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.
