Adaptation of Logistics Companies to Functioning under the

Restrictions Imposed by Military Operations

OLHA SEMENDA

Department of Marketing, Faculty of Economics and Entrepreneurship

Uman National University of Horticulture

2 Internatsionalna Str, Uman, 20300

UKRAINE

VALENTYNA SHEVCHENKO

Department of International Marketing

Alfred Nobel University

18 Sicheslavska Naberezhna Str, Dnipro, 49000

UKRAINE

SAFAR PURHANI

Department of Finance and Accounting, Faculty of Economics and Business

Western Caspian University

31 Istiglaliyyat, Baku, AZ1001

AZERBAIJAN

OLEG KHARIT

Israel Institute of Technology Technion

4th floor, Ulman Building, Haifa, 32000

ISRAEL

NATALIIA KRASNOSTANOVA

Department of Management, Finance and Business Technologies

Institute of Public Service and Administration

Odesа Polytechnic National University

22 Henuezka Str, Odesa, 65062

UKRAINE

Abstract: - The logistics system serves all areas of life it has a direct impact on ensuring national security.

Except for the number of specific risks that logistics naturally faces, it is one of the first to feel the negative

consequences of global crisis phenomena. A large-scale military invasion was the most significant test for the

logistics system of Ukraine. So, the article aimed to evaluate the financial indicators of logistics companies to

determine their ability to adapt to the restrictions imposed by military operations. The research involved the

following methods: analysis of coefficients, taxonomic analysis, and matrix analysis. The study found that the

studied companies have insufficient adaptation potential in the field of finance. It was determined that the low

values of the adaptation potential are associated with the insufficient level of liquidity, financial stability,

business activity, and profitability of the studied logistics companies. The main problems are caused by

insufficient working capital to cover the current debt, low level of financial stability and independence,

diversion of funds, and low profitability.

Key-Words: - logistics companies, military operations, supply chains, financial indicators, integrated indicator,

adaptation strategy

Received: December 28, 2022. Revised: April 17, 2023. Accepted: May 21, 2023. Published: June 7, 2023.

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1 Introduction

Logistics plays a leading role in virtually all areas

of life - from everyday life to the country’s national

security. The need for increased attention to the

logistics system is determined, among other things,

by the fact that its operation is threatened by

constant risks of various origins, [1], [2], [3]. In

addition to specific industry risks, the logistics

sector is exposed to increased threats on a global

scale, [4], [5]. The recent COVID-19-related crisis

and its consequences became a significant test for

the logistics systems of all countries of the world,

[6], [7]. The logistics system has been entrusted

with such important functions as the delivery of the

vaccine and patients with a positive test for the

virus, [8], restructuring of supply chains to increase

safety for people, [1], [9]. Disruptions in the

logistics system during this period affected both the

financial situation of logistics companies, [10], and

individual industries, and the economic systems of

countries as a whole, [11].

But ensuring the smooth operation of the

logistics system is extremely important in wartime.

The logistics system is tasked to evacuate people

from areas of active hostilities, deliver humanitarian

goods, transport military personnel and military

equipment, provide the population with necessary

goods and services under the threat of shelling, etc.

Moreover, logistics companies are among the first

to experience all the restrictions and problems

associated with military operations: closing the sky

and blocking seaports, destruction of highways,

railways, and other infrastructure facilities, loss of

employees and fixed assets, etc. That is why the

issue of adapting logistics companies to function

under the restrictions imposed by military

operations is not only a problem for certain business

entities, but also a matter of national security.

The Ukrainian case is worth noting when

speaking about the operation of the logistics system

in wartime and its appropriate adaptation. Ukrainian

territories have become a training ground in a large-

scale war levied by the Russian Federation. This

carries numerous risks for the Ukrainian logistics

system and also threatens various disruptions in

global supply chains. Therefore, the experience of

Ukraine is currently the most indicative for other

countries and requires increased attention in terms

of risks for the national and global logistics system.

The martial law in Ukraine has been in force for

almost a year. During this time, Ukrainian

researchers have conducted several thorough studies

on the adaptation of logistics companies to activities

under the restrictions imposed by military

operations. Such studies focus on the organizational

aspects, as well as those related to the logistics of

changes in the legislative framework, [12]. Some

works deal with the need for changes in the strategy

of logistics companies, [13], as well as other

management problems related to restrictions

imposed by military operations, [14]. Analysing and

comparing such studies in terms of their content, it

can be noted that they relate, for the most part, to

the following areas:

- organizational aspects, as well as changes related

to the logistics of the legislative framework;

- the need to make changes in the strategies of

logistics companies;

- management problems associated with military

restrictions.

That the changes in the logistics system

primarily relate to the transformation of the supply

structure: the transportation of commercial goods

has significantly decreased, while the volume of

humanitarian and military cargo transportation has

increased. The researcher focuses on regulatory

aspects in this area, in particular, on the introduction

of a simplified procedure for importing

humanitarian goods from abroad. The optimization

of logistics processes is also an important aspect

covered in the study. The author took into account

the fact that after the invasion, it became possible to

transport the cargo previously transported by sea or

air by road transport only.

Unlike the previous study, the author, [12],

investigates not only urgent problems and some

organizational aspects but offers a more

comprehensive approach to the optimization of the

logistics system — a balanced logistics strategy.

