Demonstra??es Financeiras em Padr?es Internacionais

(A free translation of the original in Portuguese)

Eneva S.A. - under court-supervised reorganization Quarterly Information (ITR) at September 30, 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 September 30, 2015, comprising the balance sheet as at that date and the statements of operations, comprehensive income for the quarter and nine-month periods then ended, and the statements of changes in equity and cash flows for the nine-month period 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. Conclusion on the parent company interim information Based on our review 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.

Conclusion on the consolidated interim information Based on our review 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 Participações 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. On August 26, 2015, the shareholders meeting decided to initiate the procedures for capital increase, considering the established preconditions had been met. On November 5, 2015, the capital increase was approved as detailed in Note 29, being implemented steps, up to this date, required in the Plan. Additionally, the Company and its subsidiaries recorded, at September 30, 2015, net profit of R$ 128,709 thousand, maintaining, however, accumulated losses of R$ 3,756,907 thousand and excess of current liabilities over current assets of R$ 391,693 thousand for consolidated financial statements. Therefore, the reversal of that situation of followed losses generation and the readjustment of the financial and equity structure of the Company depend on the continuity 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 September, 2015. These statements are the responsibility of the Company’s 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, 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.

1. PricewaterhouseCoopers 2. Auditores Independentes 3. CRC 2SP000160/O-5 "F" RJ

4. Guilherme Naves Valle 5. Contador CRC 1MG070614/O-5 "S" RJ


4

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Contents

Company details

Break-down of Paid-in Capital 1

Individual Financial Statements

Balance sheet - Assets 2

Balance sheet - Liabilities 3

Statement of income 4

Statement of Comprehensive Income 5

Statements of Cash Flow 6

Statements of Changes in Shareholders’ Equity

DMPL - 01/01/2015 to 09/30/2015 7

DMPL - 01/01/2014 to 09/30/2014 8

Statements of Added Value 9

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 09/30/2015 15

DMPL - 01/01/2014 to 09/30/2014 16

Statements of Added Value 17

Other information that the Company deemed relevant 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

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1

Company Data / Capital Breakdown

Number of Shares Current Quarter (thousand) 09/30/2015

Issued Capital

Common 840,106

Preferred 0

Total 840,106

Treasury stock

Common 0

Preferred 0

Total 0

PAGE: 1 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Individual Financial Statements / Balance Sheet - Assets

(Thousands of Reais)

Account Code Account Description Current Quarter

09/30/2015

Previous Year 12/31/2014

1 Total Assets 3,423,875 3,729,971

1.01 Current Assets 205,261 386,513

1.01.01 Cash and Cash Equivalents 142,028 72,502

1.01.01.01 Cash and Banks 445 4,055

1.01.01.02 Multimercado FICFI RF CP Eneva Funds 141,583 68,447

1.01.06 Recoverable taxes 20,441 12,255

1.01.06.01 Recoverable Current Taxes 20,441 12,255

1.01.07 Prepaid Expenses 6 3

1.01.08 Other Current Assets 42,786 301,753

1.01.08.01 Noncurrent Assets for Sale - 300,000

1.01.08.03 Other 42,786 1,753

1.01.08.03.01 Other Advances 7,284 1,712

1.01.08.03.02 Dividends Receivable 1,802 -

1.01.08.03.04 Secured Deposits 33,700 41

1.02 Noncurrent Assets 3,218,614 3,343,458

1.02.01 Long-term Assets 1,084,173 1,101,204

1.02.01.07 Prepaid Expenses 1,573 786

1.02.01.09 Other Noncurrent Assets 1,082,600 1,100,418

1.02.01.09.03 Gain on Derivatives 21,122 21,122

1.02.01.09.07 Recoverable taxes 44,639 33,237

1.02.01.09.08 Accounts Receivable from Other Related Parties - 62,627

1.02.01.09.09 AFAC with Subsidiaries and Joint Subsidiaries 188,980 248,000

1.02.01.09.11 Loan with Subsidiaries and Joint Subsidiaries 752,745 691,287

1.02.01.09.12 Accounts Receivable with Subsidiaries and Joint Subsidiaries 75,112 44,143

1.02.01.09.14 Other Credits 2 2

1.02.02 Capital Expenditure 2,120,106 2,228,139

1.02.02.01 Equity Interests 2,120,106 2,228,139

1.02.02.01.01 Equity Interests in Associated Companies 94,412 97,483

1.02.02.01.02 Equity Interests in Subsidiaries 1,445,258 1,486,453

1.02.02.01.03 Equity Interests in Joint Subsidiaries 518,341 582,108

1.02.02.01.04 Other Equity Interests 62,095 62,095

1.02.03 Property, Plant and Equipment 11,070 11,238

1.02.04 Intangible Assets 3,265 2,877

PAGE: 2 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Individual Financial Statements / Balance Sheet – Liabilities



09/30/2015


2 Total Liabilities 3,423,875 3,729,971

2.01 Current Liabilities 17,656 2,229,070

2.01.01 Social and Labor Obligations 3,876 6,742

2.01.01.02 Labor Obligations 3,876 6,742

2.01.02 Trade Payables 11,660 11,737

2.01.02.01 National Trade Payables 11,660 11,737

2.01.03 Tax Obligations 2,029 1,602

2.01.03.01 Federal Tax Obligations 2,029 1,602

2.01.03.01.01 Payable Income and Social Contribution Tax 2,029 1,602

2.01.04 Loans and Financing - 2,199,149

2.01.04.01 Loans and Financing - 2,199,149

2.01.04.01.01 In National Currency - 2,199,149

2.01.05 Other Obligations 91 9,840

2.01.05.02 Other 91 9,840

2.01.05.02.07 Interest in the Profits - 9,749

2.01.05.02.09 Other Obligations 91 91

2.02 Noncurrent Liabilities 2,097,424 357,885

2.02.01 Loans and Financing 2,048,871 182,749

2.02.01.01 Loans and Financing 2,048,871 182,749

2.02.01.01.01 In National Currency 1,791,000 182,749

2.02.01.01.02 In Foreign Currency 257,871 -

2.02.02 Other Obligations 37,328 171,595

2.02.02.01 Liabilities with Related Parties 37,328 171,595

2.02.02.01.04 Debts with Other Related Parties 37,328 171,595

2.02.04 Provisions 11,225 3,541

2.02.04.02 Other Provisions 11,225 3,541

2.02.04.02.05 Unsecured Liabilities 11,225 3,541

2.03 Shareholder’s Equity 1,308,795 1,143,016

2.03.01 Capital Recorded 4,707,088 4,707,088

2.03.02 Capital Reserve 350,980 350,771

2.03.02.04 Options Granted 350,980 350,771

2.03.05 Accumulated Profits/Losses (3,749,273) (3,877,982)

2.03.06 Equity Appraisal Adjustements - (36,861)

PAGE: 3 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Individual Financial Statements – Statement

of Income (Thousands of Reais)

Account Code

Account Description

Current Quarter from 07/01/2015 to

09/30/2015

Current Year Accumulated

from 01/01/2015 to

09/30/2015

Equal Previous

Year Quarter from

07/01/2014 to 09/30/2014

Previous Year

Accumulated from

01/01/2014 to 09/30/2014

3.04 Operating Income/Expenses (72,284) (293,585) 76,835 (27,452)

3.04.02 General and Administrative Expenses (9,457) (42,731) (19,294) (60,908)

3.04.02.01 Personnel and Management (4,355) (17,681) (4,557) (22,742)

3.04.02.02 Other Expenses (579) (1,858) (515) (2,547)

3.04.02.03 Outsourced Services (2,970) (16,790) (11,556) (28,995)

3.04.02.04 Depreciation and Amortization (650) (1,918) (615) (1,720)

3.04.02.05 Leasing and Rentals (903) (4,484) (2,051) (4,904)

3.04.04 Other Operating Revenue - 60 419,333 442,010

3.04.04.01 Sale of PGN (OGX Maranhão) - - (21,858) -

3.04.04.02 Gains on the Sale of Assets - - 441,998 442,010

3.04.04.03 Other - 60 (807) -

3.04.05 Other Operating Expenses (3,587) (27,480) (378,477) (380,199)

3.04.05.01 Unsecured Liabilities (3,543) (8,016) 1,718 1,583

3.04.05.02 Provision for Investment Losses (72) (313) (500) (692)

3.04.05.03 Losses on the Sale of Assets 91 (7,050) (379,695) (381,090)

3.04.05.04 Other (63) (794) - -

3.04.05.05 Provision for Investment Losses - (11,307) - -

3.04.06 Equity in Income of Subsidiaries (59,240) (223,434) 55,273 (28,355)

3.05 Income Before Financial Income/Loss and Taxes (72,284) (293,585) 76,835 (27,452)

3.06 Financial Income (41,646) 459,155 (47,772) (127,698)

3.06.01 Financial Revenue 35,135 619,282 44,760 133,466

3.06.01.01 Positive Exchange Variance 2 24,604 1,393 23,716

3.06.01.02 Short-term Investments 8,001 14,474 6,152 8,973

3.06.01.03 Derivative Financial Instruments - 6,560 11,678 16,109

3.06.01.04 Fair Value of Debentures 50 489,344 - -

3.06.01.05 Other Financial Revenue (813) 2,908 533 689

3.06.01.06 Interests on Loans 27,895 81,392 25,004 83,979

3.06.02 Financial Expenses (76,781) (160,127) (92,532) (261,164)

3.06.02.01 Negative Exchange Variance (35,740) (95,218) (13,844) (29,143)

3.06.02.02 Derivative Financial Instruments - (2,348) - (4,124)

3.06.02.03 Debenture Interest/Cost (23) (74) (74) (470)

3.06.02.05 Charges of debts (40,523) (60,784) (76,938) (221,766)

3.06.02.06 Other Financial Expenses (495) (1,703) (1,676) (5,661)

3.07 Earnings Before Tax on Net Income (113,930) 165,570 29,063 (155,150)

3.09 Net Earnings from Continued Operations (113,930) 165,570 29,063 (155,150)

3.10 Net Earnings from Discontinued Operations - (36,861) - -

3.10.01 Income/Net Loss from Discontinued Operations - (36,861) - -

3.11 Net income/Loss for the year (113,930) 128,709 29,063 (155,150)

3.99.01.01 ON (0) 0 0 (0)

PAGE: 4 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Individual Financial Statements – Comprehensive

Statement of Income (Thousands of Reais)

Account Code

Account Description


09/30/2015


from 01/01/2015 to 09/30/2015

Equal Previous Year Quarter

from 07/01/2014 to 09/30/2014

Previous Year Accumulated from

01/01/2014 to 09/30/2014

4.01 Net Income for the Period (113,930) 128,709 29,062 (155,149)

4.02 Other Comprehensive Income - (36,861) 2,236 121

4.02.01 Accumulated Translation Adjustments - - 3,585 3,585

4.02.02 Equity Appraisal Adjustements - - - -

4.02.03 Effective portion of the changes in fair value of cash flow hedges - hedge accounting - (49,394) (2,044) (5,248)

4.02.04 Deferred income and social contribution taxes - hedge accounting - 12,533 695 1,784

4.03 Comprehensive Income for the Period (113,930) 91,848 31,298 (155,028)

PAGE: 5 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Individual Financial Statements / Statement of Cash Flows –

Indirect Method (Thousands of Reais)

Account Code

Account Description


from 01/01/2015 to

09/30/2015

Previous Year

Accumulated from

01/01/2014 to 09/30/2014

6.01 Net Cash Operating Activities (190,058) 80,856

6.01.01 Cash Provided by Operating Activities (41,545) (19,866)

6.01.01.01 Income/Net Loss for the Period Before IR and CSLL 128,709 (155,149)

6.01.01.02 Depreciation and Amortization 1,918 1,720

6.01.01.03 Equity in Income of Subsidiaries 234,741 28,355

6.01.01.04 Operations with Derivative Financial Instruments (4,212) (11,985)

6.01.01.05 Stock Options Awarded - 1,635

6.01.01.07 Investment Loss 44,225 692

6.01.01.08 Provision for Unsecured Liabilities 8,016 (1,583)

6.01.01.13 Debenture Interest/Cost 70,689 470

6.01.01.14 Fair Value of Debentures (489,344) -

6.01.01.15 Interest on Loans and Related Parties (35,082) 114,361

6.01.01.16 Other Income / Expenses (1,205) -

6.01.01.18 Other - 1,618

6.01.02 Changes in Assets and Liabilities (138,431) 107,211

6.01.02.01 Other Advances (5,571) 122

6.01.02.02 Prepaid Expenses (789) -

6.01.02.05 Recoverable taxes (19,589) (8,650)

6.01.02.09 Taxes, Duties and Contributions 428 186

6.01.02.10 Trade Payables (77) 680

6.01.02.11 Provisions and Payroll Charges (2,867) (2,707)

6.01.02.14 Related Parties (109,966) 117,580

6.01.03 Other (10,082) (6,489)

6.01.03.02 Assets and Liabilities (10,082) (6,489)

6.02 Net Cash Investment Activities 260,208 (164,853)

6.02.01 Acquisition of PPE and Intangible Assets (1,892) (2,035)

6.02.04 Payment of Capital via AFAC 64,035 (196,464)

6.02.07 Debt to Related Parties (61,459) 33,648

6.02.08 Dividends (1,802) -

6.02.10 Secured Deposits (33,659) (2)

6.02.11 Intended assets to Trading 300,000 -

6.02.12 Advance for Future Capital Increase - AFAC (5,015) -

6.03 Net Cash Financing Activities (625) 108,250

6.03.01 Financial Instruments - (4,124)

6.03.03 Advance for Future Capital Increase - AFAC - 174,774

6.03.04 Amortization of Principal - Financing (625) (236,580)

6.03.07 Loans Obtained - 180,000

6.03.10 Issue (payment) of Debentures - (5,820)

6.05 Increase (Decrease) in Cash and Cash Equivalents 69,525 24,253

6.05.01 Opening Balance of Cash and Cash Equivalents 72,503 110,156

6.05.02 Closing Balance of Cash and Cash Equivalents 142,028 134,409

PAGE: 6 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version: 1 Individual Financial Statements - Statements of Changes in Shareholders’ Equity / DMPL - 01/01/2015 to 09/30/2015 (Thousands of Reais)

Account Code

Account Description Paid-in Share Capital

Capital Reserve, Options Awarded

and Shares at Treasury

Profit Reserves

Accumulated

Profits or Losses

Other Comprehensive

Income

Shareholder’s

Equity

5.01 Openning Balances 4,707,088 350,771 - (3,877,982) (36,861) 1,143,016

5.02 Adjustments from Prior Years - - - - - -

5.03 Adjusted Openning 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 Options Granted Recognized - 209 - - - 209

5.05 Total Comprehensive Income - - - 128,709 36,861 165,570

5.05.02 Other Comprehensive Income - - - 128,709 36,861 165,570

5.05.02.02 Taxes without Financial Instruments Adjustments - - - - 36,861 36,861

5.05.02.06 Period loss - - - 128,709 - 128,709

5.07 Closing Balances 4,707,088 350,980 - (3,749,273) - 1,308,795

PAGE: 7 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version: 1 Individual Financial Statements - Statements of Changes in Shareholders’ Equity / DMPL - 01/01/2014 to 09/30/2014 (Thousands of Reais)

Account Code

Account Description Paid-in Share Capital

Capital Reserve, Options Awarded

and Shares at Treasury

Profit Reserves

Accumulated

Profits or Losses

Other Comprehensive

Income

Shareholder’s

Equity

5.01 Openning Balances 4,532,314 350,514 - (2,360,800) (53,284) 2,468,744

5.02 Adjustments from Prior Years - - - - - -

5.03 Adjusted Openning Balances 4,532,314 350,514 - (2,360,800) (53,284) 2,468,744

5.04 Capital Transactions with Partners 174,774 (28) - - - 174,746

5.04.03 Options Granted Recognized - (28) - - - (28)

5.04.10 Advance for Future Capital Increase - AFAC 174,774 - - - - 174,774

5.05 Total Comprehensive Income - - - (155,149) 1,663 (153,486)

5.05.02 Other Comprehensive Income - - - (155,149) 1,663 (153,486)

5.05.02.01 Financial Instruments Adjustments - - - - 5,248 5,248

5.05.02.05 Taxes without Translation Adjustments in the Period - - - (155,149) (3,585) (158,734)

5.07 Closing Balances 4,707,088 350,486 - (2,515,949) (51,621) 2,490,004

PAGE: 8 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version: 1 Individual Financial Statements – Statement of Added Value (Thousands of Reais)

Account Code Account Description


from 01/01/2015 to 09/30/2015

Previous Year Accumulated

from 01/01/2014 to 09/30/2014

7.01 Revenue 291,904 60,227

7.01.02 Other Revenue 291,904 60,227

7.02 Consumables Acquired from Third Parties (18,188) (30,752)

7.02.02 Material, Electricity, Outsourced Services and Other (18,188) (30,752)

7.03 Gross Added Value 273,716 29,475

7.04 Retentions (1,918) (1,720)

7.04.01 Depreciation, Amortization and Depletion (1,918) (1,720)

7.05 Net Added Value Produced 271,798 27,755

7.06 Transferred Added Value 15,059 82,978

7.06.01 Equity in Income of Subsidiaries (234,741) (28,355)

7.06.02 Financial Revenue 506,727 9,662

7.06.03 Other (256,927) 101,671

7.06.03.01 Derivative Financial Instruments 6,560 16,109

7.06.03.02 Provision for Unsecured Liabilities (8,016) 1,583

7.06.03.06 Interests on Loans 81,390 83,979

7.06.03.07 Losses on Sales Operation (336,861) -

7.07 Total Added Value to be Distributed 286,857 110,733

7.08 Distribution of Added Value 286,857 110,733

7.08.01 Personnel 17,681 22,742

7.08.01.01 Direct Remuneration 14,826 13,800

7.08.01.02 Benefits (2,825) 1,427

7.08.01.03 F.G.T.S. 5,680 7,515

7.08.02 Taxes, Duties and Contributions 230 392

7.08.02.01 Federal 230 392

7.08.03 Interest Expenses 140,237 242,748

7.08.03.01 Interest 75 470

7.08.03.02 Rent 4,484 4,904

7.08.03.03 Other 135,678 237,374

7.08.03.03.01 Losses on derivative transactions 2,348 4,124

7.08.03.03.03 Insurance 229 398

7.08.03.03.04 Exchange Variance 70,614 5,426

7.08.03.03.06 Financial Expenses 62,487 227,426

7.08.04 Interest Earnings 128,709 (155,149)

7.08.04.03 Withheld Income / Loss for the Period 128,709 (155,149)

PAGE 9 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version: 1 Consolidated Financial Statements / Balance Sheet - Assets


Account Code

Account Description Current Quarter

09/30/2015

Previous Year

12/31/2014

1 Total Assets 6,800,641 7,044,418

1.01 Current Assets 727,253 944,708

1.01.01 Cash and Cash Equivalents 254,704 157,319

1.01.01.01 Cash and Banks 42,981 44,229

1.01.01.02 Multimercado FICFI RF CP Eneva Funds 171,539 85,084

1.01.01.04 CDB/Security 40,184 28,006

1.01.03 Accounts Receivable 234,459 304,848

1.01.03.01 Clients 234,459 304,848

1.01.04 Inventories 88,747 99,185

1.01.06 Recoverable taxes 37,933 32,354

1.01.06.01 Recoverable Current Taxes 37,933 32,354

1.01.07 Prepaid Expenses 60,125 42,081

1.01.08 Other Current Assets 51,285 308,921

1.01.08.01 Noncurrent Assets for Sale - 300,000

1.01.08.03 Other 51,285 8,921

1.01.08.03.01 Other Advances 17,413 8,880

1.01.08.03.02 Dividends Receivable 172 -

1.01.08.03.04 Secured Deposits 33,700 41

1.02 Noncurrent Assets 6,073,388 6,099,710

1.02.01 Long-term Assets 819,725 742,745

1.02.01.06 Deferred Taxes 269,100 219,713

1.02.01.06.01 Deferred Income and Social Contribution Tax 269,100 219,713

1.02.01.07 Prepaid Expenses 4,526 6,776

1.02.01.09 Other Noncurrent Assets 546,099 516,256

1.02.01.09.03 Gain on Derivatives 21,122 21,122

1.02.01.09.04 Secured Deposits 78,191 62,070

1.02.01.09.07 Recoverable taxes 55,030 37,575

1.02.01.09.08 Accounts Receivable from Other Related Parties 5,729 63,970

1.02.01.09.09 AFAC to Joint Subsidiaries 19,480 26,250

1.02.01.09.11 Loan with Joint Subsidiaries 295,639 284,774

1.02.01.09.12 Accounts Receivable with Joint Subsidiaries 70,904 20,493

1.02.01.09.13 Other Credits 4 2

1.02.02 Capital Expenditure 667,214 733,927

1.02.02.01 Equity Interests 667,214 733,927

1.02.02.01.01 Equity Interests in Associated Companies 94,412 97,484

1.02.02.01.04 Other Equity Interests 572,802 636,443

1.02.03 Property, Plant and Equipment 4,397,029 4,423,466

1.02.04 Intangible Assets 189,420 199,572

PAGE: 10 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version: 1 Consolidated Financial Statements / Balance Sheet - Liabilities



09/30/2015


2 Total Liabilities 6,800,641 7,044,418

2.01 Current Liabilities 1,118,946 3,619,910

2.01.01 Social and Labor Obligations 11,787 14,934

2.01.01.02 Labor Obligations 11,787 14,934

2.01.02 Trade Payables 147,633 149,785

2.01.02.01 National Trade Payables 147,633 149,785

2.01.03 Tax Obligations 23,408 27,116

2.01.03.01 Federal Tax Obligations 23,408 27,116

2.01.03.01.01 Payable Income and Social Contribution Tax 23,408 27,116

2.01.04 Loans and Financing 826,307 3,289,195

2.01.04.01 Loans and Financing 826,307 3,289,195

2.01.04.01.01 In National Currency 826,307 3,289,195


2.01.05.02 Other 109,811 138,880

2.01.05.02.05 Contractual Retentions 4,650 20,945

2.01.05.02.07 Interest in the Profits - 16,591

2.01.05.02.08 Payable Dividends 699 -

2.01.05.02.09 Other Obligations 104,462 101,344

2.02 Noncurrent Liabilities 4,296,746 2,206,796

2.02.01 Loans and Financing 4,131,001 1,874,502

2.02.01.01 Loans and Financing 4,131,001 1,874,502

2.02.01.01.01 In National Currency 3,873,130 1,874,502

2.02.01.01.02 In Foreign Currency 257,871 -


2.02.02.01 Liabilities with Related Parties 150,414 320,874

2.02.02.01.04 Debts with Other Related Parties 150,414 320,874

2.02.03 Deferred Taxes 14,286 10,978

2.02.03.01 Deferred Income and Social Contribution Tax 14,286 10,978

2.02.04 Provisions 1,045 442

2.02.04.02 Other Provisions 1,045 442

2.02.04.02.05 Unsecured Liabilities 1,045 442

2.03 Consolitated Shareholder’s Equity 1,384,949 1,217,712

2.03.01 Capital Recorded 4,707,088 4,707,088

2.03.02 Capital Reserve 350,980 350,771

2.03.02.04 Options Granted 350,980 350,771

2.03.05 Accumulated Profits/Losses (3,756,907) (3,885,741)

2.03.06 Equity Appraisal Adjustements - (36,861)

2.03.09 Minority Interests 83,788 82,455

PAGE: 11 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Consolidated Financial Statements – Statement

of Income (Thousands of Reais)

Account Code

Account Description

Current Quarter

from 07/01/2015

to 09/30/2015

Current Year

Accumulated from

01/01/2015 to 09/30/2015

Equal Previous

Year Quarter

from 07/01/2014

to 09/30/2014

Previous Year

Accumulated from

01/01/2014 to 09/30/2014

3.01 Revenue from Goods Sold and/or Services Provided 365,971 1,053,542 353,768 1,429,845

3.02 Cost of Goods and/or Services Sold (310,550) (911,583) (247,556) (1,181,938)

3.03 Gross Profit 55,421 141,959 106,212 247,907

3.04 Operating Income/Expenses (28,564) (152,286) 27,795 (30,798)

3.04.02 General and Administrative Expenses (15,239) (63,619) (25,626) (80,545)

3.04.02.01 Personnel and Management (4,372) (21,157) (5,723) (27,182)

3.04.02.02 Other Expenses (1,104) (3,030) (991) (4,298)

3.04.02.03 Outsourced Services (7,973) (32,247) (15,911) (41,318)

3.04.02.04 Depreciation and Amortization (830) (2,471) (812) (2,382)

3.04.02.05 Leasing and Rentals (960) (4,714) (2,189) (5,365)

3.04.04 Other Operating Revenue 236 754 419,586 484,388

3.04.04.01 Sale of PGN (OGX Maranhão) - - (21,858) -

3.04.04.02 Gains on the Sale of Assets 236 754 400,222 442,359

3.04.04.03 Other - - 41,222 42,029

3.04.05 Other Operating Expenses (5,381) (9,216) (378,683) (404,578)

3.04.05.01 Unsecured liability (1,200) (3,407) 1,732 1,843

3.04.05.02 Provision for Investment Losses (170) (313) (17,888) (19,108)

3.04.05.03 Losses on the sale of assets (1,261) (8,403) (379,695) (381,090)

3.04.05.04 Losses for share interest 261 261 - -

3.04.05.05 Write-off of CCC Benefit - - 5,945 -

3.04.05.06 Other 435 6,092 (6,223) (6,223)

3.04.05.07 Adomp/CCEE Penalty - - 17,446 -

3.04.05.08 Loss for write-off of inventory (3,446) (3,446) - -

3.04.06 Equity in Income of Subsidiaries (8,180) (80,205) 12,518 (30,063)

3.05 Income Before Financial Income/Loss and Taxes 26,857 (10,327) 134,007 217,109

3.06 Financial Income (159,231) 133,838 (97,653) (356,488)

3.06.01 Financial Revenue 26,672 599,086 43,939 109,644

3.06.01.01 Positive Exchange Variance 891 29,958 1,393 26,882

3.06.01.02 Short-term Investments 14,599 31,213 9,474 20,782

3.06.01.03 Derivative Financial Instruments - 6,560 11,678 16,109

3.06.01.04 20% Discount RJ 50 489,344 - -

3.06.01.05 Other Financial Revenue 1,049 6,676 8,807 10,698

3.06.01.06 Interests on Loans 10,083 35,335 12,587 35,173

3.06.02 Financial Expenses (185,903) (465,248) (141,592) (466,132)

3.06.02.01 Negative Exchange Variance (35,767) (95,717) (14,070) (30,274)

3.06.02.02 Derivative Financial Instruments - (2,348) - (4,124)

3.06.02.03 Debenture Interest/Cost (23) (74) (74) (470)

3.06.02.05 Charges of debts (128,149) (320,800) (118,482) (402,064)

3.06.02.06 Other Financial Expenses (21,964) (46,309) (8,966) (29,200)

3.07 Earnings Before Tax on Net Income (132,374) 123,511 36,354 (139,379)

3.08 Income and Social Contribution Taxes on Profit 18,190 46,062 (7,252) (12,528)

3.08.01 Current 187 (18) 3,490 944

3.08.02 Deferred 18,003 46,080 (10,742) (13,472)

3.09 Net Earnings from Continued Operations (114,184) 169,573 29,102 (151,907)

3.10 Net Earnings from Discontinued Operations - (36,861) - -

3.10.01 Income/Net Loss from Discontinued Operations - (36,861) - -

3.11 Consolitated Income/Loss for the Period (114,184) 132,713 29,102 (151,907)

3.11.01 Attributed to Partners of the Parent Company (113,930) 128,710 29,061 (155,150)

3.11.02 Attributed to Minority Partners (254) 4,003 41 3,243

PAGE: 12 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Consolidated Financial Statements – Comprehensive

