PROFITABILITY OF ENTERPRISE IN THE CONDITIONS OF WARTIME: THREATS AND OPPORTUNITIES

Introduction. For the effective functioning of business, profit is a key component. Trading enterprises play an important role in supporting the economy during the war period. Therefore, the formation of profits of such enterprises should occur at a level that ensures their development and competitiveness, even taking into account the negative factors that affect it. The devastating consequences of the war were felt by all business entities. The trade sector is experiencing a significant decrease in consumer activity and disruption of established sales channels, which was caused by many factors caused by the war. An in-depth analysis of such factors should allow for timely recognition of threats to the formation of profits of trading enterprises. The purpose of the article – to analyse the process of profit formation of trading enterprises during the unstable economic situation in Ukraine in order to identify and classify factors that slow down the development of the enterprise and complicate the production of profit. Research methods. The research used methods of analysis, synthesis, comparison, abstract-logical, and graphic. Results. The performance indicators of commercial enterprises in Ukraine in 2019–2023 were analysed and the tendency to decrease their number was emphasized. The unprofitability of their activities and the negative value of profitability in 2022 were also noted. It was emphasized that in the mechanism of forming the profit of an enterprise, the main goal is to maximize profit. An analysis of the profit indicators of commercial enterprises in 2019–2023 showed that their greatest deterioration was observed in 2020 (during the greatest restrictions during the coronavirus pandemic) and in 2022 (at the beginning of the full-scale Russian invasion). However, in 2022, a more significant negative impact was observed on the profits of enterprises than in 2020. This proves that war, unlike other threats, has the most destructive impact Conclusions. The study of factors influencing the formation of enterprise profits, inherent in the war period, allowed us to classify them according to various characteristics (physical and infrastructural; social; economic; changes in the behaviour of suppliers and partners), while also dividing them into external and internal. The application of the proposed classification will allow managers of trading enterprises to develop timely identification of threats that negatively affect the enterprise's profits, and adapt the business to new development conditions.

Research aim. The purpose of the study is to form a complete and clear idea of approaches to calculating the profitability of Ukrainian enterprises in the conditions of a war economy, which is especially relevant in the conditions of a full-scale war between the Russian Federation and Ukraine.Research methods: positivism, which assumes the presence and application of various scientific paradigms and theories within certain scientific disciplines; systematic approach; general methodological principles of the system approach, empirical method and method of idealization; comparison, analysis, synthesis, interpretation, generalization.Research results. A complete and clear understanding of approaches to calculating the profitability of Ukrainian enterprises in the conditions of the military economy was formed. The concept of the military economy was also clarified. Under peaceful conditions and a market economy, as well as under conditions of a hybrid war while maintaining market relations in part of the state’s territories, three main groups of indicators should be used to calculate the profitability of enterprises: cost, income, and resource. To calculate the profitability of enterprises of the military-industrial complex, it is also worth using a specific indicator, which consists in weighing the combat effect of manufactured products on their cost price.Potential application of the research results: on the basis of the developed provisions, it is possible to develop organizational and methodical provisions for the analysis of profitability in the conditions of the military economy.Conclusions. The branches of the war economy were examined, and the fact that they were all related to the branches of the normal peacetime market economy was emphasized. After considering the existing classifications, a generalized version was given that divides the military economy into the following areas: 1) purely military production of means of armed struggle, 2) civilian production of means of armed struggle, 3) civilian production of ordinary civilian products, 4) military economy.In the traditional form, the concept of profitability in the conditions of the war economy is absent. Instead, in order to analyze at least the efficiency of the production process, it is suggested to limit the use of indicators of the productivity of the enterprise’s activity and to estimate labor productivity in the calculation of one employee or per unit of working time. JEL classіfіcatіon: D20, H56

