)
(0.1)
-38.3%
Other
(9.0)
(19.6)
-54.3%
(97.7)
(98.7)
-1.0%
Net Financial Result
In 3Q14, ENEVA recorded net financial expenses of R$97.7 million, compared to net expenses of R$98.7 million
in 3Q13, impacted mainly by lower losses on monetary variation on derivatives, due to differential exchange
rates on hedging swaps, and a inflation adjustment provision for reimbursement of unavailability overpayments
from previous periods in Itaqui (R$7.1 million). Higher interest expenses at the holding level are related to the
growth in debt motivated by increased cash needs in the subsidiaries resulting from energy acquisition costs due
to delays in the startup of the power plants and unavailability penalties.
6. Equity Income
The company reported a positive equity income of R$12.5 million, mainly impacted by a provision recorded in
Pecm I of unavailability costs overpayment reimbursement from last periods.
The following analysis considers 100% of the projects. On June 30, 2014, ENEVA held an interest of 50.0% in
Pecm I, Pecm II and ENEVA Participaes, 52.5% in both Parnaba III and Parnaba IV (30% as a direct
investment and 22.5% trough ENEVA Participaes).
6.1.
Pecm I
INCOME STATEMENT - Pecm I
(R$ million)
3Q14
3Q13
273.0
217.2
25.7%
Operating Costs
(60.2)
(208.7)
-71.2%
Operating Expenses
(2.5)
(2.3)
11.9%
(72.5)
(71.4)
1.5%
Earnings Before Taxes
137.8
(65.2)
-311.3%
Taxes Payable and Deferred
(40.8)
22.2
-284.2%
97.0
(43.0)
(3.3)
244.1
40.1
509%
NET INCOME
EBITDA
Net revenues for Pecm I in the quarter amounted to R$273.0 million, comprised of:
Fixed revenues amounting to R$151.1 million;
Variable revenues amounting to R$85.2 million;
Revenues referring to power trades resulting from the annual revision of the plants firm energy, provided for
in the PPA, totaling R$70.6 million;
Taxes on revenues amounting to R$34.0 million.
Operating Costs, excluding Depreciation and Amortization, totaled R$26.4 million, a 84.9% decrease compared
to the same period of last year, mainly due to the effect of a provision amounting to +R$247.7 million from
unavailability costs overpayment reimbursement from last periods, according to Aneel decision, as previously
commented. Proceeds from such reimbursement have been received on November 10, 2014.
Fuel costs in the quarter reached R$82.4 million, split between coal (R$72.5 million) and diesel oil and other
(R$9.9 million) costs.
Operating Costs in 3Q14 were also inflated by costs associated with power trades resulting from the annual
revision of the plants firm energy, provided for in the PPAs, amounting to R$65.3 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
10
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 3Q14, given high spot prices,
gross revenues resulting from this sale amounted to R$70.6 million.
Other costs totaled +R$159.9 million in 3Q14. This account is composed mainly by transmission charges (R$14.8
million) and compensation for downtime or unavailability charges (+R$177.3 million), including +R$247.7 million
as a provision of reimbursement for overpayments of previous periods.
In 3Q14, Pecm I recorded a positive EBITDA of R$244.1 million. Net financial expenses amounted to R$72.5
million, compared to R$71.4 million in 3Q13, impacted mainly by a inflation adjustment provision for
reimbursement of unavailability overpayments from previous periods (+R$16.6 million) and higher losses on
monetary variation, due to differential exchange rates on hedging swaps and the reversal of values previously
booked to Shareholders Equity due to the ineffectiveness of hedge accounting.
Pecm I reported a net profit of R$97.0 million in 3Q14.
6.2.
Pecm II
INCOME STATEMENT - Pecm II
(R$ million)
3Q14
3Q13
126.7
(0.1)
-182054.6%
Operating Costs
(95.4)
(5.1)
Operating Expenses
(2.0)
(3.2)
-37.3%
(39.4)
(14.1)
179.6%
0.1
(9.9)
(22.5)
-56.0%
7.6
-100.0%
NET INCOME
(9.9)
(14.8)
-33.4%
EBITDA
45.8
(8.3)
-648.6%
Other Revenues/Expenses
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$126.7 million, comprised of:
Other revenues amounting to R$11.7 million;
11
Operating Costs reached R$79.0 million in the quarter, excluding Depreciation & Amortization, comprised mainly
of:
Fuel costs totaled R$46.7 million, split between coal (R$43.6 million) and diesel oil and other costs (R$3.1
million);
Transmission charges (R$6.0 million); and
Unavailability costs (R$4.9 million), including +R$31.1 million as an accounting adjustment due to use of 60month rolling average unavailability methodology as granted by Federal Justice decision, as previously
discussed.
In 3Q14, Pecm II recorded a positive EBITDA of R$45.8 million.