Statement of Income (Thousands of Reais)

Account Code

Account Description


09/30/2015


from 01/01/2015 to

09/30/2015

Equal Previous Year Quarter from 07/01/2014 to

09/30/2014

Previous Year

Accumulated from

01/01/2014 to 09/30/2014

4.01 Consolitated Net Income for the Period (114,184) 132,712 29,103 (151,906)

4.02 Other Comprehensive Income - (36,861) 2,236 121

4.02.01 Accumulated Translation Adjustments - - 3,585 3,585

4.02.03 Effective portion of the changes in fair value of cash flow hedges - hedge accounting - (49,394) (2,044) (5,248)

4.02.04 Deferred income and social contribution taxes - hedge accounting

- 12,533 695 1,784

4.03 Consolitated Comprehensive Income for the Period (114,184) 95,851 31,339 (151,785)

4.03.01 Attributed to Partners of the Parent Company (113,930) 91,848 31,297 (155,028)

4.03.02 Attributed to Minority Partners (254) 4,003 42 3,243

PAGE: 13 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Consolidated Financial Statements / Statement of Cash Flows –

Indirect Method (Thousands of Reais)

Account Code

Account Description

Current Year

Accumulated from

01/01/2015 to 09/30/2015

Previous Year

Accumulated from

01/01/2014 to 09/30/2014

6.01 Net Cash Operating Activities 58,295 (1,677)

6.01.01 Cash Provided by Operating Activities 215,600 119,725

6.01.01.01 Loss for the Period 86,650 (139,378)

6.01.01.02 Depreciation and Amortization 130,154 132,696

6.01.01.03 Equity in Income of Subsidiaries 80,205 30,063

6.01.01.04 Operations with Derivative Financial Instruments (4,212) (11,985)

6.01.01.05 Stock Options Awarded - 1,635

6.01.01.07 Investment Loss 49,023 19,108

6.01.01.08 Provision for Unsecured Liabilities 3,407 (1,843)

6.01.01.09 Provision for Disassembly - (2,266)

6.01.01.13 Debenture Interest/Cost 65,833 470

6.01.01.14 Fair Value of Debentures (489,344) -

6.01.01.15 Interest on Loans and Related Parties 254,252 155,977

6.01.01.16 Other Income / Expenses 39,632 -

6.01.01.18 Other - (64,752)

6.01.02 Changes in Assets and Liabilities (138,502) (125,687)

6.01.02.01 Other Advances (8,534) 804

6.01.02.02 Prepaid Expenses (15,796) (24,441)

6.01.02.03 Accounts Receivable 70,389 (14,288)

6.01.02.05 Recoverable taxes (23,033) (8,225)

6.01.02.06 Inventories 6,992 15,927

6.01.02.09 Taxes, Duties and Contributions (3,708) (18,032)

6.01.02.10 Trade Payables (2,151) (116,193)

6.01.02.11 Provisions and Payroll Charges (3,147) (3,244)

6.01.02.12 Accounts Payable 3,118 (22,628)

6.01.02.13 Subsidies Receivable - CCC - 14,272

6.01.02.14 Debts / Credits related parties (162,632) 50,361

6.01.03 Other (18,803) 4,285

6.01.03.02 Other Assets and Liabilities (18,803) 4,285

6.02 Net Cash Investment Activities 95,926 1,063,898

6.02.01 Acquisition of PPE and intangible assets (134,432) (170,876)

6.02.04 Capital Contribution / AFAC in Investments 6,770 (424,969)

6.02.05 Cash derived from sale of Property, plant and equipment and Intangible assets - 61,269

6.02.07 Debt to Related Parties (10,864) (287,132)

6.02.08 Dividends 526 -

6.02.09 Contractual Retentions (16,295) (64,283)

6.02.10 Secured Deposits (49,779) 28,096

6.02.11 Effect on PPE Pecém II (Available-for-Sale) - 1,921,793

6.02.12 Assets Intended for Sale 300,000 -

6.03 Net Cash Financing Activities (56,834) (1,132,469)

6.03.01 Financial Instruments - (4,124)

6.03.03 Advance for Future Capital Increase - AFAC - 174,774

6.03.04 Amortizations of Principal (56,834) (353,898)

6.03.07 Obtaining Financings - 180,000

6.03.09 Effect on Loans Pecém II (Available-for-Sale) - (1,123,401)

6.03.10 Issue (payment) of Debentures - (5,820)

6.05 Increase (Decrease) in Cash and Cash Equivalents 97,387 (70,248)

6.05.01 Opening Balance of Cash and Cash Equivalents 157,318 277,583

6.05.02 Closing Balance of Cash and Cash Equivalents 254,705 207,335 PAGE: 14 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Consolidated Financial Statements - Statements of Changes in Shareholders’ Equity - 01/01/2015 to 09/30/2015 (Thousands of Reais)

Account Code Account Description Paid-in Share

Capital

Capital Reserve, Options

Awarded and Shares at Treasury

Profit Reserves

Accumulated Profits or

Losses

Other Comprehensive

Income

Shareholder’s

Equity

Minority Interest

Consolitated Shareholder’s

Equity

5.01 Openning Balances 4,707,088 350,771 - (3,885,741) (36,861) 1,135,257 82,455 1,217,712

5.03 Adjusted Openning Balances 4,707,088 350,771 - (3,885,741) (36,861) 1,135,257 82,455 1,217,712

5.04 Capital Transactions with Partners - 209 - 126 - 335 - 335

5.04.03 Options Granted Recognized - 209 - - - 209 - 209

5.04.09 Deferred Asset Adjustment - - - 126 - 126 - 126

5.05 Total Comprehensive Income - - - 128,709 36,861 165,570 1,333 166,903

5.05.02 Other Comprehensive Income - - - 128,709 36,861 165,570 1,333 166,903

5.05.02.01 Financial Instruments Adjustments - - - - 36,861 36,861 - 36,861

5.05.02.07 Loss for the Period - - - 128,709 - 128,709 4,003 132,712

5.05.02.08 Minority Interests - - - - - - (2,670) (2,670)

5.07 Closing Balances 4,707,088 350,980 - (3,756,906) - 1,301,162 83,788 1,384,950

PAGE: 15 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Consolidated Financial Statements - Statements of Changes in Shareholders’ Equity / DMPL -

01/01/2014 to 09/30/2014 (Thousands of Reais)

Account Code

Account Description Paid-in Share

Capital

Capital Reserve, Options

Awarded and Shares at Treasury

Profit Reserves

Accumulated Profits or

Losses

Other Comprehensive

Income

Shareholder’s Equity

Minority Interest

Consolitated Shareholder’s

Equity

5.01 Openning Balances 4,532,314 350,514 - (2,379,303) (53,284) 2,450,241 123,633 2,573,874

5.03 Adjusted Openning Balances 4,532,314 350,514 - (2,379,303) (53,284) 2,450,241 123,633 2,573,874

5.04 Capital Transactions with Partners 174,774 (28) - 1,823 - 176,569 - 176,569

5.04.03 Options Granted Recognized - (28) - - - (28) - (28)

5.04.09 Deferred Asset Adjustment - - - 1,823 - 1,823 - 1,823

5.04.10 Advance for Future Capital Increase - AFAC 174,774 - - - - 174,774 - 174,774

5.05 Total Comprehensive Income - - - (155,149) 1,663 (153,486) 3,481 (150,005)

5.05.02 Other Comprehensive Income - - - (155,149) 1,663 (153,486) 3,481 (150,005)

5.05.02.01 Financial Instruments Adjustments - - - - 5,248 5,248 - 5,248

5.05.02.04 Translation Adjustments in the Period - - - - (3,585) (3,585) - (3,585)

5.05.02.07 Loss for the Period - - - (155,149) - (155,149) 3,243 (151,906)

5.05.02.08 Minority Interests - - - - - - 238 238

5.07 Closing Balances 4,707,088 350,486 - (2,532,629) (51,621) 2,473,324 127,114 2,600,438

PAGE: 16 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Consolidated Financial Statements – Statement of Added Value (Thousands of Reais)

Account Code Account Description

Current Year Accumulated from

01/01/2015 to 09/30/2015

Previous Year Accumulated from

01/01/2014 to 09/30/2014

7.01 Revenue 1,429,923 (182,482)

7.01.01 Sales of Goods, Products and Services 1,171,569 1,598,175

7.01.02 Other Revenue 294,946 77,967

7.01.03 Revenue Relating to Construction of Company Assets (36,592) (1,858,624)

7.02 Consumables Acquired from Third Parties (622,096) (787,504)

7.02.02 Material, Electricity, Outsourced Services and Other (622,096) (787,504)

7.03 Gross Added Value 807,827 (969,986)

7.04 Retentions (130,154) (132,696)

7.04.01 Depreciation, Amortization and Depletion (130,154) (132,696)

7.05 Net Added Value Produced 677,673 (1,102,682)

7.06 Transferred Added Value 148,656 54,544

7.06.01 Equity in Income of Subsidiaries (80,205) (30,062)

7.06.02 Financial Revenue 527,235 31,481

7.06.03 Other (298,374) 53,125

7.06.03.01 Derivative Financial Instruments 6,560 16,109

7.06.03.02 Provision for Unsecured Liabilities (3,407) 1,843

7.06.03.06 Interests on Loans 35,334 35,173

7.06.03.08 Losses on Sales Operation (336,861) -

7.07 Total Added Value to be Distributed 826,329 (1,048,138)

7.08 Distribution of Added Value 826,329 (1,048,138)

7.08.01 Personnel 59,139 61,981

7.08.01.01 Direct Remuneration 33,276 32,220

7.08.01.02 Benefits 10,958 12,320

7.08.01.03 F.G.T.S. 14,905 17,441

7.08.02 Taxes, Duties and Contributions 72,453 181,803

7.08.02.01 Federal 72,453 174,899

7.08.02.02 State - 6,904

7.08.03 Interest Expenses 562,025 (1,140,016)

7.08.03.01 Interest 74 470

7.08.03.02 Rent 141,439 263,437

7.08.03.03 Other 420,512 (1,403,923)

7.08.03.03.01 Losses on Derivative Transactions 2,348 4,124

7.08.03.03.02 Advances to suppliers (36,592) (1,858,624)

7.08.03.03.03 Insurance 21,888 15,921

7.08.03.03.04 Exchange Variance 65,759 3,392

7.08.03.03.06 Financial Expenses 367,109 431,264

7.08.04 Interest Earnings 132,712 (151,906)

7.08.04.03 Withheld Income / Loss for the Period 128,709 (155,149)

7.08.04.04 Non-controlling Interests on Withheld Income 4,003 3,243

PAGE: 17 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Reports and statements / Fiscal council report or Equivalent body Not applicable.

PAGE: 23 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Reports and statements / Director's declaration on the Financial Statements In compliance with the provisions in Article 25 of Instruction nº 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 September 30, 2015. Rio de Janeiro, November 12, 2015. Alexandre Americano (Chief Executive Officer) Ricardo Levy (Executive Vice President and Investor Relations Director)

PAGE: 24 of 25

ITR - Quarterly Information - 09/30/2015 - MPX ENERGIA SA Version : 1 Reports and statements / Director's declaration on Independent Auditors' Report

In compliance with the provisions in Article 25 of Instruction nº 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 November 12, 2015, relevant to the Quarterly Information (Company and Consolidated) the quarter ended September 30, 2015.

Rio de Janeiro, November 12, 2015. Alexandre Americano (Chief Executive Officer) Ricardo Levy (Executive Vice President and Investor Relations Director)

PAGE: 25 of 25

Quarterly Information Eneva S.A. – In Judicial Reorganization (Public Held Company) September 30 2015

With Independent Auditor's Report on the Financial Statements

2

Summary 1. Reporting Entity ................................................................................................................................................... 15

2. Licenses and Permits ........................................................................................................................................... 21

3. Interim Financial Statement .................................................................................... Erro! Indicador não definido.

4. Significant Account Policies ................................................................................................................................. 23

5. Critical accounting estimates and judgements ................................................................................................... 23

6. Cash and Cash Equivalents .................................................................................................................................. 23

7. Secures Deposits .................................................................................................................................................. 24

8. Accounts Receivables and Fuel Consumption Account ....................................................................................... 25

9. Inventories ............................................................................................................... Erro! Indicador não definido.

10. Recoverable and Deferred Taxes ....................................................................................................................... 27

11. Capital Expenditure ........................................................................................................................................... 30

12. Available for sale Assests and Discontinued Operations................................................................................... 35

13. Property, Plant and Equipment ......................................................................................................................... 37

14. Intangible Assests .............................................................................................................................................. 39

15. Related Parts ..................................................................................................................................................... 42

16. Loans and Financeing ........................................................................................................................................ 48

17. Taxes and Payable Contributions ...................................................................................................................... 56

18. Financial Instruments and Risk Management ................................................................................................... 56

19. Provision for Contingencies .............................................................................................................................. 64

20. Shareholders' Equity .......................................................................................................................................... 64

21. Earnings per share ............................................................................................................................................. 66

22. Share-based Remunaration Plan ....................................................................................................................... 66

23. Operating Revenue ............................................................................................................................................ 69

24. Costs and Expenses by nature ........................................................................................................................... 70

25. Financial Results ................................................................................................................................................ 71

26. Commitments .................................................................................................................................................... 72

27. Insurance Coverage ........................................................................................................................................... 75

28. Operating Segments .......................................................................................................................................... 75

29. Subsequent Events ............................................................................................................................................ 83

3

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION Statements of Financial Position

Quarterly Information of 3rd ITR2015

(In thousands of Reais - R$)

Parent Company Consolitated

Note 30/09/2015 31/12/2014 30/09/2015 31/12/2014

Assets Current Cash and cash equivalents 6 142.028 72.502 254.705 157.318 Securities 7 - - - - Trade accounts receivable 9 - - 234.459 304.848 Subsidies receivable - Fuel Consumption Account 9 - - - - Inventories 10 - - 88.747 99.185 Prepaid expenses 6 3 60.125 42.081 Recoverable taxes 11 20.441 12.255 37.933 32.354 Gain on derivatives 19 - - - - Other advances 7.284 1.712 17.414 8.880 Dividends receivable 8 1.802 - 172 Secured deposits 8 33.700 41 33.700 41 Other current assets - 300.000 - 300.000 Noncurrent assets for sale 12 - 300.000 - 300.000 205.260 386.513 727.253 944.708 Noncurrent

Long-term Prepaid expenses 1.573 786 4.527 6.774 Secured deposits 8 - 78.191 62.070 Subsidies receivable - Fuel Consumption Account 9 - - - Recoverable tax 11 44.639 33.237 55.030 37.575 Deferred income and social contribution tax 11 - - 269.100 219.713 Loan with subsidiaries 15 752.745 691.287 295.639 284.774 Accounts receivable from other related parties 15 - 62.627 5.729 63.970 Accounts receivable from subsidiaries 15 75.112 44.143 70.904 20.492 AFAC to subsidiaries 15 188.980 248.000 19.480 26.250 Advance for future capital increase – with subsidiaries 15 - - - - Gain on derivatives 17 21.122 21.122 21.122 21.122 Other accounts receivable 2 2 2 2 1.084.173 1.101.204 819.724 742.743 Capital expenditure 12 2.120.106 2.228.139 667.214 733.927

Property, plant and equipment. 13 11.070 11.238 4.397.029 4.423.468 Intangible assets 14 3.265 2.876 189.420 199.572 3.423.875 3.729.972 6.800.641 7.044.418

4

Statements of Financial Position Quarterly Information of 3rd ITR2015


Parent Company Consolitated Note 30/09/2015 31/12/2014 30/09/2015 31/12/2014

Liabilities Current Trade payables 11.660 11.737 147.633 149.785 Loans and financing 16 - 2.199.149 826.307 3.289.195 Debentures - - - - Taxes and contributions payable 18 2.029 1.602 23.408 27.116 Social and labor obligations 3.876 6.742 11.787 14.934 Contractual retention 13 - - 4.650 20.945 Profit sharing - 9.749 - 16.592 Dividends payable - - 699 - Other liabilities 91 91 104.462 101.344 17.655 2.229.071 1.118.945 3.619.909 Noncurrent Loans and financing 16 2.048.871 182.749 4.131.002 1.874.502 Debts with other related parties 15 37.328 171.595 150.414 320.875 Debentures 17 - - - - Provision for unsecured liabilities 12 11.225 3.541 1.045 442 Deferred income and social contribution taxes 11 - - 14.286 10.978 Provision for disassembly 13 - - - - 2.097.424 357.885 4.296.746 2.206.797 Shareholder’s equity Capital 21 4.707.088 4.707.088 4.707.088 4.707.088 Capital reserve 23 350.980 350.771 350.980 350.771 Equity appraisal adjustements 21 - (36.861) 0 (36.861) Accumulated losses 21 (3.749.273) (3.877.982) (3.756.907) (3.885.741) Shareholders' equity attributable to controlling shareholders 1.308.795 1.143.016 1.301.162 1.135.256 Minority interests - - 83.788 82.455 Total shareholders’ equity 1.308.795 1.143.016 1.384.949 1.217.712 3.423.875 3.729.972 6.800.641 7.044.418

5

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION ENEVA S.A.

(Public held company)

Statments of income



Note 30/09/2015 30/09/2014 30/09/2015 30/09/2014

Revenue from goods sold and services provided 24 - - 1.053.542 1.429.845

Cost of goods and/or services sold 25 - - (911.583) (1.181.938)

Gross profit - - 141.958 247.907

Operating Income/Expenses 25 (293.585) (27.452) (152.286) (30.799)

General and Administrative (42.731) (60.908) (63.620) (80.546)

Personnel and management (17.681) (22.742) (21.157) (27.182)

Other expenses (1.857) (2.547) (3.030) (4.298)

Outsourced Services (16.790) (28.995) (32.247) (41.318)

Depreciation and Amortization (1.918) (1.720) (2.471) (2.382)

Leasing and Rentals (4.484) (4.904) (4.714) (5.365)

Other operating revenue 60 442.010 754 484.388

Sale of PGN (OGX Maranhão) - 21.858 - 21.858

Sale Pecém I - 419.303 - 419.303

Gains on the sale of assets 60 848 754 43.227

Other operating expenses (27.480) (380.199) (9.216) (404.578)

Unsecured Liability (8.016) 1.583 (3.407) 1.843

Losses on the sale of assets (7.050) (1.618) (8.403) (1.895)

Provision for investment losses (313) (1.251) (313) (560)

Write-off of CCC Benefit - - 261 (5.945)

Adomp/CCEE Penalty - - 6.092 (17.446)

Sale Pecém I - (378.913) - (378.913)

Provision for investment losses - Impairment (11.307) - - - Provision for inventory losses - - (3.446) -

Other (793) (0) - (1.662)

Equity in income of subsidiaries (223.434) (28.355) (80.205) (30.063)

Income before financial income/loss and taxes (293.585) (27.452) (10.328) 217.108

Financial income 26 459.155 (127.696) 133.838 (356.488)

Financial revenue 619.282 133.467 599.086 109.644

Positive Exchange Variance 24.604 23.716 29.958 26.882

20% discount on RJ debt 489.344 (0) 489.344 (0)

6

Short-term investments 14.474 8.973 31.213 20.783

Derivative financial instruments 6.560 16.109 6.560 16.109

Interests on Loans 81.392 83.979 35.335 35.173

Ohter financial revenue 2.909 689 6.676 10.698

Financial expenses (160.127) (261.163) (465.248) (466.131)

Negative Exchange Variance (95.218) (29.143) (95.717) (30.274)

Derivative financial instruments (2.348) (4.124) (2.348) (4.124)

Debenture Interest/Cost (74) (470) (74) (470)

Debt charges (60.784) (221.766) (320.800) (402.064)

Other financial expenses (1.703) (5.661) (46.309) (29.200)

Earnings before tax on net income 165.570 (155.149) 123.511 (139.379)

Income and social contribution taxes on profit 18 - - 46.062 (12.528)

Current - - (18) 944

Deferred charges - - 46.080 (13.472)

Consolidated Net Earnings from Continued Operations 165.570 (155.149) 169.573 (151.907)

Discontinued operations

Loss in discontinued operations - Sale Pecém I (36.861) - (36.861) -

Net income/Loss for the year 128.709 (155.149) 132.712 (151.907)

- -

Attributed to Partners of the Parent Company 128.709 (155.149) 128.709 (155.149)

Attributed to Minority Partners - - 4.003 3.243 Income/ Loss per Share - - Basic and diluted loss per share (R$) 22 0,15321 (0,18468) 0,15797 (0,18082)

7

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION Statements of comprehensive income Quarterly Information of 3rd ITR2015 (In thousands of Reais - R$) Parent Company Consolitated

30/09/2015 30/09/2014 30/09/2015 30/09/2014

Loss for the Year 128.709 (155.149) 132.712 (151.906)

Accumulated Translation Adjustments - 3.585 - 3.585

Equity Valuation Adjustments: (36.861) (5.248) (36.861) (5.248)

Effective portion of the changes in fair value of cash flow hedges - hedge accounting (49.394)

(7.032) (49.394)

(7.032)

Deferred income and social contribution taxes - hedge accounting 12.533

1.784 12.533

1.784

Total comprehensive income 91.848 (160.397) 95.851 (153.569)

Comprehensive Income for the Period 91.848 (160.397) 95.851 (153.569)

Noncontrolling shareholders - - 4.003 3.243

Controlling shareholders 91.848 (160.397) 91.848 (156.812)

Total comprehensive income 91.848 (160.397) 95.851 (153.569)

8

Statements of cash flows


(In thousands of Reais - R$) Parent Company Consolitated

30/09/2015 30/09/2014 30/09/2015 30/09/2014

Cash flows from operating activities Loss for the Year 128.709 (155.149) 86.650 (139.378)

Adjustments to reconcile loss to cash flow from operating activities:

Depreciation and amortization 1.918 1.720 130.154 132.696

Operations with derivative financial instruments (4.212) (11.985) (4.212) (11.985)

Stock options awarded - 1.635 - 1.635

Provision for disassembly - - - (2.266)

Equity in income of subsidiaries 234.741 28.355 80.205 30.063

Provision for unsecured liabilities 8.016 (1.583) 3.407 (1.843)

Income from sales/write-off of investments 44.225 1.251 49.023 19.108

Debenture Interest/Cost and Exchange variance 70.689 470 65.833 470

Conditional discount - effect of Judicial Reorganization (489.344) - (489.344) -

Interest from loans - related parties (35.082) 114.313 254.252 155.977

Other Income / Expenses (1.205) - 39.632 -

Other - 440 - (64.752)

(41.545) (20.533) 215.600 119.725

Changes in assets and liabilities Other Advances (5.571) 122 (8.534) 804

Prepaid Expenses (789) 48 (15.796) (24.441)

Accounts Receivable - - 70.389 (14.288)

Taxes Recoverable/Deferred (19.589) (8.650) (23.033) (8.225)

Inventories - - 6.992 15.927

Taxes and contributions 426 186 (3.708) (18.032)

Trade payables (77) 680 (2.151) (116.193)

Provisions and payroll charges (2.867) (2.707) (3.147) (3.244)

Accounts Payable - - 3.118 (22.628)

Subsidies receivable - CCC - - - 14.272

Debts / Credits with related parties (109.966) 117.580 (162.632) 50.361

Other Assets and Liabilities (10.082) (7.380) (18.803) 4.285

(148.513) 99.879 (157.307) (121.403)

Net cash used in operating activities (190.058) 79.346 58.293 (1.678)

Cash flows produced by investment activities Acquisition of PPE and intangible assets (1.892) (856) (134.432) (170.876)

Advance for Future Capital Increase - AFAC (5.015) - - -

Change in Investments 64.035 (196.133) 6.770 (424.969)

Cash derived from sale of Property, plant and equipment and Intangible assets - - - 61.269

Debt to related parties (61.459) 33.648 (10.864) (287.132)

Dividends receivable (1.802) - 526 -

Secured deposits (33.659) (10.285) (66.074) (36.187)

