Kyiv leads among Ukraine’s regions in the number of active companies that have reported zero revenue for at least two consecutive years or have not filled in the corresponding field in their financial statements.
According to Opendatabot, 15,078 such companies are registered in the capital, accounting for nearly 29% of the country’s total.
In total, there are 52,202 active commercial companies in Ukraine that have filed financial statements showing zero or blank revenue for at least the last two consecutive years.
The Dnipropetrovsk region ranks second—3,998 companies, or about 8% of the total. There are 3,663 such companies registered in the Kharkiv region and 3,471 in the Odesa region.
Thus, Kyiv and the three largest regions alone account for more than half of all companies in the country that have not reported any revenue in their financial statements for a long time.
One in four companies in the studied group has been in this state for three consecutive years, and 4,600 enterprises have not reported any revenue for five years.
The most common legal form among such enterprises remains the LLC—accounting for 42,383 companies, or 81% of the sample.
According to Opendatabot’s assessment, one of the reasons for the continued existence of legally active but effectively inactive enterprises is the complexity of the liquidation procedure. In addition, some companies may have suspended operations due to the war, the loss of production capacity, or the loss of sales markets.
Source: Opendatabot
In Ukraine, 52,200 active companies have filed annual financial statements showing zero revenue—or have not reported any revenue at all—for at least two consecutive years, according to data from the Unified State Register analyzed by Opendatabot.
About a quarter of these companies have reported zero or blank revenue figures for three consecutive years, and 4,600 companies—or roughly one in eleven—have been in this situation for five years.
The largest number of companies with a long-standing lack of declared revenue is registered in Kyiv—15,078, or nearly 29% of the total.
The Dnipropetrovsk region accounts for 3,998 such companies, or about 8%; the Kharkiv region, 3,663; and the Odesa region, 3,471.
The most common sector of activity for these companies is wholesale trade. This sector accounts for 9,894 companies, or about 19% of the sample studied.
Another 5,523 companies operate in real estate, 4,279 in construction, and 3,426 in agriculture.
The majority of enterprises that have long reported no income are registered as limited liability companies—42,383 companies, or 81% of the sample. Another 7,673 are private enterprises, and 1,691 are farms.
Denis Popov, head of the legal department at Opendatabot, attributes the persistence of such a large number of these companies, in particular, to the complexity of the business liquidation process.
“One of the reasons companies remain registered for years without generating any income is the complex procedure for closing them down. To officially terminate a business, one must settle obligations to creditors and the government and complete the required procedures, which takes time and money,” he noted.
According to him, zero revenue does not necessarily mean that operations have actually ceased. Some businesses may have temporarily suspended operations due to full-scale war, the loss of production capacity, employees, or sales markets.
The analysis included active commercial companies of various legal forms that had filed financial statements with zero or blank revenue for at least the last two consecutive years. Nonprofit organizations were not included in the study.
Source: Opendatabot
Independent audits for the years 2022–2025 have confirmed the accuracy of the key financial indicators of State Enterprise “Forests of Ukraine.” This was reported by the company’s press service.
In particular, the independent audit confirmed the company’s revenue growth from UAH 22.7 billion in 2023 and UAH 23 billion in 2024 to a record UAH 29.9 billion in 2025. The growth in net profit was also confirmed, rising from UAH 3 billion in 2023 and UAH 2.8 billion in 2024 to UAH 6.9 billion in 2025.
As noted, in late May 2025, the supervisory board of the state-owned enterprise “Forests of Ukraine” initiated independent audits of the company’s annual financial statements and approved the criteria for selecting an auditor. Board members justified their decision by stating that “the public must be convinced that the company’s performance results correspond to the reported data.” In addition, conducting an independent audit is part of the process of corporatizing the state-owned enterprise “Forests of Ukraine.” Currently, the audits have been completed, and the reports have been published on the company’s website.
The financial statements for 2022–2024, prepared in accordance with national accounting regulations (standards)—NP(S)BO—were audited by Grant Thornton Legis, which is part of the international Grant Thornton network—one of the world’s leaders in audit, tax, and business consulting.
The independent audit of the 2025 financial statements was conducted by Crowe Erfolg Ukraine, a member of Crowe Global—the eighth-largest international network in the field of accounting, auditing, and consulting. Since January 1, 2025, SE “Lisy Ukrainy” has adopted International Financial Reporting Standards (IFRS), and the audit for this period was conducted in accordance with IFRS requirements.
“The report states that the financial statements of the State Enterprise ‘Forests of Ukraine’ present fairly, in all material respects, the financial position of the enterprise, its financial performance, and its cash flows. The auditors made specific observations related, in particular, to the limited information regarding the historical cost of assets. Some of the assets transferred to the enterprise from state forestry enterprises were acquired back in Soviet times, and the original documentation has been lost in some cases. However, this did not prevent the State Enterprise “Forests of Ukraine” from successfully passing an independent audit of its financial statements for all four years of operation,” reports the State Enterprise “Forests of Ukraine.”
Earlier, the company reported record volumes of timber deliveries to the front lines. In May, the State Enterprise “Forests of Ukraine” shipped 31,400 m³ of forest products to the Armed Forces of Ukraine. This was the highest figure since the company’s inception.
AUDIT, CORPORATIZATION, financial statements, Forests of Ukraine, PROFIT
Agro-industrial group Kernel, the largest producer of vegetable oil in Ukraine, will publish its consolidated report for the 2022 financial year (FY, July-2021 – June-2022) on November 10 instead of the previously scheduled date of October 28.
As indicated in the message of the holding on the Warsaw Stock Exchange on Wednesday, the postponement was caused by the collection of additional information about the consequences of Russian aggression in Ukraine.
It is specified that on the day of the publication of the report, the management of Kernel will not hold a regular telephone conference, since “no information in addition to that published in the report should be presented during such a conference.”
“The management does not intend to make any recommendations or forecasts regarding the future activities of the company, given the uncertainty prevailing in Ukraine due to the Russian invasion. The company will return to the usual practice of arranging quarterly calls after the lifting of martial law in Ukraine,” the agricultural holding emphasized in an exchange message. .
In addition, the group of companies will continue to analyze the consequences of Russian aggression in Ukraine and inform all parties interested in the company’s activities about updates and changes in the work of Kernel.
Before the war, Kernel ranked first in the world in the production of sunflower oil (about 7% of world production) and its export (about 12%), and was also the largest producer and seller of bottled sunflower oil in Ukraine. In addition, the company was engaged in the cultivation of other agricultural products and their sale.
The largest co-owner of Kernel through Namsen Ltd. is Ukrainian businessman Andrey Verevsky with a share of 39.3%.
The agricultural holding in fiscal year 2021 (FY, July 2020 – June 2021), increased its net profit by 4.3 times compared to FY 2020 – up to $513 million, its EBITDA increased 2.1 times – up to $929 million, revenue – by 38%, to $5.65 billion.