Net financial expenses amounted to R$39.4 million, mainly impacted by interest expenses due to interest on
long-term financing no longer being capitalized with the start-up of operations of the plant.
Pecm II reported a net loss of R$9.9 million in 3Q14.
6.3.
ENEVA Participaes S.A

6.3.1. Holding Operating Expenses
Operating Expenses
Holding ENEVA Participaes S.A.
(R$ million)
3Q14
3Q13
Personnel
(5.5)
(8.2)
-33.2%
Outsourced Services
(0.8)
(2.2)
-65.5%
Leases and Rentals
(0.5)
(1.3)
-60.1%
Other Expenses
(0.3)
(0.4)
-37.6%
(7.1)
(12.2)
-42.1%
(0.0)
(0.0)
295.9%
(7.1)
(12.2)
-42.0%
Total
In 3Q14, Operating Expenses, excluding Depreciation & Amortization, amounted to R$7.1 million, a decrease of
R$5.1 million compared to 3Q13. Personnel and Outsourced Services accounted in the quarter impacted by
significant headcount reduction and also by decrease in expenses of technical consultancy services, mainly the
ones provided by E.ON, and travel expenditures (R$4.4 million).
12
6.3.2. Parnaba III

INCOME STATEMENT - Parnaba III
(R$ million)
3Q14
3Q13
55.5
35.8
54.8%
(65.1)
(39.6)
64.4%
Operating Expenses
(0.9)
(0.1)
493.2%
(2.3)
(1.7)
31.8%
11.0
Operating Costs
(1.8)
(5.6)
-68.6%
0.0
1.9
-99.2%
NET INCOME
(1.7)
(3.7)
(0.5)
EBITDA
(8.8)
(3.9)
127%
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$55.5 million, comprised of:
Operating Costs reached R$63.4 million in the quarter, excluding Depreciation & Amortization, comprised mainly
of:
Fuel - natural gas (R$17.0 million);
Lease costs, according to the gas supply agreement (R$22.8 million)
Unavailability costs (R$19.2 million), including +R$18.7 million as an accounting adjustment due to use of
60-month rolling average unavailability methodology as granted by Federal Justice decision, as previously
discussed.
In 3Q14, Parnaba III recorded a negative EBITDA of R$8.8 million.

Net financial expenses amounted to R$2.3 million, mainly impacted by interest expenses.
Parnaba III reported a net loss of R$1.7 million in 3Q14.
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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.
INCOME STATEMENT - Parnaba IV

(R$ million)
INCOME STATEMENT - Parnaba Comercializadora
3Q14
3Q13
(R$ million)
3Q14
3Q13
4.7
(3.8)
Operating Costs
9.7
Operating Costs
(10.1)
Operating Expenses
(0.3)
(0.2)
29.2%
Operating Expenses
(6.1)
0.5
-1443.0%
(0.1)
0.7
8.7
0.2
3779.6%
(14.0)
(3.0)
(0.1)
4110.0%
5.8
0.2
3628.8%
NET INCOME
(14.0)
15.4
(0.2)
-6755.7%
EBITDA
(13.9)
Taxes Payable and

Deferred
NET INCOME
EBITDA
Net revenues in the quarter amounted to R$4.7 million in Parnaba IV, mainly comprised of the plant lease
contract to Parnaba Comercializadora amounting to R$11.4 million and a reversal of accounting provision (R$7.1 million). In the same period of the year, Parnaba Comercializadora revenues totaled -R$3.8 million,
mainly due to accounting adjustments from previous periods (-R$12.5 million) which offset revenues from the
power sale in the market amounting to R$5.9 million.
Excluding Depreciation & Amortization, Operating Costs of Parnaba IV reached +R$9.7 million in 3Q14, mainly
composed of Personnel and Insurance costs that sum R$0.4 million and accounting adjustments from previous
periods (+R$11.4 million); Parnaba Comercializadora costs totaled R$10.1 million, comprised mainly by:
Fuel - natural gas (R$3.8 million);
Plant lease contract (R$10.4 million);
Energy acquisition to meet power contract with Kinross (R$11.5 million);
Transmission charges (R$1.1 million).
Parnaba Comercializadora also recorded as Operating Costs in the period the amount of +R$17.4 million as the
contribution of Kinross for the power supply of 46MWavg, according to contract signed with this party.
14
Net financial expenses in Parnaba IV reached R$6.1 million, mainly impacted by interest expenses on
intercompany loans.
7. Net Income
In 3Q14, ENEVA reported a net profit of R$29.1 million, impacted mainly by higher availability of consolidated
assets, unavailability reimbursements provisions, reduced stock option-related expenses at Holding, reduced
overhead in operational subsidiaries and a positive impact by the partial sale of Pecm II.
INCOME STATEMENT
(R$ million)
3Q14
3Q13
353.8
317.3
11.5%
(247.6)
(303.8)
-18.5%
Operating Expenses
(25.6)
(47.8)
-46.4%
(97.7)
(98.7)
-1.0%
Equity Income
12.5
(22.8)
-155.0%
40.9
(1.5)
-2765.3%
36.4
(157.3)
-123.1%
(7.3)
(15.4)
-52.8%
Minority Interest
(0.0)
(5.3)
-99.2%
NET INCOME
29.1
(178.0)
-116.3%
116.8
11.0
962.7%
Operating Costs
EBITDA
15
8. Debt
As of September 30, 2014, consolidated gross debt amounted to R$5,049.8 million, a reduction of 18.7% in
relation to the amount recorded on December 31, 2013.
Consolidated debt profile (R$ million)
1.897
38%
Short Term
3.153
62%
Long Term
2.774
55%
Working Capital
2.275
45%
Project Finance
The balance of short-term debt at the end of September, 2014 was R$3,152.6 million, or R$744.5 million higher
than the amount recorded on December 31, 2013.
R$1,062.7 million out of the total balance of short-term debt are allocated in the projects (vs. R$845.9 million on
December 31, 2014), as follows:
R$155,7 million refer to the current portion of the short-term debts of Itaqui and Parnaba I;
R$80.9 million refer to bridge loans to Parnaba I. The outstanding balance will be paid-off in
installments, which started in October, 2013;
R$826.1 million refer to bridge loans to Parnaba II.
The remaining balance of short-term debt, amounting to R$2,089.9 million, is allocated in the Holding company
(vs. R$1,562.2 million on December 31, 2013).
Additional debt measures are part of the stabilization plan of the company and should comprise of a Holding debt
push-down to operational subsidiaries and also a reprofile of the remaining part by adjusting maturity and cost.
At the end of September, 2014, the average cost of debt stood at 10.47% p.a. and the average maturity at 3.5
years.
16
Debt Maturity Profile* (R$ million)
1.727,7
1.380,0
374,5
207,3
603,0
489,7
Cash & Cash