This work is devoted to an attempt to study the nature of the impact of unemployment on the level of wages and profits of enterprises. Based on Rosstat data on the unemployment rate, the average monthly nominal accrued wages of employees of organizations and the profitability of assets of industrial enterprises in the regions of the country, correlations of unemployment identified and linear regression models of these connections built. It been established that with a high level of unemployment, an increase in unemployment contributes to a decrease in wages; this influence is very small. At a low level of unemployment, starting from a level of less than 7–8%, the impact of unemployment on the level of wages begins to grow as the unemployment rate decreases until it reaches a value of 42–45% of the level of explanation of wages by the level of unemployment. This level of explanation observed at an unemployment rate of no more than 3–3.5%. If the unemployment rate does not exceed 3–3.5%, the degree of influence of unemployment on wages stabilizes and the decrease in unemployment determines the increase in wages by no more than 42–45%. Thus, the ideas about the wage curve and the Phillips curve are very simplified and do not reflect the complex nature of the influence of the unemployment level on wages. With a high level of unemployment, the growth of unemployment contributes to a decrease in the profitability of assets and, consequently, the profits of industrial enterprises. With an unemployment rate of no more than 4%, an increase in unemployment contributes to an increase in the profitability of assets and, consequently, the profits of industrial enterprises. Consequently, the idea that rising unemployment causes declining profits is overly simplistic and partly erroneous.

As one of the main actors of market economy, enterprises are easily affected by the external environment. Whether the external environment of government intervention affects the profitability of enterprises? Using the regression method of panel fixed effect to analyze the relevant data of scale industrial enterprises in Chinese 31 provinces and cities from 2011 to 2017, it found that government intervention has a negative effect on the improvement of the profitability of enterprises, and the negative effect of government intervention on the profitability of state-owned enterprises is far higher than that of private enterprises.

The objective of the study is to build an optimization model that will allow finding the most effective combinations of resource potential to maximize the final result in the conditions of limited resources. In the course of the research the following methods and techniques were used: abstract-logical (in generalizing the theoretical and methodological approaches to defining the notion of resource potential), comparative (analysis of the current state and identifying the tendencies of development of the phenomena under study), graphical (graphic depiction of dependencies), method of economic and mathematical modeling (for building a model of optimization of resource potential of an enterprise). The article investigates the essence of the concept of "resource potential" and develops a methodology for determining the effect of the implementation of management activities. Methodological bases of construction and principles of action of the mechanism of stimulation of managers and specialists of agricultural enterprise are based on the definition of "additional profit" as the difference between the "real" profit of the enterprise and its "conditional" value, i.e. the one that would be received by the enterprise in its resource potential if it was used correctly. It is proved that the available financial resources of the enterprise were used irrationally. Taking into account the structure and qualitative composition of production resources, it is confirmed that increase of the level of profitability of agricultural enterprises is possible due to optimal distribution of resource potential. An economic and mathematical model is proposed, the result of which is the optimization of limited production resources of agricultural producers. It is proved that in order to solve this problem, it is necessary to apply an effective system of incentives for managerial staff. The measures proposed in the study will be optimal, taking into account the production of all types of agricultural products, the use of existing production resources, the planned costs for the production of a unit of each type of product and its sale price.

There has been a remarkable growth of profits in all the eight Socialist countries, particularly since the economic reforms. This trend can be explained on the following six grounds. First, as material incentives to labour have been based on enterprise profit, both management and workers have been anxious to increase the level of profits or profitability to qualify for larger bonuses. In fact in some Socialist countries (the German DR, Poland, Romania and the USSR) incentive payments have been made dependent not so much on the level of enterprise profits or profitability but on their increases in comparison with the preceding or some other base year (see Ch. 2b, c, d). The greater independence of enterprises has naturally made it possible to conduct enterprise operations in such ways as are also most beneficial (however indirectly) to the enterprise personnel.

The article defines that today the main tool that determines the results and effectiveness of any organization is an effective system of sales activity, which includes both the main interacting elements and the methods based on which the sales organization takes place. Estimating the business profitability of pharmaceutical enterprises makes it possible to quickly react to changes occurring in the surrounding enterprises, which affect the effectiveness of sales activities. It was also noted that the modern sales system needs constant improvement based on the assessment of business profitability indicators. The main factors that affect the profitability of pharmaceutical enterprises are considered, it is the timely determination of the influence of external and internal factors that will make it possible to predict threats and realize the opportunities of the enterprise. and the expediency of determining their impact on profitability is substantiated. It was determined that the assessment of business profitability should be carried out using indicators of the level of profitability, which make it possible to determine the profitability of the enterprise from various positions and are formed in accordance with the interests of market subjects, market exchange. It is advisable to evaluate the profitability of the products sold using the following indicators: gross profitability of the products sold, operating profitability of the products sold, and net profitability of the products sold. The conducted assessment of the profitability of pharmaceutical enterprises made it possible to determine that for further, successful sales activities, pharmaceutical enterprises should focus on maintaining profitability indicators, due to rapid response to changes occurring around the enterprise. Timely response to changes in the company's profitability will help to significantly minimize the impact of adverse factors in conditions of business instability. Reserves for increasing the profitability of pharmaceutical enterprises can be an increase in the volume of product sales, a decrease in the cost of products sold a decrease in sales and administrative costs. Keywords: sales activity, profitability, profitability, product realization, pharmaceutical enterprises, profitability assessment, effectiveness of sales activity.

