Construction of EuroEyes' New Flagship Clinic in Copenhagen to Be Completed by Year-End

EuroEyes International Eye Clinic Limited ("EuroEyes" or the "Company", together with its subsidiaries, the "Group", stock code: 1846), a leading global vision correction service provider, today reported that the construction work of its new flagship clinic in Copenhagen would commence in early August. It is scheduled to serve the visually impaired patients in Denmark in a few months after the start of the construction work.

EuroEyes is one of the leading brands in the vision correction industry that combines German ophthalmology excellence and 25 years of experience with individualized customer-care and principally engaged in the provision of vision correction services in Germany, Denmark and China.

This new flagship eye clinic is located in Parken Stadium, which has taken center over the past months for staging soccer matches of UEFA Euro 2021. Parken has been selected as one of the 12 host venues of the tournament. It has been arranged to host three group stage matches, as well as a round of final 16 matches. As  an almost 30-year landmark in Copenhagen, Parken Stadium is one of the most prominent sports buildings worldwide. The new flagship eye clinic, in substitution of the existing premises, is deployed to further strengthen EuroEyes' leading position in the Nordic region's vision correction industry.

 Dr.Jørn Slot Jørgensen, the Founder, Chairman and CEO of EuroEyes said, "Our new flagship clinic, with its prime location in the center of Copenhagen and larger in scale, will help meet the increasing demand for the Group's services in Denmark, and enable us to offer top quality eye care services and state of the art technologies in one of the most prestigious and modern building in Denmark."

EuroEyes' Denmark operation showcased a compound average annual growth rate of 28.5% from 2018 to 2020. In 2020, the revenue of Denmark operation topped HK$60.9 million in 2020 up 19.5% year-on-year, rendering it the highest growth market in terms of geographical location. This market delivered strong performance in the second half of 2020 with a 39% year-on-year surge in revenue, thereby recouping the turnover drop in the first half amid the spread of the COVID-19 pandemic. Business in Denmark contributed 12.9% to EuroEyes' group revenue of HK$473.8 million last year, as compared with major markets like Germany (64.3%) and China (22.8%).

Dr.  Jørgensen said, "I am enthusiastically looking forward to the operation commencement of our new flagship eye clinic in Copenhagen in a few months after the start of the construction work. The expansion of our services in Copenhagen echoes to our long-term corporate objective of further improving our capital utilization for sustainable profit growth as well as continuing to work tirelessly to provide patients with high-quality services. We remain committed to pursuing our goal for 'Nie wieder Brille!' (No More Glasses), leveraging our strengths as the market leader in Denmark, armed with unique competitive advantages. We are keen to further expand our market share worldwide and strive to create the greatest investment return for investors."

EuroEyes' 2020 revenue increased by approximately 10.3% year-on-year to approximately HK$473.8 million. Gross profit increased by approximately 20.5% YoY to HK$214.1 million, and the gross profit margin stood at approximately 45.2%, up 3.8 percentage points year-on-year. The Group reported a net profit of HK$65.6 million, turning around from previous year's loss of HK$3.4 million.