OREANDA-NEWS. Federal Grid Company of Unified Energy System (MICEX, LSE: FEES) that has published its IFRS results for 2013 today stresses the fact that it managed to retain financial stability despite challenges it faced last year.

Federal Grid Company provided high reliability of the Unified National Electric Grid while electricity transmission grew by 2.3% compared to 2012 up to 519,9 bn kWh. The Company had to accomplish construction of power supply infrastructure for Sochi Olympics and World Student Games in Kazan, as well as to deal with floods in the Russian Far East.

The Company's investment program for 2013 was fully completed. Volume of facilities commissioned topped the plan by 20% and amounted to RUB 169.4 bln. The plan for financing was 96% fulfilled (investments amounted to RUB 149.7 bln in 2013).

Nonetheless, Federal Grid Company enjoys enough liquidity to back its operations and investments planned. In accordance with Russian Government's decision the Company raised RUB 100 bln of pension savings managed by state-controlled Vneshecononmbank last year. It also expects to get funding from Russian National Wealth Fund to invest in construction of Baikal-Amur Mainline and Trans-Siberian railway power supply infrastructure.

Federal Grid Company did not suffer from currency risks related to RUR/USD and RUR/EUR exchange rates fluctuation. The Company receives its revenue in rubles; its contracts and debt obligations are nominated in rubles as well.

Federal Grid Company received its third credit rating at sovereign level (BBB) from Fitch Ratings in November 2013.