Equivalents
2014
2015
Project Finance
111,9
61,3
148,8
152,9
2016
2017
From 2018 on
Working Capital
*Values include principal + capitalized interest + charges
Debt, net of Cash position and Charges on debt, in 3Q14 amounted to R$4,842.4 million, 18.4% lower than the
value reported on December 31, 2013.
Consolidated Cash and Cash Equivalents (R$ million)
329.1
-451.4
-65.7
-41.9
462.8
-194.4
81.1
207.3
87.7
Cash and Cash Capital Increase
Equivalents / Asset Disposal
(2Q14)
Revenues
Operating Costs
and Expenses
CAPEX
Intercompany
Loan
Debt Service
DSRA
Cash and Cash

Equivalents
(3Q14)
*DSRA = Debt Service Reserve Account
Consolidated Cash and Cash Equivalents totaled R$207.3 million at the end of September, 2014, a decrease of
R$70.2 million as compared to the balance in December 31, 2013.
17
9. Capital Expenditures (Accounting view)

During 3Q14, ENEVAs consolidated capital expenditures totalized a negative R$1.6 million, mainly explained by
an accounting adjustment of a Itaqui supplier totaling R$40.6 million. Capitalized interest amounted to R$23.3
million and depreciation & amortization to R$34.2 million.
Consolidated Assets (R$ million)
3Q14
4Q13
Capex
Interest
Capitalized
Depreciation &
Amortization
Capex
Interest
Capitalized
Depreciation &
Amortization
Itaqui
-30.7
0.0
-21.9
92.4
13.7
-13
Parnaba I
19.5
0.0
-12.3
70.3
6.7
-3
Parnaba II
9.7
23.3
0.0
139
13.7
Equity Consolidated Assets Adjusted by ENEVAs interest (R$ million)

3Q14
Capex
Interest Capitalized
Depreciation & Amortization
Pecm I
-13.1
0.0
-15.4
Pecm II
4.1
0.0
-16.5
10.Capital Markets
Stock Price Performance
ENEVAs capital on September 30, 2014 was constituted by 840,106,107 ordinary shares, of which 37.1% were
free float.
On August 1st, the Board of Directors confirmed an increase in the Companys share capital in the amount of
R$174,728,680.26, as a result of the subscription and full payment of 137,581,638 newly-issued common
shares, in the context of the capital increase approved on May 9, 2014.
ENEVAs share capital has thus reached R$4,711,337,093.96, divided into 840,106,107 ordinary shares.
Among the shareholders who share the control of the Company, E.ON now holds approximately 42.9% of
ENEVAs capital, while Mr. Eike Batista holds approximately 20.0%. The Shareholders Agreement between E.ON
and Mr. Eike Batista remains in force and was not affected by the capital increase.
ENEVAs share price at the end of the third quarter of 2014 was R$0.70, compared to R$1.23 on June 30, 2014,
representing a drop of 43.1% in the quarter. In the same period, the Bovespa Index (Ibovespa) increased 1.8%
and the Electrical Utilities Sector Index (IEE) fell 1.9%. In the last 12 months, ENEVAs shares fell 89,9% and
both of the Ibovespa and the IEE raised 12.2% and 6.4%, respectively. The Companys market capitalization at
the end of the quarter reached R$588.1 million. Average daily traded volume in 3Q14 was R$2.1 million.
18
140
54,116 120
110
100
100
80
60
70
40
60
20
ENEV3
IEEX
R$0.70
IBOV
ENEV3
07/31/14
06/30/14
05/31/14
04/30/14
03/31/14
02/28/14
01/31/14
12/31/13
11/30/13
10/31/13
0
09/30/13
09/30/14
09/26/14
09/18/14
09/14/14
09/10/14
09/06/14
09/02/14
08/29/14
08/25/14
08/21/14
08/17/14
08/13/14
08/09/14
08/05/14
08/01/14
07/28/14
07/24/14
07/20/14
07/12/14
07/08/14
07/04/14
06/30/14
07/16/14
IBOV
09/22/14
R$0.70
50
27,596
80
08/31/13
27,596
R$1.23
07/31/13
90
54,116
R$6.95
09/30/14
120
Capital Markets Performance - 12m