The researcher also takes into account not only

existing problems but also ways of post-war

recovery of the system. The author notes the

digitalization strategy as the most effective strategy

among those presented. The author also emphasizes

the importance of strategic planning but does not

propose a specific strategy, providing a

methodology for building a matrix of strategic goals

for the further development of an appropriate set of

project solutions. Focus their research on the

problems of the qualification of workers in the

logistics sector required for the effective operation

of companies in case of emergencies. The

researcher considers the marketing aspects of

innovative development under external fluctuations

and uncertainty.

Other foreign researchers, except for Ukrainian

ones, pay little attention to the adaptation of

logistics companies to the restrictions imposed by

military operations, [15], [16]. Besides, much

attention is paid in the studies to the adaptation of

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companies providing logistics services to changes

in the environment in the context of globalization,

digitalization, and the introduction of a green

economy. Such concepts as “digital logistics”, [17],

[18], [19], “Supply Chain 4.0”, [20], [21], [22],

“green deliveries”, [23], [24], [25], logistics in the

context of sustainable development, [26], [27], are

often covered in the studies. In the author’s opinion,

it is also appropriate to analyse those studies in this

research, because the problems covered there are

relevant both during martial law and during the

future post-war restoration.

The aspects considered by the researchers and

the recommendations that they developed are

essential for the effective adaptation of logistics

companies to the restrictions imposed by military

operations. However, the studies lack an assessment

of their financial capabilities, which have a direct

impact on the success of adaptation. So, this study

aims to assess the financial indicators of logistics

companies to determine their ability to adapt to the

restrictions imposed by military operations.

The aim involved the fulfillment of the

following research objectives:

 form a sample and identify the main

characteristics of logistics companies that are

the objects of analysis;

 select and determine the main financial

indicators for analysis;

 calculate an integral indicator of adaptation

potential in the field of finance for logistics

companies;

 formulate recommendations regarding further

steps in the development of an adaptation

strategy in the field of finance.

2 Literature Review

Authors in [13], examine organizational and some

legislative aspects of civil logistics during martial

law. The researchers note that the approaches to

supply chains have changed significantly with the

start of hostilities in Ukraine, which relates to the

transfer of the main load to the transportation of

military and humanitarian cargo.

Researcher in [14], emphasizes the need to adapt

and adjust the supply chains and logistics of

Ukrainian companies to wartime. In this regard, the

researcher considers it necessary to build a matrix

of strategic goals to serve as the basis for the

development of logistics projects. The author’s

work provides a methodology for evaluating

indicators of strategic goals with the definition of

criteria for selecting the most effective set of project

solutions. In their work, the researchers propose two

types of adaptation strategies - reactive and

proactive.

The paper, [13], identified the peculiarities of the

adaptation of supply chain management during the

war. The researcher notes that the issue of logistics

development during military aggression by the

Russian Federation (RF) has become a key topic for

several international conferences, in particular

Europe of the Carpathians on May 4, 2022

(Krasiczyn, Poland) and the Conference of

European Directors of Roads on May 12-13, 2022

(Budapest, Hungary). At these conferences,

attention was focused on issues related to the scope

of damage that the war caused to the Ukrainian

logistics system (destruction of highways, railway

network, etc.). Besides, the problems of the

blockade of Ukrainian ports, the “closed sky”, as

well as the reform and financing of the

reconstruction of the logistics system were

discussed. The author in [13], notes that all these

are important steps for restoring Ukraine’s logistics,

but the choice of optimal strategies for its further

development also requires attention. The researcher

singles out creating own transport logistics,

diversifying suppliers, adequate demand

forecasting, improving the range, inventory

management, automation, digitization, and

robotization of supply chains among the noteworthy

strategies that have proven to be the most effective

for reforming the logistics system under pandemic

restrictions.

Researchers in [15], deal with the transformation

of professional competencies of logisticians with

the aim of their adaptation to pandemics and

wartime. An important development of researchers

is detailed lists of new trends in the field of

logistics, changes in logistics processes, and

requirements for the professional competencies of

logisticians in the current conditions.

Continuing the issue of companies’ adaptation to

innovation and digitalization, it is appropriate to

consider the work of authors, [20], which covers the

problems and possibilities of adaptation of

companies to the so-called Supply Chain 4.0. The

emergence of such a chain is a consequence of the

introduction of digital transformation and the

Fourth Industrial Revolution. Supply chains are a

key element of the logistics system, therefore their

improvement and adaptation to the environment and

various crisis phenomena (among which war is one

of the largest) is a priority task for both logistics

and other companies. In their work, the researchers

consider the following new technologies that affect

the adaptation of companies to Supply Chain 4.0:

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big data, cloud computing, and 3D printing. The

paper, [21], deals with the study of prospects and

problems related to Supply Chain 4.0, studying,

among other things, the nature of military Supply

Chains 4.0 and how they differ from commercial

ones.

A number of studies on the adaptation of

logistics companies to the current global trends are

focused on the emergence of the concept of green

logistics. This direction is also relevant in wartime

because military operations can be a source of

significant threats to the environment. Among the

studies on green logistics, the work of authors, [23],

which presented the developed organizational and

economic mechanism for implementing the concept

of green logistics are worth noting.