Effect on Property, plant and equipment Pecém II (Available-for-Sale) - - - 1.921.793

Assets Intended for Sale 300.000 - 300.000 -

9

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION Net cash used in investment activities 260.208 (173.626) 95.926 1.063.899

Cash flows from financing activities Loans obtained - 185.420 - 180.000

Payment of principal on loans (625) (242.000) (56.834) (353.898)

Gain (loss) on settled financial instruments - (4.124) - (4.124)

Capital increase - 174.774 - -

Advance for Future Capital Increase - AFAC - - - 174.774

Effect on Loans Pecém II (Available-for-Sale) - - - (1.123.401)

Debenture settlement - (5.820) - (5.820)

Net cash provided by (used in) financing activities (625) 108.250 (56.834) (1.132.469)

Exchange Variance on Cash and Cash Equivalents - - - -

Increase / (Decrease) in cash and cash equivalents 69.525 13.970 97.386 (70.248)

Increase (decrease) in cash and cash equivalents

At beginning of year 72.502 110.156 157.318 277.583

At end of year 142.028 124.126 254.705 207.335

10

Statements of changes in shareholders’ equity Quarterly Information of 3rd ITR2015


Parent Company

Paid-in share

capital

Capital Reserve

and Options

Awarded Profit

Reserves

Other Comprehensive Income

Accumulated losses

Total liabilities

and sharehold

ers’

equity

Balance at December 31, 2013 4.532.314 350.514 - (53.284) (2.360.800) 2.468.744

Loss for the year - - - - (155.149) (155.149)

Transactions with shareholders:

Capital increase 174.774 - - - - 174.774

Options Granted Recognized - (29) - - - (29)

Other comprehensive income:

Translation adjustment in the year - - - (3.585) - (3.585)

Financial Instrument Adjustments - - - 5.248 - 5.248

Balance at September 30, 2014 4.707.088 350.486 - (51.620) (2.515.949) 2.490.005

Balance at December 31, 2014 4.707.088 350.771 - (36.861) (3.877.982) 1.143.016

Loss for the year - - - - 128.709 128.709

Transactions with shareholders: Stock options granted by the Company - 209 - - - 209

Other comprehensive income:

Financial Instrument Adjustments - - - 36.861 - 36.861

Balance at September 30, 2015 4.707.088 350.980 - - (3.749.273) 1.308.795

11

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION

Statements of changes in shareholders’ equity Quarterly Information of 3rd ITR2015 (In thousands of Reais - R$)

Consolitated

Paid-in share

capital

Capital Reserve

and Options

Awarded

Other Comprehensive Income

Accumulated losses

Total liabilitie

s and sharehol

ders’

equity Minority interests

Total liabilitie

s and sharehol

ders’

equity Balance at December 31, 2013 4.532.314 350.514 (53.284) (2.379.303) 2.450.242 123.633 2.573.874

Loss for the year: - - - (155.149) (155.149) 3.243 (151.906)

Capital Transactions with Partners:

Capital increase 174.774 - - - 174.774 - 174.774

Options Granted Recognized - (28) - - (28) - (28)

Deferred Asset Adjustment - - - 1.823 1.823 - 1.823 Advance for Future Capital Increase - AFAC -

Other comprehensive income: Translation adjustment in the year - - (3.585) - (3.585) - (3.585) Financial Instrument Adjustments - - 5.248 - 5.248 - 5.248

Minority Interests - - - - - 238 238

Balance at September 30, 2014 4.707.088 350.486 (51.620) (2.532.629) 2.473.325 127.113 2.600.438

Balance at December 31, 2014 4.707.088 350.771 (36.861) (3.885.741) 1.135.257 82.455 1.217.712

Net income for the year: - - - 128.709 128.709 4.003 132.712

Capital Transactions with Partners: Stock options granted by the controlling shareholder - 209 - - 209 - 209

12

Deferred Asset Adjustment - - - 126 126 - 126

Minority Interests - - - - - (2.670) (2.670)

Other comprehensive income: Financial Instrument Adjustments - - 36.861 - 36.861 - 36.861

Balance at September 30, 2015 4.707.088 350.980 0 (3.756.906) 1.301.162 83.788 1.384.950

13


Statements of added value




30/09/2015 30/09/2014 30/09/2015 30/09/2014

Revenue 291.904 417.282 1.429.923 234.565

Sales of goods, products and services - - 1.171.569 1.598.175

Other revenue - 417.282 294.945 458.412

Revenue relating to construction of company assets 291.904 - (36.592) (1.822.023)

Consumables acquired from third parties (including ICMS and IPI) (18.188) (30.752) (622.096) (787.504)

Material, electricity, outsourced services and other (18.188) (30.752) (622.096) (787.504)

Gross Added Value 273.716 386.530 807.827 (552.939)

(1.918) (1.720) (130.154) (132.696)

Depreciation, Amortization and Depletion (1.918) (1.720) (130.154) (132.696)

Net Added Value Produced 271.797 384.810 677.673 (685.635)

Transferred Added Value 15.060 (274.077) 148.656 (302.512)

Equity in income of subsidiaries (234.741) (28.355) (80.205) (30.063)

Financial revenue 506.727 9.662 527.234 31.481

Other (256.926) (255.384) (298.374) (303.930)

Derivative financial instruments 6.560 16.109 6.560 16.109

Provision for investment devaluation - 1.583 - -

Provision for unsecured liabilities (8.016) - (3.407) 1.843

Sale of PGN (OGX Maranhão) - 21.858 - 21.858

Sales on Operation of Pecém I and II (336.861) (378.913) (336.861) (378.913)

Interests on Loans 81.392 83.979 35.335 35.173

Total Added Value to be Distributed 286.857 110.733 826.329 (988.147)

Distribution of added value 286.857 110.734 826.329 (988.147)

Personnel 17.681 22.742 59.139 61.981

Direct remuneration 14.826 13.800 33.276 32.251

Benefits (2.825) 1.427 10.958 12.289

FGTS and Contributions 5.680 7.515 14.904 17.441

Other -

14

Taxes, Duties and Contributions 230 392 72.453 181.803

Federal 230 392 72.453 174.899

State - 6.904

Interest Expenses 140.237 242.749 562.025 (1.080.024)

Interest 74 470 74 470

Rent 4.484 4.904 141.439 263.436

Other 135.678 237.375 420.512 (1.343.931)

Losses on derivative transactions 2.348 4.124 2.348 4.124

Advances to suppliers - - (36.592) (1.822.023)

Insurance 229 398 21.888 15.921

Exchange variance 70.614 5.427 65.759 3.392

Financial expenses 62.487 - 367.109 431.264

CCEE Penalty - 227.427 - 17.446

Write-off of CCC Benefit - - - 5.945

Interest earnings 128.709 (155.149) 132.712 (151.906)

Profit withheld / Loss for the year 128.709 (155.149) 128.709 (155.149)

Loss for the year attributed to noncontrolling shareholders - - 4.003 3.243

15

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 Maranhão. The company participates as a quota holder 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, because 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) During a board meeting held on April 30 2015, the shareholders approved the sale of Porto do Pecém

Geração de Energia S.A and Judicial Recovery Plan. Further details on the progress of the Judicial Reorganization process can be found in the following section.

16

As shown in the table below, on September 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:

* Joint subsidiary. ** Associated Company.

17

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION The Company took out a short-term debt to finance its operations in 2012, 2013 and 2014. Within the scope of

the 2015 projects, we faced short and long-term debt restructuring as shown below:

Restructuring of Itaqui long-term debt, providing a 6-month grace period for the interest and 24 for the principal. Amendment signed and currently taken into effect.

18 month debenture issuance in Parnaíba III of R$ 120 million.

Lengthening of short-term debt for the Parnaíba I venture for a total term of 18 months and grace period for principal of 6 months. Amendment signed with Bradesco and Itaú Banks.

Restructuring of Pecém II long-term debt, providing a 6-month grace period for the interest and 21 for the principal. Amendment signed and currently taken into effect.

Bridge loan rolling of Parnaíba II and BNDES board approval for long-term loan agreement via Itaú Unibanco S.A scheduled for early October.

From September 30, 2015, all consolidated loans maturing in the next 12 months can be summarized as follows:

Within 3 months: R$ 39.5 million.

Between 3 and 6 months: R$ 30.4 million.

Between 6 and 9 months: R$ 726.7 million, including part of Parnaíba II debt R$696.3 million, which will be extended in the coming months.

Between 9 and 12 months: R$32.9 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. In addition, the Company was able to roll forward its short-term debts to June 30 2016. It could also acquire BNDES board approval for a long-term loan agreement via Itaú Unibanco S.A and it is mainly considering the following events in its business plan:

o Long-term financing of R$ 960 million. 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 in April 2015 and ratified by court on May 12 2015, includes a significant reduction of the holding company's debt, in addition to the lengthening of the debt that remains. These 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. Having met all the conditions, the final phase of the Judicial Reorganization Plan, the Company capital increase was approved at the shareholders' meeting on August 26, 2015, (capital increase approval is scheduled to happen in early November). Due to the approval of the capital increase, Eneva will be able to strengthen its capital structure and receive assets that contribute to the generation of revenue for the company.

18

The judicial reorganization proceeding On December 9, 2014 ENEVA S.A and its subsidiary Eneva Participações 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. Overall, it has seen continued improvement in operating indicators. The Plan is designed to enable Eneva and Eneva Participações 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 Participações S.A. The decision to file for judicial recovery came after a standstill agreement with financial institutions expired on November 21, 2014 it 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 for submission within 60 days of acceptance of the application. 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 Participações S.A. The court appointed Deloitte Touché Tohmatsu as trustee. After extensive negotiations, the vast majority approved the Judicial Reorganization Plan between the Company and its creditors during a meeting held on April 30, 2015 and the recovery was ratified on Court on May 12, 2015. At the same meeting, there was the sale approval of 50% of the company's share in Porto do Pecém Geração de Energia S.A. project (by the amount of R$ 300 million), which will provide considerable support for the Company both in the short and long run. General overview of the Reorganization Measures Plan Objective – The plan aims at the full financial recovery of Eneva and and its subsidiary Eneva Participações so that they can overcome the economic-financial crisis and adopt measures towards the operational reorganization in order to keep all direct and indirect jobs, as well as the rights of shareholders and investors. Restructuring of Loans – In order to accomplish the Recoverees' ultimate financial and operational objectives, the Company and its subsidiaries need to go through some loan restructuring, such as (i) the reduction of R$250,000,00 (two hundred and fifty thousand reais), that should be paid according to items 5.3.1 or 5.4.1 by Unsecured Creditors; (ii) the mandatory cutback of 20% or 15% of all Unsecured Loans, by applying a discount (in other words, the cancellation) on the amount of each Unsecured Loan that surpasses R$250,000,00 (two hundred and fifty thousand reais) already paid in accordance with items 5.3.2 or 5.4.2; (iii) mandatory reduction of 40% or 55% off all Unsecured Loans on the amount that exceeds R$250,000,00 (two hundred and fifty thousand reais) paid earlier, by means of Credit Capitalization according to items 5.3.3 or 5.4.3; and (iv) re-profiling of any Remain Balance of Unsecured Loans in accordance with items 5.3.4 or 5.4.4, among other measures set out in this Plan. Re-profiling of the liabilities of the Group operating companies. - Parallel to this Plan, the Recoverees assure they will use their best efforts to renegotiate with creditors, that are not part of the Reorganization Plan, new terms and conditions in order to order to match the settlement of each company's liabilities with its operational cash flow.

19

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION Optimization of capital structure and balance sheet - Through Capital Increase – Eneva will undertake a capital

increase and secure New Financing to strengthen its capital structure and balance sheet, reduce indebtedness and obtain assets that will help improve cash flows and/or its strategic position. Eneva will promote capital increase by issuing New Shares to shareholders, unsecured, BPMB shareholders, Petra (and /or Petra successors in Paranaíba III or Petra Assets) and possible investors, and fully paid shares by (i) Contribution in Kind, (ii) Loan Capitalization, (iii) Asset subscription according to the policy forecast in this Plan.

Corporate Restructuring -The Recoverees may additionally undertake a corporate reorganization of Eneva Group as required supporting the continuing development of its operations as redesigned within the Judicial Recovery process and in accordance with the business plan deriving from implementation of the Plan. Considering that this corporate restructuring will be made under Capital Increase, the fulfillment of this plan and the best interest of the Recoverees, Creditors and the Judicial Reorganization success, it may be carried out without prior approval from creditors, if all legal, regulatory and contractual provisions are observed. However, until the approval of the Capital Increase, any other corporate restructuring with a purpose other than the completion of the Capital Increase will depend on the approval of Simple Majority. Progress of the Recovery Plan On May 12, 2015, the judge of the 4th Business Court of the City of Rio de Janeiro approved the petition for judicial recovery of the company and its subsidiary, ENEVA Participações S.A that had been approved by the Board of Directors on April 30 2015. On May 15th 2015, according to the Material Fact published on December 9th 2014, the Company informed to its shareholders and the market that on this date, it has completed the sale of entire equity interest of ENEVA at Porto do Pecém Geração de Energia S.A. "Pecém I" in favor of EDP - Energias do Brasil S.A., having met all business procedures. On this date, the company received the payment of R$300 million for the sale transaction. These funds will be used to bolster the Company's cash position, especially during the judicial recovery period. It is worth mentioning that the rate value was less than the carrying value and the loss effects on the recoverable amount were accounted in December 2014 due to the classification of the asset as available for sale. In June, the Company paid R$ 250,000 to all Unsecured Creditors. The amount of R $ 250,000.00 was paid in full without discount to each Unsecured Creditor, limited to the amount of each Unsecured Loan, in two installments, without monetary restatement and interest, as follows: (i) 50% was paid on the 30th day after the Approval of the Judicial Recovery Plan and (ii) 50% will be paid on the 30th day after the Approval of the Capital Increase. The plan approval involves the reduction of 20% of the Unsecured Loan in the amount that exceeds R$ 250,000.00 paid as mentioned above. The payment is entitled to a discount, in other words, there is a partial cancellation of the Unsecured Credit. Thus, the discount has all the conditions required for its recognition. It should be noted that the understanding of the amount discounted arises due to the impossibility of reversing the conditions determined upon the Plan approval on May 12, 2015, even in the event of non-fulfillment of the precedent conditions and because of that the Company has reduced these liabilities in return in the amount of R $ 489,294. The reduction of 40% of the Unsecured Loans by the capitalization of the Unsecured Credit and the debt re-profiling, among other measures stated in the Judicial Recovery Plan are subject to Precedent Conditions. The precedent conditions that need to be fulfilled so that the all the provisions can also be met are listed below:

20

(i) Absolute and irrevocable commitment of Paranaíba II creditors to extend the maturity of the debts and the proposal of a new schedule with maturity date on June 30, 2017 and with all the compensation interest rates not being higher than those in force;

(ii) The achievement of - from the counterparties in financial contracts with the Recoveree subsidiaries - consent, authorization, approval and/or waiver for the right to end, without demanding any rights or obligations to declare the acceleration of debt or to collect any amounts of these companies, whether arising from penalty clause or interest payment obligations mainly or awards as a result of any acts, facts or events (a) of this Plan (including, without limitation, the Capital Increase and Subscription with Assets); and / or (b) prior to the date it is signed the document, although continuing occurrence, should such consent, authorization, approval and / or waiver be obtained between the date of Judicial Plan Approval and the date of the extraordinary general meeting which will decide on the capital increase.

On November 5, 2015, it was approved in the Board of Directors Meeting, the increase of the Company's capital stock, as approved at the Extraordinary General Meeting held on August 26, 2015 in the amount of R $ 2,300,531,398.65, due to the subscription and full payment of 15,336,875,991 new common shares with no par value. In this way, the number of shares increased from 840,106,109 to 16,176,982,098. The Company's capital increased from R $ 4,711,337,093.96 to R $ 7,011,868,492.61 (these figures do not include the effect of reducing the IPO funding costs in the amount of R $ 4,294,567.12, recorded by the Company). Given these steps, the Company's management considers that all the steps required for the full implementation of the plan were fully met.

21


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 September 30, 2015:

Held by Ventures Licenses Expiry

ITAQUI GERAÇÃO DE ENERGIA S.A. UTE PORTO DO ITAQUI LO 1.101/2012 09/25/2025

LINHA DE TRANSMISSÃO LO 1.061/2011 12/16/2017

PECÉM II GERAÇÃO DE ENERGIA S.A. UTE PORTO DO PECÉM II LO 09/2013 02/08/2016

LINHA DE TRASMISSÃO PECÉM II LO 108/2013 07/17/2016

AMAPARI ENERGIA S.A. UTE SERRA DO NAVIO (including TL) LO 172/2013 03/25/2016

TAUÁ GERAÇÃO DE ENERGIA LTDA.

USINA SOLAR TAUÁ 1MW - (including TL) LO 133/2012* 02/28/2014

USINA SOLAR TAUÁ 4MW LI 15/2012* 03/05/2014

USINA SOLAR TAUÁ (45MW) LP 253/2012 08/15/2015

PARNAÍBA I GERAÇÃO DE ENERGIA S.A. MARANHÃO IV E V LO 559/2012 12/20/2016

PARNAÍBA II GERAÇÃO DE ENERGIA S.A. MARANHÃO III LO 55/2014* 02/20/2018

PARNAÍBA I GERAÇÃO DE ENERGIA S.A. MARANHÃO 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 PARNAÍBA II LI 003/12* 11/11/2013

PARNAÍBA IV GERAÇÃO DE ENERGIA S.A. PARNAÍBA IV LO 415/2013 11/25/2017

PARNAÍBA III GERAÇÃO DE ENERGIA S.A. PARNAÍBA III (MCE NOVA VENECIA 2) LO 187/2014 09/23/2017

UTE PORTO DO AÇU II LP IN 025871 12/30/2015

AÇU III GERAÇÃO DE ENERGIA LTDA. EÓLICA MARAVILHA LI IN 000208* 05/22/2012

EÓLICA MUNDÉUS LI IN 000207* 05/22/2012

ENEVA S.A. UTE SUL LP 332/2009* 12/22/2012

SUL GERAÇÃO DE ENERGIA LTDA. BARRAGEM SUL LP 601/2010* 05/21/2012

SEIVAL GERAÇÃO DE ENERGIA LTDA. UTE SEIVAL LI 589/2009* 05/13/2015

SEIVAL SUL MINERAÇÃO LTDA. MINA DO SEIVAL LO Nº 9221/2009* 10/20/2013

CENTRAL EÓLICA MORADA NOVA LTDA. CGE MORADA NOVA LP 0010/2012 07/16/2016

CENTRAL EÓLICA SÃO FRANCISCO LTDA. CGE SÃO FRANCISCO LP 0083/2012 07/16/2016

CENTRAL EÓLICA MILAGRES LTDA. CGE MILAGRES LP 0084/2012 07/16/2016

CENTRAL EÓLICA SANTA LUZIA LTDA. CGE SANTA LUZIA LP 0085/2012 07/16/2016

CENTRAL EÓLICA PEDRA VERMELHA I LTDA. CGE PEDRA VERMELHA I LP 0090/2012 07/16/2016

CENTRAL EÓLICA ASA BRANCA LTDA. CGE ASA BRANCA LP 0091/2012 07/16/2016

CENTRAL EÓLICA SANTO EXPEDITO LTDA. CGE SANTO EXPEDITO LP 0092/2012 07/16/2016

CENTRAL EÓLICA PEDRA VERMELHA II LTDA. CGE PEDRA VERMELHA II LP 0093/2012 07/16/2016

CENTRAL EÓLICA PAU D´ARCO LTDA CGE PAU D´ARCO LP 0184/2013 04/26/2015

CENTRAL EÓLICA PEDRA ROSADA LTDA CGE PEDRA ROSADA LP 0187/2013 05/02/2015

CENTRAL EÓLICA PAU BRANCO LTDA CGE PAU BRANCO LP 0189/2013 05/10/2015

CENTRAL EÓLICA ALGAROBA LTDA CGE ALGAROBA LP 0186/2013 05/06/2015

CENTRAL EÓLICA UBAEIRA I LTDA CGE UBAEIRA I LP 0188/2013 05/10/2015

CENTRAL EÓLICA UBAEIRA II LTDA CGE UBAEIRA II LP 0185/2013 05/06/2015

CENTRAL EÓLICA SANTA BENVINDA I LTDA CGE SANTA BENVINDA I LP 0183/2013 05/23/2015

CENTRAL EÓLICA SANTA BENVINDA II LTDA CGE SANTA BENVINDA II LP 0191/2013 05/10/2015

CENTRAL EÓLICA BOA VISTA I LTDA CGE BOA VISTA I LP 0268/2013 06/18/2015

CENTRAL EÓLICA BOA VISTA II LTDA CGE BOA VISTA II LP 0270/2013 06/18/2015

CENTRAL EÓLICA BONSUCESSO LTDA CGE BONSUCESSO LP 0271/2013 06/18/2015

CENTRAL EÓLICA PEDRA BRANCA LTDA CGE PEDRA BRANCA LP 0269/2013 06/18/2015

CENTRAL EÓLICA OURO NEGRO LTDA CGE OURO NEGRO LP 0071/2014 08/08/2016

(*)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).

22

3. Interim Financial Statement The 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 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 Financial Statements

The consolidated interim financial statements have been prepared and are being presented in accordance with Brazilian accounting practices, including the pronouncements issued by the Accounting Pronouncements Committee (CPC 21 – R1) and International Financial Reporting Standards issued by the International Accounting Standards Board (IAS 34). The presentation of the individual and consolidated Statement of Added Value (DVA) is required by Brazilian corporate legislation and the accounting practices adopted in Brazil and applicable to listed companies.

(b) Individual Financial Statements

The individual financial statements have been prepared and are being presented in accordance with the Accounting Pronouncements Committee - CPC 21 (R1). Interim Financial Reporting is disclosed with the consolidated financial statements. For the purpose of BR GAAP, Law 11941/09 abolished deferred assets, permitting the maintenance of the balance accumulated up to December 31, 2008, which may be amortized in up to 10 years, subject to impairment tests. Following the adoption of IFRS, the Company recorded the amount of R$ 26,192 in the consolidated accumulated losses, net of tax as of January 01, 2009, corresponding to its and its subsidiaries' deferred charges at that date. The difference between the individual and consolidated shareholders' equity is therefore related to the deferred asset, which was recognized in accumulated losses in the consolidated shareholders' equity.

23


The table below shows the reconciliation between the individual and consolidated shareholders' equities as of September 30, 2015

2015

Shareholder’s equity – Parent Company 1,308,795 Deferred charges - Law 11.941/09 (7,634)

Shareholder’s equity - Attributable to controlling shareholders 1,301,161

The Board of Directors authorized the issuance of these financial statements on November 12, 2015.

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

PARENT COMPANY CONSOLIDATED

September 30th 2015

December 31st 2014

September 30th 2015

December 31st 2014

Cash and Bank Deposits 445 4,055 42,981 44,229 Fundo de Investment FICFI RF CP Eneva (a) 44,760 68,447 74,717 85,084 CDB (b) 96,823 137,006 28,006

142,028 72,502 254,704 157,319

(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 Crédito Privado FICFI RF CP Eneva administrated by Banco Itaú, 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 101.0% (nominal rate on the curve) of the DI CETIP rate (Interbank Deposit Certificate - CDI). Repurchase operations, backed by debentures and registered at CETIP or SELIC, when applicable, with repurchase guarantee at a previously established rate determined by the financial institutions. The portfolio consists 100% of repurchase agreements, on September 30, 2015. The use of the existing resources is for investments in capex, the cost of administrative and operational activities.

24

As determined by CVM Instruction 408/05, the quarterly consolidated financial statements shall include the balances and transactions of the exclusive investment funds, whose shareholders are the Company and its subsidiaries, as shown:

Parent Company Consolidated

September

30th 2015 December

31st 2014 September

30th 2015 December

31st 2014 Fundo Multimercado consolidado Eneva S.A. 44,760 68,447 44,760 68,447 Amapari Energia S.A. 11,972 16,569 Parnaíba Geração de Energia S.A. 120 59 Parnaíba II Geração de Energia S.A. 17,865 9 44,760 68,447 74,717 85,084

(b) These are the amounts invested in CDBs issued by first-rate financial institutions. The company that holds these amounts is the subsidiary Itaqui Geração de Energia S.A.

Exclusive funds are regularly reviewed/audited by independent auditors and are subject to constraints related to the payment of services rendered by the asset manager, concerning the operating investments, such as custody and audit fees and other expenses There are no material financial obligations and no Company's assets to guarantee these obligations.

7. Secured Deposits Parent Company Consolidated

September

30th 2015 December

31st 2014 September

30th 2015 December

31st 2014

BNDES - Porto do Pecém 45 41 46 41 BNDES - Itaqui (a) - - 56,183 37,423 BNDES - Parnaíba (b) - - 22,007 24,647 HSBC (c) 33,655 33,655 33,700 41 111,891 62,111

Current 33,700 41 33,700 41 Non-current - - 78,191 62,070

(a) Refers to the debt service reserve accounts linked to the financing agreement between the subsidiary Itaqui

Geração de Energia S.A , BNB-Banco do Nordeste do Brasil S.A. and BNDES

(b) Refers to the debt service reserve accounts linked to the financing agreement between BNDES and the subsidiary Parnaíba Geração de Energia S.A

(c) Refers to the deposit granted to HSBC in compliance with the loan agreement of Parnaiba II.

25


8. Accounts Receivable

Consolidated 2015 2014

Itaqui Geração de Energia S.A. (a) 97,769 86,295 Parnaíba Geração de Energia S.A. (a) 129,507 136,677 Parnaíba II Geração de Energia S.A. (a) 7,183 81,876 234,459 304,848

Current 234,459 304,848 Non-current - -

(a) The balance denotes the accounts receivable of the subsidiaries Itaqui Geração de Energia S.A under the electricity purchase contract in a regulated environment (CCEAR), signed with ANEEL, of R$ 97,769 (R$ 86,295 as of December 31, 2014) and Parnaíba Geração de Energia S.A. R$ 129,507 (R$ 136,677 as of December 31, 2014), also under the CCEAR with ANEEL. The subsidiary Parnaíba II Geração de Energia R$ 7,183 referring to the sale of energy in the free market.