07/31/2013 = 100
08/31/14
Capital Markets Performance - 3Q14

06/30/2013 = 100
IEEX
Free Float Profile

(as of September 30, 2014)
18.2%
26.9%
73.1%
Brazil
International
81.8%
Individuals
Institutional
19
3Q14 Conference Call

Monday, September 17, 2014
11:00 am (Brasilia Time) / 8:00 am (US EST)
Access numbers Brazil
+55 11 3193-1001
+55 11 2820-4001
Access numbers US
+1 786 924-6977
Password: ENEVA
Webcast in English: www.ccall.com.br/eneva/3q14.htm
Webcast in Portuguese: www.ccall.com.br/eneva/3t14.htm
ENEVA Contacts
Investor Relations:
Rodrigo Vilela
Carlos Cotrim
+55 21 3721-3030
ri@ENEVA.com.br
ir.ENEVA.com.br
Press:
Carla Assemany +55 21 3721-3359 / +55 21 99953-7255
Marina Duarte +55 21 3721-3373 / + 55 21 98132-0459
20
ANNEX
I.
Balance Sheet Assets (Holding and Consolidated)
Holding
(R$ million)
Current Assets
Cash and Cash Equivalents
Consolidated
Sep-14
Dec-13
Sep-14
Dec-13
143.4
141.2
673.2
747.8
124.1
110.2
207.3
277.6
Accounts Receivable
9.0
26.9
341.9
347.0
Gain on Derivatives
4.2
4.2
Subsidies CCC
16.5
30.8
Assets Disposed to Sale
Inventories
62.4
78.4
Escrow Accounts
10.3
0.0
10.3
0.0
Prepaid Expenses
0.0
34.6
9.8
Long-term Asset
1,460.4
1,464.4
1,071.0
966.7
Accounts Receivable - Related

Parties
1,141.2
1,256.9
734.4
542.6
298.1
206.7
15.9
0.2
Escrow Accounts
80.2
118.6
Deferred Taxes (IR/CSLL)
217.7
302.3
21.1
0.8
22.8
3.0
3,221.7
3,146.3
6,502.6
7,974.7
3,207.7
3,131.0
1,328.3
941.9
11.0
12.6
4,971.1
6,819.5
3.0
2.7
203.1
213.4
Non-current Assets
AFAC
Prepaid Expenses - R&D

Fixed Assets
Equity Interest
Property, Plant and Equipment
Intangible Assets
Deferred Assets
TOTAL ASSETS
4,825.6
4,752.0
8,246.8
9,689.2
21
II.
Balance Sheet Liabilities (Holding and Consolidated)
Holding
Consolidated
(R$ million)
Sep-14
Dec-13
Sep-14
Dec-13
Current Liabilities
2,104.5
1,580.0
3,488.3
2,978.9
4.2
3.5
215.0
331.2
Accounts Payable
Personnel
Charges on Debts
Taxes Payable
Short Term Debt
Losses on Derivatives
Other
Non-current Liabilities
Long term Liabilities
Accounts Payable
Long-Term Debt
Intercompany Loan / Payable
Provision for Losses
Others
5.7
8.4
13.5
16.8
122.6
15.7
181.8
85.3
0.9
0.7
27.9
45.9
1,967.3
1,546.5
2,964.6
2,322.8
3.8
5.2
85.4
176.8
231.1
703.2
2,158.0
4,136.5
7.4
(42.8)
(51.4)
178.0
655.4
1,946.1
3,853.8
43.6
34.5
235.8
307.7
2.0
8.1
(0.0)
11.6
5.2
18.9
14.8
127.1
123.6
Shareholder's Equity
2,490.0
2,468.7
2,473.3
2,450.2
Common Stock
4,707.1
4,532.3
4,707.1
4,532.3
Minority Interests
Capital Reserve
Reserve Valuation Adjustments
(38.8)
(44.0)
(38.8)
(44.0)
Profit Reserve
350.5
350.5
350.5
350.5
Advance for Future Capital Increase AFAC

Translation Adjustments
Accumulated Profit or Losses
Net Earnings
TOTAL LIABILITIES
(12.8)
(9.2)
(12.8)
(9.2)
(2,360.8)
(1,418.3)
(2,377.5)
(1,436.8)
(155.1)
(942.5)
(155.1)
(942.5)
4,825.6
4,752.0
8,246.8
9,689.2
22
III. Income Statement (Holding and Consolidated)
Holding
(R$ million)
Gross Operating Revenues
Energy Supply
Energy Commercialization
Consolidated
3Q14
3Q13
3Q14
3Q13
395.4
353.5
395.4
353.5
Deductions from Gross Revenue
(41.7)
(36.3)
353.8
317.3
Operating Costs
(247.6)
(303.8)
Personnel
(10.8)
(12.0)
Material
(5.0)
(3.0)
Fuel
(142.4)
(156.4)
Outsourced Services
(32.3)
(28.8)
(35.4)
(44.7)
Leases and Rentals
(86.4)
(43.9)
CCC Subsidy
0.7
14.1
(5.5)
14.4
Other costs
69.6
(43.7)
(19.3)
(33.6)
(25.6)
(47.8)
(4.6)
(17.7)
(5.7)
(22.2)
Operating Expenses
Personnel
Material
(0.0)
(0.0)
(0.1)
(0.3)
(11.6)
(10.9)
(15.9)
(17.0)
(0.6)
(0.5)
(0.8)
(0.7)
Leases and Rentals
(2.1)
(1.9)
(2.2)
(2.8)
Other Expenses
(0.5)
(2.5)
(0.9)
(4.9)
EBITDA
(18.7)
(33.1)
116.8
11.0
Net Financial Income
(47.8)
(44.7)
(97.7)
(98.7)
Outsourced Services
Other Revenues/ Expenses
40.9
(1.6)
40.9
(1.5)
Equity Income
55.3
(98.2)
12.5
(22.8)
29.1
(178.0)
36.4
(157.3)
3.5
(5.5)
CSLL/IR
Deferred Taxes Provision (IR/CSLL)
Minority Interest
NET INCOME
(10.7)
(9.9)
(0.0)
(5.3)
29.1
(178.0)
29.1
(178.0)
23
IV.
Project Balance Sheet Assets (Consolidated Projects)