The conducted literature review enables

concluding that studies on the adaptation of

logistics companies in wartime cover the following

main directions: organizational and legislative

aspects of the adaptation of logistics companies

under martial law; development of adaptation

strategies of logistics companies under the

restrictions imposed by military operations;

adaptation of the skills of specialists of logistics

companies to work under martial law. Besides, a

number of studies cover the adaptation of logistics

companies in the context of the introduction of

digitalization and the green economy. The analysis

determined that the researchers paid the least

attention to the financial aspects of the adaptation of

logistics companies to the restrictions imposed by

military operations. That is why this article deals

with an attempt to describe the financial capabilities

of logistics companies to adapt to the restrictions

imposed by military operations.

3 Methods

3.1 Research Design

The methodological approach, which was used

during this research, is based on the analysis of the

financial ratios of the studied companies and the

determination of an integral indicator of adaptation

potential in the field of finance by the taxonomy

method, followed by drawing conclusions and

making recommendations. This approach requires

dividing the analysis procedure into several stages.

The first stage of the research is the calculation

of the main financial indicators for further analysis.

The indicators for the financial analysis of logistics

companies were selected considering the

importance and influence of financial indicators on

the company’s operation in times of crisis. The

selected indicators were supposed to reflect in a

certain way the reserves of companies that can be

used in the conditions of significant shocks, in other

words, their potential in terms of adaptation

opportunities. These indicators included:

 Coverage Ratio - indicates the sufficiency of

working capital to cover short-term liabilities, and

therefore indicates the state of liquidity and

solvency of the studied companies;

 Financial Autonomy Ratio - indicates the level

of financial stability in general, and also the degree

of independence of the company from external

creditors;

 Receivables Turnover Ratio - shows whether the

company’s customer lending policy is sufficiently

effective in terms of payment for goods sold and

services provided on credit;

 Accounts Receivable (AR)/Accounts Payable

(AP) Ratio - shows the degree to which the

company can credit buyers at the expense of

suppliers;

 Rate of Return - demonstrates the profitability of

the company’s costs, indicating the level of their

efficiency.

The identified indicators describe the financial

condition of logistics companies in four areas:

ensuring liquidity, financial stability, business

activity, and profitability. In the author’s opinion,

the analysis of these indicators can provide the most

general understanding of the financial readiness of

logistics companies for future shocks, in particular,

operations under martial law, and therefore their

adaptation capabilities. The selected financial

indicators were calculated based on the financial

statements of the studied companies. Based on the

obtained calculation results, the problems that such

deviations may indicate were analysed by analysing

the deviations of the actual values of the financial

indicators from the normative ones.

The second stage involved the calculation of an

integral indicator of adaptation potential in the field

of finance for the studied logistics companies based

on the calculated financial ratios. The method of

taxonomic analysis was used for this purpose, and

the levels of adaptation potential of the studied

companies were compared and analysed based on

the calculation results.

The third stage of the study provides for making

recommendations for further steps in the

development of an adaptation strategy in the field of

finance. For this purpose, it is proposed to use the

matrix method of analysis, namely, the matrix of

correspondence of adaptation measures to the

identified problem factors. This matrix is equal to

(aij / pij; i = 



; j = 



) and is intended to

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determine the compliance of adaptation measures

with problem factors. The elements of the matrix

are the relationship coefficients between the ith

problem factor and the jth measure. The values of aij

are determined as follows: aij = 1, if the jth measure

is adequate for the process of neutralization of the

ith factor; aij = 0 – in the opposite case. When

selecting the jth adaptation measure, it is necessary

to consider the probability pij of transition to the

desired state. The determined measures are the basis

for building an adaptation strategy for logistics

companies in the field of finance.

The entire research process is accompanied by

appropriate tables, histograms, and matrices, which

are the result of the use of graphic methods to

visualize the obtained results.

3.2 Sampling

The sample of companies for the research included

four international logistics companies that have

branches in Ukraine, namely: Kuehne+Nagel

Subsidiary Company, Raben Ukraine LLC, FM

Logistics Dnipro Subsidiary Company, and DSV

Logistics LLC. The choice of these companies is

determined by the fact that they belong to the four

largest logistics companies operating in Ukraine

(according to [28]). The choice of companies

operating in Ukraine was made in view of the

subject of this research, which reduced the scope of

the research to the study of the adaptation of

logistics companies to functioning in the restrictions

imposed by military operations. Given the fact that

Ukraine is currently under martial law, this country

is the most appropriate case study. This is

explained, among other things, by the fact that

military operations on the territory of the country

disrupt not only the Ukrainian logistics system but

also global supply chains. Besides, Ukraine has

common borders with the EU countries, and these

countries are among the first to bear losses caused

by the military aggression of the Russian Federation

on the territory of Ukraine. Millions of refugees, as

well as humanitarian and military cargo, cross the

borders of Ukraine and the EU, which creates an

additional burden on the logistics system and

necessitates the search for adaptation opportunities

both within national borders and globally. Table 1

provides a brief description of the companies

selected for the study.