Accounts receivable accounts for 8.98% to Itaqui and 7.67% to Parnaíba I and the Company did not provision for receivables rated as a remote risk of loss.

26

9. Inventories

Consolidated

2015 2014

Diesel Oil/lubricant (a) 1,728 6,909 Coal (b) 41,868 61,209 Electronic and mechanical parts (c) 45,151 31,067

88,747 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$ 34) and Itaqui Geração de Energia S.A. (R$ 1,694). (b) The balance consists of the inventory of coal used as consumables in electricity generation by the subsidiary Itaqui Geração de Energia S.A. The coal was acquired for the operation and to establish a security inventory at the plant, towards 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 Geração de Energia S.A. (R$ 22,050), Parnaíba Geração de Energia S.A. (R$ 9,792) and Parnaíba II Geração de Energia S.A. (R$ 13,309).

27


10. Recoverable and Deferred Taxes The balance of recoverable taxes is as follows:


September

30 2015 December

31 2014 September

30 2015 December

31 2014

Income tax withheld at source (b) 3,886 2,815 9,873 8,206 Prepaid income tax and Social contribution - - 1,205 6,836 previous year (a) 463 462 4,889 2,562 Income tax withheld at source - - - - - previous year (b) 24,114 35,242 32,337 37,507 Income tax withheld at source - - - - - loan 35,708 6,695 36,356 7,342 ICMS - - 238 254 PIS - 47 537 866 COFINS - 216 2,447 3,975 Other 909 15 5,081 2,381

65,080 45,492 92,963 69,929

Current 20,441 12,255 37,933 32,354 Noncurrent 44,639 33,237 55,030 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 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 12973, and we believe it will not make any fiscal amendment to be adjusted in the financial statements.

http://www.receita.fazenda.gov.br/legislacao/Leis/2007/lei11638.htm

http://www.receita.fazenda.gov.br/legislacao/Leis/2009/lei11941.htm

http://www.receita.fazenda.gov.br/Legislacao/leis/2009/lei11941.htm

28

The origin of the deferred income and social contribution taxes is presented below:

Consolidated

September

30 2015 December

31 2014

Noncurrent deferred charges Tax loss carryforwards and negative tax base 269,100 219,713

269,100 219,713

Noncurrent deferred liabilities Temporary differences - RTT 14,286 10,978

Breakdown of deferred tax by company :

September 30

2015 December 31

2014

Itaqui 192,127 192,127 Parnaíba 9,513 12,009 Parnaíba II 67,460 15,577

Tax loss carryforwards and negative tax base 269,100 219,713

29


As of September 30, 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.

September 30 2015


Net income for the period before IRPJ/CSLL 128,709 86,650

Statutory rate - % 34% 34%

IRPJ/CSLL at the nominal rate 43,761 29,461

Equity in income of subsidiaries 79,812 -

Permanent differences 68 150

Tax asset not recorded (*) (123,641) (75,673)

Income tax and social contribution expense, current - (18)

Deferred income and social contribution taxes - 46,080

Total tax - 46,062

Effective rate - % 0.00% 53.16%

(*) Refers essentially to (i) the portion of deferred taxes of subsidiaries, which was not recorded, due to the uncertainty surrounding the valuation thereof. The main effect refers to the completion of the sale of Porto do Pecém, generating chargeback the amount added temporarily in 2014.

September 30 2015


Net income for the period before IRPJ/CSLL (155,150) (139,379)

Statutory rate - % 34% 34%

IRPJ/CSLL at the nominal rate (52,751) (47,389)

Equity in income of subsidiaries 9,641

Consolidation difference (13,314) (4,354)

Tax asset not recorded (*) 56,424 64,271

Income tax and social contribution expense, current 944

Deferred income and social contribution taxes (13,472)

Total tax (12,528)

Effective rate - % 0.00% 8.99%

(*) Refers essentially to (i) the portion of deferred taxes of subsidiaries, which was not recorded, due to the uncertainty surrounding the valuation thereof.

30

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 period of 10 years. Tax credit recovery estimates were based on taxable income forecast taking into consideration the financial and business premises considered in FY. Consequently, these estimates may not come true in the future, due to the uncertainties concerning them.

11. Capital Expenditure

(a) Breakdown of balance


2015 2014 2015 2014

Equity interests 2,120,011 2,228,044 667,119 733,831 Future acquisition of investment 95 95 95 95

2,120,106 2,228,139 667,214 733,927

(a) 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 September 30, 2015 and December 31, 2014 are:

09/30/2015

Equity interests

Equity

interest in

% Current assets

Noncurrent assets

Current liabilities

Noncurrent liabilities

Shareholder equity Net income

Itaqui Geração de Energia S.A. 100.0

0%

239,642

2,423,622

152,373

1,726,610

784,281

(73,513)

Amapari Energia S.A. 51.00

%

13,195

530

28,494

1,459

(16,227)

(9,009)

UTE Porto do Açú Energia S.A. 50.00

%

3,344

45,243

0

5,378

43,208

(4,291)

Seival Sul Mineração Ltda. 30.00

%

92

4,914

29

20

4,957

(3,697)

Sul Geração de Energia Ltda. 50.00

%

40

13,921

0

869

13,092

(135)

Termopantanal Participações Ltda. 66.67

%

10

7,464

1

9,731

(2,258)

-

Parnaíba I Geração de Energia S.A 70.00

%

190,903

1,178,291

200,588

860,233

308,372

28,058 Porto do Pecém Transportadora de Minérios S.A.

50.00%

2,864

152

3,998

-

(982)

(3,216)

OGMP Transporte Aérieo Ltda. 50.00

%

33

13,921

0

859

13,094

(113) PO&M - Pecém Operação e Manutenção de Geração Elétrica S.A.

50.00%

4,062

328

1,220

2,906

264

(84)

Seival Participações S.A. 50.00

%

8

39,764

0

192

39,580

(128)

Parnaíba II Geração de Energia S.A. 100.0

0%

79,877

1,341,722

977,268

13,758

430,573

(100,743)

ENEVA Participações S.A. 50.00

%

1,100

112,209

4,293

28,888

80,128

(33,181)

Açú II Geração de Energia S.A. 50.00

%

9

2,603

0

287

2,325

(11)

31


Parnaíba Participações S.A. 50.00

%

1,358

194,684

1,534

60

194.448

4,443

Pecém II Participações S.A 99.99

%

4,752

690,422

4,147

158

690,869

(62,733)

ENEVA Investimentos S.A. 99.99

%

2

-

1

11

(10)

(1)

ENEVA Desenvolvimento S.A. 99.99

%

5

166

10

511

(349)

(9)

Tauá II Geração de Energia Ltda. 100.0

0%

8

477

-

49

436

(5) MABE Construção e Administração de Projetos Ltda.

50.00%

35,046

9,430

30,113

14,398

(235)

(259)

December 31

2014

Equity interests Equity

interest in %

Current Assets

Noncurrent Assets

Current liabilities

Noncurrent liabilities

Shareholder’s equity Net income

Itaqui Geração de Energia S.A. 100.00% 212,967 2,453,975 256,743 1,551,097 859,102 (419,614)

Amapari Energia S.A. 51.00% 25,647 443 28,153 1,165 (3,228) (102,877)

UTE Porto do Açú Energia S.A. 50.00% 1,040 45,283 6 2,316 44,001 (3,016)

Seival Sul Mineração Ltda. 30.00% 471 4,863 - 20 5,314 (739)-

Sul Geração de Energia Ltda. 50.00% 65 13,923 - 840 13,147 (69)

Termopantanal Participações Ltda. 66.67% 9 400 1 2,726 (2,318) (5)

Parnaíba I Geração de Energia S.A 70.00% 206,354 1,179,035 199,311 715,373 470,705 35,961

Porto do Pecém Transportadora de Minérios S.A. 50.00% 2,941 186 550 - 2,577 1,679

OGMP Transporte Aérieo Ltda. 50.00% 399 118 4 - 513 15

PO&M - Pecém Operação e Manutenção de Unidades de Geração Elétrica S.A. 50.00% 2,976 1,413 1,396 2,641 352 (63)

Seival Participações S.A. 50.00% 13 63,120 1 23,639 39,494 (67)

Parnaíba II Geração de Energia S.A. 100.00% 113,192 1,267,631 906,644 11,912 462,268 (13,797)

ENEVA Participações S.A. – In Judicial Reorganization 50.00% 65,981 355,518 72,824 126,722 221,953 (62,416)

Açú II Geração de Energia S.A. 50.00% 28 5.229 6 579 4,672 10

Parnaíba Participações S.A. 50.00% 107,864 651,878 177,202 326,953 255,586 (16,651)

Pecém II Participações S.A 50.00% 2,420 753.917 2,735 - 753,601 (44,614)

ENEVA Investimentos S.A. 99.99% 2 11 (9)

ENEVA Desenvolvimento S.A. 99.99% 6 166 10 502 (340) (151)

Tauá II Geração de Energia Ltda. 100.00% 8 477 - 44 442 (239)

MABE Construção e Administração de Projetos Ltda. 50.00% 40,456 50,136 64,547 25,998 47 (32,256)

The balance of investments breaks down as follows:


09/30/2015 12/31/2014 09/30/2015 12/31/2014

Porto do Pecém Geração de Energia S.A. -

2

(123)

Itaqui Geração de Energia S.A.

784,282

859,101 - -

Goodwill based on future profits

15,470

15,001 - -

Amortization of Goodwill based on future earnings

(1,363)

(511) -

Amapari Energia S.A. - - -

UTE Porto do Açu Energia S.A.

21,605

21,271 14,290

13,957

Seival Sul Mineração Ltda.

1,487

1,594 1,487

1,275

Sul Geração de Energia Ltda.

6,536

6,573 6,217

6,573

Porto do Pecém Transportadora de Minérios S.A. -

1,288 -

1,288

32

Parnaíba Gás Natural S.A.

92,821

95,889 92,821

95,889

Tauá II Geração de Energia Ltda.

436

442 -

442

Parnaíba I Geração de Energia S.A.

215,861

197,844 - -

OGMP Transporte Aéreo Ltda.

258

258 258

258

Pecém Operação e Manutenção de Unidades de Geração Elétrica S.A. - PO&M

133

176

133

176

Seival Participações S.A.

19,790

19,727 19,765

19,727

Parnaíba II Geração de Energia S.A.

430,573

415,018 - -

Eneva Participações S.A.

33,953

67,101 33,953

67,101

Açú II Geração de Energia S.A.

2,325

2,336 2,325

2,336

Pecém II Participações S.A.

336,542

367,909 336,542

367,909

Parnaíba Participações S.A.

97,224

95,002 97,224

95,002

Eneva Investimentos S.A. - - - -

Subscription premium

62,000

62,000 62,000

62,000

MABE do Brasil

20 -

20

Future acquisition of investment

95

95 95

95

MPX ENERGIA GMBH 78 103

2,120,106

2,.228,139

667,214

733,927

(a) On December 9 2014, Eneva S.A. - in Judicial Reorganization informed to its shareholders and the market that on this date, it has completed the sale of entire equity interest of ENEVA at Porto do Pecém Geração de Energia S.A. "Pecém I" in favor of EDP - Energias do Brasil S.A., according to the statement in item 12. On May 15, 2015, it has completed the sale of entire equity interest of ENEVA at Porto do Pecém Geração de Energia S.A. "Pecém I" in favor of EDP - Energias do Brasil S.A.

(b) As of September 30, 2015 the balance of the investment with the subsidiaries ENEVA Desenvolvimento S.A., Amapari Energia S.A. and Termopantanal Participações Ltda. was classified under unsecured liabilities in the noncurrent liabilities, due to the fact these companies had negative equity

33

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION See below the breakdown of the minority interest in the equity and net income of investees:

The balance of investments breaks down as follows:

Attributed to minority

interests

Capital expenditure

Interest attributed to

minority Shareholders’

Equity Net income Equity liquid Net income

Amapari Energia S.A. 49,00% (16,227) (9,009) (7,951) (4,414) Parnaíba I Geração de Energia 30,00% 308,372 28,058 92,512 8,417 Termopantanal Participações 33,33% (2,318) (773) Total 83,788 4,003

34

(b) Change in investments

Direct Subsidiaries %

Balance at 12/31/

2014

Capital subscripti

on

Equity Income

Loss on

valuation

impairment

Dividends

Amortization

Balance at

09/30/2015

Itaqui Geração de Energia S.A. 100.00%

859,102 10,000

(73,513)

(11,307)

784,282

Goodwill based on future profits

15,470

15,470


(980)

-

(383)

(1,363)

Amapari Energia S.A. 51.0

0%

-

UTE Porto do Açu Energia S.A. 50.0

0%

21,271

2,479 (2,145)

21,605

Seival Sul Mineração Ltda. 30.0

0%

1,594 (107)

1,487

Sul Geração de Energia Ltda. 50.0

0%

6,573

30 (67)

6,536

Porto do Pecém Transportadora de Minérios S.A.

50.00%

1,288

(1,289)

Parnaíba Gás Natural S.A. 18.1

8% 95,889

(3,068)

92,821

Tauá II Geração de Energia Ltda.

100.00%

442

(5)

437

Parnaíba I Geração de Energia S.A.

70.00%

197,844

19,647

(1,630)

215,861

OGMP Transporte Aéreo 50.0

0%

258

258 Pecém Operação e Manutenção de Unidades de Geração Elétrica S.A. - PO&M

50.00%

176

(43)

133

Seival Participações S.A. 50.0

0%

19,727

101 (64)

19,764

Açú II Geração de Energia S.A. 50.0

0%

2,336 (11)

2,325

Eneva Participações S.A. 50.0

0%

67,101 (33,148)

33,953

Subscription Preminum -

62,000

62,000

Parnaíba Participações S.A. 50.0

0%

95,003 2,221

97,224

Pecém II Participações S.A. 50.0

0%

367,909 (31,367)

336,542

MABE do Brasil 50.0

0%

23 (23)

0

Eneva Investimentos S.A. 99.9

9%

-

- Parnaíba II Geração de Energia S.A.

100.00%

415,018

116,250

(100,695)

430,573

Future acquisition of investment

95

-

95

MPX ENERGIA GMBH 100.00%

103

103

2,228,139

128,963

(224,983)

(11,307)

(1,630)

(383)

2,120,10

6

35


% Balance at 12/31/20

14

Capital Sub

scription

Equity Income

Equity Income

from discontinued operation

Loss on sales of

investments

Capital reduc tion

Exchang

e variance

Equity Apprais

al Adjustm

ent

Adjustment

in equity interest

Amortizati

on

Balance at 09/30/20

15

Porto do Pecém Geração de Energia S.A.

50.00% 580,366 - (116,314) (469,300) - 5,248 (0)

Pecém II Geração de Energia S.A. 100.00% 631,134 (23,308) (303,913) 0

Itaqui Geração de Energia S.A. 100.00% 979,903 298,700 (419,501) 859,102

Goodwill based on future profits 15,470 - 15,470


(469) (511) (980)

UTE Porto do Açu Energia S.A. 50.00% 24,701 1,578 (1,508) (3,500) 21,271

Seival Sul Mineração Ltda. 70.00% 3,706 531 (2,643) 1,594

Sul Geração de Energia Ltda. 50.00% 6,568 40 (35) 6,573

Porto do Pecém Transportadora de Minérios S.A.

50.00% 449 839 1,288

Parnaíba Gás Natural S.A. 33.30% 51,899 43,990 95,889

Tauá II Geração de Energia Ltda. 100.00% - 442 442

Parnaíba I Geração de Energia S.A. 70.00% 172,637 25,207 197,844

OGMP Transporte Aéreo 50.00% 277 150 9 (178) 258

Pecém Operação e Manutenção de Unidades de Geração Elétrica S.A. - PO&M

50.00% 207 (31) 176

Seival Participações S.A. 99.90% 19,625 135 (33) 19,727

Açú II Geração de Energia S.A. 50.00% 2,331 5 2,336

Eneva Participações S.A. - In Judicial Reorganization

50.00% 97,685 (30,566) (1,107) 1,089 67,101

Subscription Preminum 62,000 62,000

Parnaíba Participações S.A. 50.00% 103,394 (8,391) 95,003

Pecém II Participações 50.00% 86,303 (22,307) 303,913 367,909

MABE do Brasil 50.00% 14 6 20

Eneva Investimentos S.A. 99.99% - - -

Parnaíba II Geração de Energia S.A. 100.00% 328,163 100,000 (13,145) 415,018

Future acquisition of investment 95 95

MPX Chile Holding Ltda. 50.00% - 2,878 (2,878) -

3,080,157 490,315 (450,970) (116,314) (472,178) (3,678) (1,107) 6,338 - (511) 2,228,139

(*) Denotes the effect of transferring the turbine from Parnaíba I to Parnaíba 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 Pecém Geração 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 Pecém, 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 Pecém, 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. Because 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

36

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. 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.

37


13. Property, Plant and Equipment

(a) Breakdown of balances Consolidated PP&E in service

September 30, 2015

Land

Buildings, Civil Works and

Improvements

Machinery and

Equipment IT Equipment

Vehicle

Furniture and

Fixtures PP&E in progress

Impairment

Total

Depreciation rate % p.a. 4 7 17 20 10

Cost

Balance 12/31/2014 7,845 2,708,179 2,339,889 5,812 1,582 9,221 (444,221) 38,968 4,667,272

Balance 12/31/2014 7,845 2,708,179 2,339,889 5,812 1,582 9,221 (444,221) 38,968 4,667,272

Additions - - 12,851 403 213 403 (11,438) 118,720 121,152

Write-offs - (66,365) (0) (4) (110) (176) - 37,639 (29,016)

Transfers - 50,557 46,084 5 (42) (24) 117 (96,697) -

Balance 09/30/2015 7,845 2,692,371 2,398,824 6,215 1,643 9,424 (455,542) 98,630 4,759,410

Depreciation

Balance 12/31/2014 - (119,694) (142,666) (1,949) (724) (3,046) 24,274 - (244,925)

Additions 12/31/2014 - (119,694) (142,666) (1,949) (724) (3,046) 24,274 - (244,925)

Write-offs - (56,083) (72,788) (295) (226) (636) - (128,909)

Transfers - 329 5 0 83 52 10,984 - 11,453

Impairment - - - - - - - - -

Additions -

Balance 09/30/2015 - (175,448) (215,450) (2,244) (867) (3,630) 35,258 - (362,391)

Carrying Amount

Balance at 12/31/2014 7,845 2,588,485 2,197,223 3,863 858 6,175 (419,947) 38,968 4,423,468

Balance at 09/30/2015 7,845 2,516,923 2,183,374 3,971 776 5,794 (420,284) 98,630 4,397,028

Dec-14

Land

Buildings, Civil Works and

Improvements

Machinery and

Equipment IT Equipment

Vehicle

Furniture and

Fixtures PP&E in progress

Impairment

Total

Depreciation rate % p.a. 4 7 17 20 10

Cost

Balance 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 2,119,535 1,701,700 4,880 1,694 8,226 1,191,727 - 5,035,606

Balance 167 548 34,084 923 125 988 41,293 - 78,128

Additions - - (13) - (237) (1) (2,001) (444,221) (446,474)

Write-offs (167) 588,096 604,118 9 - 8 (1,192,051) - 12

Transfers 12/31/2014 7,845 2,708,179 2,339,889 5,812 1,582 9,221 38,968 (444,221) 4,667,272

38

Depreciation

Balance 12/31/2013 - (58,240) (73,929) (1,620) (591) (2,198) - - (136,576)

Balance 12/31/2013 - (58,240) (73,929) (1,620) (591) (2,198) - - (136,576)

Additions - (61,454) (68,737) (329) (324) (848) - - (132,813)

Write-offs - - - - 191 - - 24,274 24,465

Transfers

- - - - - - - - -

Balance 12/31/2014 - (119,694) (142,666) (1,949) (724) (3,046) - 24,274 (244,924)

Carrying Amount

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) 4,423,468

Machinery and equipment Relates to plant equipment, transmission lines and substation. Depreciation is based on the concession term and the calculation is performed using the linear method using the rates determined by ANEEL Regulatory Resolution No. 474 of February 07, 2012. For the estimated portion of the investments made and not amortized until the end of award, a new rate of depreciation or amortization is calculated monthly and accounted for as a result, to obtain the concession end residual value of zero. Buildings, Civil Works and Improvements This basically relates to UTEs Itaqui e Parnaíba which came into operation in February 2013 and October 2013, respectively. Depreciation follows the same procedure and criteria described at item Machinery and equipment. Property, plant and equipment in progress Balances recorded in PPE on September 30, 2015 correspond to importations in progress, at the value of R$ 27,272 and reserve PPE, of R$ 35,074 and constructions in progress of R$ 36,284; the total balance is R$ 98,630. Impairment Under CPC technical pronouncement 01, the entity should test for asset impairment at least annually and calculate if there are signals of a possible devaluation on the asset value; should there be any evidence, its recoverable value should be calculated, 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 Geração de Energia S.A and Amapari Energia S.A. of R$ 358,816 and R$ 61,468 respectively. On recovery valuation of Cash Generating Units (UGC) it is used the method of Value in Use from projections that consider estimated life cycle of the group of assets that compose UGC; premises and budgets which are approved by the company’s board; and pre-tax discount rate, which comes from the methodology of calculation of weighted average cost of capital (WACC).

39


14. Intangible Assets

(a) Balances composition Consolidated Intangible assets in service

September 30, 2015

Computer

Programs and Licenses

Goodwill on Acquisition of Investments

Concessions and CCEARs

Usage Rights Impairment Intangible

Assets in Progress

Total

Amortization rate % p.a. 20 20

Cost

Balance on 12/31/2014 8,272 15,470 183,448 15,778 - - 222,969

Balance at 12/31/2014 8,272 15,470 183,448 15,778 - - 222,969

Additions 1,767 - - - - 75 1,842

Write-offs - - - (29) - - (29)

Transfers (384) - - 25 (117) (75) (551)

Balance at 09/30/2015 9,656 15,470 183,448 15,774 (117) (0) 224,231

Amortization

Balance at 12/31/2014 (4,314) (980) (12,236) (5,868) - - (23,398)

Balance at 12/31/2014 (4,314) (980) (12,236) (5,868) - - (23,398)

Additions (1,087) (384) (9,152) (794) - - (11,417)

Write-offs - - - 0 - - 0

Transfers - - - - - - -

Balance at 09/30/2015 (5,401) (1,364) (21,388) (6,662) - - (34,815)

Carrying Amount

Balance at 12/31/2014 3,958 14,490 171,212 9,910 - - 199,571

Balance at 09/30/2015 4,255 14,106 162,060 9,112 (117) (0) 189,416

Dec-14

Computer Programs

and Licenses

Goodwill on Acquisition of Investments

Concessions and CCEARs

Usage Rights Intangible

Assets in Progress

Total

Amortization rate % p.a. 20 20 Cost

Balance at 12/31/2013 6,167 15,470 183,448 10,498 6,089 221,672

Balance at 12/31/2013 6,167 15,470 183,448 10,498 6,089 221,672 Additions 1,220 (0) - 89 1,309 Write-offs - - - - - Transfers 886 - 5,281 (6,178) (12)

Balance at 12/31/2014 8,272 15,470 183,448 15,778 - 222,969

Amortization

Balance at 12/31/2013 (3,031) (468) - (4,792) - (8,292)

Balance at 12/31/2013 (3,031) (468) - (4,792) - (8,292)

40

Additions (1,283) (511) (12,236) (1,076) - (15,106) Write-offs - - - - - Transfers - - - - -

Balance at 12/31/2014 (4,314) (980) (12,236) (5,868) - (23,397)

Carrying Amount

Balance at 12/31/2013 3,135 15,002 183,448 5,706 6,089 213,380

Balance at 12/31/2014 3,959 14,490 171,212 9,910 - 199,572

(b) Goodwill on Acquisition of Investments On October 14, 2008 Eneva S.A. - In judicial reorganization acquired the entire capital of Itaqui Geração 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 Pecém Geração 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.

41

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION (c) Concessions and CCEARs – Parnaíba I

Parnaíba Geração de Energia S.A.

Following ANEEL approval, in September 2011 Eneva S.A entered into a 15-year concession acquisition agreement with Grupo Bertin Energia e Participações S.A. to acquire the concessions awarded by ANEEL for the thermal power plants (UTEs) MC2 João Neiva and MC2 Joinville (subsidiaries of Bertin Energia e Participações 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 João 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 Parnaíba Geração de Energia S.A. (“UTE Parnaíba”) signed a rights and obligations assignment agreement for the concessions acquired from Grupo Bertin Energia e Participações S.A. This agreement involves the free assignment to Parnaíba 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. Its amortization is based on the term of concession, and the calculation is performed by straight-line method using ANEEL’s rates determined by Normative Resolution 474 of February 07, 2012.

42

15. Related parties The main balances of assets and liabilities as of September 30, 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.À.R.L (fully controlled by E.ON AG), which respectively hold 19.9% and 42.9% of the common shares.

(b) Executives A Board of Directors and an Executive Board, pursuant to the duties and powers vested by its Bylaws in accordance with corporate law, manage the Company.

(c) Related companies The Company’s main affiliated companies are EBX Holding Ltda., E.ON AG and Parnaíba Gás Natural S.A., in addition to its subsidiaries and associated companies.

