International : Interim Results for the six months ended 30 September 2017, Dividends and Closure of Books

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SA SA INTERNATIONAL HOLDINGS LIMITED 莎莎國際控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 178) Interim Results for the six months ended 30 September 2017 Dividends and Closure of Books Highlights

• The Group's turnover increased by 1.6% from HK$3,602.1 million to HK$3,659.9 million

• Retail sales in Hong Kong and Macau increased by 2.2% from HK$2,881.9 million to HK$2,945.7 million

• Profit for the period was HK$109.9 million, an increase of 14.5% from HK$96.0 million for the same period last year

• Basic earnings per share were 3.7 HK cents as compared to 3.3 HK cents for the same period last year

• The Board resolved to declare an interim dividend of 3.5 HK cents per share, payable in cash with a scrip dividend alternative

The board of directors of Sa Sa International Holdings Limited (the "Board") has pleasure in presenting the unaudited condensed consolidated interim financial information of the Company and its subsidiaries ("Group") for the six months ended 30 September 2017. The unaudited condensed consolidated interim financial information has been reviewed by the Audit Committee of the Company and the Company's auditor, PricewaterhouseCoopers, in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants. The report on review of interim financial information will be included in the interim report for distribution to shareholders.

CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT

Unaudited Six months ended 30 September
Note	2017	2016
HK$'000	HK$'000
Restated
Turnover	4	3,659,891	3,602,117
Cost of sales	6	(2,108,182)	(2,097,055)
Gross profit	1,551,709	1,505,062
Other income	5	49,355	55,873
Selling and distribution costs	6	(1,313,811)	(1,275,991)
Administrative expenses	6	(155,972)	(161,912)
Other gains /(losses) - net	1,616	(28)
Operating profit	132,897	123,004
Finance income	5,028	5,268
Profit before income tax	137,925	128,272
Income tax expense	7	(27,988)	(32,288)
Profit for the period attributable to owners of the Company	109,937	95,984
Earnings per share for profit attributable to owners of the Company for the period (expressed in HK cents per share)	8
Basic	3.7	3.3
Diluted	3.7	3.3

Unaudited Six months ended 30 September
2017	2016
HK$'000	HK$'000
Profit for the period	109,937	95,984
Other comprehensive income / (loss)
Items t hat m a y b e re class ified to profit or loss
Cash flow hedges, net of tax	(354)	(1)
Currency translation differences of foreign subsidiaries recorded in translation reserve	14,327	(8,858)
Other comprehensive income / (loss) for the period, net of tax	13,973	(8,859)
Total comprehensive income for the period attributable to owners of the Company	123,910	87,125

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

Unaudited	Audited
30 September	31 March
Note	2017	2017
ASSETS	HK$'000	HK$'000
Non-current assets
Property, plant and equipment	335,980	284,242
Rental deposits, prepayments and other assets	149,584	150,680
Deferred tax assets	7,284	13,620
492,848	448,542
Current assets
Inventories	10	1,222,404	1,221,794
Trade receivables	11	73,635	67,076
Other receivables, deposits and prepayments	230,380	222,940
Time deposits	606,819	513,024
Cash and cash equivalents	590,845	455,701
2,724,083	2,480,535
LIABILITIES
Current liabilities
Trade payables	12	409,526	313,913
Other payables and accruals	364,569	291,792
Income tax payable	39,239	44,871
813,334	650,576
Net current assets	1,910,74 9	1,829,95 9
Total assets less current liabilities	2,403,597	2,278,501
Non-current liabilities
Retirement benefit obligations	6,135	6,588
Deferred tax liabilities	247	327
Other payables	53,900	52,420
60,282	59,335
Net assets	2,343,315	2,219,166
EQUITY
Capital and reserves
Share capital	299,444	299,444
Reserves	2,043,87 1	1,919,72 2
Total equity	2,343,315	2,219,166