Table 1. General characteristics of logistics companies

Kuehne+Nagel

DSV Logistics

FM Logistics

Ukraine

Raben

Revenue (as of

the end of 2019,

UAH million)

1,100

900

800

600

Country of origin

Switzerland

Denmark

France

Netherlands

Year of

establishment

1890

1976

1967

1931

Has offices in

countries (number

of countries)

109 (1400 offices)

12 (countries of

Europe)

Working in

Ukraine since

1992

2013

1996

2003

Main services

Transit, export, and import of

goods, container, and

intermodal transportation,

insurance and customs

brokerage services, project

logistics, consolidation of goods

at the company’s warehouses in

ports around the world, and

delivery of goods.

Auto, air and sea

container

transportation, design

and warehouse

logistics, distribution,

insurance, and

customs brokerage

services.

Distribution of

consumer

goods,

cosmetics,

beauty products,

industrial items,

as well as health

care products.

Warehouse

logistics,

international and

domestic cargo

transportation,

customs services,

sea freight services,

contract, and fresh

logistics.

Source: based on [28]

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3.3 Information Background

The information background of the research is

Ukrainian academic periodicals, as well as articles

from other foreign researchers. Besides, the

researchers used the data publicly available at

Lading, [28] and Clarity Project, [29]. The Clarity

Project website contains the financial statements of

the investigated companies, which were used in the

course of the study, and Lading was used to

determine the sample of the largest logistics

companies for the article.

4 Results

4.1 Selection and Calculation of the Main

Financial Indicators for Analysis

At the first stage of the analysis, it is appropriate to

evaluate each individual indicator (see Table 2) for

the studied companies. It is worth noting that the

values of the Coverage Ratio are within the norm

(1.5 - 2) for all companies, except DSV Logistics

LLC, which has this value below the norm. This

may indicate insufficient working capital to finance

short-term debts. In turn, when the coefficient

ranges within the norm, this indicates a sufficient

level of solvency, implying sufficient own working

capital for the settlement of current liabilities.

Accordingly, such companies are less likely to

become bankrupt and do not incur penalties for late

payment of interest on obligations. The Financial

Autonomy Ratio, which normally should exceed the

value of 0.5, has insufficient values in

Kuehne+Nagel (0.45), DSV Logistics LLC (0.23),

and Raben Ukraine (only 0.02). The Financial

Autonomy Ratio demonstrates the share of equity

capital in the total contributions to the company, so

its decrease may indicate an increased company

dependence on external sources of financing.

The Receivables Turnover Ratio is defined as

the ratio of net income to weighted average

receivables and does not have clear normative

values, so the correspondence of this indicator to a

positive trend should be evaluated in comparison

with industry average values. Among the studied

companies, DSV Logistics LLC (8.38) is the leader

in terms of the Receivables Turnover Ratio. This

indicates that this company most effectively

manages the debts of customers and other debtors.

The AR/AP Ratio should be approximately equal to

one, which is matched only by the indicator of DSV

Logistics LLC. In other companies, the values of

this indicator exceed the standard, which may

indicate the diversion of funds, and may determine

the need to attract expensive loan funds from banks

in the future. The Rate of Return represents the

percentage net gain or loss of an investment's initial

cost and does not have clear normative values, and

the tendency toward its growth is always a positive

characteristic of the company. Raben LLC is

characterized by the highest Rate of Return.

4.2 Determining the Integral Indicator of

Adaptation Potential in the field of finance

It is necessary to determine an integral indicator

based on the data calculated above to understand the

positions of companies relative to each other, as

well as to determine their general adaptability.

Because the calculated indicators testify to the

ability of companies to adapt in times of crisis in

terms of the financial aspect, this indicator can be

defined as an integral indicator of the adaptation

potential in the field of company finances.

It is necessary to standardize the raw data, as well

as to determine which of them are stimulators and

which are destimulators, to calculate the integral

indicator through the taxonomic method. Among all

the studied indicators, the AR/AP Ratio can be

defined as a destimulator, which is within the norm

(about 1) only in DSV Logistics LLC, while its

value is significantly higher than the norm in all

other companies. Although a significant deviation

of this indicator from one in the opposite direction

(less than one) is also a negative dynamic. In such a

case, this indicator can be defined as a disincentive,

because the lowest value of the indicator among the

studied companies is at the same time the most

desirable. Besides, it is suggested to remove the

Receivables Turnover Ratio from further analysis,

because it largely depends on the company’s policy

and the specifics of its activity.

Therefore, its “ideal” value can be individual

for each company, and the comparison of such

values between different companies can

significantly affect the results of the calculation of

the integral indicator, distorting them. In other

words, if the receivables turnover of one company

is many times higher than the same indicator in

another company, this does not mean the

unconditional advantage of the first company. It

may be related, for example, to the fact that the cost

of attracting additional loans for the provision of

commodity credits of the second company exceeds

the profit from increased sales. In this case, a

decrease in the receivables turnover will be positive.

Therefore, the final matrix of standardized values,

calculated in STATISTICA, looks as follows (Table

3). The calculated integral indicators for evaluating

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the adaptation capabilities of logistics companies

are presented in Table 4.

