Conceptual principles for implementing the investment potential of enterprises under martial law

Abstract

The article substantiates the applied principles of assessing and implementing the investment potential of enterprises under martial law, with a focus on the coal mining industry. Investment potential is interpreted not only as a set of avail-able financial, production, and labor resources, but also as the ability of enterprises to transform these resources into financial stability, operational continuity, modernization of the production base, and restoration of investment activity under conditions of heightened security, energy, logistical, and personnel-related risks. The study analyzes the largest enterprises in the coal mining industry for the period 2021—2025. The assessment is based on indicators that character-ize the scale of operations, financial performance, and efficiency of resource use, including net revenue, net profit/loss, net profit margin, and return on assets. The results show that a high level of net revenue does not automatically ensure the ability of enterprises to implement their investment potential. The key constraints are loss of profitability, deteriora-tion in the efficiency of asset use, growing uncertainty of future cash flows, and the impact of war-related risks on pro-duction continuity. Particular attention is paid to structural changes in the industry caused by the deterioration of the security situation and the suspension or restriction of operations at certain production assets. The analysis confirms that enterprises with significant market shares may rapidly lose their capacity for self-financing investment if profitability declines or assets cease to generate a positive financial result. This highlights the need to assess investment potential not only through the availability of resources, but also through the real ability of enterprises to convert these resources into investment decisions. The article proposes a conceptual approach to implementing the investment potential of coal min-ing enterprises under martial law. The approach is based on the principles of resilience, adaptability, transparency, opti-mality, liquidity, and systemic coordination. It provides for the differentiation of investment decisions into basic, opera-tional, and strategic levels, depending on the financial condition of the enterprise, profitability, liquidity, efficiency of asset use, and level of war-related risks. The practical value of the proposed approach lies in its ability to support the prioritization of investment decisions, the formation of liquidity reserves, the reduction of capital loss risks, and the gradual restoration of production and investment activity in the post-war period.