Independent Audits Confirm the Reliability of Key Financial Indicators of Forests of Ukraine SE for 2022–2025!

A year ago, in late May 2025, the Supervisory Board of Forests of Ukraine SE initiated independent audits of the company’s annual financial statements and approved the auditor selection criteria.

The Board explained its decision by stating that “society must be confident that the company’s performance results correspond to the reported figures.” In addition, conducting an independent audit is an integral part of the corporatization process of Forests of Ukraine SE.

The audits have now been completed, and the reports have been published on the company’s website.

The financial statements for 2022–2024, prepared in accordance with the National Accounting Standards of Ukraine (NAS), were audited by Grant Thornton Legis, a member of Grant Thornton, one of the world’s leading networks in audit, tax, and business advisory services.

The auditor confirmed that the financial statements were prepared, in all material respects, in accordance with the requirements of the Law of Ukraine “On Accounting and Financial Reporting in Ukraine.”

The independent audit of the 2025 financial statements was conducted by Crowe Erfolg Ukraine, a member of Crowe Global, the world’s eighth-largest accounting, audit, and consulting network. Since Forests of Ukraine SE adopted International Financial Reporting Standards (IFRS) as of January 1, 2025, the audit for that period was performed in accordance with IFRS requirements.

According to the audit report, “the financial statements of Forests of Ukraine SE present fairly, in all material respects, the financial position of the company, its financial performance, and its cash flows.”

The auditors also noted several observations, including limitations related to information on the historical cost of certain assets. Part of the property transferred to the company from former state forestry enterprises was originally established during the Soviet era, and in some cases the primary documentation has been lost.

Nevertheless, Forests of Ukraine SE successfully passed independent audits of its financial statements for all four years of operation.

In particular, the independent audits confirmed revenue growth from UAH 22.7 billion in 2023 and UAH 23.0 billion in 2024 (under NAS) to a record UAH 29.9 billion in 2025 (under IFRS).

The audits also confirmed an increase in net profit from UAH 3.0 billion in 2023 and UAH 2.8 billion in 2024 to UAH 6.9 billion in 2025.