Amendment #4 Page 391 of 868 ishe Controb Centres Edicas fdo Verde S A Cenoas &dices Serra do Salto S A Centres ECXECas Guirapa S A Tte Group preserted negative working cape at for Meta) 31, 2015 welch, based on the Company's analysis wit be solved by as own °pennon The negative working tante' is reduorg oat*, 2. Basis of presentation The unsuited condensed combned icemen financial deterrents for ere threemonth periods ended March 31. 2015 and 2014 have been prepared in accordance YAM International Accounting Standard 34 •Intenm Financial Reporting' ('lAS 34) and are presented on a condensed basis as permtted by IAS 34 Therefore, they do not in duae all disclosues that would itemise be required in a full set d Inancial stateneMs They srodd be ready in conjunction with the Group's comtmed framel statements as of and for the years ended December 31. 2014 and 2013 The Group has applied the same abecenting policies, presentabon arc methods of calcutstion as those followed in the preparation of the Group's corribmed financial statements as d and for Vie years ereled December 31. 2014 and 2013, which were prepared in accortbroe with 'dominions' Financial Reporting Standards CIFRS1 as issued by the International Mooting Standards Board The Grovels° follow the guidance in the Acootreirg Manual for the Branton Electricity industry and standards established by time Brazilian National Agency for Electric Energy (Agerria Nacional de &Nava &alma- ANEEL) Renova arc its &Noted entities. together with the cost allocations is included in note 14 to the condensed combined intetim financial statements The condensed combined interim financial statements with respect to the Group is reflected in the in:ndue' legal entities that comprise the Group, wrsch were all under the common control and management of Renate for all periods Resented These cordersed contorted Wenn frontlet statements have been prepared from the accountng records of Rerova and reflect the cash flows