43

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION As of September 30, 2015, the balances of assets, liabilities and effects on income of related-party transactions

are as follows:

Assets


09/30/2015 12/31/2014 09/30/2015 12/31/2014

Pecém II Geração de Energia S.A. (c) 213,489

200,022

214,435 200,415

Termopantanal Ltda. (a)

7,683

7,683 - -

Termopantanal Ltda. (a)

(7,453)

(7,453) - -

Termopantanal Participações Ltda. (a) 457

457

- -

ENEVA Comercializadora de Energia S.A. (d) 1,469 1,199 2,667 1,199

Parnaíba I Geração de Energia S.A. (e) 7,915 7,054 -

Itaqui Geração de Energia S.A. (f) 448,110 417,226 - 243

Sul Geração de Energia S.A. (j) 272 243 272 -

UTE Porto do Açú Energia S.A. (j) 369 303 369 303

Parnaíba II Geração de Energia S.A. (k)

6,199

5,142 - 542

Eneva Comercializadora de Combustível Ltda. (j) 694

542

694

Eneva Solar Empreendimentos Ltda.

81

7 81 7

Seival Participações S.A. (j)

65

60 65 60

EBX Holding Ltda. (b) -

1,134

- 1,134

Pecém Operação e Manutenção Elétrica S.A. (h)

1,963

1,778 1,963 1,778

ENEVA Participações S.A. em Recuperação Judicial(k)

17,561

10,939 17,561 10,939

Porto do Pecém Geração de Energia S.A. (i) - 74

Eneva Desenvolvimento (j) 365

356 - -

Seival Sul Mineração Ltda. (j)

10

10

- -

Parnaíba Participações S.A. (o)

26 - 26 -

Eneva investimentos S.A. (j)

11

11

- -

Pecém II Participações S.A (k) 101 - - -

Tauá II Geração Energia Solar Ltda.

49

44

- -

Parnaíba III Geração de Energia S.A. (k) 860 365 860 365

Parnaíba IV Geração de Energia S.A. (l) 84,913 76,425 84,913 76,425

Parnaíba Gás Natural S.A. (m) - 61,492 5,829 62,836

MABE da Brasil (n) 13,974 12,804 13,974 12,804

Seival Geração de Energia S.A. 217 185 217 185

Amapari Energia S.A. 186 25

Porto do Pecém Transportadora de Minério S.A

10 10

Eneva Chile Holding Ltda

28,153 28,153

Açu II Geração de Energia Ltda

6 6

EON Brasil Ltda 102 102

Parnaiba Geração e Comercializadora de Energia S.A - -

Advances for future capital increase for subsidiaries (g) 188,980

248,000

19,480 26,250

1,016,838 1,046,056 391,751 395,486

44

Current - - - -

Noncurrent 1,016,838 391,751 395,486

Liabilities


09/30/2015 12/31/2014 09/30/2015 12/31/2014

EBX Holding Ltda. (b) - 2,772 10 2,820

Eneva Comercializadora de Energia Ltda. (d) 27,547 1,458 27,547

Copelmi Mineração Ltda. - - 146 146

Porto do Pecém Geração de Energia S.A. (i) - - 1 1

Eneva Comercializadora de Combustíveis Ltda. (m) - - - -

Eneva Participações S.A. (k) 984 45,887 2,762 45,887

Tauá Energia Solar Ltda. 444 444 444 444

Porto do Pecém Transportadora de Minérios S.A. - - - -

Petra Energia S.A.(p) - - 79,801 91,170

Parnaíba Gás Natural S.A.(m) 0 61,492 24,066 112,086

Parnaíba Participações S.A. (o) 32,424 29,852 32,424 29,852

Itaqui Geração de energia S.A. 2,078 2,078 -

Pecem II Geração de energia S.A. (c) 38 2,518

DD Brazil (q) 1,398 1,523 9,263 8,403

37,328 171,595 150,413 320,875

Current - - - -

Noncurrent 37,328 171,595 150,413 320,875

45

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION Net income


09/30/2015 09/30/2014 09/30/2015 09/30/2014

EBX Holding Ltda. (b) - - - (6)

Amapari Energia S.A. 230 - - -

Pecem II Geração de Energia S.A. (c) 22,647 14,332 22,647 (1,387)

Eneva Comercializadora de Energia S.A. (d) 295 495 (2,165) 44,170

Parnaíba Geração de Energia S.A. (e) 2,027 899 - -

Itaqui Geração de Energia S.A. (f) 49,076 23,117 - -

Parnaíba Gás Natural (0) (8,694) - (8,694)

Sul Geração de Energia S.A. (j) 31 27 31 27

Porto do Açú Energia S.A. (j) 68 20 68 20

Tauá Geração de Energia Ltda 79 - -

Eneva Comercializadora de Combustível Ltda. (j) 161 78 161 78

Seival Participações S.A. (j) 38 42 38 42

Pecém Operação e Manutenção Elétrica S.A. (h) 238 178 238 178

Parnaíba II Geração de Energia (k) 779 1,319 - -

Parnaíba Participações (o) (4,091) 1,188 (4,091) 1,188

Eneva Participações S.A. (k) 1,915 138 1,915 138

Porto do Pecém Geração de Energia S.A. (i) 8,294 9,298 8,294 9,298

Eneva Desenvolvimento S.A.(j) 9 9 - -

Parnaíba III Geração de Energia S.A. (k) 281 (1,698) 281 (1,698)

Pecem II Participações S.A. (k) 237 101 237 101

MABE Construção e Administração de Projetos Ltda. (n) 1,503 647 1,503 (1,794)

Eneva Solar Empreendimentos Ltda. 2 - - -

Parnaíba IV Geração de Energia S.A. (l) 10,983 4,479 10,983 4,479

Petra Energia S.A.(o) - - - -

Parnaiba Geração e Comercialização De Energia S.A 137 - - -

Seival Sul Mineração Ltda - - - -

Tauá II Geração de Energia Ltda 5 - - -

EON Brasil Ltda 102 - - -

Açu II Geração de Energia S.A 6 - - -

Porto do Pecém Transportadora de Minérios S.A 10 - - -

Total 95,062 45,974 40,141 46,140

(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 Participações Ltda.

(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: (i) a loan executed with Eneva S.A. (lender) subject to monthly interest (104% of

CDI) and indefinite maturity period. As of September 30, 2015 the effect on net income is R$ 20,712 and outstanding balance of R$ 210,277 and (ii) sharing of operating and financial activities costs entered into

46

with Eneva S.A. As of September 30, 2015 the effect on net income is R$ 1,935 and outstanding balance of R$ 3,212.

(d) The balance consists of revenue from sharing of costs of operating and financial activities entered into

between Eneva S.A., Itaqui Geração de Energia S.A., Parnaíba II Geração de Energia S.A. and Geração de Energia S.A involving monthly collections made through trade notes paid according to understandings between the parties (average maturity from 30 to 60 days). As of September 30, 2015 the effect on net income is R$ 2,165.

(e) The balance derives from the administrative cost reimbursement contract and feasibility studies. The

outstanding balance as of September 30, 2015 is R$ 7,915 and the effect on the parent company's net income is R$ 2,027.

(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$ 441,457. As of September 30, 2015 the effect on net income is R$ 47,187 and (ii) revenue from reimbursement of operational, financial and administrative costs, amounting to R$ 6,653. As of September 30, 2015 the effect on net income is R$ 1,889.

(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 September 30, 2015 with the following companies:

47

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION Subsidiaries 2015 2014

Porto do Açu Energia S.A. - 730 Seival Participações S.A. 25 20 Sul Geração de Energia Ltda. 10 Parnaíba Geração de Energia S.A. 169,500 164,500 Itaqui Geração de Energia S.A. - 10,000 Parnaíba II Geração de Energia S.A.. - 47,250 ENEVA Participações S.A. 19,445 25,500

188,980 248,000

(h) The balance consists of loan agreement executed in December 2011 with Eneva S.A. (lender) subject to

monthly interest (110% of CDI) and with maturity at June 30, 2015, amounting to R$ 1,963. As of September 30, 2015 the effect on net income is R$ 238.

(i) Eneva S.A. decided to sell its interest in Porto do Pecém, 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 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 Pecém 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$ 84,410. As of September 30, 2015 the effect on net income is R$ 10,912 and (ii) revenue from reimbursement of operational, financial and administrative costs, amounting to R$ 504. As of September 30, 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, entered into between Parnaíba Gás Natural and Parnaíba Geração, net amounting to R$ 18,237 (supplier – advances) at September 30, 2015.

(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$ 13,974. As of September 30, 2015 the effect on consolidated net income is R$ 1,503.

(o) Loan agreement executed in January 2013 with Eneva S.A. (lender) subject to monthly interest (125% of

CDI) and with an indefinite maturity amounting to R$ 32,424. As of September 30, 2015 the effect on consolidated net income is R$ 4,091.

(p) The balance consists of costs relating to the gas purchase agreement and leasing of the gas treatment

plant's capacity, entered into between Parnaíba and Petra, amounting to R$ 79,801.

(q) Project implementation costs reimbursement agreement with DD Brazil, amounting to R$ 9,263.

48

(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:


2015 2014 2015 2014

Immediate benefits 6,774 2,557 10,114 4,055 Stock options granted 209 3,351 288 3,351

6,983 5,908 10,402 7,406

See below the minimum, average and maximum individual quarterly compensation of the Board of Directors and Officers, in R$:

Consolidated

September 30, 2015 September 30, 2014

Minimum Average Maximum Minimum Average Maximum

Board of Directors 133,200 531,111 1,323,332 20,000 24,000 40,000 Officers 172,021 372,119 554,719 177,722 326,446 530,456

16. Loans and financing As of September 30, 2015 and December 31, 2014 the loans taken out from financial institutions break down as follows:

Consolidated

09/30/15 12/31/14

Company Creditor

Currency

Interest Rates

Maturity

Effective

Rate

Transaction Cost

Unappropriated Cost

Principal

Interest Total

Transaction Cost

Unappropriated Cost

Principal

Interest Total

Itaqui BNDES (Direct)

(a) R$

TJLP+2.78%

06/15/26 2.89%

11,182

8,632

795,52

8

2,786

789,68

2

11,182

9,217

762,78

8

2,535

756,10

7

Itaqui BNB

(b) R$ 10%

12/15/26

10.14%

2,892

2,485

200,52

7

798

198,84

0

2,892

2,602

200,78

7

852

199,03

7

Itaqui BNDES (Indirect)

(c) R$

IPCA + 12.13%

06/15/26 4.94%

2,023

1,783

128,85

5

3,197

130,27

0

2,023

1,878

107,50

5

5,942

111,56

9

Itaqui BNDES (Indirect)

(d) R$

TJLP+4.8%

06/15/26 4.94%

1,475

1,440

156,96

7

672

156,19

9

1,475

1,460

149,08

8

621

148,24

9 Parnaí

ba I BRADESCO

(e) R$

CDI+3.50%

08/23/16 -

-

-

25,529

130

25,659

- -

30,294

134

30,428

Parnaíba I

Banco Itaú BBA

(f) R$

CDI+3.50%

07/18/16 -

-

-

49,884

153

50,037

- -

53,174

178

53,352

Parnaíba I

BNDES (Direct)

(g) R$

TJLP+1.88%

06/15/27 2.35%

28,395

27,432

429,99

4

1,359

403,92

1

28,395

28,191

456,89

3

1,353

430,05

5

Parnaíba I

BNDES (Direct)

(h) R$

IPCA + 4.78%

07/15/26 2.37%

11,705

10,263

209,80

0

2,110

201,64

6

11,705

10,629

212,43

8

4,776

206,58

5

Parnaíba II

Banco Itaú BBA

(i) R$

CDI+3.00%

06/30/17 -

-

-

252,71

6

3,100

255,81

6

- -

228,33

0

126

228,45

6

Parnaíba II CEF

(j) R$

CDI+3.00%

06/30/16 -

-

-

280,00

0

78,12

8

358,12

8

- -

280,00

0

39,84

3

319,84

3

49


Parnaíba II

HSBC/BNDES

(k) R$

CDI+3.00%

06/30/16 5.05%

10,967

-

334,11

6

4,123

338,23

9

10,967

3,890

299,38

7

2,624

298,12

0

ENEVA S/A

Banco Itaú BBA

(l) R$

CDI+2.75%

05/15/28 -

-

-

565,41

0

18,69

6

584,10

6

- -

624,62

9

82,20

3

706,83

2

ENEVA S/A

Banco BTG Pactual

(l)

R$ CDI+2.7

5% 05/15

/28 -

-

-

1,029,

665

34,05

0

1,063,

716

- -

1,180,

224

106,9

03

1,287,

127

ENEVA S/A

Banco Citibank S.A.

(l)

R$ CDI+2.7

5% 05/15

/28 -

-

-

111,20

6

3,674

114,88

0

- -

117,92

5

21,18

2

139,10

6

ENEVA S/A

Banco Citibank S.A.

(l)

US$ LIBOR

6M 05/15

/28 -

-

-

139,24

6

126

139,37

2

- -

132,81

0

909

133,71

9

ENEVA S/A

Banco Citibank NA

(l)

US$ LIBOR

6M 05/15

/28 -

-

-

120,54

6

109

120,65

4

- -

102,09

9

13,01

4

115,11

3

ENEVA S/A

Banco Credit Suisse

(l)

US$ LIBOR

6M 05/15

/28 -

-

-

26,120

23

26,143

- -

-

-

-

68,639

52,035

4,856,

109

153,2

35

4,957,

309

68,639

57,867

4,938,

369

283,1

96

5,163,

698

Unappropriated Cost

Princip

al Inter

est Total

Unappropriated Cost

Princip

al Inter

est Total

Current 3,297

736,14

6

93,45

6

826,30

5

6,698

3,022,

478

273,4

14

3,289,

194

Noncurrent

48,738

4,119,

963

59,77

8

4,131,

004

51,171

1,915,

891

9,782

1,874,

502

The table below shows the breakdown of the loans of the joint subsidiary Pecém II Geração de Energia S.A. and the indirect subsidiary UTE Parnaíba III Geração 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

09/30/15 12/31/14

Company Creditor

Currency

Interest Rates Maturity

Effective

Rate Transaction Cost

Unappropriated Cost

Principal

Interest Total

Transaction Cost

Unappropriated Cost

Principal

Interest Total

Pecém II (50%)

BNDES (Direct)

(m) R$

TJLP+3.14% 06/15/27 2.30%

3,628

3,012

337,10

8

1,23

0

335,32

6

3,628

3,161

328,79

1

1,14

5

326,77

5

Pecém II (50%)

BNDES (Direct)

(n) R$

IPCA+ 10.59% 06/15/27 2.32%

806

480

112,29

4

6,39

7

118,21

2

806

530

101,61

0

456

101,53

6

Pecém II (50%) BNB

(o) R$ 10% 01/31/28

10.17%

2,144

2,022

120,52

1

-

118,49

9

2,144

2,076

121,90

6

-

119,82

9 Parnaíb

a III (35%)

Banco Bradesco

(p) R$

CDI + 3.50% 07/26/16

-

-

-

42,000

1,29

4

43,294

349

52

42,000

601

42,549

6,577

5,513

611,92

3

8,92

2

615,33

2

6,926

5,820

594,30

7

2,20

2

590,68

9

Unappropriated Cost

Princip

al Interest Total

Unappropriated Cost

Princip

al Interest Total

Current -

44,580

8,92

2

53,502

52

119,03

3

2,20

2

121,18

3

Noncurrent

5,513

567,34

3

-

561,83

0

5,768

475,27

5

-

469,50

6

50

Porto do Itaqui Geração 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. In January 2015, a debt reschedule assured a new grace period of 24 months for the principal and of 6 months for the interests. In addition, the amortization applied was 3% (three per cent) in 2017, 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. Not all financing charges have changed. 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 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. The interest earned during the grace period was capitalized along with the amounts outlaid. 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.

51


(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. The interest earned during the grace period was capitalized along with the amounts outlaid. 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.

UTE Parnaíba Geração de Energia SA (Parnaíba I) (e) On December 27, 2011 Parnaíba 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 Maranhão 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. 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 Parnaíba 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.

(f) On December 27, 2011 Parnaíba I borrowed R$ 125 million under a CCB loan (Bank Credit

Note) with Banco Itaú BBA, which was endorsed by the parent company. Taken out to finance the construction of thermoelectric power plants Maranhão 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. R$ 60 million of the principal plus the interest due was settled on December 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$ 65 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. Since then, a new renegotiation amended the loan's maturity to October 24, 2013 and subsequently to April 15, 2015. In December 2014, new renegotiation of the contract was carried out and the interest balance has been incorporated into the principal. So far, both the principal and interest shall be paid in 3 monthly installments from February 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 September 2015, whereas the interest rates, which were adjusted for CDI + 3.5 % p.a. They are being paid monthly since March 2015.

(g) In December 2012 Parnaíba I received R$ 495.7 million as subcredits B and C of the long-term

financing contract with 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 TJLP + 1.88% p.a.

52

(h) In December 2012 Parnaíba I also received R$ 204.3 million referring to the entire subcredit A of the long-term financing contract with BNDES mentioned in the item above. These subcredits will be amortized over 13 monthly 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. This financing is secured by the traditional guarantee in Project Finance Loans.

53


UTE Parnaíba II Geração de Energia SA (Parnaíba II)

(i) On March 30, 2012 the Parnaíba II project secured R$ 100 million via a CCB loan from Banco

Itaú 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 Maranhão 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. Upon new renegotiation, maturity of the loan was altered to June 30, 2017.

(j) In May 2012, Parnaíba II borrowed R$ 325 million under a CCB loan from Caixa Econômica

Federal, which was endorsed by the parent company. Taken out to finance the construction of thermoelectric power plant Maranhão 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. Upon new renegotiation, maturity of the loan was altered to June 30, 2017.

(k) Parnaíba II received a bridge loan from BNDES of R$ 280.7 million at the end of December

2013. The loan incurs TJLP + 2.40% p.a. That loan should be amortized in a single installment at June 15, 2015, along with interest; however, an agreement has not been reached to postpone the maturity of the loan and guarantee of Banco HSBC, which guaranteed its payment. At June 18, 2015, Banco HSBC was notified by BNDES in order to honor such payment owed by Parnaíba II. Since then, the company’s obligation is before HSBC, which agreed with a new maturity to June 30, 2016 at cost of CDI plus 3%.

54

Eneva SA (Eneva)

(l) In the judicial recovery plan of the company, approved by lenders and homologated at May 15, 2015, it was defined that the outstanding balance of the debt to each lender would correspond to the balance of the values after (i) reduction of the amount of R$ 250 thousand (ii) mandatory reduction of the value of 20% through a negative goodwill over the debt value amounting what exceeds R$ 250 thousand and (iii) mandatory reduction of 40% of the debt value amounting what exceeds R$ 250 thousand, which shall occur through capitalization of the debt. That outstanding balance accrues rates of CDI + 2, 75% p.a., for debts in reais, and Libor, for debts in foreign currency. That balance still has a 5-year grace period to pay interests and and 8-year grace period to pay the principal, which shall be amortized according to the following payment schedule. 15% at 9th year, 15% at 10th year, 20% at 11th year, 25% at 12th year and 25% at 13th year. At September 30, 2015, the mandatory reduction of 40% above mentioned still had not occurred, and because of that it sill consists the debt balance, however it is not able to receive correction.

Pecém II Geração de Energia SA (Pecém II) (m) By June 30, 2014 Pecém 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 TJLP + 2.18% p.a. but in December 2014, a renegotiation 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. In April 2015, a debt reschedule assured a new grace period of 21 months for the principal and 6 months for the interests. Balances of principal and interests shown at the table above correspond to 50% of the original balances, considering EON’s 50% participation. This financing is secured by the traditional guarantee in Project Finance Loans.

(n) Pecém 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 July 2014. The loan incurs IPCA + BNDES Reference rate + 2.18% p.a. Subcredit J of R$ 22 million, which was part of that financing line, was transferred in April 2012 to subcredit A of prior item. In December 2014, a 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%. In April 2015, a debt reschedule assured a new grace period of 1 year for the principal. Balances of principal and interests shown at the table above correspond to 50% of the original balances, considering EON’s 50% participation. This financing is secured by the traditional guarantee in Project Finance Loans.

(o) To top up the funding from the BNDES, Pecém 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 14 years repayment and a grace period on the principal 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. In May 2015, a debt reschedule assured a new grace period of 1 year for the principal. Balances of principal and interests shown at the table above correspond to 50% of the original balances, considering EON’s 50% participation. This financing is secured by the traditional guarantee in Project Finance Loans.

55


UTE Parnaíba III Geração de Energia SA (Parnaíba III)

(p) On November 25, 2013, the Parnaíba 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. Another at the cost of CDI + 3.0% per annum substituted this promissory note, now maturing on January 26, 2015. On January 2015, the prior promissory note was substituted, the project issued debentures at the cost of CDI + 3.5% per year and principal maturity on July 26, 2016. Interests shall be paid on a quarterly basis.

The portions of the loans and financing classified in non-current liabilities as of September 30, 2015 have the following payment schedule: Consolidated Maturity year

2016 9,147 2017 340,828 2018 110,608 2019 until the last maturity 3,670,421

4,131,004

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 Pecém II Geração de Energia S.A., Porto do Itaqui Geração de Energia S.A. and UTE Parnaíba Geração de Energia S.A. have minimum debt service coverage indexes that measure the payment capacity of the financial expense in relation to EBITDA (“earnings before interest, taxes, depreciation and amortization”). All the financial covenants had been performed as of September 30, 2015.

56

Nonfinancial covenants – continued

A number of financing contracts also have nonfinancial covenants, which are usual for the market and have been summarized below. As of September 30, 2015 all these covenants are fully performed. 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. Up to September 30, 2015, it was not identified any situation of nonperformance of the financial and nonfinancial covenant clauses.

17. Taxes and contributions payable


September 30

2015

December 31

2014

September 30

2015

December 31

2014

Corporate Income Tax – IRPJ - - - 404 Social Contribution on Net Income - CSLL - - 18 158 Income Tax Withheld at Source - IRRF 929 113 14,873 7,854 ICMS - 2 559 1,025 PIS, COFINS, IRRF and CSL 903 736 5,486 10,431 IPI Import - 169 1,277 FGTS 118 647 336 1,585 Import Tax - 193 2,494 Other 79 104 1,774 1,888

Current 2,029 1,602 23,408 27,116

18. Financial instruments and risk management

57

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION 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. The consolidated book balances of the main financial instruments included in the balance sheets as of September 30, 2015 and December 31, 2014 are shown below:

Parent Company

Financial instruments 2015 2014

Assets Loans and receivables Accounts receivable from other related parties - 62,627 Accounts receivable from subsidiaries 75,112 44,143 Loans to subsidiaries 752,745 691,287 Escrow deposits 33,700 41 Fair value through profit or loss Accounts receivable – settled SWAP operation 21,122 21,122 Cash and cash equivalents 142,028 72,503 Liabilities Other financial liabilities Trade Payables 11,660 11,737 Loans and financing 2,048,871 2,381,898 Debts with subsidiaries 3,507 75,956 Loans with other related parties 33,822 95,639

58

Consolidated

Financial instruments 2015 2014

Assets Loans and receivables Trade accounts receivable 234,459 304,848

Loans to subsidiaries 295,639 284,774 Accounts receivable from other related parties 5,729 63,970 Accounts receivable from subsidiaries 70,904 20,493 Escrow deposits 111,891 62,112 Fair value through profit or loss

Accounts receivable – settled SWAP operation 21,122 21,122 Cash and cash equivalents 254,705 157,319

Liabilities Other financial liabilities Trade Payables 147,633 149,785

Loans and financing 4,957,309 5,163,697 Contractual retentions 4,650 20,945 Debts with subsidiaries 85,994 76,398 Debts with related parties 64,420 244,478

The financial instruments measured at amortized cost and presented above are close to their market values (fair value).

59

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION 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 short-term. 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 Pricing with

observable prices Pricing without

observable prices (Level I) (Level II) (Level III)

Stock options awarded (350,980)

Balance at September 30, 2015 (350,980)

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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. The previous swap operation of the last quarter of 2014 generated to balance the debt between Citibank and Eneva - In judicial reorganization 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 rules. 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 coal price risk through structuring hedge operations in the future market of coal without any physical settlement. Eneva - in judicial reorganization seeks resource in the national market — which holds a still incipient market for that kind of operation — to settle the risk associated with its coal inventories through hedge structuring in the beginning of 2014. At the third quarter of 2015, the Company did not have operations with derivatives thereto.

18.2.2.2 Currency risk Risk of change in exchange rates, which could be associated to the Company's assets and liabilities.

(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. On September 30, 2015, the Company does not have derivatives.

(b) Investment in fixed assets (capex)

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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.

18.2.2.3 Interest rates 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 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$ 2.4 billion and future value of R$ 5.5 billion as of September 30, 2015. 69% of this amount has bigger maturity then 720 days. 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.

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Amount Amount Amount

Future system

Future system

Future system

Risk Market (25%

increase) (50%

increase)

ENEVA SA

Cash Flow Risk related to Increase in Interest

Rate 5,507,568 6,480,204 6,675,172

Liability indexed to CDI

Outstanding (Principal + Interest) 5,507,568 6,480,204 6,675,172

Increase in financial expense - 972,636 1,167,604

(*) 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 05/31/15: 12.62%

18.2.2 Credit risk 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 as constantly monitoring outstanding accounts. 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 balance of short-term investments denotes the maximum exposure to credit risk.

Consolidated

2015 2014

Positions of credit risk Cash and cash equivalents 254,704 157,319 Trade receivables 234,459 304,848 Accounts receivable – settled SWAP operation 21,122 21,122 Escrow deposits 111,891 62,111

Consolidated credit accounts 622,176 545,400

The cash and cash equivalents substantially consists of the current account and investment fund at Itaú 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

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QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION 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 September 30, 2015 approach the operations' settlement values, including estimated future interest payments (see note 1).