Itaqui
(R$ million)
Current Assets
Amapari
Parnaba I
Parnaba II
Sep-14
Dec-13
Sep-14
Dec-13
Sep-14
Dec-13
Sep-14
Dec-13
255.9
153.1
61.7
62.1
185.0
158.3
26.4
62.3
21.8
27.3
14.0
9.8
45.6
32.0
1.1
57.7
Accounts Receivable
185.1
91.8
23.5
10.1
121.4
117.9
2.9
1.4
Gain on Derivatives
Subsidies CCC
16.5
30.8
43.4
31.5
7.7
11.3
10.4
4.2
0.9
0.1
Escrow Accounts
Prepaid Expenses
5.6
2.5
0.0
0.1
7.6
4.1
21.4
3.1
249.6
261.9
1.2
1.9
44.0
50.7
16.2
24.1
3.9
4.4
0.0
2.4
2.4
4.9
14.9
Inventories
Non-current Assets
Long-term Asset
Accounts Receivable - Related Parties
AFAC
Escrow Accounts
Fixed Assets
Equity Interest
58.4
64.8
0.1
21.9
34.0
187.3
192.1
0.8
1.8
18.3
14.0
11.3
8.7
0.6
0.4
1.4
0.3
0.5
2,595.1
2,662.8
63.5
67.4
1,202.0
1,214.0
1,285.0
1,139.8
2,584.7
2,651.1
61.8
64.5
1,032.2
1,035.1
1,279.8
1,134.6
Intangible Assets
10.4
11.1
0.1
0.2
169.8
178.9
5.2
5.2
Deferred Assets
(0.0)
0.7
1.6
2.7
3,100.6
3,077.8
126.4
131.3
1,430.9
1,423.0
1,327.5
1,226.2
TOTAL ASSETS
24
V.
Project Balance Sheet Liabilities (Consolidated Projects)

Itaqui
(R$ million)
Current Liabilities
Accounts Payable
Personnel
Charges on Debts
Pecm II
Amapari
Parnaba I
Parnaba II
Sep-14
Dec-13
Sep-14
Dec-13
Sep-14
Dec-13
Sep-14
Dec-13
Sep-14
Dec-13
219.3
285.5
224.5
221.7
22.2
31.6
261.2
265.8
881.1
594.8
51.2
126.2
47.1
28.9
18.4
29.5
102.6
85.8
38.6
57.9
3.3
3.0
0.8
0.9
0.6
0.5
2.2
1.7
1.7
2.3
5.4
9.2
59.9
47.8
5.3
12.1
48.4
0.4
Taxes Payable
17.9
14.4
10.7
14.6
1.5
0.1
3.5
9.4
4.0
6.7
Short Term Debt
91.8
90.5
70.0
68.3
131.7
137.6
773.9
480.0
49.5
42.3
35.9
61.1
1.7
1.5
15.8
19.2
14.5
47.4
Other
Accounts Payable
Long-Term Debt
Others
Minority Interests
1,584.3
1,724.7
1,325.8
1,346.5
0.9
0.1
729.6
769.0
5.8
303.3
(14.4)
(15.2)
(11.5)
(9.9)
(35.8)
(22.9)
(3.4)
1,147.0
1,213.5
984.2
1,023.6
621.1
680.5
280.7
447.0
526.4
350.7
327.2
0.1
0.1
133.0
107.2
5.8
26.0
2.4
2.3
4.6
3.4
0.9
11.3
4.2
1,297.0
1,067.6
597.9
631.1
103.3
99.6
440.2
388.2
440.6
328.2
Common Stock
1,757.4
1,458.7
799.2
799.2
84.8
84.8
263.6
263.6
345.7
345.7
Capital Reserve
6.5
6.5
0.1
0.1
12.0
12.0
0.0
0.6
87.7
188.1
141.6
117.0
Profit Reserve
Advance for Future Capital Increase - AFAC
Net Earnings
TOTAL LIABILITIES
(478.8)
(228.0)
(168.0)
(121.7)
(3.6)
(17.0)
(17.1)
(17.6)
(0.7)
18.3
(250.7)
(33.3)
(46.3)
3.6
(3.6)
5.4
0.2
(5.1)
(16.8)
3,100.6
3,077.8
2,148.2
2,199.3
126.4
131.3
1,430.9
1,423.0
1,327.5
1,226.2
25
VI.
Project Income Statement (Consolidated Projects)

