A COMPREHENSIVE APPROACH TO ASSESSING THE FINANCIAL SECURITY STATUS OF AN ENTERPRISE UNDER MARTIAL LAW

Abstract

The article characterizes the system for assessing the financial security of an enterprise and evaluates threats, risks, and indicators used to determine its condition. Key components of a comprehensive financial security assessment include monitoring threats, evaluating the enterprise’s vulnerability to these threats, and analyzing financial indicators that define its state. In particular, to identify “problem areas” and risks, the study analyzes the indicators of financial stability, liquidity, profitability, business activity, and property status of JSC “Ukrposhta” for 2020-2024. A DuPont model was used to perform a factor analysis of net profit, compliance with the “golden rule of economics was verified, and integrated indicators were calculated across the main components of financial security. The assessment was complemented by a comprehensive financial condition analysis based on the methodology of the Ministry of Finance of Ukraine, which takes into account the specifics of business operations under martial law and industry-specific characteristics. The analysis identified the key causes of the critical state of Ukrposhta’s financial security – negative profit dynamics, growth of uncovered losses, reduction in the amount and share of equity capital, low capitalization and excessive dependence on debt financing, low asset liquidity, and the absence of potential for financial growth. The assessment of Ukrposhta’s financial security was supplemented by an analysis of the financial stability scoring index (FinScore), based on 20 financial risk indicators, which made it possible to identify both “problem areas” and the company’s best-performing metrics in comparison with market competitors. An express analysis of financial risk levels using FinScore revealed that during 2021-2024, the company’s financial stability rating declined from high to satisfactory score in 2022-2023, and improved to good score in 2024. An analysis of publicly available information and results of journalistic investigations revealed suspicions of inefficient spending by JSC “Ukrposhta”, particularly through the use of public procurement mechanisms. Additional negative factors affecting financial security include a large number of court cases, which lead to financial losses and harm the company’s reputation; enforcement proceedings involving Ukrposhta; a high dependence on public finances, which increases the company’s exposure to budgetary and potentially corrupt procurement risks; as well as reputational risks linked to negative media coverage. To strengthen Ukrposhta’s financial security, it is recommended to increase capitalization, stabilize profitability, and restructure current liabilities. In addition, the company should implement quarterly monitoring to provide early warnings of potential financial crises.