Parent Company

2015

Up to 6 months

From 6 to 12 months

1 to 2 years 2 to 5 years

Over 5 years

Total by account

Trade Payables 147,633 - - - - 147,633 Related parties - - 150,414 - - 150,414 Loans and financing 895,249 333,307 566,707 1,314,876 7,247,059 10,357,198 Contractual retention - 4,650 - - - 4,650 1,042,882 337,957 717,121 1,314,876 7,247,059 10,659,895

Consolidated

2014

Up to 6 From 6 to

12

1 to

2 to

Over

Total

months

months

2 years

5 years

5 years by

account

Liabilities Trade Payables 149,785 - - - - 149,785 Related parties - - 320,875 - - 320,875 Loans and financing 2,168,102 1,577,102 767,386 1,286,344 2,480,823 8,279,757 Contractual retention - 20,945 - - - 20,945

2,317,887 1,598,047 1,050,742 1,286,344 2,480,823 8,733,842

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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$ 237,214 (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.

20. Shareholder’s equity As of September 30, 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 September 30, 2015, 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 % 2014 %

Shareholder Eike Fuhrken Batista 145,704,988 17.3 145,704,988 17.3 Centennial Asset Mining Fund LLC (*) 20,208,840 2.4 20,208,840 2.4 Centennial Asset Brazilian Equity Fund LLC (*) 1,822,065 0.2 1,822,065 0.2 E.ON 360,725,664 42.9 360,725,664 42.9 BNDESPAR 72,650,210 8.6 72,650,210 8.6 FIA Dinâmica Energia 130,023,200 15.5 87,494,400 10.4 Other 108,971,140 12.9 151,499,940 18.2

840,106,107 100 840,106,107 100

(*) Controlled by Eike Fuhrken Batista.

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QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION The changes in the share capital on September 30, 2015 have been summarized below

Date

Quantity of shares

Capital share

(R$ thousand)

Description

December/2012 578,241,732 3,731,734 Opening balance January/2013 147,480 232 Capital increase – company plan February/2013 27,000 95 Capital increase – company plan April/2013 34,500 114 Capital increase – company plan May/2013 29,250 99 Capital increase – company plan September/2013 124,031,007 800,000 Capital increase October/2013 13,500 40 Capital increase – company plan

May 2014 - 119,959 Capital increase – shareholder contribution

August 2014 137,581,638 54,815 Capital increase – shareholder contribution

September 30, 2015 840,106,107 4,707,088 Closing balance

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. On November 5, 2015 completed the increase of the Company's private equity approved by the Extraordinary General Meeting held on August 26, 2015 ("AGE"), as a key step towards the implementation of the bankruptcy reorganization plan of the Company. As described in Note 29.

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21. 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 September 30, 2015 and December 31, 2014 and the respective average number of common shares in circulation, as per the table below: 2015 2014

Common Total Common Total

Basic and diluted numerator Profit/Loss attributable to shareholders

Parent companies 128,709 128,709 (1,517,182) (1,517,182) Basic and diluted denominator Weighted share average 840,106,107 840,106,107 760,195,676 760,195,676

Profit/Loss per share (R$) – basic 0.1532 0.1532 (4.8692) (4.8692)

22. Share-based remuneration plan The Company's stock options break down as follows:

Parent

Company Consolidated

2015 2014

Stock options granted - Shareholders' Equity Granted by Company 35,420 35,211 Granted by Mr. Eike Batista 315,560 315,560

350,980 350,771

Parent Company

Parent Company

2015 2014

Expenses incurred on share options awarded 209 257

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.

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QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION 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. Hence, 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

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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 Date

Awarded Vesting

period (years) Initial date of

maturity Date rights

expire Original Amount

Awarded (a) Original Strike

Price (a) Strike Price Restated by

IPCA(b)Original Strike Price(b)

Plan 1 11/26/2007 5 11/26/2008 11/26/2013 528,000 0.76 -

Plan 2 12/01/2010 7 12/14/2011 12/14/2018 3,300,000 2.97 4.18

Plan 2.1 04/27/2011 7 04/07/2013 04/27/2020 30,000 4.13 -

Plan 2.2 06/02/2012 7 06/02/2013 06/02/2020 60,000 2.97 -

Plan 3 11/24/2011 7 11/24/2012 11/24/2019 2,098,500 5.14 6.40

Plan 3.1 05/31/2012 7 05/31/2013 05/31/2020 225,000 5.14 6.23

Plan 3.2 07/10/2012 7 07/10/2013 07/10/2020 52,500 3.91 4.74

Plan 3.3 07/20/2012 7 07/20/2013 07/20/2020 22,500 4.13 5.00

Plan 3.4 08/01/2012 7 08/01/2013 08/01/2020 90,000 4.23 5.10

Plan 3.5 12/13/2012 7 12/13/2013 12/13/2020 3,000,000 4.53 5.31

Total 9,406,500

(*) Amount 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 September 30, 2015 - 357,000 - - 302,400 67,500 27,000 20,250 54,000 396,000

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;

1 MERTON, R. Theory of Rational Option Pricing. Bell Journal of Economics and Management Science, 4 (Spring 1973), 141-83 2 BLACK, F.; SCHOLES, M. The pricing of options and corporate liabilities. Journal of Political Economy, Chicago, v. 81, p. 637-654, 1973

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QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION 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

Average outstanding term (years) 2.46 - - 3.07 3.21 3.33 3.35 3.39 3.76

Fair value of options awarded in R$ (a) 0.0024 - - 0.0015 0.0018 0.0030 0.0028 0.0028 0.0031

Share price in R$ (b) 0.15 - - 0.15 0.15 0.15 0.15 0.15 0.15

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% - - 81.5% 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%

Effects on net income in 2014 in R$ k 100 - - 128 22 8 6 18 150

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.

23. Operating revenue The reconciliation between the gross revenue and the net revenue recorded in the income statement for the year is as follows:

Consolidated

2015 2014

Gross revenue 1,171,569 1,598,175 Sales taxes (118,027) (168,330)

Total net revenue 1,053,542 1,429,845

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The variation of the gross revenue stems from the partial sale (50%) of Pecém II Power Generation, in May 2014.

24. Costs and expenses by nature

Costs and expenses by nature Parent Company Consolidated

09/30/2015 09/30/2014 09/30/2015 09/30/2014

Depreciation and amortization (1,918)

(1,720) (130,154) (132,696)

Personnel expenses (17,472)

(22,769) (58,905) (61,997)

Outsourced services (16,790)

(28,995) (109,641) (147,840)

Rental expenses (b) (4,484)

(4,904) (141,439) (263,436) Expenses incurred on stock options awarded (209)

27 22 16

Provision for Investment Devaluation -

(692) (3,446) (19,108)

Provision for Unsecured Liabilities (8,016)

1,583 (3,407) 1,843 Cost per Downtime Incident (d) - - (20,026) (29,928)

Material (114) - (15,406) (13,009)

Insurance (229) - (21,888) (15,523)

Other expenses (a) (46,241) (2,546) (103,516) 44,340 Consumables (c) - - (388,208) (559,930)

Taxes and contributions (230) - (488) -

Gain with sale of interests 60,919 - 60,919

CCC Incentive - 14,805

Electricity for resale - (24,023) (61,128)

(95,705) 902 (1,020,525) (1,182,674)

Classified as:

Cost - - (911,583) (1,181,938) Administrative and general expenses and stock options granted (95,705) 902 (108,942) (736)

(a) The presented amount denotes the negative effect of the operation involving Porto do Pecém, sold as described in note 12. Note that in this operation investment, loan and accounts receivable were engaged by purchase operations of coal and energy before the joint subsidiary.

(b) With the beginning of operation that substituted Parnaíba II, we have observed a decrease on costs with leasing of gas treatment capacity. That decrease is attached to the biggest efficiency that combined cycle added to the operation.

(c) Presented decrease on coal consumption is directly related to the sale of 50% of Pecém II Geração de Energia for E.ON. Thus, we have stopped consolidating this plant.

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QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION (d) The cost of balance due to unavailability consists of: R $ 2,405 to R $ 17,568 Itaqui and Parnaíba I.

25. Financial income The Company's financial income breaks down as follows:


09/30/2015 09/30/2014 09/30/2015 09/30/2014

Financial expenses

Charges of debt

(60,784)

(221,766) (320,800)

(402,064)

Monetary variance

(95,218)

(29,143) (95,717)

(30,274)

Loss on derivative transactions

(2,348)

(4,124) (2,348)

(4,124)

Debenture interest/cost

(74)

(470) (74)

(470)

Commission on bank finance - - (31,228) -

Other

(1,703) (5,661) (15,081) (29,200)

(160,127) (261,163) (465,248) (466,130)

Financial revenue

Short-term investments

14,474

8,973 31,213 20,783

Income from related parties

81,392

83,979 35,335 35,173

Monetary variance

24,604

23,716 29,958 26,882

Gains on derivative transactions

6,560

16,109 6,560 16,109

Discount debt RJ 20% (a)

489,344

- 489,344 Other 2,909 689 6,676 10,698

619,282 133,467 599,086 109,645

Net financial income 459,155 (127,696) 133,838 (356,486)

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(a) With the approval of judicial reorganization plan, it was applied the decrease of 20% of the value of Unsecured Claims, which occurred through a negative goodwill of the debt, that is, partial cancellation of Unsecured Claims. The value of the 20% discount was recognized in June on the said liabilities as counterpart of other operating revenue.

26. Commitments The main commitments undertaken with suppliers of goods and services are the following: (**) 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 prices and volumes. These purchase and sale prices are not therefore subject to changes in the energy sector.

Total contracted

on Contract Balance

Supplier Subject matter of contract

Signature

Term

09/30/2015

09/30/2015

12/31/2014

AVIPAM TURISMO E TECNOLOGIA LTDA Purchase of Flights/Accommodation 12/11/2012 09/30/2014 720

BANCO BANKPAR SA Supply of accommodation 12/11/2012 12/31/2014 1,360

697

697

BRASLIMP TRANSPORTES ESPECIALIZADOS LTDA Disposal of Class II waste in general 05/29/2014 12/31/2014 1,323

733

733

CAL TREVO INDUSTRIAL LTDA Supply of Burnt Lime 05/02/2013 05/01/2015 1,119

1,083

1,083

CARBOMIL QUIMICA S.A Supply of Burnt Lime 07/29/2013 05/06/2015 6,000

2,945

2,945

CENTRO DE FORMACAO E APERFEICOAMENTO DE BRIGADA DE INCENDIO LTDA

Technical Assistance Services 06/16/2014 06/15/2016 1,120

840

840

COMPANHIA DE INTEGRACAO PORTUARIA DO CEARA CEARAPORTOS

Regulation of Solid Bulk Movement 03/18/2014 12/29/2024 7,674

4,233

4,233

COMPANHIA DE INTEGRACAO PORTUARIA DO CEARA CEARAPORTOS

Supply of Electricity to the Port 08/07/2012 Undetermined 2,400

579

579

E ON GLOBAL COMMODITIES SE Supply of coal 01/02/2014 12/31/2014 290,001

9,924

9,924

E ON GLOBAL COMMODITIES SE Supply of coal 10/02/2013 12/31/2014 70,921

24,583

24,583

EBM CONSULTORIA E INVESTIMENTOS LTDA Consultancy for obtaining financing 01/29/2010 09/30/2014 4,428

ELETROMECANICA CAPISTRANO EIRELI-ME Maintenance and operation of UTE Pecem II

01/24/2014 02/28/2015 8,642

1,659

1,659

ELETROMECANICA CAPISTRANO EIRELI-ME Turbine no. 03 maintenance services 09/18/2013 09/30/2014 3,300

ENGETEC CONSULTORIA GESTAO E SERVICOS EMPRESARIAIS LTDA

Pressure level monitoring services 08/01/2014 08/31/2016 975

885

885

FORNECEDORA MAQUINAS E EQUIPAMENTOS LTDA Compacting of coal in the yard 07/30/2014 12/31/2014 6,253

1,529

1,529

FORNECEDORA MAQUINAS E EQUIPAMENTOS LTDA Heavy Vehicle Leasing Services 05/30/2014 12/29/2015 2,940

2,095

2,095

FORNECEDORA MAQUINAS E EQUIPAMENTOS LTDA Compacting of coal in the yard 09/01/2014 09/30/2018 2,226

2,082

2,082

FORNECEDORA MAQUINAS E EQUIPAMENTOS LTDA Heavy Vehicle Leasing Services 09/01/2014 09/30/2018 12,613

11,798

11,798

FORSHIP ENGENHARIA S/A Commissioning services at UTE Pecém II 01/02/2013 12/30/2014 9,500

GUIMAR ENGENHARIA S.A. Project closure process 09/28/2012 09/30/2014 2,000

ICAL INDUSTRIA DE CALCINAÇÃO LTDA Supply of Burnt Lime 08/09/2013 04/22/2015 786

732

732

MINERAÇÃO BELOCAL LTDA Supply of Burnt Lime 09/03/2013 12/31/2014 941

MINERAÇÃO LAPA VERMELHA LTDA Supply of Burnt Lime 09/09/2013 12/31/2014 1,871

MONSERTEC MANUTENCAO INDUSTRIAL LTDA Maintenance of scaffolding and industrial paintwork

10/28/2013 10/27/2015 4,867

2,798

2,798

NUTRINOR RESTAURANTES DE COLETIVIDADE LTDA Meals - breakfast, lunch, dinner and supper

12/07/2012 09/30/2014 571

OPE COMISSIONAMENTO OPERACIONAL LTDA-ME Activities related to commissioning 12/23/2014 Undetermined 1,811

784

784

OPERADOR NACIONAL DO SISTEMA ELETRICO ONS Transmission between concession operators and Mpx

05/27/2014 Undetermined 52,001

8,966

8,966

PORTO DO PECEM TRANSPORTADORA DE MINERIOS S/A Unloading of ships moored in the terminal

03/26/2012 12/31/2016 6,950

2,678

2,678

PRIME PLUS LOCACAO DE VEICULOS E TRANSPORTES TURISTICOS LTDA

Worker transportation service 10/01/2014 10/31/2017 992

992

992

PHYSICAL ACOUSTICS SOUTH AMERICA LDTA MACHINERY AND EQUIPMENT MAINTENANCE

06/10/2014 06/09/2016 683

683

683

RAIZEN COMBUSTIVEIS S.A Supply of B S10 Diesel Fuel 04/02/2014 03/31/2015 9,999

7,713

7,713

REX EMPREENDIMENTOS IMOBILIARIOS LTDA Property rental 01/01/2009 11/27/2042 45,283

37,711

37,711

73

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION RH CLEAN SERVICOS PROFISSIONAIS DE LIMPEZA LTDA Cleaning of the Coal Transfer Towers 01/08/2013 12/31/2014 1,263

532

532

RH CLEAN SERVICOS PROFISSIONAIS DE LIMPEZA LTDA Procurement of outsourced labor 07/02/2012 09/30/2014 750

RIP SERVIÇOS INDUSTRIAIS LTDA Specialist Labor Services 09/24/2014 10/05/2014 7,500

SEMACE ENVIRONMENTAL COMPENSATION 09/05/2008 Undetermined 4,850

471

471

SPIG TORRES DE RESFRIAMENTO LTDA Electromechanical Monitoring and Assembly

04/01/2014 03/31/2015 1,491

1,491

1,491

SUPRICEL LOGISTICA LTDA Burnt Lime Shipping Services 08/09/2013 04/22/2015 8,464

2,355

2,355

TDG - TRANSMISSORA DELMIRO GOUVEIA S/A Connection Bay 03/06/2014 Undetermined 1,020

754

754

MABE Construction of UTE-EPC

01/27/2008

Undetermined

144,144

5,960

5,960

Tecnometal Supply of coal conveyor transportation system

07/24/2009

07/31/2014

130,757

30,399

30,399

Cargotec Supply of ship unloading equipment 10/07/2009

07/06/2013

20,161

-

-

Carbomil Supply of Burnt Lime 05/07/2010

07/06/2015

30,000

26,798

26,798

EMS Silvestrini Maintenance, Industrial Cleaning and Industrial Support

05/01/2012

06/30/2014

19,692

1,800

1,800

Global Crossing IT SERVICES

08/11/2009

12/09/2012

697

-

-

Fortal Serviços de Segurança Armed security and surveillance services

07/25/2012

03/24/2014

5,275

-

-

Petroleo Sabba Supply of diesel oil

07/01/2012

08/31/2014

19,325

-

-

Nova Aliança Locação de Veículos Personnel Transportation Services

07/01/2012

08/31/2015

3,843

-

-

CONSULTORIA PLANEJAMENTO E ESTUDOS AMBIENTAIS Monitoring of water quality

03/01/2013

05/31/2014

904

79

79

SEMPRE VERDE SERV. E CONSTR. CIVIL Technical management of agricultural hub

05/20/2013

05/19/2014

522

-

-

RH Global Leasing of specialist outsourced labor

07/21/2013

07/21/2014

1,406

90

90

ECOSOFT Air quality monitoring and meteorology

02/01/2013

04/30/2014

697

71

71

OGMO Collective agreement with dockers' trade unions

10/01/2013

09/30/2015

750

194

194

MONSERTEC Assembly of scaffold and industrial and civil treatment

05/12/2013

04/12/2015

8,310

1,621

1,621

E ON GLOBAL COMMODITIES Supply of coal

01/01/2014

01/31/2015

123,346

12,670

12,670

Atlas Copco Brasil Maintenance of atlas compressors

02/25/2014

04/24/2017

664

479

479

Safety Consultoria Empresarial Emergency services combating fires

01/01/2014

12/31/2014

518

198

198

Avipam Accommodation services, issuance of flights

03/18/2014 04/17/2015 290

11

11

J DE D S LIMA Medical service

01/01/2014

10/31/2014

420

-

-

MAQMIX Coal stacking services during receipt from ship

03/20/2014

03/19/2015

5,562

2,084

2,084

SEMPRE VERDE SERV. E CONSTR. CIVIL Maintenance of green areas of UTE and surroundings

03/20/2014

03/19/2015

719

239

239

PROVIDA BRASIL Monitoring of aquatic biota during operations

04/07/2014

02/18/2015

1,449

1,268

1,268

EMAP Unloading and shipping products

04/01/2014

03/31/2016

8,300

5,399

5,399

VIP VIGILANCIA Armed security services on-site

01/22/2014

04/25/2014

5,145

4,166

4,166

CENTRAL DE GERENCIAMENTO AMBIENTAL TITARA S/A Disposal of ash generated at the landfil

04/17/2014

04/16/2022

90,000

78,849

78,849

ENVITEK SERVICOS AMBIENTAIS LTDA Handling and transportation of ashes in the UTE's yard

03/24/2014

03/23/2022

82,000

72,700

72,700

CONTROL AMBIENTAL ENGENHARIA E PLANEJAMENTO LTDA Monitoring of groundwater at UTE

04/16/2014

04/15/2015

759

253

253

GE International GE Turbina e assistencia

05/30/2011

01/18/2014

397,986

266,552

266,552

DURO Felguera EPC and Turbine and technical assistance 05/30/2011

10/31/2013

586,827

242,013

242,013

Guimar Engenharia Engineering consultancy for UTE Parnaíba

06/01/2011

10/31/2013

8,335

-

-

Biota Projetos e Consultoria Ambiental Biotic Monitoring

08/10/2012

08/09/2018 1,081

383

383

CONSROD CONSTRUCOES RODOVIARIAS LTDA ME Construction of heliport and new cabin

11/05/2012

06/04/2013 2,194

-

-

BESSA & BARREIRA ADVOGADOS Specialist legal advisory services for environmental matters

01/03/2011

12/31/2013 560

532

532

GASMAR Distribution system operation and maintenance

12/17/2012

12/16/2027

57,838

109

109

ELETRONORTE Maintenance and operation services - in connection bay

03/21/2013

03/20/2015

2,375

40

40

EMS SILVESTRINI Preventive and corrective industrial maintenance

04/04/2013

04/03/2015

1,664

235

235

M CARTAXO LACERDA Procurement of specialist labor

06/03/2013

06/02/2015

723

171

171

PARNAÍBA GÁS NATURAL Natural gas acquisition

01/01/2013

12/31/2027

871,917

216,154

216,154

BPMB PARNAÍBA Leasing of leased capacity

02/01/2013

01/31/2028

695,234

163,832

163,832

74

RH GLOBAL CONSULTORIA E ASSESSORIA LTDA Specialized services: outsourced labor

07/24/2013

01/23/2015

1,598

338

338

VIP VIGILANCIA Unarmed security and property protection services

08/10/2013

08/09/2015

1,431

685

685

INST. AYRTON SENNA Implementation of management program for school flow

06/18/2013

01/30/2017

2,121

2,121

2,121

FACULDADES CATOLICAS Research and development

03/18/2014

14/17/2017

2,161

1,359

1,359

M CARTAXO LACERDA Preparation and supply of meals to employees

04/11/2014

04/10/2016

2,574

1,939

1,939

MPX ENERGIA Research and development project

03/19/2014

03/18/2017

790

790

790

PSR SOLUÇÕES Research and development project

03/18/2014

03/17/2017

589

327

327

INITEC Energia S.A. EPC 08/15/2011

02/02/2014

913,300

410,225

410,225

Hidroinga Poços Artesianos Well engineering

03/25/2012

07/30/2013

1,578

-

-

Brasilis Kaduna Consultancy services 02/17/2012

04/16/2013

1,000

352

352

SYNERGIA Consultancy for Rural Resettlement Action Plan

05/07/2012

07/06/2013

1,239

-

-

Desga Ambiental Industria e Comércio Water intake and disposal system

08/01/2012

10/31/2013

20,763

9,789

9,789

Desga Ambiental Industria e Comércio Complete implementation of the water intake

08/01/2012

05/31/2014

42,206

9,450

42,206

General Electric Company Acquisition of 2 (two) turbo generators

08/20/2012

12/19/2013

61,424

9,920

9,920

Hidroinga Poços Artesianos Planning and construction of two cased wells

11/30/2012

04/29/2014

3,605

104

104

CONEL CONSTRUCOES E ENGENHARIA LTDA Construction of the well interconnection system

03/21/2013

06/30/2014

12,162

-

-

HATCH CONSULTORIA E GERENCIAMENTO DE EMPREENDIMENTOS LTDA

Development of the interconnection system project

03/18/2013

07/17/2014

2,032

-

-

ARM CONSULTORIA EM SEGURANCA LTDA - PREVINE Consultancy for occupational safety and the environment

05/21/2013

05/20/2014

4,828

-

-

RH GLOBAL Procurement of specialist labor

07/24/2013

07/23/2014

2,751

153

153

LBB TRANSPORTE Completion of effluent disposal duct

10/15/2013

05/16/2014

3,441

-

-

Guimar Engenharia Engineering consultancy

09/01/2013

02/29/2016 3,040

-

-

STEAG Energy Engineering consultancy

09/01/2013

02/29/2016 6,504

78

78

E M S Silvestrini Industrial correction and maintenance of equipment

01/01/2014

04/03/2015 836

242

242

VIP Vigilância

Unarmed security and property protection services 01/01/2014

08/09/2015

998

387

387

Biota Projetos Biotic monitoring of Parnaiba

01/01/2014

08/09/2018 551

464

464

M Cartaxo R Lacerda Preparation, handling and supply of meals

04/11/2014

04/10/2016 2,114

1,507

1,507

Bripaza Construções Final implementation of the waste disposal system

03/17/2014

07/16/2014

2,433

-

-

WARTSILA BRASIL LTDA EPC

03/28/2013

04/30/2014

8,916

877

877

CMI CONSTRUÇÕES CONEXÃO ELETRICA 10/01/2013

05/20/2014

3,250

117

117

Mabe Construction of UTE-EPC 01/27/2008

Undetermined

2,607,057

25,817

25,817

Mabe/SEMACE Environmental compensation

09/05/2008

Undetermined

713

713

713

Consulgal Portugal Owner’s engineering 12/20/2007

10/19/2014

2,618

355

355

Several Services/Materials

Several

Undetermined

426,887

177,728

177,728

REX Operating Leasing

07/23/2008

01/23/2043

8,093

6,325

6,325

Carbomil Lime

08/20/2010

06/01/2015

11,910

4,765

4,765

ICAL Lime 09/23/2011

11/10/2014

21,950

-

-

Cogerh Raw Water

10/28/2010

10/27/2020

73,725

43,581

43,581

CAGECE Waste disposal 02/09/2012

10/10/2031

14,264

3,572

3,572

EDP Comercializadora Electricity for sale Several

Undetermined

89,972

4,682

4,682

BTG Energia Electricity for sale Several

Undetermined

52,920

52,920

52,920

E-on Coal

Several

Undetermined

389,100

209,216

209,216

75


27. Insurance Coverage 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 September 30, 2015 and December 31, 2014 the main risk cover are:

Consolidated

2015 2014

Material damages 21,255,204 18,291,418 Civil liability 535,000 438,500

Key Policies in force

Insurance Branch Value at risk Limit

Maximum indemnified

Effectiveness Award

ACE Seguradora Operational

Risks USD 5.343.735.084,

USD 1.682.646.357,

per event

01.07.15 a 01.07.16

USD 15,766,959.56

ACE Seguradora General Liability

R$ 135.000.000 per event or no aggregate

17.03.15 a 17.03.16

R$ 238,384

Tokio Marine Seguradora

General Liability

R$ 50.000.000 per event or

R$100.000.000 in aggregate

17.03.15 a 17.03.16

R$ 214,841

Fairfax Seguros Liability of Directors


aggregate

30.08.15 a 30.08.16

R$ 1,367,711

XL Seguros Port operator


R$ 50.000.000 in aggregate

23.08.15 a 23.08.16

R$ 96,642

28. 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 decision-taking purposes.

76

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. A main manager, who allocates and evaluates the operational segment's performance, manages the current activity. In the case of the Company, this manager is the CEO. As the ventures move forward, Management aims to re-evaluate business segments.