Itaqui
(R$ million)
Energy Supply
Amapari
Parnaba I
Parnaba II
3Q14
3Q13
3Q14
3Q13
3Q14
3Q13
3Q14
3Q13
150.4
106.1
9.4
10.8
235.6
236.5
150.4
106.1
9.4
10.8
235.6
236.5
(15.2)
(11.0)
(2.6)
(1.1)
(23.9)
(24.0)
135.2
95.1
6.8
9.7
211.7
212.5
Operating Costs
(42.9)
(123.4)
(2.4)
(7.1)
(202.0)
(167.9)
(0.0)
(0.0)
Personnel
(5.2)
(6.2)
(0.9)
(1.1)
(4.7)
(4.7)
0.0
0.0
(0.0)
Material
(4.2)
(2.2)
(0.1)
(0.3)
(0.7)
(0.4)
(0.0)
Fuel
(65.4)
(63.2)
(0.3)
(17.9)
(76.7)
(75.3)
Outsourced Services
(21.3)
(8.8)
(0.2)
(0.7)
(10.8)
(19.3)
0.0
0.0
(21.8)
(25.5)
(1.4)
(1.2)
(12.2)
(17.9)
(0.0)
(0.0)
(0.5)
(1.2)
(0.1)
(0.1)
(85.7)
(42.4)
Leases and Rentals

CCC Subsidy
0.7
14.1
(5.4)
13.0
(0.1)
Other costs
80.9
(29.3)
(0.3)
(0.0)
(11.0)
(7.8)
(0.0)
(0.0)
Operating Expenses
(2.1)
(3.2)
(0.4)
(0.3)
(1.7)
(3.7)
(0.9)
(3.8)
Personnel
(0.3)
(1.3)
(0.1)
(0.1)
(0.0)
(0.3)
0.5
(2.3)
Material
(0.0)
(0.1)
(0.0)
(0.0)
(0.0)
(0.1)
(0.0)
(0.0)
Outsourced Services
(1.6)
(1.3)
(0.3)
(0.1)
(1.4)
(2.0)
(1.1)
(1.2)
(0.1)
(0.1)
(0.0)
(0.0)
(0.1)
(0.1)
(0.0)
(0.0)
Leases and Rentals
(0.0)
(0.3)
(0.0)
(0.0)
(0.0)
(0.3)
(0.1)
(0.1)
Other Expenses
(0.1)
(0.1)
(0.0)
(0.0)
(0.1)
(1.0)
(0.2)
(0.2)
EBITDA
112.1
(5.9)
5.4
3.6
20.3
58.8
(0.9)
(3.8)
(34.9)
(37.6)
0.4
0.3
(15.4)
(2.6)
0.0
0.0
0.8
0.0
0.0
(0.8)
0.0
56.1
(69.1)
4.3
2.6
(8.2)
38.3
(0.9)
(3.8)
(0.2)
(0.5)
3.7
(5.0)
(9.5)
(0.6)
(0.9)
(18.8)
0.3
1.3
46.7
(69.1)
3.5
2.2
(5.5)
14.5
(0.6)
(2.6)