The purpose of the article is to increase the efficiency of financial profitability of insurance activity. In terms of market relations, one of the performance indicators of all organizations is profitability. It becomes the economic development of the organization and the strengthening of the basis of its financial relations with all participants in the processes of entrepreneurial activity. At the same time, the result of the influence of a combination of negative factors is a decrease in the level of financial profitability of enterprises, receiving a loss or even ceasing operations. Achieving a high level of this indicator of improvement of the economic study of the formation of financial results of the organization's vital activities. Every enterprise strives to improve profitability. The results. The grouping of influencing factors into internal and external ones was carried out and the influence of these factors on the activity of the insurance company was revealed. The activity of the insurance company "ARKS" was considered. The main goal of managing the financial perspective of an insurance organization is to ensure the maximization of the welfare of the owners of the enterprise in the current and current period. This goal is designed to simultaneously harmonize the interests of the owners with the interests of the state and the company's personnel. Based on the conducted analysis, as well as the general view of various researchers of this issue, in order to increase the efficiency of the financial profitability of PJSC "ARKS Insurance Company" it is also necessary to reduce the level of costs and unprofitability of insurance operations in connection with the expansion of the level of coverage of the insurance field. Value/originality. In order to achieve the financial stability of insurance companies, the criteria for its provision have been studied in detail. Profitability is one of the most important indicators that reflect the economic state of the enterprise. It supports the purpose of entrepreneurial activity. The main result of the enterprise's activity is increased with the help of indicators, which are divided into absolute and relative: the absolute indicator is the profit of the enterprise; the relative indicator is the profitability of the enterprise. Profit is the economic difference between total income and expenses for the production and sale of products and services, taking into account losses from various business operations in the reporting periods. Profitability indicators, capable of using the final results of the organization's activities, help to trace the totality of consumed resources with invested capital.

Topicality. Today, the profitability of the enterprise is the main indicator of economic stability, competitiveness, efficiency and the meaning of the creation and further existence of the enterprise in any field of activity. The main goal of the strategy for the development and efficiency of the enterprise is to ensure a sufficient level of competitiveness and obtain maximum profit, therefore, the search and justification of ways to increase the profitability of enterprises is always an urgent problem. In the modern world, during the period of active development of scientific, technical and innovative activities, the introduction of innovations into the activities of enterprises has a huge impact on the level of profitability of modern enterprises.Aim and tasks. The purpose of the article is to study the impact of innovative activity on the level of profitability of enterprises. In order to achieve the set goal, the following tasks were solved: the concepts of innovative activity and profitability of the enterprise were considered; the influence of innovative activity on the level of profitability of the enterprise is determined; the main indicators of innovative activity of Ukrainian enterprises are analyzed. Materials and methods. In the process of preparing the study, general scientific methods of cognition, observation, abstract-logical thinking, a systematic approach, and economic interpretation were used. Methods of a systematic approach to solving problems, as well as analysis, synthesis and unity of logical analysis and dialectical development, historical approach, statistical hypotheses and relationships, expert research.Research results. The article examines the concept of innovative activity and enterprise profitability; the influence of innovative activity on the level of profitability of the enterprise is determined; the main indicators of innovative activity of Ukrainian enterprises are analyzed. Directions for profit maximization and measures aimed at increasing the profitability of enterprises are proposed.Conclusion. The profitability of any enterprise can be increased due to the implementation of the results of innovative activities. The introduction of innovations makes it possible to produce products of higher quality and less energy consumption, and the operation of the enterprise is more efficient. But it can be said that one of the main problems of introducing innovations at enterprises is the unpreparedness of management to implement them in their economic activity. Although the efficiency of their use can significantly improve the profitability of business entities. Innovative activity is the direction of maximizing the demand for products, as a variety of forms of business organization, as a stage of the enterprise's innovative business strategy. The development and state of the innovation environment affects the level of profitability of enterprises. The introduction of innovations, the implementation of innovative activities at the enterprise allows to form such areas of profit maximization as: product, technological, organizational and management, resource, market. For the development and activation of innovative activities of domestic enterprises in the country, it is necessary to form and implement a system of targeted measures: development and introduction of a mechanism for granting benefits to enterprises that implement and realize the results of innovative activities; providing innovative enterprises with loans at a reduced credit rate; reduction of income taxation of enterprises that develop, implement innovations and use ecologically dangerous technologies, etc. The proposed measures will help create a favorable innovation climate, stimulate enterprises to increase their interest in the development and implementation of knowledge-intensive technologies, which in turn will lead to an increase in their profitability and competitiveness on the world market. In the country, there is no sufficient relationship between the amount of innovation financing for industrial enterprises and their own capital, the implementation of the results of innovation activity at domestic enterprises is expedient in order to increase their profitability, to determine an innovative development strategy, to make management decisions and increase efficiency and competitiveness. The prospect of further research in this direction is the identification of the relationship between the innovative activities of enterprises and their value indicators in the sector and the development of a universal model for assessing the impact of the innovative development of the enterprise on its profitability.