Table 2. Main financial indicators for assessing the adaptation capabilities of logistics companies

Kuehne+Nagel

Subsidiary Company

DSV Logistics

LLC

FM Logistics Dnipro

Subsidiary Company

Raben

Ukraine LLC

Coverage Ratio

1.67

1.27

1.72

1.71

Financial Autonomy Ratio

0.45

0.23

0.66

0.02

Receivables Turnover Ratio

5.24

8.38

5.33

6.42

Accounts Receivable

(AR)/Accounts Payable (AP) Ratio

1.66

0.99

2.43

1.31

Rate of Return

0.14

0.09

0.18

0.36

Source: own calculations based on [29]

Table 3. Initial data for the calculation of integral indicators of adaptation potential in the field of finance for

logistics companies

Coverage

Ratio

Financial

Autonomy Ratio

Accounts Receivable (AR)/Accounts

Payable (AP) Ratio (destimulator)

Rate of Return

Kuehne+Nagel

Subsidiary Company

0.365738596

0.393335838

0.107738494

-0.410591409

DSV Logistics LLC

-1.493404312

-0.39558183

-0.980495936

-0.877086491

FM Logistics Dnipro

Subsidiary Company

0.572884287

1.160605513

1.343618315

-0.141360641

Raben Ukraine LLC

0.554781429

-1.15835952

-0.470860873

1.429038541

Source: own calculations

Table 4. Integral indicators of adaptation potential

in the field of finance for logistics companies

Company

The value of

the integral

indicator

Kuehne+Nagel Subsidiary Company

0.3781

DSV Logistics LLC

0.054903

FM Logistics Dnipro Subsidiary

Company

0.235043

Raben Ukraine LLC

0.352465

Source: own calculations

The maximum value of the integral indicator can

reach 1, and the closer the calculated value of the

indicator for each company is to one, the higher its

adaptation potential in the field of finance. It should

be noted that, in general, all companies have a low

adaptation potential in the field of finance — its

value is even lower than the average (0.5). Analysis

of the companies’ activities according to the

individual components of the integral indicator

determined that the main problems of the

companies are concentrated around insufficient

working capital to cover current debt (DSV

Logistics), insufficient financial stability and

independence (Kuehne+Nagel, DSV Logistics,

Raben Ukraine), diversion of funds, which may

cause the need to attract expensive loans

(Kuehne+Nagel, FM Logistics Dnipro, Raben

Ukraine), as well as relatively low

profitability (DSV Logistics).

4.3 Recommendations Regarding Further

Steps in the Development of an Adaptation

Strategy in the Field of Finance

Further steps in improving the adaptation of

logistics companies to the restrictions imposed by

military operations should include the determination

of measures to increase adaptation in response to

the identified problems, as well as building a

strategy for the adaptation of companies in the field

of finance.

The first stage of the said approach involves

determining the existing problems in the activity of

logistics companies. According to the results of the

conducted research, the main problems can be

attributed to:

- insufficient working capital to cover current debt;

- insufficient financial stability and independence;

- low profitability of spending.

It is also necessary to select adaptation measures

that can potentially contribute to the improvement

of logistics activities and the solution of existing

problems. The activities can be selected by using

the matrix presented in Table 5.

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Table 5. Matrix of compliance of adaptation measures with identified problem factors

Adaptation measures

…

Problem factors/

probability of transition

to the desired state

kf1/p1

a1,1/p1,1

a1,2/p1,2

a1,3/p1,3

…

a1,n/p1,n

kf2/p2

a2,1/p2,1

a2,2/p2,2

a2,3/p2,3

…

a2,n/p2,n

…

kfi-1/pi-1

ai-1,1/pi-1,1

ai-1,2/pi-1,2

ai-1,3/pi-1,3

…

ai-1,n/pi-1,n

kfi/pi

ai,1/pi,1

ai,2/pi,2

ai,3/pi,3

…

ai,n/pi,n

kfi+1/pi+1

ai+1,1/pi+1,1

ai+1,2/pi+1,2

ai+1,3/pi+1,3

…

ai+1,n/pi+1,n

…

kfm/pm

am,1/pm,1

am,2/pm,2

am,3/pm,3

…

am,n/pm,n

The following main adaptation measures in

response to identified problems in the activities of

the logistics companies under study can be

distinguished:

1. Increasing the volume of production and sale of

goods and services of companies.

2. Improving the quality of manufactured goods

and services through technological innovations,

re-equipment, as well as the introduction of

innovations in the activities of companies.

3. Realization of excess movable and immovable

property or leasing of such property.

4. Reduction of the cost of goods and services due

to a more balanced and rational use of material

resources, areas, labour, and time.

5. Diversification of activity (mastery of new

areas of activity, as well as penetration into

other areas, coverage of new niches, etc.).

6. Support communication with the scientific

sector regarding the organization of scientific

research, conducting market analysis, and

researching the behaviour of consumers and

competitors.

7. A balanced strategy for building mutual

relations with suppliers, buyers, intermediaries,

etc.

8. Implementation of a more effective policy

regarding the costs, their reduction, as well as

the application of the latest methods of cost

management.

9. Reduction of the time interval between

shipment and payment of goods and services or

provision of overpayment for them.

10. Acceleration of the turnover of own capital to

reduce its deficit through shortening of the

commercial cycle, the reduction of inventory

balances, the volumes of which exceed the

norm, the reduction of unfinished production,

etc.