Energy Generation

Corporate Other

Eliminations

and adjustments

Total

consolidated

Balance sheets- assets

5,476,149

3,423,875

173

(660,772)

6,800,641

Current

523,616

205,260

7

(1,630)

727,253

Cash and cash equivalents

112,670

142,028

7

-

254,705

Trade receivables

234,459

-

-

-

234,459

Securities

-

-

-

-

-

Inventories

88,747

-

-

-

88,747

CCC subsidies receivable

-

-

-

-

-


-

-

-

-

-

Secured deposits

-

33,700

-

-

33,700

Held-for-trading assets

87,741

29,532

-

(1,630)

115,643

Noncurrent

4,952,533

3,218,614

166

(659,143)

6,073,387

Long-term

Related parties

34,056

827,858

-

(489,643)

372,271

CCC subsidy receivable

24,617

-

-

-

24,617

Deferred taxes

269,100

-

-

-

269,100


-

21,124

-

-

21,124

Secured deposits

78,191

-

-

-

78,191

Other noncurrent assets

(11,272)

235,191

0

(169,500)

54,421

Capital expenditure

-

2,120,106

-

-

667,214

Property, plant and equipment

4,385,792

11,070

166

-

4,397,029

Intangible assets

172,048

3,265

-

-

189,420

Deferred charges

(0)

-

-

0

-

77


09/30/2015

Energy

Generation Corporate Other

Eliminations

and adjustments

Total consolidated

Balance sheets - liabilities

5,476,149

3,423,875

173

474,688

6,800,640

Current

1,358,725

17,655

11

(1,630)

1,374,761

Loans and financing

1,082,122

(0)

-

-

1,082,123

Trade Payables

135,973

11,660

2

-

147,633

Losses and derivative operations

-

-

-

-

-

Related parties

-

-

(1)

(0)

(0)

Debentures

-

-

-

-

-

Other current liabilities

140,630

5,995

10

(1,630)

145,005

Noncurrent

2,421,494

2,097,424

521

(968,152)

4,040,930

Long-term

Loans and financing

1,826,315

2,048,871

-

-

3,875,186

Deferred taxes

14,286

-

-

-

14,286

Related parties

578,635

37,328

521

(955,714)

150,414

Debentures

-

-

-

-

-

Losses and derivative operations

-

-

-

-

-

Other noncurrent liabilities

2,258

11,225

-

(12,438)

1,045

Noncontrolling shareholders

-

-

-

-

83,788

Shareholder’s equity

1,695,931

1,308,795

(359)

1,444,470

1,301,162

09/30/2015

Energy Generation

Corporate Other

Eliminations

and adjustments

Total

consolidated

Statements of operations

Revenue

1,096,814

-

-

-

1,053,542

78

Cost of goods and/or service sold

(954,855)

-

-

43,272

(911,583)

Operating expenses

(20,958)

(42,731)

(10)

79

(63,620)

Other operating income

3,042

(52,974)

-

-

(45,323)

Equity and net income of subsidiaries

-

(234,741)

-

-

(80,205)

Financial income

(325,316)

459,155

0

-

133,838

Provision for current deferred taxes

46,062

-

-

-

46,062

Noncontrolling interest

(4,002)

-

-

(4,003)

Net income/Loss for the year

(155,212)

128,709

(10)

43,351

128,709

December 31, 2014

Energy Generation Corporate Other Eliminations and adjustments Total consolidated

Balance sheets- assets 5,467,613 3,729,972 174 (2,153,341) 7,044,418

Current 558,187 386,513 7 - 944,708

Cash and cash equivalents 84,809 72,502 7 - 157,318

Trade receivables 304,848 - - - 304,848

Securities - - - - -

Inventories 99,185 - - - 99,185

CCC subsidies receivable - - - - -

Gains on derivative transactions - - - - -

Secured deposits - 41 - - 41

Secured deposits - 300,000 300,000

Held-for-trading assets 69,346 13,970 - - 83,316

Noncurrent 4,909,425 3,343,458 166 (2,153,341) 6,099,710

Long-term 315,156 1,101,204 - (673,618) 742,743

Related parties 23,048 798,056 - (451,868) 369,236

CCC subsidy receivable 24,617 - - - 24,617

79

QUARTERLY INFORMATION – ENEVA S.A. – IN JUDICIAL REORGANIZATION Deferred taxes 219,713 - - - 219,713

Gains on derivative transactions - 21,122 - - 21,122

Secured deposits 62,070 - - - 62,070

Other noncurrent assets (14,292) 282,026 - (221,750) 45,984

Capital expenditure - 2,228,139 - (1,494,213) 733,927

Property, plant and equipment 4,412,063 11,238 166 - 4,423,466

Intangible assets 182,206 2,876 - 14,490 199,572

Deferred charges - - - - -

December 31, 2014

Energy

Generation Corporate Other

Eliminations and

adjustments

Total consolidated

Balance sheets - liabilities 5,467,613 3,729,972 174 (2,153,341) 7,044,418

Current 1,390,854 2,229,071 10 (25) 3,619,910

Loans and financing 1,090,044 2,199,149 - - 3,289,195

Trade Payables 138,048 11,737 1 - 149,785

Losses and derivative operations - - - - -

Related parties 25 - (1) (25) (0)

Debentures - - - - -

Other current liabilities 162,736 18,185 10 - 180,930

Noncurrent 2,282,048 357,885 513 (433,649) 2,206,796

Long-term

Loans and financing 1,691,753 182,749 - - 1,874,502

Deferred taxes 10,978 - - - 10,978

Related parties 577,059 171,595 513 (428,291) 320,875

Debentures - - - - -

Losses and derivative operations - - - - -

Other noncurrent liabilities 2,258 3,541 - (5,357) 442

Noncontrolling shareholders - - - 82,455 82,455

Shareholder’s equity 1,794,712 1,143,016 (349) (1,802,122) 1,135,257

80

June 30,

2014

Energy Generation Supplies Corporate Other

Elimination

s and adjustments

Total consolidated

Statements of operations Net operating revenue 586,771 586,771 Cost of goods or service sold (494,605 ) (173 ) (494,779 ) Operating expenses (8,463 ) (28,324 ) (5 ) (36,791 ) Other operating income (12,091 ) 21,740 75 9,725 Equity in net income of subsidiaries (35,006 ) (7,361 ) Financial income (93,960 ) 8 (30,342 ) (124,293 ) Provision for current and deferred taxes (3,837 ) (3,837 ) Non-controlling interest (1,414 ) 50 (1,365 ) Net income/Loss for the year (27,599 ) (116 ) (71,931 ) (4 ) 75 (71,931 )

81


Geographic Data The four segments described above are located in three different geographical areas, as summarized below: North and Northeast System The North and North-east System consists of the plants of Itaqui Geração de Energia S.A., Pecém Geração de Energia S.A., Parnaíba Geração de Energia S.A., Parnaíba II Geração de Energia S.A., Parnaíba III Geração de Energia S.A., Parnaíba IV Geração de Energia S.A., Parnaíba V Geração de Energia S.A., Tauá Geração de Energia Ltda., Tauá II Geração de Energia Ltda. and Amapari Energia S.A. The coal-fired Itaqui thermal power plant is located in the proximity of Itaqui, in Maranhão state. It has an energy generation capacity of 360 MW and has energy sale orders from 2012.

82

The pulverized coal-fired power plants Pecém II Geração de Energia S.A. are located in the region of Porto do Pecém, Ceará state, with installed capacity of 360 MW. Tauá and Tauá II are also located in the state of Ceará, 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, Amapá state, with an installed capacity of 23 MW. The Parnaíba complex, a natural gas thermal power plant, is strategically located in block PN-T-68 of the Parnaíba Basin, in Maranhão state. The venture has been licensed by the Maranhão State environment Department (SEMA) and has a forecast total capacity of 3,722 MW. The five Parnaíba 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 Geração 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.

83


29. Subsequent events Completion of Capital increase achievement of key stage of the judicial recovery plan On 05 November of 2015 hereby informs the completion, of the Company’s private capital increase, approved by the Company’s Extraordinary Shareholder’s Meeting held on August 26, 2015 (“ESM”), which represents a significant step towards the Company’s judicial recovery plan (“Judicial Recovery Plan”), approved by its shareholders on April 30, 2015 and ratified by the 4th Commercial Court of Rio de Janeiro State on May 12, 2015 (“Capital Increase”). The subscription and payment of the Capital Increase have been made (i) through the contribution of assets, totaling R$1.3 billion; (ii) through the capitalization of credits in the approximate total amount of R$983.0 million, corresponding to 40% of the total unsecured credits against the Company registered in judicial recovery, which, together with the reduction of 20% of the debt enrolled in the judicial recovery, reduced the Company’s debt of approximately R$2.4 billion to a long-term debt of approximately R$1.0 billion; and (iii) in cash, in an amount of approximately R$9.1 million. With the contributed assets, ENEVA now holds 100% interest in (a) BPMB Parnaíba S.A.; (b) Parnaíba I, Parnaíba III and Parnaíba IV power plants; and (c) ENEVA Participações S.A., in addition to a 27.3% interest held in Parnaíba Gás Natural S.A. The assets contributed will foster cash generation and the Company’s strategic positioning. Considering that the minimum amount requirement of the Capital Increase approved by the ESM has been reached, the Company’s Board of Directors, on a meeting held on the date hereof, approved, by unanimity of its members’ votes, (i) the verification of the subscription of 15,336,875,991 new common shares issued by the Company, at an issuance price of R$0.15 per share, which represents a subscription amount of R$2,300,531,398.65; (ii) the ratification of the Capital Increase; and (iii) the cancellation of the non-subscribed common shares. As a result of the ratification of the Capital Increase, the Company’s share capital increased from the current R$4,711,337,093.96, divided in 840,106,107 common shares, to R$7,011,868,492.61, divided in 16,176,982,098 common shares (these figures do not include the effect of reducing the IPO funding costs in the amount of R$ 4,294,567.12, recorded by the Company). Upon the completion of the Capital Increase, the shareholders DD Brazil Holdings S.À.R.L (“E.ON”) and Eike Fuhrken Batista (and Centennial Asset Mining Fund LLC and Centennial Asset Brazilian Equity Fund LLC) had their interest in the capital stock reduced to 12.25% and 1.04%, respectively, thereby no longer being considered controlling shareholders of the Company. In this sense, the Company hereby informs that, upon completion of the Capital Increase, no shareholder or shareholders’ group, jointly acting, holds more than 50% of the Company’s share capital. ENEVA’s shareholding structure upon completion of the Capital Increase is divided as follows:

Shareholder Number of share Interest

Banco BTG Pactual S.A. 8,019,078,311 49.57%

E.ON 1,980,876,587 12.25%

Itaú Unibanco S.A. 1,884,283,260 11.65%

Ice Canyon LLC 1,100,447,853 6.80%

Outros (< 5% each) 3,192,296,087 19.73%

84

Finally, the Company hereby informs that, up to this date, all of the stages set forth in the Judicial Recovery Plan have been fully complied with, which allows the Company’s maintenance and the resumption of its longterm financial stability. Termination of shareholders’ agreement between E.ON and Eike Batista On November 10, 2015, the Geneva Preview SA was notified about the Company's shareholders' agreement of termination executed on May 23, 2013 and amended on December 30, 2014 between DD Brazil Holdings S.à.rl ("E.ON") and Eike Batista Fuhrken ("Batista"). ENEVA also informs hereby that no shareholder or shareholders’ group, jointly acting, currently holds more than 50% of the Company’s share capital. Aneel determines recalculation of payments for unavailability of Parnaíba I, Parnaíba III and Pecém II On November 10, 2015, Aneel - National Electric Energy Agency determined the CCEE - Chamber of Electricity Commercialization recalculate from start operation until July 2014, the reimbursements due to unavailability of title of thermoelectric plants Parnaíba I Parnaíba III and Pecém II using the methodology of a moving average of 60 months of the effective availability. The difference observed between the values calculated by this methodology and those already paid will be reimbursed to the plants. Since August 2014, Parnaíba I Parnaíba III and Pecém II came to recognize the unavailability according to the judicial decision of the 7th Federal Court of the Federal District, which determined the calculation based on the moving average rule of 60 months as provided for in CCEARs - Electricity Trading Agreements in the Regulated Market signed by the plants.

Board of Directors

85


Jorgen Kildahl

Keith Plowman Marcos Grodetzky

Adriano Carvalhêdo Castello Branco Gonçalves Fabio Hironaka Bicudo(Chairman)

Executive Board

Alexandre Americano (CEO) Ricardo Levy (Deputy president and Investor Relations Officer)

Accountant

Ana Paula Vergetti Diniz CRC nº 087040/O-9

SERVIÇO PÚBLICO FEDERAL

CVM - COMISSÃO DE VALORES MOBILIÁRIOS

ITR - Quarterly Information Corporations Law

Societária

BUSINESS, INDUSTRIAL AND OTHER ESTABLISHMENTS Base-Date – 09/30/2015

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

20.01 - OTHER INFORMATION THE COMPANY DEEMS RELEVANT

26/11/2015 16:10:44 Page 1

Pursuant to requirements of Corporate By-Laws, the Company itself, its shareholders and its management have undertaken to settle by arbitration all and every dispute or contention which may come up between them, especially arising out of, or related to the enforcement, effectiveness, lawfulness, interpretation, default, and its consequences, of the provisions of the Corporations Law, corporate By-Laws, the rules issued by the National Monetary Council and the Securities Commission (CVM), the regulations applicable to the operation of the capital market in general, besides those set out in the New Market Regulations, Market Arbitration Chamber Rules and under the New Market Participation Agreement. On September 30, 2015, Company share capital was represented by 840,106,107 common shares distributed as follows:

CONSOLIDATED SHAREHOLDING STRUCTURE OF THE CONTROLLING SHAREHOLDERS, MANAGERS AND FREE FLOAT

Position on 9/30/2015

Shareholder Number of Common

Shares (in units)

% Total Number of

Shares (in units)

%

Controlling Shareholder 528,461,557 62.90 528,461,557 62.90

Managers

Board of Directors 0 0.00 0 0.00

Executive Board 45,678 0.01 45,678 0.01

Supervisory Board* - - - -

Treasury Shares 0 0.00 0 0.00

Other Shareholders 311,598,872 37.09 311,598,872 37.09

Total 840,106.107 100 840,106,107 100

Free Float 311,598,872 37.09 311,598,872 37.09

*On September 30, 2015 In the Company the Advisory Board had not been called to convene.

On May 26, 2011, pursuant to a resolution passed at the Meeting of Company Board of Directors, held on March 24, 2011 a capital increase was carried out, whereby the number of Company shares was increased from 136,692,680 to 136,720,840, as a result of the exercise of the share subscription options. In February of 2012, pursuant to a resolution passed at the Meeting of Company Board of Directors held on February 29, 2012, a capital increase was carried out, upon issue of 9,633 new shares, due to the conversion of 6,383 debentures out of the 21,735,744 debentures issued by the Company on September 15, 2011. As a result, the number of Company shares was increased from 136,720,840 to 136,730,473.




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On March, 2012 pursuant to a resolution passed at the Meeting of Company Board of Directors, held on March 21, 2012, a capital increase was carried out upon issue of 984 new shares, following of the conversion of 649 debentures and issue of 7,040 new common shares, without par value, due to the exercise of the subscription options awarded as part of Company Share Purchase or Subscription Option Award Program. As a result, the number of Company shares was increased from 136,730,473 to 136,738,497. On May, 2012, pursuant to a resolution passed at the Meeting of Company Board of Directors, held on May 9, 2012, a capital increase was carried out, due to (i) the issue of 4,112 new shares, following the conversion of 2,701 debentures; and (ii) issue of 125,620 new common shares, without par value, following of the exercise of the share subscription options awarded as part of Company Share Purchase or Subscription Option Award Program. As a result, the number of Company shares was increased from 136,738,497 to 136,868,229. In the course of the same month, a new capital increase was carried out under a resolution passed at a Meeting of Company Board of Directors, held on May 24, 2012, ratifying the issue of 33,254,705 new common nominative shares of the Company, without par value, due to the conversion of 21,652,966 debentures. As a result, the number of Company shares was increased from 136,868,229 to 170,122,934. On May 24, 2012 the Board of Directors of ENEVA approved a Company capital increase, mounting to R$ 1,000,000,063.00, upon issue of 22,623,796 new shares. However, the new shares only started to exist upon completion of the capital increase and consequent approval, which took place in July, 2012 and ratification at a Meeting of the Board of Directors, held on July 25, 2012. In June of 2012, pursuant to a resolution passed at the Meeting of Company Board of Directors, held on September, 15, 2012, a capital increase was carried out, ratifying the issue of 514 new common nominative shares of the Company, without par value, due to conversion of 334 debentures. As a result, the number of Company shares was increased from 170,122,934 to 170,123,448. On June 25, 2012, Meeting the Board of Directors resolved to ratify the capital increase approved at the RCA (Meeting of the Board of Directors) held on May 24, 2012, at 11 am, amounting to one billion and sixty three reais (R$1,000,000,063.00), within the limits of the authorized capital, as a result of the subscription and full pay-in of the new 22,623,796 new common nominative shares, without par value, by E.ON AG (“E.ON”). Thus, the number of Company shares was increased from 170,123,448 to 192,747,244. According to the terms of the Minutes of the General Extraordinary Meeting of the Company, held on August 15,2012, by unanimous vote the shareholders in attendance approved a split of Company common shares, whereby each one (1) of the common shares was to correspond to three (3) shares of the same class. The split shares will be allocated to the ENEVA shareholders based on the shareholding structure on August 15, 2012. As a result, the number of Company shares was increased from 192,747,244 to 578,241,732. In January, 2013 a capital increase was carried out, as resolved at a Meeting of the Board of Directors, held on January 1, 2013, ratifying the issue of 147,480 new common shares, without par value, following the exercise of the share subscription options awarded as part of Company Share Purchase or Subscription Option Award Program, increasing the number of Company shares to 578,389,212.




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In February of 2013, a capital increase was carried out, as resolved at a Meeting of the Board of Directors, held on September 2, 2013, ratifying the issue of 27,000 common shares, without par value, due to the exercise of the subscription options awarded as part of the Company Share Purchase or Subscription Option Award Program, increasing the number of Company shares to 578,416,212. However, in face of a partial pay-in of the financial amount of the capital increase, Company Share Capital on March 31, 2013 amounted to R$ 3,736,269,091.89, an amount lower than the one stated in the Minutes of the Meeting of the Board of Directors held on February 6, 2013. The outstanding pay-in of the financial amount of the capital increase was carried out after the closing of the first quarter and, consequently, Company Share Capital amounted to R$ 3,736,354,722.02. In April of 2013, a capital increase was carried out, as resolved at a meeting of the Board of Directors, held on April 5, 2013, ratifying the issue of 34,500 new common shares, without par value, due to the exercise of the share subscription options warded as part of Company Share Purchase or Subscription Option Award Program, increasing the number of Company shares to 578,450,712. As a result of the above mentioned resolution, Company share capital went from R$ 3,736,354,722.02 to R$ 3,736,468,820.55. In May of 2013 a capital increase entered into effect, as resolved at a meeting of the Board of Directors, held on May 8, 2013, ratifying the issue of 29,250 new common shares, without par value, following the exercise of shares subscription options as part of the Company Shares Purchase or Subscription Option Award Program, increasing the number of Company Shares to 578,479,962. As a result of the above mentioned resolution, Company share capital went from R$ 3,736,468,820.55 to R$ 3,736,568,320.85. On September 16, 2013, a Meeting of the Board of Directors ratified Company capital increase, as resolved at a Meeting of the Board of Directors, held on July 3, 2013, amounting to R$ 799,999,995.15, within the limits of the authorized capital, as a result of the subscription and full pay-in of 124,031,007 new common nominative shares, without par value. Thus, the number of Company shares was increased from 578,479,962 to 702,510,969. Company share capital was increased from R$ 3,736,568,320.85 to R$ 4,536,568,316.00. In October of 2013, a capital increase was carried out, as resolved at a Meeting of Company Board of Directors held on October 21, 2013, ratifying the issue of 13.500 new common shares, without par value, due to the exercise of share subscription options awarded as part of Company Share Purchase or Subscription Option Award Program, taking the number of Company shares to 702,524,469. As a result of the above mentioned resolution, Company share capital went from R$ 4,536,568,316,00 to R$ 4,536,608,413.70. On August 1, 2014, a Meeting of the Board of Directors ratified Company capital increase, as resolved at a Meeting of the Board of Directors, held on September 5, 2014, amounting to R$ 174,728,680.26, within the limits of the authorized capital, following the subscription and pay-in of 137,581,638 new common nominative shares, without par value. Thus, the number of Company shares was increased from 702,524,469 to 840,106,107. Company share capital went from R$ 4,536,608,413.70 to R$ 4,711,337,093.96.




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Shareholding structure of the holders of over 5% Company shares of each kind and class up to the natural person (individual) level.

Companhia: ENEVA S.A.

Posição em 30/09/2015

Ações ordinárias* Total

Acionista Quantidade % Quantidade %

E.ON 360.725.664 42,94% 360.725.664 42,94%

Eike Fuhrken Batista

145.704.988 17,34% 145.704.988 17,34%

Centennial Asset Mining Fund LLC

20.208.840 2,41% 20.208.840 2,41%

Centennial Asset Brazilian Equity Fund LLC

1.822.065 0,22% 1.822.065 0,22%

FIA Dinâmica Energia

161.615.000 19,24% 161.615.000 19,24%

BNDESPAR 72.650.210 8,65% 72.650.210 8,65%

Outros 77.379.340 9,21% 77.379.340 9,21%

Total 840.106.107 100,00% 840.106.107 100,00%

*The share capital of ENEVA consists only of common shares.

Breakdown of the share capital of the legal entity (Company shareholder) up to the natural person (individual) level




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Company: Centennial Asset Mining Fund LLC Position on 06/30/2015

Quotas Total

Shareholder Quantity % Quantity %

Eike Fuhrken Batista 1,000 100 1,000 100

Total 1,000 100 1,000 100

Company: Centennial Asset Brazilian Equity Fund LLC Position on 06/30/2015

Quotas Total


Centennial Asset Mining Fund LLC 1,000 100 1,000 100

Total 1,000 100 1,000 100

For easier understanding a brief history of the changes to equity interest that took place at ENEVA, in the period of one year, is presented below: On May 27, 2013, E.ON SE and Mr. Eike Fuhrken Batista (“Parties”), the controlling shareholder of ENEVA, executed a Shareholders' Agreement (“Agreement”), under which the Parties set forth the most relevant terms and conditions that were to govern their relationship as, and while they remain (always complying with the termination provisions set in said Agreement) as shareholders of ENEVA, aiming at Shared Control of the Company by the Parties. E.ON and Mr. Eike Fuhrken Batista entered into an Investment Agreement executed on March 27, 2013 providing on the purchase by E.ON of the shares issued by ENEVA and were held by Mr. Eike Fuhrken Batista, followed by an ENEVA private capital increase, that was ratified on September 16, 2013. On September 30, 2014, Company share capital consisted of 840,106,107 common shares, with the following breakdown:

CONSOLIDATED SHAREHOLDING STRUCTURE OF THE CONTROLLING SHAREHOLDERS, MANAGEMENT AND D FREE FLOAT

Position on 12/31/2013

Shareholder Quantity of Common Shares

(In Units) %

Total Quantity of Common Shares

(In Units) %

Controlling Shareholder 528,461,557 62,90 528,461,557 62,90

Managers

Board of Directors 57,070 0.01 57,070 0.01

Executive Board 0 0 0 0

Supervisory Board* - - - -

Treasury Shares - - - -




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Other Shareholders 311,587,480 37,09 311,587,480 37,09

Total 840,106,107 100 840,106,107 100

Free Float 311,587,480 37,09 311,587,480 37,09

*In the fiscal year ended on September 30, 30/09/2014, the Supervisory Board was not called to convene by the General Meeting of the Company.

Shareholding structure of holders of over 5% of Company shares of each kind and class up to the natural person (individual level).

Company: ENEVA S.A. Position on 09/30/2014

(in shares)

Common shares* Total


Eike Fuhrken Batista 145,704,988 17,3 145,704,988 20.7

Centennial Asset Mining Fund LLC 20,208,840 2.4 20,208,840 2.9

Centennial Asset Brazilian Equity Fund LLC 1,822,065 0.2 1,822,065 0.3

E.ON 360,725,664 42,9 360,725,664 42,9

BNDESPAR 72,650,210 8,6 72,650,210 8,6

Other 238,994,340 28,4 238,994,340 28,4

Total 840,106,107 100 840,106,107 100

Breakdown of the share capital of the legal entity (Company shareholder) up to the natural person (individual) level

Company: Centennial Asset Mining Fund LLC Position on 09/30/2014

Quotas Total


Eike Fuhrken Batista 1,000 100 1,000 100

Total 1,000 100 1,000 100

Company: Centennial Asset Brazilian Equity Fund LLC Position on 09/30/2014

Quotas Total


Centennial Asset Mining Fund LLC 1.000 100 1.000 100

Total 1.000 100 1.000 100




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♀ On November 5, 2015, it was approved in the Board of Directors Meeting, the increase of the

Company's capital stock, as approved at the Extraordinary General Meeting held on August 26, 2015

in the amount of R $ 2,300,531,398.65, due to the subscription and full payment of 15,336,875,991

new common shares with no par value. In this way, the number of shares increased from 840,106,109

to 16,176,982,098. The Company's capital increased from R $ 4,711,337,093.96 to R $

7,011,868,492.61.

After the capital increase , the Company's share capital is now composed of 16,176,982,098

common shares , as follows:

shareholder base

%

BTG Pactual 8.019.078.311 49,57092%

E.ON 1.980.876.587 12,24503%

Itaú Unibanco 1.884.283.260 11,64793%

ICE Canyon 1.100.447.853 6,80255%

Bullseye 1.055.689.298 6,52587%

Outros 2.136.606.789 13,20770%

Total 16.176.982.098 100,00000%

3Q15 Earnings Release

Economic and Financial Performance

1. Net Operating Revenues

In 3Q15, ENEVA recorded consolidated net operating revenues of R$366.0 million, vs R$353.8 million in 3Q14.

