Shinhwa

Sa Sa International Holdings Limited

Stock Code: 178

莎莎國際控股有限公司* Annual Report 2012/13

* for identification only

a beautiful y ou

Just as letters are sent to co nvey warm w thoughts, our ishes and post annual perform cards to share ance is deliver filled with the loving ed like a delig joy of our succ htful greeting ess. card We offer prem ium solutions to bring out yo the strong perfo ur beauty, and rmance that w our beauty sh e take pride to ows in present to you year after year Now, more th . an ever, the be autiful you will suppor t and lo continue to dr ve have alway ive our succes s underpinned s. Your Sa Sa's accompl ishments.

Beautiful res ults for

Contents

Corporate Profile Corporate Information Five-Year Financial Summary Footprint in Asia Awards and Recognition Milestones Chairman’s Statement Management Discussion & Analysis Financial Review Biographical Information of Directors and Senior Management Environmental, Social and Governance Report Investor Relations Report Corporate Governance Report Enterprise Risk Management Report 2 4 5 8 12 20 24 30 45 48 56 94 108 140 Report of the Directors Independent Auditor’s Report Consolidated Income Statement Consolidated Statement of Comprehensive Income 145 160 162 163

Consolidated Statement of Financial Position 164 Statement of Financial Position Consolidated Statement of Cash Flows 166 167

Consolidated Statement of Changes in Equity 168 Significant Accounting Policies Notes to the Consolidated Financial Statements Glossary 169 180 215

Sa Sa International Holdings Limited Annual Report 2012/13

1

Corporate Profile

Sa Sa International Holdings Limited is a leading cosmetics retailing group in Asia. According to the “Retail Asia-Pacific Top 500” ranking of Retail Asia Magazine, KPMG and Euromonitor in 2012, Sa Sa is the largest cosmetics retail chain in Asia and one of the top ten retail groups in Hong Kong. The Company was listed on the Main Board of The Stock Exchange of...