11. Introduction of advanced norms, regulations,

modern resource-saving, and ecological

technologies.

12. Implementation of effective methods of

optimizing the structure of assets, as well as the

policy of financing and rational use.

13. Ensuring the maximum possible volume of

attracting financial resources at the expense of

own sources.

14. Calculation of the optimal maximum amount of

borrowed funds.

15. Balanced assessment of the cost of raising

borrowed funds from various sources.

16. Selection of the most favourable credit terms, as

well as ensuring the most efficient use of credit

funds.

17. Application of the optimal policy of financing

current assets.

18. Conducting an analysis of the company’s

current assets for previous periods to optimize

their volume, the ratio of fixed and variable

parts, ensuring the appropriate level of liquidity,

accelerating turnover, etc.

19. Purposeful use of profit and ensuring the

achievement of planned indicators.

20. Analysis of cash flows and other directions.

The second stage of the mentioned approach

provides for applying the matrix model for selecting

the measures that are the most suitable for solving

the existing problems. A matrix is built for this

purpose, the columns of which correspond to the

identified problems, and the lines to the identified

adaptation measures. In the matrix cells, the

efficiency of the adaptation measure to solve the

specified problem is calculated at the intersection of

each problem with each measure by using the

formula:

  



WSEAS TRANSACTIONS on ENVIRONMENT and DEVELOPMENT

DOI: 10.37394/232015.2023.19.54

Olha Semenda, Valentyna Shevchenko,

Safar Purhani, Oleg Kharit, Nataliia Krasnostanova

E-ISSN: 2224-3496

565

Volume 19, 2023

The correspondence of the ith measure to the

solution of the jth problem can take the value 1 or 0,

where 1 – the measure corresponds to the problem,

and 0 – it does not. When the value is equal to 0,

this measure is excluded from the list, when the

value is equal to one, it remains for further analysis.

The probability of the system transitioning to the

desired state shall be determined by the company’s

specialists. In other words, it is individual for each

specific company or situation. It can take values

from 0 to 1, where 0 means that there is no

possibility of solving the problem, and 1 — the

implementation of the measure will completely

solve the problem. Intermediate values indicate a

decreased probability of solving or a partial solution

to the problem when applying the corresponding

measure. If the value is 0.5, the corresponding

measure has a 50% probability of solving the

problem.

The matrix given in Table 5 with the calculated

values of the correlation coefficients between the ith

measure and the jth problem can be an example of

the implementation of this method.

Table 6. Matrix of compliance of adaptation

measures with identified problem factors for

DSV Logistics LLC

Problem factors/probability of transition to

the desired state

insufficient

working capital

to cover current

debt

insufficient

financial

stability and

independence

low

rate

return

Adaptation measures

Table 6 shows the matrix of compliance of

adaptation measures with identified problem factors

for DSV Logistics LLC as the company with the

lowest integral indicator of adaptation potential in

the field of finance for logistics companies. The

matrix is transposed for more convenient

visualization of the results. The upper row of the

matrix contains the problematic factors identified

for the company, and the left column — a list of

adaptation measures. The correlation coefficients

between the ith problem factor and the jth measure

were calculated considering the assumption that

each adaptation measure, determined as appropriate

for individual problem factors, can bring the system

to the desired state in full. That is, when the

determined measure corresponds to the problem

factor, the numerator gets one, and the probability

of the system transitioning to the desired state is

also equal to one. Therefore, the values at the

intersection of problems and corresponding

adaptation measures are also equal to one. In

practice, such a calculation should contain the

probability of the system transitioning to the desired

state, determined based on expert assessments

and/or information that is internally used by the

company.

Evaluating the matrix in Table 5, it can be noted

that measures 9, 10, 12, 14, 16-18 can be applied to

solve the first problem (insufficient working capital

to cover current debt). Measures 10, 13-16 are

effective for solving the problem of insufficient

financial stability and independence. The problem

of low profitability of spending can be solved by

applying measures 1-8, 11, 15-17, 19, 20. When

implementing this methodology in practice, the

probability of the transition of the system to the

desired state is also taken into account. The higher it

is, the more priority the measure will be from the

point of view of the sequence of its implementation.

The next step should be the development of an

integrated adaptation strategy taking into account

the identified measures. The company should

include these measures in its strategic plan, and

determine the sequence of their implementation,

resources for implementation, time frame, etc.

5 Discussion

The analysis carried out in the article gives grounds

to note that the adaptation potential of the studied

logistics companies is not high enough: the highest

of the calculated values is 0.3781, while the

maximum possible value is equal to one. This is due

to a number of problems existing in the companies’

activities, which are evidenced by the values of the

calculated financial ratios. The analysis identified

the following problems:

WSEAS TRANSACTIONS on ENVIRONMENT and DEVELOPMENT

DOI: 10.37394/232015.2023.19.54

Olha Semenda, Valentyna Shevchenko,

Safar Purhani, Oleg Kharit, Nataliia Krasnostanova

E-ISSN: 2224-3496

566

Volume 19, 2023

 insufficient working capital to cover the current

debt in DSV Logistics;

 insufficient financial stability and independence

of the companies of Kuehne+Nagel, DSV Logistics,

Raben Ukraine;

 diversion of funds, which causes the need to

attract expensive loans from the companies

Kuehne+Nagel, FM Logistics Dnipro, Raben

Ukraine;

 low rate of return in DSV Logistics.

