Nordic Camp Supply Aps

Development in activities and financial mattersIncome statementThe Company’s activity in 2022 continues to be highly impacted by the withdrawal of NATO troops in Afghanistan in August 2021. A significant part of the Company’s revenue was associated with this activity and the withdrawal therefore resulted in a decrease in revenues from USD 85 million in 2020 to USD 42 million in 2021 and USD 2 million in 2022.The termination of the activity in Afghanistan has similarly had an impact on the profit from operations, which decreased from USD 36 million in 2020 to USD 15 million in 2021 and to USD - 2 million in 2022.The Company is currently re-assessing its strategic opportunities and Management considers the result for 2022 as satisfactory and in line with expectation, considering the challenging circumstances.Balance sheet and financial resourcesDuring the year the total assets have increased from USD 194 million to USD 196 million and equity amounts to USD 193 million as of 31 December 2022 compared to USD 186 million as of 31 December 2021.Management considers the Company to be in a very strong financial position and has sufficient financial resources to realize its plans and expected activities in 2023.Intellectual capitalIt is important for the Company’s continued growth and development to be able to attract and retain highly-educated and experienced employees, including employees specialized in logistics and fuel operations in expeditionary environments. This necessitates a high competence level, and the Company commits the necessary resources for ensuring the continued development and retention of its employees.The Company does not have any dedicated research- or development activitiesQuality ManagementNordic Camp Supply has a persistent focus on delivering fuel and the related services of the highest quality. The fuel is tested continuously through the supply chain following a pre-defined testing regime, which is described in detail in the Company’s Quality Management system. The Quality Management system is certified according to International Standard ISO9001:2015.