Equity Income
CSLL/IR
Deferred Taxes Provision (IR/CSLL)
Minority Interest
NET INCOME
26
Project Balance Sheet Assets (Projects accounted as Equity Income)
(R$ million)
Current Assets
ENEVA Part.
Holding
Sep-14 Dec-13
ENEVA Part.
Consolidated
Sep-14 Dec-13
Pecm I
Pecm II
Parnaba III
Parnaba IV
Sep-14
Dec-13
Sep-14
Dec-13
Sep-14
Dec-13
Sep-14
Dec-13
Parnaba
Comercializadora
Sep-14
Dec-13
21.1
9.6
120.9
224.0
668.1
290.9
129.2
170.2
92.3
162.1
23.1
29.0
27.2
0.0
0.6
9.0
17.4
67.9
36.9
46.0
24.9
40.0
6.5
62.8
5.6
5.1
5.6
0.0
Accounts Receivable
17.8
0.5
94.9
151.6
445.6
153.2
60.7
98.9
84.0
96.3
16.5
20.8
21.6
Gain on Derivatives
2.2
41.6
0.1
1.4
3.1
Subsidies CCC
(0.1)
0.0
138.0
91.4
39.1
31.3
0.2
0.0
2.6
8.8
0.1
0.3
0.3
Inventories
Escrow Accounts
Prepaid Expenses
0.0
2.1
6.0
4.5
0.0
1.7
1.3
0.9
0.1
Non-current Assets
18.2
32.1
85.9
209.5
493.2
479.9
109.5
108.3
81.0
10.5
17.0
0.1
0.0
17.0
32.0
75.0
203.5
3.9
2.5
4.0
2.2
66.1
0.2
13.9
0.1
0.0
Long-term Asset
Accounts Receivable - Related
Parties
AFAC
1.2
0.1
1.0
Escrow Accounts
(0.0)
59.6
55.8
18.8
19.7
9.9
6.0
429.4
421.6
86.1
85.7
14.9
10.3
3.2
0.0
0.3
0.7
0.7
237.8
270.5
186.2
282.8
3,357.4
3,426.7
1,909.5
1,920.8
182.1
156.2
150.5
118.3
206.1
240.5
141.4
Fixed Assets
Equity Interest
Intangible Assets
Deferred Assets
TOTAL ASSETS
6.5
5.3
19.2
214.1
3,355.8
3,425.1
1,909.2
1,920.4
182.1
156.2
150.5
118.3
25.2
24.7
25.6
68.6
1.3
1.4
0.3
0.3
(0.0)
0.3
0.3
277.0
312.2
393.0
716.3
4,518.6
4,197.5
2,148.2
2,199.3
355.4
328.8
190.6
147.4
27.2
0.0
27
VII. Project Balance Sheet Liabilities (Projects accounted as Equity Income)
(R$ million)
Current Liabilities
ENEVA Part.
Holding
Sep-14
Dec-13
ENEVA Part.
Consolidated
Sep-14
Dec-13
Pecm I
Parnaba III
Parnaba IV
Sep-14
Dec-13
Sep-14
Dec-13
Sep-14
Dec-13
Parnaba
Comercializadora
Sep-14
Dec-13
12.6
12.9
103.7
335.3
776.3
548.8
175.2
149.7
8.2
83.6
17.3
0.0
Accounts Payable
0.9
1.1
90.7
199.6
133.1
112.0
33.0
28.3
5.0
7.9
17.2
0.0
Personnel
9.6
3.6
10.4
4.5
5.7
3.6
0.1
0.1
2.9
9.1
2.8
2.1
0.6
5.1
0.4
0.7
0.6
13.0
33.0
39.4
0.3
0.0
3.1
0.4
0.0
106.0
169.5
165.4
120.0
120.0
70.0
Charges on Debts
Taxes Payable
Short Term Debt
Other
37.0
5.6
1.8
7.5
2.0
9.4
389.0
220.1
19.9
0.8
0.0
38.0
30.8
73.9
86.3
2,551.2
2,487.9
40.5
39.1
165.0
44.3
23.9
Accounts Payable
(22.6)
(26.1)
Long-Term Debt
5.5
1,915.4
2,000.8
31.8
20.3
63.4
67.6
561.2
449.3
37.3
38.6
163.4
43.2
23.9
6.2
10.4
10.5
7.0
97.3
63.9

Others
6.4
3.3
0.5
1.6
1.1
36.9
226.4
268.6
215.5
257.7
1,191.1
1,160.7
139.6
140.0
17.5
19.5
(13.9)
0.0
Common Stock
266.8
266.8
266.8
266.8
1,886.9
1,886.9
160.3
160.3
15.9
15.9
0.1
0.1
Capital Reserve
62.0
62.0
62.0
62.0
0.9
0.9
0.0
(77.6)
(88.1)
71.3
71.3
3.6
15.0
15.0
3.2
Minority Interests

Profit Reserve
Advance for Future Capital Increase AFAC
Net Earnings
TOTAL LIABILITIES
(2.2)
0.0
(2.2)
0.0
(60.2)
(33.7)
(71.1)
(44.6)
(709.4)
(427.0)
(20.2)
(1.2)
0.0
0.0
(0.0)
(55.8)
(26.6)
(55.8)
(26.6)
19.9
(282.3)
(3.6)
(19.1)
(2.0)
3.6
(14.0)
(0.0)
277.0
312.2
393.0
716.3
4,518.6
4,197.5
355.4
328.8
190.6
147.4
27.2
0.0
28
VIII. Project Income Statement (Projects accounted as Equity Income)

ENEVA Part.
Holding
3Q14
3Q13
ENEVA Part.
Consolidated
3Q14
3Q13
Pecm I
Pecm II
Parnaba III
Parnaba IV
Parnaba
Comercializadora
3Q14
3Q13
3Q14
3Q13
3Q14
3Q13
3Q14
3Q13
3Q14
3Q13
115.6
202.0
307.0
244.5
141.8
0.1
61.7
39.5
4.8
(6.5)
Energy Supply
0.3
202.0
307.0
244.7
141.8
0.1
70.2
120.0
0.5
5.9
115.3
(0.2)
(8.5)
(80.5)
4.4
(12.5)
(11.0)
(18.6)
(34.0)
(27.3)
(15.1)
(0.2)
(6.3)
(3.7)
(0.1)
2.7
(R$ million)