The increase of R$11.5 million was mostly attributable to earnings from power settlement in the Free Market, which

were higher by R$15.4 million within the period, mainly as a result of the increase of the amount of power allocated

by plants to the Free Market due to changes in regulatory rules, effective as of January 2015. Aneel – Brazil’s

Electricity Regulatory Agency reviewed free and captive markets ratio allocation in 2014 in order to stabilize the

power settlement of regulated contracts throughout the contract’s term and to adjust the power allocation of plants

with different regulated contracts.

Net revenues in 3Q15 consisted largely of revenues from Itaqui and Parnaíba I’s Regulated Market Power Purchase

Agreements (PPA), which totaled R$156.2 million and R$209.4 million, respectively. Parnaíba I’s revenue was hit

by a reduction of R$14.8 million in variable revenues as a result mainly of the reduction in the plant’s availability

due to gas optimization in the Parnaíba Complex. Additionally, Parnaíba I’s revenue was understated in R$5.5

million due to a miscalculation by CCEE – Power Trading Clearing Chamber, which is already being challenged by

the Company. Parnaíba II’s revenues of R$19.9 million comprised the reimbursement of 50% of its operating costs

by Parnaíba I for partially substituting the latter thermal plant’s generation, as provided for in the Aneel agreement

to postpone the Parnaíba II startup date.

A breakdown of 3Q15 operating revenues is shown below:

Operating Revenues

(R$ million) Itaqui Parnaíba I Parnaíba II Amapari Write Off1 Consolidated

Gross Revenues 173.5 232.9 22.0 0.0 (21.5) 406.9

Fixed Revenues 84.2 118.1 0.0 0.0 0.0 202.3

Variable Revenues 62.1 107.9 0.0 0.0 0.0 170.1

Free Market allocation 9.3 9.6 0.0 0.0 0.0 18.9

Ballast liquidation 4.6 0.0 0.0 0.0 0.0 4.6

Other Revenues 0.0 0.0 22.0 0.0 (21.5) 0.5

Adjustments from previous periods 13.4 (2.7) 0.0 0.0 0.0 10.7

Deductions from Operating Revenues (17.4) (23.6) (2.0) 0.0 2.0 (40.9)

Net Operating Revenues 156.2 209.4 19.9 0.0 (19.5) 366.0

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



2. Operating Costs

Operating Costs

(R$ million) 3Q15 3Q14 %

Personnel and Management (13.2) (10.8) 21.8%

Fuel (135.2) (142.4) -5.1%

Outsourced Services (26.0) (32.3) -19.4%

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

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

Other Costs (43.0) 65.4 -

Transmission Charges (19.5) (11.3) -8.3%

Compensation for Downtime (5.7) 89.7 -95.4%

Other (17.8) (13.0) 36.9%

Total (267.0) (212.1) 25.9%

Depreciation and Amortization (43.5) (35.4) 22.9%

Total Operating Costs (310.6) (247.6) 25.4%

Operating costs totaled R$310.6 million in 3Q15, R$63.0 million higher than in the same period last year, mainly

as a result of an increase of R$101.3 million in unavailability charges compared to 3Q14. To recall, in 3Q14,

unavailability charges were boosted by a positive impact of R$118.3 million (R$100.5 million for Itaqui and R$17.8

million for Parnaíba I), as a result of two different causes: (i) a decision of Aneel which benefited Itaqui by

determining the recalculation of plant’s unavailability charges on an hourly-based methodology since its startup;

and (ii) an accounting adjustment in Parnaíba I due to a Federal Court decision in September 2014 which provided

for charging ADOMP on an 60-month rolling average methodology (instead of the hourly basis calculation).

The fuel cost reduction was mainly due to the reduction in fuel consumption by Parnaíba I, whose generation has

been partially covered by Parnaíba II’s operations as part of the agreement with Aneel to postpone the Parnaíba II

startup date, which had an impact of R$12.5 million on this line. Nevertheless, despite the reduction of 22.9% in

coal prices over the period, the BRL/USD FX rate adjusted by 46,4% thus impacting fuel cost of Itaqui, which rose

by R$5.4 million in the period. Fuel costs in the quarter totaled R$135.2 million, R$70.9 million of which incurred

by Itaqui and R$64.3 million by Parnaíba I.

Outsourced services account totaled R$26.0 million, a reduction of R$6.3 million over the period, mainly due to

lower costs with ash disposal incurred by Itaqui (-R$4.2 million).

The leases and rentals account line, which totaled R$46.8 million in the quarter, mainly comprises lease costs

incurred by Parnaíba I, in accordance with its gas supply contract (R$65.2 million). As a result of Parnaíba II

partially substituting Parnaíba I, the latter has borne 50% of Parnaíba II’s operating costs. These costs (R$21.5

million) have been compensated by the Parnaíba Complex gas suppliers PGN and BPMB through a temporary

reduction in the gas costs billed to Parnaíba I, as part of an settlement agreement signed in 1Q15. It is worth

noting that, in 3Q14, lease cost was boosted by R$23.4 million due to the accounting of understated payments of

Parnaíba I’s fixed gas treatment facility lease cost during 2014.


The operating costs in 3Q15 were also impacted by higher costs associated with insurance, due to updated risk

assessment on all assets, to an increase of 62.1% in the FX rate and to the startup of Parnaíba II as of December,

2014.

The power trades resulting from the annual revision of the plants’ firm energy, as provided for in the PPAs,

decreased by R$2.7 million especially due to the reduction of 70% in energy spot prices in a quarterly comparison,

despite higher ballast demand by Itaqui (+13.76MWavg). Nevertheless, the sale revenues of the energy associated

with the collateral contract purchase used to cover the Itaqui’s firm energy shortage amounted to R$4.6 million.

The other costs account, which totaled R$26.8 million in 3Q15, is mainly composed of transmission charges (TUST),

amounting to R$19.5 million, and of compensation for power plant downtime (unavailability charges, also known

as ADOMP), amounting to R$5.7 million. According to the ADOMP rules in place, the plants have to reimburse the

DisCos for the cost of undelivered energy, whose calculation is based on a 60-month rolling average priced by the

difference between their declared variable cost per MWh (CVU) and the energy spot price (PLD). In 3Q15, Itaqui

and Parnaíba I incurred in unavailability charges amounting to R$0.2 million and R$5.4 million, respectively.

Additionally, due to a regulatory change in the ADOMP calculation, which is currently being challenged by the

Company, downtime charges were overstated by R$2.4 million in Parnaíba I. Excluding the one-time events that

impacted figures in 3Q14, as previously mentioned, unavailability charges decrease by R$25.3 million mainly as a

result of a decrease of 70% in spot prices of North region.

Operating Highlights: Despite the high records for the period, generation interruptions were mostly related with

ventilation systems and coal mills, decreasing Itaqui’s availability. Net generation totaled 624GWh.

Gas optimization procedures in 3Q15 compromised availability of Parnaíba I and also Parnaíba II, which has been

generating in substitution of part of Parnaíba I since December 2014. During the period, Parnaíba I’s availability

was also impacted by a 5-day planned outage of the gas treatment facility in order to allow the unit’s upgrade for

processing more gas volume and to connect additional infrastructure to meet future gas supply of the Parnaíba

Complex. Net generation reached 1,089GWh, including 552GWh from Parnaíba II.

87% 90% 88%74%

91% 92% 88% 91%

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

Itaqui - Energy Availability

94% 86% 81%94%

79% 91% 81% 84%

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

Parnaíba I - Energy Availability


3. Operating Expenses

Operating expenses, excluding depreciation and amortization, amounted to R$14.4 million, R$10.4 million lower

than on 3Q14. In the same period, the Holding Company posted operating expenses, excluding depreciation and

amortization, of R$8.8 million, vs. R$18.7 million in 3Q14. The second-quarter IPCA inflation index increased by

9.49%.

Operating Expenses Consolidated


Personnel (4.4) (5.7) -23.6%



Other Expenses (1.1) (1.0) 11.4%

Total (14.4) (24.8) -41.9%


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

Operating Expenses Holding


Personnel (4.4) (4.6) -4.4%

Stock Options - 3.4 -100.0%



Other Expenses (0.6) (0.5) 12.4%

Total (8.8) (18.7) -52.9%



The main changes were as follows:

Personnel: Personnel expenses totaled R$4.4 million in 3Q15, vs. R$5.7 million in the same period last

year, largely as a result of:

Organizational redesign and streamlining, especially in the Holding Company, with a 24% reduction in

its total headcount, and a decline in labor costs associated with layoffs (-R$3.1 million);

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

3Q14, as a result of a decrease in both the number of options outstanding and the share price (+R$4.6

million).

Outsourced services: Expenses with outsourced services in 3Q15 totaled R$8.0 million, down R$7.9

million in relation to 3Q14. The highlights were:

Decrease in IT expenses due to in-house infrastructure development in recent months (-R$4.4 million);

Accounting provision adjustments related to shared services allocation between the Holding and the

plants (-R$3.2 million);

Increase in consulting services related to gas E&P activities (+R$1.4 million) and to financial

restructuring and the Judicial Recovery process (+R$1.1 million).


Leases and rentals: Reduction of R$1.2 million YoY mainly due to corporate headquarters’ facilities

reduction.

4. EBITDA

ENEVA reported 3Q15 EBITDA of R$84.5 million, vs R$116.8 million in the same period last year. Despite the

reduction, which was primarily due to the positive impact in unavailability charges in 3Q14 amounting to R$118.3

million from favorable outcomes from plants’ claims in Aneel and court decisions, it is worth noting the following:

Despite the ongoing gas optimization at the Parnaíba Complex that led to a reduction in Parnaíba I’s

variable revenues, gas supply costs were reduced as a consequence of the agreement entered into with

PGN and BPMB, which were responsible for increasing this plant’s EBITDA by R$21.5 million. Unavailability

charges in Parnaíba I were overstated, which had a negative impact on plant’s operating cost of R$2.4

million. Parnaíba I reported 3Q15 EBITDA of R$46.9 million;

In Itaqui, FX depreciation and lower spot prices positively impacted costs related to Fuel, Energy acquired

to resale and downtime costs, leading to EBITDA of R$45.0 million in 3Q15 (R$33.4 million higher than in

3Q14 excluding one-off impacts);

Holding’s EBITDA totaled -R$8.8 million in 3Q15, R$9.9 million higher than 3Q14, as a result of lower costs

associated with IT and corporate headquarters’ facilities rental.

If we exclude the impacts of the overstated unavailability charges in Parnaíba I, Consolidated EBITDA for the period

would have come to R$86.9 million.

5. Net Financial Result

Financial Result


Financial Income 26.7 43.9 -39.3%

Monetary variation 0.9 1.4 -36.0%

Revenues from financial investments 24.7 22.1 11.9%

Marking-to-market of derivatives - 11.7 -100.0%

Settlement of derivatives - - -

Present value adjust. (debentures) - (0.0) -100.0%

Other 1.1 8.8 -87.5%

Financial Expenses (185.9) (141.6) 31.3%

Monetary variation (35.8) (14.1) 154.2%

Interest expenses (128.1) (118.5) 8.2%

Settlement of derivatives - - -

Marking-to-market of derivatives - - -

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

Other (22.0) (9.0) 145.0%

Net Financial Result (159.2) (97.7) 63.1%


In 3Q15, ENEVA recorded a net financial expense of R$159.2 million, compared to a net expense of R$97.7 million

in 3Q14.

The negative impact of R$61.2 million was mainly due to the increase of the fluctuations in the FX-rate, which hit

debt denominated in foreign currency, increasing the net monetary variation by R$22.2 million. The upturn of

R$9.1 million in Interest expenses is mainly a consequence of two reasons: (i) the Holding company debt stock

reduction and the reprofiling of the remaining debt balance, as a consequence of the implementation of Judicial

Recovery Plan measures, aid in falling by R$36.4 million of its Interest expenses; and (ii) the startup of Parnaíba

II, which led to the start of payment of the plant’s loans interest, amounting to R$37.5 million. Also, Parnaíba II

short-term debt renegotiation and Parnaíba I bank guarantees renewal impacted Financial expenses by a total of

R$20.6 million. The settlement of a hedge instrument in the Holding company in December 2014 contributed for

the deterioration in R$11.7 million of the financial income, out of a total of R$17.3 million negative result.

As mentioned earlier, with the conclusion of the capital increase, reduces the remaining Holding debt by 40% by

a debt-to-equity conversion, amounting to R$985 million.

6. Equity Income

The Company reported negative equity income of R$8.2 million, mainly impacted by the net financial result of

Pecém II, which was impacted by higher debt service costs as a result of the increase of the reference rates on the

plant’s loans.

The following analyses consider 100% of the projects. On September 30, 2015, ENEVA held an interest of 50.0%

in ENEVA Participações and 52.5% in both Parnaíba III and Parnaíba IV (30% as a direct investment and 22.5%

through ENEVA Participações).

6.1. Pecém II

INCOME STATEMENT - Pecém II


Net Operating Revenues 142.0 126.7 12.0%

Operating Costs (109.5) (95.4) 12.0%

Operating Expenses (1.9) (2.0) -4.1%


Other Revenues/Expenses 0.9 0.1 -

Earnings Before Taxes (21.4) (9.9) 116.5%

Taxes Payable and Deferred - - -

NET INCOME (21.4) (9.9) 116.5%

EBITDA 47.3 45.8 3.3%


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

Fixed revenues amounting to R$75.9 million;

Variable revenues totaling R$68.2 million;

Free market allocations amounting to R$9.8 million;

Adjustments from previous periods totaling R$4.8 million;

Deductions from operating revenues amounting to R$16.8 million.

In 3Q15, Pecém II’s variable revenues were 15.8% higher than 3Q14. This result was influenced by a higher net

generation in the period.

Operating costs totaled R$92.7 million in the quarter, excluding depreciation and amortization, R$13.8 million

higher than 3Q14, manly comprising:

Fuel costs of R$65.2 million, divided between coal (R$61.2 million) and diesel and other costs (R$4.0

million);

Transmission charges amounting to R$6.1 million; and

Unavailability costs of R$2.4 million. Due to a change in the regulatory framework, which is currently being

challenged by the Company, unavailability charges were overstated by R$2.4 million.

In 3Q15, Pecém II recorded positive EBITDA of R$47.3 million, 3.3% higher than 3Q14. EBITDA adjusted by the

overstated unavailability charges raises to R$49.7 million.

The net financial expense amounted to R$52.8 million, mainly impacted by higher interest expenses, as a result of

the increase in the long-term financing interest reference rates and the debt renegotiations carried out in 2Q15,

which basically consisted of the addition of a 6-month interest grace period and a 21-month amortization grace

period.

Pecém II reported a net loss of R$21.4 million, impacted by higher Operating Costs and upturn in the net financial

expense.

Operating Highlights: The plant recorded great availability figures in July and August. However, availability

moved down in September due to a repair of the heat exchanger of the generator. Net generation totaled 646GWh

(232GWh in June, 227GWh in August and 184GWh in September).

77%99% 89%

53%

100% 93%76%

90%

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

Pecém II - Energy Availability


6.2. ENEVA Participações S.A.

6.2.1. Holding Operating Expenses

Operating Expenses Holding ENEVA Participações S.A.


Personnel (0.9) (5.5) -84.1%



Other Expenses (0.1) (0.3) -49.1%

Total (1.7) (7.1) -75.4%



Operating expenses, excluding depreciation and amortization, amounted to R$1.7 million in 3Q15, a decrease of

R$5.3 million compared to 3Q14. The main changes are summarized as follows:

Personnel: Personnel expenses totaled R$0.9 million in 3Q15, compared to R$5.5 million in the same

period in the previous year. The reduction was largely a result of:

Leaner corporate structure with a substantial reduction in the workforce and a decline in labor costs

associated with layoffs (-R$1.5 million);

Lower shared expenses from personnel transferred from ENEVA Participações to the plants (-R$1.4

million);

The reduction in provisions for legacy stock option-related expenses resulting from a decrease in the

number of options outstanding and the share price since 2Q14 (-R$0.2 million); and

Accounting provision adjustments related to shared services transferred from the Holding to the plants

(-R$2.1 million).

Leases and rentals: Reduction of R$0.5 million over the period mainly due to corporate facilities

reduction/reorganization.


6.3.2. Parnaíba III

INCOME STATEMENT - Parnaíba III



Operating Costs (36.0) (65.1) -44.6%

Operating Expenses (1.2) (0.9) 33.3%

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

Other Revenues/Expenses 0.0 11.0 -100.0%

Earnings Before Taxes 25.7 (1.7) -

Taxes Payable and Deferred (4.6) 0.0 -

NET INCOME 21.1 (1.7) -

EBITDA 28.3 (8.8) -

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

Fixed revenues totaling R$26.2 million;

Variable revenues amounting to R$28.9 million;

Free market allocations totaling R$3.1 million;

Adjustments from previous periods amounting to R$12.8 million;

Deductions from operating revenues totaling R$7.1 million.

Parnaíba III’s revenues raised by 15.2% over the same period last year as a consequence of a 9.0% increase in

net generation.

Operating costs, excluding depreciation and amortization, amounted R$34.4 million, a reduction of 29.0 million

compared to 3Q14, and mainly comprised:

Fuel - natural gas (R$18.2 million);

Lease costs, in accordance with the gas supply agreement (R$11.8 million); and

Unavailability costs (R$0.4 million). Due to a change in the regulatory framework, which is currently being

challenged by the Company, unavailability charges were overstated by R$0.6 million.

In 3Q15, Parnaíba III recorded positive EBITDA of R$23.8 million. EBITDA adjusted by the overstated unavailability

charges raise to R$24.2 million.

The net financial expense amounted to R$1.0 million, affected by higher debt charges in 3Q15.

Parnaíba III reported net income of R$21.1 million in 3Q15.

Operating Highlights: Parnaíba III’s availability decrease in August and September, due to optimization

procedures in the Parnaíba Complex. In September the plant’s availability was also impacted by a 5-day planned

outage of the gas treatment facility in order to allow the unit’s upgrade for processing more gas volume and to

connect additional infrastructure to meet future gas supply of the Parnaíba Complex. Net generation totaled

252GWh.


6.3.3. Parnaíba IV

INCOME STATEMENT - Parnaíba IV



Operating Costs (2.0) 9.7 -



Other Revenues/Expenses - 0.7 -100.0%

Earnings Before Taxes (2.9) 8.7 -

Taxes Payable and Deferred 1.0 (3.0) -132.9%

NET INCOME (1.9) 5.8 -

EBITDA 6.3 15.4 -59.0%

INCOME STATEMENT - Parnaíba Comercializadora


Net Operating Revenues 0.6 (3.8) -

Operating Costs (3.0) (10.1) -70.2%


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

Other Revenues/Expenses 0.0 - -

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

Taxes Payable and Deferred - - -

NET INCOME (2.4) (14.0) -82.5%

EBITDA (2.4) (13.9) -82.9%

82%67%

96% 89% 99%78%

63%80%

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

Parnaíba III - Energy Availability


As of July, 2014, Parnaíba IV’s energy supply structure has consisted of two entities, Parnaíba IV itself and

Parnaíba Comercializadora, in which different revenues and costs of the business are accounted. Parnaíba IV and

Parnaíba Comercializadora are interrelated companies, the latter being the trading vehicle through which Parnaíba

IV’s energy is sold.

Parnaíba IV’s net revenues in the quarter amounted to R$7.2 million, mainly composed of the plant lease contract

with Parnaíba Comercializadora totaling R$7.9 million. Parnaíba Comercializadora’s revenues totaled R$0.6 million

from market power sales amounting to R$1.9 million after accounting adjustments from previous periods (-R$1.2

million).

Excluding depreciation and amortization, Parnaíba IV’s operating costs came to R$0.7 million in 3Q15, mainly

composed of costs with insurance, materials and service. Parnaíba Comercializadora’s costs came to R$3.0 million,

largely consisting of:

Natural gas (R$7.4 million), recognized under energy acquired for resale due to the company’s trading

purpose;

Energy acquisitions, consisting solely of the costs associated with submarket exposure, amounting to R$1.7

million;

Lease costs (R$7.8 million), comprising the lease contract with Parnaíba IV (R$7.9 million) and Kinross’s

46MWavg contribution to the power supply, in accordance with the contract entered into with this party,

amounting to R$15.7 million; and

Transmission charges (R$0.9 million).

Parnaíba IV recorded a net financial expense of R$7.9 million, R$1.6 million higher than in 3Q14, due to higher

interest expenses from accrual of interest.

Operating Highlights: During the period, Parnaíba IV’s availability decreased due to engine repairs carried out

in July and to a planned outage of the gas treatment facility in September that impacted all plants of the Parnaíba

Complex, as already mentioned. Net generation totaled 106GWh.

91% 91%72%

94% 88% 98%71%

86%

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

Parnaíba IV - Energy Availability


7. Net Income

In 3Q15, ENEVA reported a net loss of R$113.9 million, R$143.0 million less than in the same period last year,

when several elements impaired the last line of the income statement, such as the partial sale of Pecém II,

overstated leases and rental costs in Parnaíba I and downtime costs reimbursements, totaling R$135.3 million.

Excluding these effects, net income of 3T14 would have come to a loss of R$164.4 million, R$50.5 million lower

than in 3Q15.

The better results disclosed in 3Q15 are mainly a result of plants’ stable operations, FX devaluation that helped

decrease Fuel costs but adversely impacted Interest expenses, lower energy spot prices and effectiveness of

Holding expenses control.

The adjusted net result for the period, excluding non-recurring impacts on EBITDA, was a loss of R$111.5 million.

INCOME STATEMENT



Operating Costs (310.6) (247.6) 25.4%



Equity Income (8.2) 12.5 -

Other Revenues/Expenses (5.1) 40.9 -

Earnings Before Taxes (132.4) 36.4 -

Taxes Payable and Deferred 18.2 (7.3) -

Minority Interest 0.3 (0.0) -

NET INCOME (113.9) 29.1 -

EBITDA 84.5 116.8 -27.6%

8. Debt

On September 30, 2015, consolidated gross debt amounted to R$4,957.3 million, an increase of 1.5% in relation

to the amount recorded on June 30, 2015, mainly as a result of the accrual of interest on Holding debt during the

interest grace period (R$74 million). With the conclusion of the capital increase on November 5, 2015, R$986.0

million of the Holding debt has been converted into equity. In comparison with September 30, 2014, consolidated

gross debt fell by 1.8%, or R$92.4 million, mainly due to the approval of the Judicial Recovery Plan, which provided

for a 20% reduction to the Holding Company’s outstanding debt (-R$227 million), and to the debt roll-over of

Parnaíba II without settlement of principal and interest of the previous credit facility (+R$130 million).


Consolidated Debt Profile (R$ million)

The balance of short-term debt at the end of September, 2015 was R$826.3 million, R$226.3 million less than

June 30, 2015. All short-term debt was allocated in the projects (vs. R$1,052.6 million on June 30, 2015), as

follows:

R$129.9 million related to the current portion of the short-term debt of Itaqui and Parnaíba I;

R$696.4 million related to bridge loans to Parnaíba II.

As a consequence of the approval of the Judicial Recovery Plan, the Holding Company’s outstanding debt, after the

aforementioned 20% reduction, has been re-profiled and fully allocated to the long term. On September 30, 2015,

consolidated long-term debt was R$4,131.0 million, the average cost of debt was 13.32% p.a. and the average

maturity was 6.9 years.

Debt Maturity Profile* (R$ million)

*Amounts include principal + capitalized interest + charges

Out of the total debt due on the next 12 months, R$696.4 million refers to Parnaíba II, which will be re-profiled as

soon as the Company concludes current negotiations with financial institutions. The debt amounting to R$255.8

million, due in 2017, will be apportioned in the long-term as a consequence of the disbursement of a credit facility

by Itaú Unibanco on October 2015.

Debt, net of cash and charges on debt, closed 3Q15 at R$4,702.6 million, 5.3% less than at the end of 2Q15.

2.04941%2.908

59%

Working Capital Project Finance

82617%

4.13183%

Short Term Long Term

254,7826,3

9,1

388,2

139,7

1.545,1

2.048,9

Cash & Cash

Equivalents

12M 4Q16 2017 2018 From 2019 on

Project Finance Working Capital


Consolidated Cash and Cash Equivalents (R$ million)

*DSRA = Debt Service Reserve Account

Consolidated cash and cash equivalents totaled R$254.7 million at the end of September, 2015, R$163.7 million

lower than June 30, 2015.

9. Capital Expenditures (Accounting view)

During 3Q15, ENEVA’s consolidated capex totaled R$34.1 million, mainly due to investments on water supply

infrastructure for the Parnaíba Complex and to the remaining investments in deployment of Parnaíba II.

Consolidated Assets (R$ million)

3Q15 4Q14

Capex Interest

Capitalized Depreciation & Amortization

Capex Interest


Itaqui 2.8 0.0 -18.6 -359.8 0.0 -19.6

Parnaíba I 17.7 0.0 -13.2 -51.8 0.0 -11.9

Parnaíba II 13.6 0.0 -12.0 -41.4 15.7 -3.9

Consolidated Equity Assets – Adjusted by ENEVA’s interest (R$ million)

3Q15 4Q14

Capex Interest


Capex Interest


Pecém II 1.7 0.0 -16.8 11.2 0.0 -16.5

Parnaíba III 1.3 0.0 -1.6 1.0 0.0 -1.6

Parnaíba IV 0.4 0.0 -1.3 12.0 0.0 -1.3

418,5

354,6 (330.9)

(105.8)

(51.0)(16.5) (14.2)

254.7

Cash and Cash

Equivalents

(2Q15)

Revenues Operating Costs

and Expenses

Debt Service CAPEX Intercompany

Loans and

Contributions to

Subsidiaries

DSRA/Others Cash and Cash

Equivalents

(3Q15)

Demonstra??es Financeiras em Padr?es Internacionais

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