It is proposed to improve the opportunities for

adaptation of the studied companies under martial

law by applying the matrix of adaptation measures

to the identified problem factors. A few adaptation

measures, which can positively affect the solution

of the identified problems to the extent that is

established by determining the probability of the

system’s transition to the desired state, were

selected for the matrix. The proposed approach and

defined measures should be compared with the

proposals of other researchers regarding the

adaptation of logistics companies during the war

and in general in a highly uncertain environment

and fluctuations.

Researchers in [13], point out that a fundamental

restructuring of supply chains is the only

opportunity for Ukrainian logistics to recover and

adapt in wartime. This need derives from several

problems faced by Ukrainian logistics at the

beginning of a full-scale military invasion: the

inaccessibility of seaports and flights, problems

related to the transportation of humanitarian goods,

in particular, the lack of financial opportunities and

human resources for this, the change of usual

routes, the need for rapid optimization of processes,

etc. The problems indicated by the researcher can

be partially solved by assessing the financial

capabilities of companies, building a matrix of

adaptation measures to the identified problem

factors, and developing an adaptation strategy

according to the methodology proposed in this

article.

Matrix models are also used in the research of

the author in [14], who examines the process of

making project decisions regarding the

implementation of projects in the field of

distribution logistics under the restrictions imposed

by military operations. In the work of researchers,

two matrices are the result of the approach to the

assessment of indicators of the measurement of

strategic goals with the determination of criteria for

selecting the most effective set of project solutions.

The first describes the strategic goals of the project,

and the second contains an assessment of the

effectiveness of project decisions while achieving

such goals. Therefore, the application of matrix

models while building an effective strategy intended

for the adaptation of logistics companies to the

restrictions imposed by military operations is one of

the most often used and effective tools for

optimizing their activities.

The paper, [18], investigated building adaptive

strategies of logistics companies against disruptions

in their activities. The researchers divide such

strategies into two types: reactive, which

contributes to the restructuring of the system in

response to a failure, and proactive, which involves

the use of certain actions against a failure that may

occur in the future. Considering that indicators

calculated before the crisis were taken for the

analysis carried out in the study, it was possible to

build an effective proactive strategy based on their

assessment - in case companies could foresee a

crisis caused by a full-scale invasion. However, as

the experience and catastrophic losses of the

logistics system show, companies were not prepared

for this crisis.

Several researchers emphasize the effectiveness

of introducing digitization into the logistics system,

in particular, to increase its effectiveness in the

course of military operations. The author in [15],

notes that the implementation of adequate

innovative solutions has the same importance as a

balanced reduction of costs by the company.

Organizations that were able to find appropriate

innovative solutions not only did not lose their

positions during the pandemic and with the

beginning of the war but also were able to gain a

stronger foothold in the market. In the field of

digitization, the researcher especially singles out

IoT (Internet of Things) technology. Other works of

researchers, [17], also note the effectiveness of

using such technologies as artificial intelligence,

programmatic advertising, chatbots, video

marketing, visual search, predictive and augmented

analysis, and neuromarketing in the logistics

system. An analysis by authors in [24], focuses on

the three main technologies used to adapt

companies to Supply Chain 4.0 — big data, cloud

computing, and 3D printing. Digitalization also

plays a significant role in the context of building an

adaptation strategy in the field of finance, because

the process of building a strategy and preliminary

calculations are related to the analysis of a large

amount of data, which is much easier and faster to

do using the latest software technologies and

methods.

Continuing the subject of Supply Chain 4.0, it is

appropriate to note that this concept plays one of the

leading roles in the context of military operations.

WSEAS TRANSACTIONS on ENVIRONMENT and DEVELOPMENT

DOI: 10.37394/232015.2023.19.54

Olha Semenda, Valentyna Shevchenko,

Safar Purhani, Oleg Kharit, Nataliia Krasnostanova

E-ISSN: 2224-3496

567

Volume 19, 2023

The paper, [25], noted that supply chain 4.0 is the

support of military strategy, tactics, and operations,

which cannot be sustainable without effective

logistics. The researchers also noted that the main

difference between the military supply chain and

the commercial one is the focus primarily on

security, and not on profit maximization. This factor

can cause conflicts to arise in joint defense and

commercial companies. This can be defined as

another reason to attract attention to the financial

aspects of adaptation of logistics companies in

wartime.

Other current trends, the need to adapt to which

is acutely faced by logistics companies, can refer to

both peacetime and wartime. Researchers in [16],

determined the main trends: increased requirements

for security and transparency of supply chains;

disruptions in production, delays, limitations of

volumes and delivery routes; transition from

globalization to localization; development of

electronic commerce; remote work in companies;

development of green supplies, etc. Foreign

researchers from other countries often provide an

analysis of the problems of adaptation of logistics

companies in the conditions of the spread of green

logistics. Authors in [27], proposed an

organizational and economic mechanism that allows

not only to reduce the costs of managing logistics

flows but also to increase environmental safety.