Profitability is one of the fundamental directions of the financial stability of enterprises. Resources in nature are finite. Thus, the effective use of resources by each enterprise is of great interest to the public. The Profit is a means of expanding of production, of material incentives, of growth of investments and state revenue. Profit is also used by enterprises to finance employees’ awarding charitable and other programs. So, in order to make the enterprise profitable, it is important for owners, employed personnel, the state, and the whole society. Consequently, the research of the factors that increase the profitability of enterprises is always relevant. Purpose of the article is to create a multifactorial model of profitability. Therefore, the object of research is the system of indicators of profit and profitability. The article discusses different indicators of profit and profitability of the enterprise. On the basis of their logical and qualitative analysis, the most general indicator was selected: the ratio of annual profit (profit before taxation) to total assets. The purpose of the research was exactly to create a new factor model of this indicator. Based on the logical analysis, synthesis and professional judgment methods, eight indicators were selected which influence the profitability change and whose insertion (layout) into one model is possible and reasonable. And the method of so-called absolute difference is used to measure the influence of factors affecting profitability. For the testing of this model, the article uses the data of the Teliani Valley financial information of the Georgian wine company. This company was very interesting because it was the most financially stable and high-profile one but it became unprofitable for the past three years. As a result of the logical and empirical analysis of the factor-indicators of the new multi-factor model, it is obvious that this model can be used in all branches of the economy, except for commercial banks. Annual use of this factor model of profitability will be intellectual assistance for management of companies in order to find negative factors for profitability change and to make relevant decisions.

The article is devoted to the question of forecasting the success and profitability of enterprises. The autonomy carried out an analysis of the results of the enterprises. We believe that we have a forecast for net arrangements, but they have identified realworld enterprises, weighted operating results, net results of other manufacturing enterprises, and the profitability of enterprises for unchanged functions that exist, and may believe that to consider it a profitable industry, and from different management companies do not require any changes. The article forecasts the profit and profitability of the company. The author draws conclusions from the results of the analysis of the financial results of the enterprise activity and the results of forecasting the profit and profitability of the enterprise. The results of forecasting net income from sales of products and cost of sales show a tendency to increase these indicators. The results of forecasting gross profit and net financial result of the enterprise activity also showed an upward trend. However, the company's net profit will grow at a modest pace. In the unchanged conditions of functioning of the enterprise, if on the one hand there are no changes in external circumstances that may affect the profitability of the enterprise, and on the other hand, the management of the enterprise will not introduce any changes, then during the period only the indicators of return on equity (due to the lack of company equity) and all other profitability indicators will be positive. On the whole, over the forecast, the trend of growth of the enterprise will remain in the dynamics of the profitability indicators of the enterprise under constant conditions of functioning of the enterprise. However, given the volatile development of the Ukrainian economy, the constant changes in legislation, etc., it is not necessary to use such a straight-line method in the long run. On the whole, over the forecast, the trend of growth will remain in the dynamics of the enterprise's indicators in the unchanged conditions of the enterprise's functioning. However, given the volatile development of the Ukrainian economy, the constant changes in legislation, etc., it is not necessary to use such a straight-line method in the long run.