104.6
183.4
273.0
217.2
126.7
(0.1)
55.5
35.8
4.7
(3.8)
Operating Costs
(0.0)
(0.3)
(144.8)
(176.2)
(60.2)
(208.7)
(95.4)
(5.1)
(65.1)
(39.6)
9.7
(0.0)
(10.1)
Personnel
(0.0)
(0.2)
(0.6)
(6.9)
(6.8)
(1.1)
(0.0)
(0.0)
Material
(0.0)
(4.3)
(1.8)
(0.8)
(0.0)
(0.1)
Fuel
(82.4)
(109.3)
(46.7)
(17.0)
3.4
(0.0)
(0.3)
(0.2)
8.6
(24.0)
(6.4)
(13.7)
2.3
3.1
2.3
(0.0)
(0.6)
(0.1)
(0.1)
(33.8)
(33.9)
(16.4)
(0.0)
(1.6)
(1.3)
(0.0)
Leases and Rentals
(0.1)
(0.1)
(1.9)
(0.9)
(0.9)
(22.8)
7.0
CCC Subsidy
1.7
(144.8)
(182.8)
(65.3)
(2.6)
(2.8)
1.4
(37.1)
7.4
(15.3)
(0.0)
(0.0)
0.5
(1.2)
156.8
(47.1)
(13.0)
(6.6)
(25.9)
(5.6)
(2.1)
(1.1)
(7.1)
(12.2)
(8.6)
(13.0)
(2.5)
(2.3)
(2.0)
(3.2)
(0.9)
(0.1)
(0.3)
(0.2)
(0.0)
0.0
(5.5)
(8.2)
(6.3)
(8.4)
(1.8)
(1.8)
(0.2)
(0.5)
(0.1)
(0.0)
0.0
(0.0)
0.0
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
Outsourced Services
(0.8)
(2.2)
(1.3)
(2.7)
(1.6)
(2.7)
(1.7)
(1.4)
(0.8)
(0.1)
(0.2)
(0.1)
(0.0)
0.0
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
Leases and Rentals
(0.5)
(1.3)
(0.5)
(1.3)
(0.1)
(0.1)
(0.0)
(0.1)
(0.1)
Other Expenses
(0.3)
(0.4)
(0.4)
(0.5)
1.0
2.4
(0.0)
(1.1)
(0.0)
(0.1)
(0.0)
(0.0)
(0.0)
0.0
(7.1)
(12.5)
(48.6)
(5.6)
244.1
40.1
45.8
(8.3)
(8.8)
(3.9)
15.4
(0.2)
(13.9)
0.0
0.3
0.7
0.9
3.0
(72.5)
(71.4)
(39.4)
(14.1)
(2.3)
(1.7)
(6.1)
0.5
(0.1)
0.0
(0.0)
(1.5)
(3.3)
(1.5)
(0.0)
0.1
11.0
0.7
Equity Income
(38.7)
(2.2)
(1.3)
(11.2)
(45.6)
(15.5)
(52.5)
(15.5)
137.8
(65.2)
(9.9)
(22.5)
(1.8)
(5.6)
8.7
0.2
(14.0)
0.0
5.5
(0.1)
(14.3)
17.1
0.6
(18.1)
(6.8)
(0.4)
Outsourced Services
Other costs
Operating Expenses
Personnel
Material
EBITDA
CSLL/IR
Deferred Taxes Provision
(IR/CSLL)
Minority Interest
NET INCOME
9.1
0.1
(26.5)
5.1
7.6
(0.6)
20.0
3.8
0.4
(45.6)
(15.5)
(37.9)
(15.5)
97.0
(43.0)
(9.9)
(14.8)
(1.7)
(3.7)
5.8
0.2
(14.0)
0.0
29
30

Earnings Release - 3Q14

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Earnings Release - 3Q14

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3Q14 Earnings Release

3Q14 Earnings Release

ENEVA Announces Third Quarter 2014 Results

3Q14 Earnings Release

3Q14 & Subsequent Events

Long-term credit facilities for Pecm II approval

Agreement with lenders to suspend amortization and interest payments

3Q14 Earnings Release

Pecm I Generating Unit 01 stator burnout

Parnaba II agreement with Aneel

3Q14 Earnings Release

Gas optimization for Parnaba Complex

Pecm I and Itaqui unavailability payments recalculation

3Q14 Earnings Release

Economic and Financial Performance

1. Net Operating Revenues

Adjustments from previous periods

Deductions from Operating Revenues

Net Operating Revenues

3Q14 Earnings Release

Leases and Rentals

Personnel and Management

Energy Acquired for Resale

3Q14 Earnings Release

Leases and Rentals

Leases and Rentals

3Q14 Earnings Release

The main changes are as follows:

Increase in IT expenses with infrastructure installation to replace a former IT provider (+3.6

Higher variable revenues of Itaqui due to improved plants availability;

Reduction of Holdings Operating Expenses, excluding Depreciation & Amortization;

Provisions of reimbursement for unavailability overpayments of previous periods of Itaqui;

3Q14 Earnings Release

5. Net Financial Result

Revenues from financial investments

Present value adjust. (debentures)

Costs and Interest on Debentures

Net Financial Result

3Q14 Earnings Release

Net Operating Revenues

Net Financial Result

Earnings Before Taxes

Taxes Payable and Deferred

Fixed revenues amounting to R$151.1 million;

Variable revenues amounting to R$85.2 million;

Taxes on revenues amounting to R$34.0 million.

3Q14 Earnings Release

Net Operating Revenues

Net Financial Result

Fixed revenues amounting to R$71.2 million;

Variable revenues amounting to R$58.9 million;

Other revenues amounting to R$11.7 million;

Taxes on revenues amounting to R$15.1 million.

3Q14 Earnings Release

Transmission charges (R$6.0 million); and

In 3Q14, Pecm II recorded a positive EBITDA of R$45.8 million.

ENEVA Participaes S.A

Holding ENEVA Participaes S.A.

Leases and Rentals

3Q14 Earnings Release

6.3.2. Parnaba III

Net Operating Revenues

Net Financial Result

Earnings Before Taxes