Were considered green deliveries not only from the

perspective of their impact on ecology but also in

the context of ensuring people’s safety from

infection during the pandemic, [30]. Considering

the relevance of the concept of green logistics in the

current conditions, its consideration during the

development of adaptation strategies of logistics

companies in the field of finance is appropriate even

under martial law. First, war has a direct negative

impact on ecology (fires, air pollution because of

burning, destruction of flora and fauna caused by

hostilities, disturbance of animals, biological,

chemical, and other types of pollution caused by the

use of certain types of weapons, etc.). Second,

despite the hostilities, the Ukrainian government

continues to actively build plans, in particular, in

relation to integration, there is the European Union,

which has strict rules regarding ecology. Therefore,

the financial planning and strategic management in

logistics companies must consider the

environmental component, which can increase the

costs of implementing ecological technologies, but

save money in the future through the use of

resource- and energy-saving technologies, as well

as improve the image of companies and attract the

attention of socially conscious consumers. For

example, Kuehne+Nagel studied in the article plans

to achieve zero carbon dioxide emissions by 2030.

5.1 Research Limitations

This study is limited by the lack, at the time of

writing, of the reporting of the companies under

study for 2022, the year when the military

restrictions came into effect. However, given that

the article studied the adaptive capabilities of

companies, the reporting for 2021 fully met the

goals of the study – the indicators calculated based

on its data demonstrated the readiness of logistics

companies for the upcoming shocks.

6 Conclusions

The research carried out in the article is a thorough

analysis of the financial condition of logistics

companies to assess their readiness for a shock and

the possibilities of adapting to it. Five indicators

related to the assessment of financial stability,

liquidity, business activity, and profitability of

companies were selected for this purpose, namely:

Coverage Ratio, Financial Autonomy Ratio,

Receivables Turnover Ratio, Accounts Receivable

(AR)/Accounts Payable (AP) Ratio, Rate of Return.

These indicators were determined by using data

from the financial statements of logistics companies

for 2021. The studied companies include

Kuehne+Nagel, Raben Ukraine, FM Logistics

Dnipro, and DSV Logistics, which are the largest

international logistics companies with

representative offices in Ukraine.

The calculated values of financial indicators for

each company were analysed to identify the main

problems in their financial activities. An integral

indicator was determined by the taxonomy method

to get an understanding of the position of

companies relative to each other and to determine

their adaptation potential in the field of finance.

According to the results of the calculation, it can be

noted that Kuehne+Nagel has the highest adaptation

potential in the field of finance (0.38). Raben

Ukraine (0.35) ranks second in the composite

rating, FM Logistics Dnipro ranks third (0.24), and

DSV Logistics LLC (0.05) is last in the ranking.

At the last stage of the research, further steps are

proposed for building an adaptation strategy for

logistics companies in the field of finance. The

correspondence matrix of adaptation measures to

the identified problem factors is provided for this

purpose. This matrix is built individually for each

company, therefore, the article presents its

generalized layout. The matrix is used to select the

most effective measures from the initial sample of

WSEAS TRANSACTIONS on ENVIRONMENT and DEVELOPMENT

DOI: 10.37394/232015.2023.19.54

Olha Semenda, Valentyna Shevchenko,

Safar Purhani, Oleg Kharit, Nataliia Krasnostanova

E-ISSN: 2224-3496

568

Volume 19, 2023

adaptation measures to eliminate the identified

problematic factors with due regard to the

probability of the system transitioning to the desired

state. This means that all possible adaptation

measures designed to optimize activities/counteract

negative factors are offered at the first stage. In the

second stage, these measures are evaluated by

applying a matrix according to two criteria: the

correspondence of the measure to the identified

problem and the probability of eliminating the

problem through this measure. The correspondence

can take a value of 1 or 0, and the probability of

elimination ranges from 0 to 1. The ratio of these

criteria determines the score for each factor. The

higher the score, the more effective the measure.

The adaptation measures selected through this

matrix are used for the further development of the

adaptation strategy of logistics companies in the

field of finance. Such adaptation measures have the

highest ratings based on the results of the

calculation of the ratio of the correspondence of the

measures with the problem factors to the probability

of eliminating the problem, in other words, the

probability of the system transitioning to the desired

state. This implies including the most effective

measures in the company’s strategic plan, and

determining the resources, time periods, etc.

necessary for the implementation of the measures.

Further research in this field should be related to

the analysis of the possibilities of applying

innovative technologies during the development of

adaptation strategies of logistics companies in the

field of finance, including big data technologies.

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Economia Aplicada, Vol. 39, No. 3, Article

number 4712. 2021.

http://dx.doi.org/10.25115/eea.v39i3.4712.

Contribution of Individual Authors to the

Creation of a Scientific Article (Ghostwriting

Policy)

The authors equally contributed in the present

research, at all stages from the formulation of the

problem to the final findings and solution.

Sources of Funding for Research Presented in a

Scientific Article or Scientific Article Itself

The authors received no funding for this

manuscript.

Conflict of Interest

The authors have no conflict of interest to declare.

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n_US

WSEAS TRANSACTIONS on ENVIRONMENT and DEVELOPMENT

DOI: 10.37394/232015.2023.19.54

Olha Semenda, Valentyna Shevchenko,

Safar Purhani, Oleg Kharit, Nataliia Krasnostanova

E-ISSN: 2224-3496

570

Volume 19, 2023