This article concerns the efficiency of the distribution system with different strategies—“Pull” or “Push”—and different sizes of distribution network in terms of when products produced by the manufacturing plant are sent to distribution warehouses. The article hypothesized that the choice of how to replenish stocks in these warehouses—“Pull” or “Push”—and the choice of the degree of centralization of the distribution network (number of warehouses) were two decision problems that should be considered together. This hypothesis was confirmed. A simulation model was developed to conduct simulations for different scenarios (different demand distributions—Gaussian or Gamma different demand fluctuations and the timeliness of replenishing inventories in warehouses). With more expensive goods and greater sales fluctuations, there was a certain tendency towards centralizing storage and using the Pull strategy. The choice of a given strategy had a significant impact on the costs of logistics processes and on the profitability of enterprises. The cost savings ranged from 17% to 54%. The average share of distribution costs in the sales value was 6%. In some cases, it was over 10% (the level of profitability of industrial enterprises In Poland). Choosing the right strategy could, in some cases, change profits by 20%. In most cases, the most cost-effective strategy was a flexible Pull system and centralized storage, which is consistent with real-life business cases.

As one of the main actors of market economy, enterprises are easily affected by the external environment. Whether the external environment of government intervention affects the profitability of enterprises? Using the regression method of panel fixed effect to analyze the relevant data of scale industrial enterprises in Chinese 31 provinces and cities from 2011 to 2017, it found that government intervention has a negative effect on the improvement of the profitability of enterprises, and the negative effect of government intervention on the profitability of state-owned enterprises is far higher than that of private enterprises.

The article analyzes the tools for supporting the development of small business enterprises in wartime conditions. It has been determined that small entrepreneurship (small business) is a type of entrepreneurial activity, based on the adoption of innovative decisions regarding the rational use of available resource potential, characterized by freedom of choice of methods and forms of management and carried out with the aim of maximizing profit. It has been noted that along with the problems that were traditional and understandable, small business enterprises of Ukraine faced new threats caused by military aggression, the intensification of hostilities and the introduction of martial law – the loss and damage of the main property, the need to move it to calmer regions, the destruction of established logistic business connections, loss of traditional sales markets, reduction of financial resources due to hryvnia devaluation and human resources due to mobilization, blocking of bank accounts. The purpose of the research is to determine effective tools capable of ensuring support for the development of small business enterprises in wartime. It has been determined that it is necessary to promote the development of small business at the state level in Ukraine in order to build a high-tech business sector and increase its competitiveness on the global market. The main directions should be the stimulation of innovative activity of small business enterprises, the formation of a favorable innovation and investment climate and regulatory and legal environment. Today, unconventional measures, new legislative acts, special new organizational structures are needed in Ukraine, which should focus attention on the existing problems of the legal use of competition legislation in relation to the development of small business enterprises in wartime conditions. It has been concluded that the main factors contributing to the development of small business enterprises in the considered countries are: financial, credit and investment support; tax support; involvement of small business enterprises in the execution of government orders; support of export activities; personnel support. It has been substantiated that the most common instrument of state support for the development of small business enterprises in almost all countries is the provision of state guarantees for loans to small business enterprises.

The need to adapt the physical education course for distance learning on the Moodle platform arose with the introduction of martial law. Statement of the problem, the significance of scientific and practical problems. Students and teachers found themselves in difficult conditions. It is necessary to organize the educational process among students with maximum accessibility to learning and practicality in wartime. Target. Find a way to optimize the process of physical education in a technical university in wartime. The optimization of this process was carried out using the methods of analysis of literary sources, questionnaires and methods of mathematical statistics. Results. The study was conducted among students with the aim of studying changes in health status, lifestyle, identifying symptoms of stress with the outbreak of hostilities. The stress caused by military operations, together with the increase in time spent at the computer and low physical activity, led to a deterioration in health in 39% of the students surveyed. The most relevant topics in modern conditions have been identified and the training course has been supplemented by them: "Providing first aid for various types of injuries and wounds", "Rules for survival in a military conflict zone", "Helping the psyche in a new reality". Developed and offered to students methodological recommendations for stress relief and exit from a stressful state. In search of new ways to attract students to physical activity, they were invited to participate in mass sports and patriotic events of various levels. Conclusions. Changes in the course program, the introduction of new themes and forms into the educational process have shown their effectiveness and received a